/biz/ - Business & Finance

Yeah you mong you have to tell them about that other shit too

>>16844720

no, fuckface, you only have to tell them when you sell for a profit. not if you're just buying and holding. right now if you're buying and holding crypto, you have to tell the IRS. that is not a requirement for any other asset.

>>16844710
>How is this legal?
The WHOLE thing is a scam, its totally legal, but unlawful.
Get fucked Mutts, you brought this on yourselves.

>>16844710
IRS is just trying to pump their Monero bags.

>implying I will report that

Fuck the IRS

>>16844710
No. I do NOT have "financial intrest" in crypto. I mearly collect shitcoins for my shitcoin collection. The value they hold is meaningless because my intrest is not for gains but becoming the best shitcoin collecter of all time

>>16844735

good luck when you go to cash out in a few years and your exchange reports your gains to the IRS and they look back and see you never reported your acquisition of crypto. i'm sure that'll work out nicely for you.

>>16844766
There are many ways to cash out.

doesn't the IRS define crypto as a commodity and not a currency by their own rules? So isn't answering "no" constitute a truth if all you bought was crypto? After all you simply bought a digital commodity and not a currency per the IRS

>>16844804

no.

https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies

What is Virtual Currency?
Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” currency (i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance), but it does not have legal tender status in the U.S. Cryptocurrency is a type of virtual currency that utilizes cryptography to secure transactions that are digitally recorded on a distributed ledger, such as a blockchain, DAG, or Tempo.

Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as “convertible” virtual currency. Bitcoin, Ether, Roblox, and V-bucks are a few examples of a convertible virtual currency. Virtual currencies can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies.

>>16844728
Go buy a bunch of gold retard then report back , fuck people on this board are dumb as fuck

>>16844826
>roblox
>V-bux
Is some intern trolling IRS boomers by making up crypto names? Based if true.

>>16844841

Show me where it says you have to report purchases of gold to the IRS?

https://fisherpreciousmetals.com/resources/general-market-info/truth-precious-metals-reporting/

Reportable Purchases
Often, promoters will claim that the coins they offer are not subject to “reporting.” Such statements imply the government requires gold transactions be reported. However, no government regulations require the reporting of the purchases of any precious metals, per se. If payment is made by cash greater than $10,000, however, it becomes a “cash reporting transaction.” It is not the gold that the government wants reported but the cash. Such reporting applies to all business transactions involving more than $10,000 cash.

>>16844710
define "virtual currency"

Yes, and I boought at the top and sold at the bottom. Can I get a refund?

>>16844826
>Bitcoin, Ether, Roblox, and V-bucks are a few examples of a convertible virtual currency.
Wtf it's real. Do I need to report the WoW gold I farmed for? I don't want to go to jail.

By their definitions I don't have to report my linkies since they're not a currency.

>>16844710
Wonder if this question just doubles the chances you face an audit or is the pointless crowning achievement of some bureaucrat's career.

>>16844983
You can deduct up to $3000 per year in capital losses, rolling any leftover value to the next year.

>>16844983
Report as a loss anon, may help your tax returns 0:)

>>16845002
Pretty sure mining Bitcorn and earning WoW gold both qualify as self-employment income.

>>16844710
Just saturate the system with <20 usd purchases. I really don’t think they care if it’s <1 million

>>16845058
I believe that is actually illegal to do

If you’re on coinbase, they report like eBay. >20k usd AND >200 transactions (ie trading or business). Keyword is “AND”

>>16844766
>cashing out

>>16844710
Oh fuck me, I've been playing OSRS for a little while and ive managed to save up 500k. Is the IRS going to send me to jail?

>>16845076
you mean 20k as in once youve had that much on coinbase in a year they report it?

Just answer 'no'. The IRS is underfunded as fuck, it's very unlikely anything will happen.

>>16845263
and then when youre ready to cash out in 2yrs???

>>16844735
>that image
I'M TRYING TO BRO

>>16845362
Just buy some shit you needed with it online

>>16845398

if btc goes to 80k+ i'm cashing out 2 to buy a house outright (after taxes) and keeping my other 3+. can't buy that online brah. so i have to tick "yes" this year like a good goy. fucking bullshit.

>>16845404
New car? 8000lb of frozen chicken tenders?

>>16844710
You horrible fucking ameri-semi-niggers... if you think the war on drugs is legal then anything your government likes might as well be legal, and you deserve it. You deserve the worst punishment that the human race can offer. I, personally, hope for the nuclear vapourisation of the USA.

