Hi all, I apologize in advance if this has been answered. Searched this sub for something related to this, but couldn't find any. I've learned a lot from this sub and thought if anyone knew this on reddit, it would be you all.
I was reading up on investing related stuff online/YouTube; and I came across a video of someone suggesting that it's good to have your Swing/day trading account separate from your brokerage account as it makes filing taxes much easier, especially fi you might be trading the some of the same stocks that you might have in your long term investment portfolio.
Some backstory/Context.
I have recently opened a TDAmeritrade account, mostly for day trading/Swing Trading (haven't started trading yet, and am planning to start real slow/small) but given that I like their platform's research/tools much more over Robinhood, am planning to migrate most of the stocks I hold in Robinhood over to this in a later date.
So, would it make sense for me to create a second TDA account and migrate my existing stocks to that then? or it should not matter?
Personal Take: I would imagine that there must be some tools/method to figure out what are long term vs short term trades to help with Taxes. Given that this should not be the first time anyone ran into this issue/question and I'd be surprised that there are better ways than "oh lets open a second account to make taxes easier for day trading/Swing Trading".
Would love to hear your thoughts/Best practices. Thank you in advance!
Bonus question :P
From what I read, TD Ameritrade only covers up to 500K in spic insurance. Is it worth getting some supplemental insurance when your total account grows more than that? just curious
PPS: Not sure if this falls under the beginner question category. Happy to move it to the stickied Daily thread if that's the case.
Submitted January 02, 2021 at 12:27AM by PcGamer86 https://ift.tt/384DhNn
