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/biz/ - Business & Finance

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14501284 No.14501284 [Reply] [Original]

How on earth are you supposed to daytrade if you get taxed for every crypto-to-crypto transaction? legit thinking about going to panama

>> No.14501301

Bitcoin.tax costs $35 for the year I think and calculates all that bullshit for you to upload to your TurboTax.

>> No.14501306
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14501306

>>14501284
>you get taxed for every crypto-to-crypto transaction
only if you live in the land of the """"free""""

>> No.14501321

>>14501306
nah swede here and we get taxed the same, its fucked, thats why I can only hold

>> No.14501403

Here in the Netherlands we only have to pay wealth tax when holding crypto worth more than 60k eur. No further taxes.
Feelsgoodman

>> No.14501779

>>14501403
As in. There is 0 tax on any form of daytrading. Crypto or otherwise

>> No.14501830

>>14501284
>Be ausfailian
>Gains are considered realised when the transaction is made
>Buy high sell low
>Owe more in tax than how much you have left

>> No.14501855

>>14501284
if you're american you're a fucking retard because you apparently cannot read example
>buy bitcoin for $1
>trade btc for ltc when btc goes to $1000
>you made $999 profit off btc
you must report $999 on your taxes now (july)
>you are a poorfag and realize you need the money for christmas presents
>those x ltc are now only worth $100
>total net gains for this year is now $99
claim that on your taxes. it's what your NET GAINS are. as another anon said bitcoin.tax is your friend. it's fucking worth it. i fuck with you all because you're worthless pieces of shit, but the irs unironically has power, plain and simple.

>> No.14501878

>>14501284
How are you supposed to buy and sell crypto twice a year if you get taxed for every crypto-crypto transaction?

You just use a calculator, or even some kind of fancy software to calculate your overall gains and losses.

W ether you made 50% profit in 1 trade or 100 trades is completely irrelevant.

>> No.14501913

>>14501403
Look op "professional trading taxes" its a grey zone. Same here in swizzieland.

>> No.14502073

>>14501830
A gain or loss is the difference between what you bought and sold for. Ausfailia does not work the way you say it does. Stop taking acid.

>> No.14502089

>>14501284
You get taxed on the profit

>> No.14502094

>>14501913
Wrong. A judge ruled in favor of traders in 2011_2013 it is now only wealth tax

>> No.14502105
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14502105

>mfw can't find some of my trade history from 2017
I'm fucked

>> No.14502357

>>14501779
Correct

>> No.14502401

>https://en.wikipedia.org/wiki/Tobin_tax
The ultimate anti-speculation tax

>> No.14502437

Puerto Rico has no tax for crypto,suggest you look into it.

>> No.14502464

>>14501284
Dont you yanks have Capital gains tax ?
The way it works in the UK is that you have a tax free allowance each year, this year its £12,000 ($15,000). At the end of each tax year you deduct your cost from your profit and you pay tax on that. You pay 12% on anything over £12k and 20% on anything over £60k.

>> No.14502469
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14502469

>>14501830

>Be Australian
>Trade most instruments as CFDs
>No CGT paid on CFD wins as long as trading is considered "recreational"

>> No.14502533

>>14502464
>20%
That's so fucking much. Fuck the system, I will never pay a single dime from my crypto

>> No.14502534

>>14501321

What's fucking wrong with u retards?
> local.bitcoin.com
> buy with cash
> trade as you want
> cash out the same way

>>14501321
> Swede
Well your country is the most cucked on Earth, there is no cash so won't work for you. However you can travel all along Europe and buy the same way there.

>> No.14502582
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14502582

>>14501284
>BTC and ETH chads got to cash out without worrying about this bullshit

>> No.14502613

>>14501321
>han undviker inte skattemasen
Lmao idiot

>> No.14502638

>>14501321
You can wait til you cash out. No need for crypto-crypto

>> No.14502649

>>14501284
Shut up faggot and read siege.
Zog will break into your home and abuse their state monopoly on violence to sieze your goods, if you resist they will kidnap you if your resist they will murder you.
Keep paying for black men to live on welfare with your taxes cuck.