/biz/ - Business & Finance

Actually thats the same anon that posts here too

Whats funny is that this is probably like 99% of us. I invested 10-20k and it turned into nearly a million and now ive lost about 90% of it. Cashed out maybe 85-90k in 2018 and maybe 30k in 2017 so im only going to probably be paying a little bit until I go into fiat. Otherwise Im just gonna say I never cashed out anything else and am still sitting in 100k fiat or whatever. Which until I cash it out, might as well just say its all sitting in beetcorn

The rules and regulations regarding crypto are so fucking stupid I can't see the IRS going hardcore on any of this shit until they actually come up with some rules.

>>11616654
Did you go through Cuckbase or any other fiat gateway not called localbitcoins? If so you are fucked too and it's coming dude.

>>11616661
Invested like 10k into coinbase, and just went through binance and other shit yeah.

Point being though the IRS can't audit those records unless you have had over 200 transactions and moved over 20k (both are required in order for you to get audited)

I wouldnt worry unless you either A. Cashed out your realized gains into fiat or B. Parked all your money in coinbase

Here is some advice to biz. CPA here

Buy positions you plan to hodl for over 1 year. If you buy and hold, you will not be taxed on gains unless you cash out or trade crypto for crypto.

Don't be a fuck stick. Enter positions for technology and long term potential.

Unless you are a successful trader who considers tax impact with each trade, its not worth it to trade when you see a 10% gain...bc it actuality, when taking taxes into consideration, its only 6.5-8%

>>11616746
Lol... Fukstick swingtraders are btfo. .enjoy that profit you made and are giving to the taxman.

>>11616692
>I wouldnt worry unless you either A. Cashed out your realized gains into fiat or B. Parked all your money in coinbase
This. Buy coins, send to chink exchange, and dont worry about anything until you cash out fiat to your bank.

>>11616781
>reporting swingtrades on chink exchanges

>>11616597
UKfag here, capital gains tax is a disgusting 20% over here but the annual allowance is £11k. Does that mean i'm only liable for tax if my crypto gains are more than £11K?

>>11616785
I wouldnt trust binance anymore either btw.

Cant trust hardly any exchange anymore. Which is why its even more important now that you store your shit in private keys.

Only exchange I trust to trade now is bitmex srs. Thats the only one that doesnt give a fuck about KYC or the IRS.

>>11616746
This is why i all-in'd NEO. Free GAS is just a benefit

>>11616785
>keep your funds on a exchange
what could possibly go wrong

>>11616796
that's the typcial reddit goyim for you

>>11616821
>buy my slow centralized solution
no thanks, go back to plebbit

>>11616654
you guys are fucking stupid
you deserve to be justed

>>11616805
isnt the 11k for income tax?

>>11616597
You don't need to pay taxes

Trump will abandon the Fed on 11/11/2018

screencap this

I guess it's too late for him now, but why not just tax loss sell after he didn't cash out high and everything crashed. There's no wash trading rules so just buy back in immeidately and continue to tax loss sell as it goes down.

Honestly I'm worried about having done too much of that to the point where I'm deducting a suspicious amount.

>>11616951
oh nvm i forgot capital losses are limited to 3k a year. i guess people got fucked because this happened in december. fortunately I was all in on link which mooned in january and had rather modest holdings through 2017

>>11616927
So you paid taxes on every crypto-to-crypto transaction for the year of 2017 already?

Bro most of us are so broke now that even if we did have taxes, we couldnt pay them srs

Whats kind of ironic though is that all the normies who bought the top, dont have to pay any taxes, they just lost money. While some of us dumb fucks didnt sell the top, and are probably going to have to use every single dollar we have left in order to not go to jail according to what you are saying.

Anyway, faggots have 3 years to pay taxes anyway. We just need one more bull run and we are un-cucked hehe

How the fuck did everyone make so much? I got in mar 2017 and only hit like 150k with 15k invested.. God im so fucking stupid it hurts

>>11616805
if you bought your corn before 2016 there's no CG. You can claim it as gambling, and gambling is zero rated.
Second if your corn is from afterwards, CG is 10% not 20% if your income is lower than 45k. And you only pay 10% on corn you've cashed out

>>11616821
>guys I beat the system by getting scammed

>>11616994
Can someone tell me if i did good? Was the redditor an anomaly? Please

I never pay crypto tax.
Tax is for pussies.

