/biz/ - Business & Finance

[Anonymous No.7326482]

I sold.
I threw up into the sink but missed half of.
I'm just sitting here in my puke soaked pants staring into the black.
I feel dizzy.
I need to pay taxes on this.

[Anonymous No.7326568]

Yeah I sold too. I fucked up entering so late, I knew it was too good to be true but I did it anymore. Fml. 50% loss on my $10,000 investment, luckily it was extra savings but I won't make that mistake again. Just a fucking ponzi scam.

[Anonymous No.7326580]

>>7326482
10/10 laughed for 15 seconds

[Anonymous No.7326686]

>>7326568
Why are you retard tho?

[Anonymous No.7326717]

>>7326482
Someone should make a poem out of this

[NOT EVEN JOKING No.7326734]

>>7326568
LMAO either u larp or u should kys damn thats stupid.

[Anonymous No.7326748]

I had to sell too... I can’t lose anymore money on this. I don’t know how to tell my girlfriend, she kept saying it was a bad idea to invest when I was already in so much credit card debt. I didn’t tell her I maxed out a new credit card either.

[Anonymous No.7326775]

I wonder how many people are killing themselves over going bankrupt because of capital gains tax.

[Anonymous No.7326776]

>>7326568
Thank you for buying my bags, sucker.

[Anonymous No.7326830]

>>7326482
>>7326568
>>7326748

You're all larping right? Holy fuck you guys are pajeet-tier retarded scrubs. Leave my board pls

[Anonymous No.7326853]

>>7326482
>FUD and Jew lies about taxes in the same post
(((They))) are evolving.

[Anonymous No.7326873]

>>7326482

[Anonymous No.7326875]

>>7326830
There's a good chance that it's over. I'm down 40%

[Anonymous No.7326894]

>>7326775
You don't pay gains tax on losses. Hence why it's called a gains tax you fucking brainlet.

[Anonymous No.7326914]

>>7326568
Your mistakes, dont blame crypto retard

[Anonymous No.7326949]

>>7326830
No I wish. I have 3 maxed out credits cards that I haven’t been paying in months. I can’t afford to lose anymore money haha. I will use what I have left to buy more when it hits the bottom :/ but right now I’m at a 48% loss

[Anonymous No.7327003]

>>7326894
you idiot, all the gains were last year, all the losses are this year

you pay captal gains tax year per year

[Anonymous No.7327012]

>>7326894

He likely realized gains in 2017 and then got assraped in 2018.

Losses dont carry back into 2017. All gains realized = locked in the year you traded. And taxes are owed at your normal income tax rate

Burgers only

[Anonymous No.7327034]

>>7326894
the good news is I can write my losses off to soften the blow

[Anonymous No.7327068]

>>7326717

Here's my attempt

I sold my crypto stack today
I vomit in the sink, missing half away
I sit in puke soaked pants, and stare
I feel so dizzy, I’m only half aware
I need to pay taxes on this

[Anonymous No.7327112]

>>7326894
You cant write off taxes owed for 2017 gains by losing money now

[Anonymous No.7327166]

>>7327068
Lovely, anon.

[Anonymous No.7327185]

>>7327003
>>7327012
>>7327068
This

I managed to change my pants btw. I need a strong drink now
>>7327068
Thanks for immortalizing my feelings in art

[Anonymous No.7327226]

>they’re not buying the dip and acquiring massive sats

[Anonymous No.7327258]

>>7327185
how are you holding up?
give us some numbers

[Anonymous No.7327375]

>>7327258
I was at 100K once.
I bought in early November.

[Anonymous No.7327416]

>>7327003

ok so you've already payed your tax so what the fuck are you talking about????
how the fuck is it relevant to your losses in a new fiscal tax year.
are americans honestly this mentally challenged? is your tax system honestly this archaic?

[Anonymous No.7327457]

so much larp in this thread. so much larp in all of biz.. getting tired

[Anonymous No.7327562]

WAIT SO IF YOU CASH OUT THAT'S WHEN YOU PAY TAXES RIGHT?????

