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8447382 No.8447382 [Reply] [Original]

I filed and they accepted my taxes today.
This is how you do it if you are curious.

For crypto to crypto I would just put Bitcoin to Litecoin, then the gains. These are just cash ones here.

>> No.8447402
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8447402

>>8447382
>tithe time

"It's a revolutionary new payment system"

It sure is isn't it...

>> No.8447428

>>8447382

how does it feel being a jew cuck?

>> No.8447431

>paying taxes on sub 10k

>> No.8447439

>>8447382
hey what form is it that?

>> No.8447448

>>8447382
>sub 10k

>> No.8447454

you really bothered to file a whole 300$?

>> No.8447494

sub 10k
is this anon serious?

>> No.8447514

>>8447431
this. lol

>> No.8447637
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8447637

>paying taxes and not using localbtc

>> No.8447662

Lmao what a fucking cuck

>> No.8447690

>>8447382
yikes

>> No.8447708

paying taxes is against the whole purpouse of cryptocurrencies.

You're a bunch of cucks.

>> No.8447727
File: 31 KB, 396x385, 1517914715084.jpg [View same] [iqdb] [saucenao] [google]
8447727

>>8447382

>> No.8447728

>>8447708
what page of the crypto manifesto does it say that on, you anarchoweeb faggot

>> No.8447741
File: 490 KB, 449x401, girls.png [View same] [iqdb] [saucenao] [google]
8447741

>>8447382
>falling for the meme

>> No.8448015

>>8447439
That is an 8949, but you also need a schedule D.

>> No.8448041

>>8447431
>>8447448
You dont have to pay if its less than $10k? Same for stocks?

>> No.8448044

>>8447431
>>8447514
>>8447708
When the IRS gets all of coinbase records you can cry to them about muh 10k rule and see what it gets you!

>> No.8448137

>when coinbase reported to the IRS you made $1,400,000 but you only ever had $20k max in your account

>> No.8448210

>>8447728
fucking newfag jesus christ

>> No.8448231

>>8447382
So I have a scenario:

>buy 10,000 shitcoins for $1,000
>shitcoins tank to $500
>sell all 10,000
>$500 loss
>instantly buy them back
>no money made
>rinse and repeat until no money owed on taxes

Is this a legit strategy? Is that even legal?

>> No.8448247

>>8448231
It is called a wash sale and no it can't be written off.

>> No.8448321

>>8448231
>spend $500 to deduct $500 from taxable income

Unless you taxes are >100% you aren't making any money doing that.

>> No.8448351

>>8447382
Fucking sucks that capital gains tax can be limitless, but you can only write off $3000/year in loss

Fuck the gooberment

>> No.8448357

>>8448321
You're technically not losing any assets because you instantly buy them all back at the lower price you sold for. As >>8448247 pointed out though this is a wash trade so you can't deduct it on taxes.

>> No.8448375

>>8448247
Wash trading does not apply to crypto (yet).

>> No.8448478

>>8448357

You lost the $500 from your investment. Even if you waited long enough for it not to be a wash trade that would become your new cost basis, so when you got back to $1000 you'd owe taxes on the $500 again. And you can only write off like $3000/year in capital loss or something while there is obviously no limit to your taxable gain.

>> No.8448493

you fucking filled out a 8949 form for literally 4 transactions that were under net gain/loss of $400? dude your a cuckin dick sucking mama's boy. The irs are probably laughing at your dumbass. you really think they are going to fucking knock on your door to pay taxes on $400 gains? i literally have 100x that LOL i feel bad for you

>> No.8448517

>>8447382
HAHAHAHAHAHA.... what a fuckin cuck... literally crying... you declared this sub 10k never going to make it bullshit? Really? REALLY?

>> No.8448546

Good goy

>> No.8448556

>>8448375
>Wash trading does not apply to crypto (yet).
wash sales, not wash trading (different thing). and yes, wash sale rule does apply.

>> No.8448740

>>8448556
Wash sales only apply to securities and bonds. IRS considers coins property.

They would have to prove intent in order to say you were making wash sales.

>> No.8448762

Any Taxjewician know if being a undergrad or grad student helps?

>> No.8448841

>>8448762
>Any Taxjewician know if being a undergrad or grad student helps?

if you are in undergrad you get tax credits on form 1098 T if you pay tuition for school. max $2500 per year for 4 years of undergrad. this is only if you are an independent. if you are dependent, your guardian gets to claim that on their taxes

>> No.8448857

>>8448044

>.t never filed taxes before

your NEET is showing anon

>> No.8449394

>>8448740
>intent
the intent is gonna be pretty fucking obvious when you start claiming those loss deductions, they're don't care if it's commodity or security the rules apply to both idiot

>> No.8449408

>>8447382
>various

>> No.8449449

>>8449408
That is allowable. I thought for second I spelled it wrong...lol

>> No.8449683

>>8447382

OP is a fucking idiot for taxing his crypto under 10k.

>> No.8450115

>>8449683
The IRS taxes under 10k just as much as above it!

>> No.8450735

>>8448231

then to spread more than 30 days for this to not be a wash sale pajeet

>> No.8450780

>>8449394
some of the cucks on here jiminy christmas

>> No.8450791

>>8449683
Wrong. Once op makes it above 10k, do you really think they won't audit his ass and try and take everything from him? Go be retarded somewhere else.

>> No.8451036

That's great if you made four trades. I'm pretty sure some people here made a few more that.

>> No.8451074

>>8448137
>le epic "when" meme
fuck off back to redd!t

>> No.8451113

>>8447382
I bet you forgot to pay the ordinary income on the $1500 in BCH that you got during the fork. by only paying tax on the $500 gain, you are ignoring $1500 in taxable income. good luck with the audit.

>> No.8451744

>>8451113
lmao this. letting the IRS know you have crypto in the first place was a mistake.

>> No.8452368

>>8451036
You can attach as many pages as you want. All gets totaled on a schedule d anyway. And yes there are ways to make it easy with software or even excel!

>>8451113
>>8451744
Oh we are so smart now! Too bad I didn't get a fork payment in bitcoin cash. I bought bitcoin cash and sold it for the gdax price spike!

>> No.8453000
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8453000

>>8447382
Good job anon, this will go directly to paying the private federal reserve for debts incurred bombing innocent children across the plane.