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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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7202847 No.7202847 [Reply] [Original]

I dont even trade or dabble in altcoins.

I bought 5 bitcoins in Feb 2017 for $1000ea
Sold in Dec for $17kea
A week later it looked like it was going to go back so I bought back in at $17k. Its been a slow bleed ever since.

I did bitcoin.tax and it says I owe $28,050 for the one trade where I pulled out for a week.

My 5 bitcoins are only worth $42,500 now. I dont have any other money. Im going to have to sell to pay tax before april 15. $42,500-28,050(tax)= $14,450 FFFFUUUUUUUUUUUU this cant be right? Can it? Please help

>> No.7202883

>>7202847
oh, it's right

>> No.7202906

>>7202847
lol dont report it

>> No.7202930

>>7202847
>oh wow, I made a bunch of money
>instead of setting some aside for tax, ill go all in again
>whoopsy its gone
>i-i dont have to pay taxes if i mismanaged my g-gains right?

oh anon...

>> No.7202972

>>7202847
yeah, if this is true, that sucks, but don't be a retard next time. you should have known this would happen and if you honestly didn't anticipate it, you're a brainlet.

>> No.7202983

>>7202930
I got greedy but didnt realize the ramifications of this. I am from a poor family, this was my only chance to make it. The dream is dead

>> No.7203009

>>7202847
>10% capital gains if you cash out in a year
it was funny that this became a meme and financial idiots thought its true. you still have to pay your cgt for that year not the next year kek

>> No.7203010

>>7202847
Yeah there's no way I would pay that, would rather just go to prison.

>> No.7203040

>>7203010
they wont put you in prison its going to be worse, youre going to be a debt slave

>> No.7203043
File: 1.83 MB, 360x202, 1515147203747.gif [View same] [iqdb] [saucenao] [google]
7203043

You still made x3 your initial money if you sold now. There are day trading idiots that changed positions daily thinking it wasn't taxable and they now are in the red with the tax owed.

>> No.7203060

>muh Tax FUD THREAD
Fuck off you stupid faggot kike. Come to my house. Do it. Come to my house and make me pay you piece of kike shit

>> No.7203062

>>7203010
I might smash my nano ledger s, tie myself to a pallet of tea, and light myself on fire in the boston harbor. This isnt right, why dont they teach you this in school?

>> No.7203076

>>7202847
If you bought back in in December your expendatures are deducted from gains you fagggot. Hire a fucking jew, you goddamn retard.

>> No.7203095

>>7203062
they did it was just thought in the subject most people disregard. statistics

>> No.7203117

>>7203043
This is basically impossible to pay more taxes than you made profit, when you haven't cashed out like op. You srly have clue how this works anon, stop spreading bs

>> No.7203162
File: 57 KB, 631x634, dad43004c59340c0c54aec43baaf42ef.jpg [View same] [iqdb] [saucenao] [google]
7203162

Just don't pay your taxes until XRP TRON and Bitconnect Moon again .. Duh fooL!

best advice you will get around here ;)

>> No.7203179

>>7202847
you fucked up OP
got too greedy

could have walked away with 17x profit
now you're left with only 3x
still not bad for a year of trading though
(at least relative to other investments)

>> No.7203190

>>7203117
it isnt, if you cant deduct the losses for that years tax cycle and have to deduct it the next year but meh why do you care we both know you wont listen

>> No.7203205

>>7203117

LOL YOU DIPSHIT

ENJOY YOUR 60% TAX RATE

>> No.7203230

>>7203117
Its because I sold at 5 at $17k, it was $85,000 and they taxed 33% (short term gains in cali). Even though I bought back in and they are only worth $42,500 now.

>> No.7203239

Can't stop laughing at all these poorfags risking jail time for a few grand. There's few things the gubmint takes more seriously than a threat to their income stream.

>> No.7203240

>>7203190
Then you conduct the losses for the next cycle? In the end you still don't have to pay more taxes than you made profit.

>> No.7203244

>>7202983
Logan Paul needs more footage from a suicide forest. Maybe you could be his next guest-star?

>> No.7203273 [DELETED] 

>>7203179
Your math is retardedly bad. I don't expect much from NEETs in /biz/ though. He sold at 17k each for 85x profit. He now owes $28k in taxes but only has $42k in coins, so in total his net profit if he sold everything today would be $14k, so his total profit is 14x.

FUCKING NEETS CAN'T MATH FOR SHIT

>> No.7203282

>>7202847
ha, that's what you get for reporting crypto.

little advice, keep your fucking mouth shut and stop telling the government your business.

>> No.7203287

>>7203205
Which gives me 40% left of my profit. Don't know why you have to argue about that

>> No.7203300
File: 385 KB, 600x900, pump-n-dump.jpg [View same] [iqdb] [saucenao] [google]
7203300

>>7202847

This guy deals in ShitCoin too, except he actually makes dollars in the end

>> No.7203320

>>7202847
Nice job anon. You can claim it as a loss on your 2017 taxes. Should've thought ahead.

>> No.7203326

>>7202847
Hire CPA. Ask filing for an extension if you feel the market will recover before deadline. If it doesn't, you'll dig yourself even deeper into tax hole. Up to you though.

>> No.7203336

>>7203240
>liquidity
>next year
sure if OP has the money to cover what he owes in taxes now, most people dont they then have to sell stocks to pay their taxes incurring more losses

it all depends on much liquidity and deep pockets you have

>> No.7203356

>>7202847

>I bought back

Hahaha. Couldn't stay away when he got lucky with great gains..

>> No.7203359

>>7203043
In the UK they try to tax u for transfers from 1 crypto to another LUL

>> No.7203368

you fucking morons deserve to get raped in prison for paying taxes on a technology that was invented for the sold purpose of not paying taxes. The faggot british would have been proud of you cucks in 1776

>> No.7203376
File: 1.64 MB, 360x282, 1507177148041.gif [View same] [iqdb] [saucenao] [google]
7203376

>>7203117
It is very possible if you traded between cryptos and now they are worth shit or you have no liquidity. Every trade is a taxable event. Trade to fiat? Gain over basis=Taxable. Trade BTC to ETH? Gain in valuation=Taxable; trade it back to BTC taxable. You get the idea goy. This is why you need to be strategic and not shit the bed/panic anytime the market takes a turn. You could end up running up a tax bill for the previous year and not be able to stomach it in the current year evenif you sell your current bag of shitcoins. Worse, you can't deduct that loss until next tax year.

>> No.7203499

This is why you never pull out. Im in until it reaches 0.

>> No.7203507

>>7202847
Ah yes, the daily tax FUD thread - probably written by the same retard again.
Remember kids, you need to speak to an actual accountant before you start committing suicide over random posts you read on the internet. The tax is shit, but this guy is either a liar or an idiot.

>> No.7203509

>>7203368
The british just wanted to be repaid for their war with france to open up the west for expansion.

This is worse than that.

>> No.7203598

>>7203509
>Israel over all

>> No.7203749

>>7202983

And the poor get poorer.

>> No.7204075

>>7202847
Write offs for next year. Get your ass back in the game, buy some good coins and hold amigo, you'll have some deductions for next year. It ain't over yet!

>> No.7204154

>>7202847

You cashed out to your bank account? If so then you’re fucked. The bank definitely reported $40k coming in from some shady website - they legally have to