I'm new to investing. I just bought 25 shares of mgt last night for my first trade. Glad I didn't lose money. Should I sell the first time it drops by 25 cents? I also want to get in to cryptocurrency trading because bitcoin trumpcoin eth and sia look like interesting prospects. I've never bought crypto currency and don't know how to. Also if I bought eth or trumpcoin how would I transfer the coins to bitcoin? Are there any laws I should know about when trading crypto currency? Are there any taxes or laws?
Yes there are taxes when you sell. So that 5 bucks you make, you'd pay about 2 bucks in taxes.
Any money you make on investments comes under capital gains tax, which is different depending on where you live.
You're meant to declare this come tax time, but you're never going to get audited for not declaring anything unless you're making thousands on investments.
>>1354088
9500 is the limit u can make in a year without having to report on taxes
>>1354088
well, capital gains are taxed as your income is. at my salary and state, im paying around 15 or 17% taxes, unless i get losses cancelling out some of my gains.
if youre investing/trading, chances are you earn more than $9,500, meaning you're gonna need to file them. plus, every broker reports your sell value, and if you dont file your taxes correctly, the IRS will think you just got $2000 free money when you actually bought at 1990 and sold at 2000.
been through the complication once before, not fun
