/biz/ - Business & Finance

>>23869610
>coinbase
Too late you’re fugged :DD

bump, i would too like to know how to escape the eternal creepers

I spent at least hundreds of hours on excel for taxes for the past 3 years. Idk what to tell you, it would honestly be a blessing if they just hit me with a bill rather than have me wagie to incriminate myself. Note i lost money each of the years so worked for free and the benefit i got was not having to pay them. Respect the 5th amendment

>>23869610
>coinbase
Zozzle

>>23869657
cant you just report the basic stuff like cashing out
then the'll just tell you "no thats not correct, you did x y and z"
and if they say "yeah thats good" then you get away with it

t. 18y

>>23869657
I fucking hate the IRS.
I’ll give you your money, you don’t have to make me crawl through grass to hand it to you, you fucking retards. I hope you’re reading this if you’re auditing me in the future you fucking retard. Yes. You’re a retarded boomer.

>>23869610
Binance better not be fucked by this too. This is getting me scared bros

>>23869610
Just sell your positions on dec 31 and buy in again Jan 1

>>23869721
Technically no. When it comes time to cash out on 1 btc bought and its up $10k and you cash out $40k they can figure that out

>>23869789
kek

>>23869789
only if you're down

>>23869779
you have other things to worry about
binance will be getting assraped by regulations in the next few years
they wont exist soon

lets say one were to move out of burgerland and move to Canada. would said person have to pay taxes to the ameriburgers, still?

>>23869856
see john mcafee
Tldr yes

>>23869853
or, you know, they could just comply and still make profit

>>23869856
if youre "fucked" all i can say is id pay for a CPA after assuring things stay private, one example could be give them all the accounts but remove your name and present it as hypothetical

>>23869853
Well fuck. Got an estimate as to how long they'll live before they get reamed?

>>23869891
oh yeah sure, regulators will just say "ok thanks for complying we will just forget everything you did haha"
get real

the most realistic outcome is not them shutting down though, they are too big for that plus i think china is keeping them alive
what will happen is they will be forced to sell

>>23869899
in 2019 it was any minute, now maybe 5 years

>>23869845
If you are on /biz/ then the only rational assumption is you are in the red

>>23869856
exit tax for people with >2m in assets or married couples with >4m in assets. you need to renounce citizenship too.

>>23869992
Plus he still owes for profits made in the year he lived in america

how does coinbase work with the jews/irs? do they just automatically send your shit to the taxniggers no matter what?

I've heard if you have under 5k or whatever they don't really care, but I don't think that's true.

also, how is tax on crypto determined?
is the % dependent on which tax bracket you're in for income?

or is it something else

>>23869610
>everything I'm referring to is in Minecraft
Bro, coinbase already reports to the irs. The best tou can do is withdraw your tax free allowance (all at once or incrementally), get a roth IRA, move to a tax free crypto state like Germany for the minimum time, get a good accountant who will be able to helo you report losses, or just pay the tax.

>>23870166
does Coinbase report other wallets like CB Wallet/Metamask too?
The wallet transactions don't appear on Coinbase, but the wallet addresses are listed under the transactions, so one could fear the Jews would be after those too, no?

>>23870238
yes, your best chance is going into privacy coins, a small amount at a time

>>23869610
>how do I exit coinbase without the jews knowing?
Jew here, you can't. We know all.

>>23870271
>privacy coins
do you mean essentially moving my entire folio into something like Monero?

How much money do you need to make for the IRS to be on you? I'm sub 10k USD so far, and I lost thousands during the bear market. Will they care about a small fry like me? Fuck I shouldn't have swapped between link and eth so much bros

>>23869817
Yeah but what if you buy 100 different shitcoins on uniswap and use different defi platforms with weird stuff
How would they check what you actually did?

one day your chilling, next the popo are at your door anon, no escaping the tax jew.

why can't they just tax the fiat on-ramp/off-ramp?

say I deposited $1000 on cornbase and cashed out $8000, then just let me pay tax on that $7000

why the fuck do I have to calculate crypto to crypto trades? shouldn't that $7000 profit already includes all of my profits and losses?

>>23870671
just pay them that and if they bitch about it tell them to fuck off

>>23870633
its not about what you did. They figure out you have $30k more than what you are supposed to have if you just held bitcoin like you said you did. And then they make YOU prove yourself unguilty.

Again, this is an anti 5th amendment organization and the only government organization that infringes on your right not to incriminate yourself

>>23870671
>why can't they just tax the fiat on-ramp/off-ramp?

