I didn't know I'd have to pay capital gains tax on every single crypto trade. I've been financially ruined...

I didn't know I'd have to pay capital gains tax on every single crypto trade. I've been financially ruined. I lost it all. 2017 was all for nothing.

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Right? Why didn't someone tell me that when I was trading with $50k on alts Lmao. Who even knows how big that tax bill is.

The creator of this thread is not a human.

how much did you lose?
i want to jerk off. tell me quick

Most people here can sell at a overall capital loss and avoid this

This. Talk to an accountant.

if you lost everything then you don't pay capital gains you idiot.

Initial: 15k
Ath: 80k
Current: 15k
2017-2018 FY Taxes: 15k

i don't understand? murricans seriously have to pay taxes on unrealized gains?

Then you also have a capital loss you asshat. Claim it.

im close to that number my fren
initia 5000€
ATH 96000€
lowest after burst: 8k€
now: 75k€

i was very lucky. bought SLT at 2XLM/SLT and bought SV very low and swing traded it a few times. feeling really good now.

i hope you can come back bro. fell hugged

No, if in 2017 you had net profits from trading ( trading cypto to crypto is a tax event- pretty much the same as going crypto-->cash-->crypto in the eyes of the tax man)
In the US, you owe taxes on 2017, now in 2018 you would be able to deduct losses from your income- if you have any.

We do for 2017 gains. Then you do your 2018 taxes and the best you get is max $5k (if you have a job) and probably never have to pay taxes again going forward.

no it's brainlets and fudders.

you only pay taxes on your gains.

It happened to donald trump. He claimed billions in losses in the 90s and rolled that forward for 20 years.

> trading cypto to crypto is a tax event
the absolute state of US

interesting, in my country you only have to pay taxes on forex gains if they are within 1 year. if more than 1 year has passed between buying and selling you don't owe them money. i have used this loophole many times before.

ah i just looked it up bitcoin is actually unregulated it does not count as a currency or any other investment vehicle.
basically when you cash out you have to pay taxes on your gains as "other income"

That's not true in my country. Where are you from?

You can claim only 3-3.5k losses per year in US
Double kill!

don't worry, capital gains is only for profits