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Forum » MISC Crypto Crew (MCC) Vol 9: At first I was like lambooo and then I was like lamooo
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Thread: MISC Crypto Crew (MCC) Vol 9: At first I was like lambooo and then I was like lamooo

post 1541798141 01-25-2018, 11:06 AM
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#5461
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Originally Posted By eXistenceLies⏩
Robinhood fills out your 1099 and sends it to you. You don't have to do anything to track your trades/investments. This will make it 100x easier than CB. Plus Robinhood has a much better reputation than CB.
Any added exchanges/entry points to the market are a plus
**MFC**
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post 1541798271 01-25-2018, 11:07 AM
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#5462
  1. mgftp
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Originally Posted By WinterFresh⏩
No fees at all top to bottom. Plus TONS of money added in. Like it did for stocks it's gonna bring your casual investor in.
Originally Posted By jinda628⏩
Its the no fees and instant credit from bank transfers etc. And of course more competition vs coinbase.
If I ACH transfer and place limit orders there are no fees on GDAX, unless I am missing something?
post 1541798661 01-25-2018, 11:11 AM
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#5463
  1. brbacquiring
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Write this down and stick a note by your computer boyos - it sold out yesterday with 100ETH minimum buy-in.
When it hits exchanges and the peasants can buy, it's going to outer space.



https://steemit.com/ico/@kacawote/cp...why-or-iot-4-0
Could have been a slayer.
post 1541798681 01-25-2018, 11:11 AM
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#5464
  1. jujuB
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if you ain't meeting someone up to pay cash for BTC, you ain't doin it right. :P
RIP mainsqueeze530 1991-2013
post 1541800951 01-25-2018, 11:29 AM
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#5465
  1. propreffered7
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Can anybody else tell exactly where btc is by looking at their alt? Im right 90% of the time and off by a bit most of the other times

I knew when walton was back at 35 that btc was at 11.2k
post 1541800961 01-25-2018, 11:29 AM
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#5466
  1. RedSoxfan1978
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Someone correct me if I'm wrong please.

As far as taxes go. Let's say you start with an initial investment of $25k, you make it to $100k. So you declare profits of $75k USD. Okay, so you pay your capital gains taxes of 20% or whatever it is on that amount of profit, being the $75k.

What is this talk of taxing coin to coin trades and shyt?

Let's say for easy math, you make 100 trades and you made $1K profit per trade. Okay so you have your $100k total and minus your investment of $25k, you're still paying tax on the whole amount. Why would coin to coin matter? The total profit is that same. It will be an exercise in absolute misery to track and calculate every trade IMO.


Leave it to the government to fawk this up too.
"Johan tells me that your luggage, is the luggage of the poor."

"The will to survive is not as important as the will to prevail... the answer to criminal aggression is retaliation." - Col. Jeff Cooper USMC Ret.
post 1541801211 01-25-2018, 11:32 AM
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#5467
  1. eXistenceLies
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Originally Posted By RedSoxfan1978⏩
Someone correct me if I'm wrong please.

As far as taxes go. Let's say you start with an initial investment of $25k, you make it to $100k. So you declare profits of $75k USD. Okay, so you pay your capital gains taxes of 20% or whatever it is on that amount of profit, being the $75k.

What is this talk of taxing coin to coin trades and shyt?

Let's say for easy math, you make 100 trades and you made $1K profit per trade. Okay so you have your $100k total and minus your investment of $25k, you're still paying tax on the whole amount. Why would coin to coin matter? The total profit is that same. It will be an exercise in absolute misery to track and calculate every trade IMO.


Leave it to the government to fawk this up too.
This is where Robinhood does this for you.
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post 1541801221 01-25-2018, 11:32 AM
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post 1541801321 01-25-2018, 11:33 AM
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#5469
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Originally Posted By eXistenceLies⏩
This is where Robinhood does this for you.
Indeed Sir, indeed....
"Johan tells me that your luggage, is the luggage of the poor."

"The will to survive is not as important as the will to prevail... the answer to criminal aggression is retaliation." - Col. Jeff Cooper USMC Ret.
post 1541801451 01-25-2018, 11:35 AM
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#5470
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Originally Posted By RedSoxfan1978⏩
Someone correct me if I'm wrong please.

As far as taxes go. Let's say you start with an initial investment of $25k, you make it to $100k. So you declare profits of $75k USD. Okay, so you pay your capital gains taxes of 20% or whatever it is on that amount of profit, being the $75k.

What is this talk of taxing coin to coin trades and shyt?

