I filed and they accepted my taxes today

Lmao what a fucking cuck

yikes

paying taxes is against the whole purpouse of cryptocurrencies.

You're a bunch of cucks.

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what page of the crypto manifesto does it say that on, you anarchoweeb faggot

>falling for the meme

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That is an 8949, but you also need a schedule D.

You dont have to pay if its less than $10k? Same for stocks?

When the IRS gets all of coinbase records you can cry to them about muh 10k rule and see what it gets you!

>when coinbase reported to the IRS you made $1,400,000 but you only ever had $20k max in your account

fucking newfag jesus christ

So I have a scenario:

>buy 10,000 shitcoins for $1,000
>shitcoins tank to $500
>sell all 10,000
>$500 loss
>instantly buy them back
>no money made
>rinse and repeat until no money owed on taxes

Is this a legit strategy? Is that even legal?

It is called a wash sale and no it can't be written off.

>spend $500 to deduct $500 from taxable income

Unless you taxes are >100% you aren't making any money doing that.

Fucking sucks that capital gains tax can be limitless, but you can only write off $3000/year in loss

Fuck the gooberment

You're technically not losing any assets because you instantly buy them all back at the lower price you sold for. As pointed out though this is a wash trade so you can't deduct it on taxes.

Wash trading does not apply to crypto (yet).

You lost the $500 from your investment. Even if you waited long enough for it not to be a wash trade that would become your new cost basis, so when you got back to $1000 you'd owe taxes on the $500 again. And you can only write off like $3000/year in capital loss or something while there is obviously no limit to your taxable gain.

you fucking filled out a 8949 form for literally 4 transactions that were under net gain/loss of $400? dude your a cuckin dick sucking mama's boy. The irs are probably laughing at your dumbass. you really think they are going to fucking knock on your door to pay taxes on $400 gains? i literally have 100x that LOL i feel bad for you

HAHAHAHAHAHA.... what a fuckin cuck... literally crying... you declared this sub 10k never going to make it bullshit? Really? REALLY?

Good goy

>Wash trading does not apply to crypto (yet).
wash sales, not wash trading (different thing). and yes, wash sale rule does apply.

Wash sales only apply to securities and bonds. IRS considers coins property.

They would have to prove intent in order to say you were making wash sales.

Any Taxjewician know if being a undergrad or grad student helps?

>Any Taxjewician know if being a undergrad or grad student helps?

if you are in undergrad you get tax credits on form 1098 T if you pay tuition for school. max $2500 per year for 4 years of undergrad. this is only if you are an independent. if you are dependent, your guardian gets to claim that on their taxes

>.t never filed taxes before

your NEET is showing user

>intent
the intent is gonna be pretty fucking obvious when you start claiming those loss deductions, they're don't care if it's commodity or security the rules apply to both idiot

>various

That is allowable. I thought for second I spelled it wrong...lol

OP is a fucking idiot for taxing his crypto under 10k.

The IRS taxes under 10k just as much as above it!

then to spread more than 30 days for this to not be a wash sale pajeet

some of the cucks on here jiminy christmas

Wrong. Once op makes it above 10k, do you really think they won't audit his ass and try and take everything from him? Go be retarded somewhere else.

That's great if you made four trades. I'm pretty sure some people here made a few more that.

>le epic "when" meme
fuck off back to redd!t

I bet you forgot to pay the ordinary income on the $1500 in BCH that you got during the fork. by only paying tax on the $500 gain, you are ignoring $1500 in taxable income. good luck with the audit.

lmao this. letting the IRS know you have crypto in the first place was a mistake.

You can attach as many pages as you want. All gets totaled on a schedule d anyway. And yes there are ways to make it easy with software or even excel!

Oh we are so smart now! Too bad I didn't get a fork payment in bitcoin cash. I bought bitcoin cash and sold it for the gdax price spike!

Good job user, this will go directly to paying the private federal reserve for debts incurred bombing innocent children across the plane.

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