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/biz/ - Business & Finance

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13260860 No.13260860 [Reply] [Original]

ok can someone help me with my taxes?
I dropped 23k usd on link in 2018.
Literally only bought bitcoin with cash then traded for link and withdrew but cointracking says i owe $2300 in taxes for a 23k gain?

That's an error right? 10% for every trade??

>> No.13260884

Nigger you owe 30% capital gains tax on every trade, of the instrument you traded was worth more at the time of trade than when you initially purchased it. Fucking shit scam taxes.

>> No.13260905

>>13260860
crypto was invented so tax no longer can exist.

>> No.13260968

Sound like you only have one taxable trade, your BTC to LINK. How long did you hold the BTC? If it went up in price during that time that is income, only the amount it went up. So if you bought 1 BTC for $4k then sold it for $6k of link you have $2k in income for example.

>> No.13261015

>>13260860
you have to add a line to tell cointracking that you deposited the cash on an exchange that you used to buy btc. if you don't add the cash deposit then cointracking thinks you obtained the original bitcoin for free

>> No.13261243

why are you paying taxes you retarded nigger

>> No.13261245

>>13260968
I bought link as soon as the BTC was deposited, the difference is negligible imo

>> No.13261256
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13261256

>>13261243
Obviously when I'm worth 200m+ from LINK I'll be in puerto rico

>> No.13261606

>>13260860
If you bought the BTC for cash, then bought LINK as soon as the BTC arrived, and then never sold anything else, then you should owe next to no taxes. You are only taxed on realized gains, and the BTC should not have risen in price enough to warrant that much tax on the sale for LINK.

Most likely scenario is your entered your crypto purchase incorrectly, so your tax tool thinks you got the Bitcoin for free and then sold at 23k. Hence the 2.3k in taxes at 10% of 23k. Correct the error and you should be fine.

>> No.13261719

>>13260860
Bitcoin.tax and import all your trade history, they’ll sort you out.

>> No.13261992
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13261992

>>13260860
>ok can someone help me with my taxes?
>I dropped 23k usd on link in 2018.
Lol
>Literally only bought bitcoin with cash then traded for link and
>withdrew
Stopped reading