I've been accumulating all since the December dip, taking money from every paycheck without fail. After that last pump I'm sitting on ~12k in crypto. A little more than 1 btc, ~25 ETH and almost 6k LINK.
I don't want to sell thousands of linkies just to finish my goddamn staking stack, so be honest with me frens. Am I going to be able to retire on this? Where do I need to move to make it happen?
Your gonna make it. Might not be this run but your undoubtedly going to be a millionaire within 5 years.
If you’re an American and hold for a year and make less than 39k taxable income then you pay 0%
So if you make more than 39k, max out your 401k, HSA, 529.
With all that you should be able to write off around $80k. If that STILL doesn’t bring you under 39k you can prob write off donations or some shit but either way the next bracket is only 15%
>your
>your
>udoubtedly
Do the needful
Enjoy getting audited if you do this
>he thinks he can outsmart the tax man in 2019
how the fuck do you keep getting dubs
Actual question: Are you telling me to cash out my gains real slow-like, because my point was that if I 100x (and get 1.2MM) and cash out then I'd definitely pay a fuckton of taxes.
Yes fren eth will pump to 200 this week but will trade between 2-300 for a couple months so u will still get it at a good price. Link will moon before q3 so i would focus on getting 10k first
>paying taxes
>not trading crypto for gold
Whatever you hold for a year and past that will be capital gains. As long as you document the length you’ve held everything and have proof you will pay the cap gains rate. 39k is the 0% bracket but it’s taxable income so you lower your taxable income by putting money in pretax accounts
Say you make 40k a year. Contribute at least 1k or w.e the exact number is for capital gains (it’s actually like 38600 or something) and you’ll change from paying 15% to 0%
If you are doing say link you need to document the link-eth/btc/usd etc and show that you just basically cashed out. The irs isnt going to care if during that link-btc period that you made 10 dollars off btc going up in that period, not 10 dollar loss if it goes down by 10 In that’s period
I personally am not buying anymore crypto at the moment so I can keep my total stack consistent without going back and analyzing for when It’s been a year for holding 50 link
Sucks id like to buy more but it’s just easier this way and I’m at my point of as much as I’m willing to lose on crypto anyway
Guys i just totalled my car and got 6-12k to throw in the market depending on how balls out I want to go. Where is the next moon to throw this in. Should i pull out my BC? This ride over?
Do capital gain taxes work like income tax brackets? As in, even if I say, make 49k I'll only pay 15% on the 10k above 39k?
Fucking this. Skim a little off the top as crypto rises to buy PMs then when crypto goes back down sell some PMs to buy crypto low.
Yes it’s the same thing but you have to hold the investment one year with documentation
Since you kept buying here and there it will be more annoying to confirm everything to get the correct rate, but it will pay off more than likely but timing is key here and you may need to dump your bags before a year is up
So if you buy 1 link on Jan 1st 2018 you can sell a year later( I think this is based on days not necessarily the same date a year later, could be wrong) say on Jan 2nd 2019. Then Jan 2nd of 2018 you bought 1 link, if you sell it with the other link on Jan 2nd you’d end up paying normal taxable income on it
Also I just googled 529 lump sum and I guess it’s not pretax like I thought so realistically you can only bring your income down by 19-23k with 401k and HSA
This is where it's worth it to use a service like bitcoin.tax. Import all transactions from exchanges and it calculates it all for you.
just cash out overseas nigger fuck
I will help anyone cash out here if they need to, if they ever make it. Use a smartcontract, once LINK comes out, you won't have to trust someone that might scam you or whatever, we 4th industrial revolution.
Nigger.
what was the point of this samefag? Seriously, explain
>same dubs on both posts
What did kek mean by this?
Same here friend. But If Xrp goes to 50 bucks I will be
How did you guys know that I samefagged? I’m not using a trip wtf
Please kill your self
>arguing with himself
the absolute state of Jow Forums
Imagine being this fucking stupid. Firstly for arguing with yourself and secondly for not realising how you got rustled. Lmao.
...
No xrp
No retire
kys
I know that feel OP. You just need patience. Luck too but you can't make it in this game with just that.
Back to r*ddit
When newfags don’t know about IDs
niggie come to Portugal... no crypto taxes : ]
I'm getting fed up with the blatant racist comments and the complete disregard for minorities. It's almost 2020 hence racism should be eliminated by now.
(((You)))
kekekekekek the bait is weak bruv
>paying taxes
>cashing out
Never going to make it.
IM CRYING OF LAUGHTER THE IDS
Fucking lel
LMFAO
PFFFT HAHAHAHAHA
HAHAHAHAHA newfags don’t know about IDs
Thanks for all the help, guys, and especially thank you I now know that the crypto market is ACTUALLY Back if newfags like you have arrived lmao
you have 6k link so if you dont go full retard and sell early you will def be a millionaire
>so mani newfags
>how does one hodl all thiz newfegs
>????
>profit
KEK
Buy a new car, retard.
go all in on link, once the mainnet launches just set up a node and you're set for life. It is better to create passive income than having a big wad of cash
If you cant outsmart the taxman with crypto which was designed to outsmart old money and you retards go and bring them food on platter with your stupid self declarations. Whenever some retarded gov office plant hears the word "crypto" he goes into startled turbo alert mode and will shred anything. If he won't understand something he will interpret against you, every dubious or even favorable circumstance will be turned and interpreted against you.
Do not file, do not declare, keep low key. Be the swiss millionare who drives vw jetta/golf and takes it easy.
where do you liquidate your gains then? Surely bank will flag large or regular deposits from crypto earnings. I can't see any viable method of cashing out without moving country.
Haha faggot you can’t get audited if you never file in the first place.