/biz/ - Business & Finance

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Anonymous Anonymous Mon Apr 1 07:41:32 2019 No.13182353 [Reply] [Original]

So I bought crypto back in late October 2017. made a small fortune but didn't sell.. I hodled because biz told me we would become lambo rich. well I did make thousands of trades however and that crypto to crypto turns out to be a taxable event. I also lost 0.70 btc on bitmex. I'm not sure how to report that. am I going to end up owing more money than I earned? is crypto a big IRS exit scam?

>>	Anonymous Mon Apr 1 07:42:15 2019 No.13182355 >>13182353 you are going to jail

>>	Anonymous Mon Apr 1 07:44:25 2019 No.13182364 >>13182353 Pretty sure nobody outside of reddit is paying taxes on crypto trades.<span class="fortune" style="color:#e7890c"> Your fortune: Good Luck[/spoiler]

>>	Anonymous Mon Apr 1 07:50:24 2019 No.13182392 >>13182353 OP is going to get raped in the 'freest country on earth'! I sometimes pity you Mutts, but then you speak & I wonder how I help the noble Rothschild in their endeavours!

>>	Anonymous Mon Apr 1 07:53:11 2019 No.13182407 Did you trade on coinbase/gdax? Did you cash out more than $10k? If no to both then don't bother reporting.

>>	Anonymous Mon Apr 1 07:54:28 2019 No.13182414 >>13182407 Why would you cash out less than $10k

>>	Anonymous Mon Apr 1 08:13:06 2019 No.13182502 LOL, don't fucking report any of it. Whatever you cash out just declare it as unofficial earnings like a side job you did for a boomer mowing their garden for a year. Obviously use a separate account to your main bank account

>>	Anonymous Mon Apr 1 08:24:32 2019 No.13182600 File: 33 KB, 600x600, 1552380720447.jpg [View same] [iqdb] [saucenao] [google] We have to pay taxes on this?

>>	Anonymous Mon Apr 1 08:39:51 2019 No.13182699 >>13182502 I made $300k mowing lawns sir

>>	Anonymous Mon Apr 1 08:41:06 2019 No.13182714 File: 44 KB, 1280x720, 1554095636445.jpg [View same] [iqdb] [saucenao] [google] >>13182364 Are fortunes back? #fortune

>>	None !4X8vLLNDE2 Mon Apr 1 08:43:01 2019 No.13182723 >>13182714

>>	Anonymous Mon Apr 1 08:45:36 2019 No.13182740 >>13182714<span class="fortune" style="color:#f51c6a"> Your fortune: Reply hazy, try again[/spoiler]

Anonymous Mon Apr 1 08:56:01 2019 No.13182806

>>131825
That is a dumb advice. Mowing lawn would count as employment income meaning you'd have to pay SS and medicaid taxes on top of your federal tax bracket.
You are way better off reporting it as capital gains since you are only liable for the gains and if you hold it for longer than a year, you are put in a lower ltcg tax bracket.

>>	frog Mon Apr 1 08:56:44 2019 No.13182810 >>13182740 how do you do this anon?

>>	Anonymous Mon Apr 1 09:01:20 2019 No.13182841 >>13182806 Also, if you want to legally pay 0% tax on your crypto, hodl for longer than a year and only take out $38600 worth of gains a year and have no other income outside of your 401k.

>>	Anonymous Mon Apr 1 09:06:25 2019 No.13182863 >>13182841 Or renounce!

Anonymous Mon Apr 1 09:18:32 2019 No.13182960

Crypto to crypto wasn't taxed. Just put your intial investment as a btc buy and calulate the net profit as one transaction if your scared if they really want to audit you which I doubt it you made less than 10k just give them all your trades no big deal

>>	Anonymous Mon Apr 1 09:21:49 2019 No.13182974 >>13182353 i feel sorry for you if you live in the US and are actually trading it. The only thing you can do in the US is buy and hold it on coinbase. Otherwise its going to be a tax nightmare for you.

>>	Anonymous Mon Apr 1 09:30:14 2019 No.13183036 File: 147 KB, 692x1000, E25AF47F-2C68-415E-8E20-8C6AD4C2F131.jpg [View same] [iqdb] [saucenao] [google] >>13182974 Because losses are taxed? That's why you say that?

