[ 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: 248 KB, 1709x960, 1542176536439.png [View same] [iqdb] [saucenao] [google]
17266702 No.17266702 [Reply] [Original]

July 12, 2020. That's when my LINK stack matures into a long-term capital investment. I foolishly swung my whole stack in June 2019, I actually increased my stack by 10% but I incurred a $50k tax liability on short-term gains in doing so and of course when I bought my stack back on July 11, the capital gains maturation period reset for all my LINKies.

This is just another cautionary tale for you limp-wristed marines out there thinking about swinging. Even if you successfully swing and boost your stack, you'll likely incur short-term gains tax that is taxed like income up to 39%, while resetting the age of your stack back to 0 for future tax purposes (not a good thing). It's not worth it when you can just comfy hold and only have to pay 15-20% tax maximum when you finally cash your stack out as a long-term capital investment.

Now I have to hope LINK doesn't have its next parabolic top before July 12, 2020 or else I won't be able to sell the top without incurring short-term capital gains tax rates AGAIN.

>paying taxes
>ever

Yeah unless I want to live in fear of the IRS kicking my door down for the rest of my life or else move to fucking shithole puerto rico for the rest of life, it's just easier to pay off uncle sam so I can sleep peacefully at night. Anyone who says otherwise is a LARPing faggot with a three-figure stack.

>> No.17266724

Top is 2026
And it’ll stay there.

This market is for ISDA and SWIFT not normies speculating on bitcoin like retards

>> No.17266883

>>17266702
>tax
>crypto

>> No.17266897
File: 222 KB, 600x390, 1545898034649.png [View same] [iqdb] [saucenao] [google]
17266897

>>17266724
$2026 per link? are you for real?

>> No.17266945
File: 64 KB, 1000x563, jhgfjh6t.jpg [View same] [iqdb] [saucenao] [google]
17266945

>>17266702
you actually reported your gains?

>> No.17266946

>>17266702
You would only pay short term on your gains not your entire sell price.

>> No.17266992

>>17266702
Cool file OP.
Note that the entire stock market is over 80 trillion now and gold is closento 10 trillion.
Next to debt you have debt which stands at 255 trillion and cash where the M2 of the US alone stands at 15 trillion (total cash thus probably between 50-100 trillion.
Thus crypto at 8 trillion and link and link at #4 doesnt sound so unattainable.
;)

>> No.17266998

>>17266945
this, why are people such morons
the IRS is incredibly understaffed and can't be bothered to regulate crypto when they can't even do it for the rest of the financial market

I bought a new car for 20k from a dealership three years ago with cash I made from crypto, I didn't even file that year because I had no job. Not a pepe (huehue) from the IRS, and I doubt I'll ever hear from them about it, or any of the bitcoin I've sold for fiat on exchanges

>> No.17267036

Low tier fud

>> No.17267234
File: 535 KB, 1858x965, C122D723-5274-4EB1-A27D-4B32A345F89A.jpg [View same] [iqdb] [saucenao] [google]
17267234

>>17266702

Updated graph

Yeah, taxes are rough, it’s one of the things that has stopped me from swinging.

>> No.17267273

unless you cash out literal millions or you are under investigation why would you report? any real answers?

>> No.17267323

i havenet reported SHIT

i cahsed out about20k in 2018

and about 10k in 2019


i also trade on binance , and just cash out usng gemini and coinbase