Korean Job Discussion Forums

[inthewild]

If you use an online broker, which one and why?

I pay $20 a trade and can do better/cheaper.

What kind of taxes do you pay on your gains? Why? It gets a bit confusing because your paycheck may be coming from Korea so what tax bracket does that put you in for the States on capital gains...?

Any other tips you want to throw out there are welcome.

Thanks.

[michael5799042]

I use Interactive Brokers. Way cheaper.

[inthewild]

And what have you had to deal with come tax day?

[gmat]

[Yesterday]

Why would you want to buy US shares??

The US market is on a slump "Drunk and Hungover" as Bush says...

http://news.bbc.co.uk/2/hi/americas/7522335.stm

[toong tao daeng]

$20/ trade is pretty high.

I think you'll find day trading somewhat difficult because of the time difference. But if you're investing for the long haul, this shouldn't be a concern.

[newton kabiddles]

I use etrade, it's 10 bucks a trade. If you're an American overseas you add up your total income and pay taxes on anything over... somewhere around 88K. I don't know the exact amount as I was not exempt.
Americans have to pay 5% or 15% on capital gains from securities held longer than one year; the two lower overall income brackets pay 5% - everyone else pays 15%. If your captial gains are from stocks held less than a year you pay the rate according to your overall income. Fed tax rates range from 0-35%.
Example: If you make 3k a month in Korea you can make an additional 50k a year in the stock market and not pay any fed tax.

[SirFink]

[inthewild]

Yea I was going to say... more than a few stocks that are still too high but it's alot easier to find a bargain than it was at the start of the year.

I'm younger and made a couple mistakes leading to an unrealized loss a few years ago but I've learned from it and recovered nicely this year thanks to the dips in the market recently.

Zecco doesn't charge some kind of annual fee that I can't find in the small print, does it?

"Example: If you make 3k a month in Korea you can make an additional 50k a year in the stock market and not pay any fed tax."

That example is just for stocks held over one year, right?

[SirFink]

[bassexpander]

A warning about online brokers....

My brother has had a HELL of a time getting his money out of his online broker. I forget the name of it now, but it's one of the top 3 in the USA (I know it's not Scottrade). He was able to get them to sell everything off, but to get the money out of the account and back into his bank required everything but a blood submission. I can't imagine going through all that he did from overseas.

He's a lawyer, by the way... and he knows what he is doing.

After hearing his story, I would take great care in finding out what it takes to get your money out of their accounts and back into your own hands!

[inthewild]