/biz/ - Business & Finance

>reporting your trades
Cuck.

>>19693494
Whats a crypto and whats a tax?

>>19693496
>Getting buttpounded in prison
Based.

>Not keeping a record of your trades
Enjoy prison

>>19693494
>you can NEVER cash out

Lowkey FED posting

>>19693502
You are literally entering something designed to be a big fuck you to the government and yet you are still afraid of it.
Should just leave and never return to crypto, it is moronic to invest in something that you don't believe in.

>>19693494
Just pay taxes when you cash out. That is such nonsense that you have to pay taxes between crypto to crypto. It’s not realized profits. Say you do a million usd trade from btc to rsr. Rsr goes to zero because it’s a pajeet scam, so you owe the tax man a quarter million, yet your trade wet to $0? Such kikery

>>19693528
It is moronic to emotionally invest in something to the point that it makes you disregard long-standing taxation laws

>>19693546
If you are into crypto to trade it for dollars, you are not in the right place.
Please, sell and get out, your faggots are the reason we have been stuck for the last three years.

Fuck of Glowies

>>19693546
At this point niggers can burn the town down without being arrested.
If they come after some neet for crypto taxes I'll be livid.

>>19693494
It's not, not yet anyway. No KYC = no findy.

Buy Verasity, sell some at a 10x, stake for 30+% APR, then go find a new freshy in Q3.

>>19693546
lmao fucking whitey

Anyone who is not paying taxes on crypto is not making lots of money.

>>19693503
Luckily Coinbase tracks it for me ;)

>go to etherscan
>go to your wallet
>download .csv report
>spend the next two months painstakingly calculating your CGT events and trying to work out where you made or lost money
does anyone have a better way of doing this that doesn't involve paying $50 a month for some shitty program

>>19693534
If you sell your rsr you can write off the loss, which will cancel that tax

Decent thread OP, post eth wallet, want to send you some tokens

>>19694917
Glowing so hard right now

>>19693494

Papa Jerome need every Tax dime to save Stock market and Airdrop more Stimulus on Shaniqua and Deshawn

>>19693496
Based
>>19693502
Stfu you glowfaggot

Guys. Can I forget this all until it's time to cash out and then just pay and win?

>>19694495
Or let the IRS calculate it for you, which likely wont happen, and at worst you pay interest on your gains

>>19696117
>>19694495
Ended up actually doing this. It took a while.
I have traded shitcoins the past 3 days non-stop. I always bought low and sold high. I assumed I was up $300-400 and it turns out I have been getting FUCKED by both the gas fees and the trading fees.
I spent 2 ETH to make 2 ETH in trades. I'm retarded and really hope I can write this off as capital gains costs.

discord gg/ 5833R5a get in early for june 19 token sale

>>19693494
it sure is anon and i recommend cointracker dot io i spent over $1400 to do 3 years worth of taxes and it was worth every sent... i sent my accountant an xl file with capital gains and it was done

>>19693546
>long-standing taxation laws

>>19693546
Fuckin dumb fedposter. I pay taxes so mouth breathers like you have a chance at living

>willing paying for lefanduh's fentanyl habit and Tyrone's 15 kids
You cucks never learn

>>19697446
cogent argument, fren

>>19697535
>>19697446
objectively accurate depiction of the taxation situation

>>19693494
Pretty sure you pay taxes when you swap crypto to crypto anyway.

>>19693494
>taxing an unknown amount of monero being sent from an unknown wallet to an unknown wallet
ha hahahahahahahahahahahaha

>>19693505
How can the state just wantonly steal peoples money. This is what people should be rioting about not some dead jogger

>>19693494
So, speaking of this. I rarely do crypto to crypto trades. However, this year, I have done it a grand total of 5 times on Uniswap, going from ETH to 5 different shitcoins. Do I really have to report this shit? There’s no KYC on Uniswap, and it’s for less than $2K. My plan was to just pay the taxes whenever I cashed out the ETH (if I ever go back to ETH and sell it). Is Cuckbase, where I bought the ETH originally, following it from wallet to wallet to give that info to the IRS? If I do have to pay taxes on my ETH -> Shitcoin -> ETH trades, how does that even work? How do I calculate whether a gain or loss was made? I’m being a brainlet, I know, but this year is going to be the first year I think I might end up having to actually report any of this. I’ve never actually cashed out to USD in any amounts outsid of like $300 to buy a PS4, so I never reported that. just bought and held. Any of you guys help with this?

>>19694253
Of course they'll come after you. Niggers are allowed to burn down cities for the same reason taxes exist: To hurt you.

>>19697634
How do you calculate it? Fuck you, that's how. The tax guidelines make no sense and unlike stonks you can't do like-kind trades. I'm not even sure if you can buy a house with your profits to avoid taxes like you can with stonks.

Also, I'm not even sure how they're going to audit you and millions of other people during the next bull run.

I'm just going to take out a leveraged loan during the next bull run and use that money to pay off my student loans.

>>19697618
>How can the state just wantonly steal peoples money. This is what people should be rioting about not some dead jogger

Yeah that's never going to happen. All those joggers riot in favor of higher taxes for anyone who doesn't collect gibs, so they can have more gibs for themselves.

