/biz/ - Business & Finance

> initial section for basic personal details is the fresh query: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

Do you think normans will start buying shitcoins now?

Dr;ns

not buying your bags IRS fuck off

I lost my bitcorns in an unfortunate boating accident.

>>21935939
fuck you IRS.. never cashing out. your money is fake.

>>21935939
They’re probably going to gauge how heavily it’s used and by whom

>>21936560
pay denbts

Just check ‘no’ on the form?
Couldn’t one say they put all their crypto on a physical ledger, then lost it?
Declaring a loss.

>>21935939

>>21936822
You could try. But then you'll never be able to cash out or buy anything important.

>>21937043
'less he luckily finds a physical ledger with pincode enclosed

>>21935939
mnuncih doesn't like bitcoin one bit and he has his finger on trump, as releasing the tax returns would probably land him in prison and be grounds for impeachment

but he can't do THAT much to delay the crypto revolution, just some stricter legislature

>>21937043
Just like I won’t be able to shoot my guns after they have been buried to avoid confiscation.
The guns will be shot. The crypto will be spent.

Suck my dick IRS

>>21937373
pay denbts goy

I legitimately sent a fuckton of btc to a sketchy website and lost it gambling. How to IRS that one?

>>21935939
Oh sorry IRS officer I lost my Private keys in a boating accident. But my friend did agree to sell my same tokens back but I had to pay 5x what they worth. So I guess I owe less taxes now?

>>21937421

>>21937461
Delete this

>>21935939
I'm just going to purchase the IRS

Umm if I have all my shidcoins in a wallet and not on an exchange what the fuck do I even do ?
Do I go on fagbase and print out a tax report ?

>>21937421
nothing if you actually lost it gambling. Just proves you are a retard
However, if you are cashing out casino funds, you still owe tax on it.
Wallet to wallet transfers are considered taxable events
If IRS finds out, you will be buttsexed by Uncle Sam

>>21935939
kek. The bull run is coming and they fucking know it. It's hilarious.

>>21937571
well you either ride it out until crypto is fully implemented into society or you save up for your accountant and file an extension on your 2020 taxes.

By their own definitions it isn't a currency, it is an arbitrary piece of property that you own. Imagine a box on a tax form for any other arbitrary piece of property like dildos or bodybags, there is no conceivable reason for them to put it there except for direct contempt for a population subverting their illegitimate thieving desires.

inb4 capital gains on crypto are taxed at 100%

>>21937585
Wallet to wallet transfers are a taxable event? What in the fuck? That's like saying I should pay sales tax when I move fiat from my pocket to my wallet.

>>21937504
Pls send uniswap link sirs 10x moon?

>>21937585
wallet to wallet is not a taxable event
coin to coin is though

>>21937655
No, he doesn’t know shit.
Wallet to wallet transfer is not a taxable event.

>>21937637
right now it's around 20%

>>21935939
taxation is theft.

>>21935939
you guys are so paranoid

they just want their 15% capital gains and 15% fica and s/e tax.

don't go into business if you can't make enough to go legit

>>21937713
It's 15% and only if you made 40k in profit for that year

>>21937713
i thought that if you made between 40k and like 250k all capital gains were taxed at 15%.

>>21937739
s/e starts at $1 and cuts out around $99k I think

>>21937750
10% if you hold for over a year from buy

>>21937706
It isn’t but the irs is looking at those transfers as possible ‘stacking’ offense and they don’t fuck around if they suspect that

>>21936566
If you traded a coin for another coin, you cashed out. They're coming.

>>21937766
I'm confused AF
I'm down fucking 900$ thanks to stonks on faggot robinhood
And I've fucked around crypto but never made any real profit maybe 300-400$
I probably don't owe the irs fucking shit for 2020
All I'm holding is a few shidcoins in a wallet

>>21937730
How do you pay those taxes if you havent cashed out. Say you bought 5000x at .30cents and at the end of the year each token is now $50usd but you havent cashed out. What do?

