Quote:
Originally Posted by Kevin
A note to all newbs looking to buy stocks.
Keep your statements/records and make sure to give them to your accountant at the end of the year.
Short term ownership of stocks means big taxes. Its still worth doing of course, but many are not aware that stocks held for short terms (not sure of the timelines off top of head) are taxed much higher than long term holds.
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A good broker like Schwab will compile a report to go along with your tax statement that tracks what needs to go in your tax forms at the end of the year. Given the trades there are pretty close to the lowest discount broker if you have any volume (9.95 per trade, slightly more for options) - and that the sweep account there now gives you 4.25% interest, it isn't a bad alternative to the cheapest brokers.