/biz/ - Business & Finance

[Anonymous No.3943732]

how the fuck is daytrading crypto profitable if every trade is taxed at 30%

[Anonymous No.3943741]

>>3943732
if you make 100k out of 5k
then you have made 95k
you pay 30k
you have 60k
profit
brainlet

[Anonymous No.3943745]

>>3943732
>how the fuck is daytrading crypto profitable
its attached to bitcoin and bitcoin is rising, if you are good at crypto trading then you can gain more bitcoin.

Seriously the best way to make money and sleep at night is to just buy bitcoin and hold and don't listen to all the shit coin shills

[Anonymous No.3943748]

taxed at 30%

What did he mean by this

[Anonymous No.3943752]

40%

[Anonymous No.3943754]

>>3943732
its not , thats just what they say to scare you

[Anonymous No.3943757]

If you simply stay in crypto there's no taxes at all.

[Anonymous No.3943769]

who the fuck pays taxes u fag

[Anonymous No.3943780]

42% here, fml.
But it's only the net profit that is being taxed.

[Anonymous No.3943794]

>>3943757
nope that's not true.

[Anonymous No.3943802]

>>3943757
not in my country, buying things with bitcoins is taxed here, if you made a profit on it

[Anonymous No.3943911]

>paying taxes

[Anonymous No.3943956]

I'm 19y old i made some good 10x runs using $5k made like $60-$70k .

I'm not sure what tax to pay ? I always buy shit from amazon or localbitcoin using paypal etc .

am i in trouble ?

[Anonymous No.3943973]

>>3943956
Capital gains tax most likely.

[Anonymous No.3943983]

>>3943956
I'd definitely go for capital gains tax if you want to cash out, otherwise hodl and wait for BTC to become a bit more mainstream and live through that

[Anonymous No.3944000]

>>3943732
>crypto
>taxes

LMAO

[Anonymous No.3944069]

do you pay in bitcoin or if you pay in fiat which price point for bitcoin do you use?

[Anonymous No.3944088]

>>3944000
my thoughts exactly

[Anonymous No.3944094]

>>3943956
>cash out
Wtf are you talking about dude. You're in crypto now. There's no turning back.

[Anonymous No.3944131]

>>3943732

It's 30% of your profit retard, not 30% of the amount you traded with.

How do people not now basic tax rules?

[Anonymous No.3944133]

>>3944094
but where to buy lambo with btc ?

[Anonymous No.3944282]

more like how the fuck is daytrading crypto profitable since commission fees deck you .4% for every single trade

[Anonymous No.3944295]

>>3943732
Taxation is theft. Pay it only if you want to support wars overseas

[Anonymous No.3944316]

>>3943732
>have 2 exchanges
>1 to buy Bitcoin with
>send those Bitcoin to the other exchange to trade them for dollar and back
>send the exact amount of Bitcoin back to the one you bought them from
>convert to fiat after a year for no tax on it

[Anonymous No.3944353]

>people still fall for the "every trade is taxable" meme in October of 2017

christ

[Anonymous No.3944389]

>>3943794
That is if you're just trading and in the U.S.

[Anonymous No.3944392]

>>3944295
>Don't pay taxes
>Go to prison for 2 years
>Lose 2 years of profit
Hmmmmmm

[Anonymous No.3944454]

>>3944392
>Go to prison for 2 years
>Return to a wallet full of BTC that is now worth 4 times as much

[Anonymous No.3944616]

>>3944454
Plus free rent and food! It's pure profit, baby!

[Anonymous No.3944664]

>>3944616
Brb putting my BTC in cold storage right now and turning myself in to the taxman

[Anonymous No.3944681]

>>3943732
Taxes? what are those?

[Anonymous No.3944688]

you can do shopping with tenx. withdraw small amounts

[Anonymous No.3944689]

DENY DENY DENY

[Anonymous No.3944710]

>>3943732
Quit being a burger, simple solution

[Anonymous No.3944736]

>>3944316
And then all of your fiat gains are stuck in the other exchange. What then?

