Blockfolio thread

>>2887507
Canadian plumber/Programmer here.

The two jumps where chaincoin and sigt and still holding my siggies

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Should have cashed out when I hit 10k but I got greedy. Started in June with 2k so I don't feel too bad I guess.

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In for the long haul

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Unhappy that it dipped but it's fine.

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I went full retard over the last few months. That big spike near the end? I bought a bunch of mining equipment, broke even, lost my ass on some trades (that tiny tip yesterday was actually a dip from 9000 to 8000), and now I've essentially clawed my way back to +$1000 if I cash out today and sell my hardware on Craigslist for dirt cheap. Taxes are going to be a BITCH.

I just want to write it all off and forget it ever happened, but I'm worried that I'm going to have to submit my trades and maybe even pay more tax than I profited...

Does anyone have any tips? Can I just file some kind of sole proprietor form and literally write my hardware off?

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I'm an idiot

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Started with $600

What app is this? I wanna start buying COINS

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I'm going to post my 3 month instead because it looks like that meme graph that's always posted, heh

>>2887708
wow, my condolences
sucks man

>>2887648
How can you go from $200 to $9000 and only be +1,000?

>>2887716
>How can you go from $200 to $9000 and only be +1,000?
Bought crypto, bought mining hardware

>>2887713
don't, his portfolio is clearly 100% dgb.

if he got greedy and didn't sell that obvious top at 2600, then he's just a faggot

>>2887720
Oh. Well you're looking at 1.7k in taxes, assuming 20%.

I don't think you can claim the trades that happen in the past by a company you just now create.

Also, I'm not sure how you calculate cost basis for coins that you mine. Logic tells me that you'd use the cost of electricity. If you were a company you could definitely write of the rig. But if you don't itemize I don't think you can as an individual.

>>2887645
What you start with anon? Great spot going forward

>>2887740
20k

>>2887756
This can't be correct.

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>>2887739
>But if you don't itemize I don't think you can as an individual
I can't seem to find many differences in this regard between an LLC and a sole proprietorship. I can't imagine why I'd have to pay 1.7k in taxes on 1k in profit
>mfw

>>2887507
My month chart isn't really that honest because I've been adding money every other day. It literally says I have +1368% growth.

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meh

All you youngsters and your phone apps. I just record my day to day portfolio value in a notepad on my desktop.

>>2887761
Yep. One year ago.

>>2887783
I mean, i trade stock on my laptop. But I can't write off my laptop or even a portion of the cost of my laptop. Or my internet connection. Or the space in which I "conduct business". I think that if I itemized my taxes, as an individual, I might be able to do those things? I'm not sure. But, if i were a company I could definitely do those things.

LLC grans you, the owner, limited liability for the company's actions
Sole proprietorship exposes you to unlimited liability. So basically if you get sued you can lose all the company's assets and yours.
From a tax prospective, they're the same. They're both pass-through entities.

You could get creative with your taxes ((redflag)). I would possibly use the electricity cost as the cost basis of your proceeds. That probably won't save you much though. As far as I know, that might be all you can get away with.

>>2887816
>I mean, i trade stock on my laptop. But I can't write off my laptop or even a portion of the cost of my laptop
Sure, but what does that have to do with anything? I bought hardware for this explicit purpose. This isn't a laptop which I use to trade and then watch porn and jerk off when I get bored and surf Facebook later on, this is a machine which sits crunching numbers 24-7 with no monitor attached and yielding a return. Writing off the hardware isn't what I'm worried about, it's the mix of crypto and hardware and the fact that there's a relatively confusing amount of movement considering the gain. I'd be a little surprised to find that I'd owe more than my net profit, I just think it'll be a pain in the ass.

>>2887840
Yeah that's why i said "a portion of the cost", cause I use it for other things too, like you said. But if I bought a laptop for the exclusive purpose of trading, I'd be in the same boat as you.

You could try to just include the cost of the rig in your cost basis when you file. I'm not sure how legal it is, but I think it's logical if you only do it once. maybe only include the cost of the rig into the cost basis of mining transactions, and document them as one transaction.

Can't you export your transaction history into excel, or something? After you do that you could separate all mining transactions from trading, and determine trading gains and mining gains.

>>2887800
i dont even record anything anymore, whats the point really

>>2887881
>Can't you export your transaction history into excel, or something? After you do that you could separate all mining transactions from trading, and determine trading gains and mining gains.
Yeah, but it's a bit sketchy. They're mixed up and it's not easy to determine which is which. Not to mention that I've never filed taxes on crypto before and I have no idea how the IRS handles that.

>>2887756
Nice, what a difference a few months can make, left my move into alts until the start of this year and trail you by a huge margin. I think I can still make it though, save me a seat.

>>2887652
>>2887654
>>2887656
>>2887708
>>2887556
JUST

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>>2887645
Our portfolio looks similar