>>23870671
i would not advise trying this

>>23869770
based fuck the irs they can fucking suck the jews circumcised dicks, oh wait, they already are

>>23870166
what if i bought them while i was living in germany?

>>23869610
Fuck the IRS. I'm not paying them anything. What are they gonna do? Audit me? Audit this dick.

Unless you're a billionaire with a tax shelter in the Caymans, just pay your taxes. I think you can take some of the sting out by immediately buying some tax advantaged asset like buying your first house.

Unfortunately you aren't Bezos, capitol gains taxes are for cucking the lower classes back into their box, not for raising money.

would bittrex report tax info?
i know they're based in the US

The people telling you not to pay your taxes ITT are the same people paid to post demoralization threads all day to harm your psychology. They want you to get wrecked because you are white and non Jewish.

Don't listen to these niggers. Pay your taxes. There is some software/services that can help you with this historically by going back through your trades. Then after your tax has ben deduced and your money is legally yours, use it to fund terrorism against the FBI, CIA, and Israel (in minecraft).

>>23869610
Take it ou before Sleepy Joe asks for his 40%

>>23870853
enjoy federal pound me in the ass jail then

>>23871011
fuck you

I've been accumulating all year on cornbase, have never done crypto to crypto transfers and I havent cashed out. Do I owe any capital gains tax if I dont cash out?

>>23871100
Do you have any capital gains IE having you received any returns from your investment? If the answer is no then you owe no tax.

>>23871100
If you never sold and never exchanged crypto for crypto (same thing as a sale) then you dont owe taxes. Also if you did either at a loss then you also dont owe taxes

>>23871151
Unrealized gains

>>23871179
but i will say they still want you to report these sales, just that you dont owe taxes.
That said if all you do is buy crypto with usd and hold then no taxes, no reporting until you do sell it then you tell them when you bought the coins your selling

>>23871190
Then you’re good man just keep track of how much you spent on all that shit and then when you sell you’ll know how much you gotta pay

>>23871179
Thats what i thought. Thanks fren

>>23871179
Wtf crypto to crypto counts as sale?? I have not pulled out a single dime for like 3 years but I have been actively swapping between coins to stack sats. How is that tax even calculated? Is it just a straight up percentage fee for every single txn? What if I just move to Germany and sell it there?

>>23869610
you can't, just pay them or wait to be caught and pay more

>>23871317
basically determine all the quantities of tokens exchanged at each specific swap, then estimate the shitcoin value at that time, then offset for fees. Its a bitch even for someone like me whos good at crunching numbers as an analyst

They can't prove I did shit off CB. Send that shit to a wallet and prove I didn't get hacked and lose my coins.

Been looking into Flag Theory and Perpetual Traveler life, and I gotta say it is looking like a pretty decent option compared to living in the shitty states.
>>23871368
I've done thousands of those exchanges over the past couple years...... FUCK
>>23871410
This is not that bad of an idea, but they will be up your ass constantly trying to bring you to court or some shit I bet.

>>23870807
ngl i work for the irs and i cheat on my taxes. figured the best way to know what to do is to work there.

>>23871368
That's fucking ridiculous, lol. Why is this even a thing? It should just be (amount of crypto held at end of year in fiat)-(amount of crypto held at beginning of year in fiat)/(capital gains tax %)

Why the fuck does the IRS need to know everything in between? I'm not even a burger and this still makes me mad.

>>23871450
cause they want to find every opportunity to fuck you in the ass

>>23871434

Go get some crypto tax software. There's a few packages that will pull trade history from exchange API's using you wallet addresses and will run the numbers for you. It's not a great solution, but it will give you the "appearance" of honest compliance.

Then, Print that paperwork out on dot-matrix rolls, pallets of it, and ship it directly to the IRS citing the documentation requirements. Park a car nearby so you can watch the bean-counters jump from the roof.

>>23869610
In the US, crypto is taxed like stocks and you only need to pay capital gains tax. Last year I actually got a return because of capital losses after falling for that $13K fakeout lol

>>23871434
Just download all your csv files for the years. Upload them to a trading tacking site to calculate your tax implications. If its super low just say fuck it.


But now atleast you have it on hand if you ever got notices or an audit

>>23869610
They cant fucking tax my runescape gold. Fuck them.

>>23871538
Is RS gold considered crypto? It does have an actual dollar value.... Are you thinking what I'm thinking?

>>23870754
And I'm guessing a perfect way to prove yourself unguilty is to print out binance trade history every 3 months and show it to them after all the years? Then they tax it and it's over.
I would only do that while doing the big cash out. Not for every little trade I do.

