I made 600k please fucking help

[Anonymous No.17924084]

Guys what the fuck am I even doing. I can’t even get my taxes right with my dumb fuck wage cuck job i’ve had for the past 5 years. I need a financial advisor or something I literally have no idea what i’m doing I just kept gambling with options trading

[Anonymous No.17924173]

Set aside like 30 percent of it in a savings account just for taxes

make sure you claim it all and accurately document it

not that hard

[Anonymous No.17924176]

>>17924084
give it to charity anon, do the right thing

[Anonymous No.17924179]

>>17924084
Be conservative with the money, take it out leave like half for this us gov cause it prob short term. Put it in a high apy acount e.g sofi and wait till the markets bottom out and put it on a F500 i’d do a mix of dividend yields with growth and FAANG.

[Anonymous No.17924197]

>>17924173
He did it with options, so he looking more like 50-55% tax. These aren’t long term.

[Anonymous No.17924206]

>>17924197
50% thats fucking cringe jesus christ

[Anonymous No.17924216]

Talk to an actual financial advisor. The people on /biz/ (myself included) are complete fucking retards

[Anonymous No.17924259]

>>17924206
Federal short term gains, state short term gains and even city short term gains if he lives in area like NYC.

[Anonymous No.17924302]

>>17924084
SHOW ALL TIME IF NOT LARP!
CONGRATS IF NOT LARP

[Anonymous No.17924324]

>>17924084
But seriously, for fucking reals serious.

Set half of it aside for taxes.

The taxman will cometh and robinhood will send them a 1099.

Don't become a statistic, this guy thought he didnt have to pay taxes. Look at him now.

[Anonymous No.17924342]

literally who cares. the IRS is like 35 people and they're all going to die from corona.

The world as we know it is ending and you're worried about getting a nasty letter in the mail and a fine? ngmi.

[Anonymous No.17924376]

>>17924259
whats the point if its gonna be taxed 50%?

[Anonymous No.17924388]

>>17924084
1/3 taxes
1/3 options
1/3 cash

[Anonymous No.17924398]

>>17924324
Why do that? He should keep going, if he loses it he doesnt have to pay the taxes, he should only take half out at the end of the year

[Anonymous No.17924402]

>>17924084
what app is this??

[Anonymous No.17924425]

>>17924173
do you only have to report your investments if you cash out?

[Anonymous No.17924428]

>>17924376
Idk, I'd like 300k from pressing my phone a few times.

[Anonymous No.17924433]

>>17924376
He in options, which is extremely volatile. He up $600k now but if he doesn’t close his position it can go to negatives. Also when you close your position it a taxable event even if he leaves the money in RH.

[Anonymous No.17924466]

>>17924084
This is really simple it's not that complicated but it is a pain, took me like 4 hours doing mine. There are people who can do it cheapish btw so i suggest you just find a tax preparer, it will likely cost you $100-$250. Or this anon here can help for a lump sum of $800 lmao (i hated doing mine, took like 4 hours and i had to report income, stocks and option trades, and retirement withdrawal cause former organization cashed it out and sent me a check).

Congrats on the success tho. Just find a tax preparer. $125ish is better than screwing it up if ur not that confident aboit doing it urself.

[Anonymous No.17924476]

>>17924084
Talk to a CPA. If you were holding the assets for less than a year you will pay ordinary rates, not capital gains.

[Anonymous No.17924492]

>>17924398
Mostly because he gets to keep 300k AND not get sent to federal-pound-me-in-ass-prison.

Unless hes into that sorta thing, then well, you do you buddy.

[Anonymous No.17924493]

>>17924084
I get a professional to do my taxes. You should do the same. The cost is well worth not having the IRS on your ass.

[Anonymous No.17924494]

>>17924197
50%!!!!

And I thought I got screwed when a former job of mine purposefully cashed out my retirement fund of about $300. After all the taxes, about 1/3 of it went to taxes.

[Anonymous No.17924514]

>>17924494
Well idk where he lives. He is at minimum looking around 1/3.

[Anonymous No.17924536]

>>17924376
This. You take all the risk and then government steps in for a piece of the pie. Only way it'd be worthwhile is if you pull off big gains on a yearly basis eg $10,000 or more AFTER taxes. A measly 1k seems pointless after all the time, effort, and risk to make 2k and proceed to lose half to taxes.

[Anonymous No.17924547]

>>17924084
Anon, I would get a robin hood card and leave it in there and spend that shit and collect a good apy off of it. put a portion at the bottom back into the market when the vix drops in a vanguard, this might take a year or so. just be patient.

