Guys im not used to making so much money on crypto

Same boat dude. I already made my annual salary.

feels surreal

How exactly do you "pay" your taxes. What kind of income is this considered? Isn't it only required to pay taxes for profits of 10k or more?

Its considered investment income.
>Isn't it only required to pay taxes for profits of 10k or more?
Only if you're a NEET and this was your only source of income, in which case you'll be alright due to your standard deduction and personal exemption. Though you'll need to explain to your parents that they cannot claim you as a dependent for this year.

You pay capital gains taxes. You're actually retarded if you don't know this. Crypto is considered as stock.

There is no tax on the crypto in the netherlands, their logic is you pay the tax when buying goods with the crypto.

You do have to pay capital gains tax when your money exceeds 21k though.

>I wonder if its time to start thinking about quitting my job so I can devote my sole attention to it. Not even kidding

we're in a bull market. It wont last forever. Enjoy it while it lasts, but don' expect to do so well when everything is falling slowly for months on end.

The catch is that all the money you made is money that someone else lost/will lose.

In the US you don't have to pay capital gains taxes unless your income exceeds $37,950.

>this implies that the value will drop and/or they buy high sell low.

When people sell their crypto that they bought lower and the price still goes up they already made a profit so I dont consider that a loss.

I know I probably missed the gains, but how do I actually buy crypto currency without getting jewed?

You do on shortterm gains, you're thinking longterm(which means you held it longer than a year).

>tfw making 300$ a month
>tfw can't afford to invest in crypto
Just kill me already

say like i sell rdd for btc then cash out btc using pay pal. dont they claim taxes or something?

>"there is no tax"
>proceeds to list 2 taxes

liberal logic

>started at 300 sats
>currently 0.01

i need more

dude, even putting $5 a month into shitcoin can add to your portfolio

New bizfag here, is there a generally accepted guide to starting in cryptocurrency?

No extra tax bro, did you not get my point?

Also dont quit your job, just keep investing your income, its not like you need alot of time to invest.

Would also like some non bullshit guide other than buy low sell high.

I'm living with the basics, sometimes I have to borrow some money for my dorms.

I lost 4 dollars, even the cents i loose gets me mad. Even the fees get mad. Im in it for the gains no matter how small.

Invested 1500 in ethereum a year and a half ago for shits and gigs, never knew it would see 100 dollars one day. Only regrets... WHY THE FUCK DIDN'T I BUY MORE

Why do you fags care about taxes? Just hold and accumulate for 5 years when mass adoption occurs. Then they can only force sales tax on you when you buy shit

Is there a reason for tonight? Or is it just everybody buying high due to green candle desease?

Then maybe T-bills are better for you

t. investment advisor

senpai

The catch is you don't get to keep shit if you don't cash out before it crashes.

Just get in and spread the wealth, pick coins that do different things, BTC is going to continue to rise unless something catastrophic happens. ETH could change the way companies are run. Monero, Dash, Ripple could all be solid choices as well.

Moral of the story is to just buy. put aside 50-100 bucks a week and diversify, I wouldn't put all your cash into one coin. Finally, Hold it. Through the peaks and valleys, you'll thank Veeky Forums in 5 years.

the catch is everyone the main influx of money coming into crypto is coming from NEETs like us trying to make a profit, not because of the legitimate value of the coins we are buying. All these coins have massively inflated values at the moment. So when the bull market (aka bubble) ends, shit is going to crash hard.

JUST GET A CRYPTO VISA CARD, WIN WIN

Mfw I only got 1k and just discovered biz.

Can anyone give me a good advice books where to learn? All of this

I started about a few days ago, invested $200 and now I'm at $320. Gonna drop a few grand into the market later tomorrow. I only wish I had gotten in on this sooner. Even if it was only two months earlier, I'd be on the fucking moon right now.

Cya guys on europa

What would cause it to crash?

You still have to pay capital gains tax even if you don't cash out.

you're thinking futures buddy

I'm a real life investment advisor. Save your money until you have at least 2-3 months of expenses covered. If you want, play around with 50$ or so but only for practice and educational purposes.

The priority here is that you need an emergency fund.

Thanks but I don't get any of this.
I'm a engineer software and making kinda good but I seriously don't know the terminology used here can you help me out?

