IAG Posted December 5, 2023 Report Share Posted December 5, 2023 I’m not sure what you are asking. Are you asking if someone sells you Doge for BTC? What is the scenario? Quote Link to comment Share on other sites More sharing options...
IAG Posted December 5, 2023 Report Share Posted December 5, 2023 4 minutes ago, FISHHEAD said: Personally, or for someone else, at that time? See above…need clarification Quote Link to comment Share on other sites More sharing options...
WVU Posted December 5, 2023 Report Share Posted December 5, 2023 2 hours ago, IAG said: Ugh, BTC must have been creeping up more than the alts until recently. With the ETF approvals pending, I imagine more money will go into BTC than the alts for DEC, but who knows. Just started paying attention again a month or two ago in anticipation of the halving. Bitcoin crashed to about 1/3. Alts (the shitty ones) crashed to 1/20 or so. So the same percent gain now is not exactly the same gain. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 5, 2023 Report Share Posted December 5, 2023 4 minutes ago, IAG said: I’m not sure what you are asking. Are you asking if someone sells you Doge for BTC? What is the scenario? I know, will ask in JF or person Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 5, 2023 Author Report Share Posted December 5, 2023 27 minutes ago, WVU said: The problem is you have to sell. It’s fucked up that every sale is a taxable event but it is what it is. I held most of my alts because I didn’t want to take the tax hit. That was a huge mistake Many of the alts can be traded on a DEX such as Metamask. You can even hold stable coins on Metamask. Hold for one year and it's a long term capital gain. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 5, 2023 Report Share Posted December 5, 2023 wvu, pick a card Quote Link to comment Share on other sites More sharing options...
WVU Posted December 5, 2023 Report Share Posted December 5, 2023 Fish, the way the tax law is written on this every sale, conversion, or transfer is a taxable event. could I just dump coins to someone else’s wallet in exchange for cash? Sure. But the IRS will catch on quickly and will increase your chance of an audit. You may have to explain where the coins went. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 5, 2023 Report Share Posted December 5, 2023 3 minutes ago, WVU said: Bitcoin crashed to about 1/3. Alts (the shitty ones) crashed to 1/20 or so. So the same percent gain now is not exactly the same gain. Actually over 75 percent…was down to like 15k, but yeah I get what you are saying. You are kind of stuck now…hopefully the less shitty ones will rally in 2024…or maybe you will be able to offset some big gains! Quote Link to comment Share on other sites More sharing options...
IAG Posted December 5, 2023 Report Share Posted December 5, 2023 4 minutes ago, raiders72001 said: Many of the alts can be traded on a DEX such as Metamask. Tried reading some books on DEFI last week. Made my head hurt. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 5, 2023 Report Share Posted December 5, 2023 2 minutes ago, WVU said: Fish, the way the tax law is written on this every sale, conversion, or transfer is a taxable event. could I just dump coins to someone else’s wallet in exchange for cash? Sure. But the IRS will catch on quickly and will increase your chance of an audit. You may have to explain where the coins went. thx but how is that possible pick a card Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 5, 2023 Author Report Share Posted December 5, 2023 Just now, IAG said: Tried reading some books on DEFI last week. Made my head hurt. LOL. I don't have to tell you but all this crypto stuff seems complicated at first. After you do it, then you realize it was simple. At least that's what happened to me. I thought the whole concept of bitcoin and the first buy was complicated. Quote Link to comment Share on other sites More sharing options...
WVU Posted December 5, 2023 Report Share Posted December 5, 2023 1 minute ago, IAG said: Actually over 75 percent…was down to like 15k, but yeah I get what you are saying. You are kind of stuck now…hopefully the less shitty ones will rally in 2024…or maybe you will be able to offset some big gains! Offsetting gains is my best option. I bought $200 x 200 coins on coinbase. Most of those are worth less than $10 now. I’ll sell them this tax season most likely as it was a pretty good year income wise and I could use the losses. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 5, 2023 Report Share Posted December 5, 2023 Just now, raiders72001 said: LOL. I don't have to tell you but all this crypto stuff seems complicated at first. After you do it, then you realize it was simple. At least that's what happened to me. I thought the whole concept of bitcoin and the first buy was complicated. Yeah….defi seems like on. It’s another level, but maybe I just need to keep reading and get my feet wet Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 5, 2023 Report Share Posted December 5, 2023 Lots of patriots at tgf Quote Link to comment Share on other sites More sharing options...
WVU Posted December 5, 2023 Report Share Posted December 5, 2023 5 minutes ago, FISHHEAD said: thx but how is that possible pick a card How is what possible? Transferring coins to another’s wallet? Or getting caught not claiming it? Uncle Sam has eyes and ears now with many exchanges Quote Link to comment Share on other sites More sharing options...
WVU Posted December 5, 2023 Report Share Posted December 5, 2023 Raiders are you buying or holding currently? Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 5, 2023 Author Report Share Posted December 5, 2023 2 minutes ago, WVU said: How is what possible? Transferring coins to another’s wallet? Or getting caught not claiming it? Don't mess with the IRS but turn it in to a long term capital gain. Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 5, 2023 Author Report Share Posted December 5, 2023 1 minute ago, WVU said: Raiders are you buying or holding currently? Buying, although it'll be a rocky road. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 5, 2023 Report Share Posted December 5, 2023 Just now, raiders72001 said: Don't mess with the IRS but turn it in to a long term capital gain. FUK THEM Quote Link to comment Share on other sites More sharing options...
WVU Posted December 5, 2023 Report Share Posted December 5, 2023 Just now, raiders72001 said: Don't mess with the IRS but turn it in to a long term capital gain. Well holding those alts long enough to qualify and you miss the highs anyway like I did. They are all long term for me now Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 5, 2023 Author Report Share Posted December 5, 2023 1 minute ago, WVU said: Well holding those alts long enough to qualify and you miss the highs anyway like I did. They are all long term for me now You can trade it on Metamask to a stable coin whenever you want and hold it there for a year. Quote Link to comment Share on other sites More sharing options...
WVU Posted December 5, 2023 Report Share Posted December 5, 2023 17 minutes ago, raiders72001 said: You can trade it on Metamask to a stable coin whenever you want and hold it there for a year. The conversion is still a taxable event or am I missing something? Quote Link to comment Share on other sites More sharing options...
mikeman Posted December 5, 2023 Report Share Posted December 5, 2023 4 hours ago, sleepy said: Just made another 0.26 in the last hour. Moneybags. Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 5, 2023 Author Report Share Posted December 5, 2023 3 hours ago, WVU said: The conversion is still a taxable event or am I missing something? Unrealized gains. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 5, 2023 Report Share Posted December 5, 2023 10 hours ago, raiders72001 said: Unrealized gains. Pretty sure they are considered realized once you swap..it’s like selling at current price and establishing a new cost basis for the stable coins…the fact that you don’t actually get fiat, is irrelevant…at least that’s my understanding…no like-kind exchange rules apply. Quote Link to comment Share on other sites More sharing options...
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