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Those with individual stocks - some general questions for you....
Posted on 6/20/17 at 2:23 pm
Posted on 6/20/17 at 2:23 pm
How are you set up with your individual stocks, whether it's short selling or long term? Do you keep all of them in a separate taxable account?
It's my understanding that if you sell before holding longer than a year, then you are subject to the standard income tax, and if you hold longer than a year, then you get hit with the capital gains tax. Does your respective brokerage provide the necessary tax forms come tax season? I am foggy on the tax handling.
Do you essentially have a separate bank account for your stock sales in order to prepare for tax season?
I have been more of a buy and hold guy, with target date funds, total stock, small bond, and some international funds.
It's my understanding that if you sell before holding longer than a year, then you are subject to the standard income tax, and if you hold longer than a year, then you get hit with the capital gains tax. Does your respective brokerage provide the necessary tax forms come tax season? I am foggy on the tax handling.
Do you essentially have a separate bank account for your stock sales in order to prepare for tax season?
I have been more of a buy and hold guy, with target date funds, total stock, small bond, and some international funds.
4
Posted on 6/20/17 at 4:45 pm to HailToTheChiz
I have a discretionary portfolio with about 45 or so stocks in it. It's mostly long term. My brokerage provides the documents I need for taxes.
Posted on 6/20/17 at 4:55 pm to HailToTheChiz
I have one stock trading account with Fidelity. All of my stock transactions are inside this one account. Each stock you own in the account shows up as a line item. If you buy shares of a stock at different times it will show you how much you've made or lost on the individual lots and whether they are short or long term. If you sell a stock they will hold the cash in a money market account inside the trading account until you tell them to do something different with it. If a stock pays dividends then the dividends also go into the money market account. At the end of the year they send me all of the forms needed for tax prep. I just print a copy and give it to my tax preparer. Long term capital gains are not a hit. Unless you are in a low marginal tax bracket long term capital gains are at a lower rate than your marginal tax rate. This is a good thing.
Posted on 6/20/17 at 5:27 pm to HailToTheChiz
I'm a buy and hold person unless I really feel the need to cut losses or take profits. I prefer REITS and BDCs which pay monthly dividends. I've got them in my brokerage, RIRA and TIRA accounts. I wish I could buy stocks in my 401k but I can't.
This post was edited on 6/20/17 at 5:28 pm
Posted on 6/20/17 at 5:30 pm to Fat Bastard
Thanks for all the responses. 
Posted on 6/21/17 at 6:59 am to HailToTheChiz
I do have an Ameritrade account that I "play" with. I own about 15-20 positions at any given time. Mostly large cap stocks I hold long term. Some that I may hold less.
You are correct that under a year is taxed much higher so it makes a lot of sense to hold for a year if you can. Ameritrade prints all tax documentation. I use turbotax and it uploads directly into the program so it's super easy to do taxes with it.
You can buy stocks, mutual funds, or ETFs very efficiently. You can utilize options and such but it seems that you likely wouldn't be interested in that.
You are correct that under a year is taxed much higher so it makes a lot of sense to hold for a year if you can. Ameritrade prints all tax documentation. I use turbotax and it uploads directly into the program so it's super easy to do taxes with it.
You can buy stocks, mutual funds, or ETFs very efficiently. You can utilize options and such but it seems that you likely wouldn't be interested in that.
This post was edited on 6/21/17 at 7:01 am
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