>after 1 year of trading lost all my gains because it all crashed and didn't pull any out to fiat
>still have to pay tens of thousands of dollars that I don't have any more from all the taxes of all my trades
How... How is this fair? How can this be happening?
Just don't pay and make it up after Chinese new year 2019
That's why the laws are being reviewed.
How do you have taxes if you don't have any gains?
can't pay taxes if you don't cash out to fiat brainlet. Stop fudding
the us government is not going to subpoena you for your trading records. you dont have to report anything beyond short or long term gains if you use an altcoin exchange. if you use coinbase or gemini, you will have to since they know all your info.
the US will ban citizens from trading on altcoin exchanges, most likely. many of them are securities.
you dont have to worry
All crypto to crypto trades are taxable you idiot
>you never listen
Not really, unless you're a cucked amerimutt.
no they not, thats like saying you have pay taxes on WoW auctions
also capital losses, dummy
What countries are you in?
you do have to pay taxes on wow auctions though.
>after 1 year of trading lost all my gains
>still have to pay tens of thousands of dollars that I don't have any more
>lost all of my gains
>lost
if you lost all your gains on your trades then you dont have to pay anything you fucking retard.
Yes you do. If you made profits on trades it counts as taxable income. Does nobody here know how taxes work?
>trade 1 btc for X shitcoin
>make 1.5 btc back from X shitcoin gains
>trade 1.5 btc for Y shitcoin
>lose all the 1.5 btc
how much do you owe in taxes? FUCKING NOTHING, SINCE YOU LOST IT ALL.
just don't pay it dude and let the irs jews sort it out
If you're an amerimutt you still owe a % of the profit made on the transaction, even if you lose all your money on a hack, or if your shitcoin goes to 0.
Also, you can only deduct up to a certain amount of the losses each year.
E.g. if you make a profit of 1 million in a trade, and lose it all on a hack, you still owe a percentage of the 1 million in taxes. And you can only deduct, let's say, 30k in losses each year, so you're still on the hook for the next 30 years.
In other countries like Portugal or Switzerland, you can just pay a lump sum when you cash out, or crypto is considered a foreign currency, respectively.
Mutts' system is fucked up.
lol youre fucking retarded. the system is fucked but that doesnt mean you have to follow it exactly. i mean this is absolutely not rocket science
if you bought 2 btc on coinbase thats going to be reported. but lets say you sent that 2 btc to binance, traded it to 3 btc but then lost your fucking ass and sent 1.5 btc back to coinbase and sold it back to fiat to cut losses. thats losses you can report. the 1 btc gain you made on binance...as far as you are concerned, that never happened. the IRS cant really do anything about it since you experienced an overall trading loss
I'm not a mutt, I don't give a fuck. But I know the system well.
>the 1 btc gain you made on binance...as far as you are concerned, that never happened. the IRS cant really do anything about it since you experienced an overall trading loss
Ohhhhh boy, you're in for a rude awakening.
Thats fucking crazy OP. Mutt here. Had a sneaking suspicion crypto was a meme
You will get taxed on every trade based on the profit you made in the fiat value of the cryptocurrency at the time of the trade. It doesn't matter how much you end up with...
>no gains
>thinks he has to pay capital gains tax
ebin
>You will get taxed on every trade based on the profit you made in the fiat value of the cryptocurrency at the time of the trade. It doesn't matter how much you end up with...
This isn't true. Its just a guideline that is being pushed for now. But due to the fact not many people are doing it its unlikely you will be expected either. Its not actually possible in most cases to properly calculate this kind of stuff for everyone anyway.
Word of the law this is true. But its not enforced. Same as crypto. Its not enforced.
Damn dawg, you dumb as fuck...
Hurr derr I'm right because I'm not going to do what the laws of the land explicitly dictates. Hope you enjoy massive fines' if you get audited ya fuckwit
>Another "lost all gains but still have taxes" meme thread
Losses offset taxable gains, you fucking morons
You have to pay taxes on the value at the time of sale.
*per calendar year. You motherfuckers need to talk to someone that fucking knows shit. Not fucking autist spergs on this forum..
>tfw you realise nobody here understands that have to actually follow tax guidelines because this site is filled with NEETs who have never worked and live with their parents
> tfw you realize literally nobody is paying taxes on trades anyway so this entire topic is garbage.
unless you did all of your trades on coinbase, who gives a fuck? you think binance is going to give your shitcoin trade history to the IRS?
actually paying taxes on crypto
user, I...
>Claiming byzantinian alchemic algorithm specters as taxable income
Enjoy prison faggot
No you literally don't you fucking retard. You lose fucking 30 grand and report it as a loss the IRS isn't going to ask for money you dont fucking have. Stop talking out of your ass you literal retard
You literally have no idea what you're talking about. There will be no rude awakening. The IRS either won't pursue it or they will take him into the audit room and find out he's fucking broke