Is there an actual point to crypto trading if i live in the USA since I'm going to be taxed out of my ass...

is there an actual point to crypto trading if i live in the USA since I'm going to be taxed out of my ass.. I thought that if I didn't realize my gains I wouldn't be taxed... seems like it doesnt matter.

is there an actual point to making money dumb dumb?.... jesus what delusions do you have? we all going to prison for not being given the proper information to write this off for tax returns?! holy fuck we better all cash out now or we going to prison...see ya there *hi five*,,,,cause there aren't new people signing up everyday to get in ?! its all going poof next week. or we all going to jail holy shit get a grip

Etherdelta is already buying BZC for 5x ICO price faggots.

OP would turn down free money because it's 15% less free money. Smart.

If you do your research it's possible. However it takes money to make money. Will it be worth sleepless hours spot trading $100? Only if it strengthens your nerves and gets you out of emotional trading.

I'm using 50k to gain a few % points. If properly timed, that can net $500-$8000 a trade.

2nd, day trading, aka short term capital gains is based on your income + money pulled out. Check out those % rates.

Lastly, for every trade, you may want to set aside actual dollars to pay for those taxes. If you made a profit of $10,000. Then lost $8000, you only get to claim $3000 capital gains loss. You still owe taxes on the 5k. So your profit of $2k will be further reduced by 1k to pay taxes (or whatever your bracket is). If you aren't careful, you could come out "ahead" and still pay more in taxes than you earned.

yah.... fuck that

I'm out.

you'd have to be a complete retard to report it that way. Report when you realize gains. Or report gains based on fiat value that is literally the lowest on any exchange in the world in volume. report any tax they have up to 3 years to audit you. not a chance

You do realize that you are taxed on all the money that you make.

So by your logic jobs are pointless as well.

It's only 40%

It's not even that much

WTF are you talking about, you only pay taxes on 2k of that money, you wouldn't pay anywhere close to 1k... especially if you don't make much elsewhere.

What the fuck is wrong with people? I'm an accountant and I'm losing my mind on how people think taxes work

Do Americans not learn anything in high school when it comes to taxes?

Or, option b) don’t declare any trades and stick to decentralised coins/tokens only. Seriously, fuck off IRS/mr accountant. The banks and tax revenue are getting a huge chunk cut out if their rackets and there is nothing anyone can do about it it unless we willingly declare and pay our taxes like a good goy. How about no? That’s an option and always will be so long as there is a decentralised and private blockchain.

I will pay my ‘tax’ individually through a charity or preferably direct contriution to the disability charity, emergency service, or millitary unit if my choice tyvm.

I am an individual and I will no longer be dictated to what my tax money is spent on by a government who job it is to get rote the the state and the law if the land only. They are not here to nanny us!

They don’t teach you finance in school anymore you ding dong. It’s the only way to keep the poor, poor. And keep the rich, rich.

god bless that man.

You dumb faggots with your meme money need to hire yourself an accountant. It isn't that expensive, especially when you're loaded with meme.

Literally all I learned about was how to figure out what tax bracket I'm in and how to do a 1040 EZ. Don't blame me, blame the public school system.

I've made enough money this year from crypto to buy a 100 of you and start a business

Alright well want some insider information? cryptos are treated like stocks because they are known as capital gains/loss

Say you make $100,000 this year on crypto gains. That means you will be taxed the capital stock gain of 15%. It doesn't matter how much money you make or what tax bracket you are in, capital gains are taxed the same.

" If you made a profit of $10,000. Then lost $8000, you only get to claim $3000 capital gains loss. You still owe taxes on the 5k. So your profit of $2k will be further reduced by 1k to pay taxes (or whatever your bracket is). If you aren't careful, you could come out "ahead" and still pay more in taxes than you earned."

Some user might have brain damage from being able to come up with the stupidest fucking thing I've ever read when it comes to taxes

That's not how it works you fucking idiot. You only pay taxes on 2k of you made those two trades in the same year. Also all capital gains aren't the same... learn the difference between short and long term capital gains.

You’re an idiot. You can turn 100 dollars into 400 by clicking a button. You pay 15-45% by taking it out into cash. Congrats you made 200 bucks out of thin air

I know thats a quote you brainless cunt

kys. you have to pay taxes whenever you trade, now. they just passed something.