Author Topic: Truth Social (Read 11161 times)

Except when the taxman comes knocking (and you find out that the little profit put you over the threshold and you lose all kinds of benefits, tax credits etc.).

(which is why trading should be done in a tax qualified account such as an IRA or ROTH IRA, etc.)

CountValentine · « **Reply #28 on:** October 21, 2021, 03:07:26 PM »

Quote from: ExGingi on October 21, 2021, 03:01:04 PM

Except when the taxman comes knocking (and you find out that the little profit put you over the threshold and you lose all kinds of benefits, tax credits etc.).

Never had this happen.
You are recommending people trade via their IRA's?

PlatinumGuy · « **Reply #29 on:** October 21, 2021, 03:08:09 PM »

https://twitter.com/vvalkyriepub/status/1451038976463171590

ExGingi · « **Reply #30 on:** October 21, 2021, 03:13:47 PM »

Quote from: CountValentine on October 21, 2021, 03:07:26 PM

Never had this happen.
You are recommending people trade via their IRA's?

You should know me by now. I don't make ANY financial recommendations on DDF.

I can tell you that I have traded in my IRAs, it really takes away the tax tail from buy and sell considerations. I have a taxable account and the considerations mentioned above are taken into account with every trade, unlike trades in tax-qualified (mostly ROTH IRA) accounts.

For example: let's take a speculative play like this one. Say someone put in $1,000 into it in the pre-market and sold later in the day for a total gain of $3,000. Those are short-term capital gains which are taxed at the same rates as ordinary income. And for someone close to a threshold between qualifying for Child Tax Credits and not qualifying, that could be highly detrimental. The actual cost can end up being more than the short-term gain.

CountValentine · « **Reply #31 on:** October 21, 2021, 03:16:55 PM »

Quote from: ExGingi on October 21, 2021, 03:13:47 PM

You should know me by now. I don't make ANY financial recommendations on DDF.

I can tell you that I have traded in my IRAs, it really takes away the tax tail from buy and sell considerations. I have a taxable account and the considerations mentioned above are taken into account with every trade, unlike trades in tax-qualified (mostly ROTH IRA) accounts.

I have also traded in a IRA. It is very dangerous to do.

ExGingi · « **Reply #32 on:** October 21, 2021, 03:18:13 PM »

Quote from: CountValentine on October 21, 2021, 03:16:55 PM

I have also traded in a IRA. It is very dangerous to do.

I don't see why it is more dangerous than trading in a non-Tax-Qualified account. On the contrary, you can't use margin leverage, so your risk is contained.

CountValentine · « **Reply #33 on:** October 21, 2021, 03:25:18 PM »

Quote from: ExGingi on October 21, 2021, 03:18:13 PM

I don't see why it is more dangerous than trading in a non-Tax-Qualified account. On the contrary, you can't use margin leverage, so your risk is contained.

I look at a brokerage account as discretionary funds. If you lose them you still have your IRA.

ExGingi · « **Reply #34 on:** October 21, 2021, 03:28:15 PM »

Quote from: CountValentine on October 21, 2021, 03:25:18 PM

I look at a brokerage account as discretionary funds. If you lose them you still have your IRA.

For someone over the age of 59.5 an IRA could be discretionary. No one's stopping anyone from having multiple accounts. I've opened at various brokers throughout the years for various reasons (mostly costs and ability to trade certain products and strategies).

The non-IRA accounts are for strategies and products that can't be traded in an IRA.

Barryg · « **Reply #35 on:** October 21, 2021, 03:35:21 PM »

Quote from: ExGingi on October 21, 2021, 03:01:04 PM

Except when the taxman comes knocking (and you find out that the little profit put you over the threshold and you lose all kinds of benefits, tax credits etc.). (which is why trading should be done in a tax qualified account such as an IRA or ROTH IRA, etc.)

we need to sit down (please) after Nov 19th… but in the meantime I have learned a lot from your ‘non advice- financial recommendations’ posts

ExGingi · « **Reply #36 on:** October 21, 2021, 03:38:36 PM »

Quote from: Barryg on October 21, 2021, 03:35:21 PM

we need to sit down (please) after Nov 19th… but in the meantime I have learned a lot from your ‘non advice- financial recommendations’ posts

When sitting down with me I might not render advice either (depending on the specific area), though I might share more of my opinions and provide more of an education.

YitzyS · « **Reply #37 on:** October 21, 2021, 05:44:41 PM »

Quote from: CountValentine on October 21, 2021, 02:48:06 PM

You bought the stock?

Yes. But sold it before your post because I thought it would drop. I made 3 cents on it.

Barryg · « **Reply #38 on:** October 21, 2021, 05:47:19 PM »

Quote from: YitzyS on October 21, 2021, 05:44:41 PM

Yes. But sold it before your post because I thought it would drop. I made 3 cents on it.

Almost at 60… It’s getting close to Twitter price per share

CountValentine · « **Reply #39 on:** October 21, 2021, 05:52:27 PM »

Quote from: YitzyS on October 21, 2021, 05:44:41 PM

Yes. But sold it before your post because I thought it would drop. I made 3 cents on it.

Please don't take this the wrong way. Do you know how to put a trailing stop loss?