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24608087 No.24608087 [Reply] [Original]

Been lurking on this board for a while now, and just now getting into crypto.

How do you guys go about paying taxes? Not really sure if I made a good choice getting into it right before tax season.

Did I fuck up?

>> No.24608126

>>24608087
go to /k/ and ask how to plan your first boating trip

>> No.24608132

Let's help eachother out bro, split the trade fee use ref UD3MOTMZ on Binance and we get back part of the fees.

>> No.24608146

Did you sell?

>> No.24608151

>>24608087
Crypto is unironically for retards just buy some mortgage reits or oil companies like FANG. Crypto fags are all larpers

>> No.24608186

>>24608146
Not yet, bought some and gunna see where it takes me atm.

>> No.24608204

A word of advice: either file them or don’t, but don’t lie.
Tax evasion is a felony. Not filing is a missedimeaner

>> No.24608342

>>24608087
>crypto
>tax

>> No.24608385

>>24608204
what is there to file if you haven't sold yet? come on...

>> No.24608405

>>24608087
>paying taxes
Maybe crypto isn't for you, kid

>> No.24608417

>>24608385
Yeah I haven't sold shit yet, but I have converted a part of my BTC to ETH for dabbling around with some staking. There is apparently some caveat about converting currencies like that are taxable.

>> No.24608420
File: 438 KB, 1023x1280, ARPA.jpg [View same] [iqdb] [saucenao] [google]
24608420

>>24608087
If Burger, use Tokentax.

PAY YOUR TAXES.

I'm holding my ARPA for more than a year so I Can farm more Bella Protocol and get -less fucked-

>> No.24608447

>>24608385
how would you sell if you had to, in relation to taxes?
would it be better to sell all at once, pay tax all at once, or slowly sell and pay a smaller amount of tax more times?

>> No.24608485

>>24608447
i don't get it sorry im not paying shit until o cash out and probably will never fully cash out

>> No.24608501

>>24608447
Hold for a year so the taxes are long term capital gainz not short term as far as exchanges go no fucking idea how they’d even track it

>> No.24608526

>>24608485
what i was asking is if cashing out all at once would be better than cashing out over a year or two. you sort of answered it anyway
>never fully cash out

>> No.24608538

>>24608501
If you get a 1099-K or 1099-B from an exchange then you KNOW that the exchange and IRS are tracking that you have a taxable event. If not, then you don't have one I guess.

>> No.24608541

>>24608087
it's not that hard to figure out
there are automated systems that do it for you, you just have to pay a fee. i.e. feed said systems the .csv file you pull from exchanges/etherscan and it spits something that's easy to understand for the irs. it's even recommended in like turbo tax and other popular tax softwares. did it last year with no problems.

why does this come up so often? literally can be a literal retard and figure out how to do it. you some dumb government worker or something?

>> No.24608547

>>24608526
why ever would it be better?

>> No.24608552

>>24608501
thats right, 12 months for less cgt%. thanks

>> No.24608563

>>24608538
I meant swaps not exchanges

>> No.24608575

>>24608541
I mean...
I do work for the DOD
and yes, I'm kinda retarded

>> No.24608579

>>24608547
if you have enough money in your security, cashing out all at once would mean you pay higher tax%. cashing out in seperate years means lower tax%. i think im right, tell me if this is retard math.

>> No.24608636

>>24608575
sounds about right

>> No.24608656

>>24608579
I’m pretty sure it would be based off capital gains and wouldn’t add to income for the year. So it wouldn’t matter what year you sold as long as it was over a year. I’m not really sure desu only took a few accounting classes in college you could probably google it and figure it out.

>> No.24608715

>>24608656
so the only tax that applies to profit made from securities is capital gains, and capital gains doesn't care how much you earn, only for how long you've held it. i was thinking the more you make, the more you get taxed but thanks for clearing it up.

>> No.24608820

>>24608087
why ask about this here? are you braindead? one google search is all it takes, if that doesn't clear it up then you can always ask the irs. they're not going to arrest you for ignorance.

>> No.24608829

>>24608579
>>24608656
From what I understand you don't pay taxes (or claim loss for tax deducation) on unrealized capital gains/losses until you sell the asset. That is why you don't cash out everything at once like a retard and you're better off converting to stablecoins and living off the high interest APY and only cashing out what you need.

>> No.24609059

>>24608715
no capital gains is literally a tax on your profit. there may be schemes to reduce it if you held longer term aldo you may not be required by law to keep receipts over 5 years so you can make up your entry later on.

>> No.24609111

>>24608087
https://bitcoin.tax/

Export your trade history from your exchanges constantly, pay for an account on bitcoin.tax, upload your trade history to bitcoin.tax, export your IRS form, pay for TurboTax, upload your IRS form, complete taxes. Should take you no more than a couple hours.

>> No.24609140

>>24609111
yeah im not gonna let randos on then internet leak my holding thx