/biz/ - Business & Finance

[Anonymous No.21865251]

fuck.. i sold at $19.50 and then rebought at $17. I calculated my taxes and I owe the government $225000...

Im scared that LINK is going to crash more. I lost so much fucking money considering the swing trade. I sold the top but now im deep in the hole. The 6000 LINK i made swinging wont pay for the fucking tax i have to now pay. And its obvious smartcon is a nothing. Im goign to have to sell again.

[Anonymous No.21865333]

>>21865251
You only owe taxes on your total loss/gain for the tax year. So you can sell again and book the loss as an offset to the gain. You are only screwed if you continue to hold through end of year and it keeps crashing.

[Anonymous No.21865390]

>>21865251
>not putting money aside to pay taxes
This is a larp, right?

[Anonymous No.21865405]

>>21865333
i just sold again now at 13.80 for the loss, thanks

[Anonymous No.21865444]

>>21865390
>paying taxes
This is a larp, right?

[Anonymous No.21865490]

>>21865333

Correct you can’t owe money if you lost UNLESS you hold the asset through dec 31 then you actually do owe it

[Anonymous No.21865493]

>I won at the casino and then gambled again with my winnings and lost... I'm fucked bros

Get fucked retard

[Anonymous No.21865679]

>>21865251
Nigger, expenses are deducted from gains.
How do you think the Amazon Jew has never paid taxes once on a trillion dollars in sales? He buys more shit.

You're fine. You pay taxes on profits when you cash out, and nothing more. Anyone saying otherwise is a kike shill.

[Anonymous No.21865755]

>>21865251
just move to mexico and live the high life fuck taxes

[Anonymous No.21865828]

>>21865251
This is what you deserve for swinging. Let this be a lesson to you and all other dirty swingies.

[Anonymous No.21865878]

>>21865333
this, I can't understand how people don't get it
literally just set aside 25% of your capital gains for tax paying purposes. the rate doesn't get higher than that

[Anonymous No.21866001]

>>21865878
Ha! If you live in CA you owe the feds 20% and state 15% for 35% total. I need to move.

[Anonymous No.21866058]

why would you report that to the IRS ?
why not trade on some foreign exchange and keep the banks and the gov out of it? buy a ledger or something

[Anonymous No.21866139]

you faggots promised me that i could buy lambos, lambos when already i fucking had enough :(((((((((((((((((

[Anonymous No.21866384]

>>21865405
You needed to wait one month from when you bought. You just did a wash trade and it won't count against your gains.

[Anonymous No.21866416]

There’s no way you need to pay taxes on it if you’re not cashing it out to your bank account right? That just doesn’t make sense, you don’t pay gains on real estate every year

[Anonymous No.21866536]

>>21866416
No im fucked. All crypto trades are taxable

[Anonymous No.21866558]

>>21866058
that only works until you want to cash out and then the tax man will come asking where that money came from broke nigger

[Anonymous No.21866644]

>>21866384
You really fucked yourself by not doing due diligence. Because you bought and then sold within 30 days you can't deduct the loss. If I were you I would buy again and hope it goes either up or down. If it goes down enough after 30 days sell. Then wait 30 days and consider buying back in. If it goes up you made money again yay.

https://en.m.wikipedia.org/wiki/Wash_sale#:~:text=A%20wash%20sale%20is%20a,Code%20in%20the%20United%20States.

[Anonymous No.21866652]

>>21865251
>rebought at $17
You didn't deserved your gains, get fucked.

[Anonymous No.21866718]

>>21865251
swing traders get the rope again!

[Anonymous No.21866722]

>>21866416
all crypto trades are taxable events exactly the same as stocks. I feel sorry for all the neets on this board that think it’s so easy dodge the irs they are going to have some sore bholes in the future kek

[Anonymous No.21866739]

>>21866536
Wait what? How does this work? How are algorithmic traders able to trade so much and keep the market liquid then?

[Anonymous No.21867386]

>>21866739
https://www.youtube.com/watch?v=YAKOWcs8w54

[Anonymous No.21867757]

1K EOY boys, don’t fucking swing

[Anonymous No.21867812]

>>21865251
AHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH

[Anonymous No.21867842]

>>21866644
That's not how it works.

[Anonymous No.21867852]

>>21867842
Yeah it is

[Anonymous No.21867862]

>>21865251
Uhh, sell and take the loss

[Anonymous No.21867871]

>>21866558
sell it on the streets for cash
win win

[Anonymous No.21867892]

>>21865251
Im confused, if you sell and realize losses, then you will only owe part of the taxes you originally owed. Why complicate things

[Anonymous No.21867956]

>>21865333
Unironically, this

[Anonymous No.21868046]

>>21867852
that's only in states where there is a wash rule.