>>21937850
>I probably don't owe the irs fucking shit for 2020
you're probably right
>>21937851
I think with the IRS you either cash some out or they'll do it for you

>>21937914
Fugggg, you cant just hold for over a year and give em 10% when i cash out in 3yrs???

TakIng them crypto shitxoins off the exchanges

Evading taxes, buying guns and fucking off to the woods

Fuck kikes

Trading as an American seems like a massive pain in the ass.

>>21937585
>Wallet to wallet transfers are considered taxable events
no they aren’t. i minute of research would’ve showed you that. crypto to crypto is taxable, cashing out is taxable, and buying things with crypto is taxable. that’s it.

I think if you make a good faith effort to follow the rules, things will work out fine. Track your USD basis on a spreadsheet when you trade and then you can print that off and send it in with your form 8949 or whatever it's called. It's not hard. That being said, I'm definitely bailing from this Orwellian shithole and getting citizenship somewhere else at my earliest convenience.

>>21937851
i'm no expert, but I think you don't get taxed until you cash out simply holding for years isn't taxable.

>>21937990
They take your foreskin and 25% of everything ya do

>>21937965
If you're talking about holding the same coin for all of that time, then, yes, that's actually exactly what you would do.

>>21936560
If you acquired/purchased them, you will need to mark 'yes' and pay taxes. It doesnt matter if you lost them. Druggies blow their money on crack, doesnt mean they still dont have to pay their taxes now PAY UP!

>>21937191
Get this though: If they could have actually put trump away for his Returns, they would have. God knows they have tried every excuse in the book to stop him and every single time they have failed. Remember when they were memeing impeachment for like two years? It’s over for the parasites soon.

>>21938050
and they brainwash and demoralize your people.

Why do we call it crypto currency instead of something else. I'm not sure how fake internet money is any different from say RuneScape gold. None of it is good for anything

>>21937851
That's an unrealized gain and you don't have to pay taxes on it. Where you would run into trouble is if you traded x for y when y had lost value against x during the time you held x. That would be a realized gain that you would have to pay taxes on, but you would have to cash out to pay the IRS and the act of cashing out itself is very likely going to be a separate realized gain that you would also owe taxes on.

>>21938009
Idk crypto to crypto is taxable in what ways exactly ?
The at the moment gains ?
3000XRP .30¢ converted to 1500 Algorand .60¢
What the fuck is the gain ? What the fuck are they taxing ? My fucking DIC

>>21935939
>the American dream
>first world country
>democracy
>freedom
Holy shit, this country is dead.

>>21938126
What if I made less than 5k on crypto though? Not even worth reporting right?

>>21938133
it’s like property or any other stock. so if you gained you report that, if you lost you report the loss, and after adding up all the gains/losses you pay on the total net gain for the year. just youtube how to file taxes with crypto. the info is out there

>>21938279
it's only just beginning, friend.

>>21938133
You just download the CSVs for every coin you have in your wallet and attach that shit to your taxes.

>>21935939
I don't recognize the legitimacy of the service corporation that refers to itself as the government.

>>21937585
>>21938389
>>21938126
how hard evidence is needed when it comes to taxation? crypto transactions are literally unprovable unless you're

-doing to trades on an exchange you've kyc'd.
-cashing out into fiat.
-absolutely retarded.

how far does 'beyond reasonable doubt' go in crypto case? any precedent? you could practically say you don't owe the coins and they got lost/hacked after every transaction

>>21938507
kek you can just get into monero and clean slate your trading history and then only pay taxes on the amount you cashout rather than the all those transaction taxes.

>>21938389
>>21938496
What a confusing autismo mess that is going to be i panic converted some shidcoins like 7-8 times from link to xrp to algo back to xrp and some back into link
Good luck to the faggot boomer tax lord that has to deal with that it's all under 3-4K USD value I probably don't owe shit anyways

This is good for Monero.

>>21938363
Probably not. That's below the standard deduction of $12k and most people here will have withholding on their non-crypto income, so 5k by itself isn't going to create a situation where you owe. Legally you still should report it but I doubt you'll get in trouble if you don't. But you should still keep track of it yourself so you can show where your money came from if you make a lot more later and the IRS suddenly takes an interest in your crypto trading history.

