/biz/ - Business & Finance

[Anonymous No.58103631]

Britfag here, I've been aggressively trading shitcoins for the past few months on solana, hundreds if not thousands of trades. At one point I was about 70k up but I couldn't stop gambling back to 0, now I find out I owe tax on every single transaction with a gain I've ever made, I work minimum wage and have no savings, my life is over.

[Anonymous No.58103672]

>>58103631
Maybe don't day trade and buy and hold instead

[Anonymous No.58103719]

>>58103672
I started out with 2000 I was never going to make real money buying and holding

[Anonymous No.58103736]

>>58103719
stay poor

[Anonymous No.58103767]

>>58103631
Thats not how our tax system works.

[Anonymous No.58103776]

>>58103631
It's not over anon hold this coin. You're still early.

78LF2aZHUqU5KsC55smENzDCqqCbKFJDvtpyARhofprL

[Anonymous No.58103795]

If you're tired of jannies arbitrarily deleting/banning posts about certain crypto or stocks, sick of all the bad faith shills and bots, and are interested in a comfier and higher quality posting experience, come check out sturdy.

-No captcha
-Larger filesizes and more file types enabled such as mp4,txt, etc.
-Built in fun and useful UI features
-More niche than 4chan so you'll have less people around solely trying to shill their flavor of the month meaning a higher chance of real sincere discussion

Yes I'm going to keep posting about this because the faggot jannies here keep banning me from talking about the LOBO while allowing generals and constant threads for other coins, it's complete dogshit and you can't fucking stop me, suck a dick

[Anonymous No.58103865]

>>58103631
That’s why you buy and hold BTC/ETH + physical gold/silver. Don’t waste it on shitcoins.

[Anonymous No.58103924]

>i owe taxes
Not really and even if, you think they watch the shitcoin casino and your personal wallet? Retard

[Anonymous No.58103963]

>>58103767
It is, every transaction you gain on you owe tax, you get a 6k allowance for 2023 but that's it, after that it's 10% of everything up to about 50k then 20%, if you just keep swinging the volume becomes insane and on every swing you owe tax on the profit

[Anonymous No.58103984]

>>58103924
Considering they are all obligated to report to HMRC yes

[Anonymous No.58103993]

>>58103963
>>58103924
How do they handle this is someone like op doesnt cash out into fiat at any point? That nigga is broke as fuck. Woundt that just count as full losses?

[Anonymous No.58104229]

>>58103993
They don't care, they just say you should be setting money aside after every transaction and they can go after your assets if you're broke, so many brits are gonna get fucked over the next few years

[Anonymous No.58104256]

>>58104229
Jesus christ, are brits this cucked? Looks like the irish are superior

[Anonymous No.58104296]

>>58103963
Your losses negate your gains. No problem.

[Anonymous No.58104312]

>>58104296
OP is just retarded

[Anonymous No.58104340]

>>58103631
Lmao just don't report it

[Anonymous No.58104353]

>>58103924
>>58103984
>Metamask is obligated to report my niggerdogecoin to HMRC

lmao

[Anonymous No.58104364]

>>58103631
did you ever cash out? if not, you're prob ok, but as soon as you start cashing out they'll be onto you

[Anonymous No.58104378]

>>58104296
No, if I put 20k on a sol shitcoin now and it becomes 40k, I now owe 2000 in tax, if I keep apeing and lose it all I still owe the tax, they go in to details on reddit

>>58104340
Gets reported for you and once the government gets their shit together on crypto tax they will absolutely start backtracing people several years down

[Anonymous No.58104409]

>>58104378
no you dont, if you sell for a loss it negates it you retard, i have no idea who you are listening to.

t. had 1.8m in crypto at one point, lost a bunch on shitcoins and its deductable

[Anonymous No.58104467]

If you haven't cashed out it should be fine.

