My tax bill is gonna be close to 30k I only have 10k in my bank account so guess what my brilliant degenerate idea was. Put it into my brokerage and try to trade my way to 30k. Holy shit, I thought options trading was stressful in itself. It’s a whole other level when you gotta pay taxes due in a day lol. I actually made 15k. Could’ve made a lot more if I held, but once I saw that much my body pretty much forced me to press sell. I can come up with the other 5k, but damn I have definitely learned my lesson on setting aside enough for taxes. But I’m a degen so I say I learned a lesson when truly I never do, but that is the life we live.
Had a 100k gain last year and didn’t set enough aside for taxes.
byu/I-am-Jacksmirking inwallstreetbets
Posted by I-am-Jacksmirking
27 Comments
https://preview.redd.it/966z6zkeg6vg1.png?width=607&format=png&auto=webp&s=f93f439b4edc244fbbb4fc5b45f1120b1a57e11c
so did you take out taxes for the gains you had to pay your taxes?
You’ll do the same shit next year lmao
Good thinking regard. If you make 200% return on a bet you pay your taxes, if you mess up you go to $0 and probably get a levy on your assets
oh! thanks for sharing. good to know.
Lmao! Taxes suck but Im glad you traded your way into partly paying them.
Ask the tax authorities for a payment plan
Thats why I always yolo in December so I can lose it all and not pay any taxes
Just don’t pay the cap gains tax. What’s the worst that could happen?
Do you have enough to cover the taxes on what you just made?
Its always a safe assumption to set aside 30% of all non-W2 income
Atleast this year your not going to have 1 million in gambling winnings and 1 million in gambling losses and have to pay taxes on 100k of money you lost
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Offer in Compromise. There are options out there. Next time plan ahead or stack some Ls for an offset. Or don’t work a job and just trade for maximum tax breaks.
A few years ago a guy posted an annual profit of $300k. He lost all of it in January without paying any taxes on it.
Do what I did, have a massive loss and the just carry it forward to cover taxes on future gains.
Oh no
I hope you’re gonna be ok
my exact problem for last year, owed about 23k. so painful to see it go. these are good problems to have after all lol
You do know you can file an extension, right? The penalty and interest is not that high if you don’t wait too long to pay.
https://preview.redd.it/8tksw29nh6vg1.jpeg?width=1170&format=pjpg&auto=webp&s=d2c0c47c5f2adc5b31979d69721836b0e5373b99
Puts on society. Some of you are hopeless
lmao you actually pulled it off though, most people would be posting loss porn after trying to trade their way out of tax debt
Congrats and fuck you
Your gain should cover your taxes unless you splurge on it..where did the 100k go?
Dont be poor.
Taxes are only for poor people.
$5K? That’s ALL you owe? The IRS will let you set up a payment plan so pay $250 a month or whatever you can afford. Also – congrats you made $100K investing. tldr: buy calls.
Now remember you have to pay taxes next year for this 15k
You must have been a gifted child. Nobody would have paid for you.