All my crypto gains go to a foreign bank account and i go to my tax free haven and cash out and convert to diamonds and bring home.

millions saved from IRS cunts.

>>11617131
What do yo do with the diamonds, anon?

>>11617131
My nigga. We're gonna make it. Only brainlets get fucked by stuff like this.

>>11617191
You ever heard of a pawn store?

>>11616597

most people who have traded Crypto in the past 12 months and have not filed taxes have no idea whats in stock for them. I owed and paid off $80k in taxes while I had $20k left in Crypto.Next year I can file my losses, but yeah...so many people will be fucked from holding and trading through the bull run.

>unironically self reporting your taxes

you must be so mentally cucked to do this. its a whole different level of cuckery that i wont ever understand.

>>11617234
So did you do a trade in 2017 and your crypto tanked in 2018 that is why you owed more?

And how did you pay 80k while only having 20K left? you actually paid 60K out of your pocket?
Wtf dude?

>>11617216
Do you really think that they dont report your ass for higher sum trade ins? If you go to legit pawn shop they will report you after 5 figures upworth. and then the irs will start asking questions.
>inb4 found them in my backjard planting flowers
and if you go to some underground type of mafia guy. you will be ripped off at best - killed and raped dead at worst after them finding out how much you have.

dont be so stupid and think that is that easy. thousands of people went through this beforehand and got fucked

>paying taxes on gains you never cashed out

>>11617234
Only way to protect yourself is cash out, set aside a portion of Fiat to cover tax on gains, buy back in with difference and start over. One of the big reasons swingtrading is not appealing. So easy to get yourself screwed if you don't bank some fiat.

>>11616821
You gotta pay tax on your GAS...

My friend cashed out and didn't pay any taxes. When I asked him about it he said that he doesn't think you have to pay taxes when you cash out for the first time.

>>11617298
Attorneys and fines/penalties are expensive.

>>11617340
lol

>>11617112
Don't worry Anon, most anons on here inflate their returns to look smart (which is stupid as it's an anonymous image board)

>>11617340
Lol, he didn't pay and "thinks" you may not have to. Probably get a second opinion. Just saying.

>>11616597
Imagine owing $400K for trading imaginary meme coins with no usage on a server in Asia that never even hit your bank account or have any record of being converted to cash

>>11617398
Makes you wonder if swingtrading is worth it.... but shit man, I increased my stack by 10% on that last pump.

>>11617340
RUN

>>11617391
I didn't have the heart to tell him how stupid that sounded

>>11617289
He's larping. No part of his story is believable.

>>11617453
You didn't finish anon,.. you missed adding.... To the bathroom before you shit your pants.

>>11616654
if you had 1 dollar and bought a coin worth 49 dollars you only pay tax on that

>>11616597

this exact post was here on /biz/ just a few days ago

fake!

>>11616597
https://www.youtube.com/watch?v=avDEZyMcmA4&has_verified=1

So the lesson is get out of coinbase?

>>11617554
yeah probably

Cuckbase'd

>>11617441
Rather makes you think how backwards and totalitarian the US is. As a Canadian - you guys make me feel terrible for you and the others who are forced into it. Taxation done for the right reasons and to serve its people is right. But what do you get out of it? Your public education gets cut, you pay out of your ass just to get a medical checkup let alone $10k just for an MRI scan to “see” if anything is wrong with you. You guys are forced to comply or are thrown into cages and are told you are the bad one while having no way to do anything. Canada makes me feel blessed to be here as our taxes are fair and more transparent - even though it’s high as fuck here in BC. Don’t you guys feel a bit helpless? Also isn’t it ironic how the government didn’t give a shit about crypto until it starting making money they weren’t getting a cut of?


It’s weird - I’ve never really had a view in a more direct stance in terms of US and taxes since I traded US stocks and options so it wasn’t that bad - but honestly - reading anon’s story and seeing how fucked it is for some kid who didn’t even benefit or properly hold his quote unquote “earnings” - only to have a logical action in managing a asset not even defined by the gov - as taxable for coin to coin trades. That’s asinine.

>>11617320
>You gotta pay tax on your GAS
My god, they're taxing our farts now.

God bless the USA

>>11617554
What do you or anyone else recommend as an alternative?

>>11616796
>>11616903
Seriously this. Whne you are done hundreds of thousands just dont declare you sold. Irs doenst have binance records.

