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/biz/ - Business & Finance

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Anonymous Mon Jan 4 02:12:21 2021 No.25492399 [Reply] [Original]

>tfw I just converted $10k worth of ETH into LINK on a whim

I couldn't resist the possibility of a x10 or x100 bros. Did I do good? Do I hodl it forever or drop it link a hot potato once it moons?

>>	Anonymous Mon Jan 4 02:13:01 2021 No.25492423 >>25492399 enjoy paying those taxes

>>	Anonymous Mon Jan 4 02:14:17 2021 No.25492454 >>25492423 I have until April 2022 to pay like $1k in taxes I think I'll be good lol

>>	Anonymous Mon Jan 4 02:15:29 2021 No.25492489 >>25492423 you pay taxes on every trade?

>>	Anonymous Mon Jan 4 02:17:14 2021 No.25492534 >>25492489 Burgers are a special kind of retarded Don't pity them, just cringe and move on

>>	Anonymous Mon Jan 4 02:17:32 2021 No.25492537 >>25492399 Buy high, sell low. Good job

>>	Anonymous Mon Jan 4 02:17:52 2021 No.25492546 >>25492399 welcome to the citadel

>>	Anonymous Mon Jan 4 02:19:58 2021 No.25492610 File: 42 KB, 850x400, 1608608349736.jpg [View same] [iqdb] [saucenao] [google] >>25492399 checked >>25492454 >>25492399 and with dollars worth significantly less apr 2022 vs today

Anonymous Mon Jan 4 02:45:21 2021 No.25493245

>>25492489
>>25492534
>enjoy paying those taxes
>you pay taxes on every trade?
>Burgers are a special kind of retarded
You only pay on the gains though.
.............right?
.............................right?
I mean if you trade 100 times and only make 100 dollars by tax time then you're only paying taxes on 100 dollars.

So big deal? You're going to have to pay those taxes eventually anyway whenever you go to convert to fiat or spend crypto to buy goods or services.

Someone PLEASE tell me that I don't have this backwards.

>>	Anonymous Mon Jan 4 02:48:17 2021 No.25493335 >>25493245 nobody tell him

>>	Anonymous Mon Jan 4 02:49:13 2021 No.25493361 >>25493245 yes only on gains

>>	Anonymous Mon Jan 4 02:51:53 2021 No.25493430 >>25493245 every trade is a sale event

>>	Anonymous Mon Jan 4 02:53:06 2021 No.25493468 >>25493245 Anon, I...

Anonymous Mon Jan 4 02:59:00 2021 No.25493591

>>25493335
>>25493430
>>25493468
What? Just tell me, you guys are fucking with my head now. IDK I don't trade a lot anyway, but obviously you only pay on the gains.
Every time I hear it discussed on here though, you people act like you pay some taxation on the full amount of the trade. And the way it is described when you google it it sounds like that too. But obviously you only pay on the gains.
So I mean, whatever, it's sort of shitty, but you are gonna have to pay those taxes on your gains at some point in the future anyhow even if you don't live in the USA.

>>	Anonymous Mon Jan 4 03:00:22 2021 No.25493624 >>25493245 not in burger land, you get taxed for all the profit you made through trading regardless of what the end amount is

Anonymous Mon Jan 4 03:02:42 2021 No.25493678

>>25493591
every trade is a sale of an asset and the purchase of another. Whatever the difference is between the purchase and sale you have to report and pay tax on it.

You're a complete idiot to do something like this without knowing the tax implications beforehand.

>>	Anonymous Mon Jan 4 03:02:43 2021 No.25493679 >>25493624 Yeah on the profit. So on the gains. So if I take 100 USD, buy 100 BTC, then convert it to 100 ETH I am not being taxed on ANY of that.

Anonymous Mon Jan 4 03:03:45 2021 No.25493706

>>25493678
I DO know the tax implication behind it. I studied it and did my research before I bought anything, BUT when you people describe it you make it sound way worse than it actually is, so you make me wonder if I fucking misread something, or didn't understand something.

>>	Anonymous Mon Jan 4 03:04:18 2021 No.25493718 >>25493679 Whatever the difference in value is between the 100 BTC when you bought it and when you sold it is due in this scenario

>>	Anonymous Mon Jan 4 03:05:28 2021 No.25493755 >>25493706 what the fuck you mean you people

>>	Anonymous Mon Jan 4 03:05:56 2021 No.25493764 >>25493706 Fuck you dumbass burger

>>	Anonymous Mon Jan 4 03:07:08 2021 No.25493803 >>25493679 Anon...

>>	Anonymous Mon Jan 4 03:07:23 2021 No.25493817 >>25493718 AKA THE PROFITS LMFAO FUCKING BURGERS

Anonymous Mon Jan 4 03:07:33 2021 No.25493822

>>25493718
Right so 0 in this scenario. That is what I am saying, lol.
I don't know why you people sperg out when I point this out.
Like outside of "muh burgerland" you're going to have to pay the same taxes anyway when you finally convert to fiat or use your crypto to purchase goods or services.
So what have I said that is wrong? Nothing? So IDK why all you idiots were sperging out and making such a big deal over my post.

