/biz/ - Business & Finance

Kek

>>21751657
Swinging can be a major mistake from the tax standpoint esp if you swing after holding for over a year. Lot of people did that lot of people gonna get fucked. Let’s say you made 500k in profit and swing. Then you buy back in and the end of the year there is no change in link price. Now you pay tax on 500k profit. Then jan2 link dies and goes to 0. The following year you will only be able to write off 3k. Your majorly majorly fucked. Never fucking swing if you are in long term cap gains or after major profit.

Is this really how it works? Sounds pretty crazy desu

>>21751745
The way you overcome this is you hold that money aside for taxes. None of you will tho but if you don’t then you’ll be going to jail most likely so be careful and do not fucking swing.

>>21751657
thats based on the assumption that the price of Link won't go up anymore this year. also kys, I made nice 500% gains in single day with my short turned to longs play with Link.

>>21751775
enjoy the tax man

>>21751775
Read the 3rd post better hope it keeps going up bro. Do not swing

>>21751768
Literally this simple. The most degenerate behavior possible is putting the tax liability back into a literal card flip asset that can and historically will loose 99% of its value.

>>21751824
you do realize that I make nice gains even after taxes? imagine being so scared of tax man that you don't want to make a living.

>>21751754
No, as usual is a retard, an example of dunning Kruger. He thinks he's this smug genius for not selling at $20 when he is in fact just a retard

>>21751875
we all know swingers are degenerate and put everything back in

>>21751896
That literally is how it works though. This is common knowledge.

>>21751657
Just report your initial investment and your final number when you finally cash out. IRS isn’t interested in every little transaction

>>21751846
if it goes down in the same tax year, I just sell and buy back. that way I can reduce the losses from taxes. what are you fags on about?

Listen up retards the bizfucks posting in this thread are using advanced techniques to keep you holding while you get dumped on

Your getting taxed no matter what, keeping track of your buys and sells will be sufficient for the irs and it's really not that hard

Don't get dumped on because your scared to do simple arithmetic

>>21751657
>Make initial investment
>Trade
>Extract initial investment
>0 gains
>report it
>Pay no tax
>Use gains on crypto card for everyday expenses
>In case of wanting to cash out more, wait a year, tax free 100% gains
Works since 2013

>>21751923
Oh wow you said it's common knowledge, that means you're right

I don't understand you fucking pussies.

It doesn't matter if you're getting fucking taxed at 15-20% per swing. It's not like it's compounded or exponential.

YOU'RE PAYING A FLAT 15% ON ALL YOUR COMBINED PROFITS. DO. THE. MATH.
Imagine not making an extra 200+ a day AT THE LEAST because you're afraid big bad govie is gonna take up to 20% of that maybe.

Okay they can have my 40$ and eth network can have my 10-15$. Still profit. Still able to increase my swinging strength. Still able to invest more.

>>21751945
You can only write off 3k in loss what the fuck do you think.

>>21751961
>he doesn't know crypto to crypto is a taxable event
>he is going to get ass blasted by tax man

>>21751941
You can do it maybe you’ll get by but this is 100% why they said crypto to crypto is taxable event. If you’re using exchanges that report which all of them are required too (if you bought before ‘18 and are still holding you may be ok) then you simply can get taxed on each event. Better understand what you’re getting into or you’ll be fucked. Just hold it’s that simple.

>>21752009
Your an idiot there is no limit to how much your loses will offset your gains, your probably talking about carrying loses over from year to year which there is a limit on

>>21751947
buying isnt taxable, the solution is never fucking sell

>paying taxes
try harder kikes

>>21751987
Wrong idiot I’d you lose it all next year you’re fucked and that can 100% happen.

>>21751987
Is it really only 15-20% for burgers? Thought it was higher.

>>21752072
Yes year to year so if you have 500k profit in 1 year and then the next year you lose 95% of it. Well you’re fucked. You need to save for tax that’s not rocket science. Now if you didn’t swing you don’t owe shit that year

>>21752094
Easy to posture like this when you've never made any sizeable gains faggot.

