/biz/ - Business & Finance

I read a lot of fake info about different shitcoins and their “real success”. You can check the RBC price and see what is a successful exchange!

> Multichain p2p exchange integrated with Binance, Ethereum, Matic and other blockchains
> The RBC price has reached 150% just for one month!
> ROI 150% and the trading volume over the 200k dollars

> https://rubic.finance/
> @cryptorubic_chat

I can predict x 10 of the price after the Instant trades services launch, so hurry to buy now!

>>24321936
I've been trading since 2014, never been taxed. Come at me bro.

>>24321936
Yeah me too. Dunno what I was thinking. Gonna take me hours combing through everything. I think I'll just have to figure out everything I bought and an average price for it and then whatever the average price I either sold or swapped it for. I figure tho, Im only up a total of like $2k so I can only get taxed on that amount. Right? Even tho how I got there was an absolute clusterfuck

>>24321936
they won't find out until you cash out.
plan:
only cash out if you made a shitton of money. hire the best accountant possible. let him go through the shit. pay this shit. start learning how to trade with the large fund you still have.

What do you do if you traded on a bunch of exchanges that you don't even have access to anymore and didn't keep track of trades?

>>24322137
you are onto something

>>24322137
then you are one lucky guy!

I am literally just going to do an estimation that favours the tax office a little bit. Then, if they want to bitch (they won't, since they'll be getting tax almost as if I bought everything at 0, which relatively i pretty much did) they can start that process and end up repaying me. I put so little in the extra tax means nothing.

reminder that Al Capone was caught not on his organized crime but on tax evasion
if you made real gains, just pay the fed their protection fee. it's not worth gambling on your freedom

>>24322137
you're kinda fucked. Under an audit the IRS would figure out when money left your bank account/you bought btc at an atm and force you to recognize the lowest price during that period as your cost basis.
I've had family go through shit 10x more complicated than this with private company shares that got merged and spun off 10 times over 50 years and the shares were originally gifts from people now dead. In that case you just come up with a "reasonable" number

>>24322446
I did keep track of all my fiat->crypto transactions which were on a legit exchange with KYC, but not crypto<->crypto transactions on random exchanges. Does this help? Can I just convert all my crypto (using DEX/non-KYC exchange) into the same cryptos and same quantities that I bought with fiat and then sell all of it (so it seems like I didn't have any transactions apart from that one exchange)? Also non-burger here and I'm willing to move country.

>>24322051
How?

>>24321936
Just do some maths bro, you are an autist aren't yo

if they dont know your wallet and its not directly tracked to a coinbase youre fine. when you want to cash out use tornado cash to a new wallets and send that to coinbase.

>>24322830
They could get you through finding out your IP when you do a transaction in the Ethereum Network and look it up at an Block Explorer for example in theory.
>>24322625
Shit's fucked. I just realized that Huobi doesn't even keep Trading history mkre than 60 days anymore since this year.
I am fucked man

I'm only going to report my KYC CEX gains because frankly once it gets onto shit like uniswap it's far too convoluted for an accountant or even myself to know what the fuck is happening. I'm pretty sure I actually have literally only lost money on binance.us and etoro so that helps.

>>24322882
>I just realized that Huobi doesn't even keep Trading history mkre than 60 days anymore since this year.
The fuck?
So it's not direct-to-blockchain, and they don't give you a tax form?
There's actually no fucking way. There's got to be something. They don't do KYC/???

>>24322645
Don't live in the mutted states.

>>24322882
VPN solves this

>>24321936
Yes, me too anon. Started using Koinly to try and sort some of it out but it just ended up making me realise how much vital information I don't have. Think I'm just going to have to find a young tech savvy accountant.

>>24321936
Check if your native country offers you citizenship, chances are the tax situation’s better over there.

>>24322918
>There's got to be something
They changed it in September this year. Only 60 days. I just realized it because I was trying to get the data through cointracking while using their API.
But the popped a message up "Huobi API only imports the last 60 days since September 2020"
I then tried to get kt as an Excel sheet, but that did not work either.
At Binance you can just set the time frame to whenever you want, but Huobi just blocks it out completly. Fuck me

Have you considered simply not paying the globohomo jews their tithe?

