/biz/ - Business & Finance

>>29356670
it's time to roll anon

Get in here

ONLY QUADS CAN KILL MAXXERTAXXER

>>12397209
only quads gets you out of taxes

don't be a faggot, if you think taxation is theft go to another thread. this is for people who actually want advice. USA/IRS only.

>1) i'm not a CPA but work in finance and have been filing crypto trades correctly for 5 years, so I can tell you if you need to hire a CPA (some do crypto trades wrong though)
>2) yes coin to coin trades are taxable, we are speculating and the IRS will make sure we know that
>3) no you cannot file 1031 like-kind exchanges to carry over coin to coin sales (it's law now)
>4) wash sales don't apply to property/crypto but if you're smart you won't abuse that
>5) no you can't "just export coinbase history and use that" if you did alt trading because each altcoin transaction if present will need to be taxed short vs. long term rates
>6) it's important you calculate USD values for coin to coin trades in a consistent manner vs. cherry picking exchange tickets to save money
>7) if you can't calculate it yourself, use a service
mining/forks:
>coins acquired through mining/forks will have their value at the time of acquisition added to your regular income. use the acquired price as the cost basis when you sell and treat that like normal short/long net gains. it's possible there was no markets that exist when acquired so I use zero value for those and pay full tax at sale w/o adding anything to income.

AMA

>>10538416
TAXMASTER IS RISEN

>>10539083
seriously though, you're gonna have to pay taxes on it if you want to invest it in any conventional way. either legitimately, or by laundering it through a phony baloney business.
if it's really from crypto you should be able to run a csv file of your trading history through some crypto tax software, pay the taxes, then deposit it into your bank account. you might want to consult a tax attorney with knowledge of crypto to minimize the chances of it getting tied up by the bank or the feds.

>>10337204
You didn't think btc going to zero wiped out your tax liabilities ... did you anon?

>this isn't tax advice

also don't forget both state and federal faggots

>>9006731
Depends on your timeframe and attitude to risk. If you're /ogbiz/ like me, you bought in at $64 years ago and you've never spent a sat since so the 200dma doesn't matter. If you're a day trader you probably want to buy at 0734 and sell at 0812 every day so the 200dma doesn't matter.

If you're /newbiz/ scum like OP, you think the 200dma matters in a fast moving environment like crypto just because it matters in the general stock market that moves 1/10th as far in 1000 times the period that we do. Or to put in another way, the 200dma is a meme

>>8635887
FPBP

How do i get by with long term capital gains instead of short term capital gains for 2017? The notion IRS and SEC provided for crypto to crypto trades was so bad I just thought it was bullshit. Obviously last year i traded btc with other alts but apparently people are now saying that's realizing short gains now. wtf. so now im paying short term gains for 2017 and this year because i need to cash out BTC just to pay 2018 taxes?

Pretty much everyone in this thread is a brainlet:

The federal reserve was created and maintained because the federal government needed a way to get funding for the massive social and military projects of the 20th century.

Basically, taxation is a political nightmare. In order to police the world and provide public "services" the government needed money but it couldn't feasibly get it through taxation. So it used the fed as a way to insidiously tax economy in a way that would have less direct political awareness and opposition. Basically, it played to people's biases of being short-sighted and selfish.

Jews, lizard people, rothschilds, illuminati is all distraction. The American people wanted social services that they didn't want to pay for. They wanted America hegemony globally. So they got it, but at the price of a massive dispersed tax on future generations. Debt.

Nothing to do with "stabilizing the economy" Complete horseshit and the opposite of the truth. Artificially cheap money creates bubbles. But debates about monetary policy misses the real reason.

>>7854460
>thousands of brainlets posting memelines on tradingjew
>one dude gets it right despite his other predictions being shit
>heh, better sell those bitcoins now. heh.

This is now a TAXMASTER thread.

>>7191788
Tax Master > Tax Superman

>>6707483

If everybody just bought and held with money they can afford you phaggots wouldn’t be so scared, stop being so friggin greedy

alright, I know I'm going to get a lot of shitters, but it's the season of giving, so I'm going to narrow the scope of this thread to anons seeking advice to file using, conservative, low risk methods that will stand up to audit. there's still a lot of room for interpretation, so if you want to do one of the low cost high risk methods (like 1031 like kind exchanges or using LIFO), I suggest you hire a professional so they sign off on it for you. if you're a regular anon just trying to stay legal, this thread is for you.