>>11617695
Hey that's exactly what I was going to ask

>>11617603
you are a cunt if you believe that and I work at the CRA

you are ESPECIALLY a cuck if you believe that and live in BC where your taxes fund chinese billionaires' welfare checks

why would coinbase know how many trades he did outside of coinbase.

Tfw only paid tax on my net gain in 2017 which was like 18k tax on a reported 185k gain

Why are burgers so cucked?

>>11617298
Play jewish games, win jewish prizes.

Wait, there are countries out there in which you have to declare and pay for transactions and/or unrealized gains?

>>11617216
>Pays passport fees
>Pays for constant flights to tax haven
>Pays foreign sales tax on buying diamonds
>Pays for flights back to USA from tax haven
>Risks getting busted flying into USA with thousands of dollars in undeclared diamonds
>Sells diamonds at pawn shop for a fraction of what they are worth so that pawnshop can make a profit

Yeah, fuck taxes!!

>>11617925
just shit burguer land.
>bitcoin is not a currency
>still pays tax if you make more bitcoin through trading
KEK

This is retarded shit. Just buy ETH/BTC through Coinbase and send it to Binance wallet. Make your trades on Binance and move your funds to personal wallet and claim you were hacked/scammed if the boogeyman ever ends up giving a shit about our hopeless lives.

>>11617925
just shit burger land.
>bitcoin is not a currency
>still pays tax if you make more bitcoin through trading
KEK

How/why do you have to pay tax on unrealised gains?

Wtf kind of shithole country is that?

In burgerland if I take $1, and my friend buys it using an IOE of $1million, then the IOE suddenly loses value and is only worth $1 again, would I have to pay tax on that $1million profit I briefly made?

>>11618005
the IRS doesn't consider them unrealised

>>11618063
In short, yes. But only if it's realized. And everything is realized in the US because we're cucks.

>>11618076
its fucking bitcoin.
if i trade corn for suitcases and trade it back, i still have suitcases. will irs accept if i send them a few?

How can they track monero transactions? Also if you swing trade on binance, how the hell can they know? Should we have to report trades on binance, kucoin? All I have bought BTC through coinbase, sent it to other exchanges and traded there

how the fuck are you supposed to pay tax if you no longer have that money.


It should only taxable when you cash out in fiat

This is why you trade on Binance.
Funds are safu from IRS.

>>11618132
The irs will be happy to accept the usd equivalent value of the goods you traded

>>11617398
Is this really how it works in freedom land? Fucking lmao yall need to move to venezuela or something

>>11616746
>>11616692
>>11616654
>>11616597
Daily Reminder that our forefathers are rolling over in their fucking graves

>>11618263
i dont have money. i inherited suitcases, and trade them back for corn and trade them back for more suitcases. there's no taxable event. unless the irs has a special table about suitcases.

>>11618303
They don't give a fuck my dad rolled over real estate development gains into other developments without cashing out and then 2008 happened and they still put him on a tax treadmill. This place is unironic tyranny the forefathers would be furious.

>>11618338
but real estate gains are clearly defined as taxable events in every tax code in the world. suitcases for corn? nah
bitcoin for ethereum? nah
ethereum for shitcoin 7? absolutely not.

>>11616654
im not paying a single penny to these kike pirates on my crypto until the laws are finalized into something that actually is fair and makes sense. fuck these faggots. its my money, come and take it.

The irs must be killed

>>11618372
Agreed I’ll take all my cash it and hide it under my bed and sit ontop with my assault rifle - Come fucking get me you dirty kikes - everyone needs to have this mentality

>>11618303
>he doesn't know about 1099B

>>11618356
Except shitcoins are a new thing which corn isnt, they can define it however they want because it's never been defined
>inb4 its currency
IRSniggers literally don't care

>>11616597
What the hell is this?
Can someone explain why he owes 400k when he never cashed out?

>>11618410
im not from us and im reading about bartering taxes which are basically impossible to account. nobody can really price what im doing.

>>11618453
I wish I wasn't (((American)))

>>11618453
>im not from us
Yeah I can tell because you still believe people here can escape its tyranny

>>11618395
I'm married to a Korean girl. If I ever hit it big in crypto I'll just cash out bit by bit into her korean account and cash out at the atm.

