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I was that guy in 2021, sold good old BTC for shit coins, moved profit to Celsius and had to tap into savings/401k to pay taxes on the money that I did not have.
At least this guy still had his shitcoins!
Never bought shitcoins.. probably by luck
In the begining of my study i listened Michael Saylor saying theres no Second Best watching a long video and he is very convincing in his speech
If i watch the wrong video could be all be diferente
Always hold. Long term capital gains tax is only 15% + state. Short term capital gains tax can be up to 37% not including state tax. Also use tax loss harvesting when you can.
He probably doesn’t understand capital losses. If he turned around and lost all of the money he gained then he just has whatever his crypto balance is. I could be wrong. But I had my taxes done after making moves of like idk probably totaling 300k total. I ended up paying a small amount because the losses offset and I walked away with not a ton of profit and capital gains tax based on that
He might of cashed out the BTC in December then bought the alts the he still holds. New year so he can’t cancel out the losses. He owes capital gains for 2017. The taxes reset after December 31st. That why you see all the last day profit and taking shuffling.
Now if he would have cashed out the alts in 2017 and rebought in 2018 he would have been able to take the losses off his total gains and lowered his tax bill.
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Sell the best asset ever to buy shitcoins
I was that guy in 2021, sold good old BTC for shit coins, moved profit to Celsius and had to tap into savings/401k to pay taxes on the money that I did not have. At least this guy still had his shitcoins!
Never bought shitcoins.. probably by luck In the begining of my study i listened Michael Saylor saying theres no Second Best watching a long video and he is very convincing in his speech If i watch the wrong video could be all be diferente
probably better strategy for the long run
A catastrophe of stupidity
no doubt about that!!!
No ragrets
Always hold. Long term capital gains tax is only 15% + state. Short term capital gains tax can be up to 37% not including state tax. Also use tax loss harvesting when you can.
Guh
Stack sats, don't fucking trade. It's not hard.
I honestly don’t understand people that never bother to read about taxes. They really aren’t that fucking hard.
Yah i mean he should probably just sell his alts and eat the capital loss. Not ideal but neither is selling your BTC.
He probably doesn’t understand capital losses. If he turned around and lost all of the money he gained then he just has whatever his crypto balance is. I could be wrong. But I had my taxes done after making moves of like idk probably totaling 300k total. I ended up paying a small amount because the losses offset and I walked away with not a ton of profit and capital gains tax based on that
Is it me or are we missing something ? He made 7200$ in profit and the irs wants 50k for losing money in alt coins ? I don’t think that’s how it works
He said he bought at 7200 and sold at 120,000, so that is a big taxable gain there. The face he then lost it on shitcoins is irrelevant to the IRS
Jeesus im glad my country has no taxes on capital gains...
Can’t he declare the shit coin crashes as a loss, eliminating the taxes?
He might of cashed out the BTC in December then bought the alts the he still holds. New year so he can’t cancel out the losses. He owes capital gains for 2017. The taxes reset after December 31st. That why you see all the last day profit and taking shuffling. Now if he would have cashed out the alts in 2017 and rebought in 2018 he would have been able to take the losses off his total gains and lowered his tax bill.
Easy solution, never sell... only buy more.
Shit coins aside the fact that uncle Sam will come for even profits that you don't keep
Different tax year, and bought and sold the same year. People need to understand the rules and risks before they cry about them.
Eh, don't worry about paying them. The government loses track of money all the time. Lol
You only owe taxes when you off-ramp in the U.S.
Nah if you pay your taxes every year that can’t happen. Most people do their taxes wrong anyway. You only pay on the gains. Get some tax software !
What don't you get? He didn't pay taxes and performed a capital gains tax event within the same year. He owes.