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4605869 No.4605869 [Reply] [Original]

assuming you would have to pay taxes on your crypto earnings, how would you go about calculating that?
literal american retard here, thanks for understanding

>> No.4605875

>>4605869
lol idk

>> No.4605899
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4605899

>>4605869
i have literally not a singular idea as to how
i hope i'll be able to make big enough gains so i can hire a accountant to resolve that for me
otherwise i doubt i'll ever cash out

>> No.4605946

>>4605869
Cash out into some foreign currency or USDT on a foreign exchange, wait til tax season is over, repeat. Slowly drain the money into hard cash over the years and spend that instead. This isn't hard.

>> No.4605948

>pay for bitcoin.tax or a similar service
>import trades through api keys

>> No.4605984

Can't cash out

>> No.4605990

>>4605948
Do you just pretend you never did the etherdelta trades?

>> No.4605999

>>4605875
>>4605899
ok i guess i will try googling it myself like a nerd
>When you sell stock within a year of buying it, the profit is taxed as ordinary income. But if you hold that stock for longer, it is taxed at the capital gains rate.
>This is potentially really great for people who use Bitcoin mainly as an investment tool. That's because capital gains, as you may know, are taxed at lower rates than ordinary income.
more in the article
https://www.washingtonpost.com/news/the-switch/wp/2014/03/25/got-bitcoins-heres-how-the-irs-says-to-report-them-on-your-tax-return/?utm_term=.d9277b6fefee
i guess this means i just need to find the rates for regular income and for capital gains

>> No.4606010

>>4605899
> i doubt i'll ever cash out
I doubt this too

>> No.4606102

>>4605990
Check your ED-address for 0ETH transactions to get the block numbers and use https://etherdelta.com/trades.html, then add the trades manually.

>> No.4606312

>>4605999
Or wait longer than a year of whatever you invested before puilling out.

capital gains maxes out at 20%

>> No.4606518

>>4605869
https://cointracking.info/

Plug in every single trade you've made
Yes really

>> No.4606561

>>4605869
<=1 year up to 39.6%
>1 year up to 20%

This is federal taxes, there may be more.

>> No.4606622

>>4605899

Even if you don't cash out, the increase in market value of your coins when exchanged for other coins can be considered taxable events. So unless you are just hodling something you bought with fiat, you could already have a tax liability.

You can use software that is already available like Coin Tracking and others to get an idea of what you should be doing, but all of the ones I know of cost money after a certain amount of transactions (not that cheap for a poorfag either. Like, 300 dollarydoos for a year of service).

>> No.4606650

>>4605869
gains x .15

>> No.4606721

>>4606622
not in my country for the moment at least
i "only" have to pay 30% tax when i le cash out
i do trading on an exchange so i regularly backup my order history
i can also subtract up to i think 70% of my losses from the overall tax on my gains
thats how it is right now at least, hopefully it wont change for a while