New IRS rules could nail you on crypto capital gains.

Lucy

Lucy

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T said:
I am going to say this as nicely as possible.

Stop trying to warn us all. We know what's going on. It's clear you think crypto is going to implode so...

GET THE FUCK OUT OF THE CRYPTO FORUM. :0008
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yyz

yyz

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T said:
I am going to say this as nicely as possible.

Stop trying to warn us all. We know what's going on. It's clear you think crypto is going to implode so...

GET THE FUCK OUT OF THE CRYPTO FORUM. :0008
Click to expand...


The Stanton trade really shook you up!
 
Duff Miver

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T said:
I am going to say this as nicely as possible.

Stop trying to warn us all. We know what's going on. It's clear you think crypto is going to implode so...

GET THE FUCK OUT OF THE CRYPTO FORUM. :0008
Click to expand...

If that's your idea of "nicely as possible", I have no idea who you are, Mr. T. but I do know you are an impertinent asshole.

Do I think Bitcoin will implode? I certainly don't know, but it is highly speculative and it may well do so. I think you should be careful.

But what I posted, and to which you responded, are tax consequences of which you should be aware.

Let's say you were in Bitcoin early and now have a profit of $100K. If you sell that, and reinvest in another cryptocurrency, you will be tax liable for the $100K. If you make another profit, sell and reinvest, you will be liable for another tax. And so on. You could make lots of profits jumping between cryptocurrencies, and and up owing huge taxes.

You "know what's going on"? No, child, you do not.

GET THE FUCK OFF THE FORUM?

Only if MadJack bans me. I don't take orders from children.
 
T

T

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Duff Miver said:
If that's your idea of "nicely as possible", I have no idea who you are, Mr. T. but I do know you are an impertinent asshole.

Do I think Bitcoin will implode? I certainly don't know, but it is highly speculative and it may well do so. I think you should be careful.

But what I posted, and to which you responded, are tax consequences of which you should be aware.

Let's say you were in Bitcoin early and now have a profit of $100K. If you sell that, and reinvest in another cryptocurrency, you will be tax liable for the $100K. If you make another profit, sell and reinvest, you will be liable for another tax. And so on. You could make lots of profits jumping between cryptocurrencies, and and up owing huge taxes.

You "know what's going on"? No, child, you do not.

GET THE FUCK OFF THE FORUM?

Only if MadJack bans me. I don't take orders from children.
Click to expand...

Oh boy...Child? Get the fuck out of the crypto forum. I don't need you to explain how taxation works.

I'm sure you're just too dumb to have invested in crypto. Since you aren't an investor...

WHY ARE YOU IN THE CRYPTO FORUM? Oh wait to warn us all....:stfu:
 
REFLOG

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An actual meaningful & legit post from Dick Muffler? I am impressed, even I would not bash this effort. Seems like a legit concern:shrug:
 
D

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Information is helpful

Information is helpful

There may be quite a few neophyte crypto high rollers....many unaware of the tax ramifications....

I would certainly want to know the entire Tax ramifications if I hit a super big lick.

Shame if you were not knowledgeable, and the tax man knocked on the door of your new home on the lake, purchased with bitcoin proceeds.....

What's wrong with helpful commentary?:toast:

I have no crypto, really could care less, but love the fact
the little guys are killing it and the Gubberments are pretty much near helpless...for the moment.....
 
Duff Miver

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T said:
Oh boy...Child? Get the fuck out of the crypto forum. I don't need you to explain how taxation works.

No, no you don't.

I'm sure you're just too dumb to have invested in crypto. Since you aren't an investor...

Nope, I'm not in cryptocurrency. My choice.

WHY ARE YOU IN THE CRYPTO FORUM? Oh wait to warn us all....:stfu:

To warn you? Sure. It's a dangerous game. If you have some money you can afford to loose, fine, go for it, but it's a high risk game. Crypto has no intrinsic value. It's backed by nothing. It can't just go down, it can go to zero.

Your money, your choice.

However there are some decent people on this board, and I hope they don't get hurt too bad. In fact I hope they bail out with a profit.

But it's a high risk game.

I hope you've got every penny you own in. Maybe you'll be Rich as Donald Trump, maybe you'll be eating out of garbage cans. Maybe if I see you on the side of the road I'll give you five bucks for a Happy Meal.
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BobbyBlueChip

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Duff - Thanks for posting and your continued interest in this space. I would have never known that you were such an advocate of the State.

Couple problems with the article. It's speculating what will become law. It's speculating real estate lobbies won't insist that the 1031 exchange be put into the final tax bill. It's insisting that 1031 exchanges applying to crypto is the law now. It doesn't inform the reader that exchanges aren't required to report any sales transactions to the IRS. It doesn't inform the reader that the penalties won't be all that harsh and the interest is very reasonable.

This is new emerging law and could easily be misconstrued by the most competent of tax professionals. Hard to imagine that they would come down too hard on hard honest working retail investors that's we have here.
 
H

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Duff Miver said:
Ah, yes.. But YOU are required to report any gains. You cold try simply "forgetting" to report a gain. Good luck with that.
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I bet you are the guy that always puts the cart back at the grocery store :lol:

What is considered a gain? If you sold it and transferred it back to your checking account or if you sent some bitcoin to your sportsbook? :shrug:
 
MadJack

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hedgehog said:
I bet you are the guy that always puts the cart back at the grocery store :lol:
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Common courtesy. I bet you don't put it back, leaving it for someone else to do it for you. Jesus man. :facepalm:
 
Jaxx

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Duff Miver said:
To warn you? Sure. It's a dangerous game. If you have some money you can afford to loose, fine, go for it, but it's a high risk game. Crypto has no intrinsic value. It's backed by nothing. It can't just go down, it can go to zero.

Your money, your choice.
Click to expand...

I think we get it Duff.

:facepalm:
 
BobbyBlueChip

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Duff Miver said:
Ah, yes.. But YOU are required to report any gains. You cold try simply "forgetting" to report a gain. Good luck with that.
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You?re not required to report any gains and I didn?t say to forget to report one.

But I know you?re required to report gambling winnings in excess of losses. Maybe you should go warn the NFL forum.
 
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