/biz/ - Business & Finance

I used cointracking and sent the CSV to my accountant. No fucks given

>>13678369
ever heard of monero and crypto ATMs?

>>13678369
Only if you are an amerilard

>>13678369
only if you make money and cash out (you don’t)

>>13678380
>sent the CSV to my accountant.
>No fucks given
based and taxpilled

Imagine being so cuck you pay taxes on crypto

>>13678418
My accountant hooks up every loophole imaginable.

>>13678369

is c2c taxable in the uk?

>>13678429
you can't Change a normie, even if he tries crypto. knowing normies are here we should probably sell now

>>13678396
>transfers a million dollars of monero off KYC exchange
Der der, Mr Taxman will never find me!

>>13678369
Just sell and buy back right in at a loss, then get money back from the gubberment.

Only if you cash out. Of course if you constantly throw money on and off exchanges like a retard you'll get the IRS' attention.

>>13678455
Are you really asking this on a Bengali anime forum? How do you not already know the answer to this? https://www.gov.uk/government/publications/tax-on-cryptoassets

>He didn’t take profits in 2018
>He didn’t have his name automatically sent to the IRS by Coinbase

My plan is to not give a goddam shit about taxes until I'm ready to cash out

>>13678369
I made 400k in crypto in 2017. Haven't filed shit. Haven't heard a peep from the IRS. Fuck em.

>>13678369
Not in Eastern Europe it isn't xD

>>13678519
Make sure you keep track of all your trades or you’re going to have a bad time

>>13678556
This meme was old in 2017

>>13678556
Nope

must really suck to be a burger, your government fucks you just as hard as it fucks the rest of the world

>>13678536
At some point my shit expires right? I don't live in the US despite being a US citizen so avoiding this is pretty easy...

>>13678536
You're a madlad! I know of a guy whos done several cash out tx of adding up to tens of thousands, so far same for him not audited yet.

>>13678579
10 years or something like that. If you cashed out and they don't catch you in 6-10 years they can't enforce the tax.

>>13678579
What continent?

>>13678604
Asia
>>13678599
Cashed out yeah. Ok

>>13678617
Needless to say they like the 30 minutes or its free pizza places will go in a frenzy if they even think you looked at crypto. Good luck and hopefully none of your tax returns or other financial information gets hit with a clerical error or identify theft and requires an audit.

>>13678631
thanks

>>13678369
>tfw europoor
>tfw no capital gains tax

America arguably has the most cucked tax system in the world. Thank god I am not born there.

do crypto to crypto taxes goy
what?!?! We should pay taxes on illegal black market art sales?!? No chance

>>13678369
Pay them when they ask me. No big deal.

>>13678702
basically these. you're absolutely 100% going to get audited and maybe even fined but you can take it to court and hire a good accountant and you'll be fine in the end.

Seriously, 100k profit short term in my city equates to something like 40k taxes, these faggots can eat my shit, I'm going to withdraw from crypto ATM's and pay with crypto cards 5-10 years from now, I'm never going to cash out.

I firmly believe that jews should rule the earth. Every jew should be given 70 slaves excluding warriors. Private property and privacy should be banned with an exception for jews. Only jews have the wisdom and mental power necessary to rule the world. We must peacefully cede control of all levers of power to the jews. Do not resist.

>>13678484
im such a fucking brainlet i dont understand any of this. if i keep 90% of my linkies in cold storage and trade often with the other 10% im fucked and owe a shit load of taxes in the uk?

>>13678743
>basically these.
kek holy fuck, just got exposed as a pajeet

>PAYING CRYPTO TAXES
NIGGA JUST SEND YOur BTC TO YOUR WALLET AND SAY YOU LOST IT ALL LMFAO THATS THE WHOLE POINT YOU FUGGIN IDIOT

>>13678750
I'm not a bong and i'm not reading it for you retard. Talk to an accountant.

My plan is not being an amerifat

Cash out in Argentina, I'm not giving a fucking dime to the American government.

