/biz/ - Business & Finance

>>26273184
You dont have to worry about those before next year. Just make sure you have your shit in order before december

>>26273184
yes. It will go up anyway and if you go all in ETH is def one of the safest since BTC will suffer. I see minimum risk compared to other biz coins

>>26273184
You don't have to pay capital gains for every single transaction you make during the year, dumbass

>>26273344
I'm fucked though if I buy back in and it crashes though...I'll still owe the IRS like $50k

>>26273184
No, you don't deserve to make money weak hands

>>26273184
you sold the bottom comming from ETH barely itching a new ATH kek get back in asap retard, 2k EOM

Yes. If you make a loss then you don’t have to pay capital gains.

>>26273400
I know silly. Im talking about nets

>>26273401
Just put half back in then, talk to a tax professional and put aside the money you need and trade with the rest

>>26273184
why did you cash out in dollars?
should have just converted everything to USDC and just used that for everything and don't report it

>>26273400
>don't have to pay capital gains for every transaction

Yes, yes you do.

>>26273498
It's better to ask yourself those questions when you close the year, and you actually cashout in a bank account.

>>26273184
Head to an RBC general thread and take a look at this projects. I know there is a lot of spam, this is because we have almost 200 biz people already large bag holders in it. Cross chain swaps with ethereal and solutions to the gas problem are in the pipeline. Listing on kraken and binance by end of February. This is a solid moonshot and a whale like yourself should be along for the ride

>>26273400

>>26273564
Capital gains, for definition, have to be paid if you increase your capital at the end of the year, if you don't increase it because you had reds, then you haven't to pay shit.

>>26273401
Can't you compensate with losses? Pretty sure you can

>>26273564
It's just over net change up or down.

>>26273400
>You don't have to pay capital gains for every single transaction you make during the year, dumbass
Prepare you anus friend, the IRS is going in dry come tax time

>>26273980
not american, kek

>>26273753
>>26273847
This is what I thought too. That was say if Ether crashes back down to $50 for some reason I can just sell and NOT owe the $50k in taxes. Right? As long as it is within 2021

>>26273184
wait for a bigger dip. good chance we fall below 1200 again before mooning

>>26273184
The number is not going up fast enough

>>26273414

>>26273534
>should have just converted everything to USDC and just used that for everything and don't report it
memes aside this is the most important post ITT. it's obvious regulation will be adjusted at some point, but right now you can and should use USDC/DAI
even when regulation hits, it's still worth going decentralized and reporting just one trade whenever you cash out some gains

>>26274117
lol. assuming youre a burger, losses are capped at $3k. no, im not joking.

>>26274205
Fuck

>>26273980
>>26274117
Taxable capital gains for the year are reduced by the amount of capital losses incurred in that year. A capital loss is when you sell an investment for less than you purchased it for. The total of long-term capital gains minus any capital losses is known as the "net capital gain," which is the amount capital gains taxes are assessed on.
https://www.irs.gov/taxtopics/tc409

Up to 80k total income for the year then it gets more nuanced. I think so but losses may be capped per year I think, then it gets into rollover losses. Investopedia and google are your friend.

>>26273414
Dude I've been holding since december 2016. Fuck off you dont know the PTSD i have from january 2018

>>26273184
How the fuck are taxes real like nigga just close your eyes

>>26273184
You made 100 grand? Nice

>>26273184
NGL...
I have a decent amout of ETH on an exchange. I have $97+ USDC in a wallet and I wanted to empty it out and send it back to the exchange (it wss just an experiement and I started with $100). Between transfer in off the exchange and not having to buy ETH to transfer it back, the original $100 will wind up being about $25 with roughly $70 in ETH gas to get it back plus a $5 apple pay fee. Total loss of about $73 including cost it + $75 ($153 just to wind up with $25). What a fucking stupid system! Something needs to change with Ethereum Network. I can't believe I own this shit thinking it is going to keep making me profits. No reason to use. Just to speculate.

>>26273400
WOW

just wow

hahahhhahahha

Bamp

What's a good way to avoid taxes?
If I sell my Rubic shitcoin for ETH using MetaMask, will the IRS know?

>>26273401
>I'm fucked though if I buy back in and it crashes though
If it crashes, just sell low and immediately buy back, the sell will allow you to take a capital gains loss.

>>26276115
If you cash out to USD, the IRS will always, always have questions.

>>26273184
>he sold
pamp it

>>26273400
Yes you do you fucking dumbass

>>26276263
A guy I know lost hos wallet in a boating accident.

>>26276313
Unfortunately that is exactly what happened. Only sold 40% of my stack but feel a lot of regret.

>>26273184
Yes
This shit is unironically going to 2k eow

I put 2k in and I have 6k now. Do I need to report this to the IRS? Theres no way they’ll hound a poorfag like me right? I’ll prob make 20kn from this run max

>>26273184
>live in an area that has 0% capital gains
It's damn expensive living here, so I guess it offsets that

>>26273184
>es, but there are limits. Losses on your investments are first used to offset capital gains of the same type. So, short-term losses are first deducted against short-term gains, and long-term losses are deducted against long-term gains. Net losses of either type can then be deducted against the other kind of gain.

>>26276729
>*yes

>>26276532
bump

>>26276532
You only owe money when you sell. Or if you swap to another coin. I think. I never fuck around with trades, though. But there's a whole thing about the basis or whatever.

>>26276987
I know. I did some flips to get there there though. A couple. Also I will cash out at some point.

Do you even need to worry if you don't plan to cash out anytime soon? I know you're still supposed to keep records when you do cash out.

>>26273401
Use capital losses dumdum

bump

For any leafs here, do I pay taxes on unrealized fiat gains? Say I make 100k this year but don't cash out, will I have to report taxes if I don't wanna get fucked by the cra? So will I have to cash out ~25k from crypto just to pay taxes? Or can I just wait, not report anything this year, and say in 10 years when I cash out pay all 10 years worth of taxes on every transaction then.

itt: people realizing the irs gonna fuck them dry

>>26277727
move to thailand, cash out, live like a king, smash boipucc

>>26273184
>100 ethereum
you should be fine.. if you hodl long term. now if it was 1000 eth then thats a different story.

>>26277727
alberta here, why would the cra know you have this money? just dont report it

>>26273184
Take some adderal or something

>>26277727
Is it gains if you tether your money, then cash out on an exchange? How can they. Prove profit.

>>26273184
$1.6k by end of month

>>26274851
Shoulda bought litecoin

>>26273753
someone explain why this doesn't work
>create ETH shittoken
>provide liquidity
>rugpull yourself
>count that as a loss when filling taxes
im sure im being retaded, but where?

I fomo'd back in at $1350. Lost money but oh well $5k EOY

>>26273184
>I owe a fuck ton of capital gains now

This is why we don't swing isn't it.

>>26280195
Exactly

>>26280195
you can swing by using perp swaps on ftx super easily and still not invoke cap gains

>>26273400
Only if you are not a mutt
Land of PedoJoe have crypto-to-crypto taxable events

>>26274205
Net losses. But if he loses $50k and makes $50k in the same year, the taxable income is zero, rather than $47K with a rollover of $47K losses split into 3k increments for the next 17 years.

>>26279818
because youre claiming that you suddenly have however much in assets that you then lose but you didnt yet pay the taxes on acquiring the assets

>>26280029
>dumps

imagine having this much money in crypto and making brainlet newfag mistakes.

>>26280849
Pls

Imagine being American and having to pay taxes. Kek.