/biz/ - Business & Finance

>scary font, says IRS on it
>open it
>they tell me that there I failed to provide documentation on my 2010 returns showing that I had purchased the Bitcoin more than a year ago, so I am required to pay the short-term capital gains tax (37%)
>IRS letter basically says I owe them an additional 1.1 million dollars
>fucking pissed
>idea.jpg
>i have a lawyer write me a letter to the IRS asking them to "confirm" the following:
>"Since my client cannot prove that my Bitcoin is eligible for the long-term capital gains rate, he should pay the higher tax rate and act exactly as if it was purchased short-term, i.e, within the last year."
>IRS responds, IN WRITING, saying yes to this
>FUCK YES
>lawyer sends another letter, it went like this
>"Dear IRS, since you have confirmed we should assume my client bought his bitcoin this year, but we don't know on which date, we will assume he bought for the lowest exchange price of the year, which would have resulted in the highest tax liability for him."
>"That price would have been $3867 per bitcoin."
>"He sold at $6500, meaning his taxable capital gains are $2,633,000."
>"37% of that is $974,210."
>"Since my client has already paid $1.3 million, the IRS actually owes him a refund of $325,000."
>LOL
>IRS tries to backpedal but they've already dug their own grave
>goes to court but the case is extremely short
>IRS pays me back $325,000, after lawyer fees I got repaid half that
>Ended up paying an effective tax rate of 14%

Comfy, guys.

Loser poopinder forgot to take a shower again. Stinky.

>>24945906
oops one typo, fast forward to 2020, not 2019. the year is already almost fucking over and im still fucking up writing the current year.

>IRS pays me back $325,000, after lawyer fees I got repaid half that
you paid over $150,000 for a lawyer?

>>24945906
>>24945910
fake but still based

All I read was that you allowed the government to hold $325k of your cash without paying you any interest. You fucking got owned, and to top it off you had to pay half of that to a lawyer when you could have represented yourself pro se.

Great LARP. You're a fucking moron

>>24946029
Holy shit, are you upset that you have to pay 37% while OP pays 14%? Even including lawyer fee he paid like 15% in taxes on seven million dollars. You are probably raging that you pay half your income to the IRS LOL

>>24945906
>>24945910
based if true

>>24945906
post address to proof otherwise you're a lying faggot

>>24946095
I pay $0 on my crypto gains because I have a registered 501(c). I donate all of my gains to my nonprofit.

Try again. If you are cashing out crypto to your personal name, you are doing it wrong.

>>24946095
> also implying that I have weak hands and don't hold my positions for over a year

NGMI

>>24946129
This is how I know you're poor. You can only legally deduct up to 50% of your businesses charitable donations. Even if you deducted 50%, you would be paying half of 37%, AKA 18.5%. STILL MORE THAN OP LMAO

But you're LARPing anyways because any real business owner knows about the 50% charitable donation deduction cap. Stay poor forever, fag.

>>24946197
Donate is implied sarcasm. I don't write fucking checks to my own non profit. I have a dedicated hardware wallet for that account. I transfer the crypto there and convert it to fiat.

But Yeah I'm poor you got me.

>>24946258
>story changes
LOL. Sign a message right now from any wallet with more than $100,000 value and I will send you 10 BTC right now.

Broke ass motherfucker. Will not respond to any further messages from a broke pussy unless it's a signed message from a wallet with at least $100k value.

>it's a seed phrase
No seed phrases in 2010 only keys
>showing that I had purchased the Bitcoin more than a year ago
Bitcoin is a public ledger. If moved around only in 2010 at 2010 transaction speeds you could literally show the exact min the coin hit your wallet as well as demonstrate it had not moved in 9 years
...
This has been a message from your friendly no fun autist

>>24946313
> this post glows

If you were as rich as you say you are you wouldn't be wasting your time responding to people on this forum. Are you the OP? You seem to be extremely defensive.

>>24946316
FUCK YOU CAUGHT MY FUCKING FAN FIC, going to repost it in a week and say it was Monero

>>24945906
Amazing. Put gains into Fuse.

>>24946362
He did expose your larp though

>>24945910
>>24945906
basedLarp/10

Why isnt this a $SENT thread?

>>24946316
>>24946389
Based analysis and based OP for admitting it was made up. larps on here wouldn't be so cringey if the op just learned to laugh at themselves and have some fun, i liked reading it so

>>24945910
>pays almost a million dollars in tax
>thinks hes based

what a cuckold

>dude, what if we just dont move our mattress in the coming decade

>>24945906
Absolutely fucking based

>>24945910
Nice. Cant say I have any pity for the IRS. They try making it more difficult by making you jump through hoops. Then they flip back and forth and try to backpedal all while trying to make you do the work. It's quite tiresome. If they want the tax so bad they should do all the footwork not me.

>>24945906
>>24945910
Big if true, based if false

proof or gtfo

>>24945910
Based, I hate greedy IRS boomers so much.

>>24945906
do amerilards not change their bed sheets?