What manny said.
Either way to use osmosis you have to deposit on their site to put it in the pools
1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:
- Thread starter JordanWearinThe45
- Start date
Either way to use osmosis you have to deposit on their site to put it in the pools
It includes your work income. It's a total income limit basically. Found this out when I cashed out of the market way back when. So everything that you earn over the ~40k limit will be taxed at the first level. But there's another one, I believe it was at ~400k. Because everything over THAT amount got taxed even higher.
That number came way down after all those taxes man, I wish I had known beforehand really because a lot of my gains at that time were in short term capital gains but if I had waited another 3 months before selling I would have been in the long term capital gains tax bracket for most of my crypto. Its crazy how you have to make your money in the market, then play around the tax rules to take home those profits, but it is what it is.If you keep making money in the space, just remember to check your tax burden before selling into USD. Because once you sell, its a taxable event and you cant 'put it back' to wait on the lower tax rate unfortunately.
When does the timer start on short vs long capital gains? Like if someone makes 6 figures in DeFi or outside of Coinbase and Gemini etc... Let's say I put $1000 into a project on CB and then I withdraw it to put it else where and end up with 5 to 6 figures, do they just go from when I put the 1000 in?It includes your work income. It's a total income limit basically. Found this out when I cashed out of the market way back when. So everything that you earn over the ~40k limit will be taxed at the first level. But there's another one, I believe it was at ~400k. Because everything over THAT amount got taxed even higher.
If you keep making money in the space, just remember to check your tax burden before selling into USD. Because once you sell, its a taxable event and you cant 'put it back' to wait on the lower tax rate unfortunately.
Seems confusing to me because if you have multiple transactions where you're just on ramping fiat for crypto how do they determine how much made what by the time you go to cash out?
Exactly. They don't know what they're doing. Its not like a US company that you buy stock in and it goes from fiat to stock or stock to fiat and just that. You can't trade 100 shares of Apple for 100 shares of Google, I know the math definitely wrong on that, but y'all get what I mean. It has to be converted into fiat before buying another stock or even another investment cuz RH and webull offer both stocks and crypto. Tho you can't convert from one to the other unlike a crypto exchange. I know for the 100 Atom I just sold that it came from their exchange and not CB. I did have some on CB in the past but don't know which ones they count. The one's I purchased or the coins I had converted to send to my wallet over a year ago. Then how do they determine staking rewards cuz those 100 coins were all converted from Osmosis rewards I stacked up recently. They can't really figure it out or set a timer to most of the stuff. I think the simple way is fiat in vs fiat out. Of course it gets more complicated as more businesses start accepting crypto.
DaddyFresh
Superstar
Amazing project. Make sure you staking and participating in airdops. Cosmos stay blessing holders with airdops. Reddit put me on a while back. Project is still under the radar and will explode once people relalize what it is@mannyrs13 for putting me on cosmos
DaddyFresh
Superstar
Breh get it off Coinbase ASAP. You will get 12% instead of 5% and you will be qualified for free airdops of new coins on the cosmo network if held in a non custodial wallet
Man, I been on that already.
Got a decent amount being staked plus already got some airdrops so I got more osmo coins as well as ion, juno, and a few others. Those 100 were just coins I converted from osmo rewards which I'm getting at least 15 a day of. The whole ecosystem been good to me.
. Just gotta pay off some debt after holiday spending but I'm still holding my staked stack. Gonna just keep getting these atom and osmo rewards and hope they both hit $100. 
Yep I agree completely. Its backwards as fukk that you get taxed on a transaction that trades BTC for ETH. In any case to answer the question, they start the counter on any exchange of crypto assets.
- Buy 10k of BTC on Coinbase: Timer starts on the 10k of BTC
- Send it to DeFi: Nothing happens here.
- Exchange the 10.2k BTC (Price went up while you were transferring) for 10.2k USDT: *Taxable event on the .2k in profit. Its been less than a year since you bought the BTC so its taxed HARD.
- Every ounce of profit, every exchange of a token, every staking reward from this point onward sets its own individual clock. (IMO this is where it gets impossible.)
With DeFi there's typically so many taxable events that its damn near impossible to track that shyt by hand. If you made just $50 that day on DeFi but the rewards came to you twice an hour, you have to log all 48 transactions, and the price of the coins at the time you received them. That shyt is a nightmare, and most people don't bother. They just do what you suggested, report the profit they ended with versus the money they put in, and pray the IRS doesn't audit them. I have to imagine most people arent gonna log all that shyt AND log their airdrops every year. That shyt is a ton of work.
Just be careful brehs.
Edit: I should clarify, If you buy Cryoto #1 on Coinbase for $1000 cash on January 1st 2022. Then you traded Crypto#1 for Crypto #2 on June 1st 2022, the clock has now reset as of June 1st 2022. Meaning you cannot sell Crypto #2 for the lower long term capital gains tax rate unless you sell it after June 1st 2023. You can check it with this calculator:
2021 Capital Gains Tax Calculator - See What You'll Owe - SmartAsset
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storyteller
Superstar
Anyone watching Ecomi movement? I'm not invested in Ecomi but I buy the Veve NFTs that are linked to 'em. Over the past week some of the NFT collectibles have taken some serious leaps in value and they also have dropped Disney pieces that have jumped in value pretty much as soon as they hit the market. I'm just curious if that sorta action is reflected in the ECOMI coin value too.
I have wrapped Ecomi I hope the value does increase
I do keep track of it on the cmc chart.
That's some shyt. So essentially, if I consistently put money into CB on a regular basis the capital gains counter for me just keeps getting pushed back.
I don't like that shyt.
i've been using bitcoin.tax to do taxes for all my crypto trades, but i think there are better services out there now that can help you with defi transactions
you basically just import all of your trading activity from coinbase and other exchanges and it automatically does all the calculations for you and spits out a document that you can upload to turbo tax. if you're into NFTs and DeFi and collecting airdrops and whatever other nonsense then its definitely more of a pain to deal with.
you basically just import all of your trading activity from coinbase and other exchanges and it automatically does all the calculations for you and spits out a document that you can upload to turbo tax. if you're into NFTs and DeFi and collecting airdrops and whatever other nonsense then its definitely more of a pain to deal with.
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Virtuous_Brotha
Superstar
lol@ being honest to the tax man about all your dex/defi trades 
lol yeah true. the thing for me though is i believe the future of crypto is so enormous (ETH $100k, BTC $1million, LINK $1k) that i don't want any trouble when that day finally comes. not interested in picking up pennies in front of a steamroller
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