[Anonymous No.3944782]

>>3943732
The only way you can "profit" by actively trading crypto is by riding pump and dumps correctly. The only way to really do this is to be an insider or to just buy every single crappy penny coin you can find and hope they get pumped.
Buy and hold isn't a meme when you're talking about Bitcoin.

[Anonymous No.3944816]

>>3944392
I've traded crypto for three years and not payed 1 cent in tax. Nice try though

[Anonymous No.3945288]

>>3944736
you only move btc to the one you buy in with to cash out some fiat.

[Anonymous No.3945305]

So you keep 70 percent of your profits
How isn't this profitable?

[Anonymous No.3945370]

>>3943732
Listen I'm a Canadian who is engaged to a nice American girl. I've been hearing about the "Tax-on-every-trade" meme for quite some time. Can a law-abiliding american confirm what you are expected to do?

[Anonymous No.3945472]

>>3944454
Honestly this is a pretty great idea..

[Anonymous No.3945582]

>>3944392
>going to prison for not paying taxes
>implying we all live in China
Your overdue taxes + a penalty will be seized on your account, that's all

[Anonymous No.3945792]

>>3945582
what account?
i got zero on my bank account
they can eat my shorts

[Anonymous No.3945810]

>>3945370
There are no law abiding Americans on this board.

[Anonymous No.3945858]

>>3943732
>implying I pay taxes

[Anonymous No.3945859]

Because your net gains for the year are taxed. If you have a net loss, you get to deduct it (other than wash trades).

[Anonymous No.3945869]

>>3943732
>Capital gains tax is 30% in Finland

[Anonymous No.3945885]

Its 30% of any profit you dumb faggot, not 30% of the trade!!

If you bought ETH at $300.00 and sold it for $301.00 you only owe 30% taxes on the $1 profit... not 30% taxes on $301.00 ... then after the first trade where you profited $1, if you buy ETH at $300.00 only to sell it at $299.00 you take a loss of $1 negating the $1 profit you took from the first trade... meaning you owe nothing... Its not fucking rocket science

[Anonymous No.3945902]

>>3945869
well shit
t. Finn
ps go to sleep

[Anonymous No.3945907]

>>3943732
>paying taxes
What are you, a fucking socialist?

[Anonymous No.3945914]

>>3943732
You are taxed because it was profitable

[Anonymous No.3945983]

>be burger
>work for $12/hr at Tire World
>health insurance is garbage, little savings, have 401k, "wow honey I earned 3% over the last 6 quarters!"
>paying taxes out the ass for T'arqueesha-as 9 kids
>700$ copay for checkup at Dr, (not including tip)
>Pedro and Juanita use the emergency room for free
>fuckthis.mp4
>stumble onto biz after browing pol
>trade crypto, aquire massive gains
>storm into Mr. Mamorsteins office, tell him to fist himself
>take vacation to Phillipines, bring trezor and laptop, leave ungrateful wife behind
>exchange btc locally for cash
>overstay visa, pay off police to list you as "missing person"
> wait 2 weeks and pay police to find "your body" pay flip Dr. to write death certificate, ect.
>live like a king
>sometimes send money to ungrateful ex wife, feel sorta bad but not really, she was fucking Mr. Mamorstein anyway

[Anonymous No.3947070]

it's not. most of these tards would be tax loss harvesting if they knew how to file their taxes (the US ones at least)

[Anonymous No.3947168]

>>3943732
Every trade is not taxed. Swapping one commodity for another commodity of equal value is not a taxable event

[Anonymous No.3947230]

>>3947168
it is in scandinavia

abdulla needs to have his rape crusade funded somehow you know

[Anonymous No.3947279]

>>3947230
So if you trade your car with your neighbor, and both cars have an equal fair market value, they will tax you for that in Scandanavia?

[Anonymous No.3947326]

>>3947279
no, but if i buy a car with bitcoins i will be taxed on whatever gains that bitcoin made since i bought it

doesnt matter if i convert my buttcoins to cash or commodities, they are taxed the same way

[Anonymous No.3947710]

>>3945983
daytrade ? ta analysis? all retards here say the thing is hodl, or daytrade
i dont fucking know what to do anymore

[Anonymous No.3948293]

>>3947326
>move out of cuckistan
???