/biz/ - Business & Finance

Tax is a meme nobodies paid taxes on this shit.

>>2287905
if you haven't cashed out and are trading shitcoins, no worries

>>2287905
http://bitcoin.tax

>>2287905

Good goy. Take the time out of your day, that you will never get back, to pay some politician's 6 figs. Oy vey

>>2287905
Buy gold with bitcoin using JMBullion and sell that on the grey market

Get this faggot tax shit out of here

>>2287905

r we goin to go 2 jail?

>>2288028

Anon. How else is the govment gonna continue running the country into the trash?

You're supposed to accumulate enough now to move to a 3rd world country in a few years and live like a king.

>>2288039
Does the government have access to your private keys? How can they keep track of your investments? Welcome to the beautiful world of decentralization.

>>2288053
With the sales tax on my lambo but that's it

>>2288067
If you have any transactions between an exchange and a bank they likely already know

>>2288067
Cant they just requesition your coinbase history or something?

We don't have to pay shit unless we cash out right?

Is there a way to remain completely anonymous?

>>2288123
>>2288125
Tumble the coins and send it to another wallet. When the IRS asks tell them you spent it all. Then wait for crypto's to be a more widely accepted payment?

>>2288188
Maybe I am wrong with this one. But it doesn't seem too difficult

>>2288188
What does "tumble" mean? I thought that was something normie girls did for attention

>>2288188
If you spend your coins you have to report the value they were when sold. Even for a cup of coffee

>>2288262
Tumbling coins a process that you send your bitcoins through a huge pot, mixes them up, and sends your total amount back to you. It creates privacy and anonymity. You coins can't be tracked back to you even through the blockchain. I know it is very popular among the tor blackmarkets.

>>2288115

How it should be imo.

>>2288127
Cashing out/in:
Find local sellers/buys via mycelium app
Only use ID free ATMs.
Never deposit money cash in a bank.

Trading/communication:
Use Tor browser for all anonymous email traiding
Get a tracfone(no ID needed) use number for Hotmail account. Set up Poloniex exchange account. Only need E-mail if not converting to fiat and trade between coins.

Spending:
Don't buy anything online with Bitcoin. This will link your activity to you address and you. Buy in cash the old fashion way.
Don't buy obvious stuff like cars and houses.
There are rats everywhere so don't flaunt any excessive wealth.

>>2288641
Or
>pay your obligatory tax
>live stress-free
>spend or reinvest your gains however you feel like without worrying about getting a SWAT team on your ass

>HE HAS TO DO TAXES


im on a government scheme which protects me from paying tax LMAOOOOOOOOOOOOOO
EUROPE YES

how much would you need to live comfortably abroad?

>>2288677
protected from paying tax until you make more than a certain threshold right? how does that help you when you cash out

>>2287905
Cant you use a BitPay card and technically pay in btc

>>2287905
why would you even think about this shit, irs and 99.9% dont even know about this shit much less know how to quantify and tax it

-new fag/new trader

Danish people are the luckiest in the world. No capital gains tax at all.

>>2288845
/biz/ mansion in Denmark when?

>>2287924
>bitcoin.tax
This
And record every trade, even to another alt-coin.

I'll probably have to amend my return since I paid tax but didn't put in a schedule d.

What if coinbaae won't allow me access to my original account?

>>2288861
no, let's crowdfund our own /biz/ island nation with our crypto gains where no taxes exist

>>2288901
tbqh I'm pretty sure we could all afford it if we pooled

>>2288805
Negro I'm not making more than 80k a year on crypto let's be real here

>>2288664
Out of the 800 people who reported bitcoin taxes, I doubt one of them was you.

>>2288882
Get a load of this faggot

https://www.forbes.com/sites/laurashin/2015/12/16/bitcoin-at-tax-time-what-you-need-to-know-about-trading-tipping-mining-and-more/#33670d3d6bde
According to Forbes there are even regs they haven said apply to crypto yet and could do so retroactively on whim.

You can follow all the laws and they will still make you a criminal

>>2287905
been doing them since 2014, it's not easy or fun

>>2289033
>tfw one of them was me

>>2287905
Tax season was months ago unless you file extended or estimated. I don't think you are from the U.S. or pay taxes.

>>2289196
estimated taxes are due quarterly friendo

luckily i have a second citizenship.

once i reach millionaire status. i'm moving out of this fucking kike infested nation.

either way as i'm buying more and more crypto i'm also buying in more on emerging markets and ETF's for the following nations:
china, iran,india,mexico,russia,few other latin nations and some asian nations.

goodbye JEW-S-A

hello, my new country of residence.

>>2288641
>Spending:
>Don't buy anything online with Bitcoin.
cant you just make another wallet then transfer from yours to it, then spend?
and/or just use a vpn / tor
maybe i dont understand the problem?

>>2290118
>You buy item from NewEgg.
NewEgg reports all bitcoin transactions to IRS.
They surrender your Address which can be linked to you. Now they have proof you spent bitcoin and therefore had some capital gain/loss unreported.

Also remember the block chain will show all transaction and can trace back.

They caught the silk roads guy because a customer of his got arrested and they were able to trace ever transaction through the block chain across multiple accounts. You could easily write a program to connect any two known people.

>>2290914
>Also remember the block chain will show all transaction and can trace back.

This is why Verge will last, it covers that hole

Z cash has hidden transactions so no worries there, also Trump admin may introduce a tax plan with no capital gains up to 150k so we have that going for us

>>2291074
>no capital gains up to 150k
I did not know this

How is this meme still alive
How are people convinced that the IRS gives two fucks about the exact law and regulation concerning crypto as long as you pay?

How are you shitty NEETs so ignorant of the real world that for you the IRS is some abstract boogeyman that somehow knows all of your funds, how you got them, and if you're trying to skimp anything?

Under six figure numbers they don't even run ANY checks, aside the routine ones.
Just pay a capital tax to keep them happy and you're all set.

>>2289126
>>2289156
Did you report all gains including crypto, or only your fiat gains?

>>2291855
If you try to play every profitable trade off as long-term capital gains, even when held for less than 1 year, do you think that would slide by? Or is that a red flag for a potential audit?

>>2291905

It's absurd to even fathom the existence of an organization with the resources to track every single crypto transaction, its net worth at the time of transaction, the net gain in fiat and factoring in fees on every single step of the process...for a single person.

Now multiply that problem by several BILLION people.
You see how being paranoid about the IRS is completely retarded?

Just write off your fiat gains as capital tax.

>>2291930
The key is that if you are not careful they can prove that you used crypto and did not file. The details are irrelevant

Standard MO of the IRS l just assume the amount you owe pulled out of their ass + penalties.

The only one who has to dig up any evidence is you if you fight them in tax courts. When it comes to taxes you are guilty until proven innocent and the burden of proof lies on the accused alone.

>>2292035

I'm not saying you should lie and say you didn't use crypto.
I'm saying you should declare crypto but just declare a net amount of gains.

>>2291905
probably only if the gains are material, i.e., not $1000. they just don't have the resources to go after small fry these days. what could raise red flags is making absurd purchases or somehow living off 10k in crypto in the middle of beverly hills.

>>2288058
this. ever been to nicaragua? lobsters and margaritas on the beach for $20.blow. blow. you like blow? live the dream. maybe costa, those beaners speak more english.. point is it's cheap. fuck zog, live the dream.

>>2288005
>to pay some politician's 6 figs
That plus infrastructure, defense, welfare, humanitarian aid, etc. Go back to /pol/, faggot