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Original Post
Written by
Edited June 19, 2021
at 10:49 AM
Created 06-18-2021
at 04:11 PM
by lot7labs
in
Financial Tools & Services
(5)
Coinbase
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1. A collateral token
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3. AMP rewards
I seem to have been in limbo forever.
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Edit: nevermind I see the ID verification answer and can't delete his post
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you calculate the PROFIT at the time of the conversion by subtracting the basis cost from the current value. Then pay income tax (presuming you held the asset for less than 365 days) on the profit only - weighed against any losses from the same tax year.
Its NOT like take $100 US to Japan, get $100 worth of yen, boom owe IRS $30. Convert your $70 of yen back to USD, boom, owe IRS another $21... definitely not how it works.
You'd owe them $0 unless the value of USD dropped (or yen skyrocketed) and you got more back than you gave. Same principle with crypto.
I love reading corrections, only to evidence a complete lack of understanding.
Also your example is incorrect, since crypto is not a currency according the the US Government. The US Government wants its citizens to treat crypto as property / investment... kind of like a security (but don't call it that bc that points out the hypocrisy).
If I give you a stock for FREE and you sell it tomorrow. You pay short term capital gains, sorry for reality check.
I love reading corrections, only to evidence a complete lack of understanding.
Also your example is incorrect, since crypto is not a currency according the the US Government. The US Government wants its citizens to treat crypto as property / investment... kind of like a security (but don't call it that bc that points out the hypocrisy).
If I give you a stock for FREE and you sell it tomorrow. You pay short term capital gains, sorry for reality check.
You took my explanation out of context. It was not meant to be an exhaustive dissertation on how taxes work in all circumstances - it was a basic explanation of how currency conversion via crypto works for tax purposes to inform another user who appeared to think you owed taxes on the full value of the transaction every time you convert.
No need to be an ass about it. I did clearly mention that you pay taxes on your profit calculated from your cost basis. What's your problem dude?
Here's a Kiplinger article about crypto taxes in case you want to read something and get mad for no reason... https://www.kiplinger.c
No need to be an ass about it. I did clearly mention that you pay taxes on your profit calculated from your cost basis. What's your problem dude?
Here's a Kiplinger article about crypto taxes in case you want to read something and get mad for no reason... https://www.kiplinger.c
Pardon? You were the one correcting me by using a FIAT example to explain crypto taxes.
Which if you were involved in crypto or accounting is pretty much a joke. I apologize, I'm used to being questioned by Finance/Accounting experts. Not some power
IF you feel slighted, make no mistake, I feel the same when I read BS comments from people who project their interpretation as factual. A lesson in life, when you start off with condescending comments like "super duper not how taxes work." You receive a reply in similar tone, ASS
Which if you were involved in crypto or accounting is pretty much a joke. I apologize, I'm used to being questioned by Finance/Accounting experts. Not some power
IF you feel slighted, make no mistake, I feel the same when I read BS comments from people who project their interpretation as factual. A lesson in life, when you start off with condescending comments like "super duper not how taxes work." You receive a reply in similar tone, ASS
Also if I buy $50 usd wort of Baby Doge how many would I have ?
It's worth less than 1/10 of a penny now.
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Tried signing up, wanted an entire accurate list of everything I've ever done including what I ate for breakfast when I was 6. Too much of a hassle, even if my $3 somehow becomes $253536778 after 2 years.
Educational videos are ads.
Wells Fargo wants to show me educational videos about home equity lines of credit, (so they can sell me home equity lines of credit). Of course ads are educational, that is now they educate you on the things they are selling so you buy it.