[Anonymous No.21868097]

>>21865251

Move to New Zealand we don't pay tax on out gains, imagine paying tax on crypto KEK

[Anonymous No.21868103]

>>21865251
>225k due in taxes
Either you have enough net worth to not take a critical hit or die as a pathetic scum who tryharded
If that's true and you still have half a brain cell functioning, get an accountant to help you with your next statement. Investing in boomer funds, reporting Ls over your next flip, donating money... There are many ways to avoid taxes

[Anonymous No.21868163]

>>21867892
You can’t realize losses wit nilly. If you sell at a loss and re enter the same thing within 30 days, your cost basis is adjusted, but no losses are realized. You actually can’t do this.

Only thing OP could do in a similar way is buy something that tracks LINK but is not the same thing, after actually realizing enough losses to cover his gains. sLINK (synthetic LINK) comes to mind but aLINK prob works too.

[Anonymous No.21868188]

get owned u fucking retard

[Anonymous No.21868206]

>>21868097
Fucking hell, thinking the 30-34% tax I'll have to pay...

[Anonymous No.21868244]

>>21865251
Make sure to swing back and forth and go into some stable coins. Then share your records so you can't play dumb and they tax it as professional trader income instead of capital gains. You will owe even more.

[Anonymous No.21868304]

>>21868244

It baffles me that people as retarded as you are on this site

[Anonymous No.21868314]

will swingies ever learn? I mean EVER??

the hilarious thing is that holding is the easiest thing in the world. You just literally DO NOTHING. And you can't even do that. What the fuck

[Anonymous No.21868411]

>>21866058

If you're a burger, the exchange usually automatically reports gains in excess of a certain amount to the IRS. Coinbase does for certain. You can't dodge that, which means you have to file and if there are discrepancies that draw the scrutiny of an audit, and they discover you're hiding unreported funds/gains in offshore exchanges, that's when you start to get really fucked. The IRS considers offshore exchanges to be like foreign bank accounts, and if they discover you've had those and didn't reported them, fines rack up quickly. I've heard it can be around 10000 per account per year you've had it there which means if you've used a few since 2017, it can add up to six figures FAST, plus you'll owe any cap gains from those exchanges probably with late fees. If you report your crypto at all, which you will probably have no choice but to do if you're american, you're gonna have to play ball and report literally everything if you don't want them to come after everything. Maybe one day you'll want to cash out legitimately, but you probably won't be able to without getting seriously fucked if you have years of unreported gains and foreign accounts, and it will be worse the longer you wait.

[Anonymous No.21868587]

>>21866416
>>21868411

Also who the fuck wants to live in constant fear of being fucked by the IRS, having to spend your newfound fortune in awkward limited ways so as not to send up red flags, always having to function off the books and basically icing yourself out of ever being able manage any of your financial dealings above board? That sounds terrible. Taxes may be unfair, but to me I'd rather pay for the security of knowing I'm in the clear and can spend my profits however I want. You can't put a price on freedom from anxiety

[Anonymous No.21868667]

>>21868304
I'm not the dumb shit trying to pay capital gains on flash trades. Scalping will get it filed under business investment or personal income because you're an expert. If you're going to do it, you need to beet the spread between the capital and professional rates. There's also typically rules established where you need an interval between rebuying the same shit for it to capitalize the loss. Unless it's a fucking investment business. Then you're free to sell and buy back minutes later, but the taxation is different.

Sounds like OP is a guy who bought 40K LINK for 10s of cents and just flipped it and is now figuring it out. Fucker can get raped through audit years down the line if he doesn't figure it out. He should be anonymously calling the IRS (or whatever tax authority is in his country), from a line that doesn't trace to him and he should be recording a conversation where he gets guidance on how to declare it as a capital gain. He should phone back a dozen times until he records the answer he wants and then hire an accountant.

[Anonymous No.21868768]

>>21868667
>He should phone back a dozen times until he records the answer he wants and then hire an accountant.

holy shit, speaking from experience or is this part of your DNA, if you know what i'm saying?

[Anonymous No.21868798]

>>21865444
this, crypto was made to avoid this exact shit, why the fuck would you ever sell

[Anonymous No.21868952]

I had 25k LINK. Now I have 12. I however sold on the way up from 10, sold for about 16avg price as i managed to dump 3k at 19.3.

Bought a flat as i live in a cheap country. Have enough for tax and living life for a few years.

Thanks Sergey for the flat and the future riches may hold for my measly 12 stack

I were also heavy in PNK since january which i also sold half off at 16c

[Anonymous No.21869098]

>>21868768
I hired a corporate accountant who gave this advice to me. I am sharing it to maybe save a LINK fren from tax court.