IRS memo on virtual currencies (read this before asking retarded questions):
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

so here is the low risk interpretation advice:
1) all trades (coin to coin and coin to fiat) and coin purchases are taxable.
1b) the act of the sale itself is the taxable part, it doesn't fucking matter where the coins or money were when the sale took place, or if you were wearing a skirt when you clicked "sell," you can't rationalize your way out of the sale if you give an exchange coins and they are sold for other crypto or fiat. the exchange is a money transmitter, they are your sales.

2) you need to track the cost basis (in USD), the acquired/buy date, and net gain/loss (in USD) with sale date for all transactions. this determines the tax rate of short or long term.
2b) the IRS doesn't give a fuck if you don't have the liquid cash to pay tax, you still owe it

3) the easiest way to do this on your own is to enter all trades into accounting software like quicken, you can also use services like bitcoin.tax to do it for you. I recommend FIFO for the lowest risk. you basically have no excuse not to be doing all this since there's tools to make it easy for you.

tips:
>make sure you are calculating USD values for altcoins in a consistent manner (don't cherry pick exchange disparities)
>update your records after every trade or else you will hate your life at the end of year

so, ask away. bullshit will be ignored

>>5342006
DELET THIS NOW!

>>4992093

it's getting to be that time of year, and I'm bored at work, so I'll be answering tax questions for USA folks who plan on reporting their gains or losses. sorry, I don't have time to reply to libertarians and fudders, serious questions only.

first off, it's still up for interpretation, but the MOST LIKELY INTERPRETATION will be all trades (coin to coin and cashing out) are taxable events. you also need to calculate USD values for all trades in a consistent manner per the IRS guidance.
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

2nd off, yes, it sounds daunting because it is. hopefully next year they will exclude reporting of transactions less than $600 in value. you can also use services like bitcoin.tax or hire a CPA instead of just complaining about it. if you plan on doing it yourself, you'll need accounting software to organize all the sales in FIFO.

they will also likely give tax payers the opportunity to file amended returns for past years without going to jail if you didn't report your gains previously, but they haven't stated that yet (and might not either).

fire away.

SELL SELL SELL GODDAMNIT SELL IT ALL

www.whitehouse.gov/12-06-2016/fed-bans-bitcoin.html

https://www.youtube.com/watch?v=wvkD69Y6VHg

hello biz. I'm in a generous mood so I'm going to offer some crypto tax guidance for US citizens. all non-burgers or "taxation is theft" folks can kindly fuck off. I know this thread will quickly devolve with people spinning their own, bad tax advice so I won't be sticking around either. I've been filing all my crypto gains and losses with zero issues since 2013.

>the facts
while the IRS guidance is vague, the most correct methodology for crypto taxes is ALL TRADES and PURCHASES are taxable, coffee/gift cards/coin to coin trades/coin to fiat trades.

some people are attempting to do like-kind exchanges to carry over an original cost basis and acquired date for their coin-to-coin trades, but you still have to report them all, and that will very likely not be acceptable by the IRS either.

>what you need to do immediately if you aren't doing it already
keep track of the USD value ("in a consistent manner" per IRS memo) the value of every coin in USD that you buy or sell, and the date of the transaction. this is how you get your cost basis and acquired date for reporting.

>record keeping and reporting
use accounting software that handles investments - this is key. I use quicken and enter in all my trades when I make them with dates and price in USD. quicken will then track the cost basis and short vs. long term gain for each lot in FIFO (first in first out), and you can export your gains into a tax file at the end of the year to import into tax software. remember the IRS only cares about USD value - they don't give a fuck how many satoshis a coin was.

that's it folks. just track all your trades in excel then enter them into accounting software like quicken. it's really simple once you get it down, but it can be a pain if you've gone a long time without tracking everything. happy gains anons.

>>4724184
Thank you for filing your report, citizen. We will look into this information.

>He's back.

>And this time he's after your crypto gains

I'm fucked.