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hateme4whatuR

01/09/2021 02:04

$Bitcoin how many people have looked into the taxes and fees charged for cashing out? lmao. this shit is only worth 50% of its value. and the US government is it's driving force. the largest institution purchasing to drive up the tax revenue it will create... lmao. enjoy the EoY 37% gains tax if you cash out, and the insane "property" taxes if you don't. lmao.
Disclaimer: The comments, opinions and analysis expressed herein are for informational and educational purposes only and shoulk not be considered as individual investment advice or recommendations. Webull is not responsible or liable in any way for comments posted by pur users.

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All Comments(9)

Mike Vandenberg01/09/2021 03:11
I own the miners in a tfsa. hut up 60% today

hateme4whatuR01/09/2021 03:19

and? that changes what part of my statement?

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EsoHealth01/09/2021 02:46
So let's not make money to avoid taxes? 🤣😂

hateme4whatuR01/09/2021 02:48

LMAO, if you hold it, you aren't making anything.... if you sell it, how much do you lose?
bigger picture dude. lol

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dav***com01/09/2021 02:30
I Don't cash out. Why would I? I'm into it for the long haul. I am NOT a day trader.

DestiloD01/09/2021 02:39

either way you are still making money. if you put in 1000 and it grows to 10000. you sell pay 37% you still have 63% of your gains. You still come up on top.

hateme4whatuR01/09/2021 02:32

cool. you still end up with capital gains, which can and will be taxed. according to the irs.

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BreezyPalms01/09/2021 02:28
What are the changes from 2019? Since “cashing out” is in USD, in 2019 you could have, if I recall, $1500. in Capital Gains w/o being taxed. Depending on age, if you have a significant gain, you can strategically put dollars in specific areas to reap tax credits such as Savers‘ Credit, Health Savings Accounts, etc. You can also take off up to $300. in loses...I am not a CPA...just someone who does her own taxes for 40+ years w/o one audit.

hateme4whatuR01/09/2021 02:32

not saying you cannot juggle it and play the game.... but if you are shifting it. you are not "cashing out" you are just sliding it across..
I watch all these kids talk about cashing out and collect all this money... and non seem to have any understanding about taxation and associated fees.

BreezyPalms01/09/2021 02:30

But, the KEY is to HODL as you don’t have gains/loses until you sell.

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Kon***com01/09/2021 02:15
I want to know where your statistic comes from.

Kon***com01/09/2021 02:50

LOL sure. You win 😉

hateme4whatuR01/09/2021 02:46

again, you are stating exactly what I said.... the profits will be taxed to shit. by the government (who is inflating the bitcoin to drive up taxable revenue ) then people will pay fees, generally a percentage based on amount, and transfer etc...

I guess comprehension isn't your strong suit... it's cool. hope you figured it out now that your have repeated it.

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Xavier Straus01/09/2021 02:15
in canada you pay capital gains tax i believe on 50% of your gains. I don't think you can purchase crypto from or with a tax free savings account...at least not that I'm aware. for the US if I read it correctly, the IRS that's crypto like property and therefore must be claimed and will be taxed...from the net ---> Since 2014, the IRS has considered cryptocurrency to be property. Taxpayers are required to report transactions involving virtual currency as US dollars on their tax returns, which means they must determine its fair market value as of the transaction date. You can determine fair market value by converting the virtual currency into US dollars or into another currency that can then be converted into US dollars (this is assuming the currency’s exchange rate is established by market supply and demand).

hateme4whatuR01/09/2021 02:17

exactly. and if you hold it, the value becomes a capital gain if it rises. taxed at 37% if not held for over a year. lmao.

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enkidu01/09/2021 02:14
yeah i been getting bad juju vibes too

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Commander Johnson01/09/2021 02:11
You about dUmb on taxs and property taxs

Commander Johnson01/09/2021 02:16

Know what your talking about when your talking to a tax lawyer

hateme4whatuR01/09/2021 02:14

may want to do some due diligence before you flap your gums and show off your ignorance.

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GlitteringPenny01/09/2021 02:10
I would rather make 1$ than 0$

hateme4whatuR01/09/2021 02:12

I don't disagree. but y'all acting like this is a "revolution"... this is just the same machine and same system with a new paint job. lmao.

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