/biz/ - Business & Finance

>>14277652
What business does a tax man have on a Gambian Crypto forum?

Also a former tax cuck now retired.
Moved to puerto rico 0 tax
Self directed IRA 0 tax
Fuck off you wage cuck piece of shit
Ask a real former tax slave who made it anything
Im hijacking this thread

Should I ask binance for my trading history to prove I’ve owned link for 2yrs so I don’t get fucked when $1000 EOY?

When will crypto fags have to report their shitcoin earnings on their tax returns?

>>14277724
You can retrievet it yourself, and yes you should.

>>14277744
They've had to since 2014. You can skirt the law and maybe you get away with it, but if you have over 100k or plan on ever using your shitcoins to buy anything of real value, better do it right now.

>>14277652
Can you please list the top 3 ways you would avoid and evade tax if your life depended on minimising your tax burden.

>>14277652
If somebody asks you about tax evasion what do you say or do?

>>14277709
Good question
>>14277723
There's more than enough billable time go around friend
>>14277724
trading cryptos to another cryptos is taxable at the rise in FMV to the dollar. so yes ask your broker faggot
>>14277744
they never learn

>>14277771
I'm not smart enough to implement a tax evasion scheme. I'm getting dinner I'll be back faggots

>>14277766
Form an offshore LLC in nevis that owns a trust in the cooks island. The Trust is the owner of the LLC and you are the beneficiary.
Trade everything through the LLC.
Open a bank account in Germany for the company earnings.

Sell shitcoins for 1oz double eagles, and sell these for cash at coin shows.

Move to puerto rico and pay zero tax legally.

>>14277798
Sage told you this faggot was a dumbass.
I'm the real genius
AMA

>>14277652
what is the rule on mining? Here is what i do. I mine ETH. Trade ETH for link. Hodl till i die with link. what do?

>>14277867
Mining is taxed as ordinary income.
Trading your ETH for link triggers a capital gains tax, short term.

>>14277887
cool. ty. i have never cashed out but i plan on when i do cash out i will hold back roughly a third for taxes, is that a good idea?

>>14277749
Should I get all my trades? Or just the link buys?

>>14277973
No not a good idea.
Calculate it now.
You should know how much tax you would owe before you make the trade.
Be prepared so theres no surprises.
And you already OWE taxes by mining.
When you mine tax is due at the FMV you mine ETH.
It is also due to be paid quarterly.
You need to do shit.

>>14277988
How are you going to only show link trades from binance yet exclude the other ones in the report without fraudulently changing it. If you going to commit such blatant fraud, might as well dont report anything since both are fraud.
All trades dumbass.

>>14277652
is crypto taxable if you go all in and never withdraw to fiat?

>>14277652
Do u think the IRS/US government will implode from lack of enforcement agency funding?
https://www.irs.gov/pub/irs-pdf/i1120.pdf

>>14278034
Yes if you trade it for anything else like a shitcoin.

>>14278034
What caused the first crypto crash? The tax rules changed on how crypto would be handled.

>>14278037
No

>>14277652
>>14277723
>>14277818

Not directly crypto related, but I am a total newfag when it comes to tax. When Link comes off I want to start a few businesses. One being a vidya company and the other being a softcore porn company.

I heard that I can claim buying desks, chairs, computers, GPU's, CPU's, props for the photoshoots, cars for travel, holidays for new photoshoot destinations etc all as tax deductible? Can I claim office space rent as well? I also heard that I don't have to pay any tax if I put my money back into my business. Lets say I made an indie game with a 200k budget and made 1MM. How do I put that back into the company so I don't have to pay any tax? Am I forced to make the budget of my next game 1MM? What if I make a huge loss on the next game? How do I take at least some profits out or save some? If I make losses on a game, how do I bring those losses forwards to the next year so that when I make a profit I pay no taxes and can keep money without having to reinvest?

>>14278061
Clearly you're a newfag.
The first crypto crash in 2013 was due to speculation and liquidity issues.

