Bitcoin about to go 100K :D

[Smeckler's Powder]

WWAW the taxes to cash bitcoin out doe?

none if you hold over a year

 

[Phish]

none if you hold over a year

Ahhh is that why i got absolutely raped on my taxes??? I didnt even have that much, i just did a lot of buy/sell/buy/sell

 

[Smeckler's Powder]

Hey Locked how'd you get the understanding of buying Bitcoin, like the basics all you need to actually end up buying? Like videos or forum/subs?

Not because I necessarily want to buy now, but I do want to pretend I bought to my Dad as a prank in case it crashes I can act like I lost a shit-ton, gotta make it look like I know my shit

I don't know why anyone would buy btc right now though...other shit has a lot more potential for making a lot more short term and longterm. What fun is .5 xing your money?

 

[Smeckler's Powder]

Ahhh is that why i got absolutely raped on my taxes??? I didnt even have that much, i just did a lot of buy/sell/buy/sell

Evidently each sale is a "taxable event". I haven't really had to fuck with that part before because I've mainly just bought and held stuff forever. I'm sure there's a way around it if you look hard enough, sending to multiple wallets, etc.

 

[Phish]

Evidently each sale is a "taxable event". I haven't really had to fuck with that part before because I've mainly just bought and held stuff forever. I'm sure there's a way around it if you look hard enough, sending to multiple wallets, etc.

Then this ABSOLUTELY FUCKED me. I was trading/transferring/converting/selling/buying CONSTANTLY when i first got into it (not know wtf i was rly doing). Two yrs ago i filed and owed like 3k even though other than crypto i hadnt done anything different. It makes sense now. (Needless to say im pretty much retarded. I was just fucking around and experimenting without knowing wtf i was actually doing)

 

[Brooke Shields]

regular style

Coinbase pro

and as I said, I won't be buying, I just want to make my dad think I'm poor and retarded

 

[SensibleKeks]

Did Sam BankmanFRAUD () get sentenced yet? I know the broad got a slap on the wrist.

Sam Bankman-Fried (or as I like the call him, the most Jewish man in the world) was convicted but only has to serve 25 years. Seems like a light sentence considering how many billions of dollars was lost due to his fraud and money laundering.

 

[BakersfieldChimp]

none if you hold over a year

This is absolutely not true, at least in America. It's capital gains if it increased in value at all, regardless of how long you owned it.

 

[BonnieMcFarlaneMe2]

Sam Bankman-Fried (or as I like the call him, the most Jewish man in the world) was convicted but only has to serve 25 years. Seems like a light sentence considering how many billions of dollars was lost due to his fraud and money laundering.

He has to serve all the time though, correct? He’ll be out around 50 then? I think he’s still young. Presumably everything he owned will be liquidated by then. I remember that his lawyers were asking the judge for his Adderall prescription since he was having a hard time focusing without it. His brain is probably so zapped from the withdrawals at this point.

 

[SensibleKeks]

He has to serve all the time though, correct? He’ll be out around 50 then? I think he’s still young. Presumably everything he owned will be liquidated by then. I remember that his lawyers were asking the judge for his Adderall prescription since he was having a hard time focusing without it. His brain is probably so zapped from the withdrawals at this point.

No. Based on good behavior and a previous time served it could be reduced by a few years. If the article below is correct, he could spend the backend of his sentence in a halfway house or under house arrest. He is staying in a medium-security facility. Which I guess means he gets a tv and video games, but he has to play on a PS4 instead of a PS5. Quite the cruel and unusual punishment.

Loading…

www.fastcompany.com

 

[BonnieMcFarlaneMe2]

No. Based on good behavior and a previous time served it could be reduced by a few years. If the article below is correct, he could spend the backend of his sentence in a halfway house or under house arrest. He is staying in a medium-security facility. Which I guess means he gets a tv and video games, but he has to play on a PS4 instead of a PS5. Quite the cruel and unusual punishment.

Loading…

www.fastcompany.com

I thought he was American and we don’t have those bs medium security facilities with videogames. Also, thank you.

 

[Jen_Tomlinson]

Then this ABSOLUTELY FUCKED me. I was trading/transferring/converting/selling/buying CONSTANTLY when i first got into it (not know wtf i was rly doing). Two yrs ago i filed and owed like 3k even though other than crypto i hadnt done anything different. It makes sense now. (Needless to say im pretty much retarded. I was just fucking around and experimenting without knowing wtf i was actually doing)

I did that too a couple years ago. Pretending I was fawking Gordon Gekko. Got fucked by the IRS lol.

 

[JoeCumiawearsDIAPERS]

This is absolutely not true, at least in America. It's capital gains if it increased in value at all, regardless of how long you owned it.

Yes this is my experience, except that if you sell under a year, it’s taxed regular income and then LT capital gains for anything over a year. No different than stocks.

 

[Smeckler's Powder]

This is absolutely not true, at least in America. It's capital gains if it increased in value at all, regardless of how long you owned it.

I guess it depends how much you make/dependents/etc. It's definitely less longterm vs short term.

 

[BonnieMcFarlaneMe2]

Does no one here understand how a short term capital gain (under a year) vs a long term capital gain (over a year) works? The former is taxed by up to 20% more depending on the state because you get a straight 10% from the federal government. I guess we’re not all doctors and lawyers like I had previously assumed. Whatcha guys haulin today?

 

[FatPatsBaps]

I really want to invest in stocks and bitcoin, but I'm too lazy and pussy to do it, so I'll stick to my namby-pamby ETFs.

 

[aRTie02150]

Does no one here understand how a short term capital gain (under a year) vs a long term capital gain (over a year) works? The former is taxed by up to 20% more depending on the state because you get a straight 10% from the federal government. I guess we’re not all doctors and lawyers like I had previously assumed. Whatcha guys haulin today?

Well I definitely know.

But you should still explain to everyone who doesn't.

Perhaps explain it in Spanish?

 

[DMAN]

The DMAN had $3,000 in bitcoin as late as last year. He sold it all because the price stayed where it was at for a long ass time and he needed to make a nice purchase. Regrettable.

 

[Uncle Floyd]

The DMAN had $3,000 in bitcoin as late as last year. He sold it all because the price stayed where it was at for a long ass time and he needed to make a nice purchase. Regrettable.

With you there, brotherman...

 

[GialloGlove]

The DMAN had $3,000 in bitcoin as late as last year. He sold it all because the price stayed where it was at for a long ass time and he needed to make a nice purchase. Regrettable.

So is $3,000 in bitcoin just an increment of a single bitcoin? They call it a satoshi or something and that is similar to change or percentage of a single bitcoin, correct?