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16155313 No.16155313 [Reply] [Original]

How do taxes work when trading crypto? If I buy $500 XRP and It goes to $600 and trade, how much is taxed and how are those taxes paid?

>> No.16155323

>>16155313
Proceeds from sale - purchase cost

If short term, 40% of that number. Long term, 20%.

Burgers only

>> No.16155324

>>16155313
>paying taxes on crypto
Fuck the fed, buy Monero

>> No.16155340

>>16155324
Have fun getting nuffin'd in jail

>> No.16155356

>>16155323
So if I sell in the short term I only profit $60? In the long term I profit $80? How do you file these on taxes?

>> No.16155357

>>16155313

In Europe it works like this (for now)... you declare capital interstate's tax from it yourself.... if you do not, fine... might be ok in crypto if it is low money too.
If you are dealing with big sums though, the banks, by EU law, are forced to tell the government.
And after that you pay taxes. Whether u want to or not

>> No.16155373

Interstate's = investment

>> No.16155388

>>16155357
I see what your saying, I'm American so I'm sure it applies differently. Thanks for the insight however

>> No.16155447
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16155447

>>16155388
Also use something like Bitcoin.tax
It's not free, but I'd rather pay for a service and get it right than screw it up. Any exchanges you use that are NOT supported natively.. just compare and change the formatting accordingly. Literally helps me sleep at night.

>> No.16155493
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16155493

>>16155447
Good info, thanks. This is now an XRP thread

>> No.16155713

>>16155388

I used to love living in your country. I honestly lived it, as far as taxes go. Flat rate for everyone... THAT is how things should be. EU is fucking up big time... the more you have the more soupy is the rule.... so when 50 billionaire leave the country say, they are fucked, because that is who pays most of the tax now

>> No.16155748

>>16155313
Why do faggots always make these threads without specifying their location?
>>16155388
Oh there we go
>>16155493
Kys Zionist scum. You are not getting any tax help from me Yehuda

>> No.16155763

theft

>> No.16155889
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16155889

>>16155748
>always make these threads
hardly anyone talks about taxes when they make all this money out of thin air, just trying to be informed
>specifying location
>assuming I wasn't American
git rekt, XRP will be adopted as the standard for large debt transfers for its low cost and instant transactions. XRP = The Standard

>> No.16155925
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16155925

XRP HOLDERS GET IN HERE
THIS IS NOW AN XRP THREAD