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29095340 No.29095340 [Reply] [Original]

do you have to pay taxes for every crypto to crypto trade you make?

>> No.29095514

You only pay taxes on earnings. So if you didnt earn then you wouldnt.

>> No.29095663

>>29095340
Crypto to crypto is a taxable event, take the monero pill

>> No.29096118

>>29095340
Yeah in the US you do. Not in other countries. But like someone above said, only on the profits you make. It's capital gains tax. Same as any other investment. You can trade as much as you want, you won't be paying an ever accumulating amount or anything. Just if you end up making a bunch of profits at the end of the year then you need to pay taxes on it.
And if you lose money then you deduct it.
So basically just keep track of how much money you went in with, and at the end of the year you're gonna pay taxes on your profits, UNLESS you've HODLed something then you don't need to pay until you convert it.

>> No.29096199

Yes. So lets say you market buy a coin with $50,000 and it goes 2x. You owe, immediately, 38%. Now, if you don't pay that, and you go all in with $100,000 and it drops 90%, you still owe the 38% from the previous trade.

>> No.29096258

>>29096199
So it gets a bit worse. You can only write off $5,000 in losses. So now you owe about $32,000. You go all in with your $10,000 and get another 2x and now you have $20,000. You owe taxes on that trade + you still owe $32,000 from the previous trade (less $5,000). This cycle repeats.

>> No.29096359

LMAO laughs in portuguese

>> No.29096362
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29096362

>>29096258
The main take away? Get a job and only make 1 trade per year. if you do that you only pay 15%.

>> No.29096452

>>29096362
But don't freelance. If you freelance you have to pay "self-employment" taxes. And so you'd actually pay about 40% of your gains if you do that.

>> No.29096464 [DELETED] 

>>29095340
It's not that hard anon. If you make 500 trades in the year and make $25000 of profit in your crypto account, $25000 is the taxable income. You just add it to your other income, if you have any, and you'll be taxed according to your income bracket.

>> No.29096561

>>29096362
AKA, crypto is dead in the US unless you don't want to pay taxes.

>> No.29096591

>>29096199
>>29096258
How the fuck can this retarded shit be the reality? I figured it'd be like playing online poker. You don't pay taxes on every hand you win, you just pay on what you made in profit at the end of the year.

>> No.29096609

Learning that crypto isn't viewed as an investment, but rather a property transaction or some shit was pretty fucked. As if I needed another reason to hate the out of touch faggots that run the (((US govt)))

>> No.29096744

>>29096591
>>29096609
Like poster below you alluded to. Crypto to crypto is like selling property, so every transaction is its own taxable event. Yes, you can write off losses, but only to a certain extent.

>> No.29097034

>>29095340
Yes, use this to make the calculations quickly:
https://www.accointing.com/

>> No.29097076

>>29096744
>In addition, receiving cryptocurrency in the form of a gift does not initiate a taxable event unless the gift is over the gift exemption amount.
Looks like I just got $15k gifted to me in crypto. So there's one writeoff

>> No.29097224

>>29095340
ya but losses and fees are write offs so just trade ALOT and that shit ads up. then write it off your profits and the tax payer will pay for all your bad decisions. simple as

>> No.29097246

>>29096591
it's great, huh? You don't even get to file a 1099-B, even if you used something like Coinbase. You have to file a fucking form 8949 for "Sales and Other Dispositions of Capital Assets" like you sold a fucking house or some shit
>>29097076
was gonna mention, if you have enough trusted family and friends, you can give up to $15K to them without incurring taxes. aha wouldnt it be funny if you did that and they put it in another account and just let you use the debit card or something aha

>> No.29097349

>>29095340
I've always lost so much that I've never reported it
and its not very much at all