/biz/ - Business & Finance

not paying friend

t. dual citizenship chad

why wouldn't it be?

>>30121001
>t. dual citizenship chad
not how taxes work
at all
I fucking hate all of you low IQ newfaggots
go back

>>30121003
Because it's complete cuckery to get taxed on crypto to crypto trades like flipping shitcoins on Uniswap. Get fucked americans

>why wouldn't it be?

>>30121003
A Day in the Life of an American citizen
>https://youtu.be/wRSKf9OfVu4

>>30121114
>>30121082
Top fucking kek

>>30121003
>oy vey its literally another shoa

Pay your taxes, goyim. Israel needs your foreign millitary aid.

>>30121003
That's right, pay up or get the hell out of my country, suckers!

Imagine paying for Israel to keep on stealing a living.

Should've both been gassed.

>>30121003
HAHAHAHAAHHA GO AHEAD AND PAY GOY

>>30121082
kek

>>30121364
Wait, does uniswap actually send out tax forms? How do I see mine? Do I need an account?

>>30121003

>>30120949
The IRS glowniggers are relentless with their threads today.

>>30121322
Taxation is freedom.

>why wouldn't it be?

>>30120949
Crypto to Rubic (RBC) to Crypto isn't.

>>30120949
Only if you have gains

>>30121082
kekd

>>30121855
>The IRS glowniggers are relentless with their threads today.

>>30121042
lmao you really think after I make it I'm going to stay in the Jewnited States of Israel? Seething mutt detected. Don't you have some bombs to drop on Syrian sandniggers?

>>30121913
Lies. It doesn’t matter if you losing or gaining in OPs regard.

>>30121658
Its just jews fear mongering. Nobody knows its you when you use defi, theres no KYC.

>>30121996
I'm not a mutt and again, citizenship is unrelated.
Its incredible to meet such a low IQ specimen.

>>30121870
Thank you. Finally someone who gets it.

>>30121996
Based
>>30121658
Idk I'm not American

>>30120949
what does that mean? please explain to me mr. irs man :)

>>30122097
>I'm not a mutt and again, citizenship is unrelated.
>Its incredible to meet such a low IQ specimen.

>>30122056
Oh thank god

>>30121001
Unless you renounce your american citizenship, and live in your home country mexico. Uncle Sam wont leave you alone.

>Can’t make it unless you aren’t taxed
You’re literally ngmi

>>30122097
>>30122291
Lmao my home country literally has a law against extraditions. Seethe harder kike

>>30120949
>he reports all his income

>>30120949
I avoid the taxes by always making sure i trade at a massive loss on everything i do. Nice try taxman

>>30122231
>>30122472
D-do you really not understand how taxes work ?
No wonder its piss easy to make money in this zeor sum game when there's low iq niggeroids like you

>>30120949
Buy high sell low.
I've been using this strategy for tax write offs faggot.

How does crypto conversion get calculated? Wouldnt converting eth to a shitcoin always be a loss since youre taking something worth over 1k and turning it into something worth pennies? I dont get how this shit is calculated but i saved all my uni transactions regardless. How fucked am i for converting one eth for its value in rsr? I fail to see how this is a gain or loss.

>>30120949
No it's not. It's only taxable when you cash out. Why do you dumb cunts keep posting these threads?

>>30122702
kek post hand muhammad

>>30122702
The anti-Americans came here from /r/wallstreetbets after hearing GME went to $300 and buying in then never mind them they are who you make money off of

Monero, just saying, though the average low iq /biz/let couldn’t make enough off crypto to pique uncle Sam’s interest anyway.

>>30122840
>The anti-Americans came here from /r/wallstreetbets after hearing GME went to $300 and buying in then never mind them they are who you make money off of
La creatura...

>>30122749
Uh why bother doing any of that? Just report two major trades based on your deposit. The IRS isn’t going to ask for paperwork when you file. If your withdraw to exchanges aligns with the gains you report(one major withdraw and one major deposit) they won’t give a shit

>>30123062
See >>30122768 redditor

>>30120949
>CRYPTO TO CRYPTO IS A TAXABLE EVENT

Is there anything more delicious than making amerimutts seethe on fourchan dot org?

