Hey Wolfs! This is my first year in the stock market, and I've been making $600-$1000 a week day trading oil stocks. Sometimes I lose, but when I'm in the red I just buy more oil shares till it skyrockets again. I've made roughly $30,000 in the past few months and every week I gain, I usually will sell all shares, throw my gains into my bank account, then keep my limit of $7,000 back into my brokerage account, and buy as much oil stocks I can. Then rinse repeat every Friday if I make gains. For example, I made $1,200 last week when oil skyrocketed. Sold those shares, put the $1,200 in my bank. Put the $7,000 back into shares.
So my question is, how hard does the IRS come after those gains, and what's the percentage they tax? Also, is it good to sell at loses sometimes so you can claim losses on your taxes and not pay so much?
Thank you wolfs, and keep on making money!
Tldr; how much does the IRS tax your large gains, and is it good to sell at a loss sometimes to claim that on taxes?
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