/biz/ - Business & Finance

>>22450612
and by profits I mean gains

>>22450612
they sound mad u got rich with no work involved

>>22450612
hire an accountant, it's seriously not that expensive compared to the gains you made.

your taxes won't be more than your gains.

>>22450629
also when you cash out, the amount you cash out will likely be taxed a certain amount depending on what tax bracket you fall in, so not more than 50%

>>22450637
>your taxes won't be more than your gains.
the reason for that is even if you made enormous gains and then lost them the gains will be offset by the losses.

so what you have in the end is what you wind up paying taxes on. You may have penalties for not filing on earlier gains, but that's what the accountant is for.

>>22450648
>so not more than 50%
it can easily go over 50% if you have to add in s/e taxes. FICA and such. Not a lot more than 50%, but more.

How can the tax be x6 of the gain. Stop listening to them. Make out you hit a loss and keep them out of it. Sounds like controlling parents. Get your own advise professionally. Stash that money from them. Move it to another wallet out the way

>>22450692
>it can easily go over 50% if you have to add in s/e taxes
then add interest and penalties for late filing and you can hit 80% tax without a lot of effort.

but it won't go above the level of the gains. Not unless OP has been trading for ages and never filing taxes that is.

>>22450612
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/thread

>>22450725
what kind of weak fud is this, ur telling me u cashed out and paid 80% of ur gains are you retarded why are you even on this board

50% taxes WTF? Why are burguers so cucked by their government?

>>22450802
Let them pay the absurd amount like a good goy anon. I’ll be double dipping by collecting my neetbux and making mad gains.

>>22450612
wait a year and don't pull money out

>>22450836
Because they’re cucked and pay for shaquinas to pop out children every year and neets who know how the system works and refuse to participate.

>>22450693
3 years of compounding IRS backtaxes

>>22450802
I'll be right here watching you sob while the IRS rapes your tender ass anon.

>>22450612
You may have to pay 600k in taxes. For example if you bought a shitcoin and it 1000 times and traded for another shitcoin that dropped 99%. The crypto to crypto trade counts as cashing out and is a taxable event, you pay taxes on the immediate gains, if it goes down to $0 and you have nothing afterwards, then you are shit out of luck. You got to pay the taxes anyways.

>>22451239
You can deduct the loss and negate the gain if I read it right

>>22451304
Isnt that only up to $3000 a year?

>>22451337
No little queer

>>22451359
Proof?

lol, burgers worrying about taxes

>>22450612
you have to pay depreciation taxes on any losses and appreciation taxes on gains basically.

>>22451908
What does that mean in actual terms though I'm a brainlet

>>22450873
Why would you participate if you have to pay for those aforementioned shaquinas? Why have them around at all, one might ask?

>>22450612
Tell your parents to fuck off and worry about their own investments. You have come this far already anon. I'm sure they haven't helped you one bit with investing in crypto.

Get an accountant to sort this out for you and good luck keeping those leeches at bay. Don't even tell your parents what happened when you cashed out. Tell them you lost it all and don't tell any of your friends. Girls will throw themselves at your cock, once they know.

Good luck anon. Be careful and don't buy stupid shit with your money either. Reinvest!

>>22450873
Shaniqua need a new weave, baby

Why are you even in crypto if you plan on paying taxes? The goal has always been to make it and gtfo to some other place you can get bottle service for $30.

>>22450873
Hahahaha so neets are smart for abusing the system and shaquina are stupid?
Both are the same breed of retards

>>22452237
They gave me the money to invest though and I did it all in their name.

>>22450612
It sounds like your parents are cucks

>>22452417
Good, then the 600k bill is theirs

>>22450629
>100k
>rich
Do shitcoiners really?

