Online Trading - Tax Question?

First trade - profited:

Bought 1 share at $100

Sold same share at $120

You pay tax on your NET profit.

That would be the $20 minus any commissions you paid. If you paid $7 to buy and $7 to sell your net profit is $6.

Do the same for the 2nd and 3rd trade.

Let's say 2nd was identical to 1st trade - your total profit would now be $12.

If the 3rd was a $10 loss, your taxable profit becomes $2.

Yes Schedule D would be enough to cover your trades.

I would recommmend you use Turbotax, it's so easy and they also have an online forum that's very helpful.

Binary options let users trade in currency pairs and stocks for various predetermined time-periods, minimal of which is 30 seconds. Executing trades is straightforward. The system uses user-friendly interfaces, which even an 8 years old kid, can operate without having to read any instructions. But winning trades is Not easy.

Binary trading is advertised as the only genuine system that lets users earn preposterous amounts of money in ridiculously short period of time. Advertisers try to implicate as if you can make $350 every 60 seconds; if it was true then binary trading would truly be an astonishing business.

However, does it make any sense? Can every trader make tons of money in binary trading? Who is actually paying all the money or the profit to traders?

The first challenge is finding a trustworthy binary broker; secondly, you need to find a binary trading strategy, which you can use to make profits consistently. Without an effective trading strategy, there is no way you can make money in this business.

Learning a profitable trading strategy is possible, You should watch this presentation video https://tr.im/16635

It's probably the best way to learn how to win with binary option

Scottrade has until 2/16 to mail the 1099-B (new deadline this year) and the IRS won't consider it late until after 3/2. Just wait. And yes, it is a big deal if your trades make you look like you made enough money to owe tax (the IRS doesn't have your cost basis, so they use $0).

With penny stocks you can make 30 percent or 40 percent profit in a few days. Learn here https://tr.im/XxDxw

The best strategy, if you do have experience type of return on a penny stock, is to sell the stock quickly.

Of course, it’s easier said than done. The natural thing to want when you see an increase in stock price is to hold the stock and hope for an even larger increase.