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/biz/ - Business & Finance

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10358609 No.10358609 [Reply] [Original]

My capital gains from crypto in 2017 were 40,001. My accountant says i owe 10k to federal and 2k to state. Does that sound right?

>> No.10358625

>>10358609
Buy 0xBTC tax bitch

>> No.10358626

>reporting crypto gains

>> No.10358627

>>10358609
He's just trying to screw you. If you owed taxes, you would have had to pay them months ago. He's just going to pocket your cash and not report your crypto gains.

>> No.10358628

Yup, sounds about right.

>> No.10358636

>>10358627
She request an extension because she never had to deal with crypto before
>>10358628
Thanks

>> No.10358641

LAAAANND OF THE FREEEEEEEEEEE

>> No.10358656

>>10358641
Its a lot but i cashed out a good amount. I would rather pay taxes than go to jail

>> No.10358673

>>10358609
Yup sounds right. You are in the 22% bracket b/c of short terms gains.

https://www.fool.com/taxes/2017/12/22/your-guide-to-capital-gains-taxes-in-2018.aspx

40000*0.22= 8800 tax federal

40000-8800= 31200

31200*state tax rate = 1200

31200-1200 = 30000 profit

Your state tax rate might be 3.845%

State tax rate depends on your state you pay it after you subtract federal rate from you gains. Florida has state gains tax, if you lived there you would not have to pay that extra 1200.

>> No.10358675

>>10358636
>she
You're paying too much tax and too much for your accountant.

>> No.10358686

My ex girlfriend looks like this chick and let me tell you folks, that saying "No matter how good looking a bitch is, someone somewhere is sick of fucking her" is 100% factually correct

>> No.10358703

>>10358609

mine was 72k/12k, i did all the accounting myself

about 15% effective rate, no state tax.

accountants are grifters. they don't have any real incentive to get the best deal for you, but maximize their number of clients. they know you haven't got a clue because you are too stupid to do a proper financial accounting for your assets

>> No.10358727

>>10358703
Yea but i cant deduct anything because i still love at home with no expenses or purchases that allow deductions

>> No.10358737

>>10358673
Thanks acct bro

>> No.10358803

>>10358609
tell them to fuck right off forever

>> No.10358838

>>10358673
***Florida has no state gains tax.

>> No.10358850

>>10358609
Yea, I'm having to pay a total of 26k on 80k.

Short term drives your entire tax classification up

>> No.10358862

>>10358641
>LAAAANND OF THE REEEEEEEEEEE

>> No.10358869

>>10358625
>Buy 0xBTC tax bitch

Don't you have a designated street to shit in? Take 0xbtc there. Biz hates you.

>> No.10358881

>>10358609
Are people still falling for the IRS meme? What has your state done to support you getting your crypto gains?

>> No.10358921

>>10358881
On mobile here. Anon do u really think they wont catch you?

>> No.10358922

>>10358609
I would worship her feet

>> No.10359031
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10359031

>>10358921
>>10358881

Better pay your taxes. Be good goys. :)

>> No.10359443

>>10358686
I also know this truth personally