/biz/ - Business & Finance

Considering we were 19.14 two hours ago not that bad.

Ser...gey...
He...
He...
He betray...
Why............

i traded sold so many times. i don't even know how i am gonna pay taxes on it

is it hard?

how hard is it to pay crypto taxes?

>>26090444
Just do a ballpark number, odds that they actually investigate are slim to none unless you made over 100k

I saw you buying at the all-time-high
You looked so happy when you learned De-Fi
But then Bog called you, caught you by surprise
A big red dildo falling from the sky

I don't why you sell away
I'll make you hold when I crash coinbase

You could've boughted Link when it was $5
Now you FOMO'd in before it dived
But you slept on it when it's low in sats
Now just accept that you got only scraps

I don't why you sell away
I'll make you hold when I crash coinbase

Buy back in, 'cause you should've stayed
Hold your bags for another
HOLD. YOUR. BAGS. FOR ANOTHER DAY.
HOLD. YOUR. BAGS. FOR ANOTHER DAY.

>>26090251
Its almost 21 again friend

Is it too late to accumulate LINK?

It's only 5% of my portfolio

There are droves of newbies that have just entered the market. CHAINLINK is the KING of oracles. No other project comes close. LINK will be worth $100s if not $1000s per chainlink in the future at some point. It's the final piece to the smart-contract puzzle, an inextricable one. All prices you buy at right now are good for longterm holding. If youre a degen swinger, then I have no advice for you.

>>26090976
1000 $link has been deposited to your account

>>26090789
utterly based

i am a swing trader so if link becomes too much i could always buy another coin and see similar gains

should i wait for a dip to get in at $15 or just fomo in now at $20? i got 30k to invest

>>26091207

wait until it dumps to the bottom

don't fomo, because you lose out on buying more link

>>26091207
Average out your buy ins. I've been here less than a week and I can't believe I had to tell you that. Do your research anon

>>26091207
What will you do tomorrow if it is $25? Will you wait for the dump to $20?

>>26091364
i've been buying it for weeks. i bought 7k worth so far back when it was $12-15 but im waiting on a big chunk of money to clear in my bank from my robinhood account and don't know if i should hope for it to dump again

ALWAYS OVERESTIMATE THE WEAKNESS OF INDIVIDUAL THOUGHT ESPECIALLY NEGATIVE INDIVIDUAL THOUGHT

THIS SHIT IS GOING TO HIT $0.11 EOY EASILY SO DO NOT TAKE THIS TIME TO NOT VISUALIZE
BREATH WE ARE ALL IN THIS TOGETHER

I AM POOR
I AM GAY
I AM A FAGGOT
LINK HAS STOLEN ME FINITE ABUNDANCE

NAY
WE ARE POOR
WE ARE GAY
WE ARE ALL BETRAYED
LINK HAS STOLEN US FINITE ABUNDANCE

>>26090486
All you really gotta do Is net the balance of $'s in vs out unless you swapped crypto for other crypto (and are still holding), then it gets messy. Anything you hold from purchase through the end of the year doesnt count

>>26090789
hell ya niggers tongue my anus !

>>26091557
is there a way to not pay taxes on crypto? like you don't have to pay taxes until you sell and cash out right? what if you just transferred it into a stablecoin or something and cash out small amounts as you need money

>>26091976
dude just don't pay lmao

>>26091976
Nah any time you sell or transfer it becomes a “realized gain” which is taxable. I’m with you though I really don’t wanna get fucked on my taxes this year when the whole point of putting this money in is to make long term gains

>>26092083
so if you transfer to a wallet from an exchange you need to pay? do they report that shit to the irs like paypal does or something?

>>26092124
It’s an enigma to me too, I’m assuming the exchanges are required to report to the IRS. Plus if you suddenly start big dicking your bank account with $100k out of now where the fed bois gonna have some questions for you.

I know coinbase let’s you import your shit into TurboTax so you could prob do that. What I don’t know is if transfers to a wallet from an exchange is taxable

>>26091976
>what if you just transferred it into a stablecoin or something and cash out small amounts as you need money
That's partly my strategy, and should be fine so long as you don't do crypto-to-crypto trades (including stablecoins) on a KYC'd exchange.

The problem comes in if you need to make any significant purchases like a house or car. Trades/transfers of $10k or more automatically get reported to the IRS. And structuring them to be less than 10k will get your accounts frozen as well. And even if you get around all that, doing more than 20k worth of trades/withdraws in a year on US platforms will trigger them to send the IRS a 1099-K. And EVEN THEN after all that, if you ever attempt to purchase a car or house or anything like that straight-up, it also automatically triggers an IRS notification.

tldr don't report crypto-to-crypto trades and keep those off KYC exchanges. Report gains when you withdraw to fiat in large amounts like to buy a house/car/whatever. Keep as much as you can in crypto earning DeFi lending APY, use crypto to buy things when possible, withdraw small amounts prn

>>26092213
can't you just use a vpn and buy on a non us exchange and then transfer from that to a wallet or something?

unless you are cashing out millions. i wouldnt be worried about taxes. irs got bigger fishes to fry. there are tons of whales out there that are trading millions.

>>26092213

Let’s say I make like $100k or $1m and I wanna cash out, and don’t want to be looking over my shoulder for the IRS so I do it and bite the tax hit. How much do you figure I’d keep? Or is there more to it like my salary and shit

>>26090444
your fucked son

>>26092257
That will work for crypto-to-crypto trading, but for any fiat on/off-ramp you'll need a KYC'd american exchange. And even if that weren't the case, you can't just have a million dollars appear in your bank account. That will set off red flags and they'll want to know where it came from and where your tax money is.

>>26092282
I'd cash out enough to buy the large things you need/want (house, car whatever) along with enough extra to cover taxes on that money you're withdrawing to fiat. Keep as much as you can on-chain via stablecoins earning APY. Maybe get one of those crypto-backed debit cards to buy things that way too, although I need to look more into that.

Part of my plan after going to stablecoins at the end of the bull run is to wait for the bear market to bottom out and then reinvest some of the money back into good crypto projects and wait another couple years for the next bull run cycle too.

>>26091523
Made me laugh out loud in front of others

Thanks

>>26092452

Are there any projects that have your interest now? I’m reading the white papers doing the research I can but I didn’t go to school for this stuff so it’s a learning curve figuring out what’s a real gem and what’s a scam

>>26092452
Appreciate the insight btw, thank you

>>26092543
I'm honestly not good at all that shit. I do know that the future is always changing, and top projects of today might not be the top projects in 2024. That will all need to be reassessed after the current bull market is over. I'm definitely going to be buying back into BTC/ETH/LINK. Maybe PNK and RLC too, those seem like good projects that have a lot of potential years down the line. But again, who knows what other stuff will be around later on.

>>26092639
That’s more planning than I’ve already done, so like I said I appreciate your perspective.

Coming right out of college only thing I wanna do is invest for the future but the temptation of FOMO or just general ignorance is definitely there.

>>26090251
Oh no! I'm only 1000% up now! What am I going to do shill?