I bought 5 bitcoins in Feb 2017 for $1000ea Sold in Dec for $17kea A week later it looked like it was going to go back so I bought back in at $17k. Its been a slow bleed ever since.
I did bitcoin.tax and it says I owe $28,050 for the one trade where I pulled out for a week.
My 5 bitcoins are only worth $42,500 now. I dont have any other money. Im going to have to sell to pay tax before april 15. $42,500-28,050(tax)= $14,450 FFFFUUUUUUUUUUUU this cant be right? Can it? Please help
Ethan Martinez
oh, it's right
Austin Collins
lol dont report it
Isaiah Anderson
>oh wow, I made a bunch of money >instead of setting some aside for tax, ill go all in again >whoopsy its gone >i-i dont have to pay taxes if i mismanaged my g-gains right?
oh user...
Brody Gray
yeah, if this is true, that sucks, but don't be a retard next time. you should have known this would happen and if you honestly didn't anticipate it, you're a brainlet.
Jordan Morgan
I got greedy but didnt realize the ramifications of this. I am from a poor family, this was my only chance to make it. The dream is dead
Grayson Martinez
>10% capital gains if you cash out in a year it was funny that this became a meme and financial idiots thought its true. you still have to pay your cgt for that year not the next year kek
Benjamin Campbell
Yeah there's no way I would pay that, would rather just go to prison.
Easton Lee
they wont put you in prison its going to be worse, youre going to be a debt slave
Nolan Harris
You still made x3 your initial money if you sold now. There are day trading idiots that changed positions daily thinking it wasn't taxable and they now are in the red with the tax owed.
Joshua Collins
>muh Tax FUD THREAD Fuck off you stupid faggot kike. Come to my house. Do it. Come to my house and make me pay you piece of kike shit
Henry Flores
I might smash my nano ledger s, tie myself to a pallet of tea, and light myself on fire in the boston harbor. This isnt right, why dont they teach you this in school?
Anthony Mitchell
If you bought back in in December your expendatures are deducted from gains you fagggot. Hire a fucking jew, you goddamn retard.
Anthony Kelly
they did it was just thought in the subject most people disregard. statistics
Hudson Bell
This is basically impossible to pay more taxes than you made profit, when you haven't cashed out like op. You srly have clue how this works user, stop spreading bs
Isaiah Ross
Just don't pay your taxes until XRP TRON and Bitconnect Moon again .. Duh fooL!
best advice you will get around here ;)
Angel Bailey
you fucked up OP got too greedy
could have walked away with 17x profit now you're left with only 3x still not bad for a year of trading though (at least relative to other investments)
Anthony Ward
it isnt, if you cant deduct the losses for that years tax cycle and have to deduct it the next year but meh why do you care we both know you wont listen
Blake Reed
LOL YOU DIPSHIT
ENJOY YOUR 60% TAX RATE
Gabriel Hughes
Its because I sold at 5 at $17k, it was $85,000 and they taxed 33% (short term gains in cali). Even though I bought back in and they are only worth $42,500 now.
Camden Campbell
Can't stop laughing at all these poorfags risking jail time for a few grand. There's few things the gubmint takes more seriously than a threat to their income stream.
Dominic Thomas
Then you conduct the losses for the next cycle? In the end you still don't have to pay more taxes than you made profit.
Cooper Anderson
Logan Paul needs more footage from a suicide forest. Maybe you could be his next guest-star?
Nolan Powell
ha, that's what you get for reporting crypto.
little advice, keep your fucking mouth shut and stop telling the government your business.
Hunter Reyes
Which gives me 40% left of my profit. Don't know why you have to argue about that
Brody Turner
This guy deals in ShitCoin too, except he actually makes dollars in the end
Ayden Martin
Nice job user. You can claim it as a loss on your 2017 taxes. Should've thought ahead.
Henry Cox
Hire CPA. Ask filing for an extension if you feel the market will recover before deadline. If it doesn't, you'll dig yourself even deeper into tax hole. Up to you though.
Kevin Gonzalez
>liquidity >next year sure if OP has the money to cover what he owes in taxes now, most people dont they then have to sell stocks to pay their taxes incurring more losses
it all depends on much liquidity and deep pockets you have
Hunter Ramirez
>I bought back
Hahaha. Couldn't stay away when he got lucky with great gains..
Charles Peterson
In the UK they try to tax u for transfers from 1 crypto to another LUL
Connor Collins
you fucking morons deserve to get raped in prison for paying taxes on a technology that was invented for the sold purpose of not paying taxes. The faggot british would have been proud of you cucks in 1776
David Campbell
It is very possible if you traded between cryptos and now they are worth shit or you have no liquidity. Every trade is a taxable event. Trade to fiat? Gain over basis=Taxable. Trade BTC to ETH? Gain in valuation=Taxable; trade it back to BTC taxable. You get the idea goy. This is why you need to be strategic and not shit the bed/panic anytime the market takes a turn. You could end up running up a tax bill for the previous year and not be able to stomach it in the current year evenif you sell your current bag of shitcoins. Worse, you can't deduct that loss until next tax year.
Benjamin Bell
This is why you never pull out. Im in until it reaches 0.
Caleb Thompson
Ah yes, the daily tax FUD thread - probably written by the same retard again. Remember kids, you need to speak to an actual accountant before you start committing suicide over random posts you read on the internet. The tax is shit, but this guy is either a liar or an idiot.
Nathaniel Jones
The british just wanted to be repaid for their war with france to open up the west for expansion.
This is worse than that.
Grayson Morgan
>Israel over all
Gavin White
And the poor get poorer.
Hudson Baker
Write offs for next year. Get your ass back in the game, buy some good coins and hold amigo, you'll have some deductions for next year. It ain't over yet!
Anthony Sullivan
You cashed out to your bank account? If so then you’re fucked. The bank definitely reported $40k coming in from some shady website - they legally have to