Quote:
Originally Posted by Gac57
If I'm on ss and I have a $4000 account on the side for trading stocks, would I owe taxes if haven't made any money on that account? I've had this account for 3 yrs. and have traded many stocks for only 3-4 days.
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When you sell a stock for a higher price than you paid for it, you generate taxable income. If it was held for less than a year, the gain would be taxed as ordinary income. It sounds like you may be creating a complicated gain and loss paperwork exercise on your tax return.