/biz/ - Business & Finance

>>21879257
kek. i get taxed on my wage. and get taxed for every crypto buy 30% and get taxed on every crypto trade 30% and get taxed on every crypto sell 30%.

do the math.

>>21879455
no matter what i i do i am always -5%
and put into debt, all fruits of labour stolen from me. and have to pay more on top.

what do i get out of it?
NOTHING.

>>21879480
If you have losses you can get a tax deduction no? That is how I thought it worked in America.

>>21879257
IRS can't tax you on a currency that isn't theirs. just don't cash out.

>>21879588
I'm pretty sure they're larping retards

What the fuck,you can just go to the irs website and see if you owe money now? What happened to letters in the mail?

Thank God I'm not american.
They only steal 24% of my profit when I cash out.
>>21879455
>taxed for every crypto buy 30%
Lol?

>>21879619
In the United States there is long-term capital gaines tax that taxes you at 15% if you hold your investments for more than a year (theory is to help prevent stock market from being treated as a casino).

Less than a year, or short-term, capital gaines is taxed at the standard tax table based on how much total income you've earned for the year. So if you make 50k/yr you're already at 22%, but if you add capital gains..let's say 50k more...your total income for the year now is 100k, and now the profit you made from the investment is taxed at 30% due to the income you've earned from you slave job. The theory here is so you destroy the middle class and they can never climb upward. Personally the laws need to be rewritten where capital gains should not look at your w2 earned income to determine short term capital gaines.

Hope this is helpful :)

>>21879592

What if i sold half? But haven't deposited/withdrawn the amount

Bought link at $9 and sold at $15

Using chainlink

>>21879617
Trump killed the mail.

>>21879825
really we should just have a wealth tax, supposedly Warren Buffett pays less taxes than his secretary because he can jew the system with his accountants. Tax millionaires and billionaires like Bezos who hoard wealth, but make very little in salaries, why should I, a crypto NEET pay capital gains on some trades when I don't have a six figure net worth?

>>21879592
Wait, so if your capital gains STAY in coinbase, the IRS cant tax it?

>>21881119
>>21879592
i need to know if this is true

Taxes are a scam
Don't be a reddit cuck and put your hard earned money towards latifahs new Gucci bag and diapers for one of her 8 children and 35 grandchildren

>>21881119
You pay tax every time you sell and make a profit. Coinbase then keeps track of all the trades you made with the profit you made. I'm not sure if it's quarterly or yearly...they will then compile a 1099 they give you and give to the irs. It's on you to pay those taxes. You also need to pay estimated quarterly taxes, not a lump sum at the end of the year or you'll be penalized severely.

You guys seriously need to get a fucking accountant.

capital gains shouldn't even apply to anyone making less than 250k desu

>>21879825
Is it too late to ammend my 2017-2020 taxes? Only a couple grand but i dont want any hassle when i cash out

>>21881182
Only a inbred redneck makes that claim. Your taxes go to making sure people and corporations that make more money than you can get more money even if they should go bankrupt. But by all means, let's focus on the ghetto trash that gets a measly $500 at the beginning of the month.

>>21879257

So, you did cash out somewhere else, and at some point in time, right?

>>21881304
2019*

>>21881304
I can't answer that. I would seriously talk to an accountant or tax attorney to cover your ass. Worst case without help you're gonna pay up the ass in interest, best case you pay a small penalty fee....but this all depends on how much you made each year and what you didn't report. So just start hitting up accountants who specifically deal with crypto or understands them. I was gracious to find a dude my age who understands cryptos very well and holds that as a specialty for being a tax accountant.

>>21881372
It was loss in 2017 and 2018

I'm new to crypto. How are crypto to crypto transfers taxed? For example if I have 1k in BTC and transfer all of it to LINK does the government get 12% of that 1k?

>>21881424
Oh, then you're fucking solid dude.

You can amend your 2019 with that and you'll be gold for years to come, but start keeping serious records of all your trades and report as needed. Those losses add up and can benefit you. Talk to an attorney to amend all this.

>>21881490
Correction...NOT attorney...just a tax accountant that understands crypto. But do it NOW. Get on top of that shit and don't drag your feet

>>21881263
BUT WHAT IF YOU NEVER CASH OUT OF COINBASE, IF I KEEP ALL OF MY CAPITAL GAINS ON COINBASE DO I STILL GET TAXED?

>>21881426
Crypto to crypto is taxed based on the value of the cryptos during the transaction.

What if you consistently sold for a loss? Are capital losses a thing and I get a break on my taxes? What if I bought miners and ran them in my basement, then sold the equipment for a loss? Can I write off the electrical bills?

>>21879257
can u say: rekt
owned
gg
no rematch xD

>>21881540
It doesn't matter. The moment you make a trade, crypto to crypto OR crypto to fiat, a capital gain or loss is triggered. Every transaction.

>>21879257
There isnt even a way to do this on the IRS site

>>21881547
Yes capital losses are very important. There is such a thing as "harvesting losses" however there is a MAX cap of how much of that loss you can write off for the year...I forgot that amount. Only the following year you can use the maximum losses you harvested toward your gains to lower your tax obligation

>>21881521
Thanks

>>21879257
Stop living in USA or stop using Coinbase = Problem solved

>>21881563
So even Iif I never cash out and keep all my gains in coinbase I still have to pay those taxes?? That's some fucking BS

>>21881658
Yes. The moment of the trade, that's a taxable event. You have to keep track of every trade...gaines and losses. The pile of money you got sitting at the end doesn't mean jack shit.

