/biz/ - Business & Finance

>>24163523
Yes

yes anon

>>24163535
>>24163560
ok then the follow-up question logically is, how should one move their coins way from coinbase now/in the future in order to avoid this auto-report kikeshit. I've heard coinmetro is based, but if I move to a new echsnge would the coinbasekikes jusr follow me?

i ask this with no intent to commit crime desu

bumping because i know dozens of other anons have these questions

bampu need strats

I have zero interest in the contents of this thread, if I have posted in it that would indicate an unintentional accident, and the fact that doing so would bump this thread to the top of biz is entirely the fault of the website's creators.

Tax reasons aside, keeping your coins in an exchange account is retarded. They get hacked, you lose your coins. They think you fucked up and close your account, you lose your coins. Etc etc
Crypto sole purpose is to take control over your assets. Fuck the exchange kikes.

>>24163880
no need to fear, fren, as nothing discussed in this thread is illegal. we are merely curious of what coinbase includes in their methods of reporting and what the best process is to move to another exchange. why do we want to move? don't worry glowniggas, we're still gonna pay our taxes. we just don't want to associate with this normalfag exchange that freezes funds like a motherfucker.

>>24163628
>how should one move their coins way from coinbase now/in the future in order to avoid this auto-report kikeshit
lol pay your taxes bucko

>>24163955
>pay your taxes
unironically i plan on paying my taxes but like a majority of the people who use crypto, if our funds/assets ae being automatically reported to a taxnigger we want to know exactly what they're being told. not so we can lie, but just because we should have the right to know. unfortunately, kikebase doesn't wanna be friendly about that (also i just don't like their site in general anymore because normiefags) so I want to move.

>>24163523
Unless you sold your crypto for fiat currency theres no tax to be paid. If you traded/sold your crypto for fiat then yes you will have to pay tax on that if you made a profit. Not doing so would be rax evasion.

>>24163945
literally this

Would you still pay tax if you cashed out in another country?

>>24164028
What about coin to coin trades. Still need to pay taxes on those.

>>24164037
yeah i wasnt even joking like i literally do plan on paying taxes but this auto-report bullshit is annoying because even though they give a generated report of what they claim to be sending to the IRS id rather do that shit myself so its 110% myself that's accountable. i don't want coinbase doing something and then not telling me about it, then a week later there's agents executing a no-knock raid on my home to seize my linkies because I wasn't aware of coinbase's kikery.

>>24163523
noone uses coinbase. there's gemini, and there's safex mining.

>>24164122
this

if you bought some shitcoin on uniswap you had to
>buy ETH (fiat to crypto)
>sell ETH for shitcoin (crypto to crypto)
technically this is taxable but I really don't know if taxkikes are gonna go searching through shitcoin wallets just to find some exchanges that never even made it back to USD/the bank accounts

Coinbase only reports you if you exceed 200 trades or 20k in your wallet.

>>24164122
I doubt it

>>24164161
not until you realise your gains then you would take into account how much profit you made. what is the threshold and rates? i’m not from the us

>>24164240
realising gains means exchanging your crypto for fiat

>>24164240
see this makes sense but ive heard people say they care about profits made while still in crypto. not sure about the rates.

>>24164306
they do but i think once it’s a substantial gain and they would once it’s been realised. how the fuck can you get taxed on unrealised gains? so you buy btc at $1000 and it goes to $20000 and then it goes down to say $1000 again. you don’t pay tax when it went up to $20k cause you didn’t realise the gains. getting taxed when it fluctuates when you didn’t cash out is stupid as fuck

>>24164306
Makes no sense. They only care on profits. However if you trade shitcoins all year making your stack larger, or fucking around, you need to report it AS YOU GO.

>>24164122
Considering you are trading an equal to equal value and most exchanges having conversion fees, technically you should be able to record the fees as a loss, right?
If you're earning interest on your crypto = taxable.
If your crypto has appreciated in value (capital gains) = taxable.
I don't think anything else matters but I could be wrong.

>>24163523
flame exchange has no kyc and lower fees

>>24164190
Source?