>>21752133
What does that have to do with taxes? This is crypto of course you could lose everything that goes without saying

what's a good strategy with staking with tax? should i sell my long term initial stack and "replace" it with new staked link where i turn it into a long term hold?

>>21751949
You don't have to report the cost basis of sales in crypto? This only works if they don't know the number of coins you're selling to cash out your initial investment. If you get audited you're fucked

>>21752023

>hehe lol have fun wif de tax man !

You will never lose money when you realize a profit. That's why it's called capital gains tax.

The only "doom scenario" you can even give is where you sell and buy lower and then the token goes to $0.

>>21752133
Yeah but dum dum just fucking cash out before the end of your fiscal year.

>>21752229
Which is an entirely likely scenario in crypto

>>21752165
Ok so you just cash some of the 500k gains before the year is out, never go all in crypto

>>21751745
>>21751657
Only in USA, Canada, Australia
I am a europoor so i can swing all day long and only thing that matters is the amount i cash out

>>21752261
Oh ok so now you're moving the goal posts, congratulations

>>21752207
Ok let’s go slow for fags ok. I bought link in 2017 for 12k at $19 I was at 905k a shit ton of profit. Let’s say I swung and rebuy at 16. Well now I owe 890k in taxes for 2019. Let’s say I’m dumb and don’t take money out to save for tax. And next year it crashes to 0. Guess what I still owe that 890 in tax for fy20. If the exact same thing happens and I didn’t swing guess how much I owe, nothing.

>>21752207
He's presenting a plausible scenario where swing trading leads to ruin. If you make a very large swing trade then your coin dumps in January, how the fuck are you going to pay taxes unless you put some aside?

>>21752133
>IF IF IF IF IF

You shouldn't be here. You shouldn't even be investing.
Go be emotional like a woman somewhere else.

pay ur taxes good goy! fags gift tax exemption from overseas is 100k/yr send crypto to ur conbase declare as gift from foreign fren buy 8k gold coins from several online dealers easy reach 50k no need to declare any shit

>>21752323
Read the above it will save you from jail

>>21752276
How can you be this much of a brainlet. I hope you get rekt by tax but you'd need to make gains first

>>21752323
You think that considering plausible hypotheticals regarding your finance is emotional? Blind idiot

>>21752069
Just treat it like a Form 8949. It has all the transactions on it but the only thing at the end of the day is your initial cost vs proceeds

>>21752424
Ya I get that but you do need to file it in the year of taxable event otherwise you’re fucked. That said maybe they won’t catch you but that’s how it works. Or just don’t swing it’s that easy.

>>21752069
Yeah I'm sure Binance is going to file my unverified account info with the IRS lmao. Or the decentralized exchanges.

Burden of proof is in the IRS and all they'll have is your bank statements and maybe the wallets you sent your coins to if their software gets sophisticated enough in the future.

>>21751754

No you only have to pay for your gains. There is no instance where you would have to pay more in tax than what you made.

>>21751657
>being a bank cuck
All of my crypto funds and cash outs have been exchanged through physical cash on local crypto. I don't even own crypto on paper.

>>21751657
You guys actually pay tax..? TOP KEK.

>>21752220
yes, if I get audited I'm fucked, correct. That's why I'm a foreigner without ties to the country I residing in. The moment something gets fishy, I'm in a jurisdiction the tax man has no access to

>>21752513
I am saying if you only make enter back in 10% lower, your taxable event might cost you 15% in taxes. Basically when you swing, you are betting than link will drop lower than the amount you owe if you are a long term hodler. That’s a recipe for disaster.

I'm glad I live in a 3rd world country that doesn't even know how to operate at basic functions of government let alone taxing crypto.

Of course there's the part I'm living in the 3rd world as well.

Thankfully I'm not poor.

>>21752177
Ok kike faggot

I thought it was only the amount you cash out with that you pay tax on since the crypto currency has no inherent value until its cashed out.

>swing link
>make make another 2k linkies
>owe $20K taxes
>get a loan for taxes
>wagecuck to pay off taxes rather than sell linkies because everyone knows FIAT is worthless
>sell the top two years later
>pay off loans with profits while hodlers take the biggest fattest -40% dildo they've ever experienced
>staking still hasn't been announced

>>21752612
midwit

>>21752622
Which country?

