- This topic has 21 replies, 10 voices, and was last updated 12 years, 7 months ago by
scaredyclassic.
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April 18, 2012 at 12:44 PM #19706April 18, 2012 at 12:52 PM #741866
bearishgurl
ParticipantGotta hand it to ya, flu. It would have cost you a fortune to have a “perfeshunul” complete your returns. Good for YOU!
April 18, 2012 at 1:17 PM #741867sdduuuude
ParticipantI’m sure you are a smart guy, but I’d seriously recommend an accountant.
Giving someone turbo tax and assuming they can use it to find all the deductions in a complicated tax return is like giving someone a scalpel and assuming they can perform surgery, IMHO.
Certainly, some combo of the two might serve you better. Maybe have a good tax accountant review your return. If he can’t find a way to do it better, then you don’t ever have to call an accountant again. If he can, it’s money well spent and you can use him next year.
Just a thought.
I gave up working on my car and doing my own taxes a long time ago.
April 18, 2012 at 4:54 PM #741878Veritas
ParticipantMaybe he likes to do his own taxes. Some people do. Not me, but I know other people who prefer to do their own taxes. I am sure flu is up on his tax stuff if anyone is.
April 18, 2012 at 5:08 PM #741879ucodegen
ParticipantThis year, one additional rental property, and it’s only April, and I’ve already reached exceeded the 1000 commission free trades I’m allowed annually…
Turning into a daytrader? 1000 trades in 1 year averages out to about 4 a day. Do it by April, and you end up around 15 trades a day!!
Hope it is going well.. daytrading can end up eating capital.
April 19, 2012 at 9:46 AM #741897Participant[quote=Veritas]Maybe he likes to do his own taxes. Some people do. Not me, but I know other people who prefer to do their own taxes. I am sure flu is up on his tax stuff if anyone is.[/quote]
I’m sure he is, too. But, being “up on your tax stuff” is different than seeing a couple-hundred returns a year for the last 20 years.
April 19, 2012 at 10:12 AM #741901Anonymous
Guest[quote=ucodegen]Turning into a daytrader? 1000 trades in 1 year averages out to about 4 a day. Do it by April, and you end up around 15 trades a day!!
Hope it is going well.. daytrading can end up eating capital.[/quote]
No need to worry…there’s a difference between daytrading and gambling.
Right?
April 19, 2012 at 10:33 AM #741902
CoronitaParticipant[quote=pri_dk][quote=ucodegen]Turning into a daytrader? 1000 trades in 1 year averages out to about 4 a day. Do it by April, and you end up around 15 trades a day!!
Hope it is going well.. daytrading can end up eating capital.[/quote]
No need to worry…there’s a difference between daytrading and gambling.
Right?[/quote]
Well, with interest rates in a being 1% or so, it’s pretty hard not to beat it doing just about anything else. The only thing way one wouldn’t be able to beat it is doing absolutely nothing.
That’s the common problem with folks that play. Folks want to score big. Folks don’t want to take a loss or admit when they have to take a loss. I look at the total trading both gain and loss, and depending on baskets of funds and risks. For “lower risk” stuff, one would have simply been better off sticking stuff in phillip morris and letting the dividends get reinvested…starting last year. The appreciation that has happened since then makes it a moot point at this point.
April 19, 2012 at 10:43 AM #741903Diego Mamani
Participant[quote=pri_dk]No need to worry…there’s a difference between daytrading and gambling.
Right?[/quote]
Yes, there’s a difference and one could lose money with both. The former can eat capital through trading fees and transaction costs, and the latter through taking risks. Of course, day trading could be akin to gambling, depending on what is being bought and sold.April 19, 2012 at 10:44 AM #741904CoronitaParticipant[quote=Diego Mamani][quote=pri_dk]No need to worry…there’s a difference between daytrading and gambling.
Right?[/quote]
Yes, there’s a difference and one could lose money with both. The former can eat capital through trading fees and transaction costs, and the latter through taking risks. Of course, day trading could be akin to gambling, depending on what is being bought and sold.[/quote]Not if you have a wells fargo advisor account that gives you 1000 free trades each year, per account.
April 19, 2012 at 10:49 AM #741905Guest[quote=Diego Mamani]Of course, day trading could be akin to gambling, depending on what is being bought and sold.[/quote]
Buy a stock. It might go up, it might go down. The house takes its cut.
Sell the stock. Maybe for a gain, maybe for a loss. The house takes its cut.
Bet on red. It may hit, it may not. The house takes its cut…
April 19, 2012 at 10:52 AM #741907scaredyclassic
ParticipantBet on inflation in housing prices and at least currently the house doesn’t take a cut up to 500,000?
April 19, 2012 at 11:03 AM #741910Participant[quote=flu]Not if you have a wells fargo advisor account that gives you 1000 free trades each year, per account.[/quote]
That’s a sweet deal Flu! But there’s no free lunch in this world… there must be something that WF gets out of this.April 19, 2012 at 11:09 AM #741911all
Participant[quote=Diego Mamani][quote=flu]Not if you have a wells fargo advisor account that gives you 1000 free trades each year, per account.[/quote]
That’s a sweet deal Flu! But there’s no free lunch in this world… there must be something that WF gets out of this.[/quote]The fee is higher than other places once you run through your free trades. With $25K PMA package you get 100 free trades/year and pay $20/trade after that. And I don’t think you can use free trades on penny stock.
April 19, 2012 at 11:17 AM #741913Guest[quote=walterwhite]Bet on inflation in housing prices and at least currently the house doesn’t take a cut up to 500,000?[/quote]
500K, but only if you are married.
[insert hidden costs of marriage joke here]
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