Which is why I mentioned the other coin above.. sitting about where shib was last year at this time. Look it up on YouTube. Has to do with gaming and a release in Dec..

What platform are you using to buy it? Just looked on eToro and it's not on there, and I know its not on Robinhood which are the 2 platforms I have.

EDIT: Nevermind I see where you said you have to buy it with ETH.

Pm inbound..

I bought 4M shares of it last night, up about 50% in less than a day.

I'm still up about 300% on Doge, down on some others but up overall. It's play money that I'll be ok losing. Sold my initial investment of Doge to buy some of the others. If it goes crazy, yay, if not, oh well. This isn't my grocery or mortgage budget.

Just so everyone knows, this isn't a retirement plan. This is like playing Monopoly with Monopoly money. If you can't afford to flush it down the toilet and miss a mortgage payment, don't do it. Yeah I'm doing OK now, but every rider eventually falls.

ya'll gonna be so rich you can pay down Bidens spending bill

Be right up there with Musk, Gates and Bezos

Obviously not Buzz, but not sure why you’re [censored] on us for gambling. It doesn’t hurt us or our families. This is play money. Maybe if you invested the 5k you spend on a custom rifle and invest it into one of these coins you might be better off in retirement. At least that way you’d probably come out ahead if you kept the rifle and held the coin for same amount of time.

Excellent and rationale way to look at it (its more like gambling)

Not SHIB but a girl I work with made $400k since the end of Sept on a $1800 crypto buy.

So she sold her crypto and took home $400k?

You might cash out with 400k but just be ready to pay big brother probably 50% of it. All of the bigger apps require tax information for you to trade. If you make money the gov knows and expects their “fair share”.

Which one? I don’t know of another that has gone up as much than SHIB since Sept.

EGC

I thought that you only had to pay a Capital Gains Tax on investment gains when you sell which is somewhere between 15% to 25 % depending on whether it is short term or long term.

I went to the IRS web site and it appears that it could be anywhere from 15% to about 31% depending on Short Term or Long Term, what kind of investment it is and whether it is an individual or business.

There was another web site that said something about just adding it on to your regular earned income that you are filing but that does not sound right.

https://www.irs.gov/taxtopics/tc409

Topic No. 409 Capital Gains and Losses

Almost everything you own and use for personal or investment purposes is a capital asset. Examples include a home, personal-use items like household furnishings, and stocks or bonds held as investments. When you sell a capital asset, the difference between the adjusted basis in the asset and the amount you realized from the sale is a capital gain or a capital loss. Generally, an asset's basis is its cost to the owner, but if you received the asset as a gift or inheritance, refer to Topic No. 703 for information about your basis. For information on calculating adjusted basis, refer to Publication 551, Basis of Assets. You have a capital gain if you sell the asset for more than your adjusted basis. You have a capital loss if you sell the asset for less than your adjusted basis. Losses from the sale of personal-use property, such as your home or car, aren't tax deductible.

Short-Term or Long-Term
To correctly arrive at your net capital gain or loss, capital gains and losses are classified as long-term or short-term. Generally, if you hold the asset for more than one year before you dispose of it, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term. For exceptions to this rule, such as property acquired by gift, property acquired from a decedent, or patent property, refer to Publication 544, Sales and Other Dispositions of Assets; or for commodity futures, see Publication 550, Investment Income and Expenses. To determine how long you held the asset, you generally count from the day after the day you acquired the asset up to and including the day you disposed of the asset.

If you have a net capital gain, a lower tax rate may apply to the gain than the tax rate that applies to your ordinary income. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss for the year. The term "net long-term capital gain" means long-term capital gains reduced by long-term capital losses including any unused long-term capital loss carried over from previous years.

Capital Gain Tax Rates
The tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than $80,000.

A capital gain rate of 15% applies if your taxable income is $80,000 or more but less than $441,450 for single; $496,600 for married filing jointly or qualifying widow(er); $469,050 for head of household, or $248,300 for married filing separately.

However, a net capital gain tax rate of 20% applies to the extent that your taxable income exceeds the thresholds set for the 15% capital gain rate.

There are a few other exceptions where capital gains may be taxed at rates greater than 20%:

The taxable part of a gain from selling section 1202 qualified small business stock is taxed at a maximum 28% rate.
Net capital gains from selling collectibles (such as coins or art) are taxed at a maximum 28% rate.
The portion of any unrecaptured section 1250 gain from selling section 1250 real property is taxed at a maximum 25% rate.
Note: Net short-term capital gains are subject to taxation as ordinary income at graduated tax rates.

Limit on the Deduction and Carryover of Losses
If your capital losses exceed your capital gains, the amount of the excess loss that you can claim to lower your income is the lesser of $3,000 ($1,500 if married filing separately) or your total net loss shown on line 21 of Schedule D (Form 1040). Claim the loss on line 6 of your Form 1040 or Form 1040-SR. If your net capital loss is more than this limit, you can carry the loss forward to later years. You may use the Capital Loss Carryover Worksheet found in Publication 550, Investment Income and Expenses or in the Instructions for Schedule D (Form 1040) PDF to figure the amount you can carry forward.




Topic No. 559 Net Investment Income Tax

A 3.8 percent Net Investment Income Tax (NIIT) applies to individuals, estates, and trusts that have net investment income above applicable threshold amounts.

Individuals
In the case of an individual, the NIIT is 3.8 percent on the lesser of:

the net investment income, or
the excess of modified adjusted gross income over the following threshold amounts:
$250,000 for married filing jointly or qualifying widow(er)
$125,000 for married filing separately
$200,000 in all other cases
Estates & Trusts
In the case of an estate or trust, the NIIT is 3.8 percent on the lesser of:

(A) the undistributed net investment income, or
(B) the excess (if any) of:
the adjusted gross income over the dollar amount at which the highest tax bracket begins for an estate or trust for the tax year. (For estates and trusts, the 2020 threshold is $12,950)
Definition of Net Investment Income and Modified Adjusted Gross Income
In general, net investment income for purpose of this tax, includes, but isn't limited to:

interest, dividends, certain annuities, royalties, and rents (unless derived in a trade or business in which the NIIT doesn't apply),
income derived in a trade or business which is a passive activity or trading in financial instruments or commodities, and
net gains from the disposition of property (to the extent taken into account in computing taxable income), other than property held in a trade or business to which NIIT doesn't apply.
The NIIT applies to income from a trade or business that is (1) a passive activity, as determined under § 469, of the taxpayer; or (2) trading in financial instruments or commodities, as determined under § 475(e)(2).

The NIIT doesn't apply to certain types of income that taxpayers can exclude for regular income tax purposes such as tax-exempt state or municipal bond interest, Veterans Administration benefits, or gain from the sale of a principal residence on that portion that's excluded for income tax purposes.

Modified adjusted gross income (MAGI), for purposes of the NIIT, is generally defined as adjusted gross income (AGI) for regular income tax purposes increased by the foreign earned income exclusion (but also adjusted for certain deductions related to the foreign earned income). For individual taxpayers who haven't excluded any foreign earned income, their MAGI is generally the same as their regular AGI.

You need a new tax guy I'd you're paying 50 Cap Gains.

So I was exaggerating a little on the 50% lol. This is actually my first year to trade any crypto so I haven’t had to pay taxes yet. I just figured the gubment would take around half. Good to know it’s only around 25%.

Funny