>>21751657
If you’re in the USA then you’re doing the taxes wrong.
It’s amazing how retarded people are when it comes to taxes. You don not pay the full transaction, only the gains. LMAO if you’ve been overpaying taxes because you’re too retarded to document

Please tell me how the fuck the IRS is gonna follow a 3 year swing trading spree across multiple exchanges on a VPN, through liquidity pools on uniswap, changelly swaps, and a few dozen wallet xfers. I dont think I could give you a legitimate summary if you held a gun to my head

>>21751657
cant you just sell it for monero and claim you had mined it a long time ago and now are cashing out?

>>21752960
>implying majority of people here have or are capable of securing a job

>>21753096
Also this. They dont really care as long as you pay some kind of tax. Taking the road to to find out the whole history of your trades would cost them more

>>21751745
Noobs really need to understand this. I saw so many people get fucked in the 2017 bull because the tax policy in the USA was not clear at the time wrt crypto

>>21752513
1 LINK will always be 1 LINK
I dont see how they think of taxing that
LINK is more than just fiat, its an outright insult to compare it to $ or €. Deplorable behaviour

Man, all this tax stuff has me scared, I wish I never got into crypto.

>>21752149
>Is it really only 15-20% for burgers?
If you hold it for a full year its a long term gain and is 0,15, or 20% depending on your tax bracket. If you are trading stuff less than 1 year then the trade is taxed at whatver your tax bracket is which is progressively worse. At the top end the ordinary fed tax rate is 36%

>>21753126
>mfw capable of securing a job
jealous, neets?

>>21753118
>cant you just sell it for monero and claim you had mined it a long time ago and now are cashing out?
Sure, so long as there is no exchange along the way you did a kyc with that reports.

>>21752838
>I thought it was only the amount you cash out with that you pay tax on since the crypto currency has no inherent value until its cashed out.
Oh anon, your gonna have a bad time...

>>21751657
This. I never swing, just buy
>t. cpa

>>21752306
Its this, u was around for boom bust in early 2k for stocks and personally know people that got fucking rekt in this exact way. Iron lockbox pay the tax immediately if you partake in degenerate trading

>>21753182
It was clear, youre just misinformed. Its an asset, so if you trade it, you pay taxes on gains. Its not very hard concept, especially with bitcoin.tax. I filed my taxes during the 2017 fun trades with no issues

>>21751657
Europoor, can trade as much as I want

>>21751657
> He lives in a country where crypto trading laws exists.

What if I only ever trade for btc on binance, and then use that btc to buy gold and silver.

>>21751657
Do people actually pay tax on crypto-to-crypto trades? As long as you don't do it on a KYC'd exchange you're fine.

>>21751657
>reporting all your shitcoin trades to the irs
Good goy

>>21752082
Only if you buy with the dollarinos. If you bought with ETH or Bitcoin I’m sorry to let you know that crypto to crypto is a taxable event. Uncle Sam wants his cut.

How do I avoid the IRS? Fuck these niggaz

>>21751657

>please please pleeeeeeease keep holding your scam coin bags

>>21754192

Then you’re smart

>>21751657
> He lives in a country where crypto trading laws exists.
> He doesn’t know about non KYC exchanges.
> He doesn’t know about non custodial Credit cards.
ngmi

>>21754195
It’s a psyOP
I want to believe no one here is retarded enough to report their chink exchange trades to the irs

>>21752266
Nah, Germany also. Swinging is discouraged, hold 12 months, no taxes, otherwise every trade is taxable.

>>21754326
How can the taxman tell if you bought or sold something on binance?

>>21754208
Yeah technically but there's no realistic way for them to prove you're liable for any trades unless they were done on a KYC'd exchange that reports to the IRS, such as coinbase.

If you're doing something like swinging LINK/ETH on coinbase, you deserve it.

>>21754084
>with bitcoin.tax. I filed my taxes during the 2017 fun trades with no issues
Same, bitcoin.tax saved my sanity.

