/biz/ - Business & Finance

>>16901762
Who cares if they ask if you've fucked with crypto?
If you've been filing your taxes correctly then you've been listing all of your cryptocurrency transactions on form 8949 and putting the total on your 1040 schedule D

I was tipped spice coins randomly. Do I have to mentio that?

I know someone who put about $5k into btc during 2019 through a kyc exchange, should they report it?

why yes i did get some virtual gold from a kind stranger

>>16902700
>kyc
Lmao

is there a followup question after this?
or is it just to put us on some list or some shit?

Define virtual currency. Link is a utility token.

>>16902700
What matters is taking it out/converting back to USD, not putting it in. Also if he was trading with it, technically trades between crypto are taxable but mainly the taxes come into play with capital gains (profits made on selling it)

>>16902719
Why is this funny?

>>16902747
The Gov. doesn't care. if you made money off of it, they want to know

>>16902747
Unironically btfo. ERC-20 tokens were never intended to function as currency or even a store of value.

>>16901762
Is World of Warcraft gold a virtual currency? This seems really lackluster. Is there an addendum with explanations for it? I'm stacking virtual US dollars in Escape from Tarkov too, what now?

>>16902780
Semantics. if it's an asset under your control which you profited from they want their cut.

how exactly do they know?
they dont

>>16902806
All that matters is if you profited from it somehow in the form of real US dollars

>>16902683
How it's worded is ambiguous ... is it asking if I sent any virtual currency? Or is it asking if I sent any financial interest in any virtual currency?

Like is the last "or" option "otherwise acquire" or is it "otherwise acquire any financial interest in"

You didn't really think you could make it, did you?
The old money cant have their power challenged, so theyll just lobby away your economic opportunities like they always do

>>16902715
Kek

>>16902810
>what is law
The question is asking specifically about virtual currency, which Chainlink is not. The answer is still no, dumbfuck.

And the worst part is "receive"
Shit anyone with an ethereum address under their control got some kind of worthless airdrop.

If you look at the IRS definition of virtual currency, things like Xbox points or whatever they're called would surely meet the definition.

>>16902957
Lmao just don't report it unless you're actually making big money off your trades.

>>16902977
if at any point in time this money went through an exchange you registered with and went through KYC, you're at risk. You just can't know if they sent your info their way after they threatened them with whatever legal or other actions

>>16902977
seriously and if you have to start putting money in or taking it out get another bank account somewhere or use a bitcoin atm.
unless you get audited these fuckers have no idea
we're literally becoming more and more like commies, ratting on ourselves and neighbors
ffs

Someone gave me reddit gold does that count?

>>16903006
Imagine taking the time to audit someone who has only ever lost money on crypto

>>16901762
"No"

Next

Just another day to feel blessed not to live in the land of the free

>>16901762
Just write in the little space above "Go fuck yourself"

>>16903088
checked and based

Lying to the government is against the law.

>>16902774
So they probably wouldn't mind unless he cashed out and didn't pay his taxes? You don't have to report other types of investments like property or equities until you realize profit, right? Why are they even asking about crypto?

>>16903188
Breaking the law is breaking the law.

>>16903205
Because the ebil nazis and pedophiles use it. They just want to throw your name on another list and maybe shake you down

>>virtual
no
>>crypto
yes but they didnt ask that.

The only way to hold cryptocurrency is with a wallet where you control the keys. So when you buy and sell your shitcoins on Binance you never received, sold, sent, exchanged, or acquired financial interest in virtual currency, you acquired ownership of something entirely different, derivative coupons which are redeemable for actual ownership upon sending the coins out of the exchange. So any self-respecting person should answer no.

I only ever made losses on the crypto I played around with, which i'm sure they're not going to let me deduct.

>>16902715
KEK

Didn't they rule BTC and ETH a commodity?
So like, not a currency.
Nah officer, I traded virtual gold and digital oil.

>>16903205
because bend over goyim, you cannot escape

That's interesting, I was expecting one to have already been prepared. So they haven't sent the IRS anything?

>>16901762
FUAAAAAAAAARRRRKK

>>16903483
And my order history on binance is completely empty... guess I didn't buy any crypto after all, must have been a fever dream.

