/biz/ - Business & Finance

[Anonymous No.21451288]

Redpill me on Algorand. Can I really accumulate this shit just by running the app on my phone?

[Anonymous No.21451379]

You have to pay taxes on the rewards you get from staking. If you cash out those rewards into fiat or you trade them, then you will ALSO get taxed for capital gains. Just be aware of this so you don't get fucked by the IRS

[Anonymous No.21451395]

>>21451288
Yes, there is an algo wallet you can download, esrnings my not be huge if you have less than 1k in it.

As well, probably will hit $1 before september, and then will dip again to about 69 cents

[Anonymous No.21451422]

>>21451379
thanks for the tip

[Anonymous No.21451489]

>>21451379

This. Just make a spreadsheet and track it with dates and everything.

[Anonymous No.21451554]

>>21451489
What if I just wait until algo has widespread usage and spend it as intended? This is supposed to be currency one day right?

[Anonymous No.21451659]

>>21451554

You still need to pay taxes on staking before then. Treat it the same as a bank savings account that accumulates interest over the year. Even if its only $100 gained from interest, you must pay tacxes on the gains. Don't fuck with IRS.

[Anonymous No.21451729]

>>21451554
The tax crypto laws are totally fucked right now. They are treated more like stocks than currency. If you plan on buying and holding you should do so until you get into that long term capital gains bracket. Small term capital gains are pretty fucking wild. Spending crypto is a pretty bad idea and if you want to trade you should only trade crypto you have just acquired. DONT EVER TRADE CRYPTO THAT HAS HAD MASSIVE GAINS. YOU EITHER HOLD OR CASH OUT FOR GOOD. People got absolutely fucked during the bull run of BTC because they decided to trade their BTC for other coins that tanked and they got stuck with the capital gains for the price of the BTC at the time.

[Anonymous No.21451800]

>>21451729

Good advice here. Protect yourselves and be smart, /biz/ bros.

[Anonymous No.21451889]

>>21451729
That warning only applies when your about to enter a new year. It’s really just important that you set cash aside for taxes before Jan 1.

[Anonymous No.21451955]

>>21451889

Correct. Make sure you guys plan for each previous calendar year accordingly. Always set aside gains to pay for taxes, frens.

[Anonymous No.21451958]

>>21451489
yeah I'll be sure to make a spreadsheet and update it daily with my 0.001 ALGO I generate per day and I'll be sure to report that on my taxes when they would have literally no way of ever knowing about it anyway

you guys are autistic holy fuck

[Anonymous No.21451985]

>>21451729
Important to note that you can offset capital losses against capital gains my man

[Anonymous No.21452006]

>>21451379
I was surprised to see a question on Turbo Tax this year about whether or not I purchased or traded any cryptocurrency. They always gotta get their piece.

[Anonymous No.21452026]

>>21451958
Why not just track your purchase amounts of ALGO and then subtract the difference, giving you the amount of ALGO gained from staking when you're ready to cash out?

[Anonymous No.21452032]

>>21451958
especially that the gains in the wallet update every 20 minutes

[Anonymous No.21452057]

>>21451958

You can set formulas on excel spreadsheets, you know? It will calculate for you if you just enter you staking gains at EOY. Just trying to help out. Being smart includes making things like tbis easier for ourselves, anon.

[Anonymous No.21452070]

Short term gains aren't that crazy as long as you plan for them. In the US it's taxed at your income bracket.

[Anonymous No.21452081]

They might not get you the first time or the 50th time, but if they ever do it won't be nice. They can audit you for shit like 3 years ago and then add interest on whatever taxes you owe.

[Anonymous No.21452115]

>>21451958
The IRS is evil and will eventually fuck your ass.

[Anonymous No.21452129]

>>21452057
I'm mostly buttblasted by your willingness to surrender information to the IRS that they would never be able to obtain otherwise

[Anonymous No.21452136]

>>21452081

Remember this, guys.

[Anonymous No.21452156]

>>21451985
Only 3k per year. So if you made 300k in crypto and made a trade to another coin that lost 270k. You can only take 3k off your capital gains bill PER year.

[Anonymous No.21452174]

>>21452129
You really don't know how devious the IRS is man.

[Anonymous No.21452200]

>>21451729
>People got absolutely fucked during the bull run of BTC because they decided to trade their BTC for other coins that tanked and they got stuck with the capital gains for the price of the BTC at the time.

It's just treated like any other capital gains, so if you made huge gains on BTC, then lost it all on shitcoins, it would balance out as long as you keep track of your transactions. My tax preparer used my exchange tax form to do it.

[Anonymous No.21452206]

>>21452129

It's ok, man. I understand your position. Better to be safe than dead sorry vs the government for me. They will always get what they want if they want it.

[Anonymous No.21452269]

>>21452156
This, but I'm pretty sure it rolls over to next year, not sure how long you can roll losses over though.

[Anonymous No.21452283]

Can we get back to the OPs question

[Anonymous No.21452364]

are americans that scared of the IRS? they cannot see what you do in the blockchains, there should be many ways of getting your money out eventually.

[Anonymous No.21452417]

>>21451288
>>21452283

It depends how much you stake in your ALGO wallet .

https://algoexplorer.io/rewards-calculator

[Anonymous No.21452458]

>>21452269
That is true. I'd say its better to just cash out for good when you win the crypto lottery instead of continuing to play the game. It will probably be another 10-15 years until the tax laws change to make sense for what crypto actually is because boomers don't understand and don't care to even try.

[Anonymous No.21452957]

>>21451288
To actually answer your questions instead of all the burgers in here worrying about taxes...

Yes, as long as you have at least ONE algo in your wallet, it will stake and you will receive gains. However, you will need a big stack to see big results. A lot of anons have been secretly buying algorand up ever since it dropped near 10 cents and have 100k+ stacks. It's now being shilled (honestly it's a great project) here to the retarded biz anons who are too lazy to do their own research. Do your own research and find your gems on your own... It'll make you more money in the long run. ALGO is a gem for sure and it will continue to go up in market cap.

[Anonymous No.21453002]

>>21452417
Thanks

[Anonymous No.21453308]

>>21452957
I am always too late ffs.

[Anonymous No.21453368]

>>21452957

Good info here. I happened to stumble on this project recently, so I am only a 7k+ stacklet, but I am very optimistic about the project's future. It is for real.

[Anonymous No.21454192]

>>21452026
This is what you do when you calculate your tax liability. When they audit you they try to threaten you if you don't have the spreadsheet though.
Seriously, unless you are gaining more than 10k in profits from crypto per year on coinbase or kraken they won't bother you. Always move the coins off the exchange the minute you buy them. That way they only know the price you paid, not the price the assets theoretically sold/exchanged for when they were stolen from you by hackers and sent to various wallets that were presumably sold for cash as a whole wallet so as not to require an exchange to liquidate.

[Anonymous No.21454214]

what does it even mean to be staking my Algo? I have 11000 should I do it

[Anonymous No.21455010]

Fly me to the moon,
And let me play among the stars.
Let me see what spring is like,
On jupiter and mars.

[Anonymous No.21455116]

Meet Christopher Micali, the wise guy behind Algo.

Show respect to the family or sleep with the fishes nigger

[Anonymous No.21455561]

>>21452417
Hot staking ghost is currently paying 8x the current algo rate on a token basis