Taxes on Crypto

I traded crypto in Dec 2021 and made $800k but since then I have been trading and lost about $600k on absolute shitcoins. My friend says I now owe taxes on the $800k, is that true? I don't even have that much money to give the IRS. I'm going to have to hire Tax Master, aren't I? I'm so fucked.

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forbes.com/advisor/taxes/capital-gains-tax/
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there's a reason it's called capital GAINS tax. if you lost money on a sell event then why would you pay a capital GAINS tax.

>paying taxes

Die taxmaster

He said that only counts if it's in the same year. Is that right?

If you didn't convert the coins to USD then there's no taxes.

From what I’ve heard this isn’t true .

I'm afraid of some early fuckery I did when I started in crypto and I'm just not going to know about it

Paying taxes?? Kek.

Yea goy pay on your gains and don't claim your losses

creep toe to creep toe is a taxable event, so if you buy 1000 of shitcoin A, and it goes 100x, then if you swap shitcoin B, you would have triggered a taxable event, and would owe taxes on the 100000 profit. If shitcoin B crashes to zero, you would only be able to deduct 3000 per year from the losses.

So I'm fucked?

Yes, if you made mega paper gains through trading between cryptos in 2021, didn't cash out any, and lost all those paper gains in 2022, you're still on the hook for the paper gains in 2021.

>using kyc
ohnonononono

>Whole point of crypto is to avoid taxes
>Get taxed anyway
OH NO NO NO CRYPTOSISTERS??!?!?!?!!? WE GOT TO COCKY!!!!!!!

you might be ok if you only owe on long term capital gains since that would be 15% up to 450k'ish or something and 20% over that amount. Also have to pay state tax too, hopefully you're state isn't too cucked. If your trades were short term you could be gigafucked.

forbes.com/advisor/taxes/capital-gains-tax/

Should I unironically call Taxmaster to fuck them up? I'm over my head here boys

should of used based coin exchange.

Congrats you're officially fucked.

fucking thieving niggers in suits

>he is going to pay taxes
NGMI