Not in my country :D

>>13678556
how are you supposed to report trades which happened on dead exchanges and you woke up to a dead exchange and didn't save the .csv?

what about forks?

what about giveaway shitcoins?

what about rebrandings like POSW to XSN stuff?

this is insanity

>>13678536
lol you are nuts. did you cash out 400k? or holding 400k worth of btc and shitcoins

>>13678369
Hodlers don’t pay taxes. Use USD to stuff your face with shitcoins. Then it’s lambo or bust.

>>13678536
I cashed out about 150k in 2017, and wound up having to pay damn near fucking all of it as taxes on my crypto-to-crypto. But the good news is, my conscience is clear. The Empire is not going to sic its T-men on me.

>>13678556
how will they ever even find out lmao. Unless you have KYC'd on an exchange and the exchange then complies with the IRS they will never know how many trades you've made or what those trades are.

Seriously. What the fuck guys. You can even just say you bought a shitcoin on something like cryptopia and lost all your gains. How will they prove you are lying...

What kind of retard pays tax on crypto.

>>13679551
Deduct your losses bro wtf.

>>13678369
>What's your plan guys
Establishing residency in Uruguay to cash out there. I need a place to flee to if the future alexandria of color gubmint comes after me for liking hitler memes anyway.

>>13678579
>At some point my shit expires right? I don't live in the US despite being a US citizen so avoiding this is pretty easy...

US citizens get taxed by the US gov on global income.

>>13679636
I fucking kev's hard my dude thank you

>>13679709

>>13679567

So the real question is, what happens when you try and cash out. Say, you have $100,000 in crypto that you'd like to turn into cash. Let's hear how simple that is to cash out and not get "caught".

but cyrpto to fiat to crypto isn't ;)

1 crypto = 1 fiat

https://www.congress.gov/bill/115th-congress/house-bill/7356/text?format=txt

praying for this to pass

>>13678369
>buy crypto with fiat
>it raises 50%
>sell it for a stablecoin - taxed 50%, take home 25%
>stablecoin doesn't move
>sell it for fiat - taxed ????

>>13680378
The IRS is going to consider the whole as zero cost. So you'd be liable for REGULAR INCOME TAX on the whole value since you have zero records to show.

If you can launder it somehow and skirt the man, god bless, but if you're trying to live in society you're gonna have to put up with the state's bullshit or have a very bad time

>>13680455
You make money you pay us you lose money you pay us, you die and leave money you pay us you give a gift you pay us you want to drink you pay us you want to fuck you pay us you want fun you pay us you die you pay us you live you pay us

>>13680455
Stable coins have fluctuations in value. They're stable until they implode

Use all that crypto to buy yourself a fake identity.

>>13680471

That's exactly the point I was going to make to that anon. It's not simple when it comes to cashing out, especially larger amounts and expect to NOT pay tax on that money. You will get questioned if large amounts start showing up in a bank account that normally hasn't held large balances over time. Anything that raises a red flag will get questioned.

Sure, you could break up your deposits into smaller amounts over time, but there's not only risk leaving your funds in a stable coin (tether, etc), but if you leave it in BTC over time as you cash amounts out, you could easily lose your earnings as well, with how volatile things are.

>>13680378
then you pay capital gains tax. Which is like 20% depends what country.

But paying on crypto->crypto trades is retarded.

>>13680548
it doesnt matter. Just say you bought bitcoin in 2011. Then cashed out now. the only tax you have to pay is capital gains.

>>13680582

I mistook what you said then anon. My apologies.

The point of being rich is that you can afford taxes, instead of living as a fugitive your entire life.
Whatever. The irs will eventually get to your file and ask you for fines and unpaid quarterly estimated taxes and interest. All because you wanted to larp as a cheap scammer, because being a normal law-abiding citizen was too much for you.

holy shid we r goig t2 mak it :D :D

>>13680773
>The point of being rich is that you can afford taxes
HAHAHAHAHA IMAGINE ACTUALLY THINKING THIS LMAO!!!!!!!!!

here in germany cryptos are taxed like normal income.
so if you make it big with crypto and want to cash out you have to pay nearly 50% in taxes.

needless to say i wont do this.
the bad thing is i dont have a plan yet how i could cash out taxfree or at least only 20% or lower tax.