I acquired all of my crypto in 2018, not 2019, fuck off irs.

>>16844749
Gotta catch em all

>>16844954
This. Fuck them. If they want to play ball I'll play ball. Link is not a currency..

>>16844710

Yes mr taxman I bought 5000 lindens so at least my second life avatar can have a big pp

Someone shill me on IRS. Do they have mainnet yet?

Lost all my crypto in a Minecraft boating accident.

>>16844710
It isn't legal.
Sue these fuckers. The IRS is the undrained swamp.

>>16844710
You don't need to pay tax, if you never sell.

>>16845394
Try less

if u report crypto for tax then you are a redditor like that guy who lost like 180k and went in debt to pay back the money he lost, just dont report shit and when you cash out do it in btc or buy stuff online or do something rather than paying the jew government i cant seriously be the only one that isnt going to believe these scare tacticts

>>16844766
>I found this decade old hard drive and it had bitcoins in it.

they can't tax shit, or simply just use crypto to buy stuff.

>>16845178
same i made 1 mill flipping bronze shit now i am so scared help

>>16844710
tfw crypto gains are tax free if you hold for more than 1 year in your country feelsgoodman

>>16844710
>NOOOOOOO the democratically elected United States congress can't just vote for legislation that is later legally ratified by the Senate and legally signed into law by the President under it's constitutionally granted power under the sixteenth amendment and held up by the Supreme Court as constitutionally valid NOOOOO

>>16844826
Do you seriously have to report vbux?

>>16846114

how's that boot taste, or are you just being contrarian for the sake of it?

>>16844710
get in here first worlders, lets laugh at the poor dumb third worlders.
HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA

>>16844826
I'm literally just going to flood their shit with all of my World of Warcraft classic gains. Every single transaction just to fuck with the stupid faggot that processes my taxes

>>16846261
>fuck with faggor
what if he fucks back and taxes you on your soulbound gear's value

>>16844826
Someone had the idea a while back of scripting millions of dumb back and forth transactions and dumping that shit on some goon at the IRS to deal with. Think they’ll change their tune real quick if everyone gave millions of transactions to these retards.

Most likely they already know what crypto you have. Only norway comes with the txes prefilled though, even though they already know the answer.

>>16845917
They will check the addresses you used.

>>16844877
It is game currency, not cryptocurrency

>>16845900
Link to story?

>>16844826
Runescape GP can be exchanged into USD both officially and by third parties. Same with every other MMO out there


Where can I get a list of every transaction I made in the Grand Exchange so I can send it to the IRS? You can only view the last few trades in-game.

>>16846114
Ew

>>16846114
>the clearly corrupt government says something so it must be moral

Ew

>>16844710
Day of the rope soon.

does it count if I only use robinhood?

>>16845394
Commit suicide

>>16846261
Pretty much my thought but retail player. Guess I cant file now until I get a form 1040 for questing / grinding. Guess I will need a 8824 too as I would sometimes trade and or give guildmates items.

>>16846617
>They will check the addresses you used
if only there was a currency without a public ledger...

>>16844766
>he doesn't know
>he thinks he can cash out

So does this mean I can use RuneScape gold lost in wilderness PvP as a write off?

>>16846356
>>16846261
This. As a way of protest, it's a very very good idea. Flood them with random shit.

>>16844710
Gee, Jews wanting more money.. how surprising.

>>16846261
>I'm literally just going to flood their shit with all of my World of Warcraft classic gains
Or, you know, make their eyes glaze over for a few moments, then they'll shrug and approve.

But yeah, really floor 'em!

>>16845002
>WoW gold I farmed
how the fuck would they know the amount of gold I have in wow? There's literally no way they could know

>>16847224
Monero chad spotted

>>16844710
Are you like 12?
/biz is a scam platform. Indians and NEETS scam people here. Virtual currency is not going to happen. They will not allow. Simple as that. You have got world peace, a working inter-government world, UNO, employment, Freedom of production, netflix, google. Never before the world was so free for anyone. And they made this happen and you think some "Utopian" evil minded Satoshi Nakamato will dictate what currency is used?

you guys they cant come after all of us


JUST PUT NO!

Nothing the irs does is constitutional or legal.

>I lost my private keys in a boating accident

>>16844826
crypto are defined as property asswipe. (((they))) don't want to define it as currency because then trades would not be taxable until cashing out. also the projects themselves, many of them, explicitly state that they are not currencies because they are not value stable. get fukt you ignorant pathetic shill

>>16846617
they don't know addresses

>>16844710
More than 40% of Americans dont pay taxes.
Think about that for at least 5 mins.

