If i'm making only a few thousand a year at 26 (thats a high estimate, more like a few hundred) in texas, normally i would not need to pay taxes on income or report it to the IRS

will i need to pay taxes on stock/crypto gains?

If your income is below like 30k I’m pretty sure you don’t have to pay shit in capital gains 👍

You may be subject to short term gains though. How much are we talking in earnings for the sale of said investment

i think if i sold my doge id be up like $300, holding still though, shiba i only have like $15 into it so not a lot there.

Don’t have to pay fuck all until you collect on said gains. In fact if you die and pass that along to your dependents they don’t even have to pay taxes on it. This is why stocks are arguably the best way to pass on wealth

yeah for sure, but if you hold and dont collect, its simply not a realized gain, and its just sitting there in an extremely volatile market haha.

sadly i may need the money in the near future

unless i somehow can come across a remote job and get one, so i dont need to cash out.

This post was edited by dvls on Oct 28 2021 09:32am

Yeah I haven’t worked in the investment field for a few years. Crypto was not really mainstream at the time so I’m unfamiliar with how taxes are working around it. I do know that’s there’s a fancy new box on the standard 1040 that ask specifically about crypto 😂.

hahaha oh boy, i guess im more worried about if gotta pay taxes since my income is so low and i have no job.

Aight so based on a article I have pulled up your short term tax rate (if you sell within 1 yr of purchase) is 10%. So $300 in gains $30 is taxable. If you hold for over a year and sell and your income is less than 40k single 80k joint. You arnt subject to any tax on crypto gains. 👍

If you lose on one investment and gain on another you can count the loss against the gain 👍. But to be 100% honest with you the irs isn’t coming after you for $100