/biz/ - Business & Finance

>>21978317
nah just net gain

Eh, they’ll never catch you

You pay tax on the profit and offset it against losses retard

>>21978317
NO DUDE YOU'RE RIGHT WE ARE ALL FUCKED!!

IVE GOT LIKE 89000 TRANSACTIONS ACROSS 17000 WALLET ADDRESS AND I CAN'T ADD ALL THAT SHIT UP!!! FUCK THAT.

FORGET BANKRUPTCY WE'RE GOING STRAIGHT TO DEATH-ROW!

>>21978317
They only know when you cash out. But you can't cash out until you have enough money to buy a fake identity and flee the country.
>remember, you're here forever

>>21978345
>>21978339
oh thank god, all these fucking fearmongering tax posters fucked with me. I felt like that crypto to crypto thing would be absurd anyways.

>>21978317
Download the CSV files off the exchange and then go to bitcoin.tax and it will compile everything for you. Then take the CSV file is creates, file via turbotax. It's not bad at all.

>>21978317
Determine your capital. Pay tax on your gains by putting all of it on a stable coin. If they ask for documentation. Go to a tax accountant.

>>21978317
bankruptcy doesn't protect you from the IRS
just a friendly reminder

>>21978361
fucking kek

>>21978370
well I was reading theyre putting the have you traded digital currencies front and center on the tax forms and they know ive put money into coinbase and sent it to an etherscan address. I guess they just cant prove the address is mine but why would i send money to an address thats not mine? so idk. guess ill just wait till tax season.

>>21978317
Download your trade history, go to bitcoin.tax, pay the 40bux or however much it is to get an account for the year, upload trade history to bitcoin.tax, export your documents, upload to your TurboTax. Boy that was hard.

>>21978339
>>21978345
explain this as if i was retarded pls

>>21978411
Make sure you download and back-up your transaction histories regularly. Some exchanges delete them every so often and your job just got 100x harder if you have to try manually tracking every trade you did.

>>21978370
this. unironically working my way to enough to build a fortress in a 3rd world country and will spend the rest of my days defending my loot from niggers

>>21978381
If you made a net gain going crypto to crypto, you still have to file taxes. Enjoy getting assraped down the road for a temporary sense of safety today, if that's what you want.

Koinly says they can do etherscan analysis as well as exchange data, haven't tried them yet but I'm going to

Just your net. You only need to keep track of individual transactions in case they audit you

>>21978317
First in first out. If you are cashing out left and right then you’re an idiot. High IQ anons have yet to cash out.

>>21978317
Being a burger really sucks. Question tho, before all these tax rules came in, how did the OG btc buyers cashout? Do they get amnesty or would they be forced to go back and tax themselves the same?

>>21978317
uniswap fags, where can I find the liquidity provider fee of a transaction? is it included in the transaction fee?

>>21978317
I do not know what exchange are you using but I avoid this with multiple unverified accounts in Binance.

FIAT exchange > Ethereum > Binance account 1 > Sell Ethereum for Bitcoin (exchange wallet) > Send Bitcoin to unverified account 2 > Sell Bitcoin for LINK

In the last trade, funds remain in BTC Binance wallet but you get LINK from Binance wallet without any track.

>>21978424
If you buy at $10 value and then sell at $10 value you will pay 20% tax for your gains, so in this case you won't pay anything since your gains/loss is $0

>>21978317
NICE TRY GLOWIE

>>21978317
Lmao :D its just a meme dude :D and a pretty good one i must admit.

>>21978361
Lmaoooo :D

>>21978381
Crypto to crypto is taxable in the US. It's just that in the end, for a full tax year, you subtract your net losses from your net gains to determine how much you owe.
Obviously you do this for long term gains / long term losses and short term to short term first, then after that you can mix them.
But yes, crypto to crypto trades are taxable events in the US.
Say you have 1 transaction where you trade ETH for an altcoin at no gain. Then you trade altcoin back to eth and you made $1000. Then you trade that eth for an altcoin again. This time you trade this altcoin back to eth at a $500 loss and stop trading for the year. You would owe $500 in capital gains.

>>21978317
Don't pay that shit, just hide your money by going all in on monero and swap it around a few wallets. Abandon old wallets. You'll probably be fine.

>>21978317
just monero that shit and claim you found an old wallet and cash out

>>21978317
I made profit on a trade but I'm down like 50% right now, if I don't cash out I have to pay the tax on that trade right? I don't have a net loss until I cash out, unless I trade my assets for other assets

>>21978796
You could do some tax loss harvesting and complete a trade to lock in the losses so you would not only NOT owe gains tax, but would get a deduction from your losses.
I dont believe there are any wash trading rules in crypto like there are in stocks.

Am I the only anon who still trades on the Chinese bimance?

I made my account in 2017 and never verified it. And it works still and I still trade. I swing link about 10 times a day. Volume in low six figures monthly. I don't even use a vpn. How is it's gonna know?

>>21978590
I think so. They usually add it up don't they?

>>21978753
>You would owe $500 in capital gains.
Not quite right, rather he would owe taxes on $500 of net capital gains income.

>>21978923
Correct. I meant to say you would have $500 worth of taxable capital gains. Thanks for catching that.

