/biz/ - Business & Finance

>>28672168
Kucoin straight up erased my trade history since I haven't logged in for ages, can't even export a CSV file. I'm fucked

>>28672262
Sorry to hear that. Do you have your eth addresses so you can look at the transactions and put together the prices of when you bought and sold? I know thats a pain in the ass but stll doable in a couple caffeine fueled days

>>28672168
The IRS will sniff you out
No matter where you go on this planet
IRS sniffers will find you

Also if you can find the addresses you can probably put them in the program and they will still generate the information for you. You don't have to link the exchange

Here retards, this is how it works.

[(Ending amount) - (starting amount)] * CGT rate.

>>28672634
Its literally this simple kek. Why do people fud the taxes on here so much? They really aren't bad if you just keep up with them.

>>28672634
I just did that but with my income tax rate. It's better than nothing I guess

>>28672703
Wait, when you did the math you subtracted your income % and not the already set CG rate? Is this how it works where you live?

>>28672531
IRS Sniffers

i'm up 150k for the 2020 year, but net deficit 50 dollars because i'm a shit trader. feels good man.

>>28672798
not that anon, but crypto gains go under normal income tax, however you get a 50% discount for any assets that have been held for 12+ months

>>28672168
link some of them you faggot please

>>28672798
I traded like a motherfucker, if I am audited there's no way I can claim CGT, it would be classified as income tax relative to my bracket (which is pushed to the top with the amount I cashed out). Seeing as I can't track every trade I make I at least want to seem compliant by declaring it as income

Taxes?

>>28673073
Ahhh okay. Good luck anon,

>>28673041
I use cointracker, its pretty nice. Fyi pretty much all services will be around $200 a year to do your taxes but it saved me more then that because I only hold good coins and sell if its a shitcoin for a loss. I used my stimulus card to pay for it this year kek

>>28672262
Are you sure it's erased? Trades before 2/2018 have some legacy search.

>>28672634
if you buy 5 BTC at $10k and 1 BTC at $50k and sell 1BTC for 40k, what do you owe on that? can you actually write off a $10k loss?

>>28673703
Not a financial advisor, that said you pay taxes at point of sale

>>28673703
Most countries do First-In-First-Out, so you sell the 10k first. But check your state.

>>28673703
If you are in the US then you can do whatever you want as long as all your crypto trading history is the same if that makes sense.

You can use FIFO or LIFO but you HAVE to stick to it going forward.

>>28673862
doesnt this fuck over day traders?

>>28672168
Don't pay taxes. Just make sure you cash out enough to buy a lot of AK47s and mercenaries for when Kamala sends her him squad and go out in a blade of glory. History will smile upon you.

lowroller here, i did make like 4k off crypto last year but i am not reporting shit. they can suck my dick. if i were to actually make it like 6 figures plus in the green i would report but they dont notice or care about some low life taking 7 or 800 dollars off an exchange every now and then

>>28674153
fuck taxes indeed, they sure aren't going to anything useful

>>28674188
If you file for one year with a bunch a crypto they might go after you for years before to see what they can get out of you

>>28673195
Even XMR will be sniffed

>>28674312
>bought the top of bitcoin back in 2018
>never claimed the 30 dollar gains i have received so far
im scared

Do I really have to report and pay on my transactions every year if I haven't cashed anything yet? The majority of networth is in crypto and a good chunk is even locked up in smart contracts. Where the fuck am I supposed to get that money?

>>28674427
Yes.

>>28674008
I'm in Canada. What if I buy a car with crypto? I don't plan on cashing out any of my cryptos for cash ever, I know crypto to crypto is taxable but I have no idea what happens if I trade it for a car or even some gold or something. How will they even know if I did? They don't know my wallet address, they just know I bought some crypto off an exchange and sent it somewhere else. Apparently in Canada they will only be tipped off if you send a large amount of cash to your bank account

>>28674501
And if my bank doesn't even let me withdraw crypto? Seems ass-backwards.

>>28674427
they won't know if you don't report it, unless you cash out

>>28674664
does that mean i can just doctor the transactions?

>>28672168
My first year in crypto, so I was definitely stressed out going into doing my taxes. It really wasn’t that bad, I used only coinbase and cbpro. So I didn’t have to gather a csv for a ton of different exchanges.

>>28673309
why?

>>28673934
taxation is theft commies

>>28674427
you don't need to pay until you sell.

>>28674728
generally the advice has been to do one of these
>correctly report everything
>only report your final profit
>never cash out
I'm choosing the third for now, it's the safest option

>>28674728
Idk man the exchanges probably comply completely with the irs so if they investigate it at all they will see all of your trade history. Tax evasion bad anon

>>28675044
*never cash out and report nothing I should say. Do what you can to stay under the radar

>>28675063
yeah it looks like coinbase gives info to the irs if you move over $20k there. In the future I would use an exchange without KYC for trading, only use coinbase to buy, not to trade

>>28675136
unless you want to pay taxes on every trade, then in that case it doesn't matter

>>28674384
Not if you mine it/people adopt it

>>28675063
yeah but once it leaves the exchange, they cant prove that the wallet is owned by you