>>14277998
>feels bad because barely profit $60 a month after electric.
thanks for the knowledge. i started mining seriously last month so its not too late.

i followed pic related and decided to go the mining route instead of buying. i have not cashed out yet but plan on it in probably a week. i think it will be best to cash out on last day of month so i know my earnings for the full month. it will show on coinbase that way. im not longer accumulating link. of course im a small fish in this pond, less then $600 invested through fiat

CPA here. I literally just read-only API key my crap and pay $30 for bitcoin.tax to do it. They do mining calcs for you too for the other anon that asked that. Literally easiest thing and have been reporting all my gainz/JUSTs in both long-term and short-term rates.

They even give you a print out of the schedule and you just throw it in a tax software like HR block. So many burgers are going to jail as soon as they cash out

>>14277763
how tf do you do that
I've held since 2012 with coins I bought with cash on localbit bitinstant and person to person
traded up some coins in 2016/2017 on poloniex but just held bitcoin in a multisig since the beginning of 2018
How do I prove this

>>14278140
>So many burgers are going to jail as soon as they cash out
I might as well leave this shit hole country I don't know what the fuck I'm doing

>>14277818
that's tax avoidance not tax evasion. That's on the up and up

I’ve made probably 200 trades since 2017, never reported anything. If all my crypto to crypto shit is taxable, I probably “owe” between 5-10 gs. I want to claim my 2017 as like kind exchanges, and I traded at an overall loss in 2018. Will I be able to find an accountant that will sign off on the like kind shit to defer taxes to when I cash out, probably next year?

My theory is if I don’t try to cheat then and pay up then they’ll take it easy on me.

>>14277777

>>14277652

If I put 100k into a token, get hustled and lose 90% of my value, then it pumps so I’m only down 80% but I sell the token for another token, I don’t have to pay tax right? Since I’m below my initial investment.

>>14278143
You have any proof like an email you bought it on localbitcoins?
The trades in 2016/2017 were taxable so you already owe tax.

>>14278252
>I don’t have to pay tax right?
depends if you're jewish or goy

>>14278235
Yes you can find one, but it will be difficult now, and expect to pay around 2500-4000 when you find one, most likely an attorney who will do it.
It is possible, don't believe anyone who tells you otherwise.
Do it.

>>14278257
all I have are cash withdraws from my bank
I forget my login info for localbit and bitinstant was shut down but I had several transfers through them
I have all my poloniex login info so I can calculate that I suppose

>>14278252
Right, but you would be a dumbass to not keep track of it because you can use that loss to offset your future gains.

>>14277798
That's not even what I asked.

>>14278074
office space rent is deductible. reinvesting is the best way not to pay taxes. If you make a huge loss on the next game you can carry the loss forward after 2017 there is no NOL carryback

>>14278286

>offset 3k a year

Yeah not even gonna bother. I’m actually down like 400k it just isn’t worth it.

>>14278302
What do you mean what do I tell them. are you a fucking retard

>>14278328
You're a legit fucking retard and have quite the attitude. I already told you what to do report it and use the loss to carryover for future gains.
The 3k limit is only for ordinary income you fucking dumbass, there is no limit for capital gains.

>>14278328
holy shit did you actually do this

it's not illegal to buy bitcoin with cash so why can't I just apply those cash withdraws to the approximate amount of bitcoin I received

>>14278285
Well good job for being stupid.
Do you remember the price?
Report that price, if they audit you just say you bought it on local bitcoins, they may say no and then your cost basis is zero.

>>14278337
Like I'm just wondering if it would be really awkward and shit if I asked about it.

how much do you make per year and how many hours do you work

>>14277652
>accountant
filthy bean counters

>>14278360
You can, but if they dispute it, you won't have much proof. So you would have to resolve it in tax court and a judge would decide if your story is enough to determine cost basis.

>>14278363
>they may say no and then your cost basis is zero.
I don't care if my cost basis is 0 I just don't want to go to the slavecage

>>14278313

Okay that's cool, thanks, but how far can this tax deductible purchases go. I heard some anon the other day say that all his vacations are actually "business trips" and they are tax detectable. How do I do that with my vacations? Should I put my home as a business owned asset? Should I just live in a private room of my office? How many purchases can I make with my business that are basically for private use before the government starts getting suspicious and doesn't let me deduct tax on them?

Can I deduct taxes on the wages of my programmers, or on the hiring of models?

>>14278346
>>14278356

Wait what? I swear the offset limit was 3k a year. So you’re telling me if I lost 400k of my money I can write it off if I make 400k next year of my shitcoins?