>inb4 just hold a year and cash out taxfree
lmao yeah. sure. 1 year is a fucking long time in crypto

>>13680773
>The point of being rich is that you can afford taxes
lol what the fuck, live free or die bro. I hope you're not american because what you just said was a disgrace to my beautiful nation and its founding fathers.

>tfw don't have to pay shit because I gave my parents some of my gains as """donations"""

>>13680889
Cash out in Poland or some eastern euro country

Benefits of eu

>>13679348
>implying tax gain is not something that works worldwide
cash out here, we get 35% you retard goy

>>13680889
>the bad thing is i dont have a plan yet how i could cash out taxfree or at least only 20% or lower tax.

Find places that accept crypto directly and enjoy "free" vacations for the rest of your life.

why do you care about crypto-crypto, just learn how to be anonymous and then cash out with bitomats

Also you can move to Puerto Rico and not have to deal with capital gains tax.

Can I file my taxes in Germany if I'm Spanish? I heard they have a sweet 0% tax for long term holders

>>13678556
Well now I know this bullrun is legit if you faggots are spamming this crap again.

>>13678369
>What's your plan guys
Laugh at the Burgers!
>MUH FREEEST COUNTRY IN THE WORLD
HA HA HA HA HA HA HA

>>13681122
You file taxes for where you live...Do you live in Germany? If not then no

>cash out 150k
>pay 50k in taxes

>>13678691
The US tax system is designed from the ground up to keep people working until they’re 65.

>all hail muh GDP
>fuck quality of life 7bh

>>13680889
Imagine your blood pressure after spending 1 year in the most volatile asset in the history of mankind.

>>13681243
lmao yeah fuck this shit
you have so much stress in that year you probably die 10 years earlier
so thats not an option.

>>13680941
“To facilitate to them the performance of their duty, it is essential that you should practically bear in mind that towards the payment of debts there must be revenue; that to have revenue there must be taxes” ...
— Washington

The Founding Fathers were not completely averse to taxes. However, the full passage admits that taxes are uncomfortable to bear. The larger point, too, in our modern rail against taxation, is that taxes are intended to provide for public good. I do not agree they are. Roads are in disrepair all around my home. Homeless fill the streets. Police are more concerned about speeding tickets than about keeping the peace. Where are our taxes going, if not to these obvious needs?

>>13682037
>Where are our taxes going, if not to these obvious needs?
To the MIC and pharma corps

>>13679593
It was 2017. No one was losing money in 2017. Unless you were a stone retard.

>>13681067
>bitomats
Shit got KYC yo

>>13678599
7 years only if u file some taxes, if u dont it’s unlimited

>>13678429
In France they passed a law recently on capital crypto gains making it 30%, been looking for a solution for the past few months. Thought about making small increments here and there (been in crypto for about 6 years since I was 15 so I am still a student and this could work for a while but I need a real solution where I don't get fucked by taxes)

>>13678369
...pay my taxes every year like I've been doing so no one can delegitamize my wealth? I understand that the whole taxing issue is fundamentally opposed to the point of Bitcoin but, give unto Caesar etc etc

>>13678369
Taxation is theft

>>13683151
well just become a fortune 500 company and barley pay any tax at all :)

>>13680490
you should consider using the system before there were federal governments ensuring a smooth and functioning infrastructure platform to conduct business on.

you've engaged in this social contract and you can leave whenever you'd like.

>>13682037
>>13683263
Retards income taxes are a jewish scam. All taxation was consumption based such as levies and tariffs until the jews took control in 1913. Kill yourself

>>13683236
>t. brainlet lefty

>>13683289
That’s terror.

>>13678369
my plan is to not file anything because im poor and always make less than 1k per year. lol. enjoy your taxes bourgie.

