fuck.. i sold at $19.50 and then rebought at $17. I calculated my taxes and I owe the government $225000...
Im scared that LINK is going to crash more. I lost so much fucking money considering the swing trade. I sold the top but now im deep in the hole. The 6000 LINK i made swinging wont pay for the fucking tax i have to now pay. And its obvious smartcon is a nothing. Im goign to have to sell again.
You only owe taxes on your total loss/gain for the tax year. So you can sell again and book the loss as an offset to the gain. You are only screwed if you continue to hold through end of year and it keeps crashing.
>not putting money aside to pay taxes
This is a larp, right?
i just sold again now at 13.80 for the loss, thanks
>paying taxes
This is a larp, right?
Correct you can’t owe money if you lost UNLESS you hold the asset through dec 31 then you actually do owe it
>I won at the casino and then gambled again with my winnings and lost... I'm fucked bros
Get fucked retard
Nigger, expenses are deducted from gains.
How do you think the Amazon Jew has never paid taxes once on a trillion dollars in sales? He buys more shit.
You're fine. You pay taxes on profits when you cash out, and nothing more. Anyone saying otherwise is a kike shill.
just move to mexico and live the high life fuck taxes
This is what you deserve for swinging. Let this be a lesson to you and all other dirty swingies.
this, I can't understand how people don't get it
literally just set aside 25% of your capital gains for tax paying purposes. the rate doesn't get higher than that
Ha! If you live in CA you owe the feds 20% and state 15% for 35% total. I need to move.
why would you report that to the IRS ?
why not trade on some foreign exchange and keep the banks and the gov out of it? buy a ledger or something
you faggots promised me that i could buy lambos, lambos when already i fucking had enough :(((((((((((((((((
You needed to wait one month from when you bought. You just did a wash trade and it won't count against your gains.
There’s no way you need to pay taxes on it if you’re not cashing it out to your bank account right? That just doesn’t make sense, you don’t pay gains on real estate every year
No im fucked. All crypto trades are taxable
that only works until you want to cash out and then the tax man will come asking where that money came from broke nigger
You really fucked yourself by not doing due diligence. Because you bought and then sold within 30 days you can't deduct the loss. If I were you I would buy again and hope it goes either up or down. If it goes down enough after 30 days sell. Then wait 30 days and consider buying back in. If it goes up you made money again yay.
en.m.wikipedia.org
>rebought at $17
You didn't deserved your gains, get fucked.
swing traders get the rope again!
all crypto trades are taxable events exactly the same as stocks. I feel sorry for all the neets on this board that think it’s so easy dodge the irs they are going to have some sore bholes in the future kek
Wait what? How does this work? How are algorithmic traders able to trade so much and keep the market liquid then?
1K EOY boys, don’t fucking swing
AHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH
That's not how it works.
Yeah it is
Uhh, sell and take the loss
sell it on the streets for cash
win win
Im confused, if you sell and realize losses, then you will only owe part of the taxes you originally owed. Why complicate things
Unironically, this
that's only in states where there is a wash rule.
Move to New Zealand we don't pay tax on out gains, imagine paying tax on crypto KEK
>225k due in taxes
Either you have enough net worth to not take a critical hit or die as a pathetic scum who tryharded
If that's true and you still have half a brain cell functioning, get an accountant to help you with your next statement. Investing in boomer funds, reporting Ls over your next flip, donating money... There are many ways to avoid taxes
You can’t realize losses wit nilly. If you sell at a loss and re enter the same thing within 30 days, your cost basis is adjusted, but no losses are realized. You actually can’t do this.
Only thing OP could do in a similar way is buy something that tracks LINK but is not the same thing, after actually realizing enough losses to cover his gains. sLINK (synthetic LINK) comes to mind but aLINK prob works too.
get owned u fucking retard
Fucking hell, thinking the 30-34% tax I'll have to pay...
Make sure to swing back and forth and go into some stable coins. Then share your records so you can't play dumb and they tax it as professional trader income instead of capital gains. You will owe even more.
It baffles me that people as retarded as you are on this site
will swingies ever learn? I mean EVER??
the hilarious thing is that holding is the easiest thing in the world. You just literally DO NOTHING. And you can't even do that. What the fuck