If you are making good money you literally have no excuse for not having an emergency fund

It's hard to make investment recommendations to someone if you don't know their psychological profile... because that is one of the main factors in choosing the appropriate investment for you.

What terminology are you curious about?

Best advice. This is dotcom 2.0, no one knows what will be the next big thing. Better to just diversify and hold.

put $10 in crypto a few months before the eth boom, now have $46.

The catch is that the SEC isn't regulating this yet

The catch is uncle sam and the IRS is gonna come for their capital gains tax. Unless you dont live in the land of the "free". In which case there is no catch.

This isn't a bull market, it is a bubble. Crash anyday lads. Avoid main coins bar maybe ETH. Pump and dump alts till it no longer works.

I put 220$ cad 1 month ago max Im new and learning and have over 500 now
: )

THE MOON = where everyone but you is rn

Do I really need to say yes ! :p Ive done a few mistakes sadly ... Lol But im getting there. I know you cant predict , but you can be better at it with pratice :p

>What kind of income is this considered?
You can declare it as "hobby income" and pay your normal tax bracket rate.
The IRS probably wants a detailed summary of every trade you made, but as long as you pay them what you owe, they probably won't care.

ETC SAT I literally don't know anything about investments in a form of crypto stock market and so

I started with .05btc and have 1.66 now.
Pretty pleased with myself.

Hoping to just keep compounding my gains and get rich familam.

How?

I wonder *cough cough* if you could just buy gold online for crypto and have it sent to you without worrying about that.
*COUGH*

When did you start ?

Even if the bubbles pops we're all here for each other to hop on the next big thing but we've got until 2020 lads we're still very early. Literally just mentioned on Bloomberg today big things in store I can feel it.

if you're in Australia you can

listen up newfags

im going to tell you the *easiest* and *safest* way as an american citizen to invest in bitcoin

1. make a coinbase account (verify your identity and all that when they ask)
2. connect your bank account
3. send funds from bank to coinbase account (this takes a week)

now you can buy bitcoin, ethereum, and litecoin

if you want to buy other shitcoins you are going to have to use a different exchange. coinbase is the best in regards to security and ease of use

pro tip:
dont trade on coinbase dashboard. use GDAX.com instead (its owned by coinbase, they are the same company). now you can do limit orders, stop loss, see the order book... etc

Hahahahah have you been trading for like a week?

Coinbase is the WORST place to buy Bitcoins if you're an American.

This guy is a fucking newfag of the worst kind.

this post was meant for actual legit newfags like idiot

it is the simplest and safest way for him

honestly?

Researched the top 10 coins on marketcap, decided ripple was cheap as fuck and banks already wanted it, and what banks get they dont let fail because they have infinite cash to help it. I got on at .006 cents and cashed out half at .41 cents.
I also invested in both XBY and RDD before the board shilled them. Those are two coins I actually see making it to the top 5 one day. RDD is probably about to explode when they get the transaction setup going. should be any day now honestly. but yeah, bought RDD at 5 sat, again, sold 1/4 at ATH. letting the rest sit in it for a year or two. the gains might not be fast, but it IS going to keep going up and soon it wont be a cheap buy in.

I also grabbed some DGB due to board shills... looked it up, found out it was a bunch of bullshit and pretty much a circle jerk with no actual backing and dumped at 430.

I also bought as much LTC as I could when I heard it was going to coinbase. that made an ok amount.

Right now I'm in XBY, RDD, XRP, ETH for the long run. I have almost no fear on these desu. I have looked into them each and then looked over what I looked at like 6 times.
Short/long term I have Lumens. It might just pump and die out but it might stay steady.
short short term I have golem. Brass golem got pushed back so the price dropped. I scooped up as much as I could and will just wait for the new release date announcement and then dump and probably make around 6-700% profit.

Biggest three things to remember?
Diversify,
buy the rumor, sell the news
and HODL on coins that seem like they have a value to normies.

The day crypto gets out to the world on a massive scale is coming. You guys think we are Bullish now, just fucking wait till every news agency is talking about shit like eth and ripple. find the good long term shit thats cheap like RDD or XBY and just sit on it. worst case scenario you lose $100. best case is you come back in a year and are a millionaire.

and coinbase is hardly the worst place to buy bitcoins

that would be using localbitcoin

I put $14 initially. Now I have $473

right before ripple lifted off from .006 cents.