[Anonymous No.7327624]

>>7326568

[Anonymous No.7327702]

>>7327416
You pay taxes for the profits of the previous year. The losses are from this year, so you can only add them to this year's profits. It's not hard, is it?
>>7327562
Every trade if a taxable event. Your tax is the gain in fiat you made though this particular trade.

[Anonymous No.7327723]

>>7326568
>invest at top of bubble
>lose money
>"What a fucking ponzi"
kek, I don't even care about being being 50% down from ATH, you retards deserve everything you get
btw I bought at 2k, don't give a shit even if I lose it all

[Anonymous No.7327746]

>>7327416
Are you a moron? This year he will have to pay tax on the gains for the previous year, next year he will be able to declare the losses from this year but that doesn't help with the gains he's declaring

[Anonymous No.7327786]

>>7326482

AHAHAHAHAHAA

HE SOLD

AT THE FLOOR

BUY HIGH SELL LOW

[Anonymous No.7327793]

>>7326568
unironically this

[Anonymous No.7327830]

Who else here unironically lost all life savings?

I lost everything

[Anonymous No.7327912]

>>7326748
I hope this is true. Now get ur gf pregnant and then tell her.

[Anonymous No.7327925]

>>7327830
Im down 6k from my 12k savings
I'm gonna gamble my 5.2k buy btc at 8950 and chuck on TEL, its stupidly solid through this entire dips

[Anonymous No.7327953]

>>7327925
*6950 and TEL buy for 38

[Anonymous No.7327954]

>>7327830
Ive nonironically made a lot of money. Just buy high and sell low anon.

[Anonymous No.7327978]

>>7327702
Can you pretend you didn't do most of your trades?

[Anonymous No.7328001]

>>7327416
2017 taxes are not paid until 2018 april or something like that

so if OP made 1,000,000 gains in 2017 and lost 900,000 in 2018 january he still has to pay 333,000 in taxes if the tax rate is 33 percent. That means he now owes more in taxes than his total net worth. What happens then? Bankruptcy I guess. Taxation really is theft.

[Anonymous No.7328027]

>>7326748

This can't be real. You cannot be this stupid to get into debt in such a volatile asset.

Do not reproduce. You do not have 'balls of steel'. You are stupid and failure genes must not proliferate.

[Anonymous No.7328080]

>>7326949
>I will use what I have left to buy more when it hits the bottom

yeah you're definitely larping

[Anonymous No.7328083]

>>7326568
>>7326482
>>7326748

BUY HIGH SELL LOW

i'm still up 4x. Y'all are retards.

[Anonymous No.7328084]

>>7327830
i probably lost 2 thirds by now

im gonna have to get a mcjob

[Anonymous No.7328127]

>>7328083
That's going to be 2x if you keep hodling.

[Anonymous No.7328172]

>>7328001
Yes it is. But the irs will change the rules soon cuz they cant really track or enforce tax on every trade. They even admitted it. Less than 20,000 on crypto gains ppl should just report as honest as they can IF they r worried. Or stop payin taxes and starve the beast and stop being such weak ass slaves.

[Anonymous No.7328198]

>unironically buying high and selling low
>and paying taxes on top of that

like, I entered in decemb, put 10k in and currently have 4k but I am not retarded enough to cash out near the floor.

Like, unbelievable.

[Anonymous No.7328208]

>>7328001
Describe how this scenario can actually happen.

If he realized the gains, he would have cashed out and paid taxes and had the after tax income in his pockets.

This year, he will lose money, but unless he was buying and selling and not paying taxes along the way, there's no reason to be broke

[Anonymous No.7328269]

>>7327702
Pic related is my super small investment for BTC and LTC on Coinbase. I haven't traded anything and just wanted to Hodl/wait for a good altcoin. As that Bitconnect guy said "WHAT AM I GONNA DO?????"
Can't I just write off the coins as purchases and be done with it?