Let's say for easy math, you make 100 trades and you made $1K profit per trade. Okay so you have your $100k total and minus your investment of $25k, you're still paying tax on the whole amount. Why would coin to coin matter? The total profit is that same. It will be an exercise in absolute misery to track and calculate every trade IMO.


Leave it to the government to fawk this up too.
Im curious to know if, say, you make 200k. And go ahead and pay them 50k.. Whether theyd really care about the rest. I mean fuk they just got 50k. Now i would agree that if you made a mil and tried to pay 100.. That thats a pretty big difference

But as i said i wonder the propensity of being audited if you paid 50k on 200k
post 1541801501 01-25-2018, 11:35 AM
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#5471
  1. m1n2v5
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Originally Posted By RedSoxfan1978⏩
Someone correct me if I'm wrong please.

As far as taxes go. Let's say you start with an initial investment of $25k, you make it to $100k. So you declare profits of $75k USD. Okay, so you pay your capital gains taxes of 20% or whatever it is on that amount of profit, being the $75k.

What is this talk of taxing coin to coin trades and shyt?

Let's say for easy math, you make 100 trades and you made $1K profit per trade. Okay so you have your $100k total and minus your investment of $25k, you're still paying tax on the whole amount. Why would coin to coin matter? The total profit is that same. It will be an exercise in absolute misery to track and calculate every trade IMO.


Leave it to the government to fawk this up too.
This is what I'm wondering. Lol @ thinking me or my accountant will go through a couple pages of me trading chitcoins against BTC.
And how can man die better, than facing fearful odds, for the ashes of his fathers, and the temples of his gods?
post 1541801671 01-25-2018, 11:36 AM
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#5472
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Originally Posted By WinterFresh⏩
what are you asking? do you mean how much your alt is worth in btc?
Nah its all good. Just curious if people follow that much

I can tell where btc is based off of my alts movement or vice versa

Not 100% accurate. Just generally speaking
post 1541801781 01-25-2018, 11:38 AM
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#5473
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post 1541801921 01-25-2018, 11:39 AM
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#5474
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post 1541802111 01-25-2018, 11:40 AM
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#5475
  1. RedSoxfan1978
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Originally Posted By m1n2v5⏩
This is what I'm wondering. Lol @ thinking me or my accountant will go through a couple pages of me trading chitcoins against BTC.
My gut tells me that unless they already have a reason to crawl up your a$$ with a microscope it won't happen. Remember according to them, crypto isn't currency anyway.
So until we put USD into a our bank accounts, there is no value, and thus no gains.

Furthermore, the people that have tax problems are the people living large and claiming they make $60k a year, while they have a $400k house, a big boat, a big bank account, and a Ferrari. Yes, I actually knew someone who got clipped for tax issues, for exactly that, and he couldn't figure out where he went wrong. LOL

It was many years ago, and they had a reason to look into him closer. His income to asset disparity for one, and the drug charges for two.
Just saying....
"Johan tells me that your luggage, is the luggage of the poor."

"The will to survive is not as important as the will to prevail... the answer to criminal aggression is retaliation." - Col. Jeff Cooper USMC Ret.
post 1541802291 01-25-2018, 11:42 AM
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#5476
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This Robinhood news is giving me a rock hard boner.
only misc at work crew
post 1541802371 01-25-2018, 11:43 AM
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#5477
  1. Berts
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Originally Posted By RedSoxfan1978⏩
Someone correct me if I'm wrong please.

As far as taxes go. Let's say you start with an initial investment of $25k, you make it to $100k. So you declare profits of $75k USD. Okay, so you pay your capital gains taxes of 20% or whatever it is on that amount of profit, being the $75k.

What is this talk of taxing coin to coin trades and shyt?

Let's say for easy math, you make 100 trades and you made $1K profit per trade. Okay so you have your $100k total and minus your investment of $25k, you're still paying tax on the whole amount. Why would coin to coin matter? The total profit is that same. It will be an exercise in absolute misery to track and calculate every trade IMO.


Leave it to the government to fawk this up too.
My understanding is each transaction should be taxed. I'm not doing it that way. I have more invested in crypto than I have cashed out. On paper I have not made a dam thing yet so no reason to pay taxes.
post 1541802701 01-25-2018, 11:46 AM
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#5478
  1. RedSoxfan1978
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Originally Posted By Berts⏩
My understanding is each transaction should be taxed. I'm not doing it that way. I have more invested in crypto than I have cashed out. On paper I have not made a dam thing yet so no reason to pay taxes.
EXACTLY! Paper profits aren't profits at all. In this game you could have $1 million today and $300k tomorrow and vice versa. Since it isn't considered currency, how the fawk can they tax it as a gain? What have you gained? Numbers on a screen? There is no gains, there is no money, until we cash out to USD and send to the bank.
"Johan tells me that your luggage, is the luggage of the poor."

