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Started By
Message
re: GME (Gamecoin)
Posted on 11/14/21 at 1:22 pm to Rize
Posted on 11/14/21 at 1:22 pm to Rize
quote:
What are you doing about the taxes on all the money you made?
Is this supposed to be some kind of defense?
Well, Mr IRS man, no one else seemed to care about reporting it accurately, so I didn’t either. A guy on a telegram that I follow also said I should be good to report whatever I want since Trust wallet doesn’t report anything themselves.
1
Posted on 11/14/21 at 1:39 pm to slackster
quote:
I’ll let my CPA handle it
^^^^^.
Posted on 11/14/21 at 1:40 pm to Rize
quote:Personally, I have tracked every transaction ive ever made in crypto and have paid taxes or claimed losses every year since 2017
What are you doing about the taxes on all the money you made?
Posted on 11/14/21 at 2:13 pm to TigerTatorTots
with gmex these guys prob should know they can write off up to 3k in capital losses, I believe. slackster could correct me if I'm wrong
Posted on 11/14/21 at 5:04 pm to rocket31
3k losses past your gains. So if you sold $10k of gains throughout the year, and have $20k of losses, you'd be able to use $10k of the losses to cancel out the gains, then an additional $3k of losses past that.
I think
I think
Posted on 11/14/21 at 7:07 pm to TigerTatorTots
literally everyone involved in gmex should be consulting a crypto savvy accountant right now. should also be screenshoting the telegram that says don't pay taxes just in case.
Posted on 11/15/21 at 7:53 am to Suppoko
(no message)
This post was edited on 11/15/21 at 8:01 am
Posted on 11/15/21 at 10:09 am to Suppoko
Sorry to the guys who answered my initial question. Next day I played plumber had to dig up some of my water lines. Thank you for taking time earlier and replying, its appreciated.
Anyways, I been a tax CPA for 10 years so this may or may not help. I'm not 100% on anything and its not advice, more informational. Have your CPA or yourself look into abandonment of property.
Intent does matter sometimes in tax and I believe the spirit of an airdrop is free stuff or forked into several different, yet still valuable coins/tokens. Using $10,000 as an example: $10,000 airdrop would be ordinary income and abandoned the old token would produce a 10,000 loss, net zero. Of course that 1,000 of free tokens is income. None of this is treated as Capital gain/loss. It would be treated as ordinary gain/loss. When you get stuck in capital territory, there are limitations and you can look that up.
I deal with this regularly with partnership interests. If my clients want out with nothing in return, I tell them do not even accept 1 penny. Accepting even one penny would be considered a sale and counted as a capital loss. You want to abandon it completely and get an ordinary loss. This is over simplified of course and does not consider many factors.
Any Joe Blow CPA probably has not encountered this so do some research. Also, this is not meant to pump or discredit this token because IDGAF long as there is a gain! I may be wrong on all this.
Edit: I determined I could be missing basis issues from abandoning the crypto. IE - Not deducting the value but only the skin in the game. I have skin in this game too, so just talking out loud and trying my best to avoid. My original theory probably wont work as good as I thought.
Anyways, I been a tax CPA for 10 years so this may or may not help. I'm not 100% on anything and its not advice, more informational. Have your CPA or yourself look into abandonment of property.
Intent does matter sometimes in tax and I believe the spirit of an airdrop is free stuff or forked into several different, yet still valuable coins/tokens. Using $10,000 as an example: $10,000 airdrop would be ordinary income and abandoned the old token would produce a 10,000 loss, net zero. Of course that 1,000 of free tokens is income. None of this is treated as Capital gain/loss. It would be treated as ordinary gain/loss. When you get stuck in capital territory, there are limitations and you can look that up.
I deal with this regularly with partnership interests. If my clients want out with nothing in return, I tell them do not even accept 1 penny. Accepting even one penny would be considered a sale and counted as a capital loss. You want to abandon it completely and get an ordinary loss. This is over simplified of course and does not consider many factors.
Any Joe Blow CPA probably has not encountered this so do some research. Also, this is not meant to pump or discredit this token because IDGAF long as there is a gain! I may be wrong on all this.
Edit: I determined I could be missing basis issues from abandoning the crypto. IE - Not deducting the value but only the skin in the game. I have skin in this game too, so just talking out loud and trying my best to avoid. My original theory probably wont work as good as I thought.
This post was edited on 11/15/21 at 1:38 pm
Posted on 11/16/21 at 6:58 pm to Rize
I suspect a lot of carry over on losses year to year.
Posted on 11/16/21 at 7:21 pm to Bull Tiger7
Where are all the GameCoin lambos at? They catch fire?
Posted on 11/16/21 at 7:41 pm to 21Dalrymple
they're on order now that gmex will be on bitmart by the end of the month. ????
Posted on 11/16/21 at 7:42 pm to 21Dalrymple
It's turned into a stable coin
Posted on 11/16/21 at 7:47 pm to HeadyMurphey
I have to wonder....how many millions were added to the coffers of the baton rouge branch of the good ole boy network?
Posted on 11/16/21 at 8:57 pm to dagrippa
Radio guys got a lot of clout, and getting plenty of kickbacks.
Posted on 11/16/21 at 9:53 pm to HeadyMurphey
Yeah, a stable coin that hits a market place right after Thanksgiving and is bringing on some heavy celebs to promote on a national scale. Now seems like a good time to buy.
Posted on 11/16/21 at 10:12 pm to GMEX_KING
quote:
is bringing on some heavy celebs to promote on a national scale.
the tulane 3rd string Qb?
Posted on 11/16/21 at 10:21 pm to rocket31
quote:
the tulane 3rd string Qb?
You should probably learn to talk shite a little better before you run your mouth.
Posted on 11/16/21 at 10:46 pm to Rize
holy hell what a sensitive baby lol
Posted on 11/16/21 at 11:15 pm to rocket31
quote:
holy hell what a sensitive baby lol
Only a pussy would pick one athlete out of the bunch.
Posted on 11/17/21 at 5:18 am to GMEX_KING
quote:
bringing on some heavy celebs
Zion?
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