I took my life savings (600k) and did a 10x on ASX back when biz shilled good shit (see GXY), cashed out and put the post tax amount on ETH when I thought it’d flip BTC, I have like 250 ETH because of it

>>14278366
really awkward? No I'm not gonna drop spaghetti everywhere because some boomer asked me to compromise my ethics I would just say no to them if they asked me.

>>14277652
Accountants are soulless incels that have no desire to do anything in life. You have a higher chance of dying from all the alcohol you drink before becoming an actual partner of your firm.
t. former bdo accountant shit job

>>14278424

60k and did a 10x so I had 600k

>>14277652
Hahaha the ultimate cucks
t. tax lawyer

>>14277652
can you explain what exactly I can write off when I start my home business

>>14278388
You won't if you report it.
Like I said worst case is they are super dick and are like your bitcoin has a cost basis of zero, then your entire gain is taxable, Not a big deal really.

>>14277652
How fucked am I that I bought LINK presale even though the terms expressly forbid US from participating.

>>14278424
Yes you stupid fucking faggot.

>>14277652
Do i have to report on a year to year basis if I make significant profit? Or can I report when I am ready to? If I dont report on a yearly basis do I get charged heavy or light penalties?

>>14278452
oh cool I was worried about nothing then
my cost basis is $20-$300 so it doesn't matter anyways
I have a small stack of 20 coins on coinbase that's fully recorded average cost basis of $4,500 I was just worried about the original coins I acquired

>>14277798
>>14277818
Retards

Bank account in Germany this faggot
Not knowing shit about the new CFC leg.
Subpar

>>14278445
huge cuck
t. tax consultant

>>14278456
Not fucked. I did as well.
IRS taxes drug dealing, they don't give a fuck.
It's the SEC that cares, but the fact you have them now makes it almost useless.
You could claim you bought it on etherdelta and its now defunct, but I wouldn't lie.
Just say you got it in presale.

>>14278478
Heavy penalties. Year to year.

>>14278481
Fuck off faggot. I'm not giving away all the goods for free. Change one aspect of what I said if you are smart enough and you have the golden ticket. Dumbass it was an IQ test.

>>14278469

Is there a deadline to report my losses?

>>14277652
Wtf is the irs gonna do when their job is replaced by a smart contract?

>>14278438
Fucking rip, that had to hurt

>>14278406
If his vacations are business trips he's PROBABLY stretching the truth to the IRS. You have to think is this a defendable position if the IRS ever took issue with my return.

Now lets say you take a trip to Los Angeles and want to make that deductible. That by alone is not. If you're going to LA to go to a game developers conference, the travel and meals are mostly going to be deductible for everyday you attend that conference. a lot of this stuff is case by case I'd reach out to someone in public accounting. You are able to claim a home office deduction but it's pro rated by the time you typically work in a day to how often you live there. Also it really depends with how much you want to deduct for personal use. The biggest thing people get audited for is claiming losses several years in a row, being in the top 1%, and having self employed income.

If you actually are a medium to big account and are seriously looking my throwaway email is bigcreditenergy@gmail.com, or want to just ask any question I genuinely love to help people.

>>14278513
Yes Oct 15th each year, which is the tax deadline.
If you didn't file it, you need to file amended returns for each year.

Where should i move to in the caribbean when i make it?

>>14277818
Just read the rest. Beyond retarded
>llc owns the trust, trust is owned by llc
The fuck are you even trying to explain

>>14278554
Puerto rico
Zero tax
Legal
Europoors BTFO

>>14277652
so far this thread is complete shit. No ones interested in anything besides cypto tax so stfu and talk

>>14278558
Fuck off
Im legit not helping you
Its the only way to do a legal tax avoidance strategy other than PR
Figure it out yourself dipshit.

>>14278565
do you have to maintain residency in Puerto Rico for an amount of time, like 5 years before you can cash out?

>>14278508
Here's a hypothetical, I dont hold coins I trade for moonshots.
I make 100k on 2023 but I dont report it.
I turn that 100k to 350k on 2024 I dont report it.
350k to 1m on 2025 I decide to report everything from 2023. How much do I probably owe to the IRS?

