/biz/ - Business & Finance

>>24528637
iktf

>>24528637
jokes on them I'll just an Hero

Pepper your Angus white boy

Seriously. There is no chance I can even come close to reporting 1% of my activity. Bought BTC through CashApp, immediately turned back into usd, sent some btc to gamble with, won some, lost some, sent some of that to other wallets, bought other coins with some. Used MetaMask to exchange between coins countless times. All this plus random other shit x 1000. No clue if I made money or lost money. Definitely didn't make more than a few grand if so. Not a chance I can put it all together. What do?

Also transferred to BitPay and used the BitPay card for countless purchases, bought gift cards with BTC to use at various places. What a mess.

>>24529425
Too bad guy, if you don't report all your 10000 transactions separately it's a FRAUD. I'd move abroad before its too late if I were you

>>24529425

compare the price you bought in at to the price you cashed out at

>>24529447
>>24529425
>countless crypto debit card purchases
>withdrawals

>>24529425
Same with me. Buying on cash app, sending to exchange, converting back to usd, then to eth, etc. It’s a drag seeing my principal being eaten up by fees, but it’ll be worth it in the long run.

Wouldn't they just ask you to pay a certain amount and then you'd be fine?

>>24529425
>>24529447
The IRS doesn't have the resources to go after a few hundreds dollars in missing taxes. Especially if the transactions are obfuscated with poor record keeping. If you ever make a few million in crypto, then you might want to put together those records.

>>24528637
the irs cant do shit about fuck until you cash out (yes I know crypto-crypto trades are taxable but they can't enforce it)
if you cashed out profits into a regulated bank account and didn't report it then yeah you might get audited and thrown into a hole.

>>24529534
So what, I should just find the relevant coinbase purchase transaction, and then compare with the price I sold at to transfer back to my bank via Kraken? I hope to god thats all I have to do

>>24529526
No, you have to manually record all your 100000 transactions because fuck you, goy

>>24528637
There are services that will allow you to export your crypto transactions on pretty much all publicly traded exchanges. Tbh if you have wallet addresses you can scan the ledger for transactions.

Also, worst case scenario they audit you and you say "I don't have the receipts anymore" they will say "hmm no more deductions for you goy" then foot you a bill for whatever they think you owe, which you then have to pay.

Actually, if they audit you and you don't respond, respond late, or respond incorrectly, they will do the same. Just foot you a bill because they don't like your answer.

>>24529572
yes basically

>>24529425
Well, you def can put it altogether, it just seems impossible or stupid, but you could

>>24528637
if you estimate properly you would be ok in normal times, but now that you have to actually declare you trade crypto thus are a potential enemy of the state, i worry too.

>>24529708
Its this, you are dealing with a buearcracy, thats its. If you get dinged by the irs, 99% is through the mail back and forth.

>>24528637
Also, it's not fraud unless you're taking deductions which you are not entitled to, therefore, attempted to defraud the government. If you lose your receipts, you will likely just have to pay more, you won't be going to jail. However, if you say "hmm I'm going to inflate my losses 10x to make up for this" that is tax fraud, you will can be penalized up to 174% of the amount you owe, and do time in prison / have relevant property confenscated.

So don't be a retard, if you don't have a list of each transaction, try your best to find them, if you can't, admit you lost them, hire a CPA, and have them advise you further.

TL;DR you really have nothing to worry about.

>>24529708
>>24529870
(you) just had a realization that crypto is easy pickings for the IRS because it's on a publicly decentralized ledger. Keep your records straight on every transaction goys.

>>24528637
You won't go to prison unless you can't pay what they claim you owe. So you'll just have to pay that. If you don't have enough money you can get on a payment plan where they just take it out of whatever wagie check you get.
Prison is very unlikely unless you're intentionally trying to dodge what you owe or claiming false losses, etc. Right now you just wait for coinbase or whatever else exchange/fiat on ramp to report you and then they'll tell you what you need to pay later
They don't want you in prison, they just want your $$$

>>24529425
I’ll see your ass in jail, ANTI-SEMITE FRAUDSTER. We have wars to fight with your taxes.

Just don’t lie on documents anons. The irs doesn’t care about people who are small fish, probably under 250k in REPORTED income. When they come looking you’ll get hit with charges if caught lying on your documents. I know a guy who would cash oil money checks and lose them at the casino, never paid taxes and hes now on a lifetime payment plan (that he doesn’t pay because he is out of work). Point is, he never filed documents in the first place, ergo not falsifying government records.
>former irs contractor

>>24530160
>lifetime payment
>home of the free

>>24530182
The system is setup for criminals and retards. It’s not mutually exclusive.

>>24528637
There is only one answer anon. Take the Monero Pill.