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51263667 No.51263667 [Reply] [Original]

>Gamble life savings on crypto
>Shit goes to 0
>Deduct losses against capital gains tax the next year
>You basically just gambled for free

What am I missing?

>> No.51263707

>>51263667
Nothing
Estimate how much you pay in taxes based on income, gamble that amount once a year on a make it or break it nucoin. If you win you win, if you lose you get it back. I don’t think they cut checks if you gamble more than you paid though, atleast I’ve never done it that way. That’s my anual yolo money

>> No.51263728

>>51263667
Also if you do this expect to pay more for a tax expert to do your taxes. I strongly recommend it.

>> No.51264123

>>51263667
You lost your last 100k, now you need to somehow make a shitload more than 100k in order to be taxed 100k in order to deduct that tax and utilize the capital loss

>> No.51265236

>>51263667
Opportunity loss

>> No.51265746

>>51263667
>What am I missing?
your life savings

>> No.51266822
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51266822

>>51263667
nothing. you are correct.
It works if your entire profile is diverse.
you shouldn't be running on all facets of your investments.

inb4 stock Market is not gambling

and yes, get a (((basic tax professional)))
You gamble all this money - you can't set aside like 500 for a decent (((accountant))?

They will keep the IRS at bay.

>> No.51267692
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51267692

>>51263667
>What am I missing?
Nothing. Your goat just made you $20.

>> No.51268670

Maximum per year deduction limits. They're not that high so you'll be deducting a small amount for the rest of your life