/biz/ - Business & Finance

How is that legal

>>29447013
You only get 30% of your losses back off your taxes, so its still a loss for you.

>>29447050
It's the opposite of capital gains, called tax loss harvesting.

>>29447013
You only pay tax on crypto when u sell to fiat and withdraw to ur bank account, retard. u dont pay shit when u tether. get gud. fuck niggers fuck kikes

>>29447013
except you will forego long term capital gains by selling

>>29447059
Right, but he's buying back in immediately so he's still invested. He's just taking an accounting loss for jew tax purposes

>>29447059
In burgerland you can offset your losses against future taxes indefinitely
>>29447050
Losses can be used to offer up to $3k in personal income, 30% of realized gains, and carried forward indefinitely. If you know how to work your way around the system you only trigger taxable events when it’s convenient
>it’s not outjewing the Jew
>it’s becoming the Jew

That's illegal

>>29447156
No it isn't, faggot

>>29447081
Crypto to crypto is taxable event in some places in the the first world pajeet

>>29447081
This is 100% incorrect in America and most countries. If you sell crypto -> crypto (even a stable coin) it is a taxable event; and in this case a loss.

Please do not fuck over others with your opinion on how things work. Unless of course it’s different in your country, then state your country.

>reset long term capital gains days counter
no thanks

>>29447013
Nice try, already down 30% but once i tether the lights and internet in my city will go down for a few hours while BTC moons to 200k.

>>29447226
I live in the United States. I know plenty of crypto traders, and none of them have paid crypto to crypto taxes. That is purely cucked. They all paid a lump sump when they cashed out to fiat to their banks.

>>29447013
unless you literally bought ATH (or within 20% of it), you would still be gaining, so you still be in the green and have to pay taxes

>>29447227
See>>29447307

Get gud, faggot. I know people who cashed out millions in one go.

All that does is lock in your buy price at a higher point. You still have to pay the gains you made already and you will still have to pay the gains you make when we inevitably go higher in the future. In short it achieves nothing except for reseting your 12 month count.

>>29447013
This only works if you're a retard who bought the top lmao, so this is actually useful advice for biz

>>29447262
You buy back in immediately to prevent further volatility, do the same thing if it continues to dump triggering another loss
>>29447263
If your coins purchased at ATH are stored separately than your assets being held long term (LINK on an exchange vs cold wallet) you won’t reset the counter.
>t. survived 2018 -> 2020 this way and still reported taxes yearly

>>29447307
>>29447353
Brainlet, they paid a lump sum and the total of that sum was calculated based on all of their accumulative crypto to crypto transactions.

>>29447013
That’s a wash sale retard. Not allowed by jew tards. Nice try tho cuck keep being a good goyim paying taxes on crypto like a fag

Not an amerimutt, didn't read

>>29447013
in canuckland this is prevented by something called superficial loss, in your scenario if you buy link again <30 days it's considered a superficial loss and you can't claim the loss as capial loss on your tax return. i assume there's a similar tax rule in burgerland

>>29447562
what part of unregulated market don't you understand

>>29447562
theres no wash sale rules on crypto like there is on stocks

>>29447562
This

>>29447752
That’s y I said don’t pay taxes dumbass

Im not an american but how would they even know?
If you trade on binance for example, do they really track it

>>29447777
hes right you know

>>29447307
>lives in America
>no idea how crypto taxes work
>gonna get fucked by the IRS

>>29447415
Correct
>>29447353
>>29447353
“Muh friend didn’t pay taxes so I don’t have to either!”
>you’re the next al Capone anon rules don’t apply to you and you’ll never get audited or have your door busted down
Just make sure you aren’t doing anything illegal beyond consciously avoiding taxes
>>29447405
If you trigger a loss (because you bought the dip like a Faggot) and buy back in you’re actually locking in a lower price price point. This also only works if you hold your long term assets in a wallet that does not interact with your short term assets.
>IE: Exchange (hot wallet -> short term capital gains) vs Cold wallet (long term)
If anons have their assets in one place.. well NGMI regardless
>>29447562
Incorrect. Kys retard
>Nice to see the noobs are online

>>29447938
>because you bought the dip
Because you bought the top*** my bad just smoked a joint

Glow nigger thread. You don't have to pay taxes until you cash out to fiat and withdraw it to your bank. Ignore and block all glow niggers who say otherwise.

>>29447059
>>29447144
>30% of realized gains.

source? I can't find anything about the 30% realized gains, I can find the 3k rule though

Yes. Do that.

>>29448159
They're lying you can only deduct 3k income loss. I don't know where that 30% came from also

Does the UK have a similar rule?

>>29448230
You don’t think you can write off losses to future years? Why do you think Amazon hasn’t paid me a meaningful amount in taxes in years?
>why do you think trump hasn’t paid taxes in years?
Average IQ ITT is under 74

>>29448230
They are also ignoring the wash sale rule. Doing this will get you nailed by the IRS

>>29448296
I am not sure britbong but worth looking into it just for the sake of knowing. Australia and many South American countries similar laws but can’t speak for the UK

>>29448313
>>29447013

>30% realized gains

hurr durr im trolling people by giving bad financial advice that will get them in trouble with the IRS! You and your homo discord group are fags btw

>>29448323
>loss harvesting will get you nailed by the IRS over outright refusing to pay taxes
Anon... I..

>>29447013
>paying taxes on internet funny money
kek

>>29448420
source your 30% realized gains claim. Now.

>>29448659
>https://www.legalzoom.com/articles/covid-19-small-business-tax-breaks-you-need-to-know
For S-Corps and businesses
>Expanded Interest Deduction
The previous limit of 30% adjusted taxable income (ATI) has been increased significantly, to 50% for 2019 and 2020.

>Jacob Dayan, CEO of Community Tax, notes that "Any business interest expense not able to be applied for this year can be carried into the next year. This increased limit will allow businesses a larger tax break this year and next."

>>29447307
Wow, those idiots should get in touch with a tax attorney immediately and so should you if you're as retarded as them.

>>29447144
it's just called basic math I'm pretty sure every country is like that anon. 3k a year is nothing too which is why OP is a faggot

>>29447013
This is called wash trading and it's generally not allowed.

>>29448828
>business

Ok, not useful for individuals. Pretty big point you left.

Still haven't seen one sound tax evasion scheme in all the thousands of hours ive wasted on biz. I read every thread hoping it will deliver, and they never do.

>>29449934
>buy crypto under 10k or from a swap site
>trade it on foreign markets
>trade profits to monero and back
>buy 8k worth of gold from 20+ dealers
>cash out the gold when you need it

someone post proof that crypto to crypto is taxable in america, i see these retarded threads day in a day out and no one ever has fucking proof. give me a link you fucking apes

>>29449546

Start a sole proprietorship and buy shit for your business. Boom, you get to spend your money pretty much how you want vs giving it to the government. Use your brain.

>>29447013
Stop fucking with my frens or I'll find you

Isn't that callded wash trading? It's illegal here in aus sadly