I've sold enough that I could be hit with being required to file taxesI don't want to bother with itwhat if i just put the money they want me to pay them in taxes into losing trades instead? I'd be losing it anyway. why not just bet it on a 0dte? or a big out of the money hail mary. and have a loss to write off.why should I not just gamble with taxable profits?
>>62839902It's all so tiresome.
>>62839902Just swap for XMR. The price is relatively stable and you might even gain 1-2% in the short run.
>>62839902Write-offs don't work like that. The government doesn't refund you on 100% of your losses, they just reduce the total gains considered for the year. So if you gambled with taxable profits and lost you'd still have to pay tax from the rest of your gains, just maybe 20% less. Bad trade.
>>62839902You'll have to file taxes regardless now that you've hit the threshold. Note file and pay are different. This is assuming you're American
>>62839945That's not correct, you're taxed on your net capital gain, if you make $100k then lose $80k, your net is $20k which is what you are taxed on. You are not taxed on individual profitable trades.
>>62840009You're taxed on the overall gain. If you net $20K gain then you owe (assuming 20% capital gains tax) $4K in tax. If you set aside that $4K and lose it gambling, you don't get a refund on it, your gain becomes $16K and you still owe the government $3200.
>>62840023So in theory, if i have 100k profit and i sell some stocks at 100k loss and then buy them back right away i am 0 profit for the year and pay 0 tax?
