/biz/ - Business & Finance

>>21122497
>and probably in your country too.
HAHAHAHAH omg imagine being a fucking amerimutt or a eurocuck HAHAHAHAHAHAHAHA

>>21122497
>self reporting yourself to the irs
Top cuck

>>21122497
Yep, before people count themselves rich, they have to realize they have to pay taxes over EACH trade they make. And the IRS can get all the information from exchanges.

I thought I made a shitload amount of money last bullrun, until I saw my capital gain taxes.

>>21122497
>Lose money
>pay capital GAINS tax
Thats now how that workd

>>21122580
I'm leaving this country before I cash out.

>>21122625
In my country you pay taxes the next year for what's in your bank account on 31 December. Even if it's tanked in January. BTC rekt some people here. Dutch.

>>21122625
If he gained in 2017 but then it crashed in 2018 he most certainly is responsible for tax on the 2017 gains you 15 year old.

>>21122660
in most cases they consider leaving the country a tax event as if you sold at the time you left, if it was that easy to avoid big tax bills everyone would do it.

>>21122851
you have to pay on gains if you haven't sold?

Next April is going to be fun

>>21123191
If he crypto-crypto traded yes he does. If just hodling then no

>>21123284
You mean conversions? How are they taxed in the US? I can't find any info on conversions, just on gains from selling. I don't know who I'm going to get to file for me. I doubt anyone locally knows anything about fucking uniswap trading.

>>21122497
I made 15k on unemployment

>>21122497
You sound like an IRS agent trying to scare people into paying taxes. Sorry schlmo the money is mine, we don’t owe you anything

>>21123563
You will pay sooner or later. All tax agencies internationally get records of their citizens from trading websites

>>21123563
based

>>21123487
Let’s say you bought 5kusd of ethereum at $100
Ethereum pumps overnight to $500
If you then trade your 25k usd of ethereum into another coin the IRS counts this as a taxable event and you need to pay taxes on the 20k gained
If t he new shitcoins you bought tank in value it doesn’t matter. As far as the IRS is concerned it was your responsibility to save some fiat equivalent to your tax responsibility for that transaction.

>>21122851
He could get that money back from tax return though.

>>21122497
buy 10,000 DIA and hold 2 years and you'll make it.

That's why the crypto community has become garbage. It was never intended to be cashed out but actually used. It was supposed to be an alternative to the fiat and eventually replace it as a passive revolution. That's why BTC is still supreme, you can actually use it to buy goods and services.

>>21124000
Great I'm going to end up getting fucked. Thank you for explaining it to me.

Most of you guys have committed serious tax fraud and have no idea, but ignorance is never an excuse. crypto capital gains is explained plainly on the tax websites.

>>21123087
he probably means he's leaving and never coming back, in which case he'll be subject to arrest for tax evasion but be practically immune to it because no foreign government will execute a warrant and extradite for small fry tax evasion (which a single individual invariably is; the IRS deals with trillions of dollars a year), nor will the US even try

>>21122497
how did you end up paying that much? I made 120k (also lost about 85% of that), and only had to pay like 5 grand in capital gains

>>21122580
Trade on decentralized exchanges or Chinky exchanges that the IRS has to work to get info from.

>>21123563
Not really this happened to me too, but you sound like you're projecting your fears of being audited by the IRS.
Evading taxes?

don't pay. if cops arrive repeat hands up don't shoot until they are cowed

>>21125079
Don't pay taxes turn your coin into btc and use that as your currency. It's what it was meant for to begin with. When did the crypto community become fiat lovers??

>>21122497
>And before some asshole says that no you don't actually have to pay taxes on crypto trades but only when you cash out to dollars, yes you do in my country, and probably in your country too.
No you don't. How would they know about any crypto to crypto trades. Yes data matching is a thing but unless you are banking millions they aren't going to check anything but fiat on/off.
Worst case they find out and you accidentally forgot to tell them your gains. Generally this is not a crime and you can amend the return before you get audited.

>>21122528
So you're an indian? Yikers

>>21122497
how do I pay taxes if I am digital nomad and move all the time? who do I pay taxes too?

