Oh no no no no no

Oh no no no no no

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Good goy

Pay up goy

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this is why the tax steup is horse shit

The freedom land

>reddit post
dude is dumb ass
what laws have claimifornia passed that calls for income on any crypto?

Speechless, americans should fucking kill their government.
>Land of the free
You people are goddam retarded you know that?

Watch your mouth user, ((we)) can come get you anytime

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both of you shut the fuck up

Larping as a retard

>implying anyone actually falls for these FUD threads

Seriously, speak up if you are so much of a fucking faggot you are considering paying tax ON EACH TRADE
You'd have to be so fucking gay it's embarrassing, they can't track us all.


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Did some simple calculations... If he sells all his alts now for 30k he owes 22k. That's a little above break even.


>buying altcoins at ATH

I owe $95,000 for combined state and federal taxes because of short term gains. It sucks, and the dip made it worse. I am still going to pay though, Ive been audited before by the IRS and they will FUCK YOU UP. Think your safe just holding for longterm and not reporting your crypto to crypto trades? Think again, they do not need to see all exchanges, only fiat based ones and when you go to cash out in the future for your retirement they are just going to take a look back and say, wow, so you cashed out 100 BTC on a longterm hold from a alt trade, did you report that crypto to crypto trade previously? Oh no you didn't, please bend over as new tax law states that I can take 100% of your gain now for not reporting. It fucking sucks, it really does, but I would rather pay now for everything than risk their punk asses coming back to take everything. And in case anyone is wondering, CPA and tax law firm are representing me this tax season.

you're a fuckin sucker

Here is a tax question for you people.

For the life of my I can't figure out if crypto is taxable in my state, Pennsylvania. They tax stocks.

How fucked is that? You pay taxes on something you don't have anymore?

no, he'd still owe the 50k because it was in the 2017 tax year. The good news is he's at a massive loss for 2018 and would get a gigantic rebate on his next tax return. He could easily take out a loan or get a deferral for this year.

Yeah a sucker that wont be getting ass raped for all my gains by the IRS and Jamal. I have gained far too much to give anyone the opportunity to fuck me over. I'll get my early retirement and I'll get by beating the jew rules.

no. crypto doesnt fall under stocks

You are the fool.

They could pass a tax law that requires you to pay taxes on the gain from your original basis no matter how many times you have made other trades. So much FUD

>gigantic rebate
>capped at a few thousand

Only if he had corresponding investment income. You can't carry over a loss if you have no investment income.

I entered the market in early 2017, so the only basis I owe is for 2017.

So he gets a deferal until 2019 when he sells his alt coins. Worst comes to worst he enters a minimum payment plan.

For the little amount he's making he might as well just cashout into fiat with local monero.

So what I'm saying is that they may just go ahead and say "Okay, your basis is always going to be 2017 for those particular coins even with all of the changing and trades you may do".

That would be the real assfuck

Imagine being in such a shithole of a country where this happends, goverment fucking you like this, your child gets shot at school, the ambulance ride is $50k, your president is a fat guy with child syndrome and in top of that you are filled with niggas

Amerika is a 3er world country

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That is true, hence why I hired a firm. To each his own, all I'm saying is that I foresee the IRS taking everything away from crypto investors in 2019. As a matter of fact they are probably banking on it. The fact that the new penalty for not reporting capital gains is 100% should be in the back of everyone's mind.

oh shit you're right. Fuck me then.
You can carry it over to future years though.

Looks like all of my cap gains for the foreseeable future will be tax free!

That's what I was thinking. Working on my taxes now. I have an accounting degree, but there is no info anywhere.

Now the downfall here is my fed schedule D is going to be different from my state one. I do have a couple stock transactions that go on both though.

>he thinks he can owe more money than he's ever had


Oh! I can deduct a little bit.