>>22452509
Transfer it to a different wallet not linked to you in any way and say you accidentally sent all the money to the wrong wallet

>>22452509
>>22452522
I DONT WANT TO SCREW OVER MY PARENTS

>>22452522
if u send it to another wallet the irc can see that wallet with etherscan. they have a cooperstion witch chainalysis to scan chains.
they might even belive that u lost the keys but they will put u in jail if the coins move one day.

>>22452668
Do bitcoin mixers actually work?
>>22452622
I really don't think you have to pay 600k in taxes. That has to only be if it was turned into usd and back into crypto or something. I'm a brainlet tho. How did your parents get to that number anyway?

Do you not just give the IRS 36% if you've made over half a mill and call it a day?

>>22452777
if u use monero than mixers work yeah.
if he can proove his loses same as his gains they will be calculated to it. u pax taxes on every trade.
doesnt matter if its crypto to crypto/ crypto to gold or crypto to whatever.
should be 30-50% of his gain if everything is prooven clrearly wich isnt that easy cause people dont save uniswap transactions and binance also deletes after 3 month.
so u have to keep all csv files.
use cointracking to get an overview of ur trades and taxes.

>>22450612
Just move to Portugal/Germany for a year or two you stupid fuck.

>>22453035
They said it has to be taxed even if you don't cash out. For example if you buy bitcoin, then trade ETH and it goes up, then trade to LINK and that goes up, you have to pay tax on the gains every time you switched. Isn't that how it works?

>>22453035
the trades are made as us citizen so he has to pay it to the us.
even if not germany has 40% income tax. he did not hold every coin for over a year so he will pay same tax on every trade. like in us.

>>22450612
probs not as fucked as if your from the uk.... the uk has a 40% tax we apparently have to pay... and if you dont psy it they find out, track you down and then make you pay 140% instead with fines ontop

>>22450629
I picture a seething karen

>>22453035
he has exactly 3 choises
pax the tax or
go to jail
or use monero + coinmixer and go to cambodia for the rest of ur life and never visit us agsin.

>>22453016
Okay OR what if he just transfer it to a different wallet *accidentally* and lies to his parent for their protection, then from the wallet not tied to him, he uses https://swapswop.io/ to move it to monero - all through tor. then mixes it and does fuck all with it until he decides to cash out and *accidentally* gets sent a different, yet similair amount of coins and pays taxes on those. Or is that just too much?

>>22453164
Damn never mind theres already a record of his conversions

>>22453133
Must it be a shithole? No offense cambrodia though
Does every country with an extradition contract with the US have to send him back to the US for tax evasion?

>>22453183
this
and in that way he cant prove his initial investment and will pay 40-50% tax on all coins instead only on gains.

>>22453238
must be shithole enough to cash out thru atm without kyc.

>>22453245
How can they put a dollar value on two tokens traded for one another in a past date? wouldn't they need price data from a 3rd party or something? and how could they select which price data to use?
Say for example, I gave you 2 clovers for one rose. How could the IRS tax that?

>>22450612
you only pay tax on gains brainlet. if you made $80k on one trade and lost $20k on another in the same year you are taxed on $60k profit it’s not that difficult.

>>22453352
The IRS needs Oracles!

>>22453425
true.
if u can prove both trades.

>>22453352
they will se the documention on every trade from u.
its ur job to provide information. if something is unclear it costs extra.

>>22450738
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>>22453481
OOOH, Thank you for clarifying!
Still tho, how would they quantify it at the end of the year if its in some shitcoin that every exchange says is a different value?
Do you just claim your coins are worth somewhere around what the exchanges are saying when you file?

>>22453632
>>22453425
OOOH, Thank you for clarifying!
Still tho, how would they quantify it at the end of the year if its in some shitcoin that every exchange says is a different value?
Do you just claim your coins are worth somewhere around what the exchanges are saying when you file?
(Its getting late, I responded to the wrong op)

>>22450693
Buy shitcoin A for $1000, it does 5x, sell for shitcoin B, now you owe $2000 in taxes. Shitcoin B tanks, you panic sell for $1000, still owe $2000 in taxes.
Every trade is a fully taxable event in US and EU. Can’t wait for the uniswap moonboys to Land in prison.

