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/biz/ - Business & Finance

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16982211 No.16982211 [Reply] [Original]

Low IQ amerifat here

How do taxes work? When I put my 2019 csv from cuckbase into turbotax it shows I owe $600 on the $3000 I withdrew to my bank account and on my trades I made. But my initial investment was $10,000 in 2018, shouldn’t I owe nothing since I still haven’t even withdrawn my initial investment?

>> No.16982260

>>16982211
You received income from selling something you own, so you pay tax on that. If you haven’t withdrawn your initial investment but you have withdrawn 3000 dollars in profit, then you owe taxes on that 3000 of income, or in this case gains from your investment of capital. You receive taxable income whenever you sell an asset, so taxes involving a lot of trades can be complex, but basically because you received that money as income from sales of an asset or some other reason, you pay taxes on that income. Advice like this is a diamond dozen though so be sure to dyor own research!

>> No.16982309
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16982309

>>16982260

Thanks fren

Feels bad getting taxed twice on my money (taxed on income then taxed on investment that you bought with taxed income) Guess I just got to bend over for Uncle Sam and let him have his way with me. Could be worse than 20%

>> No.16982421
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16982421

>>16982260
>diamond dozen
Classic

>> No.16982427

>>16982211
Ill make it easy for you. Just dont pay and move countries

>> No.16982432

>>16982211
Wtf is csv

>> No.16982445

>>16982309
honestly I plan on making it 2020, sending a letter to the irs to suck my dick, and move countries while making hate blogs over how fucked the u.s. is

>> No.16982495

>>16982211
You owe taxes based on the capital gains you've realized by selling securities for profit, not based on the amount you've withdrawn to your bank account. There's no double taxing here unless you did something wrong.