Who else got absolutely JUSTed by taxes? In the US you have to tax every trade not just the fiat sale...

Who else got absolutely JUSTed by taxes? In the US you have to tax every trade not just the fiat sale. So I was trading shitcoins while Bitcoin was $19k. Now it looks like I made over $100k in profits but because everything crashed I only have about $11k in my portfolio. I have to pay $15k in taxes.

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Welcome to the club. Crypto went from the best decision of our lives to the worst... Really quick

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>he reported his crypto earnings
weak bait my guy

crypto is a commodity

>Had half a million at the peak
>worth $70k now
>Kept track of all trades as I made them
>Cashed out $20k to pay taxes as I made those trades
If you weren't retarded you would have researched how taxes on crypto worked and cashed out 30% when you made the trades user. Feels good to know I'm not retarded.

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You’re a brainlet if you actually cashed anything out. If not, stop worrying unless you’re still on cuckbase, if so RIP.

Bastards made me pay like $30k on unrealized gains. It's ok though because I sold my retirement at the high, exit their ponzi nonsense to pay them.
Expanding my crypto again, feels good man.
I can also now write a script to loss harvest and set my liability extremely low for future income taxation.

Why can't you just sell now, take the losses on what you bought at the high? Those should cancel out your gains from earlier in the year. Buy back in 30 days from now so that you don't end up wash trading.

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You blind fuck, you get taxed on every trade in the US. Not just cashing out.

Yes, be sure to self report.

Couldn't you just invest in a shitcoin that you knew was gonna fail and then pull out as soon as your losses covered your gains?

Looks like what you're posting relates to the previous tax year though so good luck, remember to clear up all loose ends before April next time.

>be NEET
>no income
>hold crypto for more than year
>cash out gains and owe no tax

not that hard niggers.

Dont trade on US exchanges that report doofus

Because FIFO

This. You really think fucking Binance is going to report you to IRS for trading some shitcoins?

Don't pay the taxes on any crypto you idiots

Are you a burger?

Friendly reminder the IRS is severely understaffed and the whole system relies on voluntary reporting to function. Also, you only pay taxes on realized gains - look at it this way: if you own a home and it increases in value by $100,000 in a year (Silicon Valley) you don't pay tax on that value until you sell it. If you guys want to be pussies and tax yourselves on every shitcoin trade you do on a server in Asia go ahead and report it, and send them a check, they'll happily cash it.

Simply dont trade unless its really necessary and you cant sit on a stack of cash with no worries.

Just trade your shit to realize the loss.

You don't get taxed for every trade in US, you niglet. You get taxed for every profit. So if he traded in USD that's taxable not crypto to crypto.

Crypto currency profits are not taxable

www.aceofcoins.com

A home isnt the best example because if it's a personal residence for 2 years it's capital gains exempt when sold.

Cant get taxed if you only have capital losses

Not how it works unless you bought those BTC for much cheaper than 19K. In which case thats clearly capital gains and would be the same situation for stocks, you can write off your losses vs your gains bruh

I have almost a year holding some alts, but If sell for say ETH and then transfer to Coinbase for USD, how will the taxing work?

you don't pay tax on losses

if you buy 100 bucks worth of ETH and then immediately sell that same ETH for 100 bucks of USD then you get taxed on the profit you made. since you sold the eth for the same price u bought you technically made 0 profit. therefore 0 taxes

how should you act?