I first caught wind of it when a buddy of mine said he was going all in on ETH in May of last year. I said fuck it, signed up on Coinbase and threw $5000 into crypto. Mind you this is like half of my life savings (poorfag), but hell it's not too much to lose.
Well, I went down the rabbit hole and struck gold a few times. Antshares, DGB, ZRX, Walton... I brought my 5k initial all the way up to a $880k portfolio in December 2017.
Now I should have listened. I should have cashed out, yes. Once I hit $1 million I was going to... I would have been set. And then, JUST like that the market tanks going into the new year.
I didn't know shit about taxes so I never bothered to set aside anything. I gambled in more than a few shit ICOs to start 2018, had some money in ZCL, NEO, BCH, OMG, etc. Today my portfolio sits at $125k, a far cry from my $880k ATH.
My estimated tax liability for 2017 is about 390k (live in Cuckafornia, fuck this place).
I make $12/hr as a retail associate at Barnes & Noble. I haven't paid any taxes or filed any returns for 2017.
I'm probably just going to kill myself if BTC isn't 50k by the end of the year.
In the end Cuckbase ratted me out here. Just pay your goddamn taxes. Don't be me.
are you fucking stupid? you were TRADING crypto/USD pairs on coinbase? just buy, convert to XMR, and hold, you retarded nigger
Dylan Reyes
Any CPAs/legalfags here?
How fucked is this guy actually?
Joseph Johnson
If you sold crypto at a profit, reinvested these profits in another crypto, then sold at a loss, the amount of taxes you owe....you know what nevermind. It’s not worth explaining this to you brainlets
Ryder Jackson
Yeah... Just kill yourself.
Nathaniel Long
But none of the coins you bought are on Coinbase so fuck off lying IRS pajeet
Parker Ward
burgers love to make fun of us bongs saying how authoritarian our govt is (e.g. spoon license) and it is pretty bad sometimes
But at least we don't have this bullshit
Benjamin Gutierrez
Only ever use cuckbase to cash out. Or, as the user above advized, convert to monero first.
Eli Lopez
Subtract losses dipshit. Fuck you people are stupid.
Jackson Peterson
didnt you withdraw from coinbase? just say you invested your coins in bitconnect and lost them all before 2017 was over or something.
William Allen
Wrong! UK government demanded cuckbase give them a list of all UK users, so they could match it to their tax returns..
James Jackson
Only losses up to 2017 can be claimed in 2017.
OP made no losses in 2017. Only in 2018. These cannot be claimed back in 2017.
Camden Reyes
>deliberately realising short term capital gains on a regulatory compliant exchange in the USA with kyc godspeed user, i figured people like you exist. what's interesting is that i've got almost the same history as you, 800k, planned on selling everything and going into stocks at 1 million, now at 140k, feelsbad. but atleast i only traded on exchanges without kyc like bitfinex. >don't be me don't warn the imbicels, if they don't use their brains, they deserve what's coming to them, it's like natural selection
^This is why a few brits posted here recently about getting their doors booted in and all electronics confiscated recently
Nathan Roberts
Larp better, nobody is this stupid
Luke Baker
I'm not a tax accountant or lawyer but losses in some forms are eligible to be written off.
Michael Brooks
I thought no one cares about tax in the US
Bentley Reed
just calculate gains on usd trades and report the rest as tax free exchanges. it's a gray area for 2017 and you will have at least done something. you did keep some USD, right?
Ryan Scott
American thing? I'm a leaf, I can carry forward losses to other years. Would have hoped u guys had the same thing
Gavin Parker
Yes but you can't claim losses from 2018 (where OP had massive losses) in 2017 (where OP had massive gains).
Jack Sanders
Is it dumb to use Coinbase as your fiat gateway (meaning, buying bitcoin or usd there) or not?
Brody Cooper
How can you owe taxes, if you hadn't taken a profit yet? If i buy a stock or a coin, i would imagine i would only pay taxes once i sell them for a profit.
I figured all crypto are considered as one, so you can freely trade inbetween them (tax free), but once you cash out for a profit, then you have to pay taxes off of that profit.
Sebastian Reed
/thread either go completely "off grid" with your trading (xmr/no kyc/etc) or be smart about how taxes work
Daniel Watson
Sounds like the IRS ruined your life. not crypto.
Nolan Jenkins
no, when you exchange your trumpcoin for hitlercoin it's the same as selling it for usd in IRS's eyes
David Foster
really? that is good to know.
Sebastian Peterson
newfag, everyone here knows what "fiat gateway" means. you don't need to define it for us
Jaxson Garcia
yea, once you trade one asset for another you realize either a loss or a gain, unless it's exactly the same price as when you bought it. This way the IRS can cockblock people from bartering as a way to evade taxable events. It's for your own good goyimg ((()))
Nathan Collins
>Only losses up to 2017 can be claimed in 2017.
>OP made no losses in 2017. Only in 2018. These cannot be claimed back in 2017.
how can someone be so retarded to not cash out knowing this? op should have sold enough to pay his taxes and trade the rest
Jaxon Hall
that's how I've heard it argued and know many people who filed that way for 2017. 2018 though pretty much everyone agrees it's been changed in the new tax law where it won't work like that now. I've heard someone I know disagree though. the IRS is very quiet about it all.
Julian Hughes
Only niggers pay taxes from crypto.
It is legally not taxable.
Owen Martinez
isn't crypto like stocks, you only pay taxes on realized gains (when you actually sell the coins for cash)?
Tyler Morris
no its a like like transaction
Austin Sanders
>1 post by this ID You gullible faggots. Without even searching I can guarantee OP just copypasta'd this from somewhere on leddit.
Kys. All of you.
Evan Howard
Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange.
Both properties must be similar enough to qualify as "like-kind." Like-kind property is property of the same nature, character or class. Quality or grade does not matter. Most real estate will be like-kind to other real estate. For example, real property that is improved with a residential rental house is like-kind to vacant land. One exception for real estate is that property within the United States is not like-kind to property outside of the United States. Also, improvements that are conveyed without land are not of like kind to land.
Jace Campbell
JUST
Grayson Lee
Thanks for answering the question faggot. Been in for a few years, just trying to be clear.
Mason Walker
In the US coin to coin is a taxable event.
That said either don't report if there is no record of it on a US exchange. If there is just set up a payment plan. When it comes back up you wont be taxed on the same gains again and can pay it.
Andrew Collins
They're new gains so he WOULD be taxed on them.
However he can now apply his prior losses to avoid tax liability.
