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22127439 No.22127439 [Reply] [Original]

How is swinging even profitable if you wind up paying taxes everytime you cash out. I wanted to take a risk and swing for potentionally 20 more linkies but it's not worth it long term

>> No.22127467

>>22127439
The only people paying taxes on crypto are those on Coinbase

>> No.22127498

>>22127439
It’s not, the retards doing it will be fucked in the ass by the IRS in 5 years for tax evasion.

>> No.22127546

>>22127439
>>22127467
>>22127498

You retards do realize you are only taxed on your profits right?

>> No.22127576

>>22127546
Dumb shit

>> No.22127690

>>22127546
Selling locks in profit. If you sell short term and then get dumped on, you still owe for the initial profit despite your losses (you can only write off like 4k a year if I remember correctly).

>> No.22127765
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22127765

>>22127690
Losses offset profits. Make a million then lose a million in the same year? You're fine. It's why it's important to be careful with that the following year because you can't offset your previous year profits with your losses. Hence why a lot of people got fucked in 2017. Personally I'm petrified of trying to do my taxes again so I'm hoping I don't get railed since I've done so much trading

>> No.22127865

>>22127439
Never cash out then, homo. Also don’t put in anything you aren’t willing to have locked in the digital sphere 4ever, or atleast until taxes catch up with crypto.

>> No.22128009

>>22127439
No one with more than a measly $20k or so is swinging anything. Had I swung this last time even if I sold the very top I would not have been able to gain LINK at any point so far since I would have had to put money away for taxes. Had I bought the very bottom and then sold again at the newer top, then yes that probably would have secured me a small stack of new LINK. But now my entire stack is subject to 10% more tax, and my stack is not 10% bigger. As a long term holder your very best case scenario is to swing once, then never swing again, but more than likely you will just lose stack size.

For poor people they can swing and then pay the taxes with their wagie bucks. I’d rather just put my wagie bucks into crypto and continue to build long term gains so if and when I want to cash out (and I will never cash out my LINK), I can pay the least tax possible.

Any swingie post you see just remember that person is poor.

>> No.22128074

>>22127546
Crypto to crypto is taxable. Just consider the implications of that.

>> No.22128150

>>22127498
>>22127576
>>22127865
>>22128009
>doesn’t understand how capital gains taxes work
>attempts to explain it all on a Mongolian basket weaving forum anyway.
>blind leading the blind

>> No.22128170

>>22128150
Retard

>> No.22128372

>>22128074
Not in every country. Some are strict (sorry burgers), others are more lenient and only care once you cash out, and others don't give a fuck. Just hope you're in one of the latter two, and even in the case of the former a case for amnesty could probably by made as crypto is still relatively new and some onus has to be placed on exchanges for not clearly spelling this out enough for all the 16 year olds trying to daytrade