>>21754367
He can ask binance. I dont say he will, but its a possibility.

>>21752392
Can’t tell if you’re fudding but from the outside looking in it looks like you’re arguing with a bunch of midwit retards.

>>21754367
also i dont even know how i am supposed to report all of it. i was registered at exchanges that got busted (like bitgrail) so the train of transactions is interrupted there.
also there are so many things that even advanced crypto tax tracking software doesnt understand:
1. rebases (afaik there is no software who gets this mechanism at this point)
2. lend link on aave, receive alink and earn yalink on yearn.finance

how the fuck are we even supposed to do tax reports on things without clear tax regulations? this entire game was rigged from the start on purpose to destroy the common white guy

>>21754471
Binance won't report shit. You can just close your Binance account and there won't be any real trace. My Binance account isn't KYC'd so how the fuck will the tax man know it was me?

>>21754195

hell no. you take the amount you deposited and the amount you withdrew and you take the difference write down that number and that's the end of it

>>21754588
You just make up the transactions and make sure everything seems right. Basically look up every KYC exchange you used since they can't prove anything else. Then from there on just make the transactions up and make sure the dates match up to whatever cash outs you did or something. If it later turns out you owe more taxes, then so what. Pay them later. The tax cucks can wait.

>>21754601
They won’t, everyone in this thread is a pussy ass bitch.

>>21754601
of course Binance will report if they have to, they are in Europe, you retard. you need to be 18 to post on here.

If you guys just move to Portugal and live there for 6 months you don’t pay any tax on crypto.

>>21751657
You're gonna have to pay that taxes eventually. That's not really a reason to not add to your stack

Say you're cashing out over $500k. Is it better to consult a tax attorney or a CPA?

>>21754208
yeah, so stop swinging

>>21754757
Lmao they won't report shit and even if they would, I don't have my identity tied to my binance account.

>>21754760
Seriously considering moving to Portugal or a 3rd world country. I dont wanna pay taxes to (((my system)))

>>21754696
Exactly fucking this

What a bunch of pathetic FAGGOTS

>>21754757
M A L T A
Fucking imbecile
Pic related, it’s you

>>21754871
If I make over $500,000 I’m moving there. I’ve ready travelled there before and it reminds me a lot of California without feces, syringes and homeless everywhere. You can also take roadtrips to Spain, France, Italy, etc from there and you have access to most of Europe on a few hour flight.

>>21751745
You can swing on kucoin now, its still anonymous for Americans.

imagine selling for worthless fiat AND paying taxes

how cucked one can be?

For anyone wondering about Coinbase reporting to EU tax authorities, this is what I found.

>>21754757
Kucoin does link now. Its still anonymous.

>>21751657
That’s why I don’t bother selling, if I’m giving to get a tax bill I will wait until link reaches the price I’m waiting for or at least an amount that will be worth cashing out for and paying taxes on.

>>21751768
You have to have money to set aside in order to set money aside for taxes.

>>21751657
why tf would you report anything lol? cuck

let them waste resources mailing you shit, the goal is to get them to waste more resources chasing paper than you even give them. bullshit systems deserve to fail

>>21751657
Can someone break down the math in this for me? I have a ledger with the overall loss and gain logged for every trade so if I'm not mistaken then that total come tax time is just a percentage paid outright since it's the total gains and losses for each taxable event. If im wrong please tell before I fuck myself.

wait what is taxed again this is so fucking confusing and googling shit doesn't help its too new

say if I have 3000 XRP and I convert to Algo
I now have 1500 ALGO
what now what gets taxed ? the 2 cents thats made or lost ?

>>21751745
just dont pay taxes on it? lmao. how are they going to know what etherscan address im associated with? I can also put all my funds on a ledger, and say i lost it if they ask where money went. ive made 594 transactions on my etherscan address. no way them or me are keeping track of that shit. id rather move to gibraltar for a year and cash out tax free or you just dont cash out and using websites that accept bitcoin as payment and buy giftcards and other shit from them.

Imagine living in burger land

Why can’t you just Hodl a stablecoin for 1 year then sell?