[Anonymous No.17924577]

>>17924514
Yeah the 50 percent figure is just playing it safe, he will likely have some leftover after taxes.

But ffs he closed his position, which it looks like he did, he owes it.

Don't spend it, even on 60,000 ten dollar hookers, you still have to pay it.

[Anonymous No.17924579]

>>17924428
Then why don't you do it, if it's so easy?

[Anonymous No.17924590]

>>17924402
pls I want to start gambling with these gains too frens

[Anonymous No.17924608]

>>17924425
Best to be safe than sorry. I'm pretty sure robinhood does most the work for you around tax season. Dont worry about it too much until a month before tax season

[Anonymous No.17924628]

>>17924492
What are you talking about? Why would he go to prison? If he loses what he just made hes profit would be 0 hence 0 taxes

[Anonymous No.17924640]

>>17924590
Robinhood

For every one success story like OP, there are 99 bozos who are down -10k and have hanged themselves. OP is the exception, not the rule.

[Anonymous No.17924645]

>>17924084
Cool, I have the Robinhood app too and just upgraded to options trading.

How does I make 600k?

[Anonymous No.17924671]

>>17924640
Damn, is there an Australian alternative ?

[Anonymous No.17924703]

op if you don't pull out now and take your profits you're gonna get fucked by trader psychology having to deal with that much value in your account
next hire a financial adviser and do ALL of your trading through him

[Anonymous No.17924733]

>>17924084

Holy fuck, which options did you buy?

[Anonymous No.17924740]

>>17924084
OP is a psyop glowie trying to get anons to ruin themselves option trading. First it was shitcoin trading, then it was high margin bitmex roulette, and now the newest financial product to fucking hurt yourself with is options.

Same schtick, different market. All anyone is ever trying to do is part you from your money, and it's not a coincidence that options have gotten so popular the past few months or that so many stories have recently appeared of randos throwing $400 at the market and walking away 2 months later with retirement money. Just like when you were reading stories a few years ago of weird scrawny nerds turning their pocket change into mega millions with bitcoin (and you can too!).

[Anonymous No.17924744]

>>17924671
GUH

youtube.com/watch?v=A-tNkuYV4_Q&t=

[Anonymous No.17924754]

>>17924084
How about you help me with a 10k dollar grant

[Anonymous No.17924756]

>>17924733
Probably oil

[Anonymous No.17924776]

>>17924740
Options have been around for a while and are typically traded when in this manner when the economy is tanking.

[Anonymous No.17924790]

>>17924740
Good point.

[Anonymous No.17924806]

>>17924744
Would unironically kill myself if this happened.

[Anonymous No.17924830]

>>17924790
Cringe

[Anonymous No.17924886]

>>17924806
Best part is only 2k of that was his, he used a loop hole in the app to borrow the other 48k so now hes in major debt

[Anonymous No.17924919]

>>17924579

Moving the goalpost. Nobody said it was easy. The first guy asked what the point was, and the second guy said you're still getting several hundred K from it.

[Anonymous No.17925004]

>>17924744

just hodl

[Anonymous No.17925044]

>>17924886
Why the fuck does RH let you 1000x margin gamble on borrowed money? I mean I bought LINK using a personal loan but at least the loan company didn't know what the fuck I was going to use it for.

[Anonymous No.17925069]

>>17924740
this

just like doing 600k in one day was normal

[Anonymous No.17925112]

>>17924830
>le cringe

dude, epic post

[Anonymous No.17925121]

>>17924740
this, op is a faggot

[Anonymous No.17925161]

>>17924740

I made several thousand on options. Several times now I've made nearly 1,000 in a single day.

[Anonymous No.17925178]

OP listen to me. You need to make a holding company in the form of an LLC.

[Anonymous No.17925186]

>>17924433
>had stocks
>sold before bears mauled everything
>didn’t deposit because reinvesting

Is this a taxable event?

[Anonymous No.17925204]

>>17924084
Get corona virus and caught it up all over the place
Get a maralago membership
And suck everone for a secure return

[Anonymous No.17925212]

>>17925044
It was a glitch, robinhood only allows 2x leverage. Another guy used the glitch to turn 15k into over 1 million. He lost it all, he wont tell anyone how much robinhood is demanding he pay back but he said it was way less than 250k so who the fuck knows why robinhood doesnt even go after the entire sum

[Anonymous No.17925271]

>>17925186
What ever your positive is taxable, if I make 100k in a trade but lose 80k a few months later during the same year, I only have to pay taxes on 20k. If I lose it lets say January 1st then im fucked.

