Just talked to my accountant. Turns out I'm $30k in tax debt because I traded my 6 BTC (worth about $100k at the time) for 10,000 AION in early January. Now those 10k AION are worth less than 1 BTC, only about $4,000 at current prices. Problem is, when I traded my bitcoin for AION, I technically created a taxable event. So now I'm 96% down from my January all time high AND I owe the IRS $30k (which I obviously do not have).
How the fuck do I get out of this? >inb4 lie to the taxman >inb4 kneepads >inb4 buy Chainlink
>Turns out I'm $30k in tax debt because I traded my 6 BTC (worth about $100k at the time) for 10,000 AION in early January. How did your accountant know that you traded BTC for AION?
Jason Peterson
Sent him my trading history
Luke Baker
Sell your fucking shitcoin and bank the capital loss you need, your accountant didn't fucking tell you that
Holy shit I'm probably super fucked then because I was throwing around bitcoins like they're nothing.
Are you sure you pay the taxable event even if you exit at a loss?
Dominic Green
Like I'm probably hundreds of thousands of dollars in tax debt if that's the case. I guess I'll see you in club fed with everyone else from biz.
Asher Stewart
Just don't report your crypto earnings. Pretty easy, there's no way for them to verify anything unless you're too much of a fuckwad brainlet to actually give your accountant your trading history.
Ryder Rivera
Not sure if this is troll post or you/your account are just retarded.
If you convert you AION back into BTC right now you take a $96,000 loss that would negate your $100,000 gains. You add up all your short term gains and all your short term losses (same with long term) and pay based on that number.
You don't just magically owe $30k if you don't have anything to show for it. Just make sure to trigger short term losses during 2018.
You guys are fucking brainless let me explain this. He bought ten Bitcoin at say 1k and "sold" for 100k = 90k gain. Sell you aion for 4k = 96k capital loss. The only thing they can get you on is you're supposed to pay that tax back in January so maybe there's late fees idk
Owen Jackson
You're only taxed for capital gains. If your net trading value is negative (capital loss) then you do not owe taxes regardless of your profitable trades.
Jeremiah Thompson
atleast in my country you can´t do that. if you make 100k profit and lose it all in the next trade, you still have to pay capital gains from the 100k profit.
This, sell it to btc then rebuy your 100k NOW before EOY and it will count for this year.
Nathan Watson
First, you're a moron for buying an obvious pump. Price jumped 5x in about 2 weeks, did you think that was sustainable? I feel no pity for the morons who FOMO'd into Aion hoping for a moon mission. You got greedy.
Second, the whole fucking market tanked right after that and you just kept on hodling? lol
Third, this guy is giving you some solid advice. Trade it so you can claim the loss. You can even trade it to BTC and then right back to Aion if you're committed to holding this bag.
Try to use your fucking brain next time, user
Aaron Campbell
makes no sense, where did you get this information and what is your IQ?
Jose Jackson
What he wrote is true, do some research before you post
Dominic Carter
Sell your Aion for 4K then buy it back. Creating a taxable event. 96k in captial loss, to off set your gains...
Dominic Lopez
Literally wash trading in the absence of an acceptable reason. IRS will decide what was acceptable. Do not make this kind of trade if it is not with the intention to make money.
Bentley Hughes
On what fucking country?
Thomas Bailey
gains at the due date. if you sold before the end of last year for a profit, then you have taxable gains. you're fucked if you lost everything after and didn't cash out some to pay taxes.
Lucas Howard
Also fire your fucking accountant if he didn’t tell you to do this, because he’s fucking useless.
Elijah Walker
He can say he wanted to buy lower...i laughed while typing that consideding it's down 95%. Imagine the tax guys face
>implying OPs story has even a shred of truth to it This is just yet another Aion FUD post poorly disguised as a serious request for help. If it's true, both OP and his accountant a window-licking brainlets.
Levi Nelson
>thinking OP needs a gay ass LARP to FUD aion i'm pretty sure the 96% drop speaks for itself user
Ryder Lee
It's not a wash sale unless he buys it back within 61 days
Ignore what I said here about buying it back
Hunter Wood
I would be interested in the effect of trading the ERC 20 based internet token to the aion chain token. This by law is not a like kind exchange, so what is it? a regular trade?
Austin Brooks
If true, OP's an idiot for buying when he did. If you bought at presale and got into the bonus program, you'd still be up over 2x right now.
If you traded on Binance, what's stopping you from faking it? It's not like IRS has any authority over them.
Levi Peterson
The token swap? It's 1:1, literally like-kind exchange. It's not like trading an Aion ERC20 for another, different ERC20. Why do you say it's not?
Jose Lee
>If you bought at presale and got into the bonus program, you'd still be up over 2x right now. so like fifty people lol? i'm pretty 99.99% of people who bought AION anytime before, like, three weeks ago are at a massive loss rn
Jaxon Reyes
this information is directly from the taxman and my iq is (according to mensa internationals test) 136.
couple thousand people, but who's counting? Anyone who bought anything in January is at a massive loss right now. OP is ESPECIALLY at a loss because he bought an obvious pump like a fucking noob
Kayden Gonzalez
Because burger tax men explicitly clarified like kind can only apply to real property after 2017
Nathan Wood
I'm not convinced. Even if not technically a like-kind exchange, it's not an exchange at all. 1 AION = 1 AION. Essentially it's just moving the same asset from one chain to another without ever giving up ownership.
The IRS is not gonna know about your trades, unless they were on coinbase or gemini. Pay capital gains when you cash out, and stop snitching on yourself. You're foolish if you think the IRS is going to audit the whole planet and figure out you bought some AION. They do not have the manpower.
It’s not a wash at all. Wash trading is buying and selling to yourself. Ie, place a sell from one account and buy it from your other account. You can make all the shit trades you want with a third party.
Thomas Russell
OPs chance to do anything about this expires at the end of the year, doing nothing and merely hoping for the best is fucking retarded.
