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/biz/ - Business & Finance

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5660731 No.5660731 [Reply] [Original]

Tax question /biz/

I bought some crypto earlier in the year but pussied out and sold a dip amounting to approximately $500 in losses. I then bought back in and have held since.

If I sold my current crypto assets I would pretty much break even. How the fuck would this work tax wise? Do I just write the $500 off as a loss?

>> No.5660785

>>5660731
Any money gained is taxable, so If you gain $1000 and then lose it again, you're still responsible for $1000 worth of taxes

>> No.5660847

>>5660785

Fuuucck are you serious, I thought it was gains - losses = taxable capital gains tax. Well in this case I wouldn't have to pay anything since I haven't gained shit right?

>> No.5660874

>>5660785
he hasn't realized his gain yet (he hasn't sold or traded)

>>5660731
>Do I just write the $500 off as a loss?
yes

>> No.5660888

>>5660847
Better off not reporting it

>> No.5660914

>>5660785
Fucking idiot

>> No.5660933
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5660933

>>5660914
excuse me?

>> No.5660935

>>5660888

And why is that? Btw I'm using cuckbase

>> No.5660945

>>5660785
Jesus Christ you fucking retard. You net your gains and losses. If you have a net gain afterwards you declare the gain and pay tax on it. If it's a short term gain (you've held it for less than a year) you pay regular income tax on it. If it's a long term gain you pay capital gains tax. If you have a net loss, you can write off $3,000 towards other regular income. If you have more than $3,000 in losses you carry anything over $3,000 forward. You then net that remaining loss against any other capital gains next year.

>> No.5660952

if its $500 stop being a faggot, nobody is going to notice or care.

>> No.5660966

>>5660945
don't listen to this fraudster

>> No.5661000

>>paying taxes

>> No.5661040

>>5660966
What the fuck did you just fucking say about me, you little bitch?

>> No.5661044

>>5661040
I called you a fraudster

>> No.5661071

>>5661044
I’ll have you know I graduated top of my class in Financial Accounting, and I’ve been involved in numerous secret raids on tax evaders.

>> No.5661082

>>5660952

Why not report though if it's a loss? I'm in the 25% income bracket so wouldn't I get a free $125 if I deducted $500 from my income? Sorry I'm a brainlet

>> No.5661105

So, let's say I have 800k that I want to cash out and I started out with $200, how would that work without me giving up a good chunk of my money?

>> No.5661109

>>5661082
Yes.

>> No.5661144

>>5661105
You're gonna give up a good chunk.

>> No.5661193

>>5661105

Start by not cashing out within a year of buying it to avoid short term capital gains tax.

>> No.5661199

>>5661105
move to another country

>> No.5661441
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5661441

>>5661105
Monero, move to another country, don't withdraw that much, etc. You could withdraw up to 14k a year untaxed if it's 'gifted' to you.

>> No.5661461

>>5661105
37k per year for 0% LTCGs

>> No.5661586

>>5661461
True, but only if you have no other income.

>> No.5661649

>>5661071
kek

>> No.5661725

>>5661649
Thanks