INCOME

hblok

What I never understood with these bracket tax systems is why they make the brackets so darn large. That leads to this confusion, I think. Where I live, the income tax is a smooth logarithmic curve on the total income. The tax code doesn't include the formula, but it can easily be regressed by the page-full of per $100 "brackets" examples. Last time I calculated it, it came to `(2.89*ln(INCOME) - 28)/100`. Which comes out at short of 5% on a $100k income. Mind you, that's a base rate, which is multiplied 2x and accumulated for the state tax, so the final would be about 15%, before deductions. (Still a lot less criminal than OP's 40% example, though).

HisCromulency

There *are* tax implications of receiving, trading, swapping, and cashing out MOONs though. MOONs have a monetary value. When you are airdropped MOONs (or any other crypto), that is technically INCOME, and can be subject to income tax. Trading, swapping, and cashing out MOONs can be subject to capital gains taxes (in USA and elsewhere). You received at one value, and selling at another value. Being able to link Reddit wallets to Koinly will make the tax calculations a lot easier. I input all MOON airdrops manually for the time being.

TownConscious

NO. At this point in your life you should be sinking all of your resources into educating yourself so that you can increase your INCOME. Weather its a trade school, community college or vocational school. Once you have a good income, own an house and are financially stable with no debt, THEN AND ONLY THEN is it appropriate for you to put some money into risk on assets like bitcoin.

pigeonwiggle

>Having all of your NFTs tied to one game means that one game is a major point of centralization. If the servers shut down, what happens to the value of your NFTs that have zero utility? yup. ...but. we already buy skins for games. people talk like NFTs need to be these 300 dollar and 14000 dollar items. ...but i'm good just letting them be the price of Steam cards. earning 4 cards by playing a game for a day, then selling them for 15c on the steamstore - buying the cards for another game so you can turn them into an icon for your steam profile. it's all monetized - and absolutely none of it matters. the emperor, as they say, has no clothes. ...and yet, we'll throw away DISPOSABLE INCOME on these things. so, you tell me i can play fallguys and be the ONLY guy in the blue and orange zebra costume? i'm not going to pay more than 20 cents for such a golden opportunity -- but someone might shell out 4 dollars for it - and as long as it doesn't give him a benefit in game that i don't have (+3 charisma?!?) then i'm all for it. let him eat cake. if the servers go down, yeah it sucks - but it sucks more that we dont' get to keep playing. now, having nfts in game will invariably attract the types of shitheads who will buy up all the "skins" just to increase scarcity and raise price/value of their NFTs that they then resell. all the people trying to buy the Thrall skins before the next patch comes out with Thrall all over the trailer, hyping up Thrall-themed things. buy now at 2 dollars, sell at 6 to someone who'll sell for 12, to someone who holds out for 45 dollars... only for the thrall market to crash and he'd be lucky to get 3 dollars. ("that looks like a 2023 skin. lame, the new ones look way better")

Nifty_5050

You lied multiple times in your initial post and are just moving on to parroted talking points. It's nonsense. >They tax cuts for the middle class already expired. False. They have not. I'm a Tax CPA and am well aware of the sunsets for TCJA. Please point to me what you believe expired in 2021. >Instead we got lowered taxes for the ultra wealthy, and irresponsible tax cuts for Corporations. I provided an article that shows taxes were lowered on average across ALL INCOME BRACKETS. Which ones don't expire for rich individuals? Again most business owners are middle to upper middle class. Permanent business tax cuts don't just benefit the wealthy.

liv2cod

Uh... no. Anything that comes to you as INCOME, like you get a W-2 form for, you CAN'T use for your capital loss. If you sold stocks for a gain, that would be a capital gain and your capital loss could offset it. Of if you sold your home for a gain. But income, which comes with a W-2 or 1099 form, doesn't get offset by capital loss. I recommend you talk to a real accountant tho. I don't even play one on TV.

shosuko

Law professors might not have 250m in INCOME but that means nothing about their assets.

lucjac1

THIS IS NOT ABOUT REPORTING INCOME. You split your rent with your roommate. He sends you $700 via Paypal. Now you get a 1099. This is income? Of course not. But you have to now fill out extra paperwork. Fill out a schedule C-EZ and report the $700 and deduct the $700 of rent expense, with a net profit of zero. No tax due. But YOU STILL HAVE TO FILE THIS PAPERWORK. Why are you defending this?