>>30123120
Pretty sure you amerimutts have to pay taxes even on crypto to crypto trades done on uniswap for capital gains tax so get fucked el goblino
>>30123387
Literally nothing, they seethe so hard

56% of Americans are pure white and race war is around the corner. Seethe Chatzkel.

>>30122768
I spoke with an accountant yesterday and he said the same thing. You only need to report crypto on your taxes if you cash out. So if you just buy and hodl you'll be fine... For now.

>>30120949
where are you from op?

>>30122749
buy $100 USD worth of ETH.
ETH has a basis of $100.
it goes to $110. you trade it for BNB.
$110 - $100 basis = $10 taxable gain.
BNB has a basis of $110. it goes up in value to $130.
you trade BNB for BTC.
$130 - $110 basis = $20 taxable gain.
BTC has a basis of $130.
it drops in value to $95 and you trade it for ETH again.
$130 basis - $95 = $35 capital loss.
ETH has a basis of $95.
ETH goes up to $100, you cash out to fiat.
$100 - $95 ETH basis = $5 capital gain.

$10 gain + $20 gain - $35 loss + $5 gain = $0 net taxable gain. this is on a YEARLY basis, meaning what happened between 01/01/2021 and 12/31/2021, for example.

I think a lot of people have some fucked up misunderstandings of what it being a taxable event means. It's just a matter of realizing gains/losses on a trade. It's not like you'll pay like 25% or whatever of the coin's value for every trade. I don't know what inventory management methods are allowed in the US system, but if you can use LIFO or HIFO, you can also just hold a good portion of your coins long-term and trade shitcoins with a smaller portion and not end up realizing huge gains on your long-term holds.

Besides, if you have some unrealized losses before EOY, you can just realize a bunch of them to lower your taxes. I always spend a couple of days at the end of December to calculate my taxes and find ways to lower them. Crypto-to-crypto being a taxable event means you can go from coin X to Y and back to X to realize the losses and continue holding if you believe the coin will recover.

>>30120949
Not in my country

Not keeping track of it, don't care

>>30120949
LOL PAY YOUR TAXES EUROTRASH COMMIES

>>30124394
You need to pay capital gains tax on your crypto-to-crypto swaps though
>https://gordonlawltd.com/cryptocurrency-bitcoin-taxes/

>>30124488
CHECKED AND BASED

>>30124394
Heres how this works. The system is bullshit, the concept of making people keep track of every single one of their 10 million shitcoin swaps every year is bullshit. The idea behind having to pay tax when you change your pogs for other pogs is retarded. Its e-pogs. You cant tax that shit, its not even money. It has a fictional value, whatever you pay for it. Nobodies going to pay this shit, they just arent. Its easy to avoid, half of the reason crypto is so popular is because you cant tell who owns shit unless they KYC themselves and attach that to an account. Good luck.

>>30124394
>>30123120
>>30122768
HAHAHAHAHAHAHAHAHAHAHA
>https://gordonlawltd.com/cryptocurrency-bitcoin-taxes/

>>30124576
Yes, I wasn't suggesting otherwise. Did you even read my post?

>>30124785
No

>>30124842
Figured.

>>30124860
>Figured.

>>30121042
>not how taxes work
not how crypto works
You should go back.

>>30124910
I'm not American, anon.

>>30121003
cause its not money, get fucked

>>30124985
Good for yourself fellow anon, being one would be the worst. Imagine having to pay taxes for flipping shitcoins on Uniswap. Christ

>>30120949
LAND OF THE FREEDOOOM

>>30124659
Know any cases of someone who got bustet for it?

>>30120949
American don’t give a fuck unlike the entire rest of the world we don’t suck gov dick like little bitches. You faggots are so pathetic I will never ever go visit your shitty gay little countries. You aren’t even men you are neutered cucks and you make me sick.