[Anonymous No.17925327]

>>17925178
Also don't listen to any of these idiots telling you anything about financial advisors. You're better at making money than they ever could be, that's why they have to advise. Those who cannot do teach. You have about a year to move before the IRS starts bending you over a table. Keep half just to be safe, but with that kind of money you want to start sperating your assets from yourself for protection purposes. Also for the love of God, close your fucking positions.

[Anonymous No.17925332]

>>17925186
I should add, to get that 80k right off you need to sell, you cant just hold

[Anonymous No.17925336]

>>17924084
post positions glowie

[Anonymous No.17925383]

>>17925161
From what initial capital?
Did you do it once, then reinvest your whole sum on a new gamble that paid off, then reinvest your whole sum on a new gamble that paid off, then reinvest your whole sum on a new gamble that paid off, then reinvest your whole sum on a new gamble that paid off?

Because that's the kind of all-in roulette wheel luck that it takes to turn $100 into $600,000 in a month, and while it obviously happens (just like lottery winners happen), my ire is with this recent guerilla shill campaign featuring options, options trying to convince internet normies that this kind of windfall is normal and in fact probable, so long as you're smart and cool and hip and with-it and a shot-caller. And they do it by posting bullshit like OP posted, not even focusing on the sheer thrill and improbability of turning pennies into half a mil, but actually treating it like a no-big-deal by focusing on boring consequences of making lots of money, like tax liability.

[Anonymous No.17925437]

>>17924919
That person is indicating that such a tax rate is warranted because of the apparent ease of what's involved. I have no doubt in my mind OP is an idiot who got lucky, much like most of wallstreet bets posts, and most likely accidentally made a large sum, without really knowing what he was doing, and most likely did in fact make this money after "pressing his phone a few times". But you and I both know that it's a little more involved.

I doubt you'd go up to a surgeon and act envious of their salary because they're "only just a glorified butcher who knows how to stitch it all back together".

[Anonymous No.17925449]

>>17925186
Assuming you sold at a gain then yes. Your taxable income is the difference between selling price and basis (what you paid assuming you purchased and didn't inherit or something). If you held for less than a year, the gain is taxed at ordinary income rates. If you held more at least a year, the gains are taxes at capital gains rates.

[Anonymous No.17925471]

>>17925437
>That person is indicating that such a tax rate is warranted because of the apparent ease of what's involved
Stock and option gains are taxed at normal income rates.

[Anonymous No.17925524]

>>17925471
Don't worry, my man, I don't think you understand the point I'm trying to explain.

[Anonymous No.17925527]

>>17925471
Not always. Holding period determines that.

[Anonymous No.17925566]

>>17925527
True

[Anonymous No.17926279]

here is the 1 month. I did this in roughly 3 weeks with out options on SPY. Kept rolling my puts after every hit and this is where I landed. It’s all cash I have no investments currently. Started with 20k

[Anonymous No.17926353]

>>17926279
badass. Perfect timing. Congratulations on this, seriously

[Anonymous No.17926384]

How to invest like OP except not on an app like Robinhood but on a regular PC?

[Anonymous No.17926583]

>>17926279
If you can figure options, let alone rolling down put options, you can probably figure out taxes, dude. Initial Cost compared to Current Value, short term or long term capital gain to get your rate, applicable tax year.

[Anonymous No.17926600]

Just see a tax person before you do anything. You’ll probably want to cut the IRS a quarterly check....

[Anonymous No.17926681]

>>17926583
The issue for me is whether or not each time you rolled would be a individual transaction or something.

[Anonymous No.17926721]

>>17924084
Cash half of this shit out IMMEDIATELY, hire an attorney and high powered tax person to get you straight. Put the rest into MONERO and NERVOS. Do not touch it until 2025.

[Anonymous No.17926729]

>>17926279
SPY $225 4/25p ALL IN FAGGOT

[Anonymous No.17926744]

all in on bitcoin pussy.

[Anonymous No.17926792]

>>17924084
Oh hey OP.
You probably wont read this but I'd like to share a story with you.

Several years ago, I managed to turn 20$ into 500k. I continued to rol with that and tried to reach ever higher returns. In the end I lost everything with very little to show for it.

If you are serious about figuring out what to do, here is my advice, with 20/20 retrospect.