>Coinbase is the WORST place to buy Bitcoins if you're an American.
It's the only reputable provider that takes a credit card. They also have big limits and don't withdrawal on your bank account for a few days after your purchase.

I've recently learned about pepecoin and I want to be one of the annoying autist types that can fit in with other annoying autist types. Is there a link that explains the ins and outs of purchasing such cybercurrencies?

Yes I realize that I need to lurk moar or whatever, but I don't shitpost here often enough to know the etiquette. So please excuse me for being one of "those guys."

>Where's the catch

The catch is if you're not holding bitcoin, long term your holdings are zero

Enjoy the game of "who can sell our scamcoin the fastest" when the next "hack" arrives

I'm currently up over $14k off the etheroll ico. That's only about 15% of my income, but I put less than $600 of eth in the ico in February. Those 6k tokens that I bought with 50 eth are now worth $2.35 a piece. That's over 20x growth.

I'm actually kind of annoyed, because now I have to figure out how to pay taxes on this shit, when I never expected any of it to have a value that outweighed the cost of the mining rig I set up in late 2015.

What do I do here? I've hit like $20k in crypto (counting both the tokens and the eth I never invested), but technically speaking, I never paid for any of it, so how the fuck do I report income? Can I deduct mining equipment costs as a business expense? What about electricity bills?

This is quite disconcerting.

put in 600, now im almost at 1 whole bitcoin

You deserve your pain.

What's best for Canadians? Coinbase fees are absurd... 3.99%

It said something about bitcoin specifically in the tax filing tho

how? I have day trading the whole week and just made 30 dollars

>Whats THE CATCH?!
Try cashing out. The exchange won't let you do it easily...

lucky you faggot, I started out with $400 and have a wonderful grand total of $540 after 3 days

I fucking fail at this but I was trying to time the markets at first and it was a learning process

>Coinbase fees are absurd... 3.99%
Dumb newfag nocoiner. Those are the lowest rates available.

>Where's the jew catch?

When you have to report it to the IRS.

>day trading
That's your problem m8. Day trading is for losers who need to be separated from their coins.

>don't withdrawal on your bank account for a few days after your purchase
Why do you think that is newfag? Surely it's not because of the legal time necessary to wave chargebacks, is it? Couldn't be that.

In fact, given Coinbase's enormous history of false charges, double charging, triple charging, charging months after you make a purchase, etc., I would dare you to try and make a chargeback with Coinbase. I have, actually. See what happens.

Loads of reputable providers take credit cards. Some of them charge slightly, just slightly, higher fees. Cex.io is an excellent one.

To be fair, I've used those fees but managed to make back 30% this month alone and I mostly play it safe (fucking buy ETH). So the 4% really is nothing.

Easy way to avoid this. Just pay for things in bitcoin. More and more places are accepting it.

>mfw No tax on crypto gains in Europe because it is considered gambling

>RL investment advisor
>Not advising people to put 75% of their NW in crypto

Stay poor

Good advice, what price do you think RDD will get to? And can you tell me what it's useful for?

We're in a bubble, but I'm gonna make a maximum of money on this shit before the crash

It's my only option senpai, until I made a big enough sum it's my only way to a decent portafolio

Taxes, just wait until you hear about the taxes (if you're in the US)

>Where's the jew catch?

Taxes.

You better pay up because (((Uncle Sam))) always gets his share.

>What kind of income is this considered?

Capital gains.

>How exactly do you "pay" your taxes.
With USD.

> Isn't it only required to pay taxes for profits of 10k or more?

Nope.

How are you making money through cryptocurrency?

No its treated as an asset if you're in the US. Means you need to claim taxes for every trade even crypto to crypto

Can't you just put the BTC through multiple exchanges and buy a laptop with cash so the government doesn't know it's yours and send the money from that laptop to your wallet when you convert BTC to USD just say it was "gifted" to you by a random. I've never had to pay tax for money I get gifted for birthdays what's the difference

I think that's tax fraud, could be wrong.