[Anonymous No.58104475]

>>58104378
It's capital gains anon if you didn't gain more than 6k that year you should be fine though i'd still fill out a tax form just due to the amount you have traded

[Anonymous No.58104629]

>>58103984
I think His Majesty is a boring old fusspot
Report THAT to HMRC

[Anonymous No.58104651]

>>58104475
I gained about 70k and lost it all, it's probably far more than 70k because I didn't just get there in one trade I traded my way up, fuck imagine I owed more in taxes than my ath fucking gains, why does no one on here talk about this I wouldn't have started trading if I knew this

[Anonymous No.58104709]

>>58104651
If you have £0 in crypto you owe NOTHING. You made NOTHING. It’s capital GAINS. Now go to bed.

[Anonymous No.58104718]

>>58104709
op is just baiting at this point

[Anonymous No.58104860]

>>58104378
All losses can be offset against any gains retard. Just don't declare it anyway you think HMRC is gonna check your DEX shit? Lol.

[Anonymous No.58104911]

>>58104860
the real question here is why would anyone pay taxes when they could just pay twitfuel for a free twitter bot and sh*ll memes on twitter all day hmrc can suck it

and to answer your question of course not hmrc would never be able to check your dexs in fact i can't even remember my wallet passphrase so how would hmrc know anyways

i'll declare my $tfai token gains after it moons though that i can 100% guarantee

[Anonymous No.58104921]

>help I'm a retard and I've never done taxes before! I've always been so poor that I've never had to do them
>Now I had a chance to be rich! But because I'm a retard I'm still poor! I heard that when you make money they tax it!
>but I've never done taxes before! help! What should I do
Stop being retarded

[Anonymous No.58104955]

>>58104709
If you make 100k in crypto you owe tax on it, if you then lose that 100k you still owe tax, the fuck are you not getting?

[Anonymous No.58104978]

>>58104955
Genuinely retarded.
>capital gains
retard makes money!
>capital losses
retard loses money!
>tax time
Hello sir, please tell us how much your capital gains and losses were
>100k and 100k
Thank you sir you don't owe taxes on money you don't have.

[Anonymous No.58105024]

>>58104955
The loss counts directly against the 100k gain

[Anonymous No.58105889]

>>58104955
Its not a fucking trading fee you clod.

[Anonymous No.58105968]

>>58103631
yes goy pay mr shecklestein his cut or else

[Anonymous No.58105984]

>>58103631
That's the inevitable outcome of gambling. You may hit it big, but then you'll lose it all.

[Anonymous No.58106368]

>>58103631
i like the fact the fact that you say you're brit and in the background of the image there's someone getting mugged/stabbed KEK

Also, what where you using for trading man? did you not use dextools? like bro, it's practically made for solana shit and it doesn't ask you for outrageous fees.
if you can pay the taxes in the future and want to keep trading, please look up dextools to avoid the same mistake or if you choose another one, read the terms and conditions, plus their latest policies.

[Anonymous No.58106385]

>>58103719
Dude I turned 3k into 70k in 3 months from Avi.

[Anonymous No.58106485]

>>58106385
What made you put 3k into AVI? What was the amount in the rest of your portfolio as OP seems like he invested the only $2,000 that he could

[Anonymous No.58106500]

>>58103631
star playing blocklords and farm the shit out of their token, then short it

[Anonymous No.58106659]

>>58103984
>hmrc
His Majesty's Royal Collectors?

[Anonymous No.58106716]

>>58104378
You are such a cuck and wimp. DO NOT PAY, you know nothing (as far as they are concerned).
FIrst off .. you lost... you owe nothing... you lost it all and didn't trade to fiat. So your explanation is if you lost it all you don't owe you thought you only owe on gains.

Next... you tell them to suck your dick if they were to come after you (they won't pussy)

[Anonymous No.58106779]

>>58104978
You trade 10 sol for shitcoininu, it doubles in price, you sell for 20 sol, you now owe tax on 10 sol, look it up dude

[Anonymous No.58106802]

>>58106485
I started with 6k this year (originally Was $600 last year) and originally put the 2k into Avi as a big gamble. I did a lot of research and seemed to me a no brainer for success at the entry I went into. They’re looking really impressive so we’re at this point with Avi.

As for my other 4k went into kns some memes and ai plays. I’m doing decent on all that, 3x, but Avi my main and biggest bag.

[Anonymous No.58107020]

they never come after people who end up hard in the red

[Anonymous No.58107092]

>>58104378
You'd be way better off asking chatgpt than relying on reddit.