"The will to survive is not as important as the will to prevail... the answer to criminal aggression is retaliation." - Col. Jeff Cooper USMC Ret.
post 1541803081 01-25-2018, 11:49 AM
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#5479
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Originally Posted By WinterFresh⏩
You're looking for like-kind exchange exception, which doesn't exist currently. Crypto is taxed capital gains on the transaction right now so each time it changes it's taxed. BS imo.
They'll have to catch me. Srs.


Not srs.


Probably srs.
post 1541803351 01-25-2018, 11:51 AM
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#5480
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Tfw holding bags cause of trying to trade

You have to go through that phase to learn your best bet is just to hold a handful of coins and HODL for a few months at least
Chemist/Computer Science crew
Meditation crew
Dark chocolate crew
post 1541803921 01-25-2018, 11:56 AM
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#5481
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Originally Posted By RedSoxfan1978⏩
EXACTLY! Paper profits aren't profits at all. In this game you could have $1 million today and $300k tomorrow and vice versa. Since it isn't considered currency, how the fawk can they tax it as a gain? What have you gained? Numbers on a screen? There is no gains, there is no money, until we cash out to USD and send to the bank.
It's viewed as property and has a USD value at the time of purchase and the time of sale based on how much BTC was worth in USD at each of those times.
trainingwithryan.substack.com
post 1541803941 01-25-2018, 11:57 AM
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#5482
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If you have substantial gains just pay someone to do your taxes, not worth fawking around with it. They want to tax crypto to crypto trades, does it make sense to us? No, but it's gov't and I am sure their only thought is getting the higher rate from short term trades rather then the lower one from long term holding if all the crypto to crypto trades are ignored and only USD in and out is looked at.
Originally Posted By yochrisss⏩
This Robinhood news is giving me a rock hard boner.
Pls explain, I want to be excited as well
post 1541803991 01-25-2018, 11:57 AM
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IOST lookin like its about to get joocey
post 1541804031 01-25-2018, 11:57 AM
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#5484
  1. eXistenceLies
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Originally Posted By RedSoxfan1978⏩
EXACTLY! Paper profits aren't profits at all. In this game you could have $1 million today and $300k tomorrow and vice versa. Since it isn't considered currency, how the fawk can they tax it as a gain? What have you gained? Numbers on a screen? There is no gains, there is no money, until we cash out to USD and send to the bank.
This is what I would like for them to do. They want every ****ing fiber of your gains.
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post 1541804061 01-25-2018, 11:57 AM
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post 1541804271 01-25-2018, 12:00 PM
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#5486
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All you brahs worrying about taxes, frauding hard - subtle bragging that you've actually made a profit. Everyone ITT is down about 350% from initial investment.
Could have been a slayer.
post 1541804481 01-25-2018, 12:02 PM
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#5487
  1. RaphaelDeLaGhetto
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Originally Posted By brbacquiring⏩
All you brahs worrying about taxes, frauding hard - subtle bragging that you've actually made a profit. Everyone ITT is down about 350% from initial investment.
Believe it or not, many of us didn't start trading crypto at ATH
( ̿▀ ͜ʖ▀)╭∩╮
post 1541804841 01-25-2018, 12:05 PM
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#5488
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Originally Posted By brbacquiring⏩
All you brahs worrying about taxes, frauding hard - subtle bragging that you've actually made a profit. Everyone ITT is down about 350% from initial investment.
This, which is sadly not that far off from my portfolio. I haven't made chit so I'm not worried. If I can write off loses, it's a good LOL

For day traders or people who actually make gains in crypto can they write off an office in their house, computers, travel expenses, utilities, etc?
post 1541804911 01-25-2018, 12:06 PM
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#5489
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Originally Posted By mgftp⏩
If I ACH transfer and place limit orders there are no fees on GDAX, unless I am missing something?
Is the money transfer instant? I only trade in GDAX, deposit ETH/BTC and trade.
I haven't deposited fiat there, only in Coinbase. I know its one company but in Coinbase, it takes 1 week for ACH and instant for CC or wire but with fees.

Robinhood promises no fees top to bottom and instant transfer. Also the potential of more coins being added.

And aside from that, more competition between exchanges meaning pricing could be advantageous for us.
Steam - jinda28
Origin - jinda628
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post 1541805101 01-25-2018, 12:07 PM
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#5490
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Originally Posted By RaphaelDeLaGhetto⏩
Believe it or not, many of us didn't start trading crypto at ATH
2013 crew
Could have been a slayer.
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