"If you have an overall net capital loss for the year, you can deduct up to $3,000 of that loss against other kinds of income, including your salary and interest income, for example. Any excess net capital loss can be carried over to subsequent years to be deducted against capital gains and against up to $3,000 of other kinds of income"

>All of my knowledge is memes: the post
By the way, you are more likely to be killed in a mass shooting in Europe than America. Not kidding. Keep watching those cartoons though

You have the most freedom in the US but they sure come down on you with a sledgehammer over there. The cons outweigh the pros being a US citizen.

>Another stupid tax thread
God damn it why does this stuff keep coming up. You pay taxes on your net gains. Capital losses offset capital gains.

You should spend some of those gains and hire someone who knows what they are doing when it comes to taxes, because you obviously do not.

>mfw not living in 'Murica


These threads are pretty great honestly you get to see how little the average nu-Veeky Forums user knows about US taxes.

Set up a payment plan. You don't need to pay everything just small amounts monthly.

i can just hear /r/personalfinance collectively unzipping in anticipation of telling this poor faggot about the part of the money they feel entitled to. easily the slowest, dullest group of cucks on the internet as it relates to matters of finance.

>Keep watching those cartoons though
If a mass shooting doesn't kill you in Amerika, it will be a psycho, a nigger, taxes or the bill of the hospital
Seriously, how can you charge the ambulance ride $50k? what a shitshow, at this point for me you are the same as mexico, go pay your 100k university loan kek

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>early 2017

cool story bro

>Goes into something where he can make massive capital gains and doesn't check local capital gains tax laws
>Makes a x16 profit on his original investment and doesn't take the slightest bit off the top as an insurance
Are all rich people this fucking stupid or

It is a below the line deduction so you just carry it forward unless you can exceed the standard deduction.

there are several extremely easy ways to make it look like you only recently invested some cash into crypto and got lucky with some moonshot coin, you're a fucking retard if you can't figure out how.

>all the fags buying shitcoins getting double fucked
lmao. noobs should have just held BTC

no. you can only apply $3000 of that loss each year

The state of California...ROTFLMFAO


Fuck I don't know what to do guys. I don't want to pay taxes to these fags.
Is true eurofags and 3rd worlders dont have to pay taxes?

> buy 1 BTC
> hodl
> alt season
> hodl
> end of alt season - still have my 1 BTC like a "pro" while non-retards now have 10-100x their initial investment.
> altcoins drop 50%
> "noobs" still sitting on 5x-50x initial investment
kys faggot

tax law definitely doesnt say they can take 100% of your gains. Are you fucking crazy?

Also crypto to crypto were not clearly taxed until new tax law which means it does not apply ex post facto.

MFW britbong, never held a gun in my life and could get arrested for having a knife in my pocket but only get taxed when I cash out into Fiat.

Rule Brittania, americunts.

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>he isn't a non dom UK resident with access to the best tax loopholes on earth

haha i guess this settles the whole 'land of the free' and the 'best country in the world' meme.

Even better, good for you.

They don't need to track everyhing, you are required to provide proof of every transaction

I'm just happy I can realize all these capital losses on my altcoin trades. Hooray.

I'm unironically considering moving to Venezuela, that's how bad it is. FUCKING VENEZUELA. Yeah they steal your mining operations but if you hold crypto you're basically living very wealthy there. I'd rather be fucked by socialists than deal with these tax jews who are ruining this once great country.

It’s a wage cuck finally finds out how fucked up the tax system is thread.

>t. self employed you guys got no idea

hedge fund people pay quarternly taxes for this reason. to avoid that. i warned you all. but honestly im not reporting anything to irs. ill just say i lost it all if they ask. never cashing out anyway.

very wealthy in venezuela is still starving.

In Czech republic you pay flat 15% tax if you cash out, crypto - crypto trade is not taxed.

guess ill move there then.

>provide proof of every transaction

That including proof of my 7/11 points, Dave & Busters points and testris score?

Get bent, dumbshit.