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/biz/ - Business & Finance

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23869323 No.23869323[DELETED]  [Reply] [Original]

Hello goys

I owe the government 4.5$ mil in taxes because I was an avid crypto trader.

Crypto to crypto is fucking taxable.

What kind of fucking jew construct is that.

Without even any real gains you already owe money. Jesus fucking christ. I will no joke kill myself but not before taking out a few politicians

>> No.23869332

>>23869323
>I will no joke kill myself but not before taking out a few politicians
in minecraft?

>> No.23869342

did you get audited?
i bet you used jewbase, right?

>> No.23869354

>americans

>> No.23869376

>>23869323
do you not have it? That suggests you made $13m

>> No.23869379

>>23869342
Yes I used coinbase. The niggers backstabbed everyone using their platform. This is not a joke. I am suicidal. My entire world feels like its sinking and I have nothing left to live for.

Crypto to crypto is taxable. Without even touching fiat you already owe 33%.

Think of this long and hard, and ask why no one has tried to change this law.

Jesus christ. I cant believe this is happening

>> No.23869389

>>23869323
how tf do you owe 4.5m

>> No.23869425

Burgers only right?

>> No.23869427

If you have major losses after that can’t you just file for an extension on your taxes and then claim the loses against it?

>> No.23869442

>>23869379
>he trusted the platform that asks for your identification through a picture of your drivers license and phone number.
Maybe don't do that next time?

>> No.23869451

>>23869379
move to a non extradition country now. you might need to move to africa or something

>> No.23869456

>>23869323
> For example, if you bought Bitcoin for USD 3,000 and later traded it for Litecoin totalling USD 6,000, you are taxed on your capital gains profit
Who makes these low IQ posts? It litterlt says on the capital you GAIN IN USD. It’s still what you make you inbred

>> No.23869462

>>23869379
How did you come up with 4.5m? Id see an accountant bud. Only PROFIT is taxable

>> No.23869493
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23869493

You might be misunderstanding how taxes work- you can't pay tax if you have no gainz.

If you buy 2000 dollars of link with your 2000 dollars of btc, you don't owe taxes on 4k worth of stuff. If Linkies go down to 1900 and you sell, you don't pay taxes on that loss. It is only when you sell and gain- 2100 means you pay taxes on the 100- that you owe taxes.

It works the same as stonks.

>> No.23869509

>>23869323
Bullshit

>> No.23869514

are uniswap transactions taxable?

>> No.23869515

>>23869462
>>23869493
this,
file your taxes correctly is all your need to do.

>> No.23869531

>>23869493
OP probably made a shitton in 2017 and lost it all in 2018. He can't carry over the loss from 2018 so he might be fuk.

>> No.23869544

>>23869514
Yes.
Once the feds link your address when you cash out or buy something that gets shipped to your house they will find all the trades you do on uniswap and send you the tax bill.

>> No.23869558

>>23869514
Every bit of crypto is covered under capital gains and in the JewSA you also pay taxes on gambling. Our taxes are lower but we have a broader scope which means we get fucked harder than Australians.

>> No.23869577
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23869577

>>23869451
>move to a non extradition country
Like Puerto Rico? And for how long

>> No.23869591

>>23869354
>>23869425
>>23869451
>>23869493
>>23869514
>>23869544
>>23869558


I am in Ireland. We have the same cucked tax laws as the US for some reason. I am not joking. I am very suicidal right now.

>> No.23869621

>>23869591
did you make a ton in 2017 only to lose it all in 2018?
also doesnt ireland have lower rates?

>> No.23869623

>>23869591
>Ireland
>Englands niggers
They cant even build roads let alone collect on you

>> No.23869643

>>23869323
damn anon, 4.5 mil? So you made like 10 mil in a year? Not bad i thought i was doing well with 300k profits

>> No.23869646

>>23869621
Ireland has 33% CGT without any tax brackets. Making it extremely FUCKED

>> No.23869647

>>23869323
Wow, fuck this mafia government. This basically means if you trade into an alt coin and the alt coin gets fucked, you get mother fucking taxed and can lose more than you initially invested??

>> No.23869655

>>23869442
Name a better alternative thats trustworthy?

>> No.23869658

>>23869646
oh shit
burger here, only need to pay 16% (12% to the gov and 4% to fucking commiefornia) on my short term capital gains

>> No.23869660

>>23869591
Are you still in profit though? By how much?

>> No.23869677

how do you fellas not know this? don't you do any research before you jump into stuff?

>> No.23869685

>>23869591
can you ask some tax attorney to fix this mess for you? It seems implausible that you have to pay more taxes than the money you earny

>> No.23869687

>>23869647
Yes. Google it. There are people in my same situation. I am very suicidal right now.

I feel desperate and frenzied. I feel like I can harm others very easily in this state. This government has done this to me.

>> No.23869698

>>23869658
Imagine giving 4% of your wins to NIGGERS, ahahahhahahha.

>> No.23869706

Taxation is theft.

>> No.23869711

>>23869660
surely you can't may MORE than what you have gained, right?

>> No.23869719

>>23869323
Omg, this burgers are hillarious.
I remeber when you used to laugh of latin americans getting economically raped and now you are on the same spot.
Lol, want to migrate? Don't come to latin America

>> No.23869727

Unless you gained in ‘17 and blew it in ‘18 you only pay on the (sale price-starting price) so only the gains.

Show trades or larp.

>> No.23869736

>>23869427
Absolutely! The first 3,000 can be written off so op only owes 4.47m in taxes.