[Anonymous No.7328304]

"HODL" XD

[Anonymous No.7328362]

Same here.
Only lost $2000 though, which is a lot less than some people..

[Anonymous No.7328365]

>>7328208
>If he realized the gains, he would have cashed out and paid taxes
lul

[Anonymous No.7328464]

>>7328172
If you use coinbase or US exchange they are going to enforce every trade.

[Anonymous No.7328497]

how fucking dumb are you to sell now you retards?

shouldve sold two weeks ago if you wanted to.

jesus christ...

[Anonymous No.7328519]

>>7328208
First example would be exiting the market and then reentering. Maybe he exited during the DEC 22 dip and then reentered for example. Taxable event.

Secondly, every crypto to crypto trade is taxable. So if you got a shitload of gains and decided to diversify, well then there we go all your gains are now taxable.

Now imagine a scenario where a person had crypto and nothing else. He made tons of gains on crypto in november and march, and all of this is taxable because he is always looking out for the best opportunity and as a result of this he is always trading his crypto around to ride various moon missions etc. Enter 2018. Massive january dip, 75% losses. The first date you could even pay taxes on 2017 was in the end of January 2018. But you already lost 75% of all your money. You are fucked.

RAPED BY TAXES
TAXATION IS THEFT
FREE HELICOPTER RIDES

[Anonymous No.7328581]

>>7328497
This thing is hitting rock bottom, if you don't sell now you're losing every penny

[Anonymous No.7328625]

>>7328519
Yeah that's pretty much the scenario I was thinking of. Greed, lack of understanding, poor decisions

[Anonymous No.7328637]

good to know Im not the only one who vommited today
my trash bin is full

[Anonymous No.7328644]

>>7328519
>november and march
Dunno where that came from. November and december of course

[Anonymous No.7328672]

>>7328269
>buying 3 dollar of bitcoin.
dude you are irrelevant, go buy some stamps or something

[Anonymous No.7328700]

>>7328625
Diversifying is only a poor decision in this case because of government taxation you cuckold.

[Anonymous No.7328727]

>>7328672
Literally wanted to start slow.

[Anonymous No.7328734]

>>7326482
Even CNBC said if you wake up and want to throw up on your shoes that is the time to buy.

[Anonymous No.7328811]

>>7326894
It's commonly known that 90% of /biz/ users are fucked because of crypto to crypto short term gains in 2017 and having losses in January that don't carry backwards.

So it's possible to owe more tax than you even have in gains now.

[Anonymous No.7328815]

>>7328734
The guys that shilled ripple at $3?

[Anonymous No.7328825]

>>7326734
Why do morons like you who got in early even say this? He's right, he got ponzi'd, and you benefited. He's not stupid for cutting his losses. He's much smarter than you on that front.

[Anonymous No.7328864]

Please, please keep selling, you fucking idiots. Can't wait to buy in when the street price is less than $500 so we can moon it all again and watch the world look stupid twice

[Anonymous No.7329206]

>>7328864
he said, wiping the tears away from his face

[Anonymous No.7329211]

>>7328864
>our meme currency is failing, boy, aren't we the geniuses!
LOL

[Anonymous No.7329225]

>put in 200$
>lose a lot via stupid fees
>down to 195$
>dips when south Korea backs out
>down to 178, because played it smart
>was going to hold it, but it kept going down over only a few hours.
> currently have 100$.

Why do you faggots put so much money into it? The only reason people get rich off this shit is because they use other peoples money. That's how investment works.

[Anonymous No.7329279]

>>7327012

Gains aren't realized if you hold though, only if you sell your shitcoins for another shitcoin or back to fiat

[Anonymous No.7329347]

>>7326775
You realize that capital losses are tax deductible right?

[Anonymous No.7329391]

>>7327012
If he didn't cash out he didn't realize the gains.

[Anonymous No.7329447]

>>7326482

You can claim this as a loss on your taxes I think.