Umpire_State_Bldg

They collect INCOME TAX. They can't just call me in and say, "Hand over your Bitcoin."

Sorry_Attitude_

I keep seeing Warren Buffet in these titles, which is kinda funny since he doesnt care for crypto or owning any A lot of people take his vision on crypto entirely wrong though, he doesn't care to OWN any himself, it is not an ASSET THAT MAKES INCOME, it is just a coin/token/currency, he does NOT do forex, he invest in company that make money, doesn't matter if its from crypto or not as long as they constant revenue and growth, why would he own VLX and wait when he can buy into Travala which does facilitate crypto access and make a constant income that does not depend on the price of tokens

algomoneyfest

So dear Bitcoiners and mods: summary >> there is still some years of time. In the middle you gotta to push for secure FREEDOM of Bitcoin THIS MEANS that if you want FREEDOM FOR BITCOIN YOU GOTTA 1) PUSH FOR LAWS BANNING HOLDING + INCOME +REPORTING BITCOIN! 2) TAKE SOME ACTION AND MAKE THAT LAWS ARE READY before you get in a cbdc world ​ you only got a few years time my 2 cents

GmoneyyLaxadasical69

Where is this document from? Every IRS document has been paired with a very clear link to the website. Also, you just proved my point with this information. So the capital asset crypto is TREATED as PROPERTY for the PURPOSES OF FEDERAL INCOME TAX. Not for the purposes of inheritance or exemption. What isnt making sense about that? It is not property, so it has none of the protections exemptions or applications of property except it is treated as property FOR THE PURPOSES OF FEDERAL INCOME TAX. I don't think you understand what federal income tax is, or what "treated as property for the purposes of Federal Income tax mean. It's the Internal Revenue Service, not the federal income tax service. Federal Income Tax is just one single tax. On income.

cryptoripto123

It's nothing new. The issue is there's ZERO reporting for crypto right now, especially for trades because it's next to impossible to track basis unless you do some heavy lifting yourself. In other financial services like stock brokers, banks, etc. all that is tracked and reported to the IRS. Most people also confuse tax evasion with billionaires having their net worth tied up in stocks and not paying INCOME tax on that wealth growing. However they pay every time they realize those gains, and Elon Musk is a famous example who paid over $10 billion last year following sale of Tesla stock.

Earth2Andy

You’re both missing the point, IT PRODUCES INCOME.

SpaceFaceMistake

I agree to some extent here. I was going to actually add an argument for why it would be negative but wanted to leave it up to the public here to answer this. So thank you for pointing it out. This is a issue. The biggest issue that it’s an asset and it is there for treated as one and for not having tax means more people will come to use it for the WRONG reasons. If it was to easy to not follow where funds come and go from Atleast the government can’t without taxation. Then the IRS is INTERNATIONAL. People think it’s USA only like FBI which it MOSTLY IS but it’s global. The IRS can knock on anyones door anywhere in the globe they just hire local law or other agency’s to find you. Anyway. That’s for big crypto or other tax evasion. NOTE: Pay your taxes slid you like it or not! Don’t be the one that gets stung big time it can hurt my dad didn’t pay tax for 4 years during the divorce and suffered a huge $120k fine for about $40k year and that’s not like profit that’s income as a builder carpenter. So yeah they will fuck you up. If YOU DO NOT PAY TAXES. People on welfare often don’t, youth often don’t, people on low incomes under the $18,600 odd minimum income per year (highest rate of unemployment allowance or payments including the disability pension/s) So some people earn $16.5k and can thus use the 2k Amount to fill with Crypto assets and NOT pay taxes Only Income tax if you TRADE a lot. That’s a taxable event if you just receive/buy BTC/Sats to an address and HODL you have no INCOME tax to pay. BEST METHOD. On any coin HODL. Or if you must SWAP TO BTC don’t swap to USDT or other stable unless you want stables in portfolio or already have them etc as they are usable and unique that they are stable.. anyway then many put that into BTC or other preferred investment or trade move. Then it’s double fees and double tax.. so beware less trades much better than many. Even though it’s 30-33% tax over all of you do less trades it’s less taxable events.. more events = more likely for a bad outcome same as for good outcome which pays for your tax.. anyway.. I can go on and on as I’m studying finacial law

