https://www.forbes.com/advisor/investing/what-are-cryptocurrency-taxes/
Seems similar to stocks idk what was going on in this thread
Seems similar to stocks idk what was going on in this thread
1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:
- Thread starter JordanWearinThe45
- Start date
Coinbase still doesn't accept every coin out there you at least gotta exchange it for eth ltc btc...
or one of the coins on their platformYeah but they only know how much you made if you withdraw from exchanges
which is why most people sell off their crypto peer to peer when they wanna cash out and its no way for them to tax it
Link already up above the trend line with 3 more hours left on the weekly candle. Been on an upward trend past couple of hours and with Australia market and Asian/Tokyo markets opening soon, gives it more activity in the evening to hopefully keep riding up and close the weekly above 39.
Going to the taxes and conversion thing, thats something to definitely inquire about. Especially with exchanges like uniswap, the pancake one, zerion, etc. I converted some coins on uniswap last year and they ain't send me shyt. no 1099s, no tax documents, nothing. I don't even know what info they have of me. So if I convert these coins back to eth since coinbase aint got no shib or feg or none of that, then how they gonna know it wasn't just eth this entire time? Or if i transfer the eth to my ledger wallet then how they gonna know if I made any gains. They should only tax you when you cash out but who knows with the damn government.
Going to the taxes and conversion thing, thats something to definitely inquire about. Especially with exchanges like uniswap, the pancake one, zerion, etc. I converted some coins on uniswap last year and they ain't send me shyt. no 1099s, no tax documents, nothing. I don't even know what info they have of me. So if I convert these coins back to eth since coinbase aint got no shib or feg or none of that, then how they gonna know it wasn't just eth this entire time? Or if i transfer the eth to my ledger wallet then how they gonna know if I made any gains. They should only tax you when you cash out but who knows with the damn government.
Yeah I'm only self reporting my cash outs. If they want to go digging for more info they can have at it. But currently everything I own is 3 years old anyway.
After you've held it for 1 year and 1 month what's the tax rate?
Check the chart I posted earlier. May depend on your income.
At the current moment I’m just compounding everything with the few coins I stake with.
ReasonableMatic
................................
Footsteps in the dark
As far as taxes, here's what I went through with the taxman in 2019.
I bought a gang of XRP and BNB in 2017 and sold a percentage of some in 2018 to jump in another coin/project.
Tax time, I go to my accountant and give him spreadsheets of my trades in 2018 which were mostly the XRP and BNB trades because I hodl mostly.
My mans say, I made over 100K in short term capital gains because the trades were within 12 months. My bill: over 30K in taxes owed.
Not one red cent put into my bank account. Just me making transactions, using my gains to get in other projects.
Use the chart the breh @mannyrs13 posted:
HODL or if this is your first time, as already mentioned, realize every move you make is a taxable event. So if you're making trade after trade, you'll be taxed each time.
Most of these exchanges give you the option to download your tax documents from your account, so there's a paper trail.
I bought a gang of XRP and BNB in 2017 and sold a percentage of some in 2018 to jump in another coin/project.
Tax time, I go to my accountant and give him spreadsheets of my trades in 2018 which were mostly the XRP and BNB trades because I hodl mostly.
My mans say, I made over 100K in short term capital gains because the trades were within 12 months. My bill: over 30K in taxes owed.
Not one red cent put into my bank account. Just me making transactions, using my gains to get in other projects.
Use the chart the breh @mannyrs13 posted:
HODL or if this is your first time, as already mentioned, realize every move you make is a taxable event. So if you're making trade after trade, you'll be taxed each time.
Most of these exchanges give you the option to download your tax documents from your account, so there's a paper trail.
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NEO is fukking FLYING!
That sort of dragonfly doji candle Link did yesterday has me optimistic. Had a low of 32.65 and a close of 39.19. Closed red but the fact it was able to recover like $6.50 in losses by end of day is promising. Also might signal the end of the downward pattern from this weekend if todays candle closes green. It went down yesterday past a few moving averages and support lines and still bounced back up. Need a good week now incase some fukkery happens next weekend also and hopefully the drop won't be as severe. Gotta stay above 30, better yet 33, and soon under 35 may not be seen again hopefully.
Bay Area
Raiders/Warriors/A's
Decided to throw some money on VET. I had all day to do it when it was at 23 cents but of course I waited until it was at 27 cents before I got the confidence to commit. I plan on selling all my Doge within the next 48 hours during the pump thats supposed to happen but I like VET long term.
ReasonableMatic
................................
The smell of Fear, Uncertainty and Doubt being thrown around
They’re coming
Lower lows, followed by higher highs
Riding like I’m OX, on crypto blocks
Increase violence, deep sliding
Bought another dip, ain’t even THINK bout it
They want it to be one way
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