/biz/ - Business & Finance

>>21378844
>convoluted
DR;NS

>>21378844
not a fat american, don't care

>>21378844
Nobody cares shut the fuck up already. There's like 10 threads on this shit in the catalog. S/A/G/E/D!

>>21378844
You should only be selling small amounts and only after you've made it, at which point you should hire a decent CPA.

>>21378844
Are all zoomers this prone to panic attacks? I've noticed a lot of this here.

>>21378844
Good thing I decided to use and cash out on coinbase exclusively to avoid those problems. You pay a premium for a reason.

>>21378844
All the stuff you do away from your KYC'd exchange isn't going to be inspected like that. All that's going to matter is the amounts/dates you bought crypto and the amounts/dates you sold it to fiat. Nobody is going to give a shit about crypto-to-crypto uniswaps. Just don't do that shit on coinbase.

>inb4 just get cash out small amounts to get fucked by structuring
You can still leave the crypto market without actually cashing out by converting to stablecoins. In this manner, you could use your wallet full of stablecoin funds as your "savings account" and just treat fiat withdrawals like you would moving funds from your savings to checking account, just doing it as needed.

>>21378844
i have some "holes" in my crypto career

luckily i know exactly where and when i bought and sold all my link though

I know a guy whos been doing a mass amount of trades unreported since 2017. If he ever made it would he get absolutely fucked trying to cash out?

just report to the best of your ability and live your life, if the jews come for you then they might fine you X amount but youre still better off than you were before

>>21379128
>>21379145
>>21379275
Just get a crypto CPA to do it you retards. It's only like 600 to 1000 bucks.

>>21378844
Thank God I'm not an Americuck. My country doesn't give two shits about crypto. Our laws aren't properly formed around it.

>>21378844
>tfw you can export your entire staking and MN reward history to a CSV from the core wallet and factor your staking rewards based upon the deposits and possible withdraws

>>21378844
nobody cares if your trade history is exact, just that you paid something close to what you owe as capital gains tax

of course you can simply choose not to pay capital gains tax completely, due to our government being anti-white, pro nigger faggot pedphile zionists

>>21378844
Form a consulting company that accepts BTC as payment.

let me also add that double (or even triple) taxation is definitely theft, and that any nigger who tries to steal from you should be killed, after having his entire family disemboweled in front of him, yes I am talking about all IRS niggers

>tax your paycheck
>then, tax your gains after you used your paycheck to gamble/speculate on an asset not protected by the SEC

No niggers, eat my ass, and tongue my anus.

>>21379356
even if your trade history is all fucked up its that cheap?

>>21378844
just cash out slowly and if they say something, welp, at least they can only freeze a small fraction of your crypto. then you use other cash out methods if those are blocked. it'll be fine. if there's a big bull run they will know it's from investing.

>>21379471
>anti-white, pro nigger faggot pedphile zionists
damn... not very often that someone speaks the absolute truth about this country on biz

>>21379065
this. there's plenty of ways to cash out

>>21378844
Import all your trades in software and it calculates all that shit for you
Been doing it for years with hundred of pages of trades never been audited

>>21379568
Literally the only thing they actually care about is "how much did you put in" and "how much did you get out." After that it's just a question of short term or long term capital gains.

Most exchanges can export your trade history and you can use one of the Crypto Tax sites as well.

>>21379456
>have to pay tax on each reward at the dollar cost on receipt.

Yeah fuck that, it’s okay just now. Fuck having to keep 50k or more aside per year just incase xsn crashes. What happens if the reward sta stable for 21 months then a month before the tax year ends xsn crashes to fuck and you now don’t have the money to pay for your xsn when you received it.

My god I hope they change the tax laws on staking.

>>21378844
>"Oh we don't like this, this is an unregistered security, here's a fee".
There isn't anything illegal about owning an unregistered security as a non accredited investor anon, the people that get fined for that are the people that sold it to you as a non accredited investor.

>>21378844
>"MMm this would have been considered capital gains on this "staking thing" which you didn't report at the time, here's a fee".
You should be reporting staking profits as mining income, which means paying taxes on it as you earn it.

>>21378844
>"Oh so "Livecoin" exchange no longer exists and we have to trust this screenshot over here as origin of funds... yeah right."

The worst thing that happens in this scenario if IRS doesn't believe you is they assume short term capital gains tax rate with a cost basis of $0.00 .. it sucks, but its not the end of the world.