This is a question. I am not sure if one can do it this easily.

>>23871572
the osrs grand exchange is unironically more stable and healthy than most real life markets. Venezuela's been essentially using it to support their families for years now. I wonder if runescape gold is unironically a relatively safe haven

>>23871608
i dont think it would be recommended to plan on filing back taxes. I do know there are ways to correct mistakes or even file entire missing taxes but i dont know any details and have never done it

you can opt for a zero cost basis tax if you don't have your receipts. basically it taxes you as if you started from 0 dollars so if you didn't start with that much it'll hardly matter anyways

kraken and celsius dont report to the irs so who cares

>>23869610
>tfw I'm paying over 100k in taxes this year

>>23871680
>kraken
is US based.... IRS can get their info with ease.

>mfw Uniswap just gave a bunch of neets $1200 for free in UNI coin
>they will owe taxes on them
>will get fucked in the ass by the IRS in 2021

>>23870671
Because you could of made $100,000 before crashing to $8000

>>23871642
lmao

>>23871715

god fucking damn it theres no escaping them

>>23869610
Imagine cashing out

Hey at least binance saves all your trades forever right?

>>23871743
but mr.goldstein, I lost $92,000 after making $100,000, and that's why I can only cash out $8000

>make some stream account (twitch) with a crypto donation button
>make sure the crypto donated is untraceable to you
>donate yourself your crypto

Problem solved.

>>23871847
>make sure the crypto donated is untraceable to you
>donate yourself your crypto
gl with that

>>23871434
>but they will be up your ass constantly trying to bring you to court or some shit I bet.
Sure but you can't prove anything outside of my initial purchase which is a net loss if the tokens aren't on the exchange(see: tied to my SSN) anymore

>>23871885
Buy monero, transfer to new wallet, have another fresh wallet that you donate it to? I dont see how thats traceable to me

>>23871917
its not but, and this is not a recommendation, youd have to launder it to use it which is another chance to get caught

>>23871942
launder? Its just a one time big donation from my one and only rich sheikh viewer

>>23871642
anon add me on RuneScape please. send me your user

I had a dream the other night that taxes got raised and /biz/ and /pol/ meme’d boomer trump supporters into blowing up IRS buildings and threatening employees to quit or their families would die. Pretty crazy dream haha.

>>23870633
Also, they just have to follow what wallet you transferred to from coinbase. All your transaction history and "weird shit" is in plain view there bud.

>>23869622
>>23869679
What the fuck is the alternative? Chinknance and kraken have KYC garbage. Coinbase I didnt even have to enter my SSN

how much do you have>
if you are expecting anything over 500k then talk to a tax lawyer and an accountant. let the jews work for you anon they are not evil people like this board thinks

>>23872273
>pay one jew or pay them all
>they’re not that bad

>>23871756
this but unironically
I'd rather be a millionaire in the digital economy

>>23872347
>>23871756
yea but crypto to crypto transactions

>>23871888
Checked.
It is definitely a legit strategy, but you would have a tough time ever spending your money on a significant purchase ie lambo or mansion without the bugmen coming to fuck your life up. What is your plan for making use of your wealth without raising red flags?

>>23872364
early adopters will be appreciated
I imagine they will tax everyone for transferring over to digital anyways

>>23869770
Zach

>>23872364
Fuck them man, they are gonna make me cash out just to pay the c2c tax, and then I will have to pay the capital gains tax on top of that. FUCK THEM

>>23872364
<unknown>

>>23872481
Where to buy monero?

https://modernconsensus.com/regulation/irs-activity-should-be-major-wake-up-call-for-coinbase-users-tax-firm-warns/

>>23872632
>FIAT to BTC
on whatever you get btc from, then
>BTC to XMR
bisq.network

>>23872405
Had to switch IPs, was on the move

My plan is to use a staking platform and only cash out the dividends.

>>23872632
monero isn't stable

>>23872955
Alternatively I think you could launder it with a GoFundMe or twitch stream

>>23872958
No asset in this world is 100 percent stable. I am willing to lose money from monero tanking a few points before I just fork over money to some faggots that do not even fix the fuckin potholes in my town. If I pay tax it is a 100 percent certainty that I am losing money. With XMR I could actually make more.
>1 post by this ID

>>23872982
Look into AOC's livestreams. Shes been getting donations of 2k a lot. Anyone have info on this?

>>23872982
Is there no tax on donations?