>> No.23869750
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23869750

>>23869687
>I feel like I can harm others very easily in this state.

>> No.23869754

Every day you idiots demonstrate that you're a bunch of children who don't understand a thing about how the world works. None of you morons should be allowed on a fucking finance board. Jesus Christ.

>> No.23869756
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23869756

>>23869719

>> No.23869758

>>23869687
damn. This country is the embodiment of down syndrome

>> No.23869764

>>23869685
>>23869711
that happens and it's because the IRS is full of boomers who know jack shit about crypto and allow real estate to be traded without tax (like kind).
Let's say you make $1M in 2017 and lose $1M in 2018. That $1M you gained is taxable at like 40% or some shit, but the $1M you lost can't be used to offset the gain as it happened in a different year, so you still owe the jews 400k.
>>23869698
Based, I am moving out of this fucking state once i'm done with college
>>23869719
The only good thing about tax laws is that you can cash out 40k in long term capitalgains each year with zero tax liability. If you make it in crypto just cash out 40k a year to fuck the government.

>> No.23869783

>>23869764
you have to dispute that man, they cant fucking tax more than you have that is batshit crazy and is worse than communism.
Those laws are fraudulent.

>> No.23869784

>>23869764
forgot to add that that's assuming you have income below some threshold (it's around 40k i think)

>> No.23869802

>>23869764
>no taxes with just 40k profits in a year
source?

>> No.23869821

>>23869783
I mean I don'^t know shit but I honest to god believe you have a chance at disputing this fucking scam fucking hell i'm getting so worked up about this anon. Once this shit settled come to switzerland and leave that orange fuckisland.
we have okayish/fair but very well defined crypto taxes.

>> No.23869871

>>23869646
Sounds like you made $13 million in profit then. That’s plenty to pay off the $4.5m

>> No.23869884

>>23869802
https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates
wait acutally you need zero income too, but if you NEET and cash out 40k you pay zero in income tax. in some places you can live comfortably off 40k a year

>> No.23869901

>>23869719
>Lol, want to migrate?
They still have to pay income tax even if they live abroad. They are literal slaves.

>> No.23869927

Where my tax haven niggas at?

>> No.23869946

like kind should apply for crypto. the IRS is literally expecting a ton of NEETs to track the fiat value of their coins and shit in a notebook. Like if you are some autist here, you probably have a few hundred uniswap trades, and tracking all of them will be a huge pain the ass.
>>23869901
US has this shit thing called exit tax. If you have >2 million in assets you get taxed assuming all your assets get sold the day you leave. If you marry someone penniless you can escape the tax system with 4 million in assets as your assets get divided between you and your spouse. but they can always divorce you and take half of your money
>>23869927
where do you live. might leave this country honestly if the fucking democrats raise my taxes

>> No.23869962
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23869962

Here in Poland crypto to crypto is not taxable and you only pay tax on profits
I may be poor but at least I don't live in hell
also no BLM

>> No.23869978

>>23869946
The netherlands. Income tax is garbage though. Also we're full.

>> No.23869989

>>23869884
So I need to be unemployed and not make money for a year?

>> No.23870000

>>23869323
just move to Poland
no crypto<>crypto tax
ez life here

>> No.23870008

>>23869989
*the year that I want to cash out?

>> No.23870031

>>23869962
based.
>>23869978
yea us at least has lower income tax compared to eurocucks unless you live in commiefornia.
fuck commiefornia I am moving out of this garbage state into washington or new hampshire
>>23870008
yes, and you can only cash out 40k. might not be worth it.

>> No.23870033

>>23869962
based Poland fren

>> No.23870059

I don't know if this is FUD or people still don't understand. Only gains are taxable. Import your trades to bitcoin.tax or similar and it handles all of it.

The one simple rule is if you're in profit this year, make sure you have enough fiat set aside to pay the taxes on it, in case you go into the red next year before taxes are due.

>> No.23870082

>>23869323
just dont pay it lmao

>> No.23870091

>>23869323
Based

>> No.23870093

>>23869323
you must be living in Sweden I assume? Flytta till Tyskland lol.

>> No.23870245

>>23869962
Crypto to crypto is not taxable in Brazil too. And you have to pay only 15% (up to 22,5%) on capital gains depending on the amount of money
.

>> No.23870294

>>23869323
Tell them you got hacked

>> No.23870305
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23870305

Thats what you get for contributing absolutely nothing to society while essential workers live paycheck to paycheck. Lowly, lowly dog!

>> No.23870328

>>23870305
cringe.
imagine thinking taxes go to essential workers.
your taxes go to big military corporations and boomers because the government doesn't know how to invest money they get from payroll taxes.

>> No.23870382

just declare bankruptcy anon

>> No.23870412

Bait thread

>> No.23870433

>>23869379
Thank you Donald Trump!

>> No.23870476

>>23869323
how do I discover how much I owe in taxes. DESU I have never filed tax returns. my daddy filed for me a few years ago, but last year I yeeted that hoe. so far, I have had no issues, but are you implying that I might in the future?

>> No.23870491

>>23869323
Go for the high score.

>> No.23870742

>>23869323
go for it brother

>> No.23870832

This is why I do cash -> Blue chip exchange (coinbase) -> Degen exchange (Binance) -> coinbase -> cash. To the IRS you bought the crypto on coinbase and they can't establish crypto to crypto and if you are feeling real spicy you send less BTC back from Binance and file capital losses on the difference.