Did you trade meme stocks last year? It could affect your taxes

The video discusses the dramatic rise and fall of GameStop's stock price in 2021, highlighting the tax implications of selling stocks. It explains the difference between long-term and short-term capital gains taxes, emphasizing the importance of holding stocks for over a year to benefit from lower tax rates. The video also covers how selling stocks can impact your income, tax bracket, and eligibility for certain deductions or credits. It advises consulting a tax advisor to understand the full consequences of stock transactions.

How does the duration of stock ownership affect tax rates?

What should you consider before selling stocks according to the text?