>>21938628
I'll report it anyway because I'm a good goy and I don't trade often.

>>21938538
yeah but there's a pretty good chance that if the feds sniff you've moved money into or out of monero you get yourself some agent remotely searching your computer soon after
i much prefer to use subpoenable entities (exchanges) for covering my tracks so the authorities know i'm not trying to cover it from them

I dont plan on cashing anything out until i have enough to move to another country

>>21935939
without the monopoly on money governments won't exist in the future.

>>21937850
You won't actually owe anything if you can prove that. I've put $500 into binance (KYC so IRS knows) and that's down to about 430 right now because I'm fucking algorand. Point being, I have an easily proved paper trail that I have made $0.00. Now for uniswap shitter stuff, I have no idea what you could prove under an audit.

Link is not a currency so I check no

>>21938743
All countries except Syria and North Korea have already ceded their control over money to private central banks. The US government hasn't existed in a real way for over 100 years.

>>21938775
Guess I'll just print out my bullshit from robinhood and shitbase
Enjoy tax faggots I don't owe shit
Stop stealing money from my beggars pot

>>21938818
yeah the government work for the private central banks. once they are gone so will the government.

>>21938848
I don't even think you need to do that right now, the IRS doesn't ask for proof of anything unless you've been very naughty or unlucky.

>PAY THE DAMN TAXES YOU CRIMINALS!

>>21936593
jews adjusting the jew algorithm for maximum jew-see-ness

>>21935939
if you have millions you could set yourself up on the other side in a corp, LLC, But you have to pay your taxes. You could contact some banks in Switzerland for guidance, but at the end of the day you will owe taxes. Renounce your citizenship? NOT SO FAST. You are deemed to have disposed of all your assets aka pay your taxes.

>>21939249
WAIT.

so if you have 1,000 bitcoins and want to move to somewhere with no crypto tax, you have to pay taxes like you just sold all 1,000 at the time of renouncing your citizenship? you have to sell like 200 just to pay your exit tax, even if you've been holding them for 10 years?

>>21938029
But where, where are you going and how? You don't just sign up for citizenship. Unless you're brown.

>>21938119
Make sure to report your in game RuneScape trades. That is considered property to property

>>21938658
time to install templeOS and watch out for glowies

>>21939300
Pay up

>>21937613
this and i havent even made any money on crypto yet

>>21937461
But your friend owes much heavier taxes.
Guys, even Sam Hyde says not to fuck with the IRS

BASED TRUMP crippled the IRS I'm not worried sirs

>>21937632
prove it

>>21939520
Still voting biden

>>21939646
>still thinks the votes are actually counted.

>>21939519
Who?

>tfw not burger

How long would these rumple dick kikes if people decided to go back to bartering.

I'll cut your grass miss johnson for a good old fashioned blowy.

Tax this

What's the tax rules for britfags?

>>21939945
consult your local sheikh for the jizya rate

>>21939969
good one matt

>>21938069
kill yourself IRS nigger faggot

>>21935939
CUT MY LIFE INTO PIECES
THIS IS MY LAST RESORT

>>21940030
this real?

>>21939519
>id
GET THE FUCK OUT REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

>>21939646
you cant vote Rakesh

sleepy JOE wants your crypto profits

>>21939519
the comment with that id... perfection.

If you want to cash out your link gains you won’t for Donald dump

What do you guys use btw to calculate your crypto taxes, ameribros?

I've gone one step further. I've mailed my congressional rep for the address of the fed gov's crypto wallet so that I can donate all of my BTC to the fed gov. I'm awaiting a response.

>>21937730
don't forget the 3.8% NIIT too. Just a little extra cherry on top of the shit sundae.

So do I pay tax on my WoW gold? That’s a virtual currency.

>>21939363
I you have enough money, you can actually just buy your way in to most countries. Some of them offer citizenship pretty quickly, too, if you're a good boy. I prefer somewhere tropical, myself.

