Oh my god I just cashed out 8k

Oh my god I just cashed out 8k
And I have to pay 30% taxes on the profit but if that wasnt assfuck enough I have to tax every shitcoin trade aswell


>I have to tax every shitcoin trade aswell
i am banking on the irs not asking questions if i pay the full capital gains tax on the money i withdraw from crypto. i'm not going to withdraw more than about 8k, myself, in cuckbux.

i would just pay the full tax and not worry about it. the irs has much bigger fish to fry (people cashing out 20k+). some guy working at the agency will see your flag and decide it's not worth the extra $650

If you cashed out this year you will be fine. The tax law goes into effect Jan 1, 2018.

this. if they could enforce it they wouldn't have to have added into law that they can enforce it

You think bank will audit you for 8k ?? Hahaha some guys gain 8k monthly since years and they are not even rich.
They gain anything by auditing you.
Think about it : They have to pay like for example 10k to find you and audit you (human cost etc). To gain what ? 3k ? No way they will do that.
Now you cash out 250k in 2 months : YES they will audit you : Paying 10k to get 70k of taxes : PROFIT they are not stupid.

can't you counter it with your losses?

>30% on 8 grand

Where the fuck do you live, Cali?

Ive been trading since June and I have 55k still in the game

>cashing out with bitcoin at 13k

I live in Canada.

Do they tax us as hard here?

Question: say I made trades between coins before the tax law goes into effect but plan on just holding when it does, with no more trades.

If I cash out next year, do I have to pay tax for the exchanges between coins even if they were before the law went into effect?

>cashed out literally two days before the end of the year


who knmows nigger who cares




Probably you'll still get taxed regardless. I would like to know the answer as well.

It's all taxed and has to be declared, yes, but I haven't looked it up much yet since I just jumped recently in and it will only apply to me next year.

>not buying a Bitwala card to withdraw the money and avoid taxes

Just download exchange history and run it through the software on bitcoin.tax. It's not hard.
It will add up all the taxes for you.

I figure I’ll pay cash regardless if I cash out, but I have a ton of exchanges for different cryptos to cryptos and wanted to see if I would have to pay taxes on that too?

My bittrex history is gone

You have to pay a capital gains tax on 50% of your earnings. Say you made 100k in crypto gains and your tax bracket is 30%, you get taxed 30% on 50k which is $15k in owed taxes. Not that bad compared to other countries.

From my limited understanding, you are taxed your own marginal tax rate on 50% of the profits as far as I understand it. If you invest 1000, sell for 2000, you made 1000 profit. So, in the highest tax bracket, (1000 x 0.5) x .43 = 215 would net you a total of $785 CAD.

I bet you voted for the orange cryptokike, too.


Sorry, $785 net profit plus principle is $1785. You know what I meant.

Honestly isn’t everyone exaggerating about the reporting trades? How would they even be able to prove that you were holding out especially since these exchanges have never been forced to turn over records?