|
Yeah that dude basically bought in 2017, sold later and made 40k profit. He owes 15k taxes for 2017. Probelm is he bought back in later in 2017 and is now down in 2018. So if he sells now it won’t offset that gain (and lower the tax bill) because it’s in a different tax year. He will be able to carry forward this loss to offset any future gains (if he ever has any more). Sophy Wackles fucked around with this message at 18:29 on Jan 31, 2018 |
#
?
Jan 31, 2018 18:26
|
|
|
|
| # ? May 28, 2024 11:34 |
|
|
Pawn 17 posted:Yeah that dude basically bought in 2017, sold later and made 40k profit. He owes 15k taxes for 2017. Probelm is he bought back in later in 2017 and is now down in 2018. So if he sells now it won’t offset that gain (and lower the tax bill) because it’s in a different tax year. Correct which is why if you're stupid enough to invest your whole life savings with nothing left in your bank account to pay taxes with, then as soon as you realize the gain you HAVE to set aside that 35% of the money and transfer to bank. Then invest the remaining 65% only.
|
|
#
?
Jan 31, 2018 18:31
|
|
|
Lote posted:These are called “wash sales”. If you sell then rebuy a stock within 30 days and the price hasn’t changed significantly, it counts back to when you originally bought it. The wash sale rule doesn't apply to crypto (it's property, not stock).
|
|
#
?
Jan 31, 2018 18:38
|
|
|
mojo1701a posted:Not to mention Bitcoin overall has been an abject lesson in the history of economics, and why letting free rein of markets is not a good idea. They started at the South Sea Bubble, learned about Mr. Ponzi, went through 1920s bucket shops, and have just experienced 1990s boiler rooms. It is a very thorough education.
|
|
#
?
Jan 31, 2018 18:52
|
|
|
Dmitri-9 posted:They started at the South Sea Bubble, learned about Mr. Ponzi, went through 1920s bucket shops, and have just experienced 1990s boiler rooms. It is a very thorough education. Great analogy. Disrupting the study of economics! It’s been amazing watching it from the sidelines and your post just put it all in the historical context (apart from the oft quoted tulip mania)
|
|
#
?
Jan 31, 2018 19:17
|
|
|
LOL at all the scrubs who sold their tulips HODL at all costs, my family still has those tulips to this day
|
|
#
?
Jan 31, 2018 19:21
|
|
|
Pawn 17 posted:Yeah that dude basically bought in 2017, sold later and made 40k profit. He owes 15k taxes for 2017. Probelm is he bought back in later in 2017 and is now down in 2018. So if he sells now it won’t offset that gain (and lower the tax bill) because it’s in a different tax year. What form do you use when your exchange closes, runs away with your money, and posts penus?
|
|
#
?
Jan 31, 2018 19:21
|
|
|
jay z's sedan posted:so what is Tether really I came up with a better answer https://www.youtube.com/watch?v=YAKOWcs8w54
|
|
#
?
Jan 31, 2018 19:32
|
|
|
Burt Sexual posted:What form do you use when your exchange closes, runs away with your money, and posts penus? R/bitcoin Edit: form 101
|
|
#
?
Jan 31, 2018 19:35
|
|
|
cosmin posted:Great analogy. Disrupting the study of economics! It’s been amazing watching it from the sidelines and your post just put it all in the historical context (apart from the oft quoted tulip mania) Bitcoin is also a giant "pump and dump" scheme.
|
|
#
?
Jan 31, 2018 19:46
|
|
|
joats posted:Bitcoin is also a giant "pump and dump" scheme. It's a *hint hint* pump and dump scheme. For a real automated pump and dump you want powhcoin: https://themerkle.com/ethereum-now-has-its-own-self-sustaining-pyramid-scheme/ Choice quotes: "PoWHCoin is by far one of the most intriguing concepts in this regard. Its entire algorithm is based upon something called Proof of Weak Hands, hence the name PoWHCoin. Rather than use proof of stake, the project will distribute money from new token purchases to existing investors. As a result, being one of the first investors in this pyramid scheme will net you a fair amount of tokens as dividends." "It will be a coin that “pumps and dumps itself” on a regular basis. For every token purchased, the smart contract will automatically increase the price of future tokens by a small percentage. " Guess what? People already threw over a million $USD into it and are not stopping. Rad Russian fucked around with this message at 20:01 on Jan 31, 2018 |
|
#
?
