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Akuma

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Akuma

Re: MoneyBroke post# 272

Monday, 02/08/2010 8:58:10 PM

Monday, February 08, 2010 8:58:10 PM

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You only pay for the profit.

There's a gain and lost portfolio you should have with your broker that keeps track of everything. If by the end of year, you have gains, then you only pay taxes for the gains.

For example, I started with $20K Jan.1 2008 and by Jan.1 2009 I have a total of $25K, then I pay $5K taxes. If I end up with only $15K, then I can claim $5k as lost on my income taxes.

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