Id like to thank Jow Forums im a little plastered at the moment but if i hadnt found you guys id have never made it. Pulled in over 200k last year. Year before that i was a 10/hr wagie. Now im living the NEET life and making gains everyweek. If i had any advice you all it would be to trade, TRADE. Dont be greedy hoping for moons. Sure some shit is good to hold. Trade the shitcoins and take small gains where you can get them and they will add up. Yes, you will get burned a few times, but you'll learn. Goodluck frens. Also JPMCoin is HUGE for all of us. cryptocurrency is now officially validated. We can only go up from here.
Id like to thank Jow Forums im a little plastered at the moment but if i hadnt found you guys id have never made it...
Jeremiah Lee
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David Cox
Ah hello kek
Is the taxation shit a meme?
I was of the impression you only pay tax when you cash out.
Brandon Cooper
That is correct. If you left all of your investments on an exchange the whole year it isnt realized income. If you entered it into a bank at any point then it is now realized income and is now taxable.
Tyler Stewart
Grats mah fren.
How much did you start out with?
Do you trade top100 coins only?
Also what are your fav indicators/setups?
I lost 15k so far, started in Dec 2017. Hope I'll also make it.
Ethan Rodriguez
Can you tell me how much you started with and how much you've multiplied your investment?
Lucas Foster
I started with 10k and that was all money i had been saving since i was 16. I left my job and joined every crypto forum i could find. I avoid coins that have come into the public eye, if im looking for quick profits. You want to get your hand into as many pots as possible. Ive made money off the shittiest coins because i could see the FOMO was working on people. It really depends on alot of factors that im too drunk to get into. Just find as many sources of information as you can. Go balls deep. Jow Forums is one of many places i look for crypto information.
David Roberts
Thank you brother may kek bless you!
I think this meme has been commonly posted on biz to incentivise you to hold and not trade so you miss out on opportunities like this.
E.g. Biz says you must pay tax each year you hold.
Biz says you must pay tax on each trade.
It's an insidious psy op and I fell for it for so long.
You only pay tax on what you cash out.
Hudson Scott
I will quit my wage kek job tomorrow user.
I have 1.5k stack to trade.
Rest is held.
But probably about 10k funds total.
Like you my brother!
Would you recommend longing Bitcoin?
Or do you not bother with BITMEX?
Nathaniel Kelly
Hello. Been lurking for a minute. Where do i start?
Grayson Collins
OP any tips on how to keep good discipline and not get greedy? Do you set yourself limits every day?
Jordan Rivera
Dont quit until you have enough money to support yourself through your reds. You are going to lose money at first. No way around it. I dont use bitmex, it is the Nadex of crypto and is great for getting money out of peoples pockets. Prepair first, dont quit until you are 100% sure you have a handle on everything. Start by joining other crypto forums and by following crypto youtube channels. Dont rush into this, do your Due Diligence first. Id feel awful if i drove someone to quit their day job ad they wound up blowing their savings. Research first, investment after. Follow multiple mediums and draw your own conclusions from all of the information.
Justin Moore
O
Christopher Cooper
If i make or hit close to $300 profit, i leave for the day. Period. Sometimes i hit over the mark, sometimes i hit lower. Keep in mind i have multiple investments, so $300 profit comes from a total of multiple sources.
Dylan Wright
>Pulled in over 200k last year
>If you entered it into a bank at any point then it is now realized income and is now taxable.
LARP or your gonna lose it all to IRS fines and penalties
Dominic Morgan
DERRRRRR
I made 200k after the 30% tax on my bracket.
Hudson Price
where are you from?
Easton Davis
do you trade every day? any rest days?
Ryan Foster
you said you dont owe taxes for trading on exchange and that is 100% wrong so if u didnt pay on crypto to crypto trades and u cashed out 200k and will cash out more without doing your taxes properly then it will be probably found out within 7 years and youll get raped by the IRS with fines and penalties
Connor Jackson
Texas
Yes everyday, i do not rest.
Yes that is correct, if i left all of my trades on exchange i wouldnt have paid taxes, but i cashed out around 280k and after taxes it put me at close to 200k. You can claim losses on an exchange IF you choose so. Do you know how taxes work? I doubt you do.
Logan Ward
Don't worry user
My job is so bad I feel like killing myself sometimes.
12 and a half hour shifts.
congratulations on making it!
I used to have a few hundred k in crypto back in December.
But then I fell for the "you can't cash out" meme.
That's enough to scar you emotionally.
Good luck user.
William Adams
The absolute state of biz
Juan Smith
elaborate, wise one.
Wyatt Johnson
It smells like Reddit and curry in here
Camden Mitchell
I may be the Reddit?
But who is the curry?
I take it the user shilling for the tax man?
Ryan Howard
Congrats user honestly, but you do not know what you’re talking about in terms of taxation. If you’re located in the US, you are obligated to report all crypto-to-crypto transactions and all crypto-to-fiat transactions as short term or long term capital gains. It should work the way you describe, but it doesn’t unfortunately.
Samuel Smith
I have never converted crypto to fiat though.
Aiden Cooper
until the end of the year
Carter Powell
Ok, but you have converted crypto 1 to crypto 2 if you follow your own advice to trade rather than hold. Even trading bitcoin that you bought off coinbase for some shitcoin on IDEX is a taxable transaction. I’m not saying that the IRS will track you down and ruin your life, but you shouldn’t spread misinformation about something that could potentially be life-ruining.
Dominic Hernandez
So what are the few coins that you are ACTUALLY holding long-term? Don't be coy now. Do Jow Forums a solid for once and spill them.
Jose Williams
I like your attitude by the way. I try to actively trade with ~40 % of my BTC stack for small gains while holding the rest in long-term picks.
Leo Gonzalez
not only on what you cash out, but (depending on your country and if you file your taxes in your own name or create a shell company) but on benefits
e.g: I created a real estate company which allows me to deduce spending related to rental activity from rental income (furniture, loan interest, energy bills, maontenance, etc...)
If these expenses bring my rental icome to zero and lower, i can use them to lower taxes on my salary, or store them for the next fiscal years. Buying stock for this company instead of my own name means any loss is tax deuctible, while gains are registerd for the company, at a lower tax bracket than the one on my personal income