[Anonymous No.7329468]

>>7329347
doesnt matter when all the gains were last year and all the losses were this year

[Anonymous No.7329472]

>>7329225
>$200
>So much money
Out. You must be 18 or older.

[Anonymous No.7329543]

>>7326717
Its already like a haiku

[Anonymous No.7329554]

>>7329468
If he didn't cash out he didn't realize the gains, it's consider accrued not realized.

[Anonymous No.7329559]

>>7329447

Not for 2017 but 2018 yes. This is why HODL is best for now until tax laws are changed. You won't incur a taxable event at short term tax rate. Or just do what most do and get accounts on foreign exchanges that don't have your identity linked to them.

[Anonymous No.7329600]

>>7328811
Crypto to crypto could be covered by like-kind rules, which would exclude them from taxation. It's a pretty grey area though. Most CPAs won't go that route because their #1 priority is not getting audited. But if most of your trading is on some chink exchange, you probably won't get hit.

[Anonymous No.7329619]

>>7326482
>>7326568
These have to be trolls, right?

[Anonymous No.7329640]

>>7327012
>>7327003
i tried you warn you guys in those tax threads to take our expected tax amount in dec and dont reinvest until taxes are paid.

[Anonymous No.7329675]

You don't pay taxes until you cash out. And assuming you had ANY profit, and as long as you've held for more than one year you only pay 15% long term investment tax ON YOUR GAINS.

You don't pay taxes on your original investment, or any potential gains you had on paper but never "cashed out". The only amount that matters for tax purposes is what you leave with vs your initial investment

[Anonymous No.7329691]

it's a loss dumb fuck, you don't pay taxes

[Anonymous No.7329732]

>>7329619
Sell before it's too late, mate.

[Anonymous No.7329741]

>>7326482
Use your brain faggot

If you sold you're literally saying crypto will never ever go above the current market cap. That is retarded and you're a weakhanded fag who will regret this in six months

[Anonymous No.7329744]

>>7326482

I laughed at “i have to pay taxes in this”

[Anonymous No.7329774]

>>7327912
Do this

[Anonymous No.7329788]

Currently at 18 thousand, with credit card debt.

ATH was 37 thousand. I don’t know how much longer i can keep staring at these dropping prices. I feel fucking sick. My “boomer” stocks are still way in the fucking green from this months rally (only 1.5k since i sold it all to put into tradh alt and eth).

I feel like im fucking done with life.

[Anonymous No.7329880]

>>7326482
>I need to pay taxes on this.

[Anonymous No.7329909]

>>7329554
Or if you traded between cryptos, then it's realized in FMV at the time of trade measured in dollars.

>>7329600
No, like-kind never applied. And it isn't excluded from taxation, only deferred.

[Anonymous No.7329955]

>>7329788

If you have any decent job 18 thousand is a drop in the bucket if you can live frugally for one year. Don't freak out, you only live once, let this be a lesson for you to stick to the 10% of liquid savings for high risk investments.

[Anonymous No.7330211]

>>7326482
You faggots realize it's going to $1k right?

Sell and reinvest later pajeet

[Anonymous No.7330321]

>>7326568
BUY HIGH SELL LOW
BUY HIGH SELL LOW
BUY HIGH SELL LOW
BUY HIGH SELL LOW

[Anonymous No.7330347]

>>7329788
>ATH was 37 thousand. I don’t know how much longer i can keep staring at these dropping prices. I feel fucking sick. My “boomer” stocks are still way in the fucking green from this months rally (only 1.5k since i sold it all to put into tradh alt and eth).

kek exit the stock market, that bubble is just about to burst too

[Anonymous No.7330703]

>>7327830
Are you that retarded?

[Anonymous No.7330709]

>>7327185
>>7327068
Anon, I made it into a song for you.
https://vocaroo.com/i/s1DaegSine43

[Anonymous No.7330770]

>>7326568
For my mental sanity, I hope you're larping.