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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nothing changes in the tax code about reporting trading activity whether you are on SS or not. Your monthly brokerage statement should tell you your ytd gain or loss. You report the annual gains and losses on your tax return from the 1099B statement.
trading can be summarized as a pay to play and pay scheme
good luck