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/biz/ - Business & Finance

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11386120 No.11386120 [Reply] [Original]

Who else here got JUST by taxes on trades? My portfolio is currently only worth $10k but I made trades in 2017 when it was worth $80k. So I've calculated the total taxes I will have to pay are more than I have in crypto and my entire bank balance. I just wish I never found /biz/

>> No.11386184

>>11386120

I should be paying upwards of 180k in taxes for which is about 20k I am holding right now. Good thing I never declared it, or else I'd be losing my fucking shit.

>> No.11386186

>>11386120
Thanks for supporting us here in isreal goy you truly are our greatest ally

>> No.11386190

>>11386120
>Paying taxes
Lmao people still do this when it's so easy to avoid?

>> No.11386191

>>11386184
reported to IRS

>> No.11386208
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11386208

>>11386191
>Tfw you aren't not part of the burgerland

>> No.11386232

>>11386120
Loss harvest and make your next few tax years easy.

>> No.11386791
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11386791

Jail wouldn't be that bad especially during an economic collapse!

>> No.11386810

>>11386120
get bitcoin.tax and play around with the cost basis types. Doing FIFO you will probably be fucked, but other cost bases can change that dramatically, and is nearly impossible to do by hand. It's worth the $30 or so to use the program.

>> No.11386822

>>11386190
>be a neet
>get 100ks with crypto
>dont pay taxes
>buy a house
>nobody asks questions
in what world are you living?

>> No.11386839
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11386839

>not understanding the tax implications before you trade

>> No.11387116

>>11386839
there are nine in europe.
I also have like 4 bitcoins and a yearly volume of 400 bitcoins or more.
are we even serious? I rather become a friar. I feel good with myself, I allready made it.

>> No.11387136

>>11386120
200 ppl paid taxes on crypto-crypto trades in 2017 in the US.

also you should have paid them months ago if you're reporting them like wtf

0/10 fud

>> No.11387145

>>11386190
Fucking this, just use a vpn and a meme mail for your binance account

>> No.11387237

Dude you better reach out to the IRS for more time then go get a bank loan to pay those taxes ASAP

>> No.11387323

>>11386120
yes because I made a lot of money but don't rush to try to do it yourself and pay taxes on coin to coin trades in 2017. go talk to a GOOD tax lawyer (not a CPA a lawyer). coin to coin is definitely taxable for 2018 but there are lawyers who will sign returns only on what you cashed out for 2017 because it's all a grey area with rules still being developed. it still is a lot of taxes but if you weren't dealing with USD and it was only coin to coin I really would not lose more sleep over it. at current value of $10k they won't even come after you anyway most likely. you may be able to just explain your situation to a lawyer and have them tell you what you should do rather than even hiring or paying them (if you have 10k right now you won't be hiring them)

>> No.11387663

Anyone else think these " tax boys" posts are paid fudders. Nothing puts me off crypto more than the fear of not being able to cash out. Even the dips. It would honestly scare new money away. It's the worst fud I've seen.

>> No.11387687

>>11387663
you can cash out, very easily, the issue is that if you make capital gains you need to pay tax on it. I agree it puts me off trading alts this year because the record keeping is way too cumbersome and there are no clear rules on how to report coin to coin trades such as what bitcoin price to use in such trades. with the volatility of bitcoin using anything but a 1 minute price could completely fuck your taxes up, and even then during many periods there are huge differences between various exchanges. there are a lot of details with that shit and it is too cumbersome to expect high volume traders to handle until the exchanges take some of the load off like a stock brokerage does and basically reports it for you. but as far as taxes on regular gains, what's the problem? it's only on gains. it sucks but you have to do it to cash out any significant amount or you're taking a bad risk