Lmao americans

Well I know around how much money I put in, so when I cash out, I'll just report the increase as capital gains and it will be taxed accordingly.

Easy peazy

Same thing if I end up losing money and those losses get realized.

And if that's not the right way to go about it--if the IRS gets pissy that they get to tax my crypto shit at 35% of the total profit, then they can suck bofa deez nutz before they throw me in jail. I don't have time to sit around trying to play accountant over all the full-retard trades, swaps, and Defi bullshit I did over the last year or so.

>>24321936
2020 and you fucking retards still don't know how to trade and cash out anonymously...

>>24323086
This

>>24323194
>how to trade and cash out anonymously
tell us senpai

>>24323178
So you could just pay 35% and be free of the time and legal hassle. That sounds good if you actually made a fortune in crypto. I don't understand why people don't want to pay their taxes. You can just make it back when you have a large sum to put into safe investments.

The irs only audits like 5% of millionaires. You guys are fine.

>>24322923
Go back to pol, nigger. Your country is undoubtedly a bigger pile of shit.

>>24321936
>Not exclusively trading shitcoins at amounts under the tax-free bracket and then only cashing out a certain amount a year until crypto debit cards or apple pay is a thing
I just need the bare minimum of fiat to survive until EPAN takes off basically.

>>24321936
Same shit here, I ton of random ass trades on Binance. Its funny because Binance deletes trade history that is older than 3 months so I don't even know what the fuck did I do in the past.

>>24322112
>Im only up a total of like $2k so I can only get taxed on that amount. Right?
bumping for same question

I don't even worry about taxes and i'm a CPA, in minecraft. Whenever I finally cash out in minecraft I'll just put together some bullshit based off my trade history.

>>24321936
I'm confused: as long as you keep track of what you bought on an exchange, then transfer crypto to personal wallets/decentralized exchanges, what does the exact transaction history matter for?

Once you made a profit, transfer your crypto back to the exchange, cash out, and then make sure you pay the capital gain taxes. Am I missing something?

>>24322112
>>24324058
Each trade/sell is technically a "taxable event" in the US. How strictly that is enforced/monitored I have no idea. My guess is with such a small amount not very much.

>>24322137
>anymore
Basically you do best you can.

i already pay taxes from my wagecuck job so im freed from crypto taxes, atleast being a wagie have this one benefit

>>24322904
Everything is on etherscan with fiat values my anon. Someone needs to make a script that you point at a wallet and it creates the tax statement for you. Someone has to have done this by now.

>>24324113
>Each trade/sell is technically a "taxable event" in the US. How strictly that is enforced/monitored I have no idea. My guess is with such a small amount not very much
Correct, this is the 'technicality' of the matter. By law, every transaction, win or loose, is supposed to be reported...

>>24324237
>Someone has to have done this by now
I was wondering the same.
But seems like nobody did, at least I could not find anything in regards to it.

>>24323709
cope more, USA is a shithole, you live in the illusion that it's a good country. I'd unironically would prefer brazil over that shithole of yours, atleast the niggers there KNOW they're subhuman.

>>24321936
koinly, plug in addresses, thank me later

>>24321936
Bros pls tell me how to escape or limit taxes if I'm in Sweden. I heard some guy talk about using monero, but don't remember exactly what he said.

pls help.

Only 0.45% of tax returns get audited.
Don't claim Earned Income Credit if you shouldn't.
Don't take fake deducations.
Don't use round numbers.
That's it.

THEY DON'T KNOW ABOUT YOUR SHITCOIN UNISWAP TRADES.

>>24324273
Yeah reported but not taxed right? They can't tax you on a loss. I guess they can tax you for the transaction.
So the capital gains tax is 35% of realized gains, but the effective tax rate may be between 35-50% based on the additional fees for transactions/swapping tokens?
If I cash out 100k and just mail the IRS 40k they probably wouldn't fuck with me I feel like

>>24324395
Funny and bullshit, I work with a white dude in Brazil and he just got laid off because he’s always dicking around with home security systems due to problems with thieves in that area. For 4 years now. At least I can still get my packages in America and not have to arm myself to get groceries.
Kys subhuman third worlder.

>>24324533
Nigger the U.S. is about to be set back to the stone age in a few months.

>>24324437
>Don't take fake deducations.
>Don't use round numbers.
what do these mean?

