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/biz/ - Business & Finance

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30115264 No.30115264 [Reply] [Original]

Guys, how fucked am I? I had bought $5k of Fantom at the start of the year, sold for $150k. Then yolo'd into a binance smart chain coin and got rugged. Now I have $0. Do my losses cancel out the tax I owe on the first trade?

>> No.30115332

>>30115264
No unless you provide evidence of loss that they can't disprove nor bullshit through.

>> No.30115395

Prints or ur larping

>> No.30115396

>>30115264
yes

>> No.30115451

>>30115395
Nice try glowie

>> No.30115471

Should be the case if everything was done during the same tax year.

>> No.30115516

>>30115264
Congratulations, you're going to jail.

>> No.30115685

Freedom isn't free. IF you're a burger who realized profits on or before Dec 31 and got rugpulled Jan 1 or later then technically you'd owe the IRS approximately 60k. Thankfully US taxes are an honor system and you'd be a total cuckold to report anything other than FIAT on ramp off ramp

>> No.30115877

>>30115264
yeah if the rug happened in the same financial year.

>> No.30115994

If you actually put 150k in a chinkchain rug you deserve it

>> No.30116099

Taxation is theft OP. You don't support criminals do you?

>> No.30116121
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30116121

>>30115471
What would happen to op if say he made 150k year 1, didn't pay anything yet, then lost it all year 2 before paying taxes on year 1?

Please don't tell me this evil government is so incompetent that they'd actually have op be in debt?

>> No.30116163

>>30115685
It this is legit what would happen, then op and people like him are so fucking fucked until the new world begins.. though I'm sure the government would find a way to fuck you still

>> No.30116805

>>30116121

Yes this is what would happen. In most European countries they would cancel it out but slap you for a fee.

In America. You only get to carry forward 3k capital loss max over the span of 30-40 years.

>> No.30116966

>>30116805
Wooooooow that is pure evil. If I were op, I just wouldn't report that shit. Not like he has any money to "hide". He'd save himself from unnecessary jew debt.

>> No.30117083

>>30116121

yeah. if you cash out $150k in almost 100% profit, then kept that over dec31-jan1. then you owe taxes on that. now if you went and gambled what you owed and lost it, then that's that you essentially lost borrowed money.

you can deduct future gains though with that loss, just not gains from 2020.

>> No.30117132

>>30115264
Dude you were given the golden ticket and you blew it. You seriously should’ve just held that 150K and bought in during the next bear market.

What coin did you buy?

>> No.30117164

>>30117083
Ya but you could only deduct 3-4k apparently so what, in op's case he'd at best have to wait 15 years (minimally) of qualifying for tax deductions just to get rid of that shit assuming there isn't evil interest tied to it?

>> No.30117221

>>30115264
yes, capital losses net against capital gains. if you make $10,000,000,000 on shitcoins in one year and then lose that same amount in that same tax year, your tax bill is $0. you can also use capital losses to reduce your taxable income in general, but there is a limit to how much you can do this.

t. accountant wagie

>> No.30117267 [DELETED] 

>im so fucked up with from losing assets
>hate everyone who approaches me
>i see graphene DISTRIBUTION soon
>i put money in in PHR and get some graphene coins
>i get money from sharding tech
>i fuck your mama underneath your bed

>> No.30117302

>>30117221
>same year
but if he loses it on the second year without paying for the first year, he will get completely ass fucked as other anons have said, right?

>> No.30117387

>>30117302
what you said is correct. you would be underreporting income (capital gains.) the cutoff point is the tax year, 01/01 through 12/31.

>> No.30117439

>>30117132
rbc

>> No.30117519
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30117519

>>30115264
You were supposed to have saved the equivalent of your tax bill on that initial sell instead of going all in on another coin with it all. The IRS doesn’t care if you lost it all on your next trade, as far as they’re concerned you used their money to gamble with and lost and now you still owe them that amount even though you got rugged.

>> No.30117541

>>30117387
And say you don't sell say your bitcoin ever, you don't owe anything on those gains, right? Basically it wouldn't be taxable until you sell it because before selling it, it is counted as "unrealized gains"? So if I make a mil, I pay 0 assuming I never cashout?

