[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 7 KB, 201x251, linker.jpg [View same] [iqdb] [saucenao] [google]
17094557 No.17094557 [Reply] [Original]

Can someone explain taxes for americans? I made a long term profit on Eth this year of about $29,000 cashed out after holding a few years. Me and my wife are filing jointly and we make a combined 75k which puts us in the 12% bracket. Do we have to pay any taxes at all? It seems like I wouldn't pay a penny or am I wrong? does that 29k stack on top of our income and push us into the 22% bracket?

>> No.17094632

>>17094557
How can they tax a private key, a random string of numbers that you have in your brain? It's not a tangible item you own, it's just data on some network of servers spanning millions of miles away, it's not mine fucking kike. Fucking trannies and jannies and niggers and spics but the most of all FUCK KIKES YOU ARENT TAXING ME.

>> No.17094650

>>17094632
the thing is this is a sum of money that I cashed out so it is taxable. But under my current income I think I actually don't owe a penny.

>> No.17094656

>>17094557
If the $29k gain plus your other taxable income is over the income threshold for long-term capital gains taxes (somewhere around $80k for married, filing jointly), you'll have to pay 15%.

>> No.17094678

>>17094656
So the long term gains are added to our joint income? I figured I wasn't gonna get off that easy. That means I would probably pay around $4k or so. Not too bad still.

>> No.17094695

>>17094678
Yeah, it still counts towards your adjusted gross income even though it is taxed at a different rate.

>> No.17094709
File: 144 KB, 512x512, 1575135852130.png [View same] [iqdb] [saucenao] [google]
17094709

>>17094695
thanks for the help, looks like I'm gonna file now.

>> No.17094718

>>17094632
Good luck ever using your earnings in a non-criminal context. You think the governments of the world are just going to disappear? You'll be holding unusable bags.

>> No.17094733

>>17094718
Government's won't disappear but my crypto will (Monero).

>> No.17094745

>>17094557
>tax
>crypto

>> No.17094750

>>17094745
enjoy never being able to buy anything meaningful like a house.

>> No.17094764

CPA here
If you made 75k combined you add the 29k gain profit, your AGI, which determines your tax brackets is 104k. If the ETH gain was long term (held more than 1 year, didnt buy shitcoins with it), it looks like it will be taxed at 15%. You probably owe 15% x 29k.