Comments

You must log in or register to comment.

weiner_forest t1_j29qbu0 wrote

Not really. Estimated tax payments are so you can avoid a big penalty by owing a bunch of taxes when you file.

That's clearly not a problem for you lol. Congratulations!!??!??

You'll write off the loss on any income, and carry the rest over into next year. You'll get to write off future gains against the loss carryover, or up to .. I think it's $3k of income taxes?

2

cfloMars t1_j29r2kv wrote

Lmfao, I thought the same but wanted some other input. At least there’s one positive of being a failure 🙃

2

weiner_forest t1_j29rj9j wrote

Heh, I'm down about $70k in crypto myself, but I didn't realize it.

That said, I bought mine super early in the most recent bull run (early 2020)... so I'd still pay a capital gain on the sale. Just kicking myself for not selling last December, like everyone else.

1

Its-a-write-off t1_j29q83o wrote

Is all your income from crypto trading?

1

cfloMars t1_j29ri25 wrote

Yeah, or staking Apr via protocols on Arbitrum

1

Its-a-write-off t1_j29rtg8 wrote

Then you shouldn't need to make an estimated payment. I was just checking to make sure your losses can offset all your income.

1