sale gets a 2nd tax
Chat archive · 2018-01
AppleMiner · · #76254
AppleMiner · · #76255
and then income at the end on all that you made
AppleMiner · · #76256
thats why going legit you lose 40% at least from your profits.
greaseman316 · · #76257
greedy bastards just want their hands in your pocket as many times as they can get away with it
FastCashMining · · #76258
interesting
AppleMiner · · #76259
thats why the deal for the miner on the forums for the pool fell through
AppleMiner · · #76260
if they paid in paypal, he owes tax, 6% on 3K money
AppleMiner · · #76261
if they paid him in coins, he loses 40% due to taxes on that deal.
AppleMiner · · #76262
unless he holds them for 6 months and ends up making 10K profit overall
FastCashMining · · #76263
i can give you a certain amount of money tax free
AppleMiner · · #76264
50K per parent per child?
AppleMiner · · #76265
or thier spouse?
kake · · #76266
Apple what you are saying is 1) When you mine a coin as soon as it its a wallet you need to pay tax on it and 2) when you move that coin appreciates in value a day later you need to pay capital gain on that appreciation
FastCashMining · · #76267
15
FastCashMining · · #76268
15k
FastCashMining · · #76269
so if i give you a car
FastCashMining · · #76270
worth less than 15k
AppleMiner · · #76271
@kake : no, the first part is right, at the time its mined you owe taxes, and they preferr quarterly payments
FastCashMining · · #76272
i dont and you dont owe tax on it
AppleMiner · · #76273
the value up or down doesnt touch until the sale
FastCashMining · · #76274
right... the price is locked at 15k
kake · · #76275
Apple, i see
AppleMiner · · #76276
so your mom can give 15K to you and 15K to your wife
AppleMiner · · #76277
your dad can give you 15K and your wife 15K
FastCashMining · · #76278
yes
AppleMiner · · #76279
so 60K per year per family.
FastCashMining · · #76280
no no
AppleMiner · · #76281
yep thought the value was 50K not 15K
FastCashMining · · #76282
mom can give me and only me 15k
AppleMiner · · #76283
remember other numbers there
AppleMiner · · #76284
no...
FastCashMining · · #76285
dad cant give me 15k because mom gave me 15k
AppleMiner · · #76286
parents can give that same value to the spouse of their child also
AppleMiner · · #76287
and each parent is able to give independantly.
AppleMiner · · #76288
so 60K per household from each paraent totaled
FastCashMining · · #76289
up to some age i think
AppleMiner · · #76290
and it may very from state to state also
AppleMiner · · #76291
i just ran across all that when doing the tax lookup stuff
FastCashMining · · #76292
i had my cpa run through some of it a few years back when i got my first mortgage
FastCashMining · · #76293
but you can avoid some of that tax by distributing amongst family thats true
FastCashMining · · #76294
it just changes
AppleMiner · · #76295
but that doesnt change you made 100K in coins, then sold them for 200K and you paid taxes on the 100K, now you owe the taxes on the 200K - what you paid ont he 100K at the time it was made
AppleMiner · · #76296
and then you need to add the whole load to your personal income as money earned and go pay taxes on that again.
FastCashMining · · #76297
lol every 1080 on newegg is sold out
AppleMiner · · #76298
of course it is
FastCashMining · · #76299
i wasnt aware that you owe taxes on taking possession of the currency
AppleMiner · · #76300
yep
FastCashMining · · #76301
i get the cap gain on selling them
FastCashMining · · #76302
i get the income
AppleMiner · · #76303
each quarter
FastCashMining · · #76304
that sounds like estimated tax
AppleMiner · · #76305
the irs dont care if you sell them, lose them, they tank, or get stolen
FastCashMining · · #76306
if you pay quarterly
FastCashMining · · #76307
no if they tank
FastCashMining · · #76308
you dont pay tax on something that is worthless
FastCashMining · · #76309
you can defintely deduct your losses
AppleMiner · · #76310
but...you already HAVE
AppleMiner · · #76311
when you mined those 100 coins at 100, you owed taxes on that 10K
AppleMiner · · #76312
so if they get lost, stolen, or go down to 0 value
AppleMiner · · #76313
they taxed you already
FastCashMining · · #76314
yea and then the next quarter you can deduct that loss
AppleMiner · · #76315
on stocks, bonds and cvrtpyo
AppleMiner · · #76316
i think limit was 2K per year
FastCashMining · · #76317
depends
AppleMiner · · #76318
you cant say i sold 100 coins to bob and I only made 1$
FastCashMining · · #76319
real estate deductions are different
FastCashMining · · #76320
you can do much more than 2k
AppleMiner · · #76321
I lost 9999 can I deduct that?
AppleMiner · · #76322
thats the problem
AppleMiner · · #76323
its only real eastate in name
FastCashMining · · #76324
i mean the difference is if you fraudulently do it or not
FastCashMining · · #76325
thats what the irs will look for
AppleMiner · · #76326
and it has none of the pluses, like exchange rate free like property does
FastCashMining · · #76327
are you trying to hide something
AppleMiner · · #76328
YES
AppleMiner · · #76329
the fact I mined 100K worth of coins and havent sold them yet.
FastCashMining · · #76330
exactly
AppleMiner · · #76331
if I sell them and have the chas or they take litecoins as payment then we are all good
FastCashMining · · #76332
then you owe tax
FastCashMining · · #76333
now thats the next thing
AppleMiner · · #76334
I dont, i dont mine now
AppleMiner · · #76335
Sven does
FastCashMining · · #76336
there is something called like-for-life exchanges
FastCashMining · · #76337
and you can trade basis in things
AppleMiner · · #76338
i just get a yearly salary now
FastCashMining · · #76339
like real estate and im assuming like crypto
AppleMiner · · #76340
no
AppleMiner · · #76341
crypto is real easte property in name only
AppleMiner · · #76342
so it doesnt get the benefits of sotkcs trades, or property exchanging
AppleMiner · · #76343
its just all bad
AppleMiner · · #76344
its all the negatives, none of the positives
AppleMiner · · #76345
everything you can do good with property, doesnt apply to crypto
AppleMiner · · #76346
so until the govent can figure it out
AppleMiner · · #76347
or goes raiding all the exchanges like S korea
kake · · #76348
i agree apple, until they figure it out...i mean we are getting taxed up the wazoo
AppleMiner · · #76349
hopefully we can afford it.
kake · · #76350
and keeping track of all of the transactions is a nightmare too
kake · · #76351
today i mined 1 coin @ $100 then 3 days from now 1 coin @ $300
kake · · #76352
this takes time to account for...
FastCashMining · · #76353
1060 for 240