Last question. Does shorting on margin "count" as selling your actual bitcoin as if you sold it on spot meaning THAT would be taxable (not talking about the profits of the trade but the act of shorting in itself)? >>30117302

>> No.30117583

Please explain Rug, BSC is a new chain, shouldn't be any rug pulls yet

>> No.30117586

>>30117541
Last @ to myself was unintentional

>> No.30117658

>>30116966
Not wise. You sound like a child

>> No.30117688

>>30117541
>And say you don't sell say your bitcoin ever, you don't owe anything on those gains, right? Basically it wouldn't be taxable until you sell it because before selling it, it is counted as "unrealized gains"? So if I make a mil, I pay 0 assuming I never cashout?
correct. IRS views crypto to crypto or crypto to fiat as a taxable event. if you buy and hold forever, those are unrealized gains which are not taxed UNTIL you sell (or trade for another crypto.)

>Last question. Does shorting on margin "count" as selling your actual bitcoin as if you sold it on spot meaning THAT would be taxable (not talking about the profits of the trade but the act of shorting in itself)?
i'm not sure, you might want to ask someone more knowledgeable (a crypto accountant.) intuition is leads me toward believing that this would not be taxable until you exit/settle the trade e.g. you exit your short position, whether willingly or through liquidation.

>> No.30117799

>>30117658
kyc onramp --> monero exchange --> monero cold wallet --> monero cold wallet. the real trick is finding a reputable exchange onramp that will let you trade without KYC. that is the only thing keeping me from leaving the tax jew behind.

>> No.30117815

>>30117658
You're a fucking idiot if you would openly accept owing 60k when you have literally nothing. You sound like the submissive type that wants to open their asshole to authority.

Imagine you turn say 1000 to 150k and lose that 150k and then be -60k. How the fuck do you see nothing wrong with that? Child my ass. I'm just not a bitch that wants to get taken advantage of

>> No.30118171

>>30115264
Yes losses cancel out gains

>> No.30118291

>>30115264
Hopefully you sold anonymously on kucoin.

>> No.30118375

>>30118171
Only if the losses are in the same year. At least in the u.s.

>> No.30118387

>>30117658
Kike

>> No.30118399

>>30117815
He’s a Jew,anon. Best to just ignore them until enough people figure out it’s them that are ruining the west. Then the problem can be dealt with

>> No.30118690

>>30117815

You can set up a payment plan with the IRS. Which would be the equivalent of 100-200 a month, which assuming you are a grown man and have an actual job, is nothing

Otherwise the IRS will find you, throw interest + late fees on it, audit your other crypto transactions, and basically give you a bill that is based on “”””their calculations”””” which you’re going need to hire a CPA to dispute, AND THEN, you’ll have to pay.

>> No.30118740

>>30115264
don't worry goy it's voluntary not theft at all

>> No.30118811

>>30115264
Tax on unrealised gains, whatever percentage you have to pay on 150k, that is what you owe.
Good luck, you can probably get some rope for free.

>> No.30118853

>>30118690
>You can set up a payment plan with the IRS. Which would be the equivalent of 100-200 a month, which assuming you are a grown man and have an actual job, is nothing
Hahahaha no. Giving them free money at this point. They already tax me enough. I will pay my jew taxes, but if I were in op's shoes? Hahahahahahahahahahahahahahahahaahahahahahahahahahahahahahahahahahahaha
I'd be better off in jail and in ironically would be costing tax payers even MORE in that sense LOL. You can't scare me, jew. I will NEVER lay taxes on gains I don't even mother fucking have because I'm not a whipped cuck like you

>> No.30118898

>>30117815

Taxes don’t care about your feelings or morals. Not paying taxes when you made 150k a year is retarded, do you think it’s a free lunch? Literally the same as working under the table, illegal

Enjoy living in stress and fear before the IRS sends their hitmen and audit you with a 30 day notice to pay 100k + fees or a court subpoena

>> No.30119023

>>30118853

>Giving them free money at this point

It’s not free money... you made 150k profit last year and didn’t pay taxes on it. Just because I make money at my job and then lose it all at the casino doesn’t mean I’m exempt from paying taxes on my wage. What you do with your profit is on you, but you owe them taxes on that 150k

>> No.30119026

>>30118898
>Not paying taxes when you made 150k a year is retarded, do you think it’s a free lunch? Literally the same as working under the table, illegal
Stupid ass. Op doesn't HAVE 150k. THAT'S my issue.
He has to pay taxes on gains he has NO ACCESS TOO.
FUCK that shit. Assuming those losses weren't made in the same year, you'd literally just be giving away FREE money/donations to the government.

it's ONE thing if you keep the profits. It's a whole fucking nother if you have no way to pay those taxes because the gains went to 0.

