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Forum » Made over a quarter million this year. Wut do? srs
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Thread: Made over a quarter million this year. Wut do? srs

post 1506720891 06-01-2017, 02:19 AM
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Im a low wage security guard cuck, and I made over a quarter million this year in short term capital gains. Tax season is going to be really, really brutal.

Wut can I do to reduce my taxes, and what should I be doing with my money?

I heard that i can put about 5k in a traditional IRA and then when i buy a house I can pull 10k out under a hardship provision.

Are there any more things similar to this? Where should I diversify my investments? Index funds look good but market is lookin spook.

Im going to pay my taxes instead of leaving the country btw. Feel sick just thinking about how im going to pay more in taxes than i earn in two years.

inb4 "pay your fair share of taxes"
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post 1506720921 06-01-2017, 02:20 AM
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how would the irs know?
post 1506720961 06-01-2017, 02:21 AM
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This happened..

Security guards have some of the lowest IQs in the professional world
post 1506721021 06-01-2017, 02:22 AM
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Originally Posted By muscle
This happened..

Security guards have some of the lowest IQs in the professional world
this guy bought in eth when it was $7 lol
post 1506721121 06-01-2017, 02:23 AM
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Originally Posted By muscle
This happened..

Security guards have some of the lowest IQs in the professional world
Believe whatever you want. I came here looking for advice not a bunch of flak from some jelly low iq *******.
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post 1506721191 06-01-2017, 02:24 AM
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How did you make that much?

Man 25 posts a night with a cardboard cutout?
post 1506721301 06-01-2017, 02:25 AM
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Originally Posted By zhengterry⏩
this guy bought in eth when it was $7 lol
Originally Posted By aal04⏩
How did you make that much?

Man 25 posts a night with a cardboard cutout?
see above and i lold pretty hard about that cutout.
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post 1506721351 06-01-2017, 02:26 AM
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Originally Posted By Parkerscott⏩
see above and i lold pretty hard about that cutout.
but srs how would the irs know? lol im canadian but if i made that much money i wouldnt report it and wait for the govt to contact me srs
post 1506721401 06-01-2017, 02:27 AM
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can't you be creative with bitcoins? like the irs only knows of the gains you withdraw to your bank account. or nah?
post 1506721431 06-01-2017, 02:28 AM
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Lol you made it mate



GJDM

How much did you buy? About 50k or so right?
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post 1506721491 06-01-2017, 02:30 AM
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Worst bragging thread ever.
post 1506721601 06-01-2017, 02:32 AM
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Dont declare it boyo they wont be able to find out
post 1506721661 06-01-2017, 02:33 AM
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Originally Posted By zhengterry⏩
but srs how would the irs know? lol im canadian but if i made that much money i wouldnt report it and wait for the govt to contact me srs
The IRS always knows. Its not very easy to move that amount of money around, and when you have the government issuing subpoenas to the exchanges I purchased from its even more sketchy. For small fish moving around a couple grand its probably not as big of an issue. I rather pay up than spend a couple years in tennis court prison. On top of that I might get a better job so I might have a bigger income, and i cant really work from jail.
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post 1506721751 06-01-2017, 02:36 AM
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Originally Posted By Parkerscott⏩
The IRS always knows. Its not very easy to move that amount of money around, and when you have the government issuing subpoenas to the exchanges I purchased from its even more sketchy. For small fish moving around a couple grand its probably not as big of an issue. I rather pay up than spend a couple years in tennis court prison. On top of that I might get a better job so I might have a bigger income, and i cant really work from jail.
Fking lol enjoy your taxes, TAXCUCK.
post 1506721801 06-01-2017, 02:37 AM
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Originally Posted By y0jimbo⏩
Fking lol enjoy your taxes, TAXCUCK.
lol im going to get taxcucked real hard, hence the creation of the thread. Trying to get taxcucked less hard.
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post 1506721831 06-01-2017, 02:39 AM
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post 1506722011 06-01-2017, 02:43 AM
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dont know how it is in the US, but in the UK...