Jan 31, 2018 19:58
|
|
|
BTW I'm pretty new to stocks. I started around 6 months ago and have been putting about 200 from each paycheck into the market usually buying dips that bounce back up. I find it all really fascinating. Can any goons share some insight, learning tools, links, or some forum thread that I missed?
|
|
#
?
Jan 31, 2018 20:00
|
|
|
joats posted:BTW I'm pretty new to stocks. I started around 6 months ago and have been putting about 200 from each paycheck into the market usually buying dips that bounce back up. I find it all really fascinating. Can any goons share some insight, learning tools, links, or some forum thread that I missed? There's a whole investing subforum here...
|
|
#
?
Jan 31, 2018 20:04
|
|
|
Babbys first capital gains I thought I just made money and got lambos? Is lie!!!
|
|
#
?
Jan 31, 2018 20:06
|
|
|
Rad Russian posted:There's a whole investing subforum here... G'damnit, I swear I looked for one. Thank you.
|
|
#
?
Jan 31, 2018 20:07
|
|
|
joats posted:BTW I'm pretty new to stocks. I started around 6 months ago and have been putting about 200 from each paycheck into the market usually buying dips that bounce back up. I find it all really fascinating. Can any goons share some insight, learning tools, links, or some forum thread that I missed? i'm no expert but i understand that these are the two basic principles of investing: - buy Lowe's - sell while high
|
|
#
?
Jan 31, 2018 20:07
|
|
|
Dmitri-9 posted:They started at the South Sea Bubble, learned about Mr. Ponzi, went through 1920s bucket shops, and have just experienced 1990s boiler rooms. It is a very thorough education. And you get the satisfaction of seeing Bitcoiners slowly reinvent the wheel without realizing it.
|
|
#
?
Jan 31, 2018 20:08
|
|
|
joats posted:BTW I'm pretty new to stocks. I started around 6 months ago and have been putting about 200 from each paycheck into the market usually buying dips that bounce back up. I find it all really fascinating. Can any goons share some insight, learning tools, links, or some forum thread that I missed? Don't believe the hype and pay attention to the bond yield curve. Old but related: https://www.barrons.com/articles/SB118681265755995100
|
|
#
?
Jan 31, 2018 20:09
|
|
|
Rad Russian posted:It's a *hint hint* pump and dump scheme. For a real automated pump and dump you want powhcoin: Chadzok posted:That dumbass Proof of Weak Hands meta-ponzi (barely 3 days old) has become another example of why smart contracts are a loving stupid idea. $1million more dollars lost forever in the ether aether because of a single line of code.
|
|
#
?
Jan 31, 2018 20:10
|
|
|
joats posted:G'damnit, I swear I looked for one. turns out changing subforum names permanently as a joke makes them harder to find and is dumb
|
|
#
?
Jan 31, 2018 20:11
|
|
|
Inept posted:turns out changing subforum names permanently as a joke makes them harder to find and is dumb Bitcoin is literally in the name of it, is that not the first thing that comes to mind when u think investments?
|
|
#
?
Jan 31, 2018 20:20
|
|
|
Fallows posted:Bitcoin is literally in the name of it, is that not the first thing that comes to mind when u think investments? Of course, but it's under ASK/TELL.
|
|
#
?
Jan 31, 2018 20:24
|
|
|
Inept posted:turns out changing subforum names permanently as a joke makes them harder to find and is dumb Let me tell you about dumb. Some rubes are calling buttcoin "bitcoin," which is really dumb, because that might cause confusion with the real bcash.
|
|
#
?
Jan 31, 2018 20:26
|
|
|
vortmax posted:
Oh nice! Guess I don't keep up with coin news enough. That's even funnier.
|
|
#
?
Jan 31, 2018 20:43
|
|
|
|
|
#
?
Jan 31, 2018 20:46
|
|
|
joats posted:BTW I'm pretty new to stocks. I started around 6 months ago and have been putting about 200 from each paycheck into the market usually buying dips that bounce back up. I find it all really fascinating. Can any goons share some insight, learning tools, links, or some forum thread that I missed? If you're serious about this, the answer is don't day trade. Put your money in low fee index funds (usually Vanguard is your best bet) at a consistent interval (i.e. on your payday, or 2 days after your payday). Don't try to time anything, and don't withdraw. If you're just getting started tbh most of your money should be going into a Roth IRA (up to $5,500 per year). You can withdraw the original contributions for any/no reason without penalty if you need to.
|
|
#
?
