[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 9 KB, 259x194, images (4).png [View same] [iqdb] [saucenao] [google]
12620228 No.12620228 [Reply] [Original]

can someone explain capital losses to me? if I lost $1200 on crypto, does that mean I get an extra $1200 back on my return?

>> No.12620243

>>12620228
Lmaoooooooooo
No

>> No.12620246 [DELETED] 

No, you write off $1200 owed on your Taxes.

If you generated $40k this year from work, or $40k profit from whatever, you write off $1200 as a loss and owe $38800

If you generated no income last year you carry over that write off to the next year

t. Our President who has been carrying losses over from the 90s for twenty decades

>> No.12620255

>>12620228
You just get to write that $1200 of for whatever you owe on taxes.

Up to 3K of course. Your tax burden from your losses maxes out at 3K. It goes infinitely upward though goy.

You are welcome.

>> No.12620261

>>12620246
>>12620228
Just want to mention that you can only claim a cap of 3k deduction for capital losses per year. You can use your capital losses to offset capital gains at an uncapped amount however.

>> No.12620273
File: 3 KB, 214x236, brainlet.png [View same] [iqdb] [saucenao] [google]
12620273

>>12620246
>>12620255
so...how much money will this increase the money I get back then?

>> No.12620279

>>12620273
Did you have capital gains last year?
Are these losses short-term or long-term capital gains?
if short-term, what was your income last year?

>> No.12620325

>>12620279
>Did you have capital gains last year?
no
>Are these losses short-term or long-term capital gains?
crypto
>if short-term, what was your income last year?
uh, like 40k?

>> No.12620472
File: 157 KB, 598x624, 1535730294762.png [View same] [iqdb] [saucenao] [google]
12620472

>>12620325
Your marginal rate is 22%. That means if you earned $1 extra, you would owe .22. Your savings is calculated by multiplying the deduction times your marginal rate (1200 x .22), $264.

>> No.12620482

>>12620472
so I'll get an extra $264 back?

>> No.12620562
File: 260 KB, 680x585, 1534446296623.jpg [View same] [iqdb] [saucenao] [google]
12620562

>>12620482
Yes, $264 more that you otherwise would have, which will be dependent on a bunch of other stuff, mostly how much you paid during the year.

>> No.12620675

Glow in the dark niggers think they are going to see a single asspenny of my crypto gains.

Think again losers.

>> No.12620733

>>12620675
This. How would the jewRS know about the xmr you put in a mixer and it disappeared

>> No.12620741

>>12620562
what form do i need to file

>> No.12620789

>>12620733
Your bank statements will have the time you originally exchanged fiat for crypto
And then months or years later you pulling out thousands from a crypto exchange to your bank
not hard for them to put things together

Has anyone in the UK pulled out more than 11 thousand an actually delt with the tax?

>> No.12620908

>>12620228
Don't you just deduct your losses from your taxable income? Aren't returns for people who overpaid in FICA taxes?

>> No.12621119

bump

>> No.12621263

I lost 10k on crypto. I think the max per year you can write off for capital losses is 3k and it carries over. So it reduces my taxable income by 3k.

My tax rate is 24%. So I think I should get an extra $720 this year. Would have been better to not have fallen for the scam but at least guvmint is going to give me some back.

>> No.12621342

>>12620741
holy fuck dude

plz step in front of a bus

>> No.12621497

>>12620228
Just dont file, IRS wont care