/biz/ - Business & Finance

[Anonymous No.25355072]

>capital gains counts as Adjusted Gross Income

[Anonymous No.25355115]

>I didn't have a job for all of 2020

[Anonymous No.25355119]

>>25355072
in what shithole country?

[Anonymous No.25355146]

>>25355119
great ol US of A

[Anonymous No.25355161]

Thank you Drumpf

[Anonymous No.25355163]

>>25355119
the united states

[Anonymous No.25355196]

>>25355072
>cashing out into fiat currency ever

[Anonymous No.25355278]

>>25355196
>short term crypto trades are taxable events in the USA
>any gains you made on trades < 1year count as income

[Anonymous No.25356153]

>>25355072
Not having spredsheets calculate on the fly how much taxes you have to pay per trade.

I have a spreadsheet that keeps track off all the paychecks i had this year, how much income taxes i have already paid, how much crypto i bought, when i bought, principle spent vs profit if i where to sell it now. An api call that gets the current price of the coin, which lets me calculate the profit i made. Also calculates which tax bracket i am currently in, which determines the short term capital gain rate. I wont make a trade if the trade doesn't give me profit that is more than the tax i would pay

[Anonymous No.25356369]

>>25355072
>giving a single fuck about what want the tax jew
Don't Care; Never Paying

[Anonymous No.25356412]

>>25356153
I don't understand this logic - how can you pay more taxes than you had profit?

[Anonymous No.25356695]

>>25356412
The negative numbers are not factored in. Only thing to look at is payable tax?

My calculations for crypto tax is

Income tax + capital gains - income tax

Although the fed tax they took from me is a little bit lower than the actual tax I calculated so i have to do some more research. It is awork in progress.

[Anonymous No.25356715]

What's gonna happen if i don't pay. What can they honestly do to me. I'll kill all

[Anonymous No.25356806]

i'm probably going to get a pretty hefty tax bill next year. Between crypto gains and airdrops I'll probably end up owing thousands. plan is to sell my remaining shiny rocks to pay the taxes. dump them while they're still worth something.

[Anonymous No.25356998]

>>25356715
meet your new lovers

in truth you may be able to get away with not paying or with fudging your records. The IRS only has so many resources & legal actions are incredibly costly, so if you are skipping out on a few hundred or even a few thousand in taxes it's not worth going after you. Also as long as you made a good faith effort to do your taxes correctly they won't put you in prison and will just make you paid what you owe if you're caught. It's only if you deliberately lie (which they have to prove) that they can charge you with a crime.

I just want to have all my ducks in a row so that I don't get in trouble in the future when and if I make it, so I at least try to file correctly.

[Anonymous No.25357101]

>>25356998
i feel like they need to be hitting up these corporations for some tax dollars. since they're 'essential,' and monetary policy is designed to help keep their diversity ships afloat, perhaps they need to become essential tax sources.

[Anonymous No.25357135]

>>25356998
regardless, im completely willing to kill any bureaucrat that comes here for money. and any police officers accompanying them. these niggers have taken everything from me. im doing the taking now.

[Anonymous No.25357241]

>>25356715
Based

[Anonymous No.25357251]

>>25357135
sounds like a smart plan. have fun staying dead

[Anonymous No.25357387]

>>25357251
have fun with your slavery. best make sure your documents are in order for the kangaroo court. i'll be enjoying freedom until i die.

[Anonymous No.25357572]

>>25357387
>i'll be enjoying freedom until i die
sounds like that won't be too long.

assuming you're serious then you're a fucking retard. life is more precious than anything. If I had to give up everything I own to stay alive another day I would do it no question. Money comes and goes but once you're dead that's it forever. So go ahead and be a martyr if you want, nobody will give a fuck and you'll be gone and forgotten for all eternity.

[Anonymous No.25357669]

>>25357572
made it 47 years so far, son. haven't paid taxes since 2001 when our government killed 3000 Americans.
>life is precious
tell that to the bureaucrats that are risking their lives if they decide to fuck with me. is their life worth 100,000k in tax revenue? and technically, if scarcity determines value, then human life is at an all time low. if your goal is simply to live as long as possible, you are not in for a good ride. i'm out.

[Anonymous No.25357704]

yet another reason to be NEET

[Anonymous No.25357917]

>>25356695
You might want to consider slapping a logo on it and selling it

[Anonymous No.25357979]

>>25357669
It's amazing how many people have this attitude
Based desu

[Anonymous No.25358022]

>>25357917
Yeah might do that, i want to actually iron out the kinks and talk to an tax accountant first.

[Anonymous No.25358077]

>>25355115
>being a wagecuck

[Anonymous No.25358097]

Oh well. At least those whores on onlyfans are going to get it too.

[Anonymous No.25358539]

>>25355196
crypto to crypto is a taxable event

[Anonymous No.25358580]

>>25358022
put it on github instead, can't compete with tax software on the market anyway

[Anonymous No.25358614]

>>25356153
Your making a rest api call from a spreadsheet?

[Anonymous No.25358626]

>>25356998
>It's only if you deliberately lie (which they have to prove) that they can charge you with a crime
that's why there's a box you have to tick on your tax return that asks "did you trade crypto this year yes/no"

[Anonymous No.25358791]

>>25355278
>>25358539
Why are you moving from bitcoin to any other cryptocurrency? BTC is the only one that isn't going away.