>>24164388
>>24164341

You pay tax on this

1) selling crypto for fiat
2) selling crypto to crypto

You are taxed capital gains for both of these, as crypto is property. For crypto to crypto, its murky to me and I have no idea. But if you buy BTC for 10 dollars, and it goes to 10000 dollars, then to 50 dollars, and you sell at 50 dollars, you pay taxes on the 40 dollars of profit you made.

Crypto to crypto is tricky.

>>24164495
yes of course you do. if you realised the $40 profit. people don’t pay taxes when stocks fluctuate, only when realised. this crypto to crypto doesn’t really make sense and i’ve heard it i just think people might have the wrong idea i may even have the wrong idea but that’s how i see it and how it makes sense to me

>>24164495
yes what you said is right cause you sold for $50 thus releasing the gain. the main point was that fluctuations don’t mean you pay tax on it unless you realise it

>>24163523
yes. All the those public servants know alot about crypto and will go to etherscan and track your transaction for the $100 you deposited into coinbase 3 months ago.
Are you fucking stupid?

>>24164580
A trade is a realization. When you no longer hold that coin, you have realized a profit or loss from it one way or another. It's not just when you cash out to fiat.

>>24164657
relative to what? you gst taxed when you

>>24164657
how when at the time of trade the crypto to crypto is the same value? we will assume it increases in price over time. once that’s sold to fiat is when it’s realised and you get taxed from your initial till now? is this right

I dumped 5k through coinbase and pulled 2.4k out during UNI airdrop.
On paper I'm -2.6k in the hole, why should I ever tell IRS about my shitcoin transactions on a separate wallet?

>>24164775
so you can claim as captain loss and offset the capital gains tax either way you’re getting robbed

>>24164704
the current price of the coin - the initially acquired price of the coin

>$100 fiat to $100 worth of coin x
>coin x goes to $250, at this point to trade for $250 of coin y; you must pay tax at the end of the year on the $150 you gained here
>Your $250 of coin y goes up to $700, and then you trade it at this point for coin z, you pay tax at the end of the year on the gain you made here of $450

So each time you trade from one coin to another, that is a realized gain or loss depending on the dollar value of your stack relative to what it previously was

>>24164634
obvious sarcasm on your part but did you pull those numbers out of your ass or were they relevant to something

>>24164877
how can you pay taxes on something if it’s not realised in fiat imagine paying taxes on it and then your asset devalues.

>>24164877
crypto to crypto being taxable is fucked rip to everyone who has to suffer that

>>24164965

>>24165051
yeah its ridiculous

just keep track of all your trades and profits per trade very carefully friend, of course so you can pay your taxes properly as we all should be doing

I'm really interested if I move off coinbase to another wallet and move my stack from that wallet to another exchange what the likelihood of that being traced and reported is though

>>24165176
>I'm really interested if I move off coinbase to another wallet and move my stack from that wallet to another exchange what the likelihood of that being traced and reported is though

this

So, if I understand correctly it's:

>taxed on profits if you cash out
>taxed on profits from selling one coin for another
>airdrops count as income

What if I moved all my coins to a chink exchange and lost 90% margin trading?

>>24164211
coin to coin is a taxable event
coin go goods/ services is a taxable event too

>>24165363
to goods*

uh nobody in thread has heard of Tornado?

>>24165250
Depends on if exchange is KYC compliant

An exchange like Binance, Kucoin, or Bybit are a perfect coin washer if done right

I just want to know if I'll be fucked for exchanging the free crypto they give you. I exchanged 3 of them and just moved the rest to my wallet.

>>24163523
Your safest way would be to use zcash, send to a t-address from coinbase then send to a z-address on your computer (cause you can't send directly from coinbase to z-address, Gemini is like the only one you can). From there send to whatever chink exchange have that you haven't kyc'ed with using a vpn, and badda bing badda boom you're fine. This can also be achieved with eth and tornado cash. Idk what people use for btc today last I used was Wasabi wallet. If you have Kraken you can just use monero.

never keep your shit on kikebase

>>24164190
Even steam does this with transactions in marketplace

Its set at 200 but no one gives a fuck