so you want to invest in stocks but you have no idea how to do your taxes you're
stressing out oh man how am I gonna do this I don't know anything about taxes
this video is for you if you want to learn how to do your taxes welcome back
to the channel guys my name is Bruce Wang in today's video we're gonna go
over the Robin Hood investment challenge and how I did my taxes for my stock
portfolio on Robin Hood so this is how I'm gonna do the layout for this video
I'm gonna go over my portfolio really quickly and also do my weekly buying of
my stocks and for part two I'll be going over how I did my taxes for my stocks
today's episode is gonna be a little bit different today because we have no more
Robin Hood rewards so let's just jump right into the screen share and take a
look at the portfolio in the Robin Hood challenges I deposit $100 into my
portfolio every single week I trade by cell but mostly my favorite of all is I
collect dividends today my portfolio is not looking so good I'm down about
fifteen dollars on the day about half a percentage of my portfolio I'm actually
really disappointed because I thought that today my portfolio would be worth
$4,000 but it is not right now my portfolio is three thousand nine hundred
seventy three dollars and forty three cents on the day I am down about $16.50
on the week I'm down about ten bucks on the month I'm still looking pretty good
up almost nine I'm up about nine percent three hundred thirty three dollars on
the three months chart I'm up seven hundred twenty-five dollars twenty two
percent twenty two percent gain in the last three months is insane on the year
it's roughly the same $731 twenty two percent and on the all-time chart I'm so
lucky that I am finally up again two hundred eighty dollars about seven
point five percent of the entire portfolio but like I said on today it is
not looking so good in my current portfolio today I have about twenty five
different individual stocks and my portfolio is weighed more towards real
estate investment trusts so just scrolling down really quickly you can
see that it is a red day and I'm down on most of my stocks except for just a few
today I have about $162 of buying power and I'm going to purchase some stocks
from my portfolio currently I'm actually looking to downsize some of my stocks
but today is not a really good day to sell because obviously we're in a down
day in the past month I've I've been buying AT&T almost religiously at least
once a week I have six shares at the moment my equity is almost $200 my
average cost is about 31 dollars and 43 cents and today is gonna be another day
that I buy more AT&T I'm gonna add to my position AT&T has a very high dividend
yield right now I think it's just over 6% one thing about the Robin Hood
statistics is that they're always late to update them I think that's something
that Robin Hood should upgrade when it comes to their platform they should make
sure that their stats are always up-to-date because that really helps
individual investors like us do research on each individual stock in the news
obviously there's 5g coming up that is something that Verizon AT&T and t-mobile
they're almost in a arms race to get to 5g the fastest but 5g is a technology
that is brand new and they're only rolling it out to just a few major
cities and through my limited research I know that 5g isn't working in a lot of
these places I've had AT&T in my portfolio since September 11th 2018 it
was actually one of the first Docs that I ever bought I've been getting paid
dividends over the last few months November 1st was my first one I got 50
Cent's february 1st was my second one which I got $1 because I was holding at
least two stocks I'm assuming yes two stocks so for the next time that I do
get dividends from AT&T I'm expecting to get a lot more because I hold a lot more
stocks so today I'll be buying two shares of AT&T at market price 31
dollars and 75 cents and here we go market orders are great if you just want
to get those shares in so my 18 tea order has just been filled every now and
then market orders don't fill and that's
because when you when you're buying on market the the price of the stock
fluctuates a little bit so if you're really limited in your buying power they
might do a thing where they chart they they charge you a little bit extra so if
you're in so if you're encountering that problem just do a limit order you'll
you'll get your stocks really quickly so the next stock that I'll be buying today
is Realty income this is another favorite of mine this this is one of the
staples of my portfolio Realty income in the future I'm planning to have
thousands of dollars in this stock at the moment it is very close to an
all-time high so the 52 weeks high is 74 dollars and
14 cents so it's just only a few dollars away from there so I'm not looking to
buy a lot because there's only a few percentages away from this all-time high
so what I'd like to do is call dollar-cost averaging that's where you
buy just a few stocks consistently over and over over extended period of time
right now I'm averaging about one or two of this stock every month so so today
I'm just gonna be buy one stock of Realty income again one of the benefits
of Realty income is that if you are very interested in investing in real estate
but don't have enough money to you know buy property on your own you might
consider buying Realty income because it's almost the same thing
you can just buy Realty income you'll be invested in their properties and you'll