>>14277652

I have dual citizenship, can I cash out my gains in Colombia or will the burgers come after me? I have both citizenships

>>14278508
Bullshit gtfo

That whole ‘scheme’ was beyond retarded.
>what is OECd
>what is cfc-leg
>what are eu-tax directives

Gtfo cunt

>>14278558
>>14278582 is explaining the tax structure of the entities for free. Don't be uppity because you can't do reading comprehension

>>14278582
I dont need your dogshit community college help you fucking retard
>int tax law for retards

>>14278565
Kek i can just move to puerto rico and pay zero CG taxes and be able to come back to burgerland whenever? What's the catch? Do i have to have a puerto rican business or some shit?

>>14278613
Do you file a 1040 or a 1040 NR?

>>14278613
I think the burgs come after you no matter what bro unless you get real crafty/sketchy

>>14278649
don't be mad because you're retarded. this is why you're not going to get rich and you put money into over inflated e coins

>>14278613
you have to give up us citizenship, america passport is always #1

>>14278648
Bitchboy #2 who
>isnt smart enough to scheme shit
Coming to defend bitchboy #1 on his shit scheme
>muh just change one thing tho
Gtfo with your community college degrees brainlets

2017 paid $300k btwn state/fed. Do i have anything to lose by amending 2017 and trying to get them to accept between cryptos to potentially get some back?

>>14278685
Cunt i dont even deal with accountants, and this is the reason why.
Go make some reports.

Bros i am getting like $600K all at once from a tort fee. How do i mininize my exposure? It's bullshit because i get this massive sum once for 5 years of work but pay a huge tax percentage on it as though i make that much every year. legit flaw in the system. How can i save as much as possible? I don't mind paying a little but i am not gonna just hand over some insane percentage of money to fund the destruction of american culture

>>14278541

Thanks again for this stuff. I am not in a position where I need to go into specific details yet so I don't think I'd need to email you, just general inquiries at this point because I haven't sold any of my Link yet.

In regards to vacations, what if I for example bought a bar in Thailand? Would a yearly vacation there, (especially if I was bringing a model to photograph as well) be tax deductible as I was going there to check up on the bar and meet with the manager? And yes I imagine attending something like E3 conventions would be easily tax deductible. And in regards to home office, I hate daily commute so I was actually planning to just live in the office at work, like have a spare room with a bed in it, in order to save money/time on travel. Is this a good idea for purposes of tax deduction too? Like I can claim a few personal items as office stuff like my PC part upgrades etc?

Also should I start separate business for the vidya/softcore photoshoots, do it all under one roof or start a holding company for my businesses? What if I make gains with the vidya business but losses with the modeling one?

>>14278672

My gains in crypto have been under 10k and usually offset by losses so I've never filed for 2017 or 2018

>>14278725
show me your bank account and a time stamp cuck. It is not impressive and it is for sure under 5 digits

>>14278583
No, effective after you move granted you satisfy the requirements. Amounts before move are taxed at normal tax rates, but if you believe theres going to be another bull market in 1-3 years, makes sense to move now as all gains after now are zero tax.

>>14278595
Probably something close to this
25% tax penalty for negligence on the 100k
0.5% interest per month on the 100k for each month outstanding.
Same thing for 2024.
But if the IRS determines you did this willfully and not from neglect they might argue fraud and assess these penalties and possible jail time.

>>14278613
They may not come after since your a disgusting shitskin spic faggot. But if they find out they certainly will not be happy. Go ahead and pull russian roulette.

>>14278650
Have to be in puerto rico for 183 days, but i think after first year its only 90 days granted you arent in the US for more than 90 days etiher.

>>14278747
I would look into opportunity zones. I would reach out to someone in public accounting for tax avoidance on a biggun like that.

>>14278649
I actually got a masters at the number one accounting school in burgerland.

>>14278714
No I would try if I were you. But amended returns are more susceptible to audit by nature, and could trigger some automatica flag.
Find a lawyer who will do it.

>>14278747
What happened exactly to get the tort fee? Also lawyer up theyll be able to get it knocked down

I have about $100k on crypto atm, mostly link.

My plan is to never give money to feed niggers, fuck the irs, fuck taxes.

>>14278780
Oh shit good comeback.
Why the fuck would I show some dumbfuck
>int tax law is too hard for me, didnt get that on my community college/while working for a mid-small midwestern cuckoffice.
Anything.