If you made it big off a golden bullrun (like 7-8 mil) how is it taxed? I know if you dont hold it more than a year its short term capital gain, but if you live off it for the rest of your life, is your yearly income on which you are taxed just how much you spent that year?

Im legit worried about making it, as taxes will rape me out of living on it for even 20 years.

>>16902696
only if u are retarded

>>16902977
I can't wait until this crooked ass gvt collapses on itsself and they rae all swinging in the public square

>>16904017
When you change crypto to Fiat you pay taxes on that.
Example:
I buy 10 BTC for $10,000 each.
Later, I sell 1 BTC for $100,000
I have to pay income tax on the 90k I made
The other 9 BTC if I didn't sell them, they don't count yet. The taxes is when I trade or sell the BTC.

The difference between income tax and capital gains is important. If I held onto that 1 BTC for more than a year before selling it, that 90k of capital gains to pay taxes on, not 90k of income. Capital gains tax is generally lower than income tax, so better to hold your crypto for a year before selling if possible

>>16904111
thank you for this. i started in december 2017 and put around 20k in total from then until last year. never cashed out anything. i bought bitcoin.tax for those years and with it at 10% tax im gonna end up paying like 1.3k in taxes. but since i haven't actually ever cashed anything out i don't have to pay taxes on the 80K that i have total in crypto right? say i sell when i'm at 100k and i've held for over a year i'd end up paying capital gains tax which should be 15% on the 100k?

my friend bought a few thousand dollars of btc and eth on coinbase over the last 2 years and traded a lot of shitcoins on shit defunct dexs and then ultimately put everything (less than 10 grand worth, more like 5 grand) into chainlink on binance. He swinglinked a little and then out 100% of his holdings into his own paper wallet and has been holding it there for months with no intention of selling or trading it for at least a year. He has never cashed out any of his holdings, only added more fiat. How should he proceed?

>>16904111
and if I coast off a massive earning from crypto am I still taxed every year? In other words, If I quit my job is my income zero and Im taxed on the money I earned from that gain still?

>>16902729
The IRS isn't as powerful as the NSA so they're doing boomer scare tactics to up their game
Fuck them both in their bloody assholes

>>16901762
bitcoin is not a virtual currency it's the hardest money humankind ever known

Just write yes and list some V-Bucks in your holdings.

>>16904170
If you ever traded crypto for other crypto you have to do the same thing. Figure out how much $ the crypto was when you bought it, and how much $ it was when you sold it. Doesn't matter if you sold your BTC for dollars or if you sold it for Dogecoin ... any time you change one thing for another thing, you have to find out how much $ it was worth at that time, and if it's more than it was when you got it, you pay tax on the difference

>>16902747
>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.

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

>>16904234
The tax man comes when you change crypto into dollars or into other crypto. So if you sold it all and just put the dollars it into like a bank account, you only pay taxes on the one big sell transaction

But if you keep it in your crypto wallet, and every year you sell some for dollars, you pay taxes every time.

>>16904437
ah, I see. And then I wouldnt owe the government money again as I wouldnt be employed and earning income, just living off my bank account?

>>16904401
ya that's why i got the bitcoin.tax website. for all the trades and shit i did i gotta pay 1.3k but since i've never converted any of it to actual USD i only have to pay taxes on the trade i made correct?

do you have any good youtube vids to watch about this? i heard you have to pay taxes on the amount you've gained even if you haven't cashed out. so if i have 80k right now i'd have to pay taxes on it even though i never cashed it out. like i don't have that crazy amount of money to pay those taxes...

>>16902715

>>16904465
You pay taxes on the difference in value when you did the trade. Not just the first and last trade (usd to btc, and btc to usd), but every trade in between.

Whenever you make a trade it sets the cost basis for that new asset.

This might be a more confusing example, but I wrote it so take it for what it's worth...