>>13679463
dfsffsfs

>>13683309
>blatantly disregards facts
well done you are a good goy :)
I would never vote lefties btw if I were amerifat I wouldn't vote trump either tho. you system is screwed beyond reparation just to let you know

>>13678369
learn to do your taxes or have fun not being able to cash out you complete retard

>>13678369
Hold all these moneros then down the line sell some "artwork" for $100mill and pay tax.

>>13678464
Then you need to transfer from that wallet to a different wallet then bingo you got cover.

>>13678369
My plan is to not day trade and hodl. You cant tax me for holding bags.

>>13678536
Based. Taxation is theft. Fuck the bootlickers in this thread

Stop being blinded by
>crypto kills the taxman
>they will never find my private keys!
Many of you are going to pay thousands in penalties and fines trying to avoid taxes.
If you have over $100k in crypto or are approaching it, it would be worthwhile to talk to an tax accountant and tax lawyer. Most of them don't charge anything, if you dont do business with them.

Even if Smart Contracts enable you to mitigate/forgo taxes in the future, they will still have to comply with your country's laws. This pajeet believes the tax advice/benefits the rich have regarding property will find its way to the average btc holder:

https://youtu.be/NV5ubkGQUes?t=79

>>13683289
without capital gains and income taxes, your chances of ever achieving financial independence in this world would not exist.

It would be a tragedy if wealth was never evaporated from the rich because they would never have any incentive to generate more wealth. They would regress to mere rent-seeking behavior which had been prophesied and fore-warned by every non-keynsian economist since Adam Smith.
As for income tax, think of it this way, those taking advantage of the stable platform in which to conduct business clearly have the most effective skillsets. It's to the advantage of society if these effective people are also involved in the direction of government. Taxing is a commitment method where those people are incentivized to participate. Low income people paying little taxes are inherently expected to participate less, possibly not at all. In America, we are seeing this very problem. Those who don't pay taxes, at both end of the spectrum, have no vested interested in making sure the whole system doesn't go ass over tea kettle.

It's too bad your entitled boomer self can't see past short term gains at the expense of others. Your beliefs will clearly generate a class based society where you will get to benefit from the toils of those below you for a little while, but the ground will shrink beneath your feet while those above you find ever ingenious ways to exploit you.

>>13678380
Cointracking gives me errors, reports my balance in the negatives, and lost about half of my transactions. You just got yourself audited LMAO.
>>13678464
I have thousands of trades from testing bots in 2013. Half the exchanges don't exist anymore. I didn't report it because Crypto was said to be illegal in my state at the time.

Riddle me this, jew man. How would you legally pay all of this?

Trade during a bear market, hold during a bull market. Which is exactly what I did.

>>13678536
If you manage to keep your head down you wont.

Dont buy a Lambo, they know your real life income can not afford you one, so they'll investigate.

>>13683309
>>13683236
Its tire all they have to do is say they weren't profitable

How about not cashing out at all and just waiting till you can actually buy shit with crypto...

>make 100k
>pay 50k in taxes
WHAT THE FUCK, HOW AM I SUPPOSED TO GET RICH LIKE THIS
THE FOUNDERS OF THIS COUNTRY FOUGHT A WAR OVER THIS SHIT

>>13678369

I use noncompliant foreign exchanges or decentralized exchanges, paying taxes is for retards. Nobody rich pays taxes.

>>13685162
Even if you dont cash out and you trade couns you still owe money

>>13683080
Just localmonero

>>13678536

Newsflash, 99% of existing murder cases go unsolved despite loads of evidence or even footage. The government consists of lazy incompetents and if you just don't make any really strange purchases, nothing is going to happen.

>>13684144
Government operated without income tax for decades and people built empires fine. Income tax is supposed to only be for times of war, while capital gains is a more sensible constant tax. Income tax literally only suppresses the working class

Can you avoid taxes with stablecoins?

