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(The Daily Beast)   Crypto investors made big profits last year, then lost it all this year. Unfortunately, Uncle Sam still wants you to pay tax on those profits   (thedailybeast.com) divider line
    More: Awkward, Tax, Internal Revenue Service, Taxation in the United States, Stock market, tax returns, Wall Street Crash of 1929, crypto market, Tax law  
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944 clicks; posted to Business » and Politics » on 28 May 2022 at 10:30 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



40 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-05-28 2:58:14 PM  
Yeah, that is why I own equities.  I'll admit I did get $25 in crypto from Paypal for signing up for crypto trading.  It is now work $10.41. 

BRK.A is up more than 3000% since I bought it.   Sure I'll pay tax when I sell.... if I sell.
 
2022-05-28 3:03:47 PM  
Message boards were flooded with comments from people saying they'd lost their entire life savings, and others who worried they could lose their homes.

Farking dumbasses.  Currency investing with hard currency is incredibly risky if you don't really know what you are doing.  These people put their saving in much more volatile crypto.
 
2022-05-28 5:43:25 PM  
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2022-05-28 6:44:16 PM  
You gonna play that game you need to plan ahead.

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2022-05-28 7:40:24 PM  
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2022-05-28 8:57:51 PM  
No wonder they're trying to legitimize the currency with lobbyists; they're wanting to use fake money to pay off their real debts, leaving all of us with the inevitable bill.
 
2022-05-28 9:16:45 PM  

koder: No wonder they're trying to legitimize the currency with lobbyists; they're wanting to use fake money to pay off their real debts, leaving all of us with the inevitable bill.


You too can invent a currency, I want you to n on the federal government  backing my leafbucks. They will be all natural and biodegradable, accept no imitations.
 
2022-05-28 9:20:12 PM  

AlgaeRancher: koder: No wonder they're trying to legitimize the currency with lobbyists; they're wanting to use fake money to pay off their real debts, leaving all of us with the inevitable bill.

You too can invent a currency, I want you to n on the federal government  backing my leafbucks. They will be all natural and biodegradable, accept no imitations.


Can I buy a few thousand, and some gasoline and matches please?
 
2022-05-28 10:42:04 PM  

edmo: You gonna play that game you need to plan ahead.

[Fark user image 295x456]


Interesting choice to use the Battlestar Galactica font.
 
2022-05-28 10:45:25 PM  
I've never owed any taxes because of my Crypto "Investments"
I can teach you the secret to not owing taxes on Crypto "Investments".
Subscribe to my exclusive newsletter now, only $19.95/day recurring charge, 1 year minimum.
 
2022-05-28 11:13:49 PM  
Honest question: Does Robinhood estimate your tax liability before executing a sale (which roboadvisors do)? I'm just curious if they're at least providing this information and people are ignoring it, or if they're doing nothing to help their clients.
 
2022-05-28 11:32:42 PM  
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2022-05-28 11:38:40 PM  
Government needs more schools, bombs, and legislative salaries.

Time to pay up, losers.
 
2022-05-29 12:19:07 AM  
LOL

But it's currency, right? As in, money? What does that mean, "people don't think they're actually making money?"

& what "ethical quandary" exactly?
 
2022-05-29 12:47:31 AM  
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2022-05-29 1:19:20 AM  
Investors?

Is that the right word?
 
2022-05-29 1:57:53 AM  

feckingmorons: Yeah, that is why I own equities.  I'll admit I did get $25 in crypto from Paypal for signing up for crypto trading.  It is now work $10.41. 

BRK.A is up more than 3000% since I bought it.   Sure I'll pay tax when I sell.... if I sell.


Must be nice having enough to buy an actual 'A' share. I have some 'B' and way back I bought into a fund that held BRK.A.
 
2022-05-29 6:57:53 AM  
Good. Get farked.
 
2022-05-29 7:30:16 AM  
I was always intrigued by those sports stars earning way back when, say  1 million per season, and that might last 5 seasons or so, and that is it. Over. Done.

Curiosity led me to figuring out accounting on my own at first. By the time I was taking classes in it, it was just second nature. These sports figures would open restaurants and car dealerships. Of course they did.

Obviously. It was the only way to hang onto their money. Most of it was getting taxed away. Roger Staubach figured it out. A few others did. A lot of the big money makers wound up losing it all.

Sigh. So I read about the crypto millionaires. Buying in. Cashing out. It is all fun and games until the tax man comes and explains what a wash sale is, and why they are "illegal." Having seen some of the records kept by people who rush in and out of investments, I am pretty sure they are not keeping track of their fees, loads, commissions, and all the rest. If they use a broker, the broker is usually not too happy about showing all the costs and the returns AFTER costs. So the "investors" puff up their profits even more to brag to their friends, etc. Why not?

These are kids. They think they know what they are doing. Great. Good luck. From what I can see, the "skills" necessary to make money with crypto are wholly insufficient to hang onto the money they made with crypto. I wonder if any of them have figured out that it is all funny money yet.

A penny saved is a penny earned? No. A penny saved is about 1.3 pennies earned. And if you don't know why, somebody will teach you someday.
 
2022-05-29 7:40:55 AM  

madgonad: feckingmorons: Yeah, that is why I own equities.  I'll admit I did get $25 in crypto from Paypal for signing up for crypto trading.  It is now work $10.41. 

BRK.A is up more than 3000% since I bought it.   Sure I'll pay tax when I sell.... if I sell.

Must be nice having enough to buy an actual 'A' share. I have some 'B' and way back I bought into a fund that held BRK.A.