>>11616597
https://www.youtube.com/watch?v=Ejs_tkHnI9w

>paying taxes on Crypto

You have to actually be room temp iq if you end up having to pay taxes on Crypto. You fucked up somewhere along the line.

>LAND OF THE FREE
Kek, nobody pays taxes in Ukraine. It's literally full blown ancap here.

>>11618465
>>11618488
the bartering that is clearly defined in most taxe codes are real estate ones, and even that is cause tax authorities have tax patrimonial values of real estate, so you just pay over the cash difference.

i still don't understand that coinbase report in plebbit. where the fuck did those transactions come from. did that fucker decided to say he made 2000 transactions?

>>11616994
>>11617112
Anon, I would say you did nice. I got in many years ago and hit 1.25MM ath and thought I did pretty well

BUT then my shitty fucking country publishes every persons tax returns for the year AND I saw there was one 30yo who made fucking 25MM by getting in the same time as me except he bought the eth presale.

I also find out there was some 20yo who made like 100mm off only btc. I've been feeling absolutely pathetic that I made such a small sum when others around me, younger than me, made hundreds of millions

based

>>11617924
kek

This is basically me except 3 differences

1) I make 13$ an hr
2) my ATH was only 500k
3) coinbase didn't generate a 1099

but I did file a late extension with turbotax 6 months ago and said I owed 30k (it was actually 150k kek). But I hardly have 30k left. Wtf do I do

>>11616597

What if you buy bitcoin on coinbase every single day and withdraw and convert it to XMR on binance. Then withdraw from binance and long term hold in the official wallet?

Just do this and fucking wait for 10 years to spend ur mad XMR gains in actual XMR fags

>>11617960

This

>>11618535
All exchanges pretty much cooperate with the U.S. so they can continue to transact trades to US citizens. They provide reporting.

was he transferring back to his coinbase account every time he took profits in eth/btc? LOL fucking stupid

the first thing you do is wash your crypto with binance or any other non USA based exchange and NEVER use a US based exchange until you cash out to $

>>11616597
What happens if you don't file them?

>>11617298
this. don't be a fuckin retard.

What if you just cash out your shitcoin into Bitcoin, let it sit on Binance, and then trickle it into fiat every so often? Do you have to pay tax on the total sum of your Bitcoin, or just on whatever the fiat is?

>>11618973
not true at all my guy
they dont even enforce kyc

>>11619061
pay your 15-40% on your fiat cash out and you wont have any problems
IRS is so understaffed yet reddit makes them out to be the boogeyman lol

>>11616597

guys
GUYS
we are supposed to be holding until we can start using btc and xmr as the currency and let the dollarydoos go by the wasteside.

>>11617960
How do you get a personal wallet

>>11619135
>Irs understaffed

Wut? Source?

>>11618518
And Ukraine is as poor as Africa.

>>11619347
google?
https://www.foxnews.com/politics/irs-audited-fewer-tax-returns-in-2017-amid-shrinking-staff-criticism-over-enforcement
>The IRS audited only 0.6 percent of returns in 2017, the lowest figure in the past 15 years amid shrinking budgets and criticism over excessive enforcement.

Can you trade to fiat with Binance? How do you get to fiat while avoiding coinbase?

I work in corporate tax. AMA.

Here is what is likely: The IRS will get full compliance, if requested, for records of US citizens from fiat-crypto gateways on US soil. Coinbase, Kraken, etc. By this method they can pretty easily connect your bank account to your fiat-crypto purchases and sales through those US exchanges. This is low hanging fruit (read: revenue).

Here is what is unlikely: The IRS will subpoena foreign shitcoin exchanges (where they have no jurisdiction) for your crypto-crypto transactions and assess you a penalty for not paying a taxes on any gains realized through imaginary internet coin trades. Why? Because this also exposes the IRS to citizens claiming massive tax deductions when these imaginary internet coin trades go south in value (2018 says hello). This is not low-hanging fruit (read: expensive to research, no guarantee the foreign exchanges will comply, potentially a net negative in tax revenue after all is said and done.) It's a waste of their time.

As long as they have a stranglehold on the fiat-crypto on and offramps to catch capital gains cashouts then they aren't going to give a fuck about crypto-crypto trades because it might actually work against them.

>>11619643
So basically they are leaving that threat on the table as pure FUD aimed at crypto to be removed when their banker bosses have fully fleeced commercial investors and are ready to start the next bull market?

