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OfflineEnkidu
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Grimsweeper]
    #27250102 - 03/12/21 04:00 PM (2 years, 10 months ago)

I guess thats a good way to do it

Maybe during a bull market like now its not as much worry or need to watch for the purpose of cutting losses


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Within You , Without You


:mushroom2::levitate::mushroom2:


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OfflineHikeadellic
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Enkidu]
    #27250106 - 03/12/21 04:02 PM (2 years, 10 months ago)

That's what the bull says right before he becomes a gelding


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OfflineGrimsweeper
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Hikeadellic]
    #27250111 - 03/12/21 04:05 PM (2 years, 10 months ago)

14 of them only account for 20% of my portfolio so if something bleeds it's not a big deal. I set high sell orders and just wait.


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When you clean a vacuum cleaner you are a vacuum cleaner
Build yourself a Flow Hood in these 99 simple steps


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Invisibletrees
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Grimsweeper]
    #27250141 - 03/12/21 04:33 PM (2 years, 10 months ago)

Isnt every crypto sale made at profit taxable even if it's a swap to tether or USDCoin? I think selling many times might cause some undesirable tax effects to catch up with you eventually.

I'm not an expert in crypto tax, but pretty sure that holding and never selling results in the smallest gains tax on your profits the older your holdings are. If you never sell anything - ever, and your crypto portfolio is strong you can just borrow money against it if you need cash instead of selling your stack, because its cheaper to borrow money from a bank than to sell your crypto and face taxes. I think that somehow works out best in the end tax wise and overall wealth wise, i dont know it all yet though but gonna get there.

That's why I believe stakeable cryptos are the best long term for decades. They grow in 3 ways at once - compound interest, price growth - and no tax because you never sell it.

I cant neglect that I think all the crypto exchanges report our activity to the IRS in not a 1099 but some other one


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Edited by trees (03/12/21 04:48 PM)


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Invisiblesh4d0ws
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: trees]
    #27250172 - 03/12/21 04:47 PM (2 years, 10 months ago)

In the US it is true that every exchange of coins is a taxable event, even exchanging to USDC or USDT. You must record the profit realized for every single trade and pay capital gains tax on it.

Coinbase also reports the amount you're trading to the IRS if its over some threshold like $20K (total, not a single trade), so if you're trading fairly large amounts its likely that the IRS will find out.


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OfflineManianFHS
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: sh4d0ws]
    #27250199 - 03/12/21 05:08 PM (2 years, 10 months ago)

Unless trading in an IRA LLC, or similar account. Granted you wont get to see your realized gains (if any) until retirement age, but at least no taxes :wink:


--------------------
notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."


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OfflineNature Boy
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ManianFH]
    #27250261 - 03/12/21 05:58 PM (2 years, 10 months ago)

Man, BTC, ETH and LINK all looking like crap ATM.  BTC closed the day lower, ETH is just sideways at best, and LINK has had four down days in a row, and the last hour has been its worst.  If LINK slides enough (23 or less) gonna buy a bunch.


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All submitted posts under this user name are works of pure fiction or outright lies.  Any information, statement, or assertion contained therein should be considered pure unadulterated bullshit.  Note well:  Sorry, but I do not answer PM's unless you are a long-time trusted friend.  If you have a question, ask it in the appropriate thread.

                                                                               


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Invisibletrees
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ManianFH]
    #27250264 - 03/12/21 05:59 PM (2 years, 10 months ago)

Youd have to be some super whale with insider info to do it right. Just thought it all through for a bit and decided that selling crypto no matter the profit is technically a loss in the end, chasing trades and all that is overall hazardous imo but I get the temptation, I did some of it and wasnt successful.

Something different.. check out this reddit thread from March 12, 2020 when BTC dropped to around 4k. The FUD is awe inspiring. If only I could go back in time knowing what today is like!

https://www.reddit.com/r/CryptoCurrency/comments/fh77ef/daily_discussion_march_12_2020_gmt0/?utm_medium=android_app&utm_source=share


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OfflineGrimsweeper
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Nature Boy]
    #27250272 - 03/12/21 06:04 PM (2 years, 10 months ago)

Quote:

Nature Boy said:
Man, BTC, ETH and LINK all looking like crap ATM.



SUSHI not doing too bad. Alts can pick up some slack when the biggies are sucking ass. They've been keeping my portfolio pretty steady when BTC and ETH take a hit. Once in a while one will take off out of nowhere and hit a tall sell order.


