is this a meme? can you really owe more than you gains in capital gains tax? Am I fucked?
Is this a meme? can you really owe more than you gains in capital gains tax? Am I fucked?
Jaxson Wilson
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Eli Fisher
not a meme, if you don't pay you get fined 25% of what you owe every month
Adam Smith
Idd you cash out? If you don't cash out, they'll never know.
Adrian Turner
Its an r/buttcoin meme meant to scare brainlets into giving themselves up to tax authorities to check
Kek
Brandon Perry
So if I just report when I file my taxes next year I will be fine?
Brayden Bell
don't report anything, because you lost all your coins in a tragic case of "my dog ate my seed phrase"
duh!
Easton Davis
Owe more than ur gains? Rofl just dont cash out then?
Gavin Williams
whatever the difference between your buys and sells for the year, that's what you owe taxes on. Next year, you can deduct a max of $3000 for capital loss and do that each year until your loss is fully accounted for.
Carson Edwards
That's not true.... It's 5% of what you owe additional each month up to a max of 25%. If you're a year late, you just pay a 25% fee.
Mason Hughes
irs doesnt give a fuck
have fun always hiding.
Smart goys like me paid taxes :)
Robert Martinez
OP, if you find out you owe more than you have then just don't report it. They can't really find out unless you only use coinbase (And if you do only use coinbase then you probably haven't made enough for them to care). If you do strike it rich, just report it when you can and pay the fine. It might be bigger, but w/e you'll still be rich.
Or you can always move to Puerto Rico...
Dominic Ward
tl;dr - yes
Initial: $3000
Coin A: +$1000
You now have $4000
You invest in coin B and lose all of it.
You still owe taxes on the $1000 you made meaning you are -$250.
Lincoln Cruz
You owe taxes as soon as the trade is made. It's not the IRS'a fault you gambled away borrowed money you fucking retard.
Zachary Miller
Friendly reminder that its an r/buttcoin meme meant to snag brainlets
Joshua Bennett
>just don't report it
Great advice from an anonymous stranger online.
Luke Russell
Except in your scenario he can put in a $3000 tax break which means IRS owes him ~$2700
Angel Lewis
Pay capital gains on what you cash out, unless you traded on gdax in which case you might have a problem
Gavin Carter
Oh ya, cus it takes a total genius to realize this.
Jace Carter
why are fags so reluctant to move somewhere else fuck taxes thats shits for homos
Hunter Powell
>Paying taxes
>Ever
top fucking kek, m8
I send the IRS pictures of my 5" dick every April 15th.
Brandon Roberts
Imagine you bought 10 btc in jan 2017 for 10k and sold BTC and BCH in DECEMBER 2017 for around $250K. That is 240K in profit or about 100K in taxes owed for 2017.
If you then traded for altcoins that lost more than 60% of their value you would owe the IRS more money than you had left.
People should have been freaking out about this in January, now we are almost at tax deadline and almost every trader is going to be fucked by the IRS.
Massive 2017 capital gains and massive 2018 losses = forced tax liquidations
Kevin Fisher
thank you for explaining this
Hudson Butler
That's not right.
Oliver Wright
Grayson Cooper
Let's just hope the liquidations are happening NOW and in April people trying to hide their money from the IRS will drive the price up again.
Zachary Nelson
Relax. It’s only if you’re an American. No one would be stupid enough to be an American and buy crypto out in the open.
Cameron Peterson
In reality you doxed yourself to the government and put yourself in line to be first to be made an example of now that they have your records to scrutinize. Enjoy getting audited mate. You’re so smart.
Jeremiah Cooper
It's not a credit. It's a 3,000 dollar deduction on his annual income for that year.
Wyatt Thomas
>implying you cashed out into fiat for every trade
>implying the government keeps track of you using simple 9 digit codes that all got hacked and exposed in 2017 anyways
>implying an exchange that barely stays up, hosted outside us jurisdiction, is somehow feeding granular information to some WinXP machine sitting on the IRS LAN
New fags, new fags everywhere