The only way its up 3000% is if it was bought in the 90s. Boomers always enjoy the best and leave the world in ruins behind them
 
2022-05-29 8:11:28 AM  
Aw, man, this is even better than the dot-com days when people exercised stock options when their stocks were flying and still had to pay that tax when the stocks were underwater.
 
2022-05-29 8:39:43 AM  
"One of them, a 38-year-old registered named Lauzrus Esteban, said he lost his entire life savings this month in the Luna crash."

Registered what? Idiot?

If you didn't RTFA, this second coming of Warren Buffett used credit card debt for daily expenses and put all their real money into crypto. Now all they're left with is the debt.
 
2022-05-29 9:49:44 AM  
Oooooopsie, looks like someone hit the down side of "unregulated".
 
2022-05-29 10:15:30 AM  
If you made losses, then you can also deduct it from your taxes.

Short term capital gains is taxed as income but losses are capped at $3000 per year but can be carried forward indefinitely.

If you do it as a business then you can take out all the losses against your income at once.

The only problem I see is making the gains last year and all the losses this year.
 
2022-05-29 10:30:37 AM  
S, cryptobros should plan ahead to have cash on hand to cover taxes for the previous year? That implies a lot of selling by a lot of people at about the same time. The market will go down, every year at tax time.
 
2022-05-29 10:44:42 AM  
I really do hope that the entire Uvalde Police Department was heavy on crypto.  It might help correct the problem of their continued breathing.
 
2022-05-29 10:47:31 AM  
"Neither option is ideal, so some investors are considering simply not paying it at all-or at least waiting until the market comes back up. Donnelly said 50 to 100 people had called him this year to ask what would happen if they didn't pay up by April 15."

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2022-05-29 10:52:31 AM  

mcmnky: "One of them, a 38-year-old registered named Lauzrus Esteban, said he lost his entire life savings this month in the Luna crash."

Registered what? Idiot?

If you didn't RTFA, this second coming of Warren Buffett used credit card debt for daily expenses and put all their real money into crypto. Now all they're left with is the debt.


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2022-05-29 10:54:28 AM  
"On Friday afternoon, he said, he had gotten calls from two such clients-one of whom was asking about the legality of simply not reporting."

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2022-05-29 2:52:13 PM  

aleister_greynight: Message boards were flooded with comments from people saying they'd lost their entire life savings, and others who worried they could lose their homes.

Farking dumbasses.  Currency investing with hard currency is incredibly risky if you don't really know what you are doing.  These people put their saving in much more volatile crypto.


We make believe traded currencies in B-school international finance class long project.  I got torched.  About midway through the class, professor opened it up to currency options.  Then the torching got REAL
 
2022-05-29 3:15:35 PM  

aleister_greynight: Message boards were flooded with comments from people saying they'd lost their entire life savings, and others who worried they could lose their homes.

Farking dumbasses.  Currency investing with hard currency is incredibly risky if you don't really know what you are doing.  These people put their saving in much more volatile crypto.


I like how this is also a repeated story every 3-4 years.
 
2022-05-29 3:19:21 PM  
Gordon said, "usually you don't see a billion-dollar project go to shiat like that."

Funny how it keeps happening and morons keep shoveling into the money furnace.
 
2022-05-29 3:19:44 PM  

BMFPitt: I really do hope that the entire Uvalde Police Department was heavy on crypto.  It might help correct the problem of their continued breathing.


Have you seen a photo of that department? It's likely they have trouble breathing as it is.


/Uvalde PD, tons of cops, but not many of 'em.
 
2022-05-29 3:24:55 PM  

gunther_bumpass: BMFPitt: I really do hope that the entire Uvalde Police Department was heavy on crypto.  It might help correct the problem of their continued breathing.

Have you seen a photo of that department? It's likely they have trouble breathing as it is.


/Uvalde PD, tons of cops, but not many of 'em.


No wonder they were afraid of being shot. They are the 100 target at the fair vs the 1000 target.
 
2022-05-29 4:20:47 PM  

Intrepid00: gunther_bumpass: BMFPitt: I really do hope that the entire Uvalde Police Department was heavy on crypto.  It might help correct the problem of their continued breathing.

Have you seen a photo of that department? It's likely they have trouble breathing as it is.


/Uvalde PD, tons of cops, but not many of 'em.

No wonder they were afraid of being shot. They are the 100 target at the fair vs the 1000 target.



For those following along at home, that is how you write comedy.

Well done.
 
2022-05-29 5:55:12 PM  
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2022-05-29 11:00:29 PM  

Intrepid00: gunther_bumpass: BMFPitt: I really do hope that the entire Uvalde Police Department was heavy on crypto.  It might help correct the problem of their continued breathing.

Have you seen a photo of that department? It's likely they have trouble breathing as it is.


/Uvalde PD, tons of cops, but not many of 'em.

No wonder they were afraid of being shot. They are the 100 target at the fair vs the 1000 target.


That was excellent
 
2022-05-30 12:41:54 AM  
Of they will reach out to the IRS, there is a protocol for this type of issue. It's called  "fark you, pay me".
 
2022-05-30 8:35:37 AM  
Can we--everybody on fark--all stop using the word "investors" incorrectly like this? That includes subby, each past and future subby, mods, and commentators.

One cannot invest in crypto, because you are not buying a share of a venture so that you share in its future returns, or earnings. It's such a stupid use of an incorrect word. Please stop.
 
2022-05-30 9:39:19 AM  

endosymbiont: Can we--everybody on fark--all stop using the word "investors" incorrectly like this? That includes subby, each past and future subby, mods, and commentators.

One cannot invest in crypto, because you are not buying a share of a venture so that you share in its future returns, or earnings. It's such a stupid use of an incorrect word. Please stop.


Yes, they are more correctly referred to as "marks."
 
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