/biz/ - Business & Finance

>>52733286
Why would you kill yourself over Jew paper

>>52733298
because your "fellow man" goyim won't do shit for you without it

no, but you can try again with the knowledge and experience you gained all those years. Also source on this insane woman?

>>52733333
https://www.youtube.com/watch?v=dOCnuld6keU
>>52733298
its not the paper its giving up the crypto Im worried about

>>52733333
Based quints of truth.

how did you manage to get on a payment plan while owing 1 mill? how much is the payment?

also dont kill yourself. if you can make it once you can make it again. im in a similar situation and will get out of this too

>>52733286
>owe 1 million usd in taxes
>100k usd net worth
you made over 3M and didn't put something asides for taxes? kek

>>52733286
This tax season is going to be a bloodbath for so many

>>52733618
Why is that?

>>52733286
So wait a minute... in the US if your crypto goes up during a bullrun and then later it goes down and you are somehow expected to pay tax from it even if you don't sell? Or did you owe them taxes from the trading?

>>52733713
good question. Answer OP, did you just spend a shit ton of money on useless shit and now have to pay or how does the shit work in the US?

>>52733286
>should I kms?
no, just don't pay, fuck them, what are they going to do? jail you? declare personal bankruptcy

>>52733286
if you owe 1mil in taxes... your doing it wrong and your CPA has fucked you.
you are a burger correct?

>>52733333
That's a man.

>>52733713
Jesus Christ. Learn to IRS.

>>52733286
Lmao a subtle link fud thread.

>>52733821
Not a burger. I'll get to it later on and just call them and shit

>>52733883
That nigga iz talking PeePeePooPoo

>>52733697
Because moving in and out of positions is a taxable event.
BlockFi got rekt
Celsius got rekt
LUNA got rekt
FTX rugged
If someone was planning to pay their cap gains taxes with crypto proceeds there’s a chance they physically have nothing to sell, they lost their funds all together, they took profits but bought back thinking the bottom was in and price went lower, or any combination of the above.
When I think of the average crypto enthusiast I don’t see someone who has the sensibility to keep money on the sidelines for paying taxes.

>>52733543
I haven't gotten on the plan yet. My CPA says I should wait until my taxes go into collections.

>>52733821
eggsplain. crypto to crypto trades is how I got fugged

Search your soul and DNA for the outlaw/warrior inheritance that is rightfully yours. Don’t pay. Become a marauder.

>>52734447
WTF ... no!
also this:

https://www.irs.gov/payments/penalty-relief-due-to-first-time-abate-or-other-administrative-waiver

>>52734599
Did your CPA know HIFO-FIFO-LIFO? picrel.

Did you have deductions... you were a day trader after all?

t. i owe 100k+ still haven't paid...yet

>>52733713
It's basically people realizing gains during one tax year and then keeping those gains in volatile assets that go down the following year. It works the same way in most countries

>>52734447
collections? my guy, at 1 mill, you aren't just going to collections lol

any CPAs in here?

if i owe gains for the 2022 year, could i technically file an extension until october 2023, hope the market recovers by then, and then just pay the late penalties on the amount owed?

>>52735320
wdym

>staking

Just dont report the income

Are you fucking stupid

It would literally take them a decade to find out

>>52735794
The exit ramp will already have reported it. When IRS sees a mismatch they will send a letter to him asking why. If that's not resolved then they audit.

>>52735745
I mean if i owe taxes on gains for the year 2022, why not just file an extension (don't file until october 2023) and buy an extra few months for the market to hopefully recover instead of taking it in the ass in april.

technically i think you would only owe a penalty for paying late

>>52735320
im not a cpa but you could do that yes. it sounds kind of retarded though right now dont you think

>>52735794
exchanges report 1099s retard

>>52736075
it's not retarded when you are underwater and will go bankrupt if forced to liquidate in april

>>52736088
true, its better than doing that definitely

>>52733312
as it should be. if you can't work hard and get some jew paper you're a certified retard that people should stay away from

>>52735794
Too risky. IRS could easily talk to any one of these crypto tax providers; koinly, taxbit, cointracker etc.

You can just hope they never get to you since it's a very small amount of people who get audited anyways, but as crypto gets bigger long term.. I'd assume the US will want to clamp down on ppl who could be tax evading. Not sure about other countries.

>>52733286
If only you had escaped for UAE

>>52733286
Are you me?

>>52736164
he still can. just surrender your passport and gtfo of this shithole. that was going to be my next suggestion

>>52736080
What's a 1099

I've never claimed anything before and nothing for years now.

>>52736201
anon, i've got bad news... you are a poorfag

>>52733286
Why would you declare crypto? This is unironically retarded

>>52733713
You have to sell to create a taxable event. At the same time I would imagine any gains on crypto through lending platforms would also be a taxable event.
You don’t pay taxes if you just hold something

>>52736201
A tax form
>>52736290
Because I like being out of federal prison

>>52735320
>>52736068
that is what i did for last year.
Extension has no penalties , only ((( interest accrued ))).
>>52736143
agreed. We are easy targets for collections.

>>52736017
true. but you can do:
$$$ to Crypto via OnRampCEX -->
Tx Crypto to Wallet --->
Swap for gains to your hearts desire
Tx the EXACT COIN & AMOUNT from the Wallet
BACK to the OnRampCEX, for Off Ramping.
Wallet swaps and gains become obscured.

