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53438439 No.53438439 [Reply] [Original]

So I've never cashed out, and never filed taxes on any of my thousands of shitcoin transactions for the last few years. If I claim zero cost basis on anything I cash out in the future, will that be good enough for the tax man?

>> No.53438451

>>53438439
Yeah

>> No.53438482

>>53438451
That's good to know at least. Better than the headache of an audit and penalties + interest.

>> No.53438599

>>53438439
>will that be good enough for the tax man?
You could say that, yes.

>> No.53438621

>>53438439
Yeah should be. They might try and charge you interest if it's been a while

>> No.53439167

>>53438439
doubt it.
they want full transaction detail. when you get audited (why do you think biden hired 87000 irs agents) for trading crypto, you will get fraud charges levied against you for knowingly misrepresenting facts.

>> No.53439191

>>53439167
>the government is omnipresent and will hang you for $5
Ok boomer

>> No.53439264

>>53438439
Lol. They'll take your zero cost basis and charge you interest on it, yes.

>> No.53439288

>>53439167
Can always buy an NFT from myself.

>> No.53439312
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53439312

>>53439288
Fraud. Unless you bought your initial ethereum with cash in person they have an electronic trail back to your wallet.

>> No.53439349

>>53438439
yes, I did this.

>> No.53439359

>>53439288
>>53439312
Just sell it to coin shops for cash and gold and tell the cops niggers robbed you

>> No.53439363

>>53439167
this

>> No.53439371

>>53439264
Interest on what. Taxes are due at change of control

>> No.53439390

>>53438439
Depends on where you live, but crypto to crypto is a taxable event.

>> No.53439401

>>53439312
Not on KuCoin. The tax man can suck my dick.

>> No.53439449

you may want to just go back 2-3 years and amend your taxes. But zero cost basis now and then accurate going forward is OK. don't obsess about it, and ignore retards trying to scare you. if you ever get audited just claim ignorance "hurrr I didnt know" and since you claimed zero cost basis you won't even owe that much just potentially interest and penalties.

>> No.53439461

>>53439401
>your bank gets subpeona'd and tells the feds you sent 25k to kucoin, who then also gets subpeona'd and discloses all your addresses and locks your exchange account
What now retard?

>> No.53439508

>>53439371
interest on the taxes you didn't pay X years ago.

>> No.53439710

>>53439461
make a new wallet every so often to avoid getting tailed.

>> No.53439745

>>53439710
you can't escape on chain, you just can follow every tx since the first.

>> No.53439792

>>53439710
>new wallet precludes me from chain analysis
Only if you swap into and out of XMR using bisq then send it through tornado a few times.

>> No.53440761

>>53439710
Well I've used about 9 exchanges, the bulk of profitable trades going through non-KYC exchanges.

>> No.53440960
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53440960

>>53438439
bros how get red skin demon oni gf???

>> No.53441345

>>53438482
He's lying. You probably owe millions even if you only made $10k
P.S. Losses only count after your gains so fuck you