>>21125444
you pay taxes to your home country unless you really are never going back there ever again

I didn't report my crypto on my 2017, 2018 or 2019 tax returms so should i even bother doing it for 2020?
Feels like it's too late
I only made a profit in 2017 and 2020 though

>>21122528
Imagine being a poo

>>21123087
Renounce your citizenship. They can’t force you to pay taxes when you don’t vote or have any say/effect on what happens in your country.

>>21126657
better lube that asshole

>>21122497
How is this possible?

>>21125234
YOU GET TAXED ON TRADES DUMBASS NOT JUST WHEN YOU CASH OUT

>>21125234
You're going to prison kid

>>21126804
What if I trade monopoly money for 2 dozen rocks?

>>21126960
Lmao

Fake, if you have a loss you wouldn't pay tax.

>>21122497
>Who did worse than me?
I did.
>started with 4btc bought at $1500
>fell for POSW scam and lost 0.6btc
>sold XBY before it 100x
>rode DGB and SIA pumps but didn't sell the top
>participated in LINK ICO and got 20k links then sold them for XRP
>sold XRP chasing chink scam
>XRP mooned to $3 few weeks later
>chink scam dumped 90%
>sold it at the absolute bottom to chase another 'great project'
>said project dumped too
>chink scam recovered to ~50% of it's ATH
>fuck it, it's bitmex time
>play it safe and almost 10x my 0.15 btc shorting BTC
>feel pretty damn good
>BTC pumps out of nowhere and I can't exit because of errors
>lose it all
I hold 0.1 BTC currently and I had to wagecuck for a whole year. I'm a dead man.

>>21122528
Not the case in europe

>>21127954
Wrong the loss was before end of year

>>21125444
stay calm. taxes are for cattle mass. not for single freeriders. they dont know you if you live under the radar.

>>21122497
You are impressively retarded anon

>>21122497
i don't know if it's worse than losing $35k overall but i "made" 1.2m in 2017 and no i'm back down to 100k which is a lot but definitely feels like shit considering i could have just bought link with like 5% of my stack and would have like 10 million now

>>21124000
>If you then trade your 25k usd of ethereum into another coin the IRS counts this as a taxable event and you need to pay taxes on the 20k gained
Please provide official broof of this

>>21123563
>Sorry schlmo the money is mine
Social contract, the US military protects your ass, you have to pay taxes you lolbert/anarchist.

You don't pay taxes on shit you havent even sold yet. All of you are larping retards.

>>21122497
cucked hard, come to switzerland no taxes on gains

>>21122497
Spoke to a guy last week who currently has 35 bitcoin, currently worth about $350,00p
Great times, unfortunately he purchased them for nearly twice the price during the last bull run having made nearly $2million dollars which is now more than just a 20% of what he had.

Got greedy and never cashed out.

>>21122660
That's not how it works, and you'll be destroyed for it if you're not careful

>>21129636
>cucked hard, come to switzerland no taxes on gains
based Switzerland

>>21129604
They don't though

>>21125234
you can't fucking use BTC as a currency you retard

literally everything you said in your post was wrong

>>21122497
You dont pay capital gains tax on a loss you retarded LARPer.

Just don't cash out. Simple. Problem solved.

>>21124000
Ok then you have a loss on the shitcoin which you can net with the gain on ETH...

>>21126657
Just start with 2020, if the tax man ever comes say pls waste ur time auditing my losses

>>21122843
But they don't know how much btc you have. It's only your account

So if I bought 3k link for $700 in 2017 and I haven’t traded back to ETH or USD, what do I owe currently in way of back taxes? I assume I have to pay long term capital gains when I sell link for usd, but do I owe for converting $700 in ETH into Link? If so, how much?

>>21122497
>Imagine actually paying taxes
>Didn't buy bio stocks in a TFSA account
>Didn't make 130k (still going) tax free.

>>21130053

Yes, but only if you don't stagger two tax years...this is how some people got fucked a couple years back

Is capital gains calculated from the moment you bought the coin or after the tax year is over? So if I bought a coin in august this year to get long term capital gains would I have to wait till august next year to sell it or could I sell it after december 31st?