>>21755553
price of XRP and price of ALGO at point of buy of the XRP. If you sell your XRP for ALGO the amount of ALGO you bought more, in FIAT, is taxed.

It's retarded, but its the law, why you should not truthfully report anything crypto related to the tax jew

>>21755553
My understanding is that if you make two cents that's taxable and if you lose two cents that's a write off but the difference between your original fiat investment and you're fiat value come tax time is ultimately what decides whether you get taxed or get a write off regardless of you're current fiat holdings. So if you made 50k trading you get taxed a percentage of that based on a tax bracket. If you spent 40k of that money and only have 10k in total assets like say you're checking account because you decided to call it quits you still have to pay uncle sam for the 50k profit. Now you have 5000 dollars out the window and you aren't gonna make that back anytime soon jumping backnin the market most likely so eventually you do it again anyway and lose that 5000 and neck yourself. Pretty sure that's how it works.

>>21754964
anon, i know you are insanely low IQ..are you aware that Malta is part of the EU since 2004 and therefore little CZ will get down on his knees in front of european tax regulators to choke on white cocks?

>>21755742
So essentially I could be making capital gains from a tax standpoint even if I'm losing money?

>>21756042
Bump for answer please, save me from the kikes

So, yankee tax is pro hodl?

>>21751657
No taxable event if you trade in chink exchange

>>21751947
based

>>21756042
You haven't lost any money until you sell. If it's an asset which has become worthless and has no trading volume so you can't sell you can get it declared as a 0 value disposal. Now you might be thinking ok I'll sell my shitcoin at the end of the tax year to crystallize the loss to offset any gains, then rebuy the asset next day as it's a new tax year. Surprisingly they have thought of that and it's called bed and breakfasting. In this case you might have to wait e.g. 30 days before rebuying in order for the loss to be eligible for offsetting the gain.

>>21756042
yes, that is the current situation in countries that tax crypto to crypto with cap gains

>>21751657
Lamanaquesha on a public employee salary at the tax office isn’t going to give two shits about busting you unless you do something extremely obvious, like report less than you put in.
She isn’t going to hunt down every individual transaction you made.
Unless of course, you’re doing your trading and swinging on a centralized KYC platform. Only a retarded newfag would do that.

>>21756495
>>21756497
Okay, so if I'm tracking the fiat value difference of each trade in contrast to my initial fiat holdings am I looking at the correct figure or do I need to step back for a while and rethink this? because I've been concerned about this for a while. I just have a hard time believing it's that simple.

>>21751657
>living in a shithole country
couldn't be me

>>21751987
You’re a fucking retard.
Buy 20k link at .5. Start swinging 5k at 20, boom that’s a capital gain .5 to $20. You basically have to beat capital gains tax to have your swing break even unless you’ve segregated your assets and got some kind of accounting going like lifo or m2m

>>21756786
>You buy 10 shitcoin A for 1 a piece
>Shitcoin B is 0.5 a piece
>Shitcoin A rose to 3 a piece
>Shitcoin B fell to 0.25 a piece
>You decide to buy Shitcoin B with A and get 120 Shitcoin B
>At t-0 You could have bought 20 shitcoin B
>You pay tax on 100 Shitcoin B now

Does binance report to the IRS? Im verified there

Wait so if I dedcided to swing a $50k stack of LINK to ETH and back 100 times in a day I could end up owning millions in tax even though I only own $50k of crypto and never cashed out?

>>21757391
Yes but in theory those millions would be wrapped up in your stack. It's only then if it took a massive dump that you're fucked.

>>21757391
no
you subtract losses

>>21756394
>No taxable event if you trade in chink exchange
technically, not correct. you can structure this with an intl company and repatriate the money later but this is a pain in the ass
afaik
this thread is chock full of misinfo

>>21757129
So a ten dollar initial investment in A rises to 30. That 30 gets put into B for a total gain of 25 which I pay the tax on? Or would it be a gain of 15 in respect to the contrast of the initial investment of 10?