>>21978317
>paying taxes

kek'd

>>21978753
Israel has no right to exist

>>21978317
unironic sell signal sell it all retards are too invested they will destroy the market

>>21978317
What you having for your last mean before death row?

I might go for coke and a big juicy stake.

Is there a way to get your trades from uniswap shit trading or should I just apply money in/money out and hope for the best?

>>21978753
Hold up,
So if I convert say 1000$ of bitcoin to say some stable coin and then that stable coin moons a year later, do I pay the additional conversion tax on top of the net profit tax?

Cruz fuck I remember doing conversions and stuff on coinbase so i could avoid paying fees.

>>21979077
Yes, you can see your Uniswap trades either through your Metamask extension (Activity tab) or simply go to your Metamask address on etherscan to view your transactions.
>>21979112
If you converted $1000 of BTC to something else and still haven't sold that second asset, you have not realized any gains or losses yet. The moment you sell that second asset is when you realized the gains/losses. This is how each crypto-to-crypto transaction is a taxable event.

Do you think the government will even see shit on your Metamask account?

>>21979235
Ok, so just to make sure, say I converted 1k of btc to say xrp, I then a few seconds later, decide it wasnt a good idea and sell the xrp, and get back the thousand dollars(neglecting fees) and cash out, overall net gains was 0. I pay ZERO taxes here?

>>21979735
Correct. If there were no gains then you will not owe capital gains on the transaction.
I'm not too sure if you can deduct the fees, but if so, you'd actually get a deduction.

>>21979807
Understood thank you fren!

>>21978317
Just switch everything you have to monero and back to another wallet or transfer it to an exchange and all transactions are gone. Do retarded burgers really pay for tax on crypto transactions?

>>21978424
your money is your money!

The money you make after you subtract the money you put in is your gains. THESE GAINS SHALL BELONG TO ME (gobnment)

>>21978317
Use something like cointracker.io immediately to at least get an idea of where you're at
With that many transactions you're over the free tier but you can get a feel for it before you pay for the service
You're paying tax though, that's certain

Of course, if you're like me and have given up trading because I'm just too retarded and most of the time just lose and become a hodler then you probably aren't due for any heavy tax, because, lol, losses

>>21979735
Doing that I'd expect certain losses, so you'd likely not owe anything on that, and as the other dude says, depending on things you might get a tax reduction
I've had a few of those "well, that was wrong" moments and done that myself
Fuck, I'm just showing how dense I am in this thread, I'm ngmi

>>21978317
>I am an american
Better make sure that shit is right, the info will stay on the blockchain FOREVER.

https://www.irs.gov/businesses/small-businesses-self-employed/revocation-or-denial-of-passport-in-case-of-certain-unpaid-taxes

Imagine not being able to leave that shithole. I thought you retards said you're free?

>>21979303
Yes if your country is cucked like America, They'll form a group just to track shit like this. Remember that they have a specific department just to combat piracy. Tax departments always collect. Just make sure they don't rearrange your bunghole while they're at it.

>>21978424
You make a profit of 100$ from shitcoin 1
You take a loss of 50$ from shitcoin 2
Profits total to 50$ and you have to pay burgerland capital gains tax on it

>>21979235
>>21979112
>>21978753
>>21978381
>>21978426
>>21978411
>>21978370
Wait so if this is correct then crypto is actually a great way to force the government to give me a fat tax refund.

>Invest in some shitcoin
>work two jobs
>make 80k
>shitcoin goes to shit
>pay nothing in taxes and get a big refund because of losses

Is this playing the game on easy mode or what?

>>21978317
These goddamn cocksuckers, they expect to be paid in dollars when you swap ETH for ERC20? Hahaha good luck! Never sold and never selling!! Never received a receipt of payment in dollars. Never received receipt of realized capital gains. How the fuck do they think they’re going to do what, force people to sell their crypto to pay in dollars on unrealized gains? Out of their fucking drug-addled brains. Good luck! Again, NEVER SOLD AND NEVER SELLING!!!

>>21978317
Add up all of your losses and gains, combine the 2, that's what you pay. It's probably not going to be as bad as what you think it is.

>>21981281
If you didn't pay taxes on the way up to 80K you won't get tax refunds on the way down. It's simple.

>>21978436
And then your workers mutiny and torture you to death for your keys

>>21978753
Fifo or lifo

STOP PAYING YOUR TAXES

The whole point of crypto is to overthrow the exisiting paradigm and live in a world of taxless gains. That wont happen if you keep giving them fucking money!

The thing you have to watch for is owing more than you have-

Say your shitcoin moons 1000x this year and you trade it for BTC (taxable event).
Then BTC tanks in February. Now you still owe for gains in 2020, but don't have enough in BTC to cover the tax.

>>21982223
Cope. I will pay all my taxes because I respect the government and they deserve it. I am a good citizen.

>>21978317
For coinbase to report you, you have to have a certain number of trades AND total a certain amount. So you made 600 trades but I doubt you qualify for their amount cuz you’re a poor zoomer.

>>21982285
heh I almost believe you.

>>21978317
Pay Tokentax $2k and they'll do everything for you.

tokentax dot co/

>>21978412
This

Why the fuck cant you retards just have one address for shitcoin gambling and one address for storage/interacting with coinbase?
they cant prove the shitcoin trading address is yours. just say you sold some eth to a friend