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5823220 No.5823220 [Reply] [Original]

I NEED TAX ADVICE
Whats do you use

FIFO or LIFO or other tax advice

>> No.5823281

You are supposed to use FIFO unless you can prove that you were trading a specific asset- which with crypto you can't since it's all the same.

>> No.5823299

>>5823220

Never cash out, buy some drugs with monero here and there tho

>> No.5823863

If you hold an altcoin for a year and then decide to cash out, does putting it back into BTC/ETH in order to cash out to fiat create ANOTHER taxable event? As in you have to hold that BTC/ETH for a year before selling so you don't get hit by CGT?

>> No.5824082
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5824082

>>5823863
The price you sold at to get BTC/ETH is your cost basis when you sell that BTC/ETH.

AKA, sell a shitcoin for 100k worth of BTC? 100k is the cost basis you use when you either use the BTC to buy something, or sell it into fiat.

>> No.5824309

Can someone explain to me how it works if you dump a crypto then rebuy the dip within a few weeks?

>> No.5824480

This shit literally makes no fucking sense.
There is literally a company of cucks that need to be exposed who track all transactions and provide the information to the IRS

>> No.5824503

>>5824309
harvesting losses works after a few days due to a new rule (which is not defined), and you can only use $3000 of that a year as deductions. But losses carry over every year.

In order for the IRS to see that as a legitmate loss, I would wait at least a couple days before buying again. In the end if you were audited, only they can determine if the loss was legit or not. Read more on "loss harvesting" on google. Tons of articles on it.

In the crypto world, due to its volatility, I'm quite a sure a few days is enough time to consider it a true loss.

>> No.5824520

>>5824309
25% tax

>> No.5824662

>>5824503
I meant that the crypto was sold at a gain, then rebought the dip after.

>> No.5824806
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5824806

Im using bitcoin(dot)tax to keep track of my shit for 2018. It aurto imports from Coinbase and Binance. The last think i need is to get fucked my the long dick of the law.