Buy 1 btc for $10k usd in january... Presumably you already paid taxes on the usd when you got it, so there's no taxes on this transaction.
So you've set your cost basis for one btc at $10k
In July you trade your one btc for 400 SHIT coins. Btc on that day was worth $11k usd, so you have to pay taxes on $1k in income. Now your cost basis for the 400 SHIT is $11k
In December you trade all your 400 SHIT back to bitcoin for 0.5 BTC. Not a bad deal, because BTC is now worth $30k. You have to pay taxes on $4k income (you bought $15k of btc with your SHIT that you bought for $11k)

It goes on and on like this. Each trade sets the cost basis for the new asset. Then when you trade it again, you determine whether you made money or not. And whether you held onto that asset for a full year determines whether you pay income or capital gains tax.

Yes, seek out YouTube videos. ”some guy on 4chan told me" isn't a very strong legal defense

>>16904465
My point is each trade is a taxable thing, if you made money.
Even if you didn't "cash out" to dollars, if you trade one crypto to another crypto, you're "cashing out" one into another, so you have to pay taxes.

I think that's what you're thinking of when people say they owe taxes even though they didn't cash out. Technically they did cash out of one crypto into a different crypto and owe taxes

>>16904017
Nigga if you made 7 mil this year you'd BETTER spring a couple grand to have an accountant do your shit...jesus fucking christ pay your shit

good thing I have an [undisclosed amount] of monero ;)

>>16904201
the correct answer: he should do nothing, good luck to the IRS ever proving any of it happened

the SIR YES SIR FOR ISRAEL SIR answer: he should duly report each and every transaction and the date on which they occurred, and promptly pay any and all taxes owed!

>>16904664
thank you for this m8

do you know how much each transaction is taxed at? for your example, and living in america, would eeach of those trades be taxed at 10%? i all for paying my taxes, i just don't know HOW much to pay

real talk though the entire concept of crypto taxes makes me want to go full retard ancap and burn the whole government to the ground

we were all minding our own business doing crypto things and then our rulers caught wind and "hey now you gotta pay your fair share, you can't just do that stuff without paying us!"

then they use the money to start another war for Israel

>>16904821
Crypto should be a closed system. The whole point is to move away from the tyrannical financial instruments of yesteryear.

>>16904821
I'm with you 100% anon but I know how bad it gets when the IRS wants blood... they can fuck your life up and if you piss them off it's basically over for you

I'm kinda looking forward to making them sift through 5k+ etherscan txs for a net loss lmfao

Use of the word 'virtual' is so offensive, you know they do it on purpose

>>16904810
Well you total up all your income for the year. Crypto trades, your job, interest from a savings account, whatever.
Based on that total, minus any deductions, that's your taxable income for the year.
The rate varies depending on how much you made.

When you fill out your tax forms, the instructions tell you the final number.

For budgeting how much to set aside for any trade for income tax, I'd plan on 30% or so. Capital gains is 20% or less.

>>16904201
Coinbase knows, but the amount is so little the IRS has much bigger targets to worry about 1st

The US dollar is a virtual currency

Every state is a business for someone. So pay the taxes, citizen

>>16901762
Answer: Nope

>>16902729
This is what i want to know
Theres no point of lying to avoid the list if coinbase just puts you on it for buying a few ether

>>16904873
Fucking this, the govt aint gettin none of my crypto shit. I already paid tax on the usd I receive. Crypto does not belong to caesar. Fuck dem non representing ass niggas.

>>16901762
> put X on No
> buy gold with crypto
> sell gold tax free
Governments can go fuck themselves, torment the fuckers who make millions a year without a penny of that being taxed.

>>16905350
what serious crypto trader is using coinbase???

>>16902832
wrong

>>16902715
kek

>>16904413
V-bucks

>>16905384
Its the #1 fiat onramp you dipshit

So I've been messing around with coinbase since last June, mainly taking advantage of the "get $10 in some shit coin" that I immediately convert to bitcoin and send off to my wallet. I downloaded their report and its 110 lines long of every transfer from "coin a" to "coin b". The rows represent buys, sells and transfers. Would I only need to worry about taxes on the sells?

>>16905515
>fees
>abyssmal deposit/withdrawal limits

baby's first exchange

>>16901762
Time to end the Fed, IRS, and ATF. The time for arguments is over

This is unironically the end for bitcoin. They are going to audit everyone into oblivion and throw everyone in jail. Sell everything while you still can.

