/biz/ - Business & Finance

>>2940044

Hey, if you're still around, I'd appreciate some info. This year I spent about $6000 on crypto and proceeded to lose $2000 of that initial capital. I also spent $3000 on mining equipment and made some money from mining, and while mining I successfully traded. My portfolio is currently worth about $10,500. All in all, I went from about $2000 in the hole at my lowest to about $1,500 in profit at present.

My question is this: will my tax liability simply be, after doing all of the math (which I assume will be a giant headache), the $1500 difference between the total cost of my crypto purchase plus my hardware costs and whatever portfolio value I cash out at, or is there some kind of tax fuckery that could cause me to pay more than I've profited?

tl;dr: Made a lot of mistakes, lost money, learned from them and made better choices, made money, now confused about what the tax man will want.

I am a poorfag and I've never handled more than about $8,000 in one year from low-tier jobs, and I've always just filed taxes with the local taxman and got my little $100 back or whatever, so I'm really dubious about this whole thing.

Thanks for any advice