Yeah, I think the short term capital gains tax is
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Posted On: 03/08/2018 1:30:02 PM
Yeah, I think the short term capital gains tax is 30%. That's double the 15% for long term capital gains. Or 20% if you make a LOT of money. Even the 15% is going to suck, but I'm good with that once this all plays out.
But, if you have a Roth IRA, you can trade stocks in that account all day long without paying the capital gains taxes, but you can't take out the money until you are 59 1/2 without penalties. There may be some other information that you want to look into too, but that's what I know so far and plan to look into it further when I get some time. It might be a good way to try to flip some and see how it goes. The downfall is that you can't write off losses on your taxes.
But, if you have a Roth IRA, you can trade stocks in that account all day long without paying the capital gains taxes, but you can't take out the money until you are 59 1/2 without penalties. There may be some other information that you want to look into too, but that's what I know so far and plan to look into it further when I get some time. It might be a good way to try to flip some and see how it goes. The downfall is that you can't write off losses on your taxes.
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