>>16904810
its time to fire up google bud.

>>16902977
This. Unless u cashed out or get a tax form from an exchange don’t report it. Just asking for trouble. Once I made it, I’ll get a tax Attorney to fix it if I even have to report it by then… link will probably be accepted around the world by then.

>>16904821
Yeah completely agreed, I never really gave a shit about privacy coins but this actually makes them seem so much more important to me

>>16904070
One day, brother... one day...

The question now makes it so if you answer ‘No’ and you did buy or sell or receive crypto that year, you will have intentionally lied to the IRS. There’s no work around with this question, and if they find out you did lie they will penalize you and can send you to jail, even for a small amount.

>>16901762
Mutts need to renounce to have freedom

>>16905139
Based and redpilled

>>16901762
Crypto has single-handedly made me seriously reconsider my dreams of moving to America as a third-world pajeet
Say what you want about my country - and there's a LOT to say - but over here we don't get charged out the ass with taxes for crypto or anything else. We just have one flat VAT to pay for goods and services, and that's it. None of this 'keep track of every crypto transaction because you're paying tax for every single one" bullshit

>>16905642
been doing that still haven't found my answer :(

>>16905685
I'm not under oath and they're not cops. So fucking what?

>>16902715

>>16905837
>theyre not cops
theres a guy in my office who used to work for the IRS
they unironically have their own police force that is armed as well as the SWAT team/ATF, and they dont need any kind of court order or anything to seize assets

>>16905837
Lol
I don't think that's how tax law works

>>16905831
A VAT is arguably worse.

>>16905859
>>16905878
They can penalize me if they can prove I underreported my my income for the purposes of dodging taxes. If you don't owe any money, you haven't committed a crime.

Reminder that even if your total PnL is negative but you made a successful trade, you owe tax on this. Example:
You make 20k, then you lose 20k and end up with 0. You still owe tax on those 20k gains.

>>16905915
How so?

>>16906044
That doesn't make any sense at all. Tax capital gains but can't write off losses?

>>16906044
There is a forgiveness amount anon.

>>16905944
You probably should look that up to make sure before you make a decision

>>16906044
no, the IRS owes you money on the 20k you lost

>>16906054
Harder to avoid paying the tax, even if you lose money on crypto investments you still had to pay for the transactions. There should not be any other tax on them though, it's just government protecting their worthless paper.

>>16906044
If you made a net loss with your trades, then you don't owe shit

The only ones in real trouble are those people who made big gains, cashed out, then re-bought back in and there cypto crashed in value and became worthless, because they owe taxes on their earlier gains and can't sell the crypto they have now to cover it.

>>16905384
Muttmericans

In 2017 I asked about crypto and when I found someone who'd actually heard about it they said don't worry about it its not taxed. I wasn't trading so I didn't fret. In 2018 we chat about crypto again but I don't actively trade so eh. Now I might have a couple profitable trades in 2019 from rebalancing but overall it should be in the red. I don't know how to find my trades, much less report them. My biggest concern is say something moons hard and I sell a bit, 100k usd worth or so. Suddenly they're going to want to know how I got it. They won't like if answer is I hodled. Sometimes I think I should just all in link and just sell staking gains so there is no capital gains no begin with after the consolidation/all-inning. Self employed income is less intimidating to fill out, just get a jew cpa to do the quarterly forms for me.
I will probably seek out a crypto tax specialist this year. Nothing big traded but I do hold some things that appreciated a lot. I'd rather not share specifics on crypto and amounts. Just the usd values of trades and my profit/loss on each. Privacy is a big deal here. Your only protection is keeping keys and shit so the law can only make things less secure here.

how do i tax evade???

>>16902715
kek

>>16905650
>link will probably be accepted around the world by then.
hahahahahah
delusional coincuck

>>16905685
IRS is staffed by fat black women. Imagine thinking they have the power to sniff you out. Fucking boot licking beta.

>>16904413
>roblox
>v-bucks
it's over

>>16902715
but seriously guys, can you imagine a future where upvotes on social media are taxable

>>16901762
if i lost money i don't have to tick yes right?