>>21378844
>only bought link on kikebase
>Never traded
>Never sold
Guess being the biggest fag will pay off

>>21379651
I'm not saying they don't need to change it, but you could also just convert 35% of your staking rewards into a stable coin per week to hedge against that happening.

>>21379682
>You should be reporting staking profits as mining income, which means paying taxes on it as you earn it.
How are they profits if they're awarded in crypto and not cashed out?

>>21378844
There’s like hundreds thousands of people in the US that don’t pay taxes and make a shit ton of money. Or you just do it like everyone else. Open up a small business and start laundering your money. Convert to stable coin first.

You can't just get a swipe card and from now on only purchase things using that card so you're buying assets with your crypto?

>>21379632
you can also just claim the basis of zero as your starting point if you only started with a few thousand. your overall tax payment won't be much different if you're above 1 million

>>21379065
What's a safe stablecoin? Don't say tether.

>>21378844
Just hire a Jew.

>>21379632
This. Zen ledger works good.

>>21379721
The value at the time you receive it determines the profit. Example: If you received 2 XSN valued at $0.50 at the time you receive it you owe taxes on $1 profit (Most likely around 30%, so $0.30 in income taxes) and your cost basis for those 2 XSN is then $0.50 each

>>21379065
Conversions of any kind are a taxable event and you're still effectively pushing for structuring.

How to get trade history from binance from 2017/18? Is that even possible? Would the IRS be able to access that info?

>>21379958
>>21379694
Basically this, except 35% is on the high side

>>21379891
I would never recommend tether when USDC exists, especially since that can be converted to fiat with no fees on coinbase since they're the ones who back it.
The only theoretical concern is that people behind USDC can and will cooperate with authorities to freeze USDC assets. But it's happened very rarely and it shouldn't be an issue unless you're literally a drug warlord or whatever the fuck. But even so DAI exists if you want something completely decentralized.

>>21379977
Yeah but you're not going to get busted by the IRS for doing token swaps away from a KYC'd exchange, full stop. Yeah you're technically supposed to pay taxes on that, but nobody is getting in trouble over that shit. As long as they see the fiat coming in and the fiat coming out, they don't give a shit

>you're still effectively pushing for structuring
1) I never said anything about not paying taxes. I'm just against overcomplicating things and just paying at the time of conversion to fiat.
2) I'm not talking about making structured withdrawals to fiat to avoid IRS notifications. I'm saying keep most of your money locked up in crypto (whether actual crypto or stablecoins) so that you can't be jewed by the government or banks freezing your shit unjustly. The point is that if you keep most of your stuff on-chain, even if they do freeze your bank, you'll only lose what effectively amounts to your checking account. Not the majority of your wealth.

>>21379891
DAI you dumbass

>>21379632
Rip Aussies. Our tax office considers any coin swap to be a capital gains tax event.

>>21380119
>Yeah but you're not going to get busted by the IRS for doing token swaps away from a KYC'd exchange

Says you. Have fun I guess moron. All those erc20s are on chain and aren't secret. Me on the other hand, I won't have to worry about being audited when you retards would be easy bait I can hide behind.

>>21380167
Burger here.

They do the same in the US. But the IRS doesn't have the resources, knowledge, or ability to chase down every single trade you've ever made on some chink scam exchange. If you put $10k in through a fiat gateway like Coinbase and withdrew $100k just pay the taxes on $90k. If it's been more than a year claim long term.

>>21379022
Based

>>21380310
I'm fully aware of how a public blockchain works. I'm saying it's not going to happen anyway. Come back to me when there's actually an instance of someone doing shitcoin trades on metamask and then the IRS knocking on their door demanding payment rather than just caring about the total fiat in/out.
And if that does actually start happening, you can still swap to xmr and back, lmao.

Any stories from anons who cashed out 6 figure sums after making it off shitcoins? I don’t see it being an issue to cash out $10k or so but after hitting a huge multiple like 10x-20x is it easier/less hassle to cash out slowly?

>>21380319
This exactly. They're only going to care ultimately about fiat in and fiat out, regardless of what's technically on the rule books. The rules are so nigger-rigged right now that fucking nobody knows what the "right" way to do things in crypto right now is anyway

>>21380319
This is my plan.
>4k in
>4mil out.