>>21939564
www.irs.gov

They have a search feature.

>>21939784
https://www.youtube.com/watch?v=x9gSI_2MriU

>>21935939
It's just a wild guess but you probably have to pay taxes.

>>21937191
you absolute fucking moron, why are liberals so fucking stupid?
if they go after trumps taxes, then trump has a clear excuse to go after the dems taxes, and that would lead to their deaths.

>>21940086
Everything on the internet is real, idiot. It's all vetted before it gets posted.

>>21940576
prove it

It makes feel a little schizo, Im starting to think that there is some serious stuff going on behind closed doors.
Adoption feels more and more real

I'm going to give the internal revenjew service a poop mustachio.

They are going to say "ayyyyyy who Doo Doo is this???"

I'm going to say it's yourrrrrrr dooodooo nigger!

So say I buy ETH on coinbase, transfer it to binance because I can't withdraw funds when depositing USD on binance, immediately upon ETH deposit convert to BNB, then immediately transfer to Binance DEX, and immediately convert to an asset there. I understand that these are taxable events, but the change in asset value would be pennies in the 10 minutes it took to complete all of this. I never swing trade crypto, only convert to get onto exchanges to certain shitcoins that are only listed there. Are they really going to fuck people over for doing this when it isn't even a net change of multiple dollars?

>>21940640
i'm not a leftist dude i respect trump 1,000x over biden, but the fact that trump is dependent on mnuchin is a fact

just listen the way he's talking about crypto.

https://www.youtube.com/watch?v=zAICzg8ir50


spoiler: he definitely put the words behind the bitcoin tweets into trump's ears

>>21940878
skip to the part of questions, much better show of character if he can't prepare

Feels good to live in Niggeria.

>>21935939
They did it last year as well.

>cash out x
>pay irs x* .3
>If they have a problem with it down the line just ammend the return, IRS will likely owe you money
Any issues with this approach?

The IRS will use chainlink one day to verify you ain’t lyin and cheatin on yo taxes wh*te boi

>>21935939
Link isn’t a virtual currency, it’s a utility token. So no I have not invested in virtual currency.

>>21940686
prove this dick, lol

>>21940640
Hahahahahahahahahahaha

hahaha

>>21935939
So they just moved it from the additional income form to the front of the regular 1040?

>>21935939
I've bought crypto, but no, sir, I have not transacted with it. Any further questions I would like to have a lawyer present.

>>21938692
this

>>21937847
the IRS is engaged in fraud when it comes to crypto.
they have no right to tax it.
its why countless anons are renouncing.

kill yourself IRS shill.

>>21939300
move to a country with a non extradition clause. Or ask some swiss bankers what to do.

>>21938692
Saint Kitts citizenship just costs about $170k with all the fees and you get it in the mail in around 6 months.
once u become a citizen there, go to the US embassy in Barbados and renounce, which costs about $3k and then u are no longer a US citizen.
just pay taxes on when you cash out the 170k and do this in December so your taxes are square and they will let u renounce.

>congratz u are no longer a US citizen and are tax free for life.
its literally the Saint Kitts way.

then feel free to cash out as much crypto as you want. no capital gains, none of that shit, no income tax. etc.

So if I checked yes for my 2019 returns, can I check no on my 2020's? Or am I fucked?

>>21935939
what coin is IRS? which exchange can i buy it?

>>21942011
well they are trying to illegally tax you so you'd be extremely retarded if you checked yes.

>>21938692
From what I've known from a lawyer, is that as long as you don't cash out and go long, there isn't jack shit they can do about it because it's a long term investment at that point. Since I heard that from a lawyer, yes, it's legal advice.

MATTHEW 22:21

"Render to Caesar the things that are Caesar's; and to God the things that are God's."

Well guess what? Cryptocurrencies don't belong to Caesar, they belong to the people. If the IRS come to your door tell them that Jesus said to fuck off

>>21939784

>>21942431
Would they audit me though?

>>21941919
What about portugal? I really dont want to live on a fucking island