Unlocking the Legal Jargon: How AI Legalese Decoder Can Simplify Purchasing US ETFs on Interactive Brokers
- April 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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I am a US American planning to start buying some ETFs and bonds for retirement savings. I’ve already funded the account with a chunk of JPY and so I just wanted to make sure I’ve got the buying process down. If you’re an Interactive Brokers user with experience, please let me know if this is correct.
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### Investment Strategy
Let’s say I’ve funded my account with 100,000 yen, and the conversion rate is 100 yen to 65 cents. I want to buy as much STONK as possible, and its price is 100 dollars.
## Purchase Plan
Here’s the game plan:
1. Convert all my yen to USD with the going rate (650 dollars)
2. Purchase 6 shares of STONK (I’m planning to use the “Market” strategy since I’m just gonna buy & hold)
3. Have 50 dollars leftover
### Tax Reporting Queries
I guess I’ve got two questions:
– Do I need to track the leftover dollars that will sit in the account to report during tax time? I don’t plan to ever convert it back to yen since I’ll just use it to fund a purchase at a later date.
– If STONK supports fractional shares then I could buy 6.5 shares, I’d prefer to do this if it’s simple but would it cause a headache for tax reporting? I’m imagining a situation where the e-tax form only allows whole numbers or something like that.
edit: currency conversion math hard
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Do not use market orders. It’s very bad practice. Nothing really bad is likely to happen but you should always use limit orders to protect yourself against strange sudden market moves.
You can get live prices from yahoo finance for all ETFs. You won’t need a data subscription. You could use the “snapshot” function in IBKR of you want live data/price in the software as well. It’s cheap to use it.
I believe fractional share purchases have a higher fee but I’m not 100% sure. Please check on it. Not sure if you can buy fractional shares anyway since I’ve never done it.
In terms of tracking just document every transaction buy and sell in excel using both dollars and yen. Track interest payments and dividends as well as DRIP (automatic reinvestments) if you turn it on.
You can do it all later but it’s a pain to go back through years of reports from IBKR and converting currencies. Yes I did it. Just takes time but all the records are on IBKR.
You could also link your IBKR account with yahoo finance and then get things tracking there too. It might be easier to see all the transactions there. Just depends on your preference.
If you have an IBSJ account, you cannot convert JPY to USD prior to the purchase. IBSJ will do the conversion when they execute. You’ll have to estimate that conversion when placing the order and leave yourself room for currency fluctuations. And, as previously mentioned, use a limit order to protect yourself and ensure you don’t exceed funds available. Once the order executes, IBSJ will convert any excess USD back to JPY.