/biz/ - Business & Finance

>>13486779

> How would the IRS even know you have crypto?

They wouldn't. That's why crypto exists in first place fucking retard, if you pay taxes in anything crypto-related you are a goverment fag and deserve to die

>>13486795
Sure make 35m from crypto good luck spending it faggot

>>13486779
did you give the exchange your name and address when you signed up?
did you give them a photo of your driver's license?
did you give them your social security number?

If you gave them any of that then they've got KYC and if the government asks them to turn over customer records they will and do.

Some exchanges still resist reporting taxes to the IRS, I think Kraken might not report for example. But most do nowadays. All of the ones based in the US do.

Two things in life are certain: death and taxes. Just pay your taxes.

>>13486852
it's literally as easy as:
($ value of crypto when I sold it) - ($ value of crypto when I bought it) = your profit
if you held it for less than one year, you report that amount as short-term capital gains, if you held it for more than one year you report it as long-term capital gains.

that's it.

>13486809
>Sure make 35m from crypto good luck spending it faggot.
You can spend it, just not all at once. This is actually a win-win for you because it forces you to save/invest and not blow through the money like an idiot.

>>13486882
This. If you have 35m and can control yourself buy a $250k house and pay the crooks their dole of ~ $80k. Play the game and stay safu in your midwest lake house you bought for $250k and out of fed pen or probation.

Fuck you nipjew Hiro for all these captchas just fuck you jap fuck.

>>13486809
>good luck spending it faggot

Sell it to people for cash. Are you fucking retarded?

>>13486852
>If you gave them any of that then they've got KYC and if the government asks them to turn over customer records they will and do.
Only if the exchange you used resides in your country's jurisdiction.

>>13487918
I think he's referring to the difficulty of throwing around 35 million dollars that you got from invisible magic internet money without the government noticing that you suddenly received income because a fat NEET shouldn't be able to buy a loft property in Houston.

>>13486795
Youll be receiving a knock on your door soon :)

>>13487918
You're a retard. The moment you start to have valuable assets that don't line up with your tax returns, you're fucked.

Go to a country with 0% crypto tax, and cash out there. Legal and tax free.

>>13487934
most of the countries we all live in would hand of this information no problem to neighbouring countries dimwit

>>13487948
Bit a fucking Cryptokitty from yourself for a couple million.

>>13488705
*Buy

Can't you go to a state that doesn't have income taxes like South Dakota and cash out there?

>>13488886
Income OR capital gains, that is

>so close to quads

>>13487975
I could be wrong but i think US citizens are horribly afflicted with a unique and severe condition wherein no matter their geographical location they are always considered tax subjects of the United States of America (tm)

>>13486779
>How would the IRS even know you have crypto?
Because people buy BTC using CuckBase

>>13487948
>implying USA is the only country in the world
>implying USA is the only country in the world with 35M
KEK

>>13486795
I wish I were 16 again. Enjoy getting v& when you aren't a minor anymore

>>13486795
How do I not pay taxes on crypto gains?

>>13489399
never cash out