/biz/ - Business & Finance

>The world doesn't owe you anything
Okay, but then why are taxes a thing? The second a person is born on this already explored and established planet, they are expected to pay their respective government the right to live on a planet they had no choice but be born on. This seems so heinous.

If i open a bank account as a foreigner in another country and start investing. Do i have to pay in that country any taxes? If i deposit my savings, do they ask me where i got my money from?

Hey guys. Just wanted to know what your thoughts are about crypto taxes for 2018. How serious is the IRS about making sure you pay the right amount? The Bitcoin.tax software is severely overestimating how much I made because of the like kind rule. As long as you pay a few thou, will they really come after you? Asking for a friend.

Serious replies only please.

Is anyone else here underwater with their taxes owed? What the fuck are you going to do?

> traded shitcoin in december of 2017
> created a taxable event so I owe 60K
> shitcoin plummets 95% in 2018 (ICX for those of you wondering)
> Cashed out 50K last year
> Paid IRS 15K and still owe 45K
> 45K is from that shitcoin trade, but I paid on what I fucking cashed out though
> Filed the 6 month extension
> Crypto is currently worth 25K

So the mid October deadline is approaching soon, and I have no idea what to do. I'm reading up online about the penalities. I didn't truly understand the tax implications, and I am sure a lot of other people got fucked like me.

So, I have to call the IRS now and do a payment plan for 45K? Because of a shitcoin trade of something with no value and can't be used anywhere? I get paying for what I cashed out and paid that.

This is fucking insane. I mean, I now know how it works, but at an expensive cost. I owe more than students who got a 4 year school loan because I made a shitcoin trade on something that is worthless. Land of the free, amirite?

Anyone know what the fuck to do?

When time comes for me to pay my taxes, I want to do it correctly but I don't believe that correctly is the right/fair way. I don't think they should be able to tax it on a per trade basis. If they did it when I cashed out to fiat then I would understand. But trade by trade? Fuck that shit.

Serious question for anyone who gambles at casinos etc as I never have. Do you pay taxes on each individual win? Or only when you cash out? My assumption is when cashing out. So if they want to say it's like gambling, then why the fuck are we getting shit on harder than people who gamble?

I only want to pay off what I earn. I have no desire to pay trade by trade.

I know taxing crypto is a shitshow right now, but will you be paying taxes on your crypto gains next year?

If not, why? You do realize that we fucking NEED taxes right? Yeah, I agree that a lot of taxes are wasted right now (maybe blockchain will help with that?) but we still need roads, education, certain gov. programs etc...

just fucking pay them boys

Most 1st world countries tax crypto-crypto trades, and if you live in them you should report and pay your taxes because it will be far cheaper in the long term, and eliminate the chance of having your assets frozen as well as jailtime for tax fraud.

I have researched this to death and consulted multiple tax attorneys.

Unless you are making under 10k$ or over 10M$ profit, you are going to want to pay taxes on trades because it will fuck you over royally later in life.

all the /biz/ memes about how to evade are idiotic unless you've got 8 figures, and even then it's dangerous (billionaires with swiss bank acounts got fucked) and may well limit you to living in third world countries

when you cash out anything over 10k (and yes splitting it up will not work dipshit, it's called structuring) you get a SAR filed on you, if you don't do taxes on that you're directly fucked of course

When you do your taxes you have to have your TRADE HISTORY, the burdeon of proof is on YOU to show where the coins came from. Obviously if you bought 10 BTC in 2011 and now have equivalent of 50 BTC, you made trades or mined. those are taxable and you didn't report them.

No, monero will not help at all and will in fact hurt because it will trigger a higher chance at an audit, which is already high for people involved in crypto.

Basically the only thing you could gamble doing is forging trades that would have made you that amount, but you take a number of risks here and will pay short term capital gains which in the end costs you more than just reporting and paying long term capital gains.

So even the only 'decent' way for avoiding taxes is more expensive than just paying them.

The system is setup this way and has been through multiple generations of people who had the same thought which you did and have all been defeated by it.

Last but not least, don't forget the whole point is the system has a PUBLIC LEDGER.

I'm sure I'll be called an IRS shill, but I am just a risk-averse autist

>how much
>country

Pic unrelated, not a tax thread. Tried cashing out 10k via Coinbase 2 weeks ago. Haven't heard of them since. The money isn't on the exchange, they don't reply to my tickets and my bank says they haven't received anything. What the fuck?

Just a friendly reminder that crypto to crypto trades are taxable events. Which means that you owe taxes on the amount of profit you did during 2017. Nothing that came after that matters to the IRS, since it's part of your 2018 taxes. If you traded your way to 1 million in 2017 you owe about 400k in taxes. If you only have 100k left now, tough luck. You owe 300k more than you own. Hope you didn't cash out to your bank account, so you can pretend you didn't make any money.

Does anybody actually know what they're doing when it comes to crypto taxes

Daily tax FUD thread.

> Make $1 million in 2018.
> Tax season arrives. You have to pay 40%, which equals $400k.
> Before you're able to cash out the market crashes by 80%.
> You now have $200k in crypto and the market might recover. But whoops - the IRS wants their $400k right now. You're a poorfag irl, so you're forced to cash out the $200k and still owe them $200k. You just ruined your life. Good job.

Thanks to the tax regulations you can actually lose much more than you put in now. The good news is that you can make a lot of money in 2019 without having to pay taxes since you're in the red. The bad news is that you wasted an entire year to make money for the IRS, still owe them a lot and don't have anything left in crypto. Even if the market only crashes by 60% you're forced to cash out and give every single crypto gain to the IRS.

And what do we learn? Either avoid taxes, cash out enough to pay taxes before the year ends, or get fucked in the ass.
Prove me wrong, faggots.

if your assets go 1 year without a taxable event you pay long term cap gains tax, which is half as much as short term cap gains

most of us are vyvanse fueled daytraders, but what's to stop someone from fudging their transaction log? The IRS is not going to pay someone 100k a year to investigate each taxpayer's blockchain record. They didn't even know most of us had this money hidden on chink exchanges until we reported it. Won't they just be happy they are receiving anything at all?

How is lying about the length of time you held on one transaction any different from fucking up your transactions on Liqui and other shitcoin exchanges that don't even keep records. We will have to lie/fudge numbers for those.

How is the IRS going to tax me on coin-to-coin trades when they have no idea what trades I made and no way to find out?

So let me get this straight. Let's say you cash out 1 million dollars in crypto and your initial investment was negligible. If you live in the US then you have to pay ~$400,000 in state and federal taxes unless you hold for a year then its ~250,000? Trading your BTC/ETH that you bought with USD for alt coins resets the 1-year timer correct? So after accumulating enough crypto I have to sit on BTC/ETH a full year and hope the market doesn't crash and BTC/ETH are still around to where I can cash out on them otherwise I get fucked by taxes? FUCK

How do we evade crypto taxes biz?
My country wants to take 33 to 50% of my earnings.... I worked too hard to make that shit.

I have checked a lot of debit cards from
bestbitcoincard.com
Even if they say "anonymous" I found none that don't ask you for ID and verification
That would be a nice way to spend some gains at least

Hi, has anyone any experience how it is with taxes in European Union? This is not well understood or researched topic so please those with some experience share.

How to legally minimize the tax burden on cryptogainz as a European citizen?