/biz/ - Business & Finance

500 aud
ath 20k usd
pulled 5k aud at %1000 to prove a point
bought 500 pingas for $6 each sold for 30 rinse and replete for the last 3 years
dont hold bro those bags are still heavy

>>18849943
Next bullrun we probably won’t need to cash out because of staking and crypto becoming something you can use as easily as a bank account or credit card to buy things

>never reported having crypto on tax returns
>afraid now if I report ownership that (even if I don't cash out yet) IRS will pepper my angus
what do

>>18849943
all my bitcoin exposure is in GBTC in my IRA. most would say “not your keys” but the only way you can trade quickly and stay nimbe is by keeping your btc on an exchange which is terrible risky, and when that tether bubble pops you’re going to want to sell.

>>18850434
they don’t fucking care. just don’t owe more than you could pay and you’ll be fine even if you get caught.

>>18850434
Same

>>18850509
What if I made a shitton of short-term trades in 2017-2018 which were largely 0 profit/loss?

Also let's say I bought a coin in 2018 and it is mostly worthless now. I could sell in 2020 and report a capital loss to offset other gains in stocks/etc, but in this case this isn't working to the IRS's advantage, so do you think they would be less forgiving?

>>18850045
Thinking crypto will go mainstream..

>>18850045
>next bullrun
>staking
>you can use as easily as a bank account or credit card
>to buy things

holy shit every part of that sentence is pants on head retarded. bulls really are subhuman

>>18850045
get a load of this idiot ! lol

>>18850609
if you didn’t make a profit, then it’s not even worth their time to rat you out.

What will happen is this: you make $100k with crypto and don’t report it, then you reinvest that and lose it all. In that case you will owe taxes on the 100k and you won’t have the money

if that happens to you and the IRS catches you, then chances are they will charge you interest and late fee, but they’re not going to throw you in jail because they want your money. you’ll go on a payment plan, then find an accountant to help you out. at that time you can download all the 100s of deposits and trades from the exchange sites for years past, and re-file for years that you had a loss in order to try to lower the tax burden on that 100k trade.

but i really doubt they’ll come after you until you make real money like 10k on kraken and the IRS forces kraken to send them all they customer’s records. if i were you, i would be sure to pay tax, or set aside cash for taxes, if you make $10k+ profit on a trade.

the disclosure on your income tax about whether or not you own crypto is on there to 1. scare people into oaying their crypto taxes so the IRS doesn’t have to spend money to investigate you and 2. allow them to accuse you of fraud once you do make real money and they uncover your crypto history, and they’ll use that as leverage to get you to pay the full tax amount

>>18850850
Thank you so much.

>>18849943
You can cash out easily nowadays, sell what you need for fiat, get the rest into stable coin and wait for the dip.
Last time I was a newfag and fell for the Tether FUD, did nothing and watched it all crashing down.

The bigger question is how do you spot the top and bottom of the cycle.

>>18849943

Toguro was a big guy

>>18850434
Let me tell you a secret..

*they know*

>>18851116
yeah but what exchange? I did Coinbase last bull run for merely 5 figures, but I don't know if there is a cap on how much coinbase will let you exchange for cold hard cash.

I wanna know what is the best exchange to cash out on into your bank account outside of Coinbase
.

>>18849943
I'm just going to hold CKB until it becomes the new world money

It's an all or nothing bet

>>18850045

>>18852574
Always keep your funds in different places and sell the top for different stablecoins (I recommend at least 3 - USDC, DAI, USDT) to mitigate the risk - Tether fud is mostly fud but you never know, worse shit happened in crypto. After you’re in stablecoins you can buy back into btc/eth and quickly sell into fiat wherever you want without much risk. Where I live Bitcoin ATMs are a nice anonymous way to get cash just keep it lowkey.
>>18850045
Yes we need but the point about staking is legit, after the bubble is popped you can buy back into PoS like eth/tezos and get a nice passive income

Crypto.com- get the card. Spend tusd or pax on life stuff.
The end.

>>18850045
yep this

Crypto cards and staking are basically banks 2.0

>>18850850
Do you really have to pay federal income tax in the USA? I thought it was a trick, after watching Zeitgeist, and you don't already need to pay.