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/biz/ - Business & Finance

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7885307 No.7885307 [Reply] [Original]

There are NEETs on this board who realized their December gains and stayed in crypto till now.
Some of them will soon have less than the taxes they owe.
Some of them will have to sell most of their holdings.

>> No.7885772

why?

>> No.7885919

>>7885772
Well, it depends on your country's tax laws.
But let's suppose that you have to pay 50% tax (for simplicity) on like-kind (crypto to crypto) trades.
You bought 1BTC for $1k and traded it at $20k for some other shitcoin during 2017. Because of our assumptions, you realised a profit of 19k and owe 9.5k in taxes.
If the value of your shitcoin drops below 9.5k, you can't even pay for your taxes.

>> No.7885961
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7885961

>tfw cashed out just enough not to pay any taxes this year

>> No.7886087

>>7885919
Except when you report your losses retard

>> No.7886145

>>7886087
You still have to pay taxes for 2017 (assuming that's the fiscal year). You can't deduct the losses from 2018.

>> No.7886179

>>7885307
>everyone is a goblino like me
La creatura no tiene cerebro...

>> No.7886186
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7886186

>>7886145

>> No.7886195

>>7885307
this is the last fud nocoiners have because its so subtle.

>> No.7886227

>>7886186
I'm right, brainlet.

>> No.7886284

>>7885307
>realized gains
>stayed in crypto

wtf are you talking about? You think the tax man comes for you before cashing out? Do you understand how taxes work?

>> No.7886293
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7886293

I know im fucked for not selling off 100% at the peak of December gains.
But this is still funnier than videogames

>> No.7886444

>>7886284
You have no clue. In the US, like-kind trades are taxable events. If you trade BTC for ETH, you create a taxable event and it's as if you sold BTC for USD and then bought ETH. If you made a profit on BTC, you owe taxes on that profit (well, you owe taxes on your net profit, but I'm simplifying). But you stayed in ETH during the rest of your fiscal year (so you never sold ETH at a loss during that year), and now it's worth nothing and you can't pay your taxes on that profit.

>> No.7886489
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7886489

>>7886444
>In the US

>> No.7886506

>>7886489
It's just an example. This applies to many other countries as well.

>> No.7886548

>>7886506
I'm not a burger, for example.

>> No.7886609

>>7886284
If you bought the BTC @ 1k$ and later in the year bought 20 ETH @ 1k$ each you must pay taxes on the 19k$ gains, regardless of cash out or not.

>> No.7886646

>>7886609
Thank you.

>> No.7886652

>paying taxes
You’re an idiot.