Anyone who got in later than November is down 60-95% or more in some instances. The further we dip, the longer you would have had to be in crypto to not be at a loss right now.
Most people owe more in taxes next month than their portfolio is currently worth. Whether you choose to pay or not is a different question. I'm just stating facts.
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Not one day passes where I don't give thanks to the universe for not making me a burger
you think i'm gonna pay taxes on this shit lmao?
Not how taxes work, dumbfuck
it is if they traded in December.
If they incurred tax events and didn't set aside money to pay the taxes they deserve it.
Or just take a deferral and pay in October and hope the market goes up.
>t.brainlet
What if you're a broke, unemployable NEET and have no way of actually paying it?
Asking for a friend.
not wanna be a smartass, but you always only pay fractions of taxes on WINNINGS, stuff you lost can be adjusted with winnings.
Say you make 10k, you pay 2,5 k taxes. You lose 10k, you can match those lossses with the gains no?
Itd be a shame if interest rates were at an all time low and I could take out a loan to hold me over till the whales give this up. Oh wait ive said too much. TAX FUD BTFO
Yes but if you realized gains (making a crypto-to-crypto transaction counts) but then immediately lost them all in the subsequent FY, you're fucked.
implying it will go back up
Not if the year ended.
If you owe 10k in 2017 and lose 10k in 2018 you still have to pay those 10k even if your losses this year would put you at 0.
Work with the IRS and make an attempt. Take a deferral and work out an interest free payment plan.
Good thing I'm a sovereign citizen haha I don't pay shit. Seriously you have to read the articles of the confederation dumfuks
Well you can tell your “friend” that he’s gonna face me in the ring
Thanks guys.
I'm german, I come from the stock market.
When I had losses over that those were 'transferred' to the next year and matched with gains, this seems to be different in america?
I had losses in 2016 and they were definitely matched with gains in 2017..but my bank directly transfers any data to the tax authorities, I don't even have to do it manually. I know it's different with crypto but this one year only stuff is strange, as I said I defninitely had consecutive years where gains were matched with last years losses.
Excuse my bad english.
You can be a sovereign citizen in a Federal pound me in the ass prison.
Anyone not American is legit just jealous lol
Does it surprise anyone that taxes are not taught in schools in the US?
nope, cant have the goyim understanding the mechanisms of their enslavement.
wrong faggot. die u tax jew
Doubt it, because they probably made most of their gains early Jan
Leave Veeky Forums alone fudding faggots. Everyone here already knows it's going back up, whether a matter of weeks or months
Late last year I got in with $600 it went up as high as $7k, i cashed out $4k in four different transactions across two banks. I've opted to not pay taxes on this as I'm sure they won't go after such small gains yet. Certainly won't throw any red flags
years*
You cannot owe more taxes than you have...
This is insane logic.
So you pay taxes on losses, really makes you think...
this
>paying taxes on losses
>not using those guns instead
Lmaoing at US of A
yeah, this is basically the "can't cash out" meme v2. Lol at people who believes this
Nice cope Muhammad
>my bank directly transfers any data to the tax authorities
do you know how a tax year works you fucking brainlets?
>Not one day passes where I don't give thanks to the universe for not making me a burger
not one day passes that I don't give thanks for not being a socialist eurofag. This is not at all how taxes work here. REALIZED GAINS. You pay taxes only when you cash out you retarded refugee loving faggots.
>thebalance.com
"Capital Losses Can Be Carried Over Indefinitely
Let's assume the stock market has a bad year.
You sell a stock or mutual fund and realize a $20,000 loss. You have no capital gains that year. First, you use $3,000 of the loss to offset ordinary income. The remaining $17,000 will carry over to the next year. Next year, if you have $5,000 of capital gain, you can use $5,000 of your remaining loss carryover to offset this gain, $3,000 to deduct against ordinary income, and the remaining $9,000 will then carry forward to the next tax year.
If you had no realized capital gains for the following three years, the remaining $9,000 tax loss would be used up, $3,000 at a time, over those three years."
kys
My portfolio is down 75% from ATH. If I cannot write off the losses I've incurred since January then I am sure as fuck not going to be paying taxes on the paper gains I had until December.