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/biz/ - Business & Finance

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23463173 No.23463173 [Reply] [Original]

Ok seriously, are you fucks paying taxes on your gains? If you lose money at the end of the year are you still filing? Has anyone been audited?

>> No.23463257

>>23463173
Pro tip from an old fag, pay the $5 in taxes from your shitty portfolio because it's not about this year. Eventually you'll get audited, then you're paying fucking 7 years of back taxes and fees on what would have been nothing.

>> No.23463262

Paying every year so when I finally cash out serious amounts they dont rape my boy pussy. Even got some money back last year from accidentally overpaying.

>> No.23463270

>>23463173

>>23463173
in u.s. you can apparently simply make a losing trade at the end of the year and come out tax neutral by writing off the loss as a business expense.

>> No.23463285

I have never done anything other than lose money

>> No.23463348

>>23463173
Pretty sure my severe gambling losses offset my gains in crypto. Barely up 5k in crypto, down 14k at the blackjack table. I don't owe shit.

>> No.23463373

I'll let you know as soon as I'm in the green.

>> No.23463419

Do I have to file taxes if I make one profitable trade and anothrr losing trade ending up in the negative?

>> No.23463678

>>23463419
You have to file even if you're completely in the red. Then they will give you some money back.

>> No.23463735

>>23463348
I don't think it works like that anon

>> No.23463771

>>23463285
Based

>> No.23463837

>>23463348
Get help

>> No.23463943

>>23463262
>Even got some money back last year from accidentally overpaying.
What? Are you Donald fucking Trump or something?
Don't pay your taxes, eh?
Scammer. Cheeto Hitler

>> No.23463972
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23463972

>>23463173
>paying taxes on your gains?
>gains

kek

>> No.23464011

Which part of "I'm never selling" don't you understand???

>> No.23464013

I will be reporting my gains, but will maintain myself in the lowest tax bracket and I have many tax credits thanks to trump so I won't be paying taxes

>> No.23464093

>>23463270
only up to 3k

>> No.23464126

Imagine earning hundreds of thousands of dollars with internet meme money and even going through the effort of evading taxes.

>> No.23464201

not a chance

>> No.23464272

>>23463173
>tfw don't have to pay shit unless I hold more than 30k
>even then it's only like 1%
Feels good bros.

>> No.23464412

>>23463173
Yes. Pay your taxes or get fucked. That's it.

Use a tax company that does crypto well.

BoringDAO could also fix this when it launches.

>> No.23464431

>>23463173
If you plan to cash out you don't really have a choice.

>> No.23464466

>>23463257
This is my logic. I also record my losses so that way I can offset my income taxes a bit. Last year before deductions I OWED taxes. Fucking kikes.

>> No.23464476

>>23463173
With paypal you don't have to cash out anymore just buy houses, cars, and everything in between with crypto.

>> No.23464504

>>23463173
No. Have the fed print the money i dont give money to broke people or governments the IRS can tounge my anus

>> No.23464508
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23464508

>tfw /k/ripple
>get neetbux
>haven't reported any gains

i wonder if they look closer at people with ssi

>> No.23465775
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23465775

>>23463735
I don't have any idea how it works but I know it's bullshit and will remain in non-compliance. Please lock me in a cell and pay my rent. Turn this productive member of society into a liability to appease some authoritarian bureaucrat. Fuck the government.

>> No.23465832

>>23463173
I’ve held link since 2017 not a single trade since then. After 5 years I’m good on that front will pay when I take my linkies out

>> No.23465881

>>23463173
>paying someone to do a job they aren’t fucking doing
No way lmao

>> No.23465922

>>23463173
How tf you expect not to pay taxes?

>> No.23465944

>>23463735
there isn’t actually a penalty for not filing, only for evading taxes. if you don’t owe anything there is no penalty, as long as you can prove it when they audit you.

also, they’re not going to audit someone over $5000. the irs is understaffed and doesnt have the resources to go after poorfags.

>> No.23466056

>>23463285
Based

>> No.23466256

I pay my taxes every year. Hired an accountant with experience in crypto to handle it.

When I make it I actually want to be able to sleep at night without worry. Why risk potential ass rape by the government?

>> No.23466382

>>23463173
the point of contact with gains is your exchange, where they automatically report trades over a certain threshold to the IRS. so they have your coinbase wallet address to prove your ownership and then trace the trades through your various wallets on the ledger to determine P&L for taxation purposes.

what's to stop you from choosing random wallet addresses and then coming up with autistic explanations to justify a loss as a way to offset your gains? just say you purchased local bitcoins which is why there's no record of this random wallet interacting with your coinbase. do they make you physically log in to a wallet to prove ownership?