I've turned 2k into 25k so far...obviously i know that is no where near a lot of money and im not trying to brag...

I've turned 2k into 25k so far...obviously i know that is no where near a lot of money and im not trying to brag, just trying to get some advice/outside points of view. Does it make sense to cash out my initial 2k now or is it pointless to cash out "so little"? Just because, like, 2k is so small that there really isnt much you can do with it, but I don't wanna cash out more. What would your guys advice be?

if u have debt tand another source of income yes get out now before taxes eat your shit

How’d you do that

you can do plenty of stuff with 2k. take out your initial

No. DO NOT GET OUT. If you have not been in for a year you will have to pay like 25% tsxes on it. Either wait a year and pay 15%, or better yet do not get out and pay zero taxes. Keep your money in crypto.

Live tax free in your head.

Also in your exact same boat. It's not a lot, but it's more than a pajeets life savings. You and I are pretty well off.

>it's another "you don't pay taxes until you cash out" meme thread

REMINDER THAT UK, AUSTRALIA AND USA ARE ALSO SUBJECT TO CAPITAL GAINS ON CRYPTO-TO-CRYPTO

Haha good one ;)

If the 2k would make a difference in your life then cash it out, if your life would stay the same wether you had that 2k or not then leave it in.

What country are you from and tell me why under the law you are not subject to capital gains on crypto to crypto trade - and also tell me what brand of lube you will be using when the tax man comes for you

that has not been confirmed by any us agency. nobody knows. stop acting like you do

Burgerland.
They can't track it.
Trojan.

Nobody knows but what if the IRS decides it's true when they come to bend you over? Isn't it smarter to consider it true?

"""Not confirmed"""

Crypto is treated as property in USA and the only way you can get tax tree crypto-to-crypto is if you request a like-kinded exchange on literally every single trade you do. Haven't done that? Too bad, you owe capital gains. Don't think that the messy confusion of the blockchain will hide you for long.

Why would he be taxed? If he cash out his initial investment he would not have made any profit.

Yeah haha its not like most people here had to verify their ID with an exchange before they could buy crypto and it's not like blockchain transactions are on some kind of public website or something haha.

You are an idiot if you think the tax man doesn't always win.

I mean if he reports his 25,000 gains yes, if he reports it as not making anything then no. If I taxes are retarded. They're also theft.

Yes they can. Don't be fucking stupid.

For crypto-to-crypto, has anyone had luck using
>bitcoin.tax
or
>cointracking
to report those capital gains? I'm happy to pay taxes but fuck this paperwork.

It is an asset class and only taxes when converted to fiat. Crypto to crypto is asset to asset, no tax.

Cointracking is a life saver

I thought so too. But no, you "have to" pay tax on EVERY trade you make

That's not how it works. It's based on the price the coins are sold at minus the cost basis of those coins.

That's not true. Property > Property always incurs capital gains paid in FIAT even if no fiat is touched. This is unless, they approve your exchange as like-kind, but you still have to report it as 1031 and get it approved.

Anyone know how taxes work with claiming Gas in a NEO wallet?

>all these fucking newfags talking about taxes
Niggers have obviously been in the game for less than a year if they're worrying about this fucking petty shit. Been withdrawing a minimum $3000/month for the last 4 years and never once reported gains or any such bullshit when filling taxes. I get a proper tax return every year too from my day job. You only have yourself to blame if you're a fucking retard who willingly signs up to an exchange that asks for you FUCKING SSN in the first place. Neck yourselves.

I would start diversifying if I were you. Cash out 10k, buy something nice and invest the rest into something that is not crypto. Stocks are on a nice run. If you pick your horses well you can expect to make 20%-30% per year, which is not that much but the uncorrelation alone is worth it!

Thanks, I'll be using that. How do you "prove" which cryptos you exchanged when reporting?

>Paying taxes

You cucks are fucking stupid. No matter the country you live in, there are plenty of ways to cash out crypto wihout paying a penny in tax.

ALSO, THIS IS ONE OF THE FUCKING REASONS THAT CRYPTO EXIST

goddamnit

don't get cocky brah i was where you were last week now i have 12k! Be aware that your risk tolerance has probably increased which is not good!

>le crypto anarchist aesthetic
>uses literally any publicly-funded infrastructure

Ausfag here but the tax man never forgets buddy. It's like you've never heard of an audit/back taxes. Do you think the tax man burns the records after every financial year. Fuck no. So be careful! God's Speed

Source: work in banking and customers get fucked by the ato regularly

>which have already been paid for through taxation aka theft, so using them is just reclaiming a tiny portion of what's rightfully yours to begin with
Kys bootlicker

So you'd rather them not have "stolen" your tax money in the first place, thereby amassing millions in your bank account but having no roads, education, reliable voting mechanisms, etc? Seems boring.

Not everyone wants to have the risk of going to prison looming over the head for the rest of their lives.

>thinks people wouldn't be able to figure out laying fucking pavement on the ground without big daddy gubermint forcing them to do so at gunpoint
What are private schools? Reliable voting mechanisms topkek

Cash out 4k now op. Then smile to yourself for winning, no matter what happens to crypto.
Ignore the pajeets and their tax fairy stories.