>>16844766
>selling link
>ever

>>16847385
Kek.
You don't know what you don't know buddy.
Nobody expected the bourgeoisie to become more powerful than nobles and kings, everyone saw them, at first, as puny scammish people just playing with money. Most social changes come from unprecedented sources, without anybody, specially the elite, realizing it. There's a possibility that new forms of technology changes the paradigm of who gets that new power. Bitcoin, to me, or cryptocurrency in general, sounds like a paradigm shift to new powers and new ways of interacting in the world economy.

>yes
>i mined runite ore on runescape.com and sold it for GeePee's.
>I acquired by selling my Runite Ore a total of $1,000,000 GeePee's

>>16847471

did you not read the post you replied to? the one with the IRS definition of virtual currency? "Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value." so no, crypto are not only defined as property anymore according to the IRS.

>>16844749
I thought virtual currencies were for losing money misa tax maan

>>16844841
You're a fucking idiot.

>>16844826
What if I flood them with 150 pages of binance transactions from day trading? I can just calculate how much I put in and compare it to my final trades and get the correct number, but they'll have to verify every transaction, right?

>>16847514
They can request the information from exchanges. Or ban exchanges that don't.

>>16847224
Of course if people use monero or something, but people don't.

Reminder IRS only goes after 2 types of people:

1. Those who fail to report owning crypto
2. Those who LARGELY understate how much money they made selling crypto

You can round down, round up, or just fucking type a number in the general ballpark you think you owe and they'll be fine with it. They don't care if it's off by 1% - 5% of what you owe. But as soon as what you enter is like 20% or more incorrect from what you owe, they gonna be after yo white ass. So if your crytpo earnings are based on thousands of trades and hard as fuck to calculate, just fucking do some quick math round up a little bit and you'll be fine.

>>16847768
Fuck off glowie

>>16847823
Bruh if you own only like 0.5 BTC like the average /biz/ poster you the IRS probably doesn't give a fuck about your poor ass. This advice was for people who actually own enough BTC to make it, not you.

>>16844710
good thing then i didn't acquire any virtual currency.
only virtual assets.

>>16844710
> Bitcoin isnt a real currency the only real currency is the asset back US Dollar.
>Oh wait, you still have to pay taxes though hahaha.

Murica.

>>169847768
are ameritards actually obliged to report OWNING crypto?
if satoshi is american and doesn't report his BTC holdings every year to the IRS, he's getting penalized?

>>16847940
meant to
>>16847768

>>16846114
Yet another example of activist legislators, legislating through legislation

lol fuck IRSniggers, you cannot by definition profit anything by exchanging currencies or commodities since it's always a 1:1 transaction

i bet you niggers think you can profit from your own labour aswell lmao

>get in crypto to escape corrupt gubmt
>reports crypto to corrupt gubmt
Never change /biz/

>>16848038
These are all just ripple Jew shills trying to normalize the idea of paying taxes.

>>16844710
anything the government decides is legal is by definition legal, which is why legality doesn't mean anything and has no relation to morals

Dysfunctional shut ins throw a tantrum over the thought of paying taxes. Sad, miserable existance no better than hobos shoplifting liquor.
>>16847266
If they were freely convertible to USD, then yes. Better have credible record prepared.
>>16847286
They already process trillions of micro trades made by robots on behalf of financial institutions. You just incur transaction fees.

>>16845437
I always find it bizarre that some poor fucko who I don’t care about in another country is thinking about me 24/7 and seething over my existence.

>>16844710
kek. now you realize what a sham the "benefits" of cryptocurrency are.

>trade WoW gold for an item
>now have to calculate the item's market value and your profit so you can pay taxes on it
1776 will commence again.

>>16845917
buying stuff is cashing out, retard

>>16848403
Not paying taxes because its given to niggers and used in ways that stop whites from reproducing isnt comparable to shoplifting, its comparable to dissidence.

>>16844766
>He doesn't know you can buy Gold with BTC
OHNONONONONONO

So now I gotta pay fees on moving my crypto, trading it, cashing out, and now I got pay taxes on crypto too.

Crypto is legitimately making me poorer while safety net system abusers live like kings. No wonder young men are dropping out of society there’s no fucking reason to achieve anything anymore.