If this was all just from last year, then talk to an accountant.

If this is all from only this year, then keep track and talk to an accountant to see if you need to pay back taxes for the 1st or 2nd quarter.

>>21879257
dont use coinbase anymore they're the biggest snitches to the irs. If you really need to cashout do it through peer to peer.

>>21881694
Dude I just got into crypto like last month, after hearing all this I'm tempted to just sell at a loss and quit this trade altogether

>>21881547
I forgot to add.. definitely write off your mining expenses!!!! Everything it takes to mine...everything. hardware and electricity...do it all.

>>21881714
Where do I onramp then?

>>21881775
Nah man. Just don't treat it like a fucking autistic on pcp treating every trade like some fucking button a slot machine.

Make well thought out trades and start keeping track. It really isn't that hard, just seems overwhelming at first.

I use cointracking so all I do is import the csv files to it and it sets up the ledger for me and calculates all the gains and losses. At the end, I print the report and give it to my accountant.

FUCK ALL OF THESE IRS THREADS STOP FUCKING REMINDED ME I WILL NEVER FUCKING CASH OUT FUCK GLOWIES FUCK JANNIES FUCK NIGGERS AND FUCK YOU FAGGOTS FOR BUMPING THIS SHIT

>>21881840
Gemini. Buy eth or btc and send it to chinance. Nobody's business what happens to it then.

>>21879480
You should visit /pol/ and help us eliminate the jews.
>>21879455

>>21881101

He was talking about effective tax rate, not absolute tax liability you mouth breather.

>>21881876
it wasn't cia
it was irs all along

>>21879257
Op is a lying sack of shit,you cant check tht on irs site

>>21881840
Localcrypto is also a good peer to peer website to buy or sell eth.

>>21881849
But what about scalping them gains?! I actually planned out a strategy to scalp gains and then buy more crypto with those gains?,!

And I'm still learnign how to not panic and be stoic when the market is on the move, I changed my mind a few times and did some conversions on coinbase because ii THOUGHT it was free.

I had no idea coinbase conversions were a taxable event until now, FUCK, all I have for an accountant is the one that was provided at my office, I'll look into it when I start racking up some serious gains, I'm currently in the red.

>>21879257
Are you bantering?

>>21882059
>I'm currently in the red.
>currently

>>21882059
It doesn't matter which exchange your on...anytime you make a trade and you earn a profit or loss you report it.

People who think they're clever using decentralized exchanges are morons, because eventually you'll need to bring that back to fiat and into your bank account.

Using bitcoin machines are probably worse than the irs in fees and there's a max cap on how much you can withdraw.

>>21882125
Right, if I ever see some serious gains in the future I'll consult with an accountant, thanks fren

>>21881263
I have never received a 1099 from coinbase.

You burgers are truly lost your mind in this meme world. Glowcountry.

>>21882553

https://help.coinbase.com/en/pro/taxes-reports-and-financial-services/taxes/1099-k-tax-forms-faq-for-coinbase-pro-prime-merchant

>>21882125
> because eventually you'll need to bring that back to fiat and into your bank account
Use monero nigger.

>>21882900
>he thinks that they'll let monero exist
Crypto can be co-opted into the system, private money can't.

>>21882125
> Using bitcoin machines are probably worse than the irs in fees
Objectively false. Fees are 15% max and capital gains tax is 30%, 20% if you wait a year.

>>21881881
Thanks Anon, I'll remember this.

>>21879257
have fun

t-there's a website? FUCK YOU LYING VIRGIN

>>21881263
What the fuck are you talking about? Report cost basis and proceeds to IRS, the do not care or have the means by which to track every fucky Crypto transaction.

>>21881314
Then I guess I'm an inbred redneck, because nonwhites and females are net tax beneficiaries.

>>21881876
Thank you based Anon, we need people like you to exist.

>>21883006
>15% max
Around me, some are over 20%. And they have cameras and require at the minimum a burner phone, how many times can you go to one with a measly $1k withdrawal limit?

>>21883347
Jeez, 20%? Might as well try peer-to-peer trades then.

As for the cameras, masks are all the rage nowadays. Wear some clothes you never wear.

Can't help you with the withdrawal limit. Maybe a b-roll ID would work, but that's just asking for trouble.

Also, make sure you don't take your usual phone. Just print out your QR code for the transaction.

>>21881563
you are so full of shit lmao

>>21879257 Fuck 'em man... You don't need them. Lay low, ease out of the system and youll find its much much better with it.

>>21881881
>gemini
Just looking at the site, how is it any different than Coinbase? KYC required, based in the U.S., exact same shit.

>>21882059
stop falling for this baiting nigger, you gullible dimwit. If it were true no one would ever spec on shitcoins ffs...

Hey morons. Everyone here all thought you were hot shit in 2017 going MUH GOVERNMENT NEVER GONNA PAY MY TAXES DURRRRRR. This is what happens. Be a fucking adult next time.

>>21883586
Still hot shit, and how is choosing not to let these guys know anything not an adult decision? It's a necessity with how shit things are getting for /ourguys/