/biz/ - Business & Finance

>>57130234
>as long as other countries fall for our boomer scams we will make nothing and still be happy.
Mutt genius in action. Were you in a coma for the past 2 years?

>>57130241
based beergutter

>>28290471
>can't cash out
I mean ok, you have big numbers on your screen, but you can't do anything with it so...
Oh wait, you actually have ONE option to play around the IRS : using your shitcoins gains to purchase gold & silver instead of converting into USD.

This will be the catalyst for the mega-giga-ultra bullrun : every time someone cash out, it will not be in currencies but in PMs.
As a reminder, here is the current tax ruling for cryptos from the 2020 legal guideline :
>Crypto is considered property and handled as such
>Each swap of a coin in ANY way is a taxable event
>You pay capital gains on NET profits (Gross profits - Gross losses) and if you wind up in the red, you can deduct up to 3k off of your taxes per year
So technically you "cash out" every time you swap coins. You need to keep a log of them and some tax software will help you. This is to stop people from using, say, a crypto credit card (where each purchase would be cashing out). If you get a coin and never swap it, you don't pay taxes until you do. Here comes the one tricky thing: You need to pay taxes between years, so even if you haven't "cashed out" into fiat, you still owe on the gains from that year, meaning you'll need to pay out of pocket or cash out at least enough to cover your taxes.

>>18469553
It's called a nigger. As you can see it can be used to do basic stuff, like holding something.