Re: IRA Help for a Professional Poker Player
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In taxable investment accounts you have to pay the taxes every year.
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Is this true for stocks? It was my understanding that If you buy stocks, you will only have to pay capital gains once you sell the stock (but any dividends would be taxable that year), or do you actually have to pay taxes on the amount your stocks increase year over year?
I don't have any yet bet have been looking into start buying stocks once I get my Roth maxed.
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In a non-qualified account (cash, non-retirement) you are correct about both Gains and dividens. In a qualified account (Brokerage IRA, etc.) you can sell and buy without any consequences (except for fees for the trade)
Scotty
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