I invested 3k and am now up to 100k. if I cash out 3k to cover my initial, I don't have to pay taxes on that right?

I invested 3k and am now up to 100k. if I cash out 3k to cover my initial, I don't have to pay taxes on that right?

You will need to please old man to keep your money

Daamn you people are stupid. If you have traded at all in the last year then you have to pay taxes on every trade.

not in germany

If you hold a crypto 1 yera then you dont need to pay taxes

not interested in your every trade is taxed meme. i made an investment of 3k and cashed out 3k. i am up no money.

no, not if you don't cash out.

this. fuck em user, let them cam the dumb asses. theyll never catch oyu

You're probably american for thinking your laws are the default laws on earth

German user here:

"So you have been holding this Ether-stuff for 355 days? That would be 45% income tax on your total gains "

"If it's over 1 year then its okay, no need to pay any taxes at all :DDDD"

...

Burden of proof is on you tho, right?

They won't know, they'll see 3,000 went to coinbase and came back from coinbase

Where I live it's taxed 15% of your gains.

STILL NOT PAYING THO

I buy 5 ether @ $930 from gdax
>transfer to binance (no fee), but the price of ether went up to $940

I buy 6 BNB for fees (0.1.. fee),
>leaving 5.99725295 BNB

I was about to buy Link, then I change my mind and buy ripple.
I buy 1727 XRP @ 0.00286 using 4.93922 ETH
>fee of 0.25737346 BNB and the price of ether was $955 at the time

In the future I will sell my 1727 XRP, generating ether and more BNB fees.

Finally I will transfer to gdax and sell my ether for cash.

How the fuck do I do these taxes?

>b-but those roads are not going to built themselves

is the government gonna fucking trace all my fucking transactions or something? i don't think so buddy

What are you going to do with the other 97k?

Only in the "free world" kek

If there was a default set of laws then I would say they are United States law. Atleast Kim Dotcom knows that now!

you calculate every transaction is how

Have fun trying to buy anything over a few hundred bucks with crypto if you haven't kept track of your trades and paid taxes on it. As soon as you try to cash out enough to buy that lambo/house/whatever the IRS is going to be so far up your ass that you'll feel like you're in prison BEFORE you go to prison.

>you calculate every transaction is how
So at the time of the trade I need to know the price of ether, ripple, and bnb?
That is kind of ridiculous.

just pay the capital gains tax for the bracket that you are in and they will be happy.

>How the fuck do I do these taxes?
You don't. Taxes are a meme and pretty shitty one too.

Assuming American:
Cost basis is 930$ you deduct that and any fees/losses ($ price of the bnb used for the transaction) from the final amount to figure what you owe.
To account for this, you would be taxed for the gains on the eth used to buy the bnb (10$), then the 25$ to buy the xrp minus the dollor price of the bnb used. You then are taxed on the gains going back to ether and then fiat. bitcoin.tax does most of this this all automatically and cost 20$ for unlimited trades.

per the law yes thats exavtly how it works

t. IRS

It was only after 1/1/2018

Wrong. The law is from 2014. Nothing has changed.

Any accountants that accept bitcoin?

protip. Pay your taxes. I'm going to pay mine (Don't fucking talk about tax evasion it's technically against the us law and you're not truly user here)

Please tell me you don't believe the crypto-crypto lies.
You only pay on what you convert to fiat.
If you WANT to pay on crypto-crypto trades, the tax man wouldn't mind at all.
People talking about crypto-crypto taxes are being asinine and spreading rumors for normies to fall for
I guarantee you a fuck ton of people will pay more than their fair share because they believed them.

No, that's just what I'm doing personally. If they ask for my trade history they can sort it out themselves, otherwise I'm paying the difference on what was bought and taken out with fiat.
Good luck determining the precise price of "x" shitcoin at "x" moment in time in terms of Bitcoin, and then the USD value of Bitcoin at that present moment in time. Not realistic at all.

If you bought 100% of your crypto stack for 3k, then sold 10% of your crypto stack for 3k, this is absolutely a gain and you absolutely have to pay taxes on it you mong

That is retarded. For one, it is easy to calculate. Second, if you DON'T prove the cost basis for the crypto you sell to fiat in the future, it defaults to zero-cost and you pay on the full amount withdrawn at the short-term rate.

reminder that only socialist cucks pay taxes on crypto

Neets with 500$ blockfolios don't pay taxes. If you make 30K+ you don't risk it.

this is how I feel too. I don't want to avoid taxes, I want to pay on all my fiat gains. I just dont have any because I'm not cashing it out.