>>23871440
please enlighten us on out-jewing the jew

>>23869610
why are threads like this posted so often here?

>g-g-guys do I really have to pay capital gains tax???

the answer is sage

I read that if you earned less than something like a few thousand in income you dont have to file taxes at all. What about that? I didnt do any trades though just asking

>>23873056
Irs pays you a % for tips so if you have dirt on her let them know. Im usually anti narcing but fuck that bitch and her lists

>>23873068
Income tax

>>23869610
>Get VPN
>Get fake ID's
>Open foreign bank accounts
>Open account at Bittrex International
>convert your coins to XMR
>transfer XMR to your wallet
>transfer from your wallet to another wallet so you really won't get traced
>transfer coins to Bittrex International
>cash out

If there's a will, there's a way. I hate to say this but you Americans are fucked in the ass by your government if you are a peasant and don't have any connections to the elites, the rich and powerful. Land of the free and home of the brave my ass.

>>23869610
Fucking Latisha at the IRS isn't gonna care about your ponzi swaps and shitcoin trading. Just report money in and money out and do your tax based off gains.
If you did all the trading on coinbase it may be more of a risk

Ukbros is this a thing for us aswell?

>>23873846
so what if cuckbase sees and reports the sending of coins to other wallets (which they do in fact report), whoudl the IRS want to know whats in those wallets?

i want to get off cuckbase. i heard cuckbase pro is better and has lower feeds. anyone here use it

or is there something better

>>23873960
Maybe. If it's an exchange wallet it's hard to tell.
The main thing is, for small amounts they won't care and if it's worth a large enough amount of money just cop the taxes. At least in Australia we get 50% off the tax rate if you hold for over a year and I think the U.S has similar.

>>23872228
Gemini. Last I checked they have fewer coins available for trading than coinbase but you should be using exchanges without KYC for anything that isn't a cash to crypto purchase anyway.

How do you even go about proving your trade history? If I buy 100 different shitcoins on binance or some gook exchange, how would I prove it? If I lie, how would they know? Binance doesn't even have trades for more than 6 months. I did probably over 1000 trades in 2017/2018 and have no idea what any of them were. I had trades on a KYC exchange where I was at over 100k profit, then I moved it to binance and lost 90% of it

"Last year, popular trading platform Coinbase alerted 13,000 customers that it was complying with a court order to provide the IRS with information on accounts worth at least $20,000 from the years 2013 to 2015. The IRS did not say whether its mailing list was a result of the Coinbase disclosures."

This is from 2019, so I'm not sure if they auto-generated reports/statements on coinbase like they do now, but when this took place they only went after people with 20k. Worth noting.

>>23871642
https://www.polygon.com/features/2020/5/27/21265613/runescape-is-helping-venezuelans-survive

you aren't fucking kidding

>>23874035
>>23874093
Just as it is with all IRS schemes, their goal is not to audit every person. The goal is to thoroughly check 1/100 people, fuck them in the ass, and make the other 99 people fall in line.

Sure, tracking down every crypto transaction someone did over 1 or 2 year period would be labor intensive, but they cold certainly do it to make an example of someone and put enough fear in the average trader to get their shekels.

use flame.exchange

>>23871743
so whats the fuck that even mean, you are taxed at the highest it ever was? wtf is that?

>>23874232
But what I'm getting at is that Chinese exchanges won't hand over customer records to authorities, and some don't keep them at all. If it's all on an exchange, there is no record of the transactions. If you claimed you did a bunch of bad trades and lost all your money (whether that's true or not) how could they tell if you are being honest? It just seems like they need to take your word for it.

>>23870671
I assumed this is all I had to do. I have to calculate every single crypto trade? In the end isn't profit the only thing that matters? Wtf is the difference?

>>23869610
I was told if you hodl for 1year+ on coinbase you dont gotta declare how wrong is that

>>23869610
You can't.

PAY YOUR TAXES. use tokentax if burger.

not paying will fuck you forever.

or, you know... um, Tomochain. KEK.

>>23874708
yes, if you buy and hold for the entire year of course you don't have to declare anything on your taxes for that year because you never sold, wtf

>>23869817
say you bought some random shit like LINK and claim long term capital gains tax from that

>>23874764
once u sell...

>>23875339
Nobody tells you to sell dumbass
This is good for bitcoin kek

Lol holyfuck just keep your main stash on your private seed. Anyone cashing out majorly right now can afford the taxes.
Just fucking hold holyshit

>>23875716
i cant hold internet money forever. what if i want to buy something later

>>23869610
Glitch ;)

>>23869610
Hire a tax guy and tell him upfront that you wish to pay zero taxes legally and if he does that he gets paid, that’s it.
Not worth for small cashouts, just pay them.