>> No.30119033

>>30115264
probably should ask an accountant instead of biz but I think youre fucked

>> No.30119038

>>30115264
Normally yes. In muttistan. FUCK NO. You owe a shitton of taxes. Enjoy your corrupt shithole faggot.

>> No.30119060

>>30118690
>You can set up a payment plan with the IRS. Which would be the equivalent of 100-200 a month, which assuming you are a grown man and have an actual job, is nothing
you're a complete dumbass. look up the interest they charge you. hint: it's like 5%, compounding daily.

>> No.30119140

>>30115264
why do you fucking retards always take 100% of your profits and reinvest? it really is not that hard to take a chunk out for estimated taxes and then yolo with the rest of it
you people deserve it at this point, fuck sake

>> No.30119164

>>30119026

>Stupid ass. Op doesn't HAVE 150k. THAT'S my issue.

That’s HIS FAULT. Anybody who is not a manchild retard knows to put a % of gains to the side solely for tax purposes. Sorry OP is a fucking child that doesn’t know how the game works. DOESNT MATTER what OP makes now. If he made 150k profit last year, HE OWES TAXES ON IT. He didn’t pay when he was supposed to. Has nothing to fucking do with blowing up his account this year; the events are not related.

PAY UP

>> No.30119167

>>30119023
It IS free money, you fucking idiot. Those taxes are meant for gains made. If you don't have those gains, it is retarded to have to pay that shit at all. I'd legitimately would rather go to jail and cost tax payers even more money than pay 60k for fucking free. FUCK that BULLSHIT. Unlike you, there are actual lines I would NEVER cross. This evil government can push me, but not THAT much. The idea is hilarious. Imagine working for fucking DECADES for THIS. LOOOL

>> No.30119231

>>30119164
>PAY UP
Let me guess. You work for the IRS? Kill yourself in a vicious fire.
I'm not saying op should do this, but the government could go FUCK itself if it thinks it can push me to work for free.
>child
nice gaslighting, faggot.

>> No.30119259

>>30116805
land of the free!!

>> No.30119308

>>30119060
Jesus fucking Christ

>> No.30119319

>>30119164
I originally bought my Fantom on January 3rd. am I good?

>> No.30119412

>i made 150k but then i flushed it down the toilet so i dont owe taxes!
you have any idea how stupid this sounds?

>> No.30119426

>>30118898
>100k + fees or a court subpoena
Op would be so fucking fucked with 60k in debt anyways. That 60k (or your 100k scenario) might as well be a billion dollars. Same fucking difference.

>> No.30119431

>>30119060

You can dispute it/challenge it as predatory. You have rights and they can’t take more than a % of your wage. Get a lawyer if you need one

>> No.30119464

>>30119308
idk maybe there is some sort of cope you can exercise to lessen the blow. our tax scheme is so utterly kiked, so incredibly complex that "talk to an overpaid jewish accountant" isn't just a meme, unfortunately.

>> No.30119546

>>30119464
>>30115264
Unironically yes, you should probably come to a financial advisor. It's not like they should care if anyone comes after you or not, they only care about having customers, which going after their customers won't help with. If you're really worried you just talk about a 'hypothetical situation'.

>> No.30119552

>>30117583
>BSC is a new chain, shouldn't be any rug pulls yet


LOL. HAHAHA..KEK...LMAO..oh anon..that's cute.

>> No.30119567

You'd get paid because you have a net loss of 5k

>> No.30119650

Kek fuck Americans

>> No.30119652

>>30119023
Retard, the money you make to spend at the casino is already taxed

>> No.30119792

>>30117815
You have to pay your tax. That is how we keep U.S. great.

>> No.30119961

>>30119167
No. Wrong. Pay.

>> No.30120093

>>30116805
You can carry forward your losses until exhausted at a rate of 3k per year.

