/biz/ - Business & Finance

>>50418293
who?

>>50418293
Not my problem
- Uncle Sam

>>50418293
It’s okay…he can have a $3000 max deduction (or whatever it is) for the rest of his life. The point of my post is to emphasize that taxes are not a scam

how does he have capital gains if he lost everything?

>>50418465
Retard sold at one point

>>50418465
u s a

>>50418465
Capital gains taxes in burgerland are absolutely retarded.

>>50418293
Seems fake. Taxes for last year should have been paid this April

>>50418293
How does one withdraw that large amount?
Wallets and exchanges have a cap around 10k-50k per day.
At least in Canada.
Haven't seen wire transfer from a long time.

>>50418489
>>50418491
>>50418502
none of this makes any sense

>>50418552
Those limits don't mean shit. You could always contact an exchange and withdraw all your money.

>>50418606
Shit didn't know you can do that
thanks N2GG4

>>50418465
if he didn't realize the loss by selling there is no loss

if I buy crypto A and I make $3m on it then I sell it all for crypto B which dumps 99.999% and I don't sell the loss I owe tax on the $3m capital gain

>>50418522
This.
The only way he'd be underwater is if he stupidly signed up for the option the IRS gives to make payments on a lump owed and decided to let everything ride on LUNA in 2022.
Greed is a bitch.

>>50418522
tax extension if you file for one goes til mis oct

>>50418683
Australian financial year starts in july

>>50418592
My guess would be that this redditor transferred one crypto for another along the way, which is considered a taxable event in the US.

>>50418293
Imagine paying Jewish fees.

>>50418592
Crypto to crypto is considered a sell to dollars followed by a buy. It's retarded, but that's the way it is.

>>50418293
I use Monero.
Doesn't concern me.

>>50419628
It kinda makes sense since you cant do stock to stock without tax consequence either

>>50418371
Taxes are a scam, nigger. His 1.2mil capital gains is NOT counter as a loss, retard dumbass baboon so he still owes taxes on that despite losing everything the next year

>>50418293
Just dont report it. simple as

>>50419985
Play the game and get wrecked. I'm happy to see these parasites lose everything in clown world and it's all their fault.

>>50419985
He made a good trade and then made a shit decision to risk it all.
Taxes are not a scam.

>>50420018
LMFAO this faggot is a nocoiner
Go to reddit. Not here, faggot

>>50420021
They are a scam, you dumb nigger. Literally the whole point to taxes is to prevent people from obtaining good capital that could have been used to improve your life aka the point is to keep you in the slave system

>>50418293
So he sold something else at a profit and then put everything in Luna? He didn't set anything aside for his taxes? Didn't diversify anything?

Retard moment.

>>50418293
I thought you didn't owe capital gains taxes on crypto unless you cashed out.

Why does he owe so much if he was just HODLing...?

Just declare bankruptcy and tell a judge you lost everything. Actually cry and don't wear a Rolex and you'll be fine.

>>50420034
>He makes so little that he is held back by taxes
You're just outing yourself as a third world poorfag.
Enjoy your bottled water and incesm, nigger.

>>50418371
>taxes are not a scam
Sure thing, kike.

>>50420094
you realize gains on any crypto to crypto transaction

>>50420018
>parasites
Most antifa are upper middle class to upper class that only got to where they are by mommy and daddies money.
Hilarious that Americans project so much.

>>50420104
>bottled water and incesm,
So Americans?

>>50420125
Yes like I said: Third world

>>50420104
Nice projecting, retarded motherfucker
>he makes so little
I literally made over 200k last year in capital gains, you stupid dumb retarded cum munching bootlicking low IQ down syndrome faggot
And yes taxes are a scam. Only low IQ lefties disagree

>>50420220
>Hes happy about 200k yearly
Lmao poorfag plz

>>50420406
Dumb retard bitch. I know you're a newfag with only 4 figs to your name
Taxes are a scam and you're an idiot for not seeing it

daytraders will be hanged

>>50418465
He sold in 2021 and never set aside money to pay the taxes and then went full retard and put all his gains, 8 figures worth judging by how much he owes, into one thing which got rug pulled so now he has no way to pay the previous years taxes

>>50418465

>make big gains in one year
>don’t pay taxes
>next year use all money to buy a mansion

Does a person owe taxes in this scenario? Because I’m the eyes of the government there is no difference between gambling on shitcoins and actually spending the money; you still owe

>>50418293
>Question
whats the Question then?
gun or poison?
in front of a train, or off a cliff?