>>52736908
>imagine any gains on crypto through lending platforms would also be a taxable event.
yes.
Solution Suggestion :multiple NonKYC level KuCoin accounts.
Wild West Window is closing

>>52733286
>staking
AHAHAHAHAHAHAHAHAHAHAHA
fucking retard

>>52737485
Acktually, technically,
you stake your money as you keep deposits in a brick & mortar bank.
Same financial instrument, presented differently for a similar market

>>52737444
checked.

based and tx-pilled.

honestly i think this is all fucking stupid. these are magic internet numbers in the eyes of most people (and the government for now), so why should i be taxed on it? fuck off

>>52737549
actually i don't
i unbanked myself with celsius
checkmate

>>52737631
Kek. I am an inCEL too.

Brick & Mortar banks
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/

https://en.wikipedia.org/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession

>>52737620
that premised is based on high frequency trading,
in conjunction with Crypto Tax style software processing.
( i.e. Koinly, Zenledger, CoinLedger)
this is a must... spend the $200... it is worth it, you'll sleep at night.

Understanding FIFO-HIFO-LIFO and basic legitimate deductions.
These are easiest for the budding Crypto Trader.

>>52733286
no, you shouldn't kys. you made the money once, you can do it again. get to work, stack some chips, and try again.

>>52738067
Motion Seconded.
poignant picrel.

>>52733618
no, it isn't, nobody has ever been charged over not paying crypto taxes, not a single person. The few cases that seem related were people getting caught in illegal schemes involving money laundering, front companies etc, basically they made detectable illegal schemes to hide their crypto when they could have just not paid.

>>52733286
Can you not write off your losses so that you owe less tax?

>>52733618
And I will escape my country because It anyways turns into an actual! communist shithole. Like they are confiscating assets left and right.

>>52733286
Why don't you faggots just stake stables. You just love getting attached to your stupid memecoins.

>>52733286
I hope this is true so I can lull myself to sleep knowing I didnt fuck up as hard as you

>>52733940
>cap gain tax
You are assuming people made any profit this year

>>52733286
Leverage degens always get liquidated in the end. Yours is an interesting story because you're going to have to file for bankruptcy and get liquidated by the Government instead lol.

>CPA says I might have to surrender my crypto

Why? Does the IRS know your private keys?

>>52739859
Alternative is go to jail for tax evasion

>>52733286
This thread is retarded. You dont pay taxes unless you cash out. How much did you cash out AND THEN SPEND that you cant afford to pay taxes on it?

>>52733940
>Because moving in and out of positions is a taxable event.
Its a taxable event but it just carries over into the next year and the next year until you actually sell into USD and then and only then are payable taxes calculated.

>>52739866
Crypto to crypto trades are taxable

>>52739865
Create a new wallet and say you sent all your crypto to some pajeet scammer.
If that doesn't work out stake your ahit on any DeFi platform while the next 10 years of expenses are paid for in your rent free cell.

>>52733298
I think he means should he "kill himself" and I say yes either way

>>52737444
I don't like all the legwork of tax avoidance, I'd rather just bite the bullet and pay. It sucks enormous fucking cock giving 30-50% of your gains back when you factor in state taxes + federal but whatever it's better than being in OP's shoes.
Most people go tits up in 1 of 2 ways; they use a ton of leverage and get rekt or they never paid taxes. Literally by just using sensible amounts of leverage and paying your taxes you eliminate the two most common ways people get absolutely fukt. I plan on doing this for a long time so it's important I position myself so that I'm able to take some damage and keep moving forward and not go bust after 1 or 2 bad calls.

>>52733286
I'm sorry, but I couldn't get passed the part where you wanted to pay taxes.

>>52733286
VERY BASED. DEF KYS.

>>52739805
I did. Can’t speak for the rest of you but I paid taxes last year just from moving in and out of positions and I’ll pay them this year on realizing profits.
The difference is I have plenty of cash to do that but if someone bought back in thinking the bottom was in and price would go up soon after and it dropped further well that person is in a bad spot and that’s assuming things don’t get even worse between now and when taxes are filed.

>>52733603
yea, seems like a larp thread.

>>52733286
Fucking kek wasted 5 years

This is why you need to sequester 50% or so of all your trading profits after each trade to pay burger taxes.

>>52733286
Create an LLC. Hold all crypto in the LLC. Never take profit because re-investment. Never pay taxes.

>>52733940
Basically stay away from CeFi and if anything, especially with stablecoins, stick to using DeFi middlewares like SpoolFi

>>52733286
Unironically the same, sold a bunch of link in 2021 on CB (a million $ of link), withdrew the usdc, used it on uniswap to buy link again an hour later... should've held the usdc but instead held the link from 50 to now kek.
When the tax jew comes for me I'm going to run away, not even joking.

>>52742704
Im not larping

Why didn’t you guys just...pay your taxes?

>>52746230
oof, goy

>>52741212
>> legwork for tax avoidance.
Bro , it is literally filling out one form and is a IRS approved.

The OnRamp / OffRamp Obfuscation
well... vidrel.
>https://www.youtube.com/watch?v=i5txwFv-zYM

>>52733286
1 million in taxes? how fuck how much profit did you make at your peak

>>52733361
nasty ass vocal fry
shit is gnarly

do i have to pay taxes in the us if i only make 6k in profits and didnt have any other income for the year? please alexa

>>52749032
yes, but your total income is so low it may end up being a 0.
Not Financial Advice.
I am Retard

>>52749032
no but if you took in more than like 10k gross then you still must at least file your good goy form