>> No.30120110

>>30119412
when you put it like that

>> No.30120171

>>30119546
>financial advisor
not a financial advisor, a CPA tax accountant who specializes in crypto. financial advisors are retard salesmen who know nothing about taxes.

>> No.30120208

>>30115264
Why are you even investing if you don’t know the answer. Dumb nigger

Oh and no way you made 150k

>> No.30120293

>>30119023
>Just because I make money at my job and then lose it all at the casino doesn’t mean I’m exempt from paying taxes on my wage.

That’s exactly what it means you dumb fucking faggot. Gambling losses are tax deductible. Stock losses are negative income.

You need a 2x4 to the face

>> No.30120326

>>30120208
>invest at 1.7c
>sell at 59c
Do the math

>> No.30120332

>>30120110
Sounds more retarded when you realize you have to pay 60k on gains you don't even have. In other words for some people they'd have been better off getting their accounts go to zero rather than make money. It creates huge risk when making money. This also basically makes it so that you can't actually even use the fucking gains until tax season. Holy fuck

>>30119961
Sorry, jew. If this happened to me, the IRS wouldn't get shit

>> No.30120425

>>30115685
He would not owe $60,000 on $150,000 profit. Short term capital gains are taxed as regular income. He would get a standard deduction, and then he would be taxed based on the tiered brackets and it would come nowhere near 60,000.

>> No.30120506

>>30120326
did you get rugged last year or this year, I'm pretty sure that makes a big difference

>> No.30120564

or I should say was the gain and loss both in the same tax year

>> No.30120566

>>30119792
>That is how we keep U.S. great.
Want me to educate you on how fucked this country was even pre corona? I'll summarize is GREATLY but effectively (I can list various stats, but fuck it).
30% of all jobs pre corona paid hardship wages.
32% paid barely livable wages.
That is 62% of working people that were FUCKED (probably worse now). Those are WORKING people. If the majority of the population are fucked, that is NOT a symbol of "greatness". I could go on with scarcity stats, overpriced schooling, retirement stats, medical bill stats, how ineffective government is at the shit they do (for instance unions as a whole do a better job at providing good pay than government does), etc. but fuck that extra work just for you to pretend everything is fine. This country is a joke and taxes are misused. There is also a such thing as excessive taxation to the point where it fucks people over more than it helps. This country doesn't know the meaning of the word "balance".

>> No.30120797

>>30120425
Honestly that 60k is just a bullshit number I just went with. Maybe it's closer to 45k or some shit like that. Either way it is completely fucked up to have to pay that much on money you weren't even planning on depositing into your bank account. Imagine having to pay 45k just because you lost all your money on jan 1 instead of dec 31. That is so many levels of fucked up all because of arbitrary dates.

>> No.30120993

Is BSC actually just packed full of pajeet rug pulls like that? Why is this still allowed in the space or why do you people keep buying it?

Honestly I used binance in 2017 but since I came back and have to use cucked US Binance, the whole thing is just shady and not even worth it to me.

>> No.30121781

>>30120993
no more than uniswap food coin rugpulls, they are just as bad as each other

>> No.30121896

>>30116121
Freedom ain't free

>> No.30122261

Try not being retarded.

>> No.30122524

>>30118898
>in for 1k
>up 150k (unrealized)
>down 150k (unrealized)
>owes 60k
Makes perfect sense in clown world

>> No.30122800

>>30119164
>t. Jew

>> No.30123060

>>30115264
Depending on where you live, you might be insane fucked, apart from the fact that you're LARPing

>> No.30123088

>>30122524
>up 150k (unrealized)
>unrealized
That's where you're wrong, kid. The instant OP swapped his $150k of FTM for some shitcoin, he realized his FTM gains.

>> No.30123284
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30123284

>>30115264
You can't even move the country. They will find you. USA freedom in a nutshell. Just an oligarchy with an elite robbing you and bringing war to the world.

>> No.30123433

>>30116121
Welcome to taxation

>> No.30123749

>>30123088
he has $145k of realized gains and almost $150k of realized losses if he sells for near zero. could get a tax credit for being a massive retard

>> No.30123849

>>30123749
Yeah, if he sold his shitcoin in the same year he bought it. If not, he's fucked this year.