>>23869610
Also don’t use “Minecraft” its a glowie propogated term to catch all nefarious actors on 4chan.
They just popularized it so it’s easier to just search you up on archives and add your ip to a database.

I know you’re reading this mr glownig

my foolproof plan:
>convert everything to DAI
>move it all to crypto.com or swipe
>get their debit card
>cash out in atm

Move to Slovenia. Crypto is considered currency here and thus capital gains tax does not apply to it. Also relatively cheap to live here and lots of nature.

>>23876054
kek is this a joke

>>23875915
what

>>23872317
lmao

HOLY FUCK AM I READING THIS RIGHT IF BTC GOES TO 100,000$ and crashes to 1$ I will owe tax money

>>23876701
AND EVEN SPENDING OR GIVING

>>23876701
You are not reading that right lmao jesus

>>23876701
>>23876718
It’s was over before it started /biz/ (((dey)) were never gonna let us make it

>>23869610
You gotta protect your internet privacy user vpn and go all in on spiderdao lollllllllll get rich anonymously and dont pay taxes.LOOOOOOOOOOOL

>>23869721
IRS are disgusting kikes, and retard old boomers. Not paying tax here, fuck them. I cash out via cash at the cofee shop, they won't find my XMR

>>23877108
What the fck is spiderdao lol, who name their project like "spider", are they going to catch users off ther "WEB OF LIESSSSSSSSSSS" get rekt!

Protip:

Use BTC ATM, no KYC. Fuck the IRS kikes, this is the new world of untraceable money.

>>23877108
i hear you pajeet as i am looking at the same dao project right now, the team seems to be in stealth mode/
They have already regular vpn company so i give them benefit of doubt.

>>23871000
>use it to fund terrorism against the FBI, CIA, and Israel (in minecraft).

based and redpill

1. Use BTC ATM, it's anon
2. Trade
3. Cash out via cash OTC
4. Never pay tax to the IRS kikes

>>23877108
Spiderdao is still in low-cap phase and has an extremely strong liquidity pool of $1.5 million, exceeding the first quarter-million market cap. The additional liquidity to be added from liquidity mining will make SPDR a very strong contender for one of the top tokens to enter DEX, offering more stable prices and lower volatility compared to other tokens that have recently entered a DEX.

>>23871504
>Then, Print that paperwork out on dot-matrix rolls, pallets of it, and ship it directly to the IRS citing the documentation requirements. Park a car nearby so you can watch the bean-counters jump from the roof.

Based. Fuck simp bean counters.

>>23877148
A BTC atm is not anon, you fucking retard.

>>23877108
DAO marketplace is a dead zone or zombie zone!Its good to go all in "CHAINLINK" than getting rekt on dao projects.Atleast there is a chance to make money off chainlink lol

>>23877108
spiderDAO can be explained to idiots with simple real-life example like
Imagine a vending machine that not only takes money from you and gives you a snack in return but also uses that money to automatically re-order the goods. This machine also orders cleaning services and pays its rent all by itself. Moreover, as you put money into that machine, you and its other users have a say in what snacks it will order and how often should it be cleaned. It has no managers, all of those processes were pre-written into code .

so you get paid in spdr tokens for using vpns,routers with bandwidth monetisation protocol.

>>23874035
>If I lie, how would they know?
They don't. Don't let the glow in the dark IRS niggers scaring you, because it's mostly low IQ niggers and boomers working at the IRS and they're understaffed.

>>23869610
use bitcoin and VPNs idiots, how difficult is for you to understand this shit?
and now get paid for using vpn too with spiderdao keks!lol you gotta come out of mom's basement.

>>23877229
spiderdao gang, get rekt or get fcking rich!

>>23876113
But your debit card is KYC'd

>>23877176
whats wrong with a bitcoin atm, also how do i put my crypto on my fancy usb that was $150

>>23877176
There's BTC ATMs that dispense cash you fucking Jamal

>tfw german
>tfw never bought anything except btc and eth
>tfw never swapped anything
>tfw hodl

>>23877135
>>23877158
>>23877178
>>23877207
where can i buy bros?
also how is it different than all of the other vpn projects

>>23869853
>binance will be getting assraped by regulations
Isn't already crypto-crypto a taxable event?

>>23877859
depends, but thats not what i mean

>>23877290
tfw gay