--------------------
When you clean a vacuum cleaner you are a vacuum cleaner
Build yourself a Flow Hood in these 99 simple steps


Edited by Grimsweeper (03/12/21 06:06 PM)


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OfflineNature Boy
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Grimsweeper]
    #27250278 - 03/12/21 06:09 PM (2 years, 10 months ago)

Quote:

Grimsweeper said:
SUSHI not doing too bad. Alts can pick up some slack when the biggies are sucking ass.




LTC I could buy.  SUSHI, no.  I Live in NY and can only purchase what Coinbase Pro allows.  SUSHI is "view only."  But even LTC is down from earlier today of 220 down to 215.  I thought about picking some up at 204, but didn't know enough about it at the time or its market cap to be comfortable.

Gonna stick with my big 3 - meaning staying in cash, and HODL ETH and BTC and possibly bargain-hunt LINK for future HODL.


--------------------
All submitted posts under this user name are works of pure fiction or outright lies.  Any information, statement, or assertion contained therein should be considered pure unadulterated bullshit.  Note well:  Sorry, but I do not answer PM's unless you are a long-time trusted friend.  If you have a question, ask it in the appropriate thread.

                                                                               


Edited by Nature Boy (03/12/21 06:18 PM)


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OfflinegeokillsA
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: trees]
    #27250279 - 03/12/21 06:12 PM (2 years, 10 months ago)

Quote:

trees said:
Isnt every crypto sale made at profit taxable even if it's a swap to tether or USDCoin? I think selling many times might cause some undesirable tax effects to catch up with you eventually.



Yes, currently any exchange of crypto, whether for fiat or another crypto, is a taxable event.  It is a worthy consideration, one which a lot of people new to investing don't consider.  In the US, property held over 1 year before sale holds the following tax schedule:
  • 0% if your gross income is less than $53,600
  • 15% if your gross income is $53,601 to $469,050
  • 20% if your gross income is more than $469,050


Property you sell that is held for less than one year is subject to your ordinary income tax rate, which are presently:
  • 12% for $9,876 to $40,125
  • 22% for $40,126 to $85,525
  • 24% for $85,526 to $163,300
  • 32% for $163,301 - $207,350
  • 25% for $207,351 - $518,400
  • 37% for $518,301+


Quote:

If you never sell anything - ever, and your crypto portfolio is strong you can just borrow money against it if you need cash instead of selling your stack, because its cheaper to borrow money from a bank than to sell your crypto and face taxes. I think that somehow works out best in the end tax wise and overall wealth wise




Borrowing against your crypto as collateral is a very intriguing tax plan strategy.  If crypto were guaranteed to do nothing but go higher, you are correct that this would be the way to go, without question.  As things are, crypto is still subject to some fairly violent swings.  Because you need to have far more crypto collateral on hand with respect to whatever loan you would want to take out, it makes it an increasingly risky proposition to employ this strategy on a large scale in the here and now.  Nevertheless, it could work, depending on what kind of crypto stack you're working with relative to your cash flow requirements.

Quote:

That's why I believe stakeable cryptos are the best long term for decades. They grow in 3 ways at once - compound interest, price growth - and no tax because you never sell it.




Keep in mind that your staking rewards are taxable as income, at the value when they are issued.  Then when you sell them, your basis is the income value you already paid tax on.  Just delegated all of my SOL tokens for a 14%+ annual reward.  DOT for 12%.  XTZ for 6%.  Haven't moved my ETH to ETH2 staking, as I prefer the liquidity.  Have also considered adding tokens to liquidity pools on DEX's such as Uniswap and Raydium, but I am weary of the potential divergence losses when one asset appreciates against the other asset in the pool you are providing liquidity for, as well as the obvious risk related to hackers/manipulation of the AMM (automated market maker) contracts.

Quote:

I cant neglect that I think all the crypto exchanges report our activity to the IRS in not a 1099 but some other one



Yes, during any tax year, if you have more than $20,000 in total proceeds and/or 200+ transactions on a crypto exchange, 1099-K (or -B if you're lucky) forms will be filed with the IRS.  The 1099-K does not report your cost basis, only proceeds.  So if you're an active trader with a $50,000 account, it would not be uncommon to have $1,000,000+ in recorded annual proceeds.  If you don't provide the basis on your tax return, the IRS will assume your basis is $0 and the full proceeds from trading are taxable.  You can of course prove otherwise after the fact, but that's a headache (and penalties) you should avoid by reporting as accurately as you can on your timely return.

This is actually one of the reasons I don't like to actively trade crypto.  Unless all of your trades are conducted on a single exchange, the reporting calculations be a real pain in the ass to chew through.  I use CoinTracking.info which works reasonably well.


