Hi. I am an american living in korea. I started to trade stocks on the korean market. Do i have to pay taxes? if how do i find out what tax bracket i am currently in? Also how does this tax system work? For instance do i have to pay taxes on every transaction i complete or is it on the yearly basis. For instance if i made 1$ on my profits after one year of constant trading would i pay taxes on the 1$ or would be it on every profitable trade that i made within that year? And what happens when im in the negative after the year would i still have to pay taxes on the profitable trades i made within the year?
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paying taxes on my stocks
- Thread starter cashclay
- Start date
I believe you just pay your tax as you do in US. The accumulated profit/loss is based on the calendar year. You need to follow the wash sale rule or select the market-to-market trader status to make things easy. Anyway, you better ask some professional tax person.Hi. I am an american living in korea. I started to trade stocks on the korean market. Do i have to pay taxes? if how do i find out what tax bracket i am currently in? Also how does this tax system work? For instance do i have to pay taxes on every transaction i complete or is it on the yearly basis. For instance if i made 1$ on my profits after one year of constant trading would i pay taxes on the 1$ or would be it on every profitable trade that i made within that year? And what happens when im in the negative after the year would i still have to pay taxes on the profitable trades i made within the year?
you can find plenty of tax experts by googling. if you ever filed fed tax return, you should know what tax bracket you are in. it depends on how much you earn from 10% to 39.6%, then plus state tax, CA state tax is from 1% to 12.3%. If you earn 1 million, and you file you tax in CA, you paid more than 50% in tax.who can i ask? Do you have a reference of some sort? And how do i find what tax bracket im in?
you need to talk to Robert Green. He's been around for ever helping traders with taxeswho can i ask? Do you have a reference of some sort? And how do i find what tax bracket im in?
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