Tf do you actually do? Are you one of those basically shit-at-everything ‘’’tax’’’ accountants who will be replaced by turbotax?

Please follow the other cunts scheme and get fucked.

>>14278674

What if I move to Colombia and just hold my 10k link stack to $1M

>>14278836
Lol why you so mad faggot.
I pay zero tax legally.
Fuck off.

>>14278700

I have bank accounts in both countries, what if I cash out in Colombia. How will the burgers know?

>>14278809
Nice larp. Do they do refunds?
>germany
Free tips for you, Ireland/The Netherlands mhm?

>>14278844
They tax you worldwide.
Since youre not even really american and a disgusting shitskin spic.
Just renounce and go back to your shithole Colombia.
Then you ok.

>>14278074
>total newfag when it comes to tax
>aspires to start vidya company
>aspires to start softcore porn company
definitely not going to make it

>>14278768
I don't think you can aggregate losses like that for two separate companies unless they're under one parent company.

I believe you would pro rate purchases like that for a certain % of how much you work. If you buy a new pc parts pro rate that verses how much time you're not working.

>>14278788
you're more racist and a bit smarter than me and I respect that

>>14278852
You don’t. Gtfo

>>14278788
Holy fuck so they're pretty much taking everything if I dont report on a year to year basis?
Well thank you anon now I know how important it is to report.
Do I have to pay taxes on crypto to crypto trades even if I dont cash it out? My reasoning is that my money is still in the asset form.

Or do I just have to report how much ive lost or gained on confirmed trades?

>>14278863
Not a larp but ok faggot.
Weird how you make up some bullshit like someone went to community college, then it turns out they went to the harvard of accounting.

>>14278877
Look at the bitchboys suck ea off

Where did you do community college?

>>14277652
kill yourself.

>>14278788

In all seriousness what if I just send my crypto to somone in Colombia and cash out via a hand to hand transaction in pesos. How will the burgers know?

>>14278881
Yes I do.
Europoor BTFO

>>14278884
trading cryptos to another cryptos is taxable at the rise in FMV to the dollar. so yes you have to pay the capital gain on trading cryptos even if you don't cash out.

>>14278884
Yes you still have to report and pay tax.
They disallowed like-kind exchange, or rather reworded it to only be real estate.
You're reasoning conceptually makes sense, but is not the law and you are wrong.

>>14278907
They won't know, but if its a large amount you might as well do it correctly. Just go back to Colombia, we're building a wall you have to go back.

>>14278881
Tax avoidance vs tax evasion the lines are blurred gray.

>>14278864

Everyone literally thinks I'm a burger or Italian, idk why you think all south Americans are shitskins, my grandma is pale af and has blue eyes. You do realize a large percentage of people in south america are of European ancestry right? Anyways I don't wanna renounce because it took a while to get the burger citizenship.

>>14278885
>comes in all cool, not hard to be somewhat better than the other absolute retard
>comes up with an upmost retarded scheme
>point out its shit
>muh on purpose, not giving shit for free blabla.
Guess those community college loans are high?
>harvard #1 in accounting
My sides. Guess harvard is pretty much the only one you know pajeet
Hows calcutta nowadays?

Should I amend my taxes if I havent cashed out anything but traded shitcoins in 2017 and 2018 for fun.
also this fucking tax shit is like Kafka's The Trial. I hate the irs

>>14278877

Right so parent company is the way to go. Neat. The only thing I was worried about in regards to that would be if the vidya company took off, it might not be the best if it was too closely related to a nude modeling business.

>>14278875

All I have to do is get a tax lawyer/account when I start up and it will be fine. People aren't born with this knowledge retard. Tax isn't what my specialty is, my business is not gonna succeed because I am a tax genius. No it will succeed because (I think) I have good idea's for video games and softcore photoshoot scenario's. I am specialized in that area already, so I need help in other areas like tax.

Afterall what video game was good because the lead designer was great at tax kek.

Op how do I avoid paying student loans - hypothetically

>>14278940
>>14278934

To avoid all this tax hassle if I do make it
do you guys recommend I just use ZenLedger or an actual accountant?

>>14278962
I'm white and a multi millionaire and pay zero taxes, that went to the number 1 accounting school in the country with zero debt.
>Shitskin that went to community college.
Never change faggot. I got some shitcoins to shill you.

