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re: Official CryptoTalk Thread
Posted on 5/6/21 at 7:41 am to finchmeister08
Posted on 5/6/21 at 7:41 am to finchmeister08
You didn't think Uncle Sam was that nice, did you? He always gets his cut. 
1
Posted on 5/6/21 at 7:59 am to BottomlandBrew
i was thinking crypto currencies and stocks were taxed at a different percentage than regular income for some reason.
Posted on 5/6/21 at 8:00 am to finchmeister08
quote:they are if you hold them for longer than 1 year before selling. That’s the percentages in the chart you posted.
i was thinking crypto currencies and stocks were taxed at a different percentage than regular income for some reason
Posted on 5/6/21 at 8:06 am to OneMoreTime
i'm treating my crypto as an investment account. i don't plan on selling until then, or when the market tanks. i should probably have some limit sell orders put in place for that, but i currently don't.
Posted on 5/6/21 at 8:08 am to finchmeister08
I can't find a date on this, but it's at least within the last couple years. Short term (taxed like income) vs. long term. Give or take a couple thousand on income ranges due to unknown year of data.
This post was edited on 5/6/21 at 8:10 am
Posted on 5/6/21 at 8:30 am to BottomlandBrew
The marriage penalty in LTCG treatment is 
ETA: also, don’t forget about the net investment tax of 3.8% if above $200K individual or $250K MFJ (again, marriage penalty)
ETA: also, don’t forget about the net investment tax of 3.8% if above $200K individual or $250K MFJ (again, marriage penalty)
This post was edited on 5/6/21 at 8:39 am
Posted on 5/6/21 at 8:51 am to finchmeister08
quote:No, you would have to have zero other income for that AND this is a long term chart.
let me get this straight..... i can make up to $80,800 in crypto (because i'm married), and not pay a single penny in taxes?
So if you and your wife have no job, and you owned a coin for over a year then sold making an $80,000 profit, you'd have no capital gains tax.
Posted on 5/6/21 at 8:52 am to maclauer
quote:
again, marriage penalty
"get married for the tax breaks, bro"
Posted on 5/6/21 at 8:54 am to rocket31
Depends on the situation mostly. My wife works for the school board and her shite arse salary helps bring down my tax bracket big time vs if I was filing single.
Posted on 5/6/21 at 9:21 am to TigerTatorTots
right. that's why blanket statements like, "tax benefits of being married" were always absurd
I do think there will be stronger tax incentives to being married soon though. our birthrates are not great
I do think there will be stronger tax incentives to being married soon though. our birthrates are not great
Posted on 5/6/21 at 9:21 am to TigerTatorTots
quote:
My wife works for the school board and her shite arse salary helps bring down my tax bracket big time vs if I was filing single.
I'm in the exact same boat. Wife is a public school teacher with a shite arse salary as well (but awesome health insurance). We come out ahead filing together.
Posted on 5/6/21 at 10:05 am to BottomlandBrew
It’s rare that a couple would come out ahead filing separately unless both have equity based comp or investment income, or specific itemized deductions. But the number of situations where it would make sense to file separately increased dramatically this past year due to stimulus and UIB deduction thresholds.
Posted on 5/6/21 at 10:31 am to rocket31
quote:naa, the woke mob would crucify any politician that would support something as racist as incentivizing marriage
I do think there will be stronger tax incentives to being married soon though. our birthrates are not great
Posted on 5/6/21 at 10:32 am to finchmeister08
I did taxes with Turbo Tax and this was the first time I’ve claimed the crypto gainz
Next year I’ll need a CPA
Next year I’ll need a CPA
Posted on 5/6/21 at 10:34 am to TigerTatorTots
quote:
naa, the woke mob would crucify any politician that would support something as racist as incentivizing marriage
Low income child tax credits only
Posted on 5/6/21 at 11:58 am to maclauer
Glad SOL & BNB have been chilling during this weeks pumping. I still need to pack bigger bags of those.
Posted on 5/6/21 at 12:38 pm to maclauer
eth classic has better returns yoy than eth
this space is just so beyond dumb right now
this space is just so beyond dumb right now
Posted on 5/6/21 at 1:01 pm to rocket31
It is crazy.....i bought some Eth Classic at $18 in February and now its over $160
Posted on 5/6/21 at 1:17 pm to rocket31
quote:
eth classic has better returns yoy than eth
I watched a video last night and the guy said he thinks it may be because ETH is doing so well right now, a lot of new investors may think that's the original one and invested in that instead. Who fricking knows though?
Posted on 5/6/21 at 1:34 pm to Mikes My Tiger
yea that's most likely it.
to retail it's just a cheaper version of Ethereum.
to retail it's just a cheaper version of Ethereum.
This post was edited on 5/6/21 at 1:35 pm
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