>tfw too ashamed and anxious to go through the hassle of reporting my losses after getting JUSTED

>people unironically give their money to a kleptocracy

I'm sorry, but I only answer to GOD

Disclosure: I haven't payed any taxes since 1988

>>11619708
Probably. I mean if you were a real high roller or some kind of investment institution somehow involved in crypto or managing US citizens' crypto accounts (is there even such a thing?) then maybe you'd do everything, including crypto trading activity on foreign soil, by the books. But for small time solo investors? No way does that make sense to report. It's debatable whether these shouldn't be considered like-kind exchanges as previously argued anyway.

>>11619643
>Why? Because this also exposes the IRS to citizens claiming massive tax deductions when these imaginary internet coin trades go south in value (2018 says hello).

Oh shit I never thought of it that way

>>11619750
>Disclosure: I haven't payed any taxes since 1988

So you don't file taxes or you pull a Donald Trump and use some tricks to not pay taxes?

>>11618518
Can I come over and simply cash out as a EU citizen?

>>11616805
Correct

>>11617047
>if you bought your corn before 2016 there's no CG. You can claim it as gambling, and gambling is zero rated.
Unless you've actually done that and communicated with hmrc and had their blessing, don't spout that bullshit. The gambling exemption is clearly not valid for anything other than lottery winnings.

lmao my high was ~500k, I paid all my taxes last year, money set aside this year, and my folio sits at exactly 125k.
>It's not enough that I succeed, others must fail

Hypothetically, if I spent more than $20k on Coinbase and moved all my coins to Binance/cold storage then I shouldn't owe anything on taxes? They can't prove that I traded for alts or that I didn't just hold the btc/eth. When I do cash out, I can just sell alts for btc/eth, sell on coinbase, and pretend that they were the coins I initially purchased.

>>11616654
>the rules are stupid
>>11616692
>can't audit
>>11616981
>you
>>11617298
>never cashed out
>>11617398
>imaginary
>>11617925
>unrealized
>>11618005
>unrealised
>>11618142
>how can they track
>>11618238
>foreign exchange
>>11618286
>freedom

I have to stop. The stupidity of this place hurts. Short term capital gains is theft, but I hope you all get fucked.

>>11617112
It's ok we all feel this way, it means you are normal. Way more people 'book smarter' than me who lost big money and couldn't hack it.

>>11617930
>foreign sales tax

Its funny seeing a burger trying to work out how the rest of the world looks. Only America has 'sales tax' you fucking mongoloid nobody else even knows what that means.

>>11619643
A decent post on /biz/? Fuck.

>>11617603
This is the dumbest thing about it. The American government boomers like Tramp only started to care when they saw people making easy effortless money. Tramp is the one who made all this new tax shit. The idea of some xoomer getting rich while sitting in a basement makes him angry. The US government can't even quantify what cryptocurrencies are, have no information on the exchanges or the mechanisms of trade, yet they want to tax it. Fuck right off with that shit. I feel sorry for American citizens. I have a couple foreign nation banks who wouldn't give a single shit about a 10 million dollar cashout.

>>11618453
>bartering taxes

You cannot be serious. This is real?

Just going to post pic related one more time

>>11620058
>down 375k
>paid taxes on cyber tokens

It is not enough that others succeed, you must fail.

>>11616597
Imaine not only losing almost a million dollars of profits but also being in debt for 400k, Imagine the soul crushing reality of having you paycheck cut in a half, it's like getting one of your leg cut off and being told to compete in a race, a fierce ratrace called modern economy with such a fucking setback.
I would an hero 100%, wageslavery on its own is bad enough, wageslavery with 400k of debt while having no house in exchange for it is another level of JUST

>>11617320
Just don't click to claim the GAS until you're ready to pay

>>11620243
kek but I succeeded dumbass
I have friends who knowingly falsified there taxes by paying only on coinbase gains
>how'd you do the schedule D though?
uh wut
>lmao
Or others who were too ashamed to take the 3k capital loss write off

Meanwhile I pulled somewhere between 100-500k out of my ass depending on how you look at it and bought a new computer.

Who the fuck are you?

>>11620275
or just defend yourself with your remaining 125k until the end
it's a money sink for oppressors and comes down to the same result

>>11620334
yea I would fight till the end but if it still failed and I was forced to give up all my income to some kikes during all the best years of my life to wake up being 45yo and broke I would simply do a Colombine 99 in the IRS office and go out like a hero

>cashing out
Never gonna make it.

