/biz/ - Business & Finance

Ok goys, I know we love to troll and shitpost each other (I being one of them), but please fellow bizraelis, please be serious for a moment and assist me with this tax question. PLEASE. I'm fucking begging you.

If you're going to say Fuck the IRS or don't pay taxes to avoid gubment, please let's keep the /pol/ out of this.

For those who paid your U.S. taxes, how did you do it?

There's two ways I see it:

1) Bitcoin.Tax import into Turbotax, and pay on the capital gains and then done

2) Go through a CPA.

I went through a CPA who says I owe basically over 60K when I only cashed out 50K. So I thought I would only owe about 15K. I only have 30K cash in my bank account now.

He calculated like kind trades. We argued over this for an hour where I said it's bullshit but his argument was in a few years, he assumes Binance and Bittrex will comply with IRS in efforts to be SEC compliant. I mean, it makes sense to get all that new US and wallstreet money.
Then, IRS will eventually come after those who didn't file or jus filed through turbotax or some shit and audit and hit everyone with fuck ton penalties. He thinks everyone will eventually get reamed by the tax man.

I just don't see how this is all possible. I already paid him the fee. He fucking got back to me TODAY after I submitted my docs to him almost 2 months ago but whatever.

I'm looking at Binance and it doesn't even show the fucking USD value.

I made over 1000 trades. Even at one point, I had almost 300K of ICX, traded into XLM, traded into XRP then back into ICX which crashed.

So ICX was 300K, went to XLM which became 250K, back into XRP which is 220K, back into ICX which dropped to 50K (now).

So I am taxes on each of those huge trades, owing hundreds of thousands?! This is fucking retarded. What in the holy fuck?

What do goys?

He sent me form 4868 and FTB 3519 to send checks to FED/CA gov but I haven't sent yet.