/biz/ - Business & Finance

>>25785663

eth is more profitable

>>25785663
You create a taxable event every time you swap.

>>25785663
You should have purchased more BTC during the dip instead of moving to eth, then once btc starts rising nice to eth

>he thinks 210$ means anything outside of 1 mil mcap shitcoins

>>25785701
For ETH to BTC, sure, but ETH tokens and ETH apply as like-kind and are untaxable.

>>25785663
>200 fucking dollars
You’re poor, who gives a shit?

>>25785777
Lil niggas about to make it to $250

Just forget about it now.

Buy back in when the crash happens and wait for the next pump 3 years from now.

>>25785927
What? That's not true is it

>>25785663
If $200 is all you can invest in crypto, then ETH/BTC is the last thing you should be buying

>>25785663
What is this? A portfolio for ants?

>>25785927
You can't be this retarded in this space. You WILL get fucked by the IRS eventually for your ignorance.

>>25785701
>swapping 10,000 USD worth of BTC for 10,000 USD worth of ETH
>$0 profit


anon, kek what do you think they’re taxing? fuckin burgers.

>try to cash out
>miner fee: $496.41

>>25785701
>being american

>>25786437
you still have to report it even if you lose money or make nothing. Its basically targeted harassment to make people afraid of cryptocurrency

>>25786437
>In the eyes of the IRS, exchanging one coin for another is like selling the first coin for USD, then using USD to buy another coin.... Therefore, it's a taxable event.
Land of the free.....

>>25785701
I don't live in a banana republic though

Can the IRS see that I exchanged for a unknown amount of Monero?

>>25786646
>>25786553
>>25786501
who gives a shit just fill out the fuckin turbotax and be done with it

>>25785701
It only matters if you make thousands of dollars. OP's $200 isn't going to be taxed.

>>25785701
technically yes, but as long as you do it somewhere you're not KYC'd then it doesn't fucking matter.

>>25785927
wow.. thats retarded shit man. just google it.

>>25785663
1. ETH is more profitable
2. DeFi coins are going to make you way more money medium/long term
Start diversifying

>>25785663
Hold Eth and in a year you will have 5k. If you were to go all in on some low cap alt, you would walk away with atleast 100k.

Might aswell gamble on a shitcoin and hope it moons and find a wagie job

>>25785663
holyshit. mad lad

>>25785663
ngmi
You should be doing the opposite and trading coins that are up for decent coins that are low

>>25786714
this
>oh no muh $10
honestly at this point the IRS might need it more than you do lmao

>>25785663
Bro, you got much bigger problems to figure out.

>>25785927
Source?

>>25786437
you could have made gains from selling the first transaction of BTC in to USD.

that is called realized gains and used to calculate capital gains tax.

if its a realized loss then you get to offset that with any realized gains.

>>25785663
>I just converted $210 of
Wolf of Wallstreet, is it you?

>>25786437
So glad I live in the UK

>>25785927
>this is the kind of people you share a space with on /biz/