>>50420586
Helium pod, of course.

>>50420634
>helium
doubt he can afford such luxuries anon.

>>50420569
According to the retard tax laws: you are taxed everytime money enters into your account. Not over the money you have left after buying your shit.

That is reserved for the jews or the ultra-wealthy

>>50418293
The IRS obviously has a couple of paid here.
Get back to work you bunch of fuckscum.

>>50419788
unfathomably based

>Reporting you crypto to the tax man
You get what you fucking deserve

>>50420068
No he probably just went from a crypto to another. Never saw an actual dollar in his account, total scam tax system as previously stated.

>>50420416
Nice projection

>>50418371
>that taxes are not a scam
>saying this on /biz/
fuck off back to red-dit

Can't Americans just do that rollover election thing where you buy another asset?

Or is that only for real estate?

>>50420120
thats literally every single member of antifa. you also see homeless methheads grouped in during the protests but they just want to set shit on fire. Anyone actually espousing antifa bullshit ALWAYS has a trust fund and their parents didn't love them

>>50418465
taxes are a scam
so is fiat

>>50418293
>pays goym tax
good goy, how could i be a NEET without you

>>50420106
get a load of this goy lmao
>MUH ROADS

>>50418465
taxes have a calendar year cutoff.
>make $1M in capital gains at 11:59 PM 12/31/2021.
>lose it all 12:01 AM 01/01/2022.
you still owe taxes on that $1M in capital gains.

>>50419954
In some countries you can, sort of.
Sweden for example have a certain type of trading account where you are not taxed on selling, instead the account is flat-rate taxed on its value plus any deposits (around 1-2% per year)

>>50418293
I don't get it. Just sell the losing asset then immediately buy it back to realize the loss. Now you owe nothing.

Worst case is he gets his wages garnished. Big deal. Just make it back in the next bullrun.

>>50418293
kek based degenerate

Imagine? Imagine reporting crypto to the IRS. They only know what you tell them about. Really take a second and imagine doing this

>>50418293
I owed 15k taxes after wiping out all my gains.

i didnt trade out my losses on time by EOY last year.

>>50418675
that and tax years
if you sell and make $3M in 2021, and lose it all in 2022, without enough to pay the taxes, it doesn't matter to IRS kikes- you still owe taxes on that a $3M from 2021

>>50418293

Here I give FREE tax advise.
IF you are going to gamble in crypto do it within a Roth IRA.
Gains are NOT taxed.
The limiting factor is the amount of money ($6000 in 2022) you are allowed to add to a Roth IRA each year.
***BUT*** if you got lucky and saw a 100X increase, you would have $600,000 TAX free dollars.

>>50418293
I pay my 5% VAT every time I purchase something from the US.
No corporate, personal income and capital gains taxes in Dubai tho

making money is illegal, taxes are euphemisms for fines

>>50418371
the people who cant read your sarcasm are idiots. I laughed

>>50418293
Why dont people set aside the money they owe the gov? You can still make interest on it til you have to pay it, in a non risk way. Seems foolish.

>>50420101
doesnt apply to taxes and government student loans. govt has guns and you dont

>>50420115
HAHAHA
Maybe in your shit hole of a country, lol

>>50418293
How can he owe 1.2M in capital gains if he didn't sell? It makes no sense.

>>50420018
>parasites
Who are we parasitizing off, pray tell, in a voluntary exchange between two people? Fundamental misunderstanding of reality like this this is why every communism becomes no real communism the moment it is attempted.

>>50430319
You absolutely can wipe tax debt unless it was from fraud. I did it.

can't he just accumulate interest on taxes owed for 2021 until he does his 2022 return then carry back the loss

>>50418592
It makes perfect sense. If you cash your money out, you still made that money. It doesn't matter if you cashed it out and spent it all on a Ferrari you crashed the next day. You should still owe the taxes. It isn't the government or society's responsibility to babysit you and make sure you set aside enough to pay the taxes you owe.

>>50418293
wat r these taxes u speak of

>>50421105
back in the days people did try the 1031 exchange for bitcoin, but gov squashed that. traders that know what they’re doing will use a deferred sales trust, or something like that to protect capital from taxes.

>>50418293
That redditor is basically an honorary /biz/ anon.
>buy high
>sell low
>owe millions to the tax-man

>>50431049
its society's fault for coercing me into giving them my money in the first place, you fucking entitled cunt

>>50431764
>its society's fault for coercing me into giving them my money in the first place, you fucking entitled cunt

The fat person blames their obesity on McDonald's for making their fries taste so good!