I’m assuming any loss or gain on my cash accounts with platforms like WeBull or MooMoo will need to be filled with my taxes? Rather I apologize for the Newb question. Investing is a huge learning curve for me and I’m researching everything I can. I appreciate any help.
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>Yes, any gains or losses on your cash accounts will need to be reported on your taxes. I would recommend talking to a tax professional to get the most accurate information.
What are taxes?
You’ll get a statement from WeBull, MooMoo, Merrill Lynch, Fidelity, etc. in January, which will show all your Buys and/or Sells for the past year. At the end of the statement it will show any gains or losses amounts. If you file online, there is the capability to transfer all, or I should say, most the info to the online site (gotta have codes, which will be on the statement). But you still have to look at the end numbers (gains or losses) and make sure they match up. I had a few glitches with 2 brokers info.
If you have an accountant or CPA do your taxes, just request hard copies from the brokers, and give them to the *hired hand*.
*This is not financial advice, just my opinion.*
Margin and cash are both taxable gains and losses 
The bot is 100% right, get an accountant, sooner rather than later. If you’re trading in a way uncle Sam doesn’t like, you can incur a HUGE tax liability. (That’s a gross oversimplification, but wash sales can wreck you)
nope, when you use a cash account the IRS goes “ah he used a cash account, drat. guess we’ll have to move on to the next sucker, leave this guy alone he doesnt owe us anything”
nope, when you lose money you don’t have to pay taxes. so you will not have to pay taxes for having a cash account.
Lol