--------------------

--------------------
··∙   long live the shroomery  ∙··
...π╥ ╥π...


Edited by geokills (03/12/21 07:12 PM)


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Invisibletrees
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #27250296 - 03/12/21 06:26 PM (2 years, 10 months ago)

Beautiful break down of that, geo. Woulda taken me more time than ever to find all those bits of info. Thank you :thumbup:


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OfflineManianFHS
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #27250323 - 03/12/21 06:39 PM (2 years, 10 months ago)

Geo have you ever considered an self directed LLC IRA for trading crypto?

I am pretty much shifting to this method of trading - as I dont plan on accessing any of these funds for the next 20 years anyways. The real difficulty is finding the correct custodian who doesnt kill any incentive with fees.


--------------------
notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."


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OfflineEnkidu
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ManianFH]
    #27250351 - 03/12/21 07:02 PM (2 years, 10 months ago)

How do btc or eth look like crap nature boy...?

They both look good to me.

Both have made decent sized moves while support is holding


--------------------
Within You , Without You


:mushroom2::levitate::mushroom2:


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OfflinegeokillsA
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ManianFH]
    #27250364 - 03/12/21 07:11 PM (2 years, 10 months ago)

Quote:

mick said:
Geo have you ever considered an self directed LLC IRA for trading crypto?



Yeah, I have thought about it, just never got around to working through how to make it a reality.  I like stock trading, so I typically max out my self-directed brokerage Roth IRA right at the beginning of the New Year.  Tax-wise, it would have been preferable to have held my crypto assets in such a tax advantaged account... but hindsight is always 20/20.



Quick note on staking rewards (since added to my above reply to trees).  Staking rewards are considered taxable income, at the value they hold when issued.  When those reward tokens are ultimately sold, their basis is the taxed value they were issued at.


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...π╥ ╥π...


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Invisibletrees
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
    #27250420 - 03/12/21 08:07 PM (2 years, 10 months ago)

That sounds nice if I'm reading that right. If i recieve a coin worth $10 dollars in a single epoch reward cycle...... and 5 years later I sell that coin for $100 dollars,  I only pay $10 worth of income tax on that sale, so if you sold less than 40k worth of the stake rewards that were $10 per coin you pay $1.20 tax on each coin that sold for $100. Staking through the long bear markets would lower the taxable average by a shit load


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Edited by trees (03/12/21 08:20 PM)


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Invisiblesh4d0ws
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: trees] * 1
    #27250451 - 03/12/21 08:58 PM (2 years, 10 months ago)

You pay income tax on the initial coin price of $10 and a cost basis of $10 on the coin when you sell, so if you sold at $100, there is capital gain taxes on $90 profit is my understanding. I may be wrong though. I'm not from USA.


Edited by sh4d0ws (03/12/21 09:18 PM)


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Invisiblebudmanman
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: sh4d0ws]
    #27250465 - 03/12/21 09:15 PM (2 years, 10 months ago)

At this point they got the taxes so fucked that I am just not gonna pay them


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.


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OfflineNature Boy
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
    #27250703 - 03/13/21 03:38 AM (2 years, 10 months ago)

Woke up this morning to BTC at what I believe may be a new, momentary ATH -59,600?  Fading now to 59,324

JUST WATCHED BTC TRADE AT 60K!!! Got pushed back, but it was cool watching history live!  Wake up sleepyheads!

LINK and ETH up as well.


Edited by Nature Boy (03/13/21 04:34 AM)


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OfflineEnkidu
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
    #27250777 - 03/13/21 05:44 AM (2 years, 10 months ago)

Quote:

budmanman said:
At this point they got the taxes so fucked that I am just not gonna pay them




:lol:

Yeah i think btc and eth will remain strong for a bit

Might see some pullbacks, but i wouldnt expect much worth trading off of until we get the next correction

Would be a bit risky imo trying to trade during the run, unless youre trading one of the smaller time frames relatively accurately

Im high as fuck right now

Morning nature boy ! I was up early for coffee as well

Love having the early morning to relax, 630am was sleeping in for me

BTC last run broke the old high then traded above for about 2 weeks before peaking and correcting

Ill be watching for a similar pattern to emerge, paying attention to price targets, and then looking at the hour and 4 hour chart and daily, all with indicators, to try and spot the correction beginning

Profit taking for me might be around 70-75k, i may try to catch the peak some, and i will most likely sell a large portion if we have a lower high after the peak with a combination of TA on the chart and indicators, looking to miss as much of the correction as possible before new bull signs emerge


--------------------
Within You , Without You


:mushroom2::levitate::mushroom2:


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