>>16902747
based

Retarded crypto noob here

Do I have to report a conversion from $49.10 BTC to LINK?

>>16906618
If the value of link you had after the exchange was worth more than the value of the btc when you bought it, yes

>>16906663
It’s worth more now yes since the price of LINK was 1.9 at the conversion. However, I haven’t sold it yet and am still holding it.

>>16906685
Then you should only owe money on the difference in the value of the link when you bought it minus the value of the bitcoin when you bought it

>>16906694
>the value of the link when you bought it minus the value of the bitcoin when you bought it
Isn't this the definition of an exchange and therefore always zero?

>>16902747

One thing people need to understand is that the IRS just doesn't play games or argue semantics with you. They will immediately fine you with the maximum penalty if you start doing this shit with them. They're actually very easy to work with, but they will just ram the pitchfork up your ass if they think you're wasting time.

>>16906712
I can almost guarantee you that the value of bitcoin when he bought bitcoin in dollars was different than the value of the link in dollars when he made the exchange

>>16906726
Oh, I see now. The wording to express this concept can be tricky...

>>16906726
I see it also, thank you anon.

>>16906104
Dude...I live in a tax haven. No wealth tax, capital gains tax, income tax...pretty much the only tax shit we pay over here is the flat VAT rate (which again, mainly applies to goods and services), and a low-ass payroll tax for employees and employers
They don't give a shit over here about my crypto transactions. I actually had fiat sent to me from crypto trading once (albeit a very small amount, a few hundred dollars) and they didn't take any money other than the usual fees, or ask me any questions

just answer no. make them work for it. always make the government work for their theft

>>16906876
I am a little worried about the possibility of getting fucked with. I have no criminal record and don't want to mess that up. I likely will report it because I literally made capital losses and have nothing to hide

thank god i never got a financial interest in that "chainlink" stuff or any other cyber digital money thingy. never even thought about it once.


anyway lets change the subject. how about them new york knicks?

>>16901762
nah XRP isn't a currency so no. i didn't get any virtual currencies.

>>16906104
https://cointelegraph.com/news/bill-to-exempt-small-crypto-transactions-from-taxes-returns-to-us-congress

>>16906849
That's good, I don't know the Indian tax system so I wouldn't know.
>>16906971
Nice

>>16902874
Ok so if you made 100k profit off of Chainlink how would you report it?

>>16907012
Based on what I see on the form 1040 Schedule I

You probably list your taxable income in part I line 8, where you specify "Other income" by listing type and amount

Anyone who answers yes on that thing should honestly kill themselves. They have a fundamental misunderstanding about the bigger picture of what we’re working towards. Cuckolds who want to play along with the IRS’ scare tactics are never gonna make it.

>>16907106
What does it matter if you're paying the tax anyway? You take a stand at not checking a box then paying them their share of your capital gains?

There's a lot of nonsense and misinformation in this thread. If you made a net capital gain for 2019 trading cryto or cashing out then yes you legally have to pay taxes on it. But you can subtract your losses. The IRS don't get to have it both ways.

>>16907106
Fuck this shit I'm not paying jack shidt faggots

>>16906719
>t. can't afford a lawyer
Sorry (You) are poor.

>tfw I used coinbase to cash out USD

I already cashed out about 8k. How fucked am I?

>>16907228
>thinks that somehow Link is exempt from capital gains

Please explain why is it exempt, or do you need your lawyer for this question?

>>16901762
don't obey any "guidance"
don't volunteer anything

>>16907315
I do not hold link and you can't provide evidence that would prove otherwise, you fucking faggot.

everyone saying
>haha just don't pay dude, fuck the government haha is either a brainlet or has a $3k portfolio so it doesn't matter anyway

good luck cashing out any substantial amount of money in the future when you haven't paid any taxes and haven't reported anything for the last few years, they can fine you to make you a debt slave forever if they want to

>>16901762
So what happens if you check yes?

I buy Shark Cards for GTA Online. Do I need to report that? My virtual businesses lost money when my cargo was blown up by a rival. Can I write that off?

>>16907394
Who knows? It only really matters if you get audited and they find out that you lied.

