Quote:
Originally Posted by Herb9
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Well it's my wholesale account, so I only pay $4.50 in and out per trade, and I keep 100% of profit less 15% cap gains. +6k from dec 1 to dec 11 -15% means I can take off until the holidays are over.
Only slightly difficult part is waking up for london opens but I only have to roll out of bed to trade. Also,illegal for brokers to leverage trades from Roth IRA or I wouldn't even have to pay that 15% tax, sigh.
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Short term capital gains are taxed as ordinary income, unless you are making less than $35,350 a year you will be paying more than 15% taxes on your gains. I assume since you are trading you won't be holding any investment for over a year.
Just FYI - might want to set aside a little extra loot for the tax man.
Congrats on coming up with a successful system. Life as a self employed trader ain't easy over the long haul. Income properties is a solid plan as it provide you with decent tax benefits on the first two. Good luck and stay liquid.