>>14278964
Yes you should amend.

>>14278969
Bruh get a real one instead of these larping faggots

Or call the turbotax hotline w/e. Still beter than these pajeets kek

when exactly are taxes due

u know about UK or not?

>>14278993
Hahaha gtfo
Let me guess, got that supermodel gf too?
Larping mutt kek

>>14278940

What's preventing me from just depositing my gains in my Colombian bank account and then re-investing the money in Colombian real estate? How will the burgers know?

>>14278982
Do both. Except not that pajeet shit zenledger.
Use bitcoin.tax or cointracking
You can do it yourself to make sure its right then give it to the accountant

>>14278982
get an actual accountant. It's worth the money to not get audited.

>>14278994

It's way too early for that. I haven't sold any of my Links and don't have any plans to sell them in the near future either. When the time comes I will hire a tax guy to help me start up my businesses properly and get specialized advice for company specific issues. I just wanted some general info so I know some basics, so I think OP for the advice.

>>14279004
somewhat. I have had a few UK clients so I'm okay with foreign reporting to the U.S. but not with HRMC shit

>>14279000
April 15th, or Oct 15th if you file extension.

>>14279005
Dude you're pathetic. No supermodel but do have a 100+ notch count.

>>14279008
Holy fucking you stupid fucking shitskin subhuman colombian faggot. I told you 5x already. They will not know, but if they find out, either from a jealous relative, the colombian government, or who knows any other which way, they will not be happy, and neither will you.

>>14279039
oh ok nvm then

how many BTC u own OP?

>>14279039
Hahaha gtfo kid

>>14279047

Thank you greasy burger

>>14279059
You add nothing of value here, what are you doing?
Fucking pajeet GTFO

>>14279059
suck my nuts nigger. you couldn't afford a free consultation. Your prepaid government phone would run out of minutes

>>14277652
Not US here but Aus has pretty sinilar stance to the US so maybe you could give an opinion.

I’m an expat in South Korea and I’ve been here over a year. I don’t think I had any crypto when I came here but even though I’m not an Aus citizen for tax purposes I’ve still been using my aus bank for buying crypto. I’ve assumed that’s okay though? Never thought about it before desu. I didn’t make enough for even the first tax bracket this year too since studying full time.. would there still be taxes on gains if I cashed out to an Aus exchange (given under income tax threshold)? Lastly, if I move back to the country with Crypto as an asset, am I going to be liable for that Crypto under Aus since I wasn’t there / non resident for tax purposes when I bought it? Interested about this one.

Also I’ve used crypto before for solely transferring money overseas (faster, better rate) and there has been no gain in fiat from the transactions - is this gonna bite me in the ass? It might look odd because I bought crypto with coinbase and it was sold on a Korean exchange under my partners account..

>>14279047

What kind of punishment am I looking at? Let's say I cash out 500k and then the burgers find out.

What is the minimum amount of gains in crypto to report?
Lets say I put in 3000 dollars but I made a gain of 10,000 dollars off of crypto trades in one year totaling to 13,000 dollars including the initial investment. Would I still have to report?

>>14279047
Nice larp
>blabla
Still is posting ‘“””advice”””” on his friday night on an mongolian basketweaving forum, sad

Howto avoid student loans - hypothetically

>>14279087
You would pay taxes on the gain if you cashed

>>14279068
Pajeet calling me a pajeet now, classic.
>muh overcompensating and larping
Why honestly? Your life is pathetic

>>14279086
>uk clients
Im sure you got a few uk callers at that bangalore callcenter cunt

>>14279105
Failure to file, failure to pay, negligence, tax fraud, which is a felony.

>>14279106
Yes. That would be a capital gain of 7k. Just report it the taxes will be so small you retard.
I dont think there is a di minimus requirement for crypto, I never thought that small for poor fags.

>>14279117
Move abroad and never pay them.

