/biz/ - Business & Finance

>>14848275
bait thread
and you know the answer
crypto to crypto trades are a taxable event in first world countries

>>14848311
Lmao. Is USA supposed to be the only first world country?

>>14848311
I genuinely don't know. I haven't made money though.

you can't cash out, but you still have to pay taxes

Honeypot - the thread

>>14848311
Ignore this meme, only pay tax on your profits after selling

>>14848344
Then why did you make this thread.

>>14848311
How do I got about tracking all this shit especially if I transfer wallets from coinbase to IDEX and then into metamask or whatever.

Will Coinbase and IDEX do this automatically through KYC systems?

>>14848388
Cuz I just bought a shit ton of harmony

>>14848342
usa, uk, most of europe, and most most first countries

>>14848413
theres many websites that make it really easy
just off the top of my head
bitcoin.tax
bear.tax
tokentax.co
cointracking.info

>>14848522
How can those websites track all my movements across multiple sites without giving them private information?

>>14848429
1) Why the fuck would you buy Harmony?
2) Why the fuck would you buy Harmony?
3) Why the fuck would you buy Harmony when it's up 10% on the tail end of a bull market?

>>14848311
shut the fuck up glownigger

>>14848429
Good luck with that dummy

>>14848562
api key
you can also manually enter trades
the only info they get is your trades. same info u give to tax agency.

>>14848361
Government can suck my cock. I’m only paying taxes once I get USD. They will let me know if I’m doing it wrong

That depends on your citizenship and where you live dumb fuck how are we supposed to advise you if we don't know what tax laws are applicable?

>>14848993
This.

I actually filed before I ever bought anything this year, somehow. Or, if I didn't, I may have just purchased an extremely small amount of btc.
I didn't know I was suppose to be keeping track of this for tax purposes. Can anyone point me to the nearest and easiest place to figure all of this out?

>>14848311
You can mitigate your tax obligations by having more losses.

>>14848429
he fell for the memes

I have bad news for you...

>>14848993
my exact sentiment

>>14849290
Your exchange should have the buy/sell info needed, if it’s like stocks?
HODLing since 2016 so I haven’t had to go through it, but i’d Imagine your exchange should have enough info. Ie, coinbase has what you bought into, when you sold, etc...

>>14848275
They used to qualify as "like-kind" trades and were not taxable until cashed out for fiat. However, in 2017 they changed the definition for like-kind, in which they simply changed "property" to "real property".
So in 2018 going forward, all trades are taxable events.

>paying taxes on crypto
OH NONONONO
never going to make it

>>14848993
Send your coins to an wallet like samourai, use whirlpool to anonymize, then send it to your ledger or paper wallet. Use Tor during all these transactions of course and your BTC is now anonymous. If tax man comes knocking just say you accidentally sent it all to the wrong address or lost your keys and claim the whole thing as a loss when you file. (Not sure legally how you file a claim for "lost" crypto, but it could legit get lost or stolen so I'm sure there is a way)

Also if you hold out till the price is high enough, you could consider moving to a country that doesn't tax crypto.

>>14851152
>They used to qualify as "like-kind" trades and were not taxable until cashed out for fiat.
they never actually qualified 1031 like-kind exchange. the rules for 1031 are quite strict.
>in 2017 they changed the definition for like-kind, in which they simply changed "property" to "real property"
correct. they did that because people were improperly trying to use 1031 for crypto which never applied to crypto.
ive discussed this with tax attorneys and CPAs that specialize in cryptocurrency. feel free to do the same and youll see.

How does one file taxes trading on bitmex? Surely not every trade is counted as a taxable event? It’s basically gambling

>>14851671
maybe a few years ago hmrc would have accepted that. go to an accountant, give them your best guess of £ in/out and work from there.

i think you have a year or two at most before they really catch up.

>>14848429
>tfw I almost bought harmony
lol decided to stay stinky instead lmfao

>>14848275
just accumulate
https://bitcointalk.org/index.php?topic=2827989.msg51629410#msg51629410

https://youtu.be/s3SJ2TMIXZI
https://youtu.be/OIamCXZ6CZI

BITG

>>14851671
bitmex is even worse than trading for taxes because youve realized the gains for every crypto that you use on bitmex for funding leveraged trades and you are taxed on those realized gains as income, and im not even talking about the gains you make on bitmex. its confusing. ill try to give a short quick and dirty summary. if you bought 10btc for 1k each and used them all on bitmex to go 10x (or 50x doesnt matter the leverage) when they are worth 10k each then youve already realized $90,000 in gains and that doesnt count anything you make on bitmex. you already owe taxes on 90k. then say you make 5btc more now you owe taxes on 140k. now bitcoin goes to 20k and you use 5btc more on bitmex, now you owe taxes on $50,000 more so you owe taxes on a total of $190k, and say get 3btc from that leveraged trade, now you owe income tax on a total of $250,000.
and if youre in the usa then you owe an aditional 3.8% net investment income tax because of obama.
and none of the sites like tokentax bitcointax cointracking etc support bitmex

>>14851671
>>14851817
bitmex is essentially a tax clusterfuck for you in the USA and probably most first world countries.

>>14851671
i hope you came back to this thread and read my reply to you
otherwise idk why i even bother trying to help anons on here when they either never come back to the thread or ignore the facts that i give them