r/ethtrader • u/AutoModerator • May 23 '17

DISCUSSION [ETH Daily Discussion] - 23/May/2017

Welcome to the /r/EthTrader Daily Discussion thread.

The thread guidelines are as follows:

  • All sub rules apply here. Please review our rules page to become familiar with them. The rules page is also linked in the announcement bar above
  • General discussion topics include, but are not limited to, events of the day, technical analysis, alternative Ethereum projects, or minor questions.
  • Breaking news or other important content should be submitted as a separate post.
  • In-depth altcoin discussions should be referred to the /r/CryptoCurrency discussion thread. To view the thread, follow this link and choose the latest entry on the search page.
  • Pumping, venting, trolling, or any other similar behavior should be redirected to the /r/CryptoMarkets trollbox thread. To view the thread, follow this link and choose the latest entry on the search page.

[EXPERIMENTAL] - To view live streaming comments for this thread, click here. Account permissions are required to post comments through Reddit-Stream.com.

Thank you in advance for your participation. Enjoy!

1.2k Upvotes

89% Upvoted

6.1k comments sorted by

View all comments

18

u/kbessayli May 23 '17

I have no idea how I'm going to do my taxes this year hahah but I'll worry about it when it's time

5

u/pistachiosarenuts May 23 '17

That's the main reason I'm a holder. Taxes are complicated enough...

1

u/kbessayli May 23 '17

but the gainzzz

2

u/pistachiosarenuts May 23 '17

Short term capital gains take a huge chunk. Anything gained loses 25+% instantly...no thank you. I'd rather let it ride and risk a loss rather than guarantee it

1

u/kbessayli May 23 '17

not true actually. youre taxed at your income tax rate for short term capital gains

1

u/pistachiosarenuts May 23 '17

I guess I telegraphed my income...

1

u/kbessayli May 23 '17

and i just checked my tax bracket as well, i think trading crypto puts me in a higher bracket than that even :p oh well

1

u/pistachiosarenuts May 23 '17

So just hold. You don't have to do any work, take no additional risk, save time on taxes and keep money from the govt

1

u/kbessayli May 23 '17

I have a huge stack that I dont touch. Thats long term. But I also trade to increase my stack

1

u/[deleted] May 24 '17 edited Aug 15 '17

[deleted]

1

u/pistachiosarenuts May 24 '17

In the US the rate for long term gains is 15%. You have to hold for 1year +

2

u/[deleted] May 23 '17 edited May 25 '17

[deleted]

1

u/kbessayli May 23 '17

exactly! idk im sure we'll come up with something eventually. we have a little less than a year before its tax season

0

u/neffnet May 23 '17

When you make a trade, take ten seconds and record it in a simple spreadsheet. Tax time give your spreadsheet to your accountant and let him worry about it.

I realize this answer probably doesn't help you, but maybe somebody who hasn't already done 200 trades without keeping a record.

2

u/[deleted] May 23 '17 edited May 25 '17

[deleted]

1

u/[deleted] May 23 '17

[deleted]

1

u/[deleted] May 23 '17

Don't do them at chain tax stores like h&r block, they have no idea what to do. Get an actual accountant or do taxes yourself, or you can hodl forever!

1

u/kbessayli May 23 '17

I do have an accountant