>>	Anonymous Mon Jan 4 03:08:35 2021 No.25493853 >>25493803 WHAT holy shit use your words like an adult. Tell me if something I've said is wrong like an adult, for fucks sake.

>>	Anonymous Mon Jan 4 03:10:06 2021 No.25493896 >>25493822 >Americans proudly not understanding

>>	Anonymous Mon Jan 4 03:10:43 2021 No.25493912 File: 287 KB, 666x666, 96.png [View same] [iqdb] [saucenao] [google] >>25492399 Kek >have 10k in gains trade it for stank lank >get taxed 10k NGMI

Anonymous Mon Jan 4 03:12:07 2021 No.25493951

>>25493896
Explain how I didn't "understand" you idiot.
>buy BTC for 100 dollars
>sell BTC for 100 dollars
>0 profit
>0 change
>0 taxes
So everyone says "you're taxed on every conversion" it's not true. It's not my fault you retards speak like retards and don't speak clearly. You're taxed on your gains from each conversion.
Not my fault you assholes don't speak articulately, probably just because you want to pain "muh burgerland" as some dystopian shithole, which it is to a large degree, but not in the sense that you are being taxed on a full crypto conversion.

>>	Anonymous Mon Jan 4 03:13:17 2021 No.25493983 >>25493853 They're just fucking with you, you got it right. Other countries just don't have to pay tax until cashing out, only difference.

>>	Anonymous Mon Jan 4 03:13:20 2021 No.25493987 >>25493951 >>25493822 >>25493718 No now I see the difference in communication. 100 dollars in BTC I mean. OK? Jesus, as if you can't just read between the lines and see the point.

>>	Anonymous Mon Jan 4 03:14:23 2021 No.25494022 >>25493983 OK thanks anon.

Anonymous Mon Jan 4 03:16:45 2021 No.25494086

You pay taxes on every trade. Your loses are subtracted from your gains though so you only have to pay taxes if overall you are up. Some people get
fucked cause they have a shit ton of gains the one year and then lose it all the next. But desu if you file for an extension on your taxes then all your loses can be deducted from your gains and your fine. Honestly just print your trades and get a good accountant they are worth every penny

Anonymous Mon Jan 4 03:18:03 2021 No.25494122
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>>25493951
Retard its
>buy BTC for 100 dollars
>sell BTC for 100-25 dollars for taxes
>buy eth for 75 dollars
>sell eth for 75-18.5 dollars for taxes
>buy link for 56.5 dollars
>sell link for 56.5-14.13 dollars for taxes

What part of taxed on every transaction do you dumb niggers not understand?

>>	Anonymous Mon Jan 4 03:20:44 2021 No.25494183 >>25494122 Lol shut up fag. No that is not how it is. That's what you assholes act like sometimes, though. "Oh no, I got taxed cuz ebil burgerland taxes" for fucks sake. Pure fiction.

>>	Anonymous Mon Jan 4 03:21:25 2021 No.25494200 >>25494122 Not every country has taxes on every transaction you dumb nigger.

>>	Anonymous Mon Jan 4 03:23:56 2021 No.25494268 >>25494122 >claim tax as a loss >claim tax refund for losses EOY

Anonymous Mon Jan 4 03:24:14 2021 No.25494276

>>25493706
Basically every time you made a trade and make any profit, take out the tax from that trade. It doesn't matter if you have pulled it from crypto to fiat or whatever.. any trade. I know people who never knew this and ended up thousands in debt. That's why swing trading isn't usually worth it in the US due to the tax on every trade.

Anonymous Mon Jan 4 03:24:42 2021 No.25494290
File: 121 KB, 357x500, 4410472336_9e8d6766f8.jpg [View same] [iqdb] [saucenao] [google]

>>25494183
lol stop asking real questions here. People are either trolling or retarded. You're only taxed on transactions if there are realized gains, regardless of # of TX's. That's it. Now go somewhere else.

>>	Anonymous Mon Jan 4 03:29:54 2021 No.25494417 >>25494276 How do they end up in debt? If they incur a loss isn't that deductible or whatever. I guess if they don't cash out or anything yeah.

>>	Anonymous Mon Jan 4 03:30:38 2021 No.25494432 >>25494276 LOL no that's not how it works here.

>>	Anonymous Mon Jan 4 03:32:16 2021 No.25494467 >>25494417 It's called "BULLSHIT" He's just trying to troll me.

>>	Anonymous Mon Jan 4 03:52:27 2021 No.25494879 File: 294 KB, 1080x2035, 539.jpg [View same] [iqdb] [saucenao] [google]

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