Has anyone had a significant 10x?

>>3146907
> immediately give 30-40% to the IRS
Why not just continue trading until April when filings are due. Then withdraw whatever money you need for taxes. Only reason to do that is if you're paying estimated taxes at quarter end.

Yeah, you owe that 40k for that specific trade. But you're taxed on the net result of all of your trades.

>>3146907
>immediately give 30-40% to the IRS
lmfao at you for you thinking that's how it works. you just file it at the end of the fiscal year like the rest of your income

>>3146907
>burgers getting cucked by the IRS
afaik we dont have to tax shit here in germany as long as it stays all in crypto. And your fiat is also tax free if you withdraw it after holding the crypto for a minimum of 1 year.

>>3146981
please elaborate.

>>3146944
Fair enough, it's not "immediate", but I'd stick it in my bank account if I sold and save it for the end of the fiscal year.

>>3146938
>Why not just continue trading until April when filings are due.

How do you know you won't lose it if you keep trading? Let's say you buy $10k worth of MoonCoin. It hits $110k and you sell it, profiting by $100k. Now let's say you're going to 40% in taxes. What happens if you buy more coins and keep trading with that $40k, but you lose it? Maybe you buy into 4 more moon missions that just fail and collapse down to 10% of what you paid for them - so now you have $4k worth of failed shitcoins and a $40k tax bill. Doesn't that seem really risky to me?

I feel like I'd keep it in my bank account so that I wouldn't risk losing it.

I guess dividing evenly among BTC, BCC, ETH, whatever the next BTC fork coin is called, and a couple of other top-ten coins might be okay. We're in a bubble, prices will probably go up, as long as the crypto bubble doesn't pop within the following six months you'll come out okay? That seems better than buying a bunch of altcoins but still seems risky.

>>3147021
well there is not much to elaborate. Look, I only got in crypto 1 month ago, made already decent gains but didnt have to deal with the taxation yet.
I researched the tax situation here a little bit and thats what I came up with.
>No taxes for your fiat money if you dont touch the amount you want to withdraw for at least 1 year

Im pretty sure thats correct, can a german anon confirm this?!

So nobody would just look at their mooncoin portfolio that just went from $10k -> $110k and decide "yep, I'm gonna hold this fucker for a full year before I think about selling, so I can just pay ~20% taxes instead of 40%"? Why not?

>Give money to the IRS

LOL

>>3147044
Losses can be accounted for when paying taxes. If you have a net loss you don't have to pay. This is how many rich evade taxes. If I'm wrong please enlighten me I may be ignorant.

>>3147372

My understanding is that while you CAN deduct investment losses, you can only deduct $3k per year. I thought read somewhere that you can continue to carry these deductions forward until you've "used" them up, but that would mean you'd deduct your lost $40k by just $3k per year, for 13 years. And in year 1, they'd expect you to pay taxes on the $37k that you don't deduct.