>>16846822
>tfw I have to start reporting my pk loots to the government
Fuck, I wanna go back

>>16848625
You can also report losses

>>16847768
just claim you lost a lot of it on BitMEX

>>16845437
From USA can confirm. I hope the whole world is evaporated though. Literally nobody on this entire world deserves to live.

>>16848694
>You can report that you got your ass dropped by some shitty gmauler lol

>>16848694
Durial smited me for my green phat, time to report that as a loss

>>16848736
You can only report $3k/y for losses. Imagine that bullshit kek
>Lose $30k
>Takes 10 years to fully write off that loss
Feels good Ameribros

>>16845917
I'm a usb miner
>I look for cypto on usb drives in dumps

>>16844710
Bumping for liberty and digital sovereignty

>>16845263

I'm banking on this. My brother worked at the IRS from 2004 to 2006. He told me:

1) the irs is interested in high earning individuals, those making well over 250k a year

2) the irs doesn't really bother with gray areas they look for obvious and direct skirting of the law to pay substantially lower taxes.

I'm not sure if things have changed but given the current reports about IRS morale I would say they seem more stressed than ever and not pressing every issue they can. I hope this is the case for many people.

>>16847853
What if you bought half a btc and now have 20

>>16848736
thats varrock pvp not fally center nigger

>>16847385
AHAHAHAHA
>netflix
>google
>"Never before the world was so free for anyone" HAHAHAHAH GET OUT OF HERE YOU BLUE PILLED HOMO

>>16844710
People of /biz/, the teachings of Monero are the way to preserve privacy and liquidity.

>>16849845
Sure, but they're always more than capable of targeting a single poor nerd to make a statement or a show out of him. The chances of that happening to us are probably comparable to getting struck by lightning but it can still happen and can destroy lives

>>16844728
Fuck off, Nazi

Get punched

Guy the government will steal your bitcoin and gold if they can
This is why we need to bitch at coinbase and bitpay every chance we get
Also why we need to encourage btcpay server, bisq, wasabi, etcetera
Bitcoin is in a war right now

The government is collecting data and using it's limited authority to fuck with bitcoin
Funny how they collect tax on it too after trying to destroy it

But if you're a real holder you're going to have to fight for bitcoin and if you get through the short squeeze of globohomo collapsing you'll be the new financial elite
But it's not going to be easy
We'll probably get threatened and some of us killed by the government

If you store your private keys on a server in a jurisdiction that does not have a taxation treaty with the united states you don't have to pay any taxes on your crypto because it becomes an untaxable foreign asset.

>>16844710
I bought like 5 dollars worth of Dogecoin for laffs and sold it for 7, do I have to report a capital gain of 2 fucking dollars?

>>16848561
Keep justifying theft, filthy cockroach.

>>16844710
So I take all the risk and they want a cut if I succeed?

But if I fail and become homeless I get nothing

Seems legit. Fuck off, the government is an incompetent bunch of boomers.

>>16844826
Wait... does this mean we can claim losses based on virtual currency in Video Games?

E.g. if you are in the red for Roller Coaster Tycoon you can claim that as a loss perfectly legally.

I've already bought things with KYC. My photo ID is on coinbase. There's really no option for me to say "no" in this checkbox right?

>>16845178
>ive managed to save up 500k.
Use some of it to buy Astroglide.

Im glad im in germany (for once).
After 1 year of completly not moving my LINK Stack, (no buying or selling, even if i belive you could probably buy more) i am 100% TAXFREE.

Thank you Merkel!
Fix the refugee situation though :)

>>16846261
actually a solid idea, splitting your transactions into thousands upon thousands make it an actual bureaucratic nightmare. If they have to go through everything, they will miss things

it's ok, the US gvt is about to collapse anyway. They have the lowest % of audits ever now.

>>16850351
Wouldn’t that trigger an FBAR filing if it exceeds $10,000 in a foreign account?
The amount of financial surveillance in the modern era is truly unprecedented. These restrictions are passed under the guise of protecting against financial crime and yet we see the all the big banks pay hundreds of millions or even billions a year in fees for money laundering violations, etc. Never any criminal charges, of course.
I believe that something like urbit will make it easy for anyone to securely store their keys the way that you describe but that is atleast two years away, which is like a decade in the crypto world.

>>16849738
It's always funny when newfags post this pic. zero fuckin clue of what '15 was like. It was dumb as fuck to buy then. Especially '15.
To follow that logic, buy the scammiest scamcoins going RN. FYI its even worse now, eth showed scammers the way.