>>30124576
Only after you cash out

>>30122749
>Wouldnt converting eth to a shitcoin always be a loss since youre taking something worth over 1k and turning it into something worth pennies?
Dear fucking God. Have we reached peak retard? Should I sell everything?

>>30125349
Literally none. The only time people get notices in the mail is when coinbase sends their taxes into the government.

>>30124985
We can smell the burger sweat coming off of you. If you aren't you want to be.

>>30125359
>Exchanging crypto for crypto: Yes, converting cryptocurrency is taxable! Again, this has to do with its designation as property. In the eyes of the IRS, exchanging one coin for another is like selling the first coin for USD, then using USD to buy another coin.

>>30122749
>100lb of steel weighs more than 100lb of feathers

>>30125673
.. and using Coinbase US is fucking stupid. They should be taxed. Idiot Tax.

So, I live in Europe, like the real Europe not those Eastern or Southern scumbags, and my government will never see my crypto money.

Cashing out is a different story. But crypto to crypto, esepcially on dexes. Fuck off. Never.

>>30125358
>American don’t give a fuck unlike the entire rest of the world we don’t suck gov dick like little bitches.

Actually you suck even more dick considering they tax your income outside the country as well lmao

>>30125770
Fake news

>>30125359
>Only after you cash out
This is completely false. When you make the trade you realize the gain. Taxable event. Also, you have to be 18 to post here.
t. finance wagie that can comprehend english

>>30125829
>>https://gordonlawltd.com/cryptocurrency-bitcoin-taxes/
Get fucked amerimutt

>>30125358
yea it's weird how literal socialists who pay 50% or more of their income in taxes are acting like americans are the ones getting fucked

>>30125770
I'm Canadian so I don't know if it's different here, but my accountant told me yesterday that you're only taxed when you cash out. So if you're holding you don't have to worry about it

>>30125934
Yes, if you just hold and not sell/swing/swap you're fine

>>30125358
>>30125899
You faggots get taxed for swapping shitcoins on uniswap, tip at the restaurant, there are like 6 different taxes every time you order food, capital gains this and that and you get taxed all the fucking time. Where I live in Europe you get taxed like 10 times less and it's much easier to understand what to pay and what not to pay. You two are the embodiment of the perfect amerimutt rage

>>30126003
I made a few swaps last year, not much.
Too late to report them now, I already filed my return

>>30122291
>trade crypto to crypto
>it's a taxable event
>renounce your american citizenship
>it's a taxable event

>>30126752
Holy shit do they tax you even for taking a shit in America? It seems like there are taxes for literally everything you do

>>30124488
Based

>>30126847
The United States is more like a corporation than an actual country now.

the capital gains are taxable not the whole amount

>>30121001
Lol, burgers are being double-taxed

>>30127254
Imagine actually believing this lmao, (((they))) will always try to mark your gains business gains and losses as capital losse. You will pay on the whole amount unless you're poor

>>30121082
Jewed.com

>>30126161
Sure, but when you actually look at the numbers we pay less taxes on average. And a lot of americans are so poor they don't ever pay taxes and get a refund instead. Also, tipping has nothing to do with tax lmfao.

lmao check how this autistic genius tries to get some money from these homeless guys

Fuck that.
Already participated in yield farming on YVS Finance and their genius staking system with low tax. That’s what you should check first now

>>30127640
Shameless shill

>if you win with crypto then government fucks your anus and get his hard earned money
>If you lose everything in crypto then the government does absolutely NOTHING

This looks like straight from a parody film seriously

>>30120949
honestly with AMM, staking, defi, offshore LPs etc can Uncle Sam really tax me? I don't think so. I'm smarter than them.

>>30120949
English chad here, I only pay tax on profits over £12,300 a year and only have to do with withdrawal not coin to coin

>>30128315
Our god forsaken island is supposed to be the absolute shithole but those amerimutts gotta be the first in everything it seems

>>30126847
actually i do get taxed for taking a shit. Households are charged per gallon with fees and tax.

>>30120949
Not amerimutt,

Thank God, my country doesn't even have laws against crypto