[Anonymous No.25358795]

third world country citizen here...living and working in the US was one of my dreams since I was a teenager, but the crypto taxes are awful, should I give up my dream and focus on Europe or Asia?

[Anonymous No.25358876]

>>25358795
Yeah, if you're a Crypto trader then Ukraine is the best place because it's low taxes and they have cheap high quality escorts.

[Anonymous No.25359001]

>>25358876
redpill me on crypto taxes in ukraine

[Anonymous No.25359027]

>>25357135
Based af

[Anonymous No.25359029]

>>25359001
I'm not the best on it but i heard ukraine is low, it's like a tax haven.

[Anonymous No.25359048]

Why does this become a big deal at the end of every year, if you aren’t aware all your crypto trading is taxable in the US by now you’re retarded

[Anonymous No.25359055]

Don't fuck with the IRS. It never ends up well

[Anonymous No.25359065]

>>25357572
>If I had to give up everything I own to stay alive another day I would do it no question.
and that's why you are in the situation you are in. the guy you're replying to is one of the last remnants of true American spirit. You are probably Chinese or something.

[Anonymous No.25359079]

>>25356369
very based

[Anonymous No.25359085]

>>25358791
usdt to btc is a taxable event

[Anonymous No.25359104]

>>25357669
Beyond redpilled keep up the good fight anon

[Anonymous No.25359109]

>>25358626
>check no
I didn't lie I just don't remember

[Anonymous No.25359395]

>>25359055
they're understaffed and underfunded. They can't do shit unless someone important actually wants to fuck you.

[Anonymous No.25359501]

>>25359048
because this is the time of the year that I actually consider the implications, when i think about how much more money i made this year than last year

[Anonymous No.25359755]

>>25355072
2 questions:
- when has the system done anything for ME?
- if the system hasn’t done anything for me, why would I pay into it?

[Anonymous No.25359815]

>>25357669
Do you want a like-minded neighbor? I'm sold on your values.

[Anonymous No.25359872]

That's actually not too bad, I had this idea in my head that short term capital gains were super expensive. But I only make 40k at work, and I didn't make too much trading coins so I'm good. Still pretty cucked though.

[Anonymous No.25360219]

>>25359085
Why go to USDT and then to BTC instead of just buying BTC directly? If it's to maintain anonymity then that kind of defeats the purpose when you're only going to declare it on your tax return anyway.

[Anonymous No.25360798]

>>25356153
Upload the spreadsheet my guy

[Anonymous No.25361088]

Will the IRS be chill if I estimate my gains? They're fairly modest, only a few thousand.

[Anonymous No.25361275]

>>25361088
Would you be chill if your employees were only "modestly" stealing from you?

[Anonymous No.25361490]

>>25355072

The truth is that if you are a small fish, the odds of "making it" are very against you compared to if you are born wealthy. You really have to make it big to actually make it. The prospect of paying 35% in cap gains and having a bump to your income are pretty meaningless if you're already a multimillionaire, and it doesn't represent a big hit to the slow growth of your fortune that you already see annually. However, if you're someone who lives paycheck to paycheck with no net worth, and you make a million dollars off of crypto one year only, have fun getting raped in taxes and then having the next year be miserable because all these government services and taxes are treating you like a hedge fund manager or something. for example no assistance from tax credits when applying for health insurance, so now you're a poor wagie again paying a second rent's worth for a shit insurance plan. More than that, the money you have leftover after taxes isn't enough to invest and live off or buy something worthwhile. As a one-time windfall, 1MM is an awkward in-between zone where it sounds like a lot but it's only useful to buy something like a house and then you have to return to waging the rest of your life

Seriously, your only hope is either to have a modest windfall <100k so you don't kill yourself, or a massive windfall that makes you generationally wealthy and never have to work again, something like $10MM+. Otherwise you're gonna be miserable

[Anonymous No.25361824]

Fuck the irs id rather die in a shootout then give them a cent

[Anonymous No.25361833]

>>25361490
I don't really disagree that you would be miserable if you were a normie that had a big year.
>get raped in taxes
This is true whether you're a normie or a millionaire, and you knew this going into it anyway so it's not a surprise.
> all these government services and taxes are treating you like a hedge fund manager or something.for example no assistance from tax credits when applying for health insurance, so now you're a poor wagie again paying a second rent's worth for a shit insurance plan.
This is likely not an issue, because most people have insurance through work anyway, and even so, health insurance is maximum $600/mo if you have the best plan available. That's negligible compared to the interest gains you'll make from having the remaining money invested.

You're better off making $1M in gains than making anything less than that, thinking otherwise is just cope.

[Anonymous No.25361903]

>>25357669
>>25357387
fucking based anon

[Anonymous No.25362069]

>>25356998

[Anonymous No.25362153]

>>25361490
Yeah, all those advanced strategies like relocating to a tax haven only work if you are already rich lol

[Anonymous No.25362240]

>>25355072
wait what? capital gains and income are separate things.

[Anonymous No.25362445]

>>25356153
If you trade crypto to crypto and pay fees in another crypto and/or use multiple exchanges, your spreadsheet will have dozens of columns to track your adjusted cost basis. That and hundreds to thousands of rows. If you weren't writing your own utility, you're either shit talking or did so few trades/withdrawals/deposits that you could have tracked it by hand.

[Anonymous No.25362859]

Whats penalty if you have million crypto to crypto shitcoin trades starting from years ago to this date and when you finally cash out to bank account?

[Anonymous No.25362959]

>>25356369