[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 45 KB, 630x686, 1481721840398.jpg [View same] [iqdb] [saucenao] [google]
2610403 No.2610403 [Reply] [Original]

>decide to start trading
>start with $20K
>goal is to make $1K in a day
>end up in the green
>get greedy and go for more
>it suddenly reverses and I'm in the red if I sell
>get afraid and sell off to break even or slightly less
>miss a few more opportunities to make $500 out of fear of losing
>end result, I'm about 20$ down
>have almost 100 transactions that I need to calculate for when tax season comes around
Anyone else get nothing except for a tax nightmare?

>> No.2610422

> he fell for the tax meme

stop being a cuck OP

>> No.2610430

>>2610403
great to know you're a brainlet, leave crypto and trade stocks

it's nice and slow, you'll like it

>> No.2610439

>>2610403
Theres spreadsheets and online tool for that tax shit y'know.

>> No.2610440

>>2610430
Would have been fine if I started 1 week earlier, but the crash made day trading too risky
i'm just glad I had the sense to get out before it got worse

>> No.2610446

>>2610403
NEWFAGS GET TE FUCK OUT!!!!!!!!!!!!!!!!!!!!!11

>> No.2610450

>>2610403
you might be able to get away with not reporting for taxes, think about it:

you deposit 20k and withdraw 20k. maybe they won't check beyond that.

>> No.2610452

>>2610403
>-$20
>tax nightmare
how old are you? 16 living with mom?

>> No.2610472

>>2610450
Nah, GDAX lets you export PDFs of your wallets. I'll just write a program to parse them and do the math for me.
I don't wanna get flagged for audits, rather do things by the books and just pay if I owe.
Obviously I won't owe anything if I'm red 20$, but still.

>> No.2610474
File: 29 KB, 600x568, 1488913340038.jpg [View same] [iqdb] [saucenao] [google]
2610474

>>2610452
>newfag
do you know how taxes on crypto trades work?

>> No.2610496

>>2610452
Have to calculate first in first out for 100+ transactions with a constantly changing price points. The point is that I didn't make anything for the effort I'll have to put in.
I should be able to automate it though, but even that will take some effort to set up.

>> No.2610513

>>2610403
>paying taxes
>not keeping your money in crpyto until you retire to a zero tax country with all your crypto wealth

>> No.2610564

>>2610474
>i learned the tax code on /biz/
>the $20 i lost are being audited by someone who gets paid $50/hour

>>2610496
congratulations, maybe you should stop putting "effort" into things.

>> No.2610636

>>2610564
Do your taxes properly. If you lost, you pay nothing. If you won, you pay a little bit of it.
There's no reason to not do your taxes correctly unless you plan on evading taxes