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Topic: Do I really have to pay taxes on crypto investments? - page 28. (Read 2483 times)

newbie
Activity: 112
Merit: 0
I heard that you can also prepare report on exchanges. is that true?
probably. I know I’ve read smth like that about Coinbase.
yeah, and it also is regulated by the state, so they provide all the data about their users to IRS. That’s not what blockchain was about.
kinda breaks your heart..
newbie
Activity: 140
Merit: 0
Member
I heard that you can also prepare report on exchanges. is that true?
probably. I know I’ve read smth like that about Coinbase.
yeah, and it also is regulated by the state, so they provide all the data about their users to IRS. That’s not what blockchain was about.
newbie
Activity: 112
Merit: 0
I heard that you can also prepare report on exchanges. is that true?
probably. I know I’ve read smth like that about Coinbase.
newbie
Activity: 140
Merit: 0
Member
I heard that you can also prepare report on exchanges. is that true?
newbie
Activity: 112
Merit: 0
it’s real easy if you have few transactions. I also have hundreds of them.
newbie
Activity: 140
Merit: 0
still, you have to calculate gains and losses, fill in the forms and make sure that you did everything precisely. otherwise, wait for a love letter from IRS.
newbie
Activity: 98
Merit: 0
If I have like 30 transactions do I still need an app to file taxes on them?
if you managed to count them, you’re halfway there. I’ve got like hundreds of them. I’d die without Zen app.
newbie
Activity: 140
Merit: 0
Member
If I have like 30 transactions do I still need an app to file taxes on them?
newbie
Activity: 98
Merit: 0
How should I start with paying my taxes?
start with gathering data about your trades and calculate the total profit or loss for the year.
loss? do I have to pay taxes on loss too?
actually, when you have loses, this even reduces your taxes. there’s a method called Tax Loss Harvesting. Zenledger actually has a pretty good article on this topic that may help you out: https://zenledger.io/blog/how-to-turn-crypto-losses-into-tax-gains-with-tax-loss-harvesting/
wow. thanx a looot Smiley)))
newbie
Activity: 112
Merit: 0
How should I start with paying my taxes?
start with gathering data about your trades and calculate the total profit or loss for the year.
loss? do I have to pay taxes on loss too?
actually, when you have loses, this even reduces your taxes. there’s a method called Tax Loss Harvesting. Zenledger actually has a pretty good article on this topic that may help you out: https://zenledger.io/blog/how-to-turn-crypto-losses-into-tax-gains-with-tax-loss-harvesting/
newbie
Activity: 98
Merit: 0
How should I start with paying my taxes?
start with gathering data about your trades and calculate the total profit or loss for the year.
loss? do I have to pay taxes on loss too?
newbie
Activity: 112
Merit: 0
How should I start with paying my taxes?
start with gathering data about your trades and calculate the total profit or loss for the year.
newbie
Activity: 98
Merit: 0
How should I start with paying my taxes?
newbie
Activity: 112
Merit: 0
is there anything in this world we don’t have to pay taxes for?
well….just storing crypto in a wallet without movement, i guess
very funny
I really mean it
newbie
Activity: 112
Merit: 0
is there anything in this world we don’t have to pay taxes for?
well….just storing crypto in a wallet without movement, i guess
very funny
newbie
Activity: 112
Merit: 0
is there anything in this world we don’t have to pay taxes for?
well….just storing crypto in a wallet without movement, i guess
newbie
Activity: 112
Merit: 0
is there anything in this world we don’t have to pay taxes for?
newbie
Activity: 140
Merit: 0
Member
OMG. this really sucks. I thought blockchain was meant for our freedom and not slavery.
newbie
Activity: 98
Merit: 0
there are so many info in the internet on how crypto is taxed. can someone make it short and clear to me please?
sure. it actually is pretty simple. see investors and traders have to file many (but not all) crypto transactions. and it doesn’t really matter to irs whether those were profitable or not. plus, there are regulated sites that provide info on their crypto clients. they are tricky. so you really have to pay your taxes.
yeah, I get that. I just dont know what to include in my declaration…???
well, you should report all your trades. For instance, if you earned on mining, or received an airdrop, got rewarded for services rendered or goods, this means you had certain income. So you must pay income tax which depends on the sum of profit. (10-37%)
what if I exchanged my crypto for fiat?
I actually just read that you have to pay tax when you convert crypto into fiat and it seems really unfair.
agree. this is kinda stupid.
yes.unfortunately it's true. if you strade crypto for fiat or even convert it to another crypto, you have to pay taxes.(up to 20%).
newbie
Activity: 140
Merit: 0
there are so many info in the internet on how crypto is taxed. can someone make it short and clear to me please?
sure. it actually is pretty simple. see investors and traders have to file many (but not all) crypto transactions. and it doesn’t really matter to irs whether those were profitable or not. plus, there are regulated sites that provide info on their crypto clients. they are tricky. so you really have to pay your taxes.
yeah, I get that. I just dont know what to include in my declaration…???
well, you should report all your trades. For instance, if you earned on mining, or received an airdrop, got rewarded for services rendered or goods, this means you had certain income. So you must pay income tax which depends on the sum of profit. (10-37%)
what if I exchanged my crypto for fiat?
I actually just read that you have to pay tax when you convert crypto into fiat and it seems really unfair.
agree. this is kinda stupid.
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