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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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File: 507 KB, 1070x601, 33481015d04b3974f9ed7acf616592901b13507ebdabf48ee1d6d09d63acc2c4.png [View same] [iqdb] [saucenao] [google]
21518606 No.21518606 [Reply] [Original]

How are you supposed to pay this fucking tax? Lets say I buy BTC and it moons 10x and I then trade if for ETH. Now I'm liable to pay 30% tax on the profit, but I'm dirt poor in Fiat, wtf?!

>> No.21518677

The end of the tax is Coming soon with a facemelting project, stay tuned.

>> No.21519088

>>21518606
BTC>USD>ETH

How hard is that faggot?

>> No.21519172

>>21519088
BTC>USD (30% TAX) >ETH

Lets say I already fucked up and skipped the USD part and went straight from BTC > ETH, what now?

>> No.21519203
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21519203

>2020
>anon buys BTC
>it moons on Dec 21 to 500K/token
>he switches it to ETH on Dec 22
>on Jan 1 ETH dumps to $5/token
>mfw he still owes me 150K USD despite only having 3K usd of ETH
>mfw he'll get sent to federal prison to get fucked by jamal if he doesn't pay

>> No.21519380

>>21519203
Need to trade your tax percentage to USD at trades like that if you want to be safe. Then there's no risk.

>> No.21519389

just dont pay it lol?

>> No.21519585

>>21518606
I thought you were only taxed on profits?

>> No.21519653

>>21519389
Not a good idea. They may not get you this year or next year, or 5 years down the line, but at some point they will. Just pay them their cut or talk to some smartass accountant to help you side step it lawfully. You will get screwed and it is not worth it.

>> No.21519699

>>21519653
I’m still down 2k from 2017 but have made a bunch of trades since then? Can they tax me even though I didn’t make any money?

>> No.21519753

>>21518606
Then you need to trade some of the ETH for fiat and store it away for tax season

>> No.21519833

>>21519699
Pretty sure you can write off your losses

>> No.21519892

>>21519833
Ok that’s what I thought, thanks anon.

>> No.21519932

>>21519585
That's true, but people like OP bought more internet memecoins with the profits they should have set aside for taxes.

>> No.21519961

>>21518677
Taxation has existed since the beginning of civilisation and will exist forever.
Good luck convincing those in power to give up their paychecks

>> No.21519966

>>21518606
Thanks to our boy Trump, long-term capital gains is 0% if you make less than 40k, and 15% if you make 40-440k per year, not terrible, just make sure you hold on for over a year and FIFO your shit.

>> No.21520002

>>21519203
>What is declaring losses

>> No.21520020

>>21518677
they're gonna melt my face?
I don't like that very much.

>> No.21520031

>>21519961
no it hasn't you stupid nigger. income tax has was invented to pay for wars. taxation is theft. learn your history.

>> No.21520038
File: 95 KB, 334x378, D5587E7B-DCEC-4799-B07E-B35147105111.png [View same] [iqdb] [saucenao] [google]
21520038

Social contract isn’t being fulfilled on their end. I’m not paying them anymore.

>> No.21520113

>>21518606
What complications are there if I were to invest through foreign exchanges, like huobi?