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Thread: paying taxes on cryptos

  1. #1 paying taxes on cryptos 
    RX Wizard Mr_Mark's Avatar
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    how does this work?
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  2. #2  
    EV Whore HarryCaray's Avatar
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    You don't.
    Next question
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  3. #3  
    The Great Govenor of California Railbird's Avatar
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    get a crypto cpa
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  4. #4  
    RX Senior Jstack34's Avatar
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    Did you sell it? If so, its same rules as capital gains I believe with short-term or long-term. Google is always your friend

    Start here maybe?

    https://www.irs.gov/businesses/small...ual-currencies
    Who knew we had signatures all this time?
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  5. #5  
    Conservatives, Patriots & Huskies return to glory Willie99's Avatar
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    capital gains / losses on every transaction

    like buying and selling stock

    Fwiw, I don't have enough first hand experience with this, there may be some other options available to some. I'm citing an IRS ruling from 2018 or so
    Free daycare, preschool, college, healthcare, prescriptions, it's all free people. Redirect police funding, navigate away from oil, the Green New deal, pack the SC 😆
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  6. #6  
    Friendly and Helpful Hotpizza's Avatar
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    Yes you must report it. The exchange is giving information to the IRS on your transactions. You do this even if they don't send you a tax form. Don't be the guy that gets audited and busted over crypto.

    You need the date you bought it and for how much, you need the date you sold it and for how much.

    Say on April 1st you bought $5,000 worth...….. On April 15th you sold what you bought for $5,200 you claim $200
    Let's use same example but instead of a return of $5,200 you only get $4,800 you claim a loss for $200.

    The total is net proceeds after fees so whatever the end amount is, that's what you sold for.

    If you bought and sold it within a year, it's a short term gain/loss, if you held it for more than a year and sold, it's a long term gain/loss.

    https://www.coinbase.com/learn/tips-...tcoin-taxes-US should help get you in the right direction.
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  7. #7  
    RX Senior SmallDaddy's Avatar
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    Is there gonna be a tax requirement?

    Buy bitcoin on Coinbase, send it to a (anonymous) wallet, then send it to a sportsbook
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  8. #8  
    RX Semi-God Fishhead's Avatar
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    Quote Originally Posted by Hotpizza View Post
    Yes you must report it. The exchange is giving information to the IRS on your transactions. You do this even if they don't send you a tax form. Don't be the guy that gets audited and busted over crypto.

    You need the date you bought it and for how much, you need the date you sold it and for how much.

    Say on April 1st you bought $5,000 worth..... On April 15th you sold what you bought for $5,200 you claim $200
    Let's use same example but instead of a return of $5,200 you only get $4,800 you claim a loss for $200.

    The total is net proceeds after fees so whatever the end amount is, that's what you sold for.

    If you bought and sold it within a year, it's a short term gain/loss, if you held it for more than a year and sold, it's a long term gain/loss.

    https://www.coinbase.com/learn/tips-...tcoin-taxes-US should help get you in the right direction.
    lolol
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  9. #9  
    RX Senior SmallDaddy's Avatar
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    Can you carry crypto losses over?

    There didnt seem to be a line for that. (although I may have missed it)
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  10. #10  
    RX Senior
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    Quote Originally Posted by SmallDaddy View Post
    Can you carry crypto losses over?

    There didnt seem to be a line for that. (although I may have missed it)

    I wound assume you could only claim 3k of losses and carry the rest over?
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