Jan 31, 2018 20:49
|
|
|
Andy Dufresne posted:Don't try to time anything, and don't withdraw. Yeah it's basically like birth control. If you're planning on just doing it at the right time or are relying on pulling out before it's too late, you're going to ruin your life.
|
|
#
?
Jan 31, 2018 21:11
|
|
|
Adar posted:The wash sale rule doesn't apply to crypto (it's property, not stock). What’s to prevent people from generating losses without changing their position? IE what the wash sale rule was designed to prevent?
|
|
#
?
Jan 31, 2018 21:11
|
|
|
e: actually idk I guess but if they are taxing BTC under capital gains I'd be surprised if the wash rule didn't apply. It's not specifically just 'stocks' it is assets?
COMRADES fucked around with this message at 21:19 on Jan 31, 2018 |
|
#
?
Jan 31, 2018 21:17
|
|
|
Lote posted:What’s to prevent people from generating losses without changing their position? IE what the wash sale rule was designed to prevent? Nothing, it's a loophole until laws are updated. Which they should since most people trade crypto just like the do stocks, not like general property. Rule is written very narrowly to apply to stocks and securities so bitcoin is clearly not it, but this has not been challenged in courts yet as far as I know Rad Russian fucked around with this message at 21:30 on Jan 31, 2018 |
|
#
?
Jan 31, 2018 21:26
|
|
|
Bitfinex again $180 above the others, I assume people are arbitraging the poo poo out of that?
|
|
#
?
Jan 31, 2018 21:26
|
|
|
I thought the tax rules for cryptocurrencies weren't changed until January of this year. Do they retroactively cover 2017 like that?
|
|
#
?
Jan 31, 2018 21:27
|
|
|
VictorianQueerLit posted:I thought the tax rules for cryptocurrencies weren't changed until January of this year. They simplified tax code guidelines for crypto and officially stated that crypto is property as of 2018 tax year and follows most normal property capital gains laws. So it's safe to treat it similarly for previous years which had no such clear guidelines. Crypto still has a shitload of loopholes though if you know what you're doing, especially setting up your own LLC to trade because LOL tax laws take years to catch up. Winklevoss's and others are definitely taking advantage of all these loopholes which is probably why they jumped into it in the first place - to take advantage of everybody else just day trading blind for the first time in their life on GDAX or whatever. Rad Russian fucked around with this message at 21:42 on Jan 31, 2018 |
|
#
?
Jan 31, 2018 21:32
|
|
|
hah, when i search "bitcoin to usd" i no longer get the current "rates"
|
|
#
?
Jan 31, 2018 21:38
|
|
|
COMRADES posted:That means his income is around the mid six figures anyway so it's not like he can't absorb the loss tbh. Rad Russian posted:The positive of all this is that bitcoiners are slowly getting educated on tax laws and investment regulations for a low low price of $15K+ of their money (and possibly jail time for the hordes in reddit advocating just hiding everything from IRS).
|
|
#
?
Jan 31, 2018 21:41
|
|
|
Double Bill posted:Bitfinex again $180 above the others, I assume people are arbitraging the poo poo out of that?
|
|
#
?
Jan 31, 2018 21:43
|
|
|
joats posted:BTW I'm pretty new to stocks. I started around 6 months ago and have been putting about 200 from each paycheck into the market usually buying dips that bounce back up. I find it all really fascinating. Can any goons share some insight, learning tools, links, or some forum thread that I missed? Don't do that. Just do index funds man. You ain't gonna beat the market.
|
|
#
?
Jan 31, 2018 21:51
|
|
|
Uranium 235 posted:$180 is only 1.8% which is pretty narrow for arbitrage since you have to deal with exchange fees and transfer times. It's risky because the price can move enough in that time to ruin your arbitrage. A 1% arbitrage is huge. I remember when I was in Vegas and there was a 1% arb on World Cup soccer. People were going crazy.
|
|
#
?
Jan 31, 2018 21:54
|
|
|
etherium is divorcing from bitcoin today and is going to hold value as bitcoin plummets. Meet your new cryptoGod.
|
|
#
?
Jan 31, 2018 21:57
|
|
|
|
| # ? May 28, 2024 11:34 |
|
|
ElGroucho posted:Don't do that. Just do index funds man. You ain't gonna beat the market. Warren buffet famously beat hedge funds with ETFs recently, I believe.
|
|
#
?
Jan 31, 2018 22:00
|
|