MaineHippo83

ITS NOT INCOME It's literally the opposite. It is a loss on the income statement and a net decrease to assets on the balance sheet. To be fair they may have already impaired the investment but it's still not a gain Cash went up that's all but it was a negative event on both financial statements

SpaceFaceMistake

I got to say I’m definitely bullish on 75-90% of these listings here. They are more or less what I watch.. with added coins like $ban $floki (both for the memes) was going to say $rune and $xno and also $LRC but you have them :) Buy while the sale is going good! ALWAYS yet the END OF FINACIAL YEAR THE MARKET BUFFS! This year IT WILL BE DIFFERENT WAY MORE UNPREDICTABLE and VOLATILE! Beware what you risk is that; A RISK. Your running your own broker as a crypto trader or investor and those who do so successfully understand this better than anyone else and keep themselves up to date with everything the likes of CZ at Binance or Vitalik Ethereum studying and learning not just crypto and all The markets and paths ways or off shoots, but how the economy works, how it’s worked before, law and taxation, how to avoid many taxes and GST using “PROPERTY” <~~ that word with “ Make money with” can generate ANYONE INCOME PASSIVELY ONLINR RIGHT NOW. I’m not telling you how you have to find it google look around be creative. Find how to earn at home selling homes or maybe it’s renting or maybe airBNB or maybe it’s doing something like cleaning AirBNB or an AirBNB service for whatever you specialize in!? Do you serve drinks? Why not serve drinks to some millionaire all day 5 days a week for $100 hour. NO BS just the work. Not finacial advice but it’s possible. Even for blokes. Do carpentry? Weld? Pour concrete?? use hire pages and don’t need charger there with a train bud and Uber for last leg or A HIRE e-BIKE.. making money is THERE TO HE MADE. It’s the MINDSET TO MAKE MONEY THAT YOU OR OTHERS WHO ARENT MAKING MONEY ARE IN THE CYCLE OF… That right there and this post I mean I know I have stuff I can write that will be worth $$$ I should but I rather share it for free to the groups of people who have helped me The most when I was at my worst at the bottom of bottles pill bottle coke and dope smoke and that budder i had it all. Even all the pharma. It’s bad. You don’t need it. All it does is make you feel more like an adult. You feel less like a Child or your inner kid. You lose touch. True..?! I’m honest. I do not lie. Atleast I try hard not to. I do lie of course I do. We all do. Big small and in-between. Still I only say this to say it. So you know when you read my posts next time when you hear a rhyme and think of me and you see the connection was key but you just keep doing what your doing letting the best bits be. You’ll think about me once or twice before it hits you.. “That guy … he knows what he’s into..!” 😉✌️

Awdudek99

🌴 incomeisland metaverse🌴 👉Ca renounced 👉Metaverse beta live 👉3D property staking 👉Team KYCd 👉Darcy donavan CoOwner 👉Random Burn $INCOME 🌴Tokenomics 2% LP 2% BNB rewards 6% Marketing Telegram https://t.me/incomeisland

RonPaulWasR1ght

Then I have LESS INCOME you JACKASS. And I worked hard all my life so that I wouldn't have to work for someone else. So I shouldn't have to. JERK.