>>19693494
lol ive cashed out thousands of dollars and have never ever reported to the thieves in suits and no one gives a fuck lmao fuck them

>>19697671
See. That’s my position on it. I do not understand how you calculate taxes on crypto -> crypto trades. I understand cashing out taxes, that’s straightforward enough. For instance, I put 0.3 ETH into Statera when it was around $0.003, getting around 9900 STA. How is there any gain or loss on that at that specific moment? Is it not 1:1? At that point, 1 STA = 0.0000303 ETH. What realized gain or loss is there on that? Am I just being fucking retarded, Anons? Why the fuck should I pay taxes on that? There’s no realized gain or loss until I get to the point of cashing out back to USD. I genuinely do not understand this shit.

>>19693546
Based douger

>>19697731
Just hold for a year and call it capital gains. That is the only logical way to do it I feel. I could be wrong but how in the world does crypto to crypto work when it’s not a gain or lost if there is nothing to claim if you don’t cash out?

>>19693494
only if you live in a 3rd world country

>>19693494
only if you live in a 3rd world oligarchy

>>19697647
>>19694253
Theyre going to come after you for a lot more than some crypto taxes, california just voted something like 95-5 to pass a reparations bill forward.

>>19697712
>ive cashed out thousands of dollars

>>19693528
Bro blockchain was designed by the government to strip you of literally all financial privacy and freedom. All you can do is buy more and be a slave that is a tad bit richer than the others

>>19697824
That’s probably what I’m going to do. I’m going to hold for a year, eventually turning the shitcoins back into ETH, and then cash out from ETH to USD. What’s to keep me from saying I bought some ETH back in the day locally with Cash and held it in a wallet that I’m just now tapping in to? How would the faggot government know I went from ETH to shitcoin back to ETH on a no KYC exchange like Uniswap? This is one of the things that makes me fucking livid in life. I go to work every day, I work my fucking ass off and do a good job, I contribute to society the best I know how and I pay my taxes. I pay fucking penny these fucking scumbags ask for, but not on this. I refuse to on this. I’ll pay the capital gains if I eventually go back to USD, but fuck you I’m not paying it on shitcoin trades. I’m already getting fucked enough on taxes as is. So I’m supposed to give these fucking cocksuckers MORE while I watch fucking niggers burn down cities and loot stores? Fucking get real. I don’t know how the average American hasn’t strung elected officials up by their necks. Fuck. First thread I saw upon waking up this morning and I’m ready to put my fist through the wall.

>>19697928
COMPLETELY FUCKING AGREE

>>19694495
Just use the program. Bear.tax made it comfy

>>19697928
>What’s to keep me from saying I bought some ETH back in the day locally with Cash and held it in a wallet that I’m just now tapping in to? How would the faggot government know I went from ETH to shitcoin back to ETH on a no KYC exchange like Uniswap?
crypto will change the world and force power to be a million times more transparent. it will literally bring a golden age mankind couldn't even have dreamt of before.

>>19697928
The hilarious part is that the us government is practicing wargames for exactly what youre describing. Youre not alone.

>>19693496
Based. Anyway I'm in the 3rd world fuck you American kike glow niggers

>>19694495
This right here is why I stopped swinging and just hold whatever I buy. I don’t want a mile long transaction sheet to figure out taxes on.

>>19697928
Pretty much this. Our manager class are completely corrupt and do not care about actual Americans.

>>19697928
nogger in jail soon

>>19697928
Do you understand why crypto works? Hint: you, and everyone else, can see every transaction ever made. If you transfer money into Eth, the feds see it. If you transfer it into 50 different shitcoins, the feds still see it.
Have you never used etherscan?

>>19693496
FpBp

I have made hundreds of shitcoin trades where I get in and get out quickly. So is it safe to assume all my gains are lost? If this is the case then the only way to make money in crypto is with high caps that you hold on for a long time with out constant trading.

>>19697607
Comfy af

>>19694525
Only if your classified as a trader by the irs which opens up a whole nother level of potential headaches. Normal people can only write off losses up to 3k per year.

>>19699526
>does taxation make swing trading impossible/illegal?
What do you think retard?

>penis to vagina is a taxable event
uh oh

>>19693534
Are you 12? It depends on how much the bitcoin was when you bought it and how much it was when you exchanged it and only the difference between the two is taxable likely at 10% capital gains if you have held the bitcoin for a year

>>19697634
Whatever profit you made on eth by the time you swapped into shitcoins, you should have taken out your tax burden (based on your expected tax bracket for the year. So if your burden is 22 percent on income, and you held eth for less then a year, 22 percent of the profit you made on eth is uncle Sam's. You should have taken that 22 percent out before swapping.

>>19697854
keke
e
k
e

>>19693494
>cashing out in America
retard

>>19699583
Wrong, factor in the standard deduction and he probably only needs to withhold literally 5% if anything. My income is about $75k and my overall tax rate works out to less than 3% after deductions (married, plus child credit)

>>19693494
this happened because of tether btw.

>>19699563

based

>>19697731
The gain is what the value of eth was when exchanged vs the value when you initially bought it, brainlet. Basically treat each exchange as selling current coin, calculate profit, then buying the exchanged coin. Tax isn't on the exchange, it's on the gains from holding the first coin

>>19699563
kekked

>>19699617
22 was just an example of an expected tax burden. Youre at 5% so thats your expected burden. I have no idea what his burden will be but whatever it is, he should take that out entirely after making profit. Its going to be different for most people.

how can this board be effectively a crypto board and not one person knows how crypto tax works

>>19697682
this. Drug dealers and burglars don't pay taxes but they benefit most from those who do.

>>19700226
>He doesn't know why crypto got popularized
How int he fuck did you even find this place, brainlet?