Whoever put the loot cap in place, thank you from the bottom of my heart

[Crooksncastles]

I quit GS cause of the lootcap and dove head first into the crypto world. Started with $1200 cashed out 20k and now am holding roughly 150k. So whoever the fuck decided that loot cap was the right thing to do, KUDOS MOTHERFUCKER

[Methais]

I quit GS cause of the lootcap and dived head first into the crypto world. Started with $1200 cashed out 20k and now am holding roughly 150k. So whoever the fuck decided that loot cap was the right thing to do, KUDOS MOTHERFUCKER

[Gompers]

Same boat just less balls on me. I recently got into crypto on Coinbase, invested $150 initially, got free crypto from their "classes" and now I'm sitting at around $1300.

I can completely see how people lose their asses in this though. Luckily I'm not a huge risk taker...

BUT I'D BE A HELLUVA LOT RICHER IF I WAS

[Crooksncastles]

I mean to be honest I got lucky on 3 investments. one is super long term should pay nice at the end. The other two legit just busted out making crazy gains. 80k on one and like 55k on the other plus the 20k I cashed out. Been a good may lol.

[Gompers]

I mean to be honest I got lucky on 3 investments. one is super long term should pay nice at the end. The other two legit just busted out making crazy gains. 80k on one and like 55k on the other plus the 20k I cashed out. Been a good may lol.

Congrats man - just remember to keep track of all this shit for next year when the tax man comes. I'm still not even sure how to handle transfers of one crypto to another, which has been a majority of my short term gains. (Buy ridiculously cheap coin, wait for it to skyrocket, and transfer to ETH/BTC/LTC)

[SonoftheNorth]

I quit GS cause of the lootcap and dove head first into the crypto world. Started with $1200 cashed out 20k and now am holding roughly 150k. So whoever the fuck decided that loot cap was the right thing to do, KUDOS MOTHERFUCKER

Congrats on the loot and congrats on quitting GS, it's going down the shitter.

[Crooksncastles]

yeah im just gonna cash out end of year and give them 50% like they'll expect. I dont care as long as its still huge gains on my part. I have friends who tried to dodge taxes and one of them is doing 4 years in prison. So yeah, ill pay those taxes without a doubt LOL. Matter of fact ill contact a CPA before I do anything.

[Crooksncastles]

Congrats man - just remember to keep track of all this shit for next year when the tax man comes. I'm still not even sure how to handle transfers of one crypto to another, which has been a majority of my short term gains. (Buy ridiculously cheap coin, wait for it to skyrocket, and transfer to ETH/BTC/LTC)

Yeah endgoal is 500k in btc/eth/bnb. cash the rest out give or take. Hopefully by end of 2021 ill complete that goal.

[Gompers]

yeah im just gonna cash out end of year and give them 50% like they'll expect. I dont care as long as its still huge gains on my part. I have friends who tried to dodge taxes and one of them is doing 4 years in prison. So yeah, ill pay those taxes without a doubt LOL. Matter of fact ill contact a CPA before I do anything.

From what I understand is they (currently) treat them as personal assets, just like stocks. If you buy and don't sell (realized) you're not taxed. If you buy and sell (trade?) in the same calendar year they're treated as a short-term capital gains (tax depends on country and state obviously). All depends on your current tax bracket.

I haven't cashed out to fiat for anything yet, just traded shit coin for more popular coins. But yeah - if you banked 150k I'd definitely contact a CPA, preferably one that'll back you if they choose to come after you.

[Rjex]

What's the tax situation like if you invest $10k into one crypto, ride it to $100k, convert it into another crypto, ride that one to $350k, then convert into a 3rd one, which ends up tanking completely and you lose everything. Do you owe nothing or do you owe $220k in taxes on your failed trading run?