>>11620314
Babby trader makes his first little stack. Adorable. I'm someone richer than you, with long positions in things you don't even understand because you're not a techie and have no vision. I'm also not retarded enough to be TAXED on CYBER TOKENS that the government doesn't even understand.

>>11620375
lol that's the spirit
I would the jewiest lawyer and file all the extensions I legally can and let interest grow and defer it as long as possible
the US dollar's days are numbered and it would allow time to prepare

>>11620429
Or I would simply take that 100k split it between link and btc, then when link moons I would convert those millions of dollars to btc, leave jewmerica and live like I king somewhere in SEA.

Either shoot up the kikes offices or leave this joke of a country

>>11620058
>he paid taxes

thank you for your contribution goy

>>11620409
>not playing buy the book
>his whole livelihood is crypto
>thinks meme coins is all there is to tech

Disgusting.
Enjoy never getting to use your money or living in some 3rd world shithole and never being allowed back to the us to see your family.
2x lmao if you don't live in the us

>>11617254
This. especially when you consider you pay taxes to a government that prints its own money. like some people dont mind being enslaved.

>>11620457
why not both

>>11620473
If you don't understand what will succeed and what will fail you are a moron, you don't understand tech and you will never know where the money is. Similarly you're a moron if you pay tax. I was one of the only very few people years ago here accumulating ETH before they fucked up. I bet you called it a scam, and a 'coin'.

Brit with two foreign bank accounts that won't give a shit about taxes or crypto deposits.

Go do your tax returns on cryptokitties like a good goy who loves 'playing by the book (Torah)' LMAO.

>>11616597
he should of found me.

I don't think you guys understand how to report earnings. Why would you pay taxes on coins you never cashed out to USD? You pay taxes based on your personal yearly income and up to 3000$ in tax deductions from losses on top of that if applicable.

>>11620631
>Similarly you're a moron if you pay tax
kek I can't imagine being so pathetic you aren't on the gubmints radar, especially in britain
>muh street kebab stand is all cash

>land of the free

Feels good to live in one of the most decent third world shitholes. I have friends wanting to move to europe or the us, one of them has land here and is saying he's gonna sell it to buy a ranch near dallas to raise cattle, they're fucking insane I'd never in my life would move to one of those dystopian totalitarianisms.

>>11620660

No, its you that dosnt understand it retard. Each Crypto-to-crypto trade is a taxable event now. They could be treated as like-kind exchanges pre 2018 since there was a lot of uncertainty with tax compliance (although a very risky approach), but now the law is clearly defined.

>>11620720
which country? is it easy to immigrate there and cash out some coins?

>>11616934
The Fed and The Treasury are different.

>>11618923
that's another option
you either play it smart with taxes and pay everything on time staying 100% clean or you go 100% "off grid" with your crypto. People trying to fit somewhere in between will get cucked

>>11619605
stop making threads. Its not working.

crypto confiscation coudln't even put a dent in this deficit

meanwhile
the US treasure "loses" track of 10s of trillions regularly

>>11619809
Because it's false. You can only claim $3000 in capital loss.

Anyone have the numbers on how many people paid crypto taxes in 2017? Is it still less than 5%?

>>11620901
>3k in capital loss
so you can do that every single year, and you can realize loss any time you want to offset current gains

>>11616821

This is why, even during the boom, I didn't sell and hardly did any trades. I've been doing this for 4 years now. I've seen everything. HODLING is a literal religion. Follow it.

>>11620753
listen brainlet:
> every stock or crypto trade is a taxable event
> short term capital gains get taxed as yearly income
>long term capital gains on holds over a year also get taxed, but at a different rate
> LITERALLY SAYS SHORT TERM CAPITAL GAINS TAX ON THEIR FUCKING WEBSITE

If you traded up 72k in profit after losses this year, & you use your $3000 loss deduction, your yearly income is now 69K potentially allowing you to drop a tax bracket down.

>>11620974
This is why you should invest money you don't mind losing (or won't ruin your life with). Even if you see some bad losses, you can at least know that you didn't tragically lose all of your savings.

>paying taxes on money you never made

>>11621029
Youre a mess. You originally asked why would someone be taxed if you they haven't converted to cash and I answered your retarded question. Now you're talking about something completely different.