>>22453732
No retard, gains and loses cancel eachother out if they happened during the same year

>>22453732
In germoney you minus the losses from the gains in the same year.

>>22453765
No, retard, they don’t. The trade is what’s taxed. Read the law. You can only deduct losses up to $3000. Yield farming is fully taxable for each loan too. Should’ve red the law before you started flipping shitcoins.

>>22450612
There are websites that figure this out for you. I use: https://koinly.io/

Just upload your csv file and it will calculate your taxes for every year automatically (as well as other cool analytics)

Hope this helps.

>>22453800
The 3k rule only applies to different tax years, when you carry a loss forward you absolute brainlet and I don't know why youre talking about some farming shitcoin thing

>>22450612
Don't' pay shit lol, if they haven't contact you already they probs won't.

Your gains are too small for them to compare, unless you purposefully make yourself a target.

Ignore your parents, or start paying taxes from here on it. If you already working a normal job, you don't need to pay taxes unless you plan on cashing out.

>>22453098
>apparerntly
What 40% tax, why post something that is factually incorrect.
Its a 20% capital gains tax (with £6,000 tax free , even lower if you run a trading company.

>>22453852
sorry £12,300 allowances (about 15k usd). He would be blessed he he was from the UK.

>>22453732
This is where I was confused

>>22450637
>your taxes won't be more than your gains.
not true if his gains in 2017 were in the multiple hundreds of thousands and he traded at the top of the market. the losses didn't occur until 2018 and those WILL NOT offset the gains in 2017. OP is FUCKED. there is a 3k limit to offsetting gains from previous years. you are fucked OP

>>22450648
you get taxed on the trades, not on when you cash out

>>22451304
not if you realized that loss in the next tax year. nope. op is rekt. everyone who traded the top of 2017 and held through 2018 got fucked

>>22454186
Everyone is saying your taxed on the gains for that specific year not the individual trades themselves.

>>22451359
it is faggot

>>22453058
yes>>22453352

>>22453425
hey newfag, losses in 2017??? people didn't loose their asses until 2018. guarantee that's what OP did. let's hope he didn't trade like crazy when his coins were worth a fukton in 2017

>>22453632
enter your trades into cointracking.info or one of the other crypto trade tracking sites and it wil help you figure this shit out

>>22453732
no moron, NOT if thise trades occured in the same year.

>>22453058
>>22454245
But what if one exchange reported he actually made a loss on all trades, hypothetically?

>>22453800
hey idiot, that is only for trades that occured in separate tax years

>>22454217
that is true, but cashing out has nothing to do with it

>>22454323
what about the other exchanges

>>22454356
What about them? My point is that no exchange's price is ever the same so if you wanted to quantify your gains in US dollars, am I correct in assuming you cant down to the penny? And who decides which exchange's price to go off of? Do they average the price across all popular exchanges at the time of the trade? I have a feeling there's a reason they haven't gone after him.

>>22454441
Like trading 2 clovers for 1 rose. If 5 different plant exchanges are reporting different usd pricings for each plant. What is the rose worth

kek how is it so hard to understand crypto taxes, it takes like 10 minutes of googling or talking to an accountant.
is NA education that bad or are you guys just dumber than the average american?

>>22454488
shut up asshole not everyone wants to instantly shell out $300 for an accountant when we can just ask /biz/

>>22450667
Losses or not tax deductible.
Get a professional OP.
And buy LIT.
Your 100k will turn into 5 million in no time and the puny 600k in taxes will be no worry no more.

>>22450667
Not necessarily.
If he sold within 30 days of buying, then bought back in even one coin within 30 days of selling, it's a wash sale and won't count as a capital loss

>>22453732
Trade is not taxable event in all EU countries. In some it might be, but not where I live. Why would you speak such lies without actually knowing?