/biz/ - Business & Finance

>>52697473
yikes, the hohols even infected the tax software

done got a nigga fucked up thinkin im finna talk to some feds

I have $20K+ in capital losses.

>>52697473

>>52697473
>How are you taxable events going anons?
already got a $3k deduction to my income locked and loaded. tax loss harvesting is awesome. can sell more next year and harvest some more deductions. keep it up bobos, this is a winning strategy for me and helps to offset my real losses, in fact, i think if i keep investing high and selling low i can reduce my income every year for eternity as long as nothing increases in value. fuck bros, i'm gonna be fucking rich. wagmi.

>>52698082
For wash trading, do you need to convert the crypto into fiat, or can you just swap into a stable like USDC?

>>52698744
doesn't matter. any sale showing a loss against the cost basis can be used as a capital loss, up to $3k/year. IRS considers a "swap" from say Link-->ETH as sale of link to USD (which can be compared to the original cost basis of the Link) and then a purchase of ETH with USD (this would be your new cost basis for the ETH going forward).

>>52698744
>For wash trading
technically it's called tax loss harvesting. you can even just sell and repurchase immediately to harvest the loss, this is still legal with crypto in the US, but is not legal with stocks. there is a grace period you have to wait before repurchasing a stock that you sell. this legality allows wash trading which is something exchanges and BSV do to artificially increase volume to give the appearance of high activity to lure in buyers.

>>52697473
I don’t pay taxes.

>>52698845
And I’m assuming this would have to be done on a CEX to be on record?

>>52699059
>And I’m assuming this would have to be done on a CEX to be on record?
lol no. ANY sale/swap event is taxable as i described whether through a dex or cex or person to person. blockchains are public ledgers, so unless you've obfuscated funds in your wallets in some way or another just simply using funds from a wallet on a dex won't be a problem.

>>52699042
>I don’t pay taxes.
probably because you don't make any money.

Do I need to file if I was on unemployment and then unemployed for the whole year?

>>52697473
two states, three jobs, small biz income, backdoor roth ira, last-month hsa eligible. 2023 is gonna be fun, just dunno if it's the "pay a huge tax bill" or "kill glowniggers" kind of fun

I'M GONNA COOOOOOOOOOOOOOMMIT TAX EVASION

>>52699505
nah, just lower my taxable income through 401k max-outs, deduct every relevant depreciating asset, harvest capital losses, and donate enough to my church to bump me down a bracket. basically what rich people do

>>52697497
Appropriate considering where all our tax dollars go.

>>52697497
>>52700008
I laughed then felt bad.

>>52697473
I technically will owe $30k+ next year but I'm not gonna report it

>>52697473
Some of my transactions are in ftx us and inaccessible. I need them to report capital losses.

I am so poor that filing my taxes is a profitable event

>>52697473
I'm putting all my money into new inventory. It's going to suck for a while but the payoff will be worth it.

>paying tax

ngmi

>>52697473
This is my last year of being in the 12% bracket. I’m forever in the 22% bracket starting next year