/biz/ - Business & Finance

>>12613691

> pay taxes

thats where you fail my friend, fuck taxes, don't pay them.

>>12613691

put it through a website like cointracking

Just say you made 4k in bitcoin. It’s so little the IRS isn’t going to care about the details

>>12613743
you still need to provide them a loss/gains report.

>>12613691
IRS is backed the fuck up. Trump blessed crypto that way. They were already struggling to tax crypto users, and now the government shutdown completely fucked it up even more. I Literally voted trump (so he could fuck with the central banks) so crypto would be seen as a safe haven, and it seems like that is happening now. If you stop trading now and just held until the next bubble, you’ll be fine.

>>12613691
here in sweden some guy made millions (of SEK) daytrading bitcoin. he tried to be honest and pay his taxes, however he couldn't prove his initial purchase since he apparently paid with cash. so the government ended up thinking he should pay more, 30% of the whole sale instead of 30% on the profit. basically he now must pay 4 times his actual profit in taxes and is ruined for the rest of his life.

what kind of signal does this send, when people TRY to pay their taxes but get fucked over because of it?

>>12613786
Not even

>>12613786
Really? Fuck, there is one exchange I used but never used again because it was shady and scammy. I don't even remember my password to it. Isn't there some rule where like you don't have to file if you don't make a certain amount? I've sold at a loss more than I have sold at a profit in $$$. What if I'm up in the amount of coins and sats but still down in dollars?

>>12613791
I mean we still would have to pay it once IRS gets it's shit together right? I cannot see the IRS being underfunded for much longer. I also plan to buy a little bit more.

>>12613691
Wait and hold until they are more adopted and then you can use them freely and buy shit.

>>12613945
With how trump wants to deregulate and scale back the government, I can see him downsizing the IRS as a whole. Its been almost weaponized in the past 20 years. More so as of recent.

>>12613691
fuck off glownigger

>>12613701
always pay taxes. IRS can get you for life if you dont pay at all. if you file incorrectly they only have like 3 years to get you. and they wont get you for less than 3k in taxes owed they want big fish

Cryptotrader.tax

Legit easy AF if you have a ton of trades.

>>12614092
Bro there is just no way IRS can be gutted any more. Especially when it looks like people are in favor of taxing the super wealthy 70%. People are also fed up with corporations getting away with shit. I don't think Trump will be able to have his way and if he did I don't think the system will last that long before it starts crumbling.

>>12614186
I just upload all the excel files from Binance + coinbase? Do they allow a combination of file uploads and manual entries? Because I just found a screenshot of my trades I had on the scam exchange. I'm glad I thought about taking a screenshot of it.

>IRS
They're so fucking incompetent.
1099s are due today and the fucking online filing system is down
If they can't handle their own basic shit, how will they be able to handle crypto?
They won't

>>12614297
Yeah just upload your excel files, easy as that.

>>12613691
you will owe $0 since it's <$10k but you still need to file

>>12613945
yeah, which is why you should just hold and not trade and create a higher tax burden for yourself. construct a portfolio and leave it

>>12613876
if you have more losses then gains over the FY then you have a net loss, stop freaking out, you will probably get some tax credit peanuts

>>12615100
this, only sell a position at a loss to rebalance your portfolio, and only sell a gain if you make a shitload

MO-NER-O

If ur Murrican

Net capital gains and losses on all trades. I believe crypto is currently being traded as a commodity. So 40% of short term gains and 60% of long term gains are taxable as income.

>>12613691
How do you file taxes if you used shit like POWH or Criptokitties or some exchange that does? How do you file tax if you made bucks on gambling?

I can understand useing reputable exchange and just getting out your trade excell sheet, but what shall I do with ETH contracts? get all transactions? Gas? Wtf?

>>12614141

No Anon. You mean they'll take 10% of my check for the resto f my life and I'll never actually pay off the balance I owe?

Does this factor in the student loans I owe as well? Will they take that out of my check too?

>>12616112

Online gambling was made illegal by Bush.

>>12613691
I used bitcoin.tax. It sucks that you have to pay, but it was easy. You can just import all your trades from a csv you get from Coinbase (or whatever you used). Then you can get a file to import into TurboTax.

>>12613791
High iq post

>>12613786
Give them the wallet addresses and they can look at each transaction history and do the math themselves.

>>12613791
Not all heroes wear capes

>>12617277
back to rebbit

>>12613701
Not everyone has a prison rape fantasy, anon.

>>12617396
https://www.youtube.com/watch?v=oBzvMLW0ii4

>>12615955
when was that taken?

Id pay my crypto taxes (jk Id max out my capital losses) if there was any way whatsoever of figuring out what the fuck Im supposed to do with hundreds and hundreds of Binance scalps, Coinbase/Cashapp deposits, etc. You've got absolutely be shitting me - add and subtract each time I made or lost a couple dollars per trade? Fuck that there is no choice.

If I ever make it, I'll sell everything at end of year, give them my cost basis, profit, and pay up then. This is total bullshit.

Not American, but since Crypto-Crypto trading became taxable event in my country, even in a case that I bought Bitcoin with my credit card and transfered the said Bitcoin to Binance and bought some other Altcoin = Taxable event according to law if Bitcoin's course did change at the time of purchase.

I have probably 100 buys in this manner, and every proof of every transfer. Most of the trades/buys have been at loss, but I have few trades that Bitcoin has pumped during the transfer and those 50 or so trades constitute gains of 50€.

I did not report that 50€ though because that sounded so fucking stupid amount to report. I am not swingtrading because of this fact, it is way too much hassle.

>>12613691
>paying taxes on pyramid schemes
The absolute state of mutts

>>12614141
Nobody I know even pays tax anymore, it's a scam.

>>12618450
fuck governments

Cash out in Puerto Rico, pay no taxes. Move out of that shithole and go back home

Why the fuck are you in Sweden? I visited a while back, the blonde chick paradise I was expecting turned into a feminist shithole overrun by Arabs. Your government is a weak nanny state and its literally impossible to be an individual in that country, the only rule is CONFORM AND PAY YOUR TAX NPC.