#1: withdraw. Download the documentation and set it aside. The government always gets its cut, and theres no reason to feel greedy about it at this point. You can run through the next couple of steps while you find a tax advisor to help you file.
#2: Buy 2-3 houses. 1 house is for you so pick one with a suitable amount of land for yourself, the other 2 for renting out. Simply let a property manager do this for you. You cut out risk and the detriments of inexperience this way.
3: Set aside 2 or 3 years worth of property taxes, just as a safety net.
4: set aside 1 year worth of bill money, including all foods, gas, and potential emergency expenses. You can figure this out with a few hours of casual thinking.
5: Purchase a suitable vehicle. I was dreaming of a fully solar RV, so I could travel without limits. Focusing on this before steps 1-4 is what led to me losing out through negligence and greed.
6: you have established yourself, and are now protected from geting reset. Diversify your portfolio accordingly and start fresh with options if you still desire to do so.

You did good so far, but now you have to cross a finish line for the next race, or get reset back to the beginning. I genuinely hope you take my advice.

[Anonymous No.17926810]

>>17924084
HOW THE FUCK DO YOU PUT AND SHORT ON ROBINHOOD?

[Anonymous No.17926857]

>>17926792
how are you buying one house with 600k let alone 3

[Anonymous No.17926889]

>>17926792
this. But you will need to show income and have a credit score. If not, might need to start with 1 house and have roommates or a suite built in. Although with shit hitting the fan, real estate will take a while to go on sale as people sell down size to meet various obligations.

[Anonymous No.17926961]

>>17926583
Guess I should clarify that by Current Value, it would be the value of the options contracts either each time you closed to roll, or at the end of the entire trade. First one makes more sense to me.

[Anonymous No.17926996]

>>17926857
A mortgage, but seems kind of retarded to take out three home loans on $600k with a looming recession. Then again I've never made 500k off of 20 grand.

[Anonymous No.17927065]

>>17926857
I dont live in a big city, nor do i want to. with 500k, you can buy two fair houses. Neither would I want to raise a family in, but being a a landlord is stable income, with extremely high capacity for expansion so long as you dont try to establish in some nigrish zone. You can upgrade in the future, by establishing your stability now.

>>17926889
I was waiting for a housing market collapse to 'jump in'. Now I've realized my folly of not buying at least a reasonable single house for my needs.

I would buy one house outright with cash, then use loans if necessary to buy another. A third if the market permits.

[Anonymous No.17927137]

>>17926810
>Robinhood
kek

[Anonymous No.17927398]

>>17926384
seconding this

[Anonymous No.17927448]

>>17926810
>put and short
Don't, you're gonna die

[Anonymous No.17927575]

>>17927448
I found out how to put, but I don't know what the fuck to do so I'm not gonna do it.
Just gonna invest long term when this shit starts bouncing back

[Anonymous No.17927711]

>>17926857
mortgages with one of the lowest rates of all time tho

[Anonymous No.17927910]

>>17925004
You don’t hodl when you fuck up on a scale like that. His positions became worthless. He went from supersonic to WTC in seconds

[Anonymous No.17928155]

Is there a way he can get in to bitcoin then hold for a year to avoid the 50% tax?

[Anonymous No.17928254]

>>17928155
no, once you close your position it over you've completed the transaction and created a taxable event.

[Anonymous No.17928293]

>>17924216
Yes, we are.

[Anonymous No.17928344]

>>17924084
dont be greedy. you know that money belongs to starving africans anon :^)

[Anonymous No.17928543]

>>17924197
then he needs to start a business and hire an accountant asap

[Anonymous No.17928589]

>>17924197
Fuck me. Temporarily move out of your country.

[Anonymous No.17928598]

>>17924733
Blue apron stocks. It's the only stock up that much rn

[Anonymous No.17928834]

>>17927575
Choose an inverse etf then.

[Anonymous No.17928913]

>>17928598
>what is a put
Idiot. He already said it was SPY puts. All the WSB autists made millions on options while us crypto fags are broke.

[Anonymous No.17928938]

>>17924084
Buy $600,000 worth of stocks and hold for a year

[Anonymous No.17929050]

>>17924084

[Anonymous No.17929057]

>>17924084
I'm doing tax returns. you don't have to do anything.

Around February next year 2020, Robinhood will send you a 1099-Div form with all your trades.

You can list them as short term or long term capital gains, and then you will pay 0-10-15-20% tax depending on your annual gross income.

Just withdraw a bit for taxes. But even if you lose it all it's ok because you can balance your gain trade with your loss trade.

You can carryover 3,000 of losses in cap gains every year to offset any income tax.

[Anonymous No.17929467]

>>17928913
I saw he was using robinhood, and didn't know what he was doing, so I assumed he didn't figure out the convoluted way puts exist in robinhood. My b

[Anonymous No.17929531]

>>17924197
>Federal short term gains
Nah, it's 37%

[Anonymous No.17929583]

>>17924084
Based retard