>>21379835
Don’t all these crypto cards have kyc tho. What’s the fucking point

>>21380375
Not to mention Aztec protocol is going to have zkDEX and zkAssets soon. Between that and a mixing service even if you know my wallet address good luck finding the history.

>>21380375
>they only care about fiat in/out
seriously? I've been thinking about suicide, rather than explain to another human being all the voodoo trickery I've done on AAVE

>>21380590
You really think laquisha at the IRS offices gives a shit? Just report your actual REALIZED fiat earnings when you cash out. simple as.

>>21380319
I wonder if I can get away with claiming long term gains too, even if they were stake rewards

>>21378844
>cash out on livecoin
and why would anyone do that?

>buy xsn

just trade on the dex to BTC or eth or link or (ideally) xmr, take out a loan using the crypto as collateral, buy your shit, pay back the loan using your node income (or trade income), shifting it to xmr to make the payments.

you're not creating a taxable event to buy assets - you're taking a collateralized loan, which isn't taxed at all because it's not income. then, you're paying back the loan using funds the government couldn't tax if they tried because they can't track the transactions or your holdings.

you're paying some level of premium for the privilege of skirting taxes, but it's cheaper than 40% of your earnings (or whatever you'd get charged in taxes if you're a legit whale), and essentially untraceable, so long as you're not stupid and link your crypto holdings to a fiat ramp that'll out your identity to the feds.

>>21380623
you made my day anon, goofy as it sounds

>>21380734
Honestly long-term capital gains aren't that bad, at least in America. You can take out 40k/yr (assuming no other income I believe) completely tax free, if I understand it correctly. More if you fell for the vaginal jew. Just don't cash it all out together like an idiot. Take out only what you need. Probably just easier than dealing with the whole crypto-collateralized loan thing, although it's still clever

Of course, capital gains rates could skyrocket under a mommy kamala presidency if that happens, so who knows.

>>21380932
I would wait til the end of this year. I have a feeling Trump will sign an executive order waiving capital gains tax for the 2020 tax year before he's out of office.

>>21379682
>You should be reporting staking profits as mining income, which means paying taxes on it as you earn it.

Yeah so anon I have thousands and thousands of these kinds of tiny transactions. There is no way, zero fucking way its feasible to pay attention to all of them.

>>21380974
capital gains aren't paid immediately; you pay them at tax time next year. It wouldn't matter either way for the purposes of this discussion.

I don't see him waiving capital gains though. The problem with doing that is it would create an incentive for everyone to cash out and then reenter at a reset cost basis. And everyone cashing out would trigger a big old dump. Not a good look.

>>21378844

current tax policy won't even survive 2020 lel

>>21378844
Hahaha 58 yo boomer reviewing your dodgy schemes. I love that.

Imagine he can't even read your etherscans without calling a new grad to come in and help. Getting frustrated with all the different coins and terms. The pain and suffering alone I can cause taxman will bring me joy.

Can't wait for how we'll pay taxes in 4ir.

>>21380119
>Yeah but you're not going to get busted by the IRS for doing token swaps away from a KYC'd exchange, full stop.
I don't know about that. Crypto tracing's getting easier. I don't see why you wouldn't just spend a bit extra and hire a CPA to help - or at least get a TokenTax-like tool.

>>21381068
If he's lost the election I don't think he gives a shit. It lets him and his friends cash out with no taxes on a market they ran up with money printing.

>>21378844
living in "X shithole" for a few years to cash out millions is worth it, get it together homo.

>>21379022
how do you even cash out on CB?

>>21381140
>I don't know about that.

Honestly I think it really does make more sense to be practical about this and just realize that nobody can actually track this shit in a feasible reasonable way. I know they want to do it because it would make sense from a logical standpoint but in practice its stupidly fucking hard to actually do. I might even say its impossible.

I am glad that I am seeing anons with some experience on the topic say that the IRS is ultimately only going to give a shit about the big fiat ins and outs and mostly ignore the rest.

Low key this is kind of too good though. Mr Jewburg is getting absolutely rekt by this system.

>>21378844
lol you're gay. im not paying shit EVER. If i really wanted to use fake ass fiat, i would use a swipe SXP card. i'm holding until fiat is gone.

Not cashing out until I have fuck you government money.

Anyone who freaks out about this is either.
A. Fudding
B. A loser who needs an excuse as to why he is unable to profit in a market that has only gone up since 2009.