>>16907394
> *pop up* hello sir how would you'll like to get fucked?

>>16901762
I bought it through Robinhood which never actually sends you the coins. But now I have to check yes and have the FEDs sniffing my asshole because they think I'm some kind of syber pirate h4cker?
Anons, why do they fear the official currency of An0nym00se?

>>16902683
Accurate pic
>>16907424
this is what I fear. Not that i'm doing anything illegal, but I just don't want the hassle.

If you got a payout from Coinbase Earn or an airdrop do you report the price on the date of the receipt/drop or it’s current value?

>>16902747
ugh

>>16906463
>likes you receive are also tax deductible
yeh...yeh i can.

>>16901762
>muh decentralized currency
fuken rekt

>>16906849

Cayman?

Pretty sure that literally everyone is required to check "Yes" because by having to answer the question they are by definition taking financial interest in virtual currency.

just answer yes. if the IRS can catch u, u already fucked up. if you are just hoping they don't audit you, rather actually take the time to protect your privacy, you deserve to get caught. also, most people who answer yes to this question with have losses this year.

a better strategy is answer yes, pay your taxes, then this year actually protect your privacy.

How much is owed on this?

>>16908484
Well, both.
The date you got the payout, assuming it had a value more than zero, you received an income that should be taxed.
Then when you sell the coins, if the value on that date was higher, the increase in value is taxable capital gain.
Or if the value on the date you sell it is lower than on the date you got it, that's a capital loss, and can be used to offset other gains. There is a limit however to how much loss you're allowed to claim.

>>16902774
>What matters is taking it out/converting back to USD, not putting it in.
Yes, but if the Israeli Revenue Service doesn't know about you putting it in, they don't have a case with you pulling it out again. They're trying to get people to admit to having holdings for records purposes. They'll look closer if you admit to it, and I absolutely guarantee that Cuckbase turned over the list of all of their customers to the jews; if the exchange says you have a few ETH and you say "no" to that question you'll flag for further attention later.

>>16908536
>>>/smg/ go back

>>16905565
this

>>16901762
Just answer no. Untraceablity is foundational to cryptocurrencies so no worries.

>>16908676
you seem knowledgeable, can you help me?

I traded a bunch of shitcoins in the golden bull of 2017 before settling on LINK in early 2018. Luckily, I downloaded all the records of my trades from Binance. To date, I haven’t reported any crypto.

How do I navigate this? Worth a few hundred to have an accountant help me get all my shit straight? No intentions of selling LINK, but as the price goes up, tax implications has me a little concerned.

>>16908947
There's crypto tax places where you upload all your trades and it will help figure out the gains and losses. Google it and look for reviews.
You have three years after you filed your taxes to file an amendment/correction, so if you started in tax year 2017 you've got until this time next year to get your shit together and file a correction

The IRS is a (((CIA))) psyop. Only fools actually pay taxes

>>16905537
Again you stupid fuck, it's the #1 fiat onramp
Fucking dumb wanna-be smart nigger

>>16908832
>Hurrrrrrrrrrrrrrrrrrrrrrr
>Where did you get that money suddenly in your bank account, anon?
>"Untraceability is foundational to cryptocurrencies so no worries, m8"

>>16909182
>only fools actually pay taxes
Reassure that with all of the tax evaders doing time right now you fucking brainlet

>>16909153
based, thank you. Since I haven’t acquired, traded, or anything else with any cryptos since 2017, would I check no on that box and just aim for a correction?

>>16909374
I don't know man I haven't dug deep enough into what that new question is asking.
My gut says if you're on biz posting about crypto, it's probably a "yes." Unless you truly didn't so much as look at your coins / tokens in 2019. But the question seems so broad. How it's worded, if an airdrop was sent to your eth address that you didn't want or ask for, you've received or acquired a virtual currency. But I haven't researched the actual law behind the question though to see if it's more clear.

>>16905139
Is FED Coin supported by Coinbase yet?

>>16901762
>>16907171
>if you sold your cryptocurrency for less than you acquired it for, you can write off that capital loss to save money on your crypto taxes
I don't see why /biz/ would be mad, seems like you all will get to save loads of money on your taxes this year

>>16909472
How are there three ways to be stoic?
Isn't it just 'be stoic'?