> USA here, bought some bitcoin "anonymously" in 2012 for like $100-200.
> Basically sent some cash to someone and ended up with BTC in a web wallet: Instawallet.
> Forgot about it for a while and then interest suddently peaked again in 2013 when the price started reaching triple digits.
> At the same time, learned Installet got hacked.
> Luckily Installet allowed people to submit requests to reclaim the lost BTC so I ended up getting my BTC back.
> Transferred the BTC a few times between various web wallets and then ended up just using a hardware wallet.
> Took some of the BTC and bought some LTC in 2013 but ended up buying at the LTC/BTC peak so ended up losing money (and also some of the LTC from BTC-e).
> Remaining BTC worth almost 100k now.
> No records of me buying LTC with BTC because BTC-e and Wex is gone.
> The only paper trail I have of me "buying" this BTC is an receipt from Instawallet in 2013.
> I dont plan to avoid taxes but I assuming I can get away with paying with long term capital gains.

If I try moving BTC to an exchange and selling for USD, am I going to get butt-fucked by the IRS?
What about US banks? Are they going to try to find out why I am suddenly depositing 100k worth of cash?

>>14279167
Gain of 10k, read it wrong.

>>14279167
>>14279123
Thank you I love you anons Im just retarded when it comes to crypto taxes since I dont know jack shit how it works. YOU TWO ARE DOING GODS WORK GOD BLESS YOU.

>>14279167

What if I decide to cash out in burgerland at 500k when link hits $50, what am I looking at? Bought in during 2018

Actual advice for the anons in this thread:
Get an “”””””actual””””””” tax consultant. None of these (larping) accountants
Accountants are actual bugs who just do as they’re told by people who actually know shit

>>14279200
Just a 23.8% tax on your gain, so $50 - whatever you bought it for. Really not that much. Just play by the rules.

>>14279210
Shut the fuck up faggot. I'm not charging money here, I'm giving free advice for nothing in return. People can read it and then make informed decisions. Nothing is gospel here you fucking pajeet.

>>14277652
i didnt pay my taxes this spring (about $30k income). how fucked am i ?

>>14279210
look mom I posted it again.

>>14279256
if you had 30k in just income you're probably actually due for a refund friendo.

>>14279256
Not to fucked really. Did you file at all? Slightly more fucked. File now, and pay the taxes.

>>14278548

Ok but what if, hypothetically I just wait and see if I actually make any money before reporting my losses? I mean as long as I am at a huge loss they literally can’t punish me for losing money right so can I just do all my taxes in two or three years when my shitcoins will finally put me in profit? I really don’t feel like wading through the last two years of expenses for something that might not pay off and since I’m a disabled NEET with bad grades its unlikely I’ll ever have a job that pays enough to make those tax write offs worth anything unless my shitcoins moon.

Thanks again for the help anon I appreciate it.

>>14277652
I am forecasting a capital gain of 400% of my portfolio in 1-2 years. What can I do to pay the least taxes? I'm a Canadian, and let's say none of it is in a TFSA

What if we just hodl for 20 years? When i start buying things directly in bitcoin will there be a tax other than sales tax?

>>14279397
No idea don't know shit about stupid canadians.
I'd first figure out if Canada taxes worldwide.
If they don't I'd move abroad to a zero income tax place.

>>14279408
Based on current tax laws, yes that purchase would be taxable.

>>14279275
capital gains.

>>14277652
how to profit from pay taxes?

>>14279623
Collect benefits

>>14279175

You can just report it with a zero cost basis. If you only bought them for $200 then it doesn't matter. It's the difference between paying tax on $100,000 vs $99,800.

t. also accountant

>>14277652
Should I work as a W-2 or as a Corp-to-corp? I'm an IT contractor.

FUCK THE IRS AND FUCK YOU FUCKEN THIEF

TAXATION IS THEFT!

>>14278827
I'm the lawyer it would be my fee. Car wreck

>>14277998
Is this also true for proof-of-stake/masternode rewards?
For ones that pay out rewards daily, can these just be lumped together on a weekly/monthly average basis? Something like: average price for the month * monthly reward sum

I keep hearing about shitcoin trades being taxable at fair market value to the dollar. What does that mean exactly, is it just "what was BTC worth in USD at the time of the trade" or is there more to it?

>>14277652
Can I count the money I dumped into LINK as a donation to the mentally challenged? So I can use it as a tax write off

>>14278487
Using FIFO, how would you go about proving you purchased Link in the presale if there's no exchange data? Say you hold till $1000 and never sell before that. Gonna hand over your wallet address?

>>14280702
yes