What do we do about crypto taxes?

[Anonymous No.30207087]

I made some crypto-to-crypto trades that are less than one year which puts it under short-term capital gains (30%), but I want to re-invest this to another coin soon. I'm just worried about the future tax implications of this, can some one give some advice to settle some of my worries? I'm sure other anons are feeling the same. Should I just cut aside 30% taxes out now and re-invest just the 70% or any way to re-invest the full amount and pay taxes later?

Thx desus

[Anonymous No.30208226]

> january
> buy buttcoin $1000 worth of buttcoin @ $1000 each
> march
> buttcoin is now worth $5000
> see new hot pajeet coin, $NGR, trade all buttcoin for $NGR
> short term taxable event, you profited $4000 so far
> november
> fucking $NGR coin dumped, now all my $NGRs are worthless. Technically only worth like $400 for all my $NGRs, and end of the year is coming up.
> I THINK $NGR could rebound, and I want to keep my shitty fucking $NGR bags until then, but currently according to the IRS I over taxes on $4000 profit
> I trade all my $NGRs back to buttcoin, obviously at a serious loss
> short term taxable event, this is a loss, counters my profit earlier of $4000 and then some
> IMMEDIATELY trade back all the buttcoin for $NGRS
> taxable event, negligible profit or loss
> Since this all occurred in the same tax year I can now hold my shitty $NGR bags and I don't owe the IRS

> I still have fucking shitty $NGR bags though


I know that scenario is super illegal with sock trading but I'm pretty sure it's not *right now* with crypto

Some fag correct me if I'm wrong.

[Anonymous No.30209128]

>>30208226
if they ask for your transaction trail then you'll get caught. Also, your scenario is for losing money, which isn't what I asked for. But thanks for your input.


If I re-invest my first coin's profits to a new coin without paying any taxes, can I just cut 30% taxes (for long term gains, 10%) later out of the new coin's gains?

[Anonymous No.30209357]

>>30209128

"get caught" implies this is currently illegal, which for crypto is a grey area I believe

[Anonymous No.30209732]

Sucks to be a cuckbase retard. Is it fun pretending you're the wolf of wallstreet?

[Anonymous No.30209910]

>>30208226
You are correct. I believe wash sale trading does not apply to crypto.