>>21751657
>don't swang long-term holds
>swing short-term holds and make more $ then you would hodling
baste as always, op

Hey retards, it's quite simple. BUY LOW AND HOLD. Each major dip keep accumulating. Now when you're ready to finally sell... then sell and convert back to fiat and cash out and you'll pay the taxes on the amount you sold. DONT SWING. Do not sell to buy back in you're gonna be fucking yourself over.

>>21757756
google "cost basis"

>>21757786
i think i see why they do it this way
holding makes sense if you have a 10k USD stack
it makes less sense if you're 15 and have $30
then you might as well swing up to a useful amount

>>21754299
What exchange is non KYC and reliable?
Also how do I get funds off a KYC exchange without making it trackable?

>>21757793
This is exactly what I was afraid might be happening. You just saved me from getting BTFO on some sneaky kike shit. Thank you.

>>21752261
this is true
the second i heard about YAM coin ($YAM) I instantly went all in
becare and stay stafe out there ;)

if you're in the US the only way you're getting away with not paying the tax man is
> you made an amount that isn't cost effective to audit
or
> you fled overseas and live like a cypherpunk moving small amounts out of monero
is 30% worth it to forfeit citizenship and live like a criminal? no
the IRS will fuck you eventually. stay current on your taxes

>>21756589
>Lamanaquesha on a public employee salary at the tax office isn’t going to give two shits about busting you unless you do something extremely obvious, like report less than you put in.
>She isn’t going to hunt down every individual transaction you made.
>Unless of course, you’re doing your trading and swinging on a centralized KYC platform. Only a retarded newfag would do that.
yes and no
if you make serious money they are going to sit you down and wait for you to produce the paper trail
guess what happens if you don't

>>21758500
>paper trail
Like a complete transaction history?

>>21751657

>realizes he has to pay more in tax than he made swinging

It's wild how people literally just can't comprehend how taxes work lol

>>21758551
depends on the guy sitting across the table from you
he will probably ask for the whole thing
if you reported your gains accurately (combining transactions) they likely won't care or won't be able to penalize you
if you are misreporting gains........
they have wide latitude to request documentation and will assume you're lying if you don't

>paying tax
lmaaao gaaaaaaaaaay

>>21758712
>t. 19 y.o. chartfag who netted $317 this year

>>21758641
If I have all my tax information/history of paying taxes as well as a complete transaction history, all should be well correct?

>>21758755
If you're planning on giving away a quarter of your money when covering your tracks is fucking easy in crypto you're no less than a huge retard

>>21758811
assuming you didn't leave anything out
if you're grossing a lot you may need to pay quarterly (see 'estimated taxes')

>>21758867
oh yeah? what do you tell to Mr. IRS when six to seven figures in dollars appear in your account that have never been taxed

>>21754588
Bitcoin.tax. you can run reports from there that show your unrealized cost basis. You can also show like bitcoin gold shitcoin as a $0 cost basis

>>21758884
So let's say an anon makes 8 figures from cashing out link and pays all necessary taxes...is there a chance of him getting audited even though he was being a good goy and paid everything?

>>21751768
So swingies literately get ass rape as punishment? Surgery gets only the heartiest keks

>>21759187
yes
if you cash out that much get a cpa to sign off on it

>>21751657

You can overcome this problem by not living in a corrupt 3rd world shithole like the USA.

>>21759222
>yes
So even if I pay all necessary taxes AND get a CPA to sign off on it, an anon still has a chance of being audited?

>>21751657
>>21751824
>>21752612
You do realize it's EXTREMELY simple to offset capital gains taxes? Stop acting like taxes are scary you fucking nigger.
For example, anyone with a bag of shitcoins from 2017 can sell them and offset gains for this year.

dude just buy link with cash lmao

>>21759410
yes but at that point why sweat it?
sit smug as fuck, they look at your books, make a pink wojak face then leave

>>21751657
There are no statute of limitations on tax fraud. The IRS will take their sweet time waiting for you to "make it" before repossessing your assets and throwing you in a cell with big bubba.

>>21759456
I use cointracker.io to keep track of all my transactions...do you think I print out my transactions and give it to the IRS they will accept it as legitimate? I don't want to get audited because it's more legwork.

What if you only ever bought with fiat on coinbase, and only ever traded on binance?

