Hello, guys, and girls
I have a problem, and I need someone to answer couple of my questions.
Long time ago, I got interested in stock market, and since then I am studying it, developing strategy to earn money as a day trader.
But I am too scared to even open the brokerage account because I have no idea how to pay taxes, and I don't want to get in trouble.
Lets say, for example, that I have a capital of 5,000$ and in one year I traded 50 times ( 50 times in, 50 times out), and made a profit of 10,000$. That's 15,000$ in my account.
Now, how do I pay tax on my profit?
What percentage it would be since I want to be a daytrader?
Do I have to pay it before I withdraw that money in my bank account, or..?
Also, what if I lose, lets say, 2500$? Is that taxable?
How complicated is to calculate, and to pay my taxes? ( I want to avoid accountant )
I am interested in Interactive Brokers, and I want to trade American stocks. Do I have to pay tax both in America, and Australia? I am REALLY, REALLY confused
I feel so scared, and stupid!