Kek. This why every americuck have to cash out in december?

>>11621308
well if you make a bunch of trades throughout the year and realize some big gains flipping shitcoins then the smart thing to do would be to realize any losses you can before dec 31st and try not to realize any more gains and set aside whatever is needed for taxes (sometimes a little more because that money for tax purposes is also taxed). That anon either was completely unaware of how all this works or was basicly gambling on his tax money hoping it would keep going up

>>11621236
Lay off the drugs & booze.

You are living in a cloud of hatred, misinformation, & angst.

You can become a better you anon. Just try...

>>11621308
It is what was a part of the crash yes. People made fuck tons of money in 2017 from XRP, ETH, ANS, everything and completely dumped it Jan for taxes

>>11619643
>As long as they have a stranglehold on the fiat-crypto on and offramps to catch capital gains cashouts then they aren't going to give a fuck about crypto-crypto trades because it might actually work against them.

If they go after crypto to crypto trades it will greatly encourage people to stop using fiat. It WILL work against them. This is not a MIGHT situation.

>>11621358

Cringe

>>11620058
they are probably laughing their asses off because they got free money from gullible retards
it was a trick to get free moneyz
good goys top zoz kek

>>11621643
says the goyim who doesn't pay taxes
you're a slave

>>11621334
This seems very retard that you should cash out to pay taxes instead pay taxes when you decide to cash out.

>>11620375
>do a Colombine 99 in the IRS office and go out like a hero
>>11620457
>shoot up the kikes offices
the big guys who decide all this nonsense are not in the irs offices, they are corporate chiefs, politicians, clans of powerful and highly influential people, the ones in the offices are small fish and do what they are told by the big guys

>>11621033
This

>>11616597
This is the reason I'm not a swing trading faggot.

based

I hold ETH. there's no where in the tax code that says decentralized computational power is taxed. Have fun with your Bitcorn faggots. It's a currency.

>>11616654
Think again buddy. My friend is an IRS government employee and he said they are planning major audits on those Coinbase files they pulled from 2016 and plan on doing 2017 and 2018.

>>11622426
Funny thing about this is what can they really do? Garnish your wages. Good luck getting people's private keys. Lol.

>>11619643
>Because this also exposes the IRS to citizens claiming massive tax deductions when these imaginary internet coin trades go south in value
I must not be understanding you correctly, because I wouldn't consider a max loss deduction of $3k per year to be "massive" at all. Especially when compared to all the gains they are trying to collect.

>>11621606
Literally the only thing the IRS could do moving forward would require exchanges to take out a flat rate tax at the protocol level when someone with a US IP address withdraws. It'd be way easier for them that way anyhow. Yes. VPNs will get around this. Not everyone is that smart and something is better than nothing. They aren't smart enough to even think about doing something like this for another 5 years though I'd bet.

So let me get this straight.
>btc is not a security, currency
>you never cashed out

But you have to pay taxes for the year 2017 for the gainz you could have made in theory?

>>11621892
This

>>11617695
>>11617727
Anything not us based. Bittrex wants to become fiat and verified in us so they will cuck you soon. Binance is really only place with all your coins and doesnt report to irs. Kucoin would work too.

>>11616597
this is that "land of the free" you americans boast about?

>>11619643
Pretty much this, the IRS are really just vampires, they want you to give them enough blood, if you do so they will be happy and leave you alone most likely.

Besides yes you have to really be retarded to declare your trades on foreign exchanges, noone is going to track them, if anything you can cook the books and noone is ever going to track them, I must have used a dozen of exchange and different blockchain, even for me it would be a fucking pain in the ass to retrace the events and I have all the logs.

opt-out

>>11620275
The irony is that the founding fathers revolted for a fucking tax on tea, Thomas Paine would likely gun down an entire IRS building for this kind of shit top kek.

>>11621834
Yes and red coats were just some english peasants obeying orders, you make no points.
Besides you have to be a twisted fuck to work at the IRS.

>>11622434

Yeah, they will garnish your wages. If you owe too much, you're all not getting any welfare money, so your NEET lifestyle is gonna end abruptly.

>>11616654
They have rules, you just don't like them. It's easy, they're taxed like any other investment asset, and you have to record and submit your trades.

Remember this when the audit starts, and they start talking garnishment and penalties.