>>21759589
i think it needs to be on their forms, but yes. talk to a cpa
ive had friends submit hundreds of pages of individual fills for individual orders
i personally combine my trades but ive cashed out less so far

>>21759686
>i think it needs to be on their forms
Are you referring to the IRS form 8949?

>>21759743
>8949
that looks like the one, but i use software and this is starting to go over my head. im not a cpa

>>21759686
>ive had friends submit hundreds of pages of individual fills for individual orders
That’s stupid. Unless you’re being audited the IRS just wants to know your total purchases (cost basis) vs. total sales (what you sold for).
Wayyy too much fear-mongering nigger shit being posted on biz about taxes.

>>21759816
Thank you for all the help anon.

Can't get taxed if you swing at a loss. big brain move

>>21759853
>Unless you’re being audited
That's the point though, just in case one does get audited.

>>21759853
>That’s stupid.
maybe. but he "made it" and had reason to believe he might receive unfavorable treatment
if you're worried about jeopardizing making it, it's not that much work
everyone's different

>>21752177
I made nearly a $1M in crypto over the past 4 years, tons of trades and haven't paid a single dollar in taxes. However I also didn't put my KYC info anywhere and traded just with email. Once I want to cash out I'll just route it through monero, then to btc again and tax that

>>21759960
that's a big yikes from me anon. what if they start digging on your btc?
report every year and then you don't have to go down this road

>>21760043
If I route shit through monero there's nothing they can find out. I will just tax the monero to btc trade and then the btc to usd trade.

>>21760171
uh
and if they ask you where you got the monero...?

>>21752149
What's the tax rate for a dead broke leaf?

>>21760259
he could say it was received as payment for delivery of product for his underwater Mongolian basket weaving

>>21760402
>he could say it was received as payment for delivery of product for his underwater Mongolian basket weaving
>interesting, my records don't seem to indicate you reporting such a payment in the specified tax year. care to explain?

>>21760259
That's none of their business.
>Oh yeah I got it as a gift from an old friend from Thailand
>Oh I lost my old wallet, I can't prove it

>>21751941
common senes and logic? nowai

Imagine actually paying taxes on crypto lmao. I'd literally rather go to jail than give another penny to JewSA

>>21760259
>>21760466
Alternatively I could make a non-profit and give myself an "anonymous donation". Or route it to the Cayman Islands bank account. Literally millions of options.

>>21751949
this

>>21760466
>That's none of their business.
please livestream your audit
>Oh yeah I got it as a gift from an old friend from Thailand
did you report on taxes?
>>Oh I lost my old wallet, I can't prove it
did you report on taxes?
> Or route it to the Cayman Islands bank account
what is FATCA?
not playing this game with you
you're fucked anon
better go research how to pay the fee or wait for an amnesty window

>>21760557
>did you report on taxes?
But mr tax officer, I didn't make any trades, I was merely mining monero back in the early days. I was holding for many many years and decided to cash out just now. What taxes?

>>21751657
The short term rates just make swinging not worth the risk

>>21760612
>But mr tax officer, I didn't make any trades, I was merely mining monero back in the early days. I was holding for many many years and decided to cash out just now. What taxes?
maybe. better have your story straight when they come

>>21751987
But I made 10 trades. That's 10 x 20%. I now owe 200% in taxes. Wtf

>>21751697
cum swing from my gay balls, lick 'em. you and your girlfriend can love my cock

Gambling is not taxed why should I pay taxes when I gamble with shitcoins on scummy sites?

>>21760668
You have to understand that with law, it's innocent until proven guilty. It's not on you to prove your innocence, it's on the state to prove that you're guilty. If they can't prove it, which they can't in my case, the worst they can do is calculate how much taxes I should have paid and make me pay those, which is usually standard tax rate plus like 5% penalty or so. They can't lock you up in prison or confiscate your money based on assumptions they can't prove.

>>21758390
cuck

>>21755251
you do if you're swinging you fucking retard, read his example again

>>21755566
This.

>>21751745

Yep, this is 100% right. It’s lowkey great though bc it keeps my dumb ass from even trying to swing.