be getting dividends every month through their profits so if you don't have
enough money to you know go out and buy your own duplex and do all that real
estate investing on your own Realty income is an alternative out there that
you can look into yourself for my last stalk of the day I'll be buying a G and
C investments another staple of my portfolio right now is eighteen dollars
ten cents when it comes to equity I have $1200 in this company sixty-eight shares
my average cost is $17.99 I've been buying a lot into this company since
January and today I'll just be by one share I'm planning to get to 100 shares
as soon as possible and I'll be capping my investment at 100 shares of this
company so before we get into part two and into the taxes if you've been
enjoying the video and you found it helpful don't forget to leave me a like
I get asked a lot of questions about taxes when it comes to stock investing
and I'm not really sure why it's such a difficult concept for people to
understand but Robin Hood makes it very easy and very simple to do taxes on your
on your Robin Hood account so all you have to do go into your portfolio and
the first tab well for me the first tab is learn about taxes on Robin Hood you
click that yeah I'm just gonna assume none of you guys are gonna read any of
these links I believe that people that go on YouTube are more of a visual
learner so to do your taxes on Robin Hood yeah it's very simple all you have
to do is go into your account summary
scroll all the way down to the bottom and you have your and you click the link
that says tax documents so what I do basically every year since 2017 was just
download the 1099 I go over it to see how much money I've made or lost let's
open one I'm not gonna show you all the 1099 s it has a lot of personal
information so I'm not gonna share that with you so these tax documents has
every trade that you've made on Robin Hood
every time you bought a stock every time you collect dividends every time you're
sold for a gain or loss they keep track of everything and the one basic thing
that you need to know about taxes is that if you buy a stock and you trade it
within the first year and you've made money on it
you're gonna have to pay a higher capital gains tax but if you buy stock
and you hold it and you trade it after you held it for over a year you pay less
in capital gain tax over the past year I didn't do that many trades but all of my
trades that I've done within that year they're taxed at the short-term capital
gains this tax document also covers all of my dividends that I've collected over
the past year just looking through here you can see that you know I had AT&T I
had some bank stocks and all these stocks are qualified dividends so again
I have to also pay taxes on these qualified dividends I
even have some companies that pay dividends from another country so
foreign taxes paid I have to pay for that as well so I don't really want to
bore you with the exact specifics because at the time my portfolio was
very small I didn't make that much money what I did was take these documents and
just emailed them to my accountant and that was the end of the story so this
year I'm not gonna be paying that much money in taxes because I did not make
that much money in the stock market but for 2019 I'm probably gonna make only
like a few hundred dollars to a thousand something dollars in stock market
because I'm not invested that much in stocks if you don't have your own
accountant you can actually do all your taxes on your own Robin Hood I think
they linked up with turbo tax you can just click that link here and it will
bring you to how you can upload your 1099 to turbo tax and you can just do
turbo tax on your own I mean you and you can just do your taxes on your own
through turbo tax I think they charge like 60 bucks
something like that some it's less than a hundred dollars to do turbo tax
let's see specifically how much they charge and if you haven't done your
taxes yet you only have six days left to do your taxes so file by at least April
15 this video will come out today so you'll still have six days from the
upload day of this video and you can save twenty bucks on turbo tax like I'm
not affiliated with turbo tax or Robin Hood anymore so you can you know do your
free trial here according to this you can do a free edition or you can do the
deluxe which is about 50 dollars the premier the premier is investments and
rental properties and for self-employed is about a hundred bucks
I myself pay my accountant about two hundred dollars to do my taxes so what
I'm basically trying to say here is be a good American and pay your taxes taxes
aren't something that you should be scared of unless you know you're a drug
dealer or something obviously there are a lot of different factors when it comes
to taxes but at the end of the day there are only two things that you can't
escape and that is taxes and death so just learn the basics and just get in
the counting if your taxes are too difficult to do on your own thank you
for tuning in to this week's Robin Hood invest
challenge if you are brand-new to the channel and you haven't subscribed yet
what are you waiting for hit that subscribe button I come with a lot more
content just like this try to help you guys out as much as I can if you've
enjoyed the video don't forget to like the video and join that notification
squad by hitting that Bell icon thank you guys for watching again and I'll see
you guys in the next video bye