unfortunately with capital gains, unless you are buying/selling BUSINESS assets, then youre just gunna have to suck it up and pay!

if however they are business assets, you can claim entrepreneurs relief (end up paying gains at a lower rate) or rollover relief (reduces proceeds value) or reinvestment relief (reduces proceeds value)
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post 1506722101 06-01-2017, 02:45 AM
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Originally Posted By Parkerscott⏩
The IRS always knows. Its not very easy to move that amount of money around, and when you have the government issuing subpoenas to the exchanges I purchased from its even more sketchy. For small fish moving around a couple grand its probably not as big of an issue. I rather pay up than spend a couple years in tennis court prison. On top of that I might get a better job so I might have a bigger income, and i cant really work from jail.
lol u only go to tennis court prison if your family pays like 50k a year for it. youll be going to a ****hole m8
post 1506722321 06-01-2017, 02:52 AM
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Originally Posted By Barbellasaurus⏩
lol u only go to tennis court prison if your family pays like 50k a year for it. youll be going to a ****hole m8
ayyy lmao we rikers island now.
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post 1506748731 06-01-2017, 09:30 AM
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Good job making that much OP, but...




































































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post 1506748971 06-01-2017, 09:33 AM
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Originally Posted By Parkerscott⏩
lol im going to get taxcucked real hard, hence the creation of the thread. Trying to get taxcucked less hard.
I don't know, but there is a poster named Donblaximus that might be able to help you srs.
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post 1506749281 06-01-2017, 09:35 AM
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If you made over 250k why not spend some of that on an accountant?
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post 1506750051 06-01-2017, 09:41 AM
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Lmao go to a fukkin accountant dumbass and not some low wage HR block chump. Look around and find a legit one. My guy gets me back a ton every year
post 1506750201 06-01-2017, 09:42 AM
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post 1506750281 06-01-2017, 09:43 AM
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Originally Posted By Parkerscott⏩
Im a low wage security guard cuck, and I made over a quarter million this year in short term capital gains. Tax season is going to be really, really brutal.

Wut can I do to reduce my taxes, and what should I be doing with my money?

I heard that i can put about 5k in a traditional IRA and then when i buy a house I can pull 10k out under a hardship provision.

Are there any more things similar to this? Where should I diversify my investments? Index funds look good but market is lookin spook.

Im going to pay my taxes instead of leaving the country btw. Feel sick just thinking about how im going to pay more in taxes than i earn in two years.

inb4 "pay your fair share of taxes"
Makes quarter million, asks internet forum how to reduce taxes/invest.

The title makes it sound like you have your **** together, the thread makes you sound like you have no idea how life works.
post 1506750461 06-01-2017, 09:44 AM
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if you held it for over a year, capital gains is taxed at 15% so it's not too bad. If you've ever lost money in the past few years in capital investment you can also deduct that from the gain and you pay the tax on the net gain. Get an accountant to help, won't cost more than $500. This is basic stuff
post 1506750541 06-01-2017, 09:45 AM
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Originally Posted By Parkerscott⏩
The IRS always knows. Its not very easy to move that amount of money around, and when you have the government issuing subpoenas to the exchanges I purchased from its even more sketchy. For small fish moving around a couple grand its probably not as big of an issue. I rather pay up than spend a couple years in tennis court prison. On top of that I might get a better job so I might have a bigger income, and i cant really work from jail.
no one goes to jail for not paying taxes unless they are doing something illegal. they just made an example of wesley snipes. all you do once they come down on you is say "oh i didnt know im sorry can you put me on a payment plan?" and pay $500 a month for 10,000 years
post 1506750751 06-01-2017, 09:47 AM
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post 1506750771 06-01-2017, 09:47 AM
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Charity. You can write it off on your return and wont have to pay taxes on it.
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post 1506751391 06-01-2017, 09:53 AM
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Damn brah you dun goofed selling so soon. Short term cap gains are taxed as ordinary income.
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