LiamCodd

Got like 40 moons this month. Its called PASSIVE INCOME BABY

SnooperMike

Dude probably had all of his money in UST. 20% APY would've been 400k per year PASSIVE INCOME on a stablecoin. Pffft. Fuhgettabotit. Most of the ones who lost their life savings were probably UST holders. For months, the narrative was that it was bulletproof. I remember daily was full of Anchor UST 20%APY shills everywhere you looked. "What's a safe high-interest way to park my money?" First response was always UST on Anchor.

HMU_4_The_Loud

Nah man, he's over here talking a serious issue here, INCOME INEQUALITY jk lmao

ImanShumpertplus

there is nothing in that article that backs that up there is an entire section that says “MOST HOMELESS TRANSPORTED TO LOWER INCOME AREA” there is an entire section that details how SF would have double the homeless population if they were the ones who werent bussing people out

ImanShumpertplus

want to explain how that makes the case that california is getting the most? > New York appears to have been the first major city to begin a relocation program for homeless people, back in 1987. After the current iteration of the program was relaunched during the tenure of mayor Michael Bloomberg, it ballooned, and its relocation scheme is now far larger than any other in the nation. The city homelessness department budgets $500,000 for it annually. >Almost half the approximately 34,000 journeys analyzed by the Guardian originate from New York. In contrast with other relocation initiatives, New York is notable for moving large numbers of families, like the Ortizes. there’s a giant subheading titled “MOST HOMELESS PEOPLE ARE DEPORTED TO AREAS WITH A LOWER MEDIAN INCOME” how is that San Fran?

critical3d

Maybe you paid more income tax but they paid more total tax. What was their net profit? Was it 0? That would be why they paid 0 INCOME TAX.

note2self-urnot-anon

This would require a Constitutional amendment. The existing amendment only allows government to tax INCOME. Unrealized gains are not income. But libs like to change definitions in court because it's than to run their idiotic ideas through the full gauntlet of checks and balances.

RugbyCanada24

A generation ago, people weren't spending $1,000 on cell phones, getting a new car every 2 years, living in 2,000 sq ft houses, with a $1000 TV and $200 sneakers, while paying $200 month for internet, cell plans and streaming services. What I'm getting at it is people need perspective, financial education, GOALS, and discipline to get there. These days, people want everything NOW, without investing the time and work to actually get something of value. I know 2 brothers who got $50k each when their grandparents passed away. They own a plumbing company together. 1 bought a new truck, and is struggling to pay the insurance and gas. Lives in a rented condo. The other put the 50k into his investment fund, and is buying his second house. Same family, same schools, SAME INCOME, same everything, just a year and bit apart in age. Guess which one bitches about how life is unfair and only the rich can "do stuff"...

cryptoripto123

The $3k is deducting against INCOME only. So if I lose $100k this year, but I make $100k salary, I can deduct the $3k against my AGI for a net of $97k income to be taxed only. However, I can carry that $97k forward. If I make $97k of capital gains in 2023, I can offset that $97k gain completely with the $97k carry over. Have you actually paid capital gains? I offset ~$100k of gains in 2020 by using carryover from like my 2015 taxes.

cryptoripto123

You can deduct $3k against INCOME only. You can deduct unlimited against other capital gains. So if you lose $1 million this year and make $1 million next year in capital gains, it cancels out. The amount of stupidity when it comes to finances and taxes on this sub is amazing.

cryptoripto123

You can deduct $3k against INCOME only. You can deduct unlimited against other capital gains. So if you lose $1 million this year and make $1 million next year in capital gains, it cancels out. The amount of stupidity when it comes to finances and taxes on this sub is amazing.