>>16906463
>This killed the social media giant
I welcome it.

>>16909440
got it. Thanks again for your insight, I think I’ll check yes and just go for a correction. Can’t have LINK going to $50 while sweating whether or not I can cash out.

>>16906465
If you lost money you can tick yes and report a capital loss of up to $3000 and carry forward additional loss to 2020.

I believe this is actually bullish for crypto, if it's good enough to be taxed then we really are early adopters

>>16909576

Anon ... could you ... what? What the fuck Anon?!? ARE YOU FUCK- ARE YOU FUCKING THAT SANDWICH?!?

>>16902747

Nah it’s just a scam and you guys are becoming increasingly delusional. The qanons of /biz/

only ppl that have made at least 1 mill or more should be concerned.. anything less the gov don't got time to waste

just fill out ' no' . unless you are a 1% dude. dont f lie

>>16902729
this is to put you on a list 100%
they actually fucked up by putting it on top of the page
should of hid it deep on another form
but yes this is a financial red flag for life

>>16903188
No it’s not

>>16909907

why does the IRS not care about boomer stocks until you cash out but doing literally anything with a crypto they HAVE to know about it

>>16910173
because they do care about boomer stocks and they do know what trades you make and they do watch that shit closely and make sure stock trades pay their taxes
your whole point is based on a misunderstanding and mistaken assumption that they don't

Just say no unless you had a large amount of unreported gains. About $15-20k of capital gains is the typical cutoff point where the IRS decides someone isn't worth their time

>>16910204
show me where they explicitly ask you if you acquired any stock in the given tax year

>>16909641
please don’t talk about my girlfriend like that, this is a blue board and she is reading this thread over my shoulder.

good luck get my XMR SEC retards

fuck you

>No

>>16910246
All trades are sent to the irs brainlet.

>>16901762
Kek, the IRS are taking away passports from people owing more than $52k, SO, have a capital gain of ONLY $260k they can get their passport taken away & can't leave the police state. The best option would be to take that $200k & get a citizenship by investment, renounce & start from zero again.

And I'm proud to be an American
Where at least I know I'm free
And I won't forget the men who died
Who gave that right to me
And I gladly stand up next to you
And defend her still today
'Cause there ain't no doubt I love this land
(((God Bless the USA)))

What if 100% of crypto purchased went into cold storage that belongs to my toddler son? I didnt receive any crypto, he did... and he doesnt file taxes

Is this why the market is crashing? Peopla respooked?

>>16902683
I hope you have reported your WoW vanilla gold, linden dollars and ISK from eve online burgers?.

>>16902700
>kyc
mor like kys lmfao

>>16911884
this kills the chinese gold farmers

do I have to report anything if I take out small loans in btc from random people and cashout immediately through paxful?

>>16911754
No

>>16902715
based

>>16911884
TFW crypto was invented by the central banks NSA and CIA in order to tax digital / virtual goods.

And another reason why burgers are the eternal cucks of the world, LMAO

>>16912847
Shit like this makes me not to even bother putting money into anything because this country is so fucked.
If (when) I find a way to make my tech salary elsewhere I am fucking out.

>>16908652
yes you made a 470k profit which results in roughly 120k taxes which is about 6 cents because 1 mil of gold is worth about 60 cents

>>16901762
I shifted around coins and withdrew like 600 dollars on coinbase this tax year.
You think they'll come for me if I just skip this question boys?

>>16913001
Thank you, based jew.

>>16904413
>They actually referenced V-bucks and Robux (kikes couldn't even get the correct term lmao)
What is this clown institution. V-bucks aren't even able to be listed on any markets, it's just a way of converting money into fun bucks so little Timmy can buy John Wick skins. Robux can actually sort of be used as a virtual currency since it actually changes hands between users through ROBLOX's marketplace.

>>16902849
Read the instructions, retard. Page 81 of the PDF. Fuck. It's almost like you morons aren't CPAs like me.

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

>>16913594

The average /biz/er can't analyze or research their way out of a wet paper bag. This board is for shitposting, not real business discussions.

>>16902715
lulz