>>21380932
pretty sure 40k is your income. so if you make more than 40k/yr you pay 15% on any capital gains

>>21382612
That's why I said assuming no other income you can take out the first 40k with no CGT. Point is if you withdraw 40k/yr, which is plenty comfy to live off of. And even if you withdraw more, 15% isn't bad at all compared to how badly you get raped with income tax.

>>21380932
>Of course, capital gains rates could skyrocket under a mommy kamala presidency if that happens, so who knows.

If Biden wins then hard assets are going to absolutely fucking sky rocket.

I swing all my crypto at a loss making negative profits so i have no need to worry about this tax thing

>>21382755
long term yes, short term panic dump at the election due to correlation with the stock market

>>21378844
Crypto.com hassome sort of prepaid debit card thing. Cant you transfer all your shekels there then just use the card for purchases. Youll probably take a haircut from fees but thats cost of doing business laundering money in minecraft.

>>21382803
True

Sell the bottom and buy back in to report huge losses and get a recovery.

I live in a country dedicated to money laundering. Authorities don't give a fuck.

>>21382786
You can only do that for 3k.

>>21379533
Oy vey what an antisemetic post

>being an american

>>21381347
I think the key is just being practical. Don’t try to cheat the tax man, pay your % of the $$ gain you brought in for the year, don’t freak out about it it’s hard to track

>>21383733
Yeah this makes the most sense.
Now imagine not having done taxes in the last 4 years because of depression and being broke as fuck and not selling in 2017...

>>21380319
this, but dont do too much because of course that would raise red flags.
>oy vey, goyim! you have too much money! how did you get it! prove now, or prison for you!

>>21383733
why would i pay annual taxes on holdings that havent been realized?

>>21382612
what if you make 20k a year?

How about buying crypto in one country that doesn't even know crypto existed and cashing out after 3/4 years?

>>21381347
I’ve had friend deal with the IRS, believe it or not while they may still be coming for their pound of flesh, they’re nice about it, being proactive and showing good faith in attempting to pay goes a long way and they will most likely not bother inspecting all the micro details as long as your tribute sounds about right . I know guys who didn’t pay for years and they didn’t go to jail, you have to be hardcore and whale territory to go to prison for tax evasion.

>>21378844
Literally just put in XMR and move to another country. Why the fuck are you still hanging around in the US? It will be a cross between Brazil and Venezuela in 20 years. I'm personally going to Russia, Kamchatka specifically.

>>21384602
>I'm personally going to Russia, Kamchatka specifically.
Any particular reason you're choosing Kamchatka?

>>21384602
>Why the fuck are you still hanging around in the US?
It’s still my home at the end of the day. It is a fucked up, raped beyond recognition corpse of its former self, but I was still born here and I will die here.
Nothing wrong with leaving if you genuinely have nothing attaching you here but I don’t want to run away. I want to fight whenever the day comes.

>>21378844
Good point. Still voting Trump.

>>21380375
So should just no report my metamask wallet

>>21385219
There’s no reason to leave, just buy some land in the Midwest cheap away from everyone and get a Russian wife for those easy visas into Europe when you want to stay a few months, best of both worlds.

>>21385419
>just buy some land in the Midwest cheap away from everyone
Already check on that part
>cheap Russian wife
I’d rather marry a nice Midwest* girl. Which is what I’m doing.
*lower Midwest, everything note of and including Chicago is faggy and has aids

I wish I had this problem all of my coin is immediately flushed down the toilet at random bitcoin casinos. I forgot which one.

>>21379533
I like this anon.

>>21379533
Checked and extremely based.

Tfw burger with EU citizenship and if worse comes to worst I can easily fuck off to Portugal or some shit

>>21383107
The they can only tax me 3k. Who fucking makes this rules? Might as well convert it out to precious metals and just flip the fuckin table. Splinter the IRS into a thousand pieces and scatter it into the winds

>>21379506
alpha pro move

>>21379863
what about METAL? There's no logical reason why you shouldn't be able to treat a crypto credit card like a prepaid gift card.

>>21378844
what's the point of cashing out into USD? Eventually cryptos will be strong enough there will never be a need to cash out. If Bitcoin ever goes to $100k...why would you sell that for cash instead of just holding BTC, especially if it always goes up relative to cash? If and when that happens, you'll be able to buy all sorts of things with bitcoin

>>21387018
D e m o c r a t s