Fookyurmum-anyday

you're forgetting the taxes you get on your income BEFORE your income gets to your bank bro. Plus "impuesto a la riqueza" which is another add on to the income tax. So it's around 75% INCOME TAX. Then you've got all the other taxes like IVA.

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Aggravating-Low8837

MAKE PASSIVE INCOME AND MAKE MONEY EFFORTLESSLY AND LEARN STOCKS ALL YOU NEED TO GET STARTED https://flow.page/getrichfast

The_Realist01

Once again, you’re compounding race with class. Key words are LOW INCOME. Also, everyone has a cell phone. The majority of Africa and SE Asia have cell phones. Smart cell phones.

Aggravating-Low8837

BUY A MINER AND MAKE HUNDREDS MINING AND SELLING CRYPTO TO MAKE PASSIVE INCOME SEND CRYPTO TO THE ADDRESS ON PAGE AND A POPUP WILL LEAD YOU TO THE DOWNLOAD PAGE AFTER YOU PAY FOR THE MINER https://sites.google.com/view/minebanna/home

ALiteralHamSandwich

Umm.... Those taxes that come off your check.... Those are called INCOME TAXES. Not sure why it's surprising other income gets taxed.

scottemick

The 1099-K IS NOT INCOME IN ANY WAY. It is just money flowing through a payment processor. You need to file 1040 or 1040X (amended) and show your capital gains and losses. I recommend using [bitcoin.tax](https://bitcoin.tax) to generate the schedule D form 8949 that you need. [bitcoin.tax](https://bitcoin.tax) can show all those buys and sells and the very small gain you got which you will pay tax on.

I-Believe-

#BankersDream is the hands down answer, early project up some 70% today. Very active team and community. BUSD dividends and Dividends from a team invested whale fund! TRUE PASSIVE INCOME

Nutshell1994

The double taxing of INCOME is illegal. These are two separate taxes. While I wish they would abolish capital gains as well, liberals have long fought to keep them ans try to increase them.

kmatix815

From my understanding: You can actually deduct against all your capital gains, THEN 3k more against INCOME Not a tax advisor

BMdrip

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Adept-Trash-5936

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EpicHasAIDS

How are small purchases a better choice? In many countries, every time you dispose of crypto it is a taxable event for **INCOME TAX** purposes. If you spend $20 worth of BTC on haircut you should technically track that as a sale of assets and determine your gain or loss based on what you paid for it and what BTC is currently worth. In many places crypto is utterly shitty for using as a currency for this reason alone.

Fun-Scholar-1676

HERE IS A LINK TO HOW TO SUCCESSFULLY CREATE A SOLIDER NODE ARMY TO CREATE PASSIVE INCOME! https://youtu.be/vbCgqMWcv0k

Sagar20042

Was he talking about $HODL-[www.HODLtoken.net](https://www.HODLtoken.net) ? If you already don't know about $HODL- "PASSIVE INCOME MADE EASY", then let me tell you- $HODL is one of the very FIRST and the LONGEST reward token which rewards you in $BNB just for HOLDING!!!! just for HOLDING You guys gotta check out the project, they have huge potential and has been through a lot and still standing strong and rewarding that passive income in the form of BNB Check their Roadmap as well, like they have a hell lot of things which they are start delivering very soon

acehole01

I see you know as much about taxes, finance, and economics as AOC. As an aside, the fact that this comment has 40 upvotes reflects the sheer stupidity of the bewildered herd of future bagholders on this sub. First, Federal INCOME taxes, the basis for tax returns, require you to disclose sources of INCOME. "For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency." You don't need "to be telling the IRS" about the purchase of cryptocurrency. One could purchase and HODL BTC for 30 years and tell the IRS nothing. I guess bandwagon jumpers don't realize decentralized currency is a libertarian concept. If you want to get your pom poms out for a vapid and hypocritical democratic socialist you should beeline it over to r/politics.

EpicHasAIDS

Income tax. INCOME TAX. Not sales tax. How hard is that to understand?