>>11616951
If he gets a good lawyer, they'll do an offer in compromise, and he'll pay pennies on the dollar. This is available to anyone, but tax attorneys are better at negotiating them, and you can't do them very often.

As long as that anon is in good standing for other tax years, he won't end up paying the full 400k.

>>11617047
>if you bought your corn before 2016 there's no CG. You can claim it as gambling, and gambling is zero rated.
Laughably untrue. You are giving seriously fucked up legal advice.

>>11622379
That's funny, because even if someone holding BTC paid taxes like a good goy, he'd still be better off than ETH JUSTholders.

>>11616597
BASED uncle sam BTFOing redditors

lmfaoooo

LADS what's the moral of this story? How am I supposed to avoid his fate?

I bought ETH on Coinbase, and sent to my cold wallet to do exchanges for my Link coins. I should be safe for the next year no? I just need to figure out how to convert back to fiat when Link finally hits its stride. I'm considering calling up my uncle to ask him to hunt around for a bank in his country so I can send my money to it then.

>>11621774
youre trying to hard little boy

It sounds like this guy never actually cashed anything out and kept it all in crypto.. he doesn't owe shit until he converts to fiat.

>>11620375
Based as fuck. Liberty or death.
Never forget that the best of Western civilization was built by people like you, anon. Stand tall and never bend to tyranny.

>>11616597
Time to hang out with Sayori!
Another victim of the Jews.

>>11622533
Anon doesn't owe shit because he never cashed out. This thread is dumb.

In order to be taxed on capital gains, you have to realize the gain first. You only realize your gain when you get fiat back from your investment.

>>11625626
>>11626172
>>11626184
If you convert any cryptocurrency into a different cryptocurrency, you owe taxes on those realized gains if a profit was made.

>>11616654
OhnonononononononNO

>>11622448
>>11620901
Regardless, the gains they are trying to get are much more easily obtained when that crypto is turned into fiat. If the IRS starts going after crypto-crypto gains then this is what we can expect:
>I do my trading through an LLC
>I can now claim unlimited losses against my income when trading shitcoins
Nice try, IRS.

based

>tfw the riff-raff left on /r/bitcoin defend the IRS rules and hold them up as another reason to avoid altcoins.
BTC maximalism. Not even once.

Imagine being american and getting cucked that way, feels good living in Switzerland, you should have listened.

>Buying DOGE with BTC is taxable

O i am laffin

You guys are all retards and the redditor in the OP is king retard. All the dummy had to do was pull money out on January 1st and pay taxes on the net gain. yeah yeah yeah, taxed every trade. It all boils down to the same thing. You still only pay taxes on your gains and deduct your losses whether you pay it on the difference of what you put in and what you pulled out or you pay it on every transaction. In some countries like the US you basically pay "now". In other countries you pay "later". It all ends up being about the same.
Unless you are a fucking idiot and just don't pay. Then when you don't have enough money to pay you go crying about it on the internet.
And for you arrogant pricks claiming "'Murrica sucks", yes it does. Your country sucks t.o. If you live in the 1st world you are going to pay taxes on your crypto gains. Period. Either now or later but you're still paying. Holding up examples like in the OP of why one system sucks is basically saying you are an idiot like OP of equal caliber.
To put it simply. If I start January 1st with 1 dollar and I end up with 1 million dollars on December 31st, I'm pulling out enough to pay the taxes on the gains at midnight. Yes, this will be a couple of hundred grand. But you suck it up and set that shit aside. Don't wait until the bear market BTFO's your stack and then set it aside. That's foolishness. If you're in some other country that doesn't tax crypto to crypto, get off your high horse. The government just takes your money when you do pull it out. Americans just already paid. It's that simple.

>>11617603
Hey man,

do you happen to have another image presumably from the same artist or meme aesthetic that contains the phrase "Inspiration is the false god" or something to that effect? I recall seeing it and really appreciating it, but I didn't save it. Thanks if you can provide.

>>11616597
Must be a lot of swingtraders worried about the IRS based on how long this post has been on the board. I can understand why, crypto to crypto requirements make hodlers a shit ton smarter.

>>11616597
I'd honestly just fucking kill myself in that situation. Losing like 900k only to either have the government take what's left or end up having to pay them extra thousands every year until I die doesn't really sound preferable to the alternative.

>>11616597
How did Muttia become such a hellhole

>>11619148