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/biz/ - Business & Finance

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8685436 No.8685436 [Reply] [Original]

Now that the market is plummeting, I'd like to give you all a friendly reminder.

If you sold your cryptos at any point, you HAVE been withholding an appropriate amount of currency (i.e., 35%) in cash or cash-equivalents so that you can pay taxes on crypto gains on your 2018 tax return?

Right? RIGHT?? Please don't tell me you didn't withhold...

>> No.8685482

so do I have to pay if I lost money even if i sold for a profit at one time?

>> No.8685512

>>8685482
I'm not a tax attorney or an accountant and am not getting tax advice. You should speak to a professional.

That said, unfortunately, there are limits to loss carry-forwards. I don't know them off the top of my head.

>> No.8685563

>>8685436
dude, this fud was good in january, now no one gives a fuck because people have bigger problems than tax for 2017.

Just don't cash out in jewmerica, pretty simple

>> No.8685617

>>8685512

>starts thread about capital gains taxes
>doesn’t understand how they even work

There are no limits to tax loss carry forwards, to the extent that they are used to offset capital gains. The only limit pertains to using capital losses to offset ordinary income, which is capped at $3k/year.

>> No.8685744
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8685744

>>8685436
I have 50 opened loot boxes on overwatch from 2017. How do I report my earnings to the IRS? Please help, don't want to be azz raped by Jamal.

>> No.8686108

>>8685436

yep

>> No.8686182
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8686182

Reported everything and paid. Amended last 4 years and paid. Even set up my shit using EFTPS so I can pay weekly for 2018. Zero worries here.

>> No.8686195

>>8685744
The contents of lootboxes have no value, so no.

However, if you somehow sold your Blizzard account you WOULD need to report that as income.

>> No.8686208

I never cashed out. Do I still need to pay taxes even if I have a plethora of crypto-to-crypto trades?

>> No.8686282

>>8686208
just cash out and pay everything once you make it, then either pay wht you owed for previous years or cash out somewhere where they only care about the final cash out