Fuck the jews

Lmfao imagine

>deduct 3k losses from income
>offset cap gains

He should be making upwards of one mill before they tax 30%

uh oh he doesnt know

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Daniqua and LaShaquarius need new shoes. Do your part, jerkwad.

short term cap gains are seen as income

what's the best platform these days? I've been using cointracking.info but no support for uniswap imports. I feel like I'm gonna get hosed either way.

you calculate your capital gains AND THEN apply it to income retard.
>buy something for 100k
>it goes to 200k, you sell
>you owe taxes on that 100k profit
>week later you buy a shitcoin
>it dumps from 200k to 100k
>you made no money this year
>you owe no taxes

not that hard. The hard thing is calculating it accurately because if you move between exchanges and shit, it gets complex.

You aren’t understanding it. That $3K is essentially irrelevant and counts toward offsetting income, not capital gains.

Lol i learned the fucking hard way on this..oh shit i have 3k coming to me from losses no worries!

KEK

What app?

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Can you explain what happened to this one plebbitor then:

google.com/amp/s/amp.reddit.com/r/tax/comments/9tcnu8/did_i_ruin_my_life_by_trading_crypto/

Because what you described is what exactly happened to him but apparently you still owe taxes no matter what as soon as you create a taxable event.

3k is probably the limit for a tax REBATE, not necessarily tax deduction form existing gains. not sure though, but pretty sure thats how it works in leafland

post the nudes

No they’re not you fuqing retard. Go get a CPA

This is fucking wrong holy shit. Get an accountant and a tax attorney before you ruin your life.

right.

i'll tell you after they finish my taxes. kek.

DO YOUR TAXES, BIZ.

Crypto to Crypto is a taxable event.
>Buy BTC at 1 dollar
>Sell at 10 dollars for LTC at 1 dollar
>You made a 9 dollar per BTC profit, you owe taxes on said profit

that's his problem because then somewhere along the line he probably made a lot of money swinging and it caused problems. Because then when the next year rolled around ,he got RAILED because he didn't have enough to sell to offset his tax losses. The IRS probably just let him go though in the long term. That happened with a lot of people.

it's literally not retard. Why is it that stock market traders have figured this out but Zig Forums can't?
>well it says here you made 100k in 2018 and lost 100k in 2018 but we're gonna need you pay taxes on that 100k anyways

Great thanks assholes. It’s TokenTax if anyone‘s curious

Please tell me why you think he is wrong. Burger here who has done taxes this way for two years in crypto. Have not been audited and have been making a decent amount of money (+50k on income).

As long as your gains and loses are in the same year they can balance out.

The explanation is in the thread you linked. Learn to read plz

and PS -- I'm not saying taxes aren't complex. It's horseshit that the IRS has instilled this much fear in us all. I'm petrified because I haven't been doing a decent job keeping track of where all my shit is and it seems like the only taxable events should be 1) cashing out to fiat or 2) purchasing a good or service

Do you like it? Is it accurate? Cointracking.info is nice but it did a meh job importing trades, but it was the only one that even half got margin trades right when I used it for Kraken

I also recommend locking in losses if there is sufficient liquidity to do so. I did it today.