/biz/ - Business & Finance

>>13027828
Just don't mention it.

>>13027828
Have you been under a rock?

but you didnt make money though LOL

>>13027828
worry about making money first, then worry about taxes

>>13027828
The difference between the rich and the poor is that the rich don't pay taxes.

>>13027828
which country do you live in OP?

>>13027828
fuck taxes and I live in swedistan

Use Bitcoin Tax

>>13027882
This thinking is going to get you fucked big time.
CASH OUT FOR TAXES AT THE END OF THE TAX YEAR. You are going to regret it if you don't.

>>13028000
Sweden is one of the worst places to live in if you are in crypto. Crypto traders here are getting fucked royally by the tax office.

>>13027981
this. if they ever give you any shit about it or ask any questions just calmly explain that you are rich, and then wink. they will know they're fucked then.

>>13027985
pls tell me its not canada

>>13027985
Cucknada

>>13027828
Yeah, wait. I will calculate all my crypto trades...oh nevermind, I am still in yuuge losses.

>deposit BTC and ETH on cuckbase
>counted as income
>every single time

>>13027882
Thats why biz never worries about taxes

>>13028065
Yea? Why?

if you live in the usa file your taxes. if you filed wrong and the irs doesnt message you then you got away with it after a few years or so. if you dont file they can get u for life

>>13028065
you're an idiot. if you lose money trading crypto you can actually write off taxes from other sources of income. it's always the final gain/loss that matters. you can do 100,000,000 trades a year and not pay any taxes if you didn't make profit.

>live in netherlandistan
>cheap living if you game the system, tax hellhole if you don't
>tax evasion is the national sport
crypto is taxed as general wealth when over 25k. It's 1.4% or so per year with no other tax

>>13027828

>>13028065
>>13028216
>>13028182
the people who got fucked by taxes declared that they had 100k in bitcoin/eth before even having a penny in their pocket. now they owe a shit ton of money and have no way of paying off a tax on money they lost because they got cocky/scared. ONLY declare what you have in your pocket. I highly doubt whatever tax agency you have will audit binance or your wallets to make sure your not lying.

>>13028216
You are misunderstanding me.

>it's always the final gain/loss that matters
>>13028159
Yes, the final gain/loss - at the end of the tax year. If your portfolio is worth 100.000 USD at the end of tax year and you cash out say 30% for taxes, you will be fine by the time you need to pay, whichever way the prices go.
If however you don't cash out, and your portfolio plummets, you might not even be able to pay your taxes. It's a typical noobie mistake, and the tax office does not care about you having been a noob, they care about the fact that you are not paying your taxes.
I lost some money I could have saved this way, and I know someone who lost everything by making this mistake and being too high on hopium after the end of tax year.

>>13028274
>the people who got fucked by taxes declared that they had 100k in bitcoin/eth before even having a penny in their pocket

Many of them were continuously trading back and forth, never cashing out. They filed taxes when the prices were ridiculously high, the price crashed, and by that time they had nothing to cash out anymore.
Some others mined and staked coins that eventually crashed and had literally zero value by the time the tax payment was due.

>>13028305

Having 100,000 worth of bitcoin, does the IRS consider this a taxable event just HOLDING 100,000 worth of bitcoin when it was worth 100,000?

With stocks if I have 100k worth of Stock, I have 100k worth of Unrealized gains/Capital until I make a sale and create a taxable event.

With crypto, since it's classified as property and not capital gains, just HOLDING 100k worth of bitcoin at that point in time, say you bought it while it was worth 50k for easy math purposes, and you hold till 100k, you have to pay taxes on that 50k increase? Or does crypto get taxed double?

>>13027828
>paying taxes

>>13027828
>tfw born in Asia tax haven
>tfw 0% capital gain tax

>>13028361
I don't know about the IRS, but in most countries holding is not taxable, only if you made trades the year before.
Basically trading, staking and mining is taxable.
Fork coins are not taxed either, only after you cash them out. This is in Sweden though.

