Made 170k last year

>Made 170k last year.
>Lost it all in the crash.
>Have to pay 50k in taxes that I don't have.

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This is a small price to pay to learn the ropes. Get back in and understand what you did wrong. It will be a grind but you will make it because you have hard-won knowledge others do not.
You may have to wagecuck and throw your income into shitcoins, thats what I may have to do.

How do you have to pay taxes on gains that you didn't even realize? I mean how is this even possible

>made 170k
>lost it all
then you didn't make 170k

I had $180k in the beginning of this year after selling at $19k. Then I bought dip after dip with leverage and went down to about $15k which I cashed out.

When he trades one shitcoin to another, it counts as realized. When he trades crypto to fiat it also counts as realized even if he trades it all back again into crypto immediately.

>he bought the dip

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>trading on exchange with kyc only

Oh you gambled it all away. Nevermind my advice, that is fucking risky as hell and there is nothing to learn besides that you may have a problem managing risk.

I was a fucking newfag, I started in early 2017 and the entire way I learned to trade was buying dips, it always worked. I was so dumb that I was oblivious to a bear market.

this

ponzi worked well

you only pay tax on the gain/loss right? also, losses are realized as well right?

Heh, no you only oay taxes on gains

>paying taxes on losses
You're doing something wrong.

take a loan, it's your duty citizen

That's the most retarded system I've ever heard. The government takes all the reward with no risk, and multiplies your risk on top of it. How the fuck can anyone trade like that? Wins - losses = profit, but if you're paying tax on every win despite subsequent losses then your profit margin is fucked.
Americucks btfo

How do I start a government.

SuperSmart idea everyone just now getting into this market should do this

He was wrong though. you can write off up to 3k in losses per year, as in 3k of other income won’t be taxed.
Still a garbage system.

Errr, doesn't your losses offset your profit? That is how capital gains taxes work.

a loan to pay the taxes obviously
why are people so dumb as to how this can happen? trade your mooned shitcoin x to shitcoin y in 2017, in countries where crypto crypto trade is taxable it's a realized gain, and then shitcoin y you hold crashes hard in 2018
and now you have to pay taxes on gains you don't really have because they came in 2017 and losses from 2018 don't offset gains from previous tax year

kekzilla. Have you consider kys?

The second you sell it's realized. A non retard then sets aside the tax liability and trades with the remainder but this is biz and nobody here has ever made money before hence a bunch of dipshits like OP get raped. The tax man doesn't give a fuck if you lost your money between the time you sold and the time the bill is due, it's still due.

He can write off losses on his 2018 return next year but he still owes on the gains on his 2017 return.

I'm so sorry for the people living in those countries where you have to pay taxes on every little shitcoin trade, sad!

This. Every time you sell and have profit set aside 33%.

Fucking idiots on here.

retard why wouldn't you put some of those profits aside for safety reasons? do you have down syndrome? god you racist mother fuckers talking shit about black people on this site are brain dead

Holy shit I’m in a similar boat. Mine is 150k and I owe 45k in taxes. My portfolio is currently worth 50k. I could have sold and paid it off a month or so ago when bitcoin went to almost 10k but got greedy.

What are you doing?

Settle down, Trayvon. I'm sure you'll find a way to squander my tax dollars ya big lipped beast.

who actually keeps records of every shit coin trade they make with profits/loss. Even with CSV files it's an extremely hard task and i doubt the IRS can manage to keep track.

lol fucking american

LOL you didnt lose it in the crash you lost it on margin trading lmao

im not black lmao it's just pathetic seeing white trash being just as, if not more retarded than the so called "niggers" they keep making fun of

. If you lost money overall, you have a net capital loss. You don't owe any taxes on this and in fact can use use this to deduct up to $3,000 per year.

It doesn't matter if you made $170k in profits at one point. If you lose all that money you are at a net capital loss.

tpbp

>Made 170k last year.
>Lost it all in the crash.

It doesn't sound like you made $170k

>pays taxes

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this is why i'm budgeting for taxes during this shit market. it sucks but it's better than going bull again and losing everything to taxes and crashes.

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Every one of these threads is an IRS tax shill.

Heads up, no one pays taxes on crypto you retards.

I ain't ever gonna pay taxes, it's like 30% if I cash out a large enough sum of money where I live. (They) want almost 1/3 of my money, they ain't getting shit, fuck them.

>invested $45k in October of last year
>ATH of $560k
>current portfolio value $110k

Did some trades I shouldn't have within that time period, too, probably owe like $10k-$20k in taxes.

>paying taxes on crypto

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more like 100k

agreed, iv'e already decided on the small chance i make millions, im renouncing my citizenship. 0 fucks given

OP, just pretend it never even happened, assuming you aren't exaggerating on losing everything and have nothing remaining to cash out. Oh, and hopefully you traded on exchanges without KYC.

Oh boy, it's this thread again.

This may be a terrible strategy but I pay short term capital gains when I pull out the to fiat, not before.

>feel bad about losing my money
>see this thread
Yea, I knew I was gambling my big boy savings away, but this is something else.