>>24324533
>and not have to arm myself to get groceries.
>american
Holy fucking kek what world do you live in? You are trolling right? I'd bet a significant percentage of the amerimutt population arms themselves when getting groceries. You goddamn fucking faggot.

>>24324665

these are flagged by the IRS computer as suspicious

I made this mistake 2013-2016, after sifting through the mess and amending tax returns I started inputting all my trades in Bitcoin.tax as soon as I make the

>>24323992
>deletes trade history that is older than 3 months
No you can dig up trades for the whole of your accounts age. I've done it to pay Trudeau his share of taxes.

>>24324886
good little goy you are

>>24324708
>significant percentage
Probably 5%or less.

>>24324437

Bro exchanges report your shit to the IRS and the IRS will come for trades you dont report. I’ve already got the letter of doom for trading stocks and not reporting the cost basis.

>>24325120
as long as you use a VPN when you use Uniswap (which I assume everyone here is smart enough to do), they will have no way of connecting your IP address to your Ethereum address.

>>24323178
This is what i will do. Once i cash out i will pay the maximum tax so i dont have to care about the uni trades. If thats not goood enough then fuck everything.

not sure if you guys realize this but there is software that will help you calculate your trades for taxes using your public addresses. Koinly for example

frog fags are the worst larpers.
communist child pornographers really miss any creative capacities

>>24325301
fuck off

you give the tax authorities too much credit.
>>24322882
> They could get you through finding out your IP when you do a transaction in the Ethereum Network and look it up at an Block Explorer for example in theory
they won't, too much trouble

>>24321936
Newfag here... Sombeody mentioned, if you trade your cryptos to fiat currency they have to report it. Not so for crypto to crypto. Is that true? If so, does this also apply if i leave my fiat on the exchange platform and don´t transfer to my bank account?

>>24321936

>>24325376
>they won't, too much trouble
What about Chink exchanges, where I didn't do KYC and only deposited with XMR?
>>24325505
CrYpTo to Crypto is a taxable event as well and they will report it, if they get asked from the tax authorities. This thread is not about avoiding taxes after all, more like how to sort this shit out.

>>24322645
Tax haven, I guess?

>>24324408
>plug in addresses, thank me later
Does this include the addresses I get from exchanges?
Like let's say the deposit address for Ethereum, when I make a deposit at Binance?

>>24326168
Anon super easy, it integrates with binance api. Legitimately you can get it all done in less than a few hours. Best park koinly is free, until you want to start running tax reports and even then it’s the best priced out there. Okay around with fifo and lifo to determine owed taxes. Just a tip, whatever you choose you might need to stick with.

>>24327067
Okay anon. So should I import deposits and withdrawals as well? Or just trades?
I only took a look at cointracking so far

>>24321936
did you get loads of Uniswap airdrops?

>>24321951
Fuck off pajeet

>>24327526
A few UNI airdrops, yeah. But that's not the biggest problem. More like the dozen different wallets, with different shitcoin trades in each, connected to different exchange accounts.

>>24323475
Because the government are incompetent and evil?

>>24327393
It literally will do it all for you once you connect the api. Trades, buys, withdrawals...

>>24327687
ok so pretend you work for the IRS for 70k a year. How much do you want to track some guy with multiple wallets and under 100k total crypto assets vs. thousands of 100k+ accounts on american exchanges including robinhood whomst collectively commit more fraud and tax dodging than all of crypto combined? Seriously, they dont have time to track your IP/cross reference different exchanges and figure out your 4 digit payout...

>>24328006
>Seriously, they dont have time to track your IP/cross reference different exchanges and figure out your 4 digit payout
You are propaply right, yeah. It would take a hell of a lot resources. The new law they want to enforce regarding KYC wallets pretty much shows this. However, I want to be a good goy and be able to sleep at night.

>>24325051
> thinking that 5% of grocery shoppers being armed is reasonable

What a fucking shithole of a country. Americans are born into a life of cope else they'll realise they live in one of the shittest places on the planet, while surrounded by the dumbest and most selfish people on the planet.

Fuck america and fuck yanktards.

>>24322645
Make no gains. Never cash out.
Capital losses can be what saves you on tax reporting.

