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re: Official CryptoTalk Thread
Posted on 1/24/19 at 10:06 am to RATeamWannabe
Posted on 1/24/19 at 10:06 am to RATeamWannabe
So regarding taxes, every time I swapped a coin for another coin, I technically sold property as a short term gain? So do I report the hundreds of transactions as such?
Also the way this works (since short term losses are capped) could be:
You made $10,000 then lost $20,000
But you’d report you made $7,000 to be taxed because the cap for losses is only $3,000?
Wtf is this right?
Also the way this works (since short term losses are capped) could be:
You made $10,000 then lost $20,000
But you’d report you made $7,000 to be taxed because the cap for losses is only $3,000?
Wtf is this right?
2
Posted on 1/24/19 at 10:20 am to gobuxgo5
quote:
So regarding taxes, every time I swapped a coin for another coin, I technically sold property as a short term gain? So do I report the hundreds of transactions as such?
Also the way this works (since short term losses are capped) could be:
You made $10,000 then lost $20,000
But you’d report you made $7,000 to be taxed because the cap for losses is only $3,000?
Wtf is this right?
I'm not reporting shite, I never withdrew a dime that I put in.
^^^^ This is not financial advice.
Posted on 1/24/19 at 10:30 am to gobuxgo5
No that is not right. You basically take a net of your short term gains and losses. Depending on some things you could probably declare a net $3,000 loss
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