>>13684740
same problem with the bot trades. I think I had about 70k trades on binance in 2018. I knew I'd be claiming a loss and tax writeoff in 2018.but I looked at bitcoin.tax's plans and it was going to cost me $200 just to discover how much money I lost. I said fuck it, I didnt cash any out so who gives a fuck, didnt report anything.

If I actually ever make they can audit me and I can pay a fee or whatever. Ill pay my fair share on anything I cash out but calculating tax owed while riding the shitcoin carousel is fucking stupidiculous.

>>13679348

B-but then who will bomb the children goyim?

>>13680378

Buy metals with crypto, sell metals

>>13678536

I reported you, m8. Pay your taxes. I need my neetbux and Tyrone needs his welfare.

>>13680773

>scammer

Fuck off retard, these are my savings that I earned. All these stock fund companies barely pay taxes and people are forced at gunpoint to participate. Crypto is mine, under my control to do with as I wish and I will kill any stupid motherfucker like you who tries to rob me.

You "the government is my god" types should all be exterminated desu senpai, constant war is apparently not enough for you

>>13682037

War jews

>>13685306
This. I just give 30% of whatever I take out and that hurts because I lost 10s of thousands last year and I should have been able to write off.

>>13684144

Read a book nigger, before your bullshit taxes these problems did not even exist. Yeah people weren't rich, but what do you expect when a day laborer has to feed 14 kids off of a single uneducated work salary? People with high paying jobs can't do that today and women are forced to work through taxation

>>13685243
checking this out, seems like a good plan anon. However couldn't I get fucked anyway by receiving thousands of € here and there by some international accounts ?

>>13678369
i didn't file any of my crypto gains on my taxes this year, gonna do the same next year.

/CmzBdMc

>>13678369
Hang all jews

>>13685535
mister sherman and his posse will get the big exchanges to publish clients' names again

>>13678396
>>13678429
>>13678571
>>13678564
>>13678702
>>13678779
>>13679567
>>13681067
>>13681124
>>13678536
>>13685535

You guys are fucking retarded, fundamentally

>>13684740
>I have thousands of trades from testing bots in 2013. Half the exchanges don't exist anymore. I didn't report it because Crypto was said to be illegal in my state at the time.
>Riddle me this, jew man. How would you legally pay all of this?

Similar situation but nowhere near the volume you're talking about, in 2017 I went back and amended my returns to 2013... what I did was construct as clear a picture as I could with the information I could get and estimated the rest based off of my total profit at the time was. I did end up owing a few hundred dollars.

Here's the kicker though, I wrote the IRS a check and paid them everything I owed, penalties and all.... and they turned around and sent the money right back to me with a letter basically saying "Thanks for correcting your tax return, but we legally are no longer able to collect the money you owed us because the window has closed have a nice day!"

... so I basically got to keep my money tax free and now when I make it and say I was an early adopter the IRS won't be cracking down on me because I actually made the effort to fix it even though I actually didn't end up paying.

>>13678369
All I do is lose money on this shit.

>>13678380
i did this too. very simple. $100 a year isn't bad to track it all for you

>>13685720

And you willingly and knowingly aid and abed all the horrors the american government commits

the tax is to cover mr goldberg when his son makes an oopsie investment

>>13678369
Why the fuck would you pay taxes on crypto to crypto?

>>13686304
shut up and give me shekels goy

imagine not using localbitcoins to get your fiat in cash because you want to be a good boy to your overlords

taxation is theft

I'm confident tax laws will modernize in the future as boomers start to die off. Crypto-to-crypto taxation is one of the biggest scams ever.

>>13678779
I actually did lose a wallet worth about 8k I hope they don't fuss with me

I don't get it how do you tax crypto to crypto

>>13680773
>The irs will eventually get to your file and ask you for fines and unpaid quarterly estimated taxes and interest.
cucked taxpayers actually believe this, LOL

>>13678369
I've been reporting all trades for 5+ years, it's easy if you aren't a lazy shit

>>13688729
most anons here are lazy neets playing with their neetbux, allowance, and minimum wagie scraps