How the fuck do you pay taxes when exchanges like Binance hold trade history only for three months? I mean you've got no proof of your trades.

>>24328179
So one must declare just a negative P/L without telling where the real stash is

>>24321936
Ballpark it dude. Can you figure out how much money you put in and how much you have now? You could always sell out of your positions then buy right back in to make it easy, then you can make the IRS do the work to prove you’re wrong and the work for them will likely be far more than the benefit if you are ballparking correctly

i myself got dozens of avax and ftt, those bags are enough for me, fk uniswap

>>24328154
foreigners never get it...yes most of the US is a shithole just like most of Europe is mountains and forests. You CANNOT find a better life than in the affluent areas of the states. Nobody gives a shit about you, thats why its amazing. You can be and do whatever you want. As long as you have money or something to offer, your life will be infinite times better than anywhere else you go. Also its nowhere near as dangerous as people make it out to be. You can buy drugs in Baltimore and be safer than being a teacher in Paris

Degens, i tell u one time, go add some avax and thank this degen later

>>24321936
Very soon you won't need to use uniswap with a lagging ethereum network. Check out Avalanche, they are working on a faster decentralized exchange.

Do you have Avax? Best shit coin ever.

You can buy avax at binance

You don't even have to use uniswap just stake or validate on avalanche network and you are good

Houston Avax approaching!

Exciting things are happening here.
AvaXwap is coming. Faster and cheaper than Uniswap

OMG OMG people halp me, Im a gay retard american and I made a trade on uniswap now the IRS is gonna go after meEeEeeEee

>>24328222
>exchanges like Binance hold trade history only for three months?
They hold it for years anon. Just adjust the range. You can only get max 3 monts at once. Basically adjust the 3 months ratio to each quarter of the year and you have it all

>>24322112
> I figure tho, Im only up a total of like $2k so I can only get taxed on that amount. Right?

Nope crypto to crypto trade is a taxable event meaning if you traded a million dollars of btc gains for a shit coin you need to pay that tax for the taxable year. If your shit coin dumps and you only have $2k you can offset the gains with the loss but it gets tricky when loses happen on a different taxable year. You are still required to pay the taxes for the previous taxable year and won’t be able to offset until the end of the current taxable year. If there is big gains found deep in the past even if it gets offsets in the future by loses you will still have to pay penalty fees (interest) on said taxable amount. So if you made 1 million profit in 2013 and ended up losing it all in 2018 from bad trades you can offset the loss but you won’t be able to offset the accumulated interest for those five years of being a million in profit and not filing your taxes. This is how people can get extremely fucked and have to file for bankruptcy and lose absolutely everything the the kikes

>>24328516
Bong here living in Germany, been in USA many times, if it wasn't for my family I'd consider moving there when I make it for nothing else than the geography & space. How difficult is it for someone who's got alot of money to emigrate?

>>24328791
Who would be retarded enough to gamble away 7 millions in shitcoins and not cashing out at all

>>24328917
*7 digits

>>24321936
Imagine having money to trade crypto and not hiring a tax advisor.

>>24322051
I’m proud of you. I hope you made a lot of money and that the irsfags are coping/seething/dilating, in that order. Never give them an inch, a sat, or a cent.

>>24323578
Yeah I had a legit online biz a few years ago that did over $200k revenue one year but only like $10k profit, however being a noob i totally fucked up keeping good expense reports. I had $5k minimum per week going in and out of my account, so I was terrified IRS was going to assrape me. But I just reported a non itemized total expense/profit estimate and nothing ever happened.

>>24325376
>they won't, too much trouble
sad thing is that the IRS goes after NEETs who don't file taxes, rather than billioniaires.

Am I the only one who tracks every transaction I make, including the value of both coins at the time of exchange, in an Excel spreadsheet?

Trump is going to take sown the IRS. But I’ll still pay when I make a lot of money

>>24330403
How do you account for gas fees? As a cost?

>>24321936
I just use tax calculating software like cointracker. I have thousands of trades, dozens of exchanges, 5 ether wallets etc. not a problem for me.

>>24321936
just guess based on dollars in vs dollars out. if you have fucktons of shitcoins everywhere liquidate everything and start over but y u even need advice?

>>24321936

You’re a giant fucking asshole. Just report what you cashed out.