>>	Anonymous Mon Apr 1 09:33:07 2019 No.13183060 >>13182974 There's software that automates all your trades and you can upload to tax software, it's not difficult.

>>	Anonymous Mon Apr 1 09:34:32 2019 No.13183069 >>13183060 But losses are still taxed.

>>	Anonymous Mon Apr 1 09:36:19 2019 No.13183083 >>13183069 No they aren't.

>>	Anonymous Mon Apr 1 09:36:25 2019 No.13183086 >>13182353 GET AN ACCOUNTANT YOU FUCKING IDIOT. YOU SHOULD NOT BE PAYING ANYTHING AT ALL. FUCK, HOW MANY TIMES.. how can you all be so fucking stupid...

>>	Anonymous Mon Apr 1 09:42:58 2019 No.13183130 >>13182810 First you get the points.<div class="like-perk-cnt">😂</div>

>>	Anonymous Mon Apr 1 09:43:53 2019 No.13183138 >>13183086 You should be paying actually.

>>	Anonymous Mon Apr 1 10:29:17 2019 No.13183520 >>13182353 bitmex fucked up, form 8938 and fbar

>>	Anonymous Mon Apr 1 10:34:20 2019 No.13183555 >>13183086 >Get an accountant >not pay Who pays accountant? Who is phone?

>>	Anonymous Mon Apr 1 10:42:16 2019 No.13183614 >>13183086 If you get an accountant they are just going to tell you have to pay then charge you money for that advice. RIP Harambe

>>	Anonymous Mon Apr 1 11:03:10 2019 No.13183749 >>13182841 Found this out yesterday. Comfy

>>	Anonymous Mon Apr 1 11:07:33 2019 No.13183789 >>13182353 Number one reason I avoided bitmex is taxes. You are officially fucked sir. Good luck cashing out, and trying to explain where that BTC went. Bitmex tax liability will destroy many hopes and dreams

Anonymous Mon Apr 1 11:08:50 2019 No.13183799

>>13183614
Trust me anon. Accountant will cost a few hundred and is worth every penny. We all may be experienced and have expertise is certain fields, but accountancy is witchcraft and professional accountants understand the unintuitive world of taxes. So much more to this than I can be bothered to type. But in short you should have a plan in place to operate within and be aware of the tax implications of what you are doing, so talk to a real qualified and experienced tax advisor. Or just follow the bullshit on here n think you pay tax on every trade even losses, are you fucking mad..

>>	Anonymous Mon Apr 1 11:09:30 2019 No.13183807 >>13183789 You can’t write off a loss from an illegal for of gambling, it’s like saying you lost 5k playing dice in the alley. You won’t ever see that money again but the irs will hold you responsible for your purchase for ever

>>	Anonymous Mon Apr 1 11:11:36 2019 No.13183822 File: 188 KB, 1199x795, DjXIX0YV4AEugoh.jpg [View same] [iqdb] [saucenao] [google] >>13182353 No joke op you're probably looking at jail time, not reporting us a federal crime better lawyer up, good luck op

>>	Anonymous Mon Apr 1 11:12:48 2019 No.13183836 >>13182841 This would totally work, even put capital losses on top (cost of trading: internet, computer, office space, electricity and so on) should push you to 45k per year easy. This is good advice.

Anonymous Mon Apr 1 11:12:56 2019 No.13183837

>>13183807
They might now hunt you down now but in 10 years when you try to cash out they will point to your purchase at 3.5k price and will show a 20x gain. You will be responsible for the gains or liability of you can’t explain where the money went. I would seriously think about claiming it was lost or stolen (not a write off)

>>	Anonymous Mon Apr 1 11:14:15 2019 No.13183848 >>13183822 WTF, I thought they split in to races in Burger prison? That pic has more diversity than Sweden!

Anonymous Mon Apr 1 11:17:03 2019 No.13183872

>>13183807
Wrong. A loss is a loss. You have already paid tax on the monies as you earn it. If you give money away (or loose it at a casino) that you obviously don't pay additional tax on your loss. How fucking stupid does that sound. It's common for small business to show loss for first few years to help push tax burden into year four and five when growth can absorb tax cost.

>>	Anonymous Mon Apr 1 11:18:15 2019 No.13183880 >>13183837 Ridiculous

>>	Anonymous Mon Apr 1 11:23:25 2019 No.13183913 You can’t write off illegal gambling as a loss, imbeciles Screen shot this

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