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Jesus, you can’t deduct losses? If it is only for crypto, I gotta believe its a perverse way to dissuade citizens from investing in crypto. These crypto tax ar

Jesus, you can’t deduct losses? If it is only for crypto, I gotta believe its a perverse way to dissuade citizens from investing in crypto. These crypto tax articles become less and less relevant in the coming tax year as people are going to be filing losses, not gains. I expect headlines like “How to make sure you add up your crypto losses to the full amount”

madshiva 9y ago
People should invest in people that are close. You can't deduct gambling losses only winning (on my country) and this is right.
anc84 9y ago
> investing in crypto LOL
- bitreality 9y ago
  Crypto is a legitimate investment. It's an entirely new asset class. If you think it's going away anytime soon you're delusional. 5 years ago you could buy 1 BTC for $100 USD. And at that point it wasn't even new. 1 year ago you could buy 1 ETH for about $50. The average person would struggle very hard to find any investment that goes 80X in 5 years, or 12X in one year. With Bitcoin and crypto, lots of regular people have made returns they could never dream of on the stock market.
  - Hamuko 9y ago
    My collection of funny JPEGs is also a legitimate investment. It's an entirely new asset class, although not as overhyped as Bitcoin.
    - bitreality 9y ago
      Right. Your collection of infinitely reproducible picture files is comparable to the first truly decentralized value transfer and storage system. It's clear you have no intention of understanding what makes Bitcoin interesting or valuable.
      - Hamuko 9y ago
        What happened to gold?
  - aje403 9y ago
    High returns != legitimate investment
    - bitreality 9y ago
      Fixed supply, instantly audit-able, open source, decentralized. In many ways, you know a lot more about what you're buying with Bitcoin than with equities.
      - aje403 9y ago
        That's very true now that you mention it, equities are not open source or decentralized. I'm liquidating my portfolio and going all in
  - whataretensors 9y ago
    I agree with you entirely. You won't find enough allies here for some reason. The technical ability exists but there's also a refusal to look and think for themselves. We are looking at the tools that can completely redefine our society. Meanwhile a significant amount of engineers here are selling all their time for 0% royalties and investing in "2045 retirement funds". It's no wonder there's hostility to a system that says you don't have to do that.
    - s73v3r_ 9y ago
      Disagreeing with you does not mean that people can't "think for themselves". To insinuate so is extremely uncivil. "Meanwhile a significant amount of engineers here are selling all their time for 0% royalties and investing in "2045 retirement funds"." And crypto would do absolutely nothing to change that.
      - whataretensors 9y ago
        You are twisting my words. I'm saying there's a significant amount of intelligent people who can think for themselves in other situations that refuse to seriously look at cryptocurrency and have a knee-jerk reaction instead.
AnssiH 9y ago
> If it is only for crypto I'm no expert, but from what I understand, you can't deduct losses from regular currency deposits, either. Here is a decision from the Supreme Administrative Court in a case where someone had converted 460 000 EUR to USD and later converted them back to EUR with a loss of 30 000 EUR and wanted to deduct the loss from their capital gains tax (Finnish): http://www.kho.fi/fi/index/paatoksia/vuosikirjapaatokset/vuosikirjapaatos/1449755608736.html http://www.kho.fi/fi/index/paatoksia/vuosikirjapaatokset/vuo... It was denied as there is no clause in the Income Tax Act allowing such a deduction. Tax Administration guidance (Finnish): https://www.vero.fi/syventavat-vero-ohjeet/ohje-hakusivu/48935/omaisuuden_luovutusvoitot_ja_tappiot_lu4/ https://www.vero.fi/syventavat-vero-ohjeet/ohje-hakusivu/489... Income Tax Act (Finnish): https://www.finlex.fi/fi/laki/ajantasa/1992/1992153 https://www.finlex.fi/fi/laki/ajantasa/1992/1992153

madshiva 9y ago

People should invest in people that are close. You can't deduct gambling losses only winning (on my country) and this is right.

anc84 9y ago

> investing in crypto LOL

bitreality 9y ago
Crypto is a legitimate investment. It's an entirely new asset class. If you think it's going away anytime soon you're delusional. 5 years ago you could buy 1 BTC for $100 USD. And at that point it wasn't even new. 1 year ago you could buy 1 ETH for about $50. The average person would struggle very hard to find any investment that goes 80X in 5 years, or 12X in one year. With Bitcoin and crypto, lots of regular people have made returns they could never dream of on the stock market.
- Hamuko 9y ago
  My collection of funny JPEGs is also a legitimate investment. It's an entirely new asset class, although not as overhyped as Bitcoin.
  - bitreality 9y ago
    Right. Your collection of infinitely reproducible picture files is comparable to the first truly decentralized value transfer and storage system. It's clear you have no intention of understanding what makes Bitcoin interesting or valuable.
    - Hamuko 9y ago
      What happened to gold?
- aje403 9y ago
  High returns != legitimate investment
  - bitreality 9y ago
    Fixed supply, instantly audit-able, open source, decentralized. In many ways, you know a lot more about what you're buying with Bitcoin than with equities.
    - aje403 9y ago
      That's very true now that you mention it, equities are not open source or decentralized. I'm liquidating my portfolio and going all in
- whataretensors 9y ago
  I agree with you entirely. You won't find enough allies here for some reason. The technical ability exists but there's also a refusal to look and think for themselves. We are looking at the tools that can completely redefine our society. Meanwhile a significant amount of engineers here are selling all their time for 0% royalties and investing in "2045 retirement funds". It's no wonder there's hostility to a system that says you don't have to do that.
  - s73v3r_ 9y ago
    Disagreeing with you does not mean that people can't "think for themselves". To insinuate so is extremely uncivil. "Meanwhile a significant amount of engineers here are selling all their time for 0% royalties and investing in "2045 retirement funds"." And crypto would do absolutely nothing to change that.
    - whataretensors 9y ago
      You are twisting my words. I'm saying there's a significant amount of intelligent people who can think for themselves in other situations that refuse to seriously look at cryptocurrency and have a knee-jerk reaction instead.

AnssiH 9y ago

> If it is only for crypto I'm no expert, but from what I understand, you can't deduct losses from regular currency deposits, either. Here is a decision from the Supreme Administrative Court in a case where someone had converted 460 000 EUR to USD and later converted them back to EUR with a loss of 30 000 EUR and wanted to deduct the loss from their capital gains tax (Finnish): http://www.kho.fi/fi/index/paatoksia/vuosikirjapaatokset/vuosikirjapaatos/1449755608736.html http://www.kho.fi/fi/index/paatoksia/vuosikirjapaatokset/vuo... It was denied as there is no clause in the Income Tax Act allowing such a deduction. Tax Administration guidance (Finnish): https://www.vero.fi/syventavat-vero-ohjeet/ohje-hakusivu/48935/omaisuuden_luovutusvoitot_ja_tappiot_lu4/ https://www.vero.fi/syventavat-vero-ohjeet/ohje-hakusivu/489... Income Tax Act (Finnish): https://www.finlex.fi/fi/laki/ajantasa/1992/1992153 https://www.finlex.fi/fi/laki/ajantasa/1992/1992153