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6894540 No.6894540 [Reply] [Original]

tax question here:

say I bought 1 coin for 10 then sold it for 40. I would be taxed for 30 short term capital gains tax correct?

now say I had two coins for worth 10, but
a few months later it was worth 40. i had sold one, and bought 4 more coins at a dip @ 10 dollars(5 total coins). After, i waited 6 more months and now each coin was worth 50 dollars.

Would I have to pay taxes on the capital gains of the first price (40.00) or be taxed at the new price (50.00)?

>> No.6894584

Fresh off the boat, from reddit, kid? heh I remember when I was just like you. Braindead. Lemme give you a tip so you can make it in this cyber sanctuary: never make jokes like that. You got no reputation here, you got no name, you got jackshit here. It's survival of the fittest and you ain't gonna survive long on 4chan by saying stupid jokes that your little hugbox cuntsucking reddit friends would upboat. None of that here. You don't upboat. You don't downboat. This ain't reddit, kid. This is 4chan. We have REAL intellectual discussion, something I don't think you're all that familiar with. You don't like it, you can hit the bricks on over to imgur, you daily show watching son of a bitch. I hope you don't tho. I hope you stay here and learn our ways. Things are different here, unlike any other place that the light of internet pop culture reaches. You can be anything here. Me ? heh, I'm a judge.. this place.... this place has a lot to offer... heh you'll see, kid... that is if you can handle it...

>> No.6894630
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6894630

you realize you have to make more than 35k a year to even qualify for capital gains tax right, nobody cares about your lunch money

>> No.6894693

>>6894630
I live in the USA btw and the numbers are an example to keep it simple.. If I make less than 35k, how would I be taxed? Would it automatically be taxed as ordinary income?

>> No.6894887
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6894887

>>6894693
if you make less than the threshold its 0% tax, if you make more only the extra gets taxed

>> No.6895097

>>6894887
Thanks for that.. I also would really like to know:
if I have say 1000 of ICX. I sold 300 for a profit then bought back in. Would I be taxed on the capital gains of the amount that I made from 300 coins or would it be for the 1000 stack?

>> No.6895150

>>6895097
Lets just say for this example ICX is worth 150.00USD

>> No.6895204

>>6895097
you get taxed to the final amount you cash out to the bank so if you are still holding coins its unrealized gains. I am not from USA however so better ask someone else for better accuracy

>> No.6895286

>>6894630
this

I made 1k on ebay and never got any notices. I believe if you gain 20k on paypal, they will report your earnings to the IRS.