>>13028361
By trading I mean trading for another crypto or for fiat. Both are taxable. Holding not.
Don't take my word for it though, because you have some strange tax laws in the US.

>>13028367
>thinking they wont find you

>>13028409
>Implying he made profit

>>13028374
I'm so jealous that it hurts. Is it Singapore?

>>13028414
too soon

Why do the goyim pay their taxes?

>>13028386
Also paying with crypto directly for merchandize is also taxable. This is why using a TenX card will hurt in tax season. Every purchase made with crypto counts as realizing your gains (or losses) at the moment of the transaction.

Wow, just learned you can get a 0% capital gains tax if you buy property in an "enterprise zone", i.e a shitty neighborhood that the government wants to stimulate. I might take this route when I want to cash out because there's actually a lot of enterprise zones in the US and canada.

>>13028450
You'll pay though when you sell that property. Isn't that just going to be around the same then anyways?

I don't know what you're all talking about. Most of us lost money on crypto in 2018. I reported those losses gladly, the IRS had to hand over a fat return due to my losses. Filing taxes on a bad year is MAKING money, not paying it.

>>13028459
Right but you don't want the kikes to know you have crypto at all. As soon as they can connect you to a wallet they got you for life, since blockchain is totally transparent and all

>>13028459
Is there a limit on the losses they return? Do you need to be incorporated or are you just an individual?

>down 50% all time in USD
>up in 25% satoshis all time
>write off all my trades cause i made no gains

I'm gonna make it.

>>13028305
Oh, good thing the highest my portfolio was last year was like 15k lmao..

>>13028484
You can report them as an individual, and you can report up to $3,000 in losses that year and anything more than $3,000 that you lose is carried over to the next year. The kicker is that it covers it BEFORE PERCENTAGE. So here's how it works:

>Lose $5,000
>Can write off $3,000 this year, they give me 15% of that as an inverse of longterm gains
>Total get $450 back
>Carry $2,000 over to next year ($300 return)

Now here's the part about "before percentages".

>Make $2,000 next year after selling
>Would normally have to pay 25% for shortterm gains
>Should be paying $500
>But my $2k in losses from last year cancel out my $2k in gains this year before any difference is counted (15% to me for return, 25% tax for selling) so it's canceled out entirely

It's a little complex but it's a good thing. Instead of getting $300 back for losing 2k last year and paying $500 for making 2k this year, they just have the two years cancel each other out.

>>13028515
This is in the US of Gay btw

>>13028515
>anything more than $3,000 that you lose is carried over to the next year
>Carry $2,000 over to next year ($300 return)
>But my $2k in losses from last year cancel out my $2k in gains this year before any difference is counted (15% to me for return, 25% tax for selling) so it's canceled out entirely
This is really cool, thank you for explaining.

>>13028486
i believe in you son, you will make it

>>13027873
for years NEET faggots have shilled that they weren't taxable and a lot of people believed them

What happens if I made 50 btc from gambling. And I only trade 5 BTC but so far at a loss of 0.2 btc? This was last year. Im in canada btw

>>13028888
also check them, no larp
I made 50 from bitcoin gambling from 2 btc
I only need to pax on trades and not gambling right?

Tax offices should accept payment in BTC by the way if they are going to tax it. Since it's extremely difficult to cash out larger amounts.

>>13027828
>My shitcoin exchange of choice got hacked and doesn't even exist any more. It was a total loss, so sad, nothing can be done.
Good luck proving anything, government stooges.

>>13028899
In theory and depending on your local tax law (or interpretation of such) even receiving dividends or earnings from gamblings need to be taxed. But lmfao good luck dear IRS finding out that I own other addresses than the one that received a single 50 btc transaction from some exchange.

>>13028926
I know gambling winnings are taxed in the US. I live in Canada, here's its a little different. I still pay tax on my bitcoin I bought initially and obvs the any windfall from my winnings if I continue to hold/cash out/trade.But honestly its such a grey area, idkwhat to think of it.

>>13027828
Fuck off irs shill