How many layers of shit do I need to separate myself from a CYK'd Coinbase account? Just transfer to a few wallets, and then to Binance?

>>21760748
>They can't lock you up in prison or confiscate your money based on assumptions they can't prove.
IANAL, but i'm guessing they can and that burden of proof is on you
AML is no joke
good luck researching anon
i'm done discussing AML

Hypothetically, if I trade like 2 times a day between currencies and make a million, will I ever have to pay more than 30-50% on taxes? I don't mind paying 50% on a million, as opposed to 10% on $10k

wtf is this glowing psyop thread. real biz dont pay taxes, why the fuck would i pay taxes? to import more browns? kill yourself nigger nigger nigggeeerrrrrrrsssssssssssss
i know the ASIO taxman is watching me, in every aussiethread
fuck you NIGGER
i bet you're brown and smell of the mumbai special

Holy shit you guys are brainlets.

Here is all you need to know.

Say you have 50k of a coin that you hold long term and you've been DCA'ing since 2019. You havent sold all of last year or this year. Your taxes owed is 0

During this same year in 2020 you swung trade shit coin a, your cost basis was 10k and you sold it for 20k. You owe taxes on 10k.

Say you buy another coin, pajeet coin c for 20k and it loses 95% of its value in a week. Sell that shit on Dec 31 to offset it.

tldr; if you used your gains and are in a losing trade then sell it to offset your initial gains before EOY and you wont get fucked by yearly taxes

>>21762707
>structuring your losses
That's illegal

There has been too much violence, too much pain.
None here are without sin, but I have an honorable compromise: Just pay your taxes.
Cash out your crypto, get an accountant, print out your info from exchanges, report all your gains, and I spare your life.
Just pay your taxes. I will give you safe passage in the threads.
Just pay your taxes and there will be an end to the horror.
I await your answer. You have one more post to decide.

>>21762762

Says who? You can choose to sell whenever you want. Its not illegal lmao. Besides you think the nigger IRS is going to dispute a technicality on a trade without any proof? Those niggers are lucky we report every trade and not just initial cost + date and sale + date.

>>21762762
>>21762917
"loss harvesting" - not illegal

>>21763398
Does it all work out even if I buy back in a second later? Or do I have to buy back in the next day, Jan 1st?

>>21754084
Fuck off. The question was of like kind

what if you are like me and never spent a dollar on a cryptocurrency
i mined eth in 2017 and traded

>>21751657
>>21761962
>on taxes
what's a taxes anon?
https://www.youtube.com/watch?v=MIyBFNjc1kY
ITS MONKEY SEASON $1000 EOM LETS FUCKING GOOOOOOOOOOOOOOOOO

>>21752306
This makes no sense. If you made 905k profit for something you held for a year, you owe 90.5k in taxes. When you buy back lower from your swing, you exclude that 90.5k, and make a lot more buying in lower. If it goes to zero next year, you didn’t lose anything from that transaction.

For those of us with smaller stacks it’s even less relevant. If I made 20k, 10% of that is 2k and it sucks but I can write off against later so not a huge deal and worth the risk potentially.

>>21763706
you know what i mean
maybe reply with an answer next time faggot

>>21763723
To compound on this. If mu marginal tax rate is only gonna be 22-24% if I sell in under a year, that’s a 12-14% delta from >1year so still worth it to swing if done right. Especially if I did good swings 6 months ago and now it’s worth4x whatever meager gain I’d have had when it was stable value.

I agree swinging is often too hard to do and not worth the risk, but it’s not as bad as people itt are portraying it.

>>21763509
i think 1 month 1 day
google "wash trade"

>>21752266
>I am a europoor so i can swing all day long and only thing that matters is the amount i cash out
nah mate. Shit is very subjective in NL for example. if you day trade or do more than merely investing it's seen as a job , and you get taxed 50% instead of 1.60%. but what even is swinging? Is it selling some of my tokens and rebalancing a portfolio? is it getting out of a coin when someone talks about a bad investment? its really hard to grasp. I think in NL its literally only reserved for making a ton of swing trades a day.