/biz/ - Business & Finance

Just move to Portugal, we pay as much as BTC is really worth

>>5440651
Yes, I'll be paying my taxes because I've made decent gains and want to be able to sleep at night. I moved all my coins into long term holds and am praying that crypto's taxation is ammended in the near future.

Of course I am because I'm not a scumbag and have no problem contributing to maintenance of the country.

Yes, I render unto Caesar what is Caesar's. Pissing off the taxman is a good way to get fucked.

>>5441558
I've also educated myself on the law so I can prove LIFO to reduce short term capital gains when trading shit coins if ever audited.

>>5441589
>contributing to the maintenance of niggers, single mothers, and rent-seeking corporations

Buy Aeon and XMR.

>>5440651
Haha IRS is empty threat.

>>i forgot my,keys
>>brb i need to take a shit in belarus.

>>5440651
So how do you actually pay taxes?

If I only make 10k, i still need to pay taxes on that shit

>>5442008
15% for short term capital gains.

>>5440651
>Paying taxes on trading one series of numbers for another series of numbers
I wish the IRS the best of luck on taxing anyone who didn't cash out.

just say those three lovely little letters ... L.L.C.

>>5441955
belarus greatest country in the world
all other countries are taxed by little girls

do i have to do anything if ive never cashed out to usd and only traded shitcoins / held ?

>>5442349
If you think you can cash out with a few million, it's viable to eat the elavated tax upon cash out since you'll end up with a large stack regardless. However, it's cheaper to just pay proper taxes.

>>5442509
Yes. You're supposed to pay short term capital gains tax on every crypto trade. Shit sucks.

>>5442862
it doesnt just suck, its retarded

>>5442862
ok ok stop . So if you just pay the max amount of taxes its not enough? if you traded and always made 10% gains on shitcoins but need 15% tax you cash out 100.000 and maybe got like Nothing left?

>>5442862
so you start with 1000, make 100.000 out of it with 500 trades in between, whats the worst case scenario now?

>>5440651
nope

the IRS doesn't give a shit about 4chan users making $50 on the $200 that they borrowed from mommy

>>5443272
15% is owed on every crypto trade. Shitcoin X goes from $1 to $10, upon trading Shitcoin X for Shitcoin Y, you owe 15% in taxes on the $9 gain ($1.35). However, trading at a loss can be used to offset the gains tax.

if i ever make it i am going to flee the country better thatn losing all my money to some irs thugs

>>5440651
>thinking a tax evader would get the same treatment as a violent felon.
White-collar criminals get minimum security prison. They even call it Club Fed.

>>5443480
but in the end you wont loose extreme amounts of money. I was expecting around 35-45 % in the worst case. So cash out 100k and you got 55k in the end

>>5442862
lol how are they gonna track this shit?

>>5443358
Taxed based on your tax bracket with a zero cost basis (assumes you paid nothing for your shit coins). This is the US law, since you are using European formatting, I'd refer you to your countries tax laws.

>>5443592
They can't. Especially if you wash regularly with monero.
But if you ever plan to cash out all to fiat for whatever reason, just do it in a tax haven. They cant tax a non us citizen, America will go to shit anyway once whites become a minority in a few years.

>>5443592
They can only track when you cash out into your bank account

>>5443480
It's great because it's fucking bonkers.

>Sell Crypto A for Crypto B
>Capital gain occurs
>Now must sell percentage of Crypto B to pay the capital gains on the trade
>Crypto B crashes
>Still owe taxes on the higher amount
>Only way to claim a loss is to sell Crypto B in order to reduce your taxes

It's fucking batshit.

>>5443628
i never met someone who can explain me the tax situation in germany with shitcoin trading ... just know that you dont have to pay taxes at all if you hold one coin above a year

>>5443358
>>5443272
>>5443583
You need to look up how taxes work
You write losses against gains
If you report every trade (as you are legally required to in the US), the end result will be the same as if you reported simply Start -> Finish.

The big point here is that trading crypto isn't long term gains unless you help a coin without trading it for a year. You can't trade coins for a year and claim long term gains.

>>5440651
i'll pay taxes when i cash out

>>5443749
if its pretty much the same at the end....so why the fuck just say ... hey taxman i made trading on that crypto shit , here take my maximum of capital gains and fuck of bye. ? its fuckin degenerating dogshit.

>>5443749
what sucks is when you rarely lose, i get super lucky with coins overnight and just sell the highs next year is gonna be a shitty year for traders especially if ur winning but if u incurr some losses like the anon said it eventually should even out.

I don't see how jail is a potential outcome. In any case, they would just make you pay what they owe. Unless there's a clear attempt to defraud them or lie, I don't see how you could go to jail

>>5443812
Because the law?
You want me to explain to you why that's the law? Even though I already stated one of the reasons being short vs long term gains which are taxed differently?

>>5441726
but i thought trump fixed all this

>>5443592
Almost impossible. I'd wager most people would fly under the radar, but getting fucked for life over an amount of money I can't retire on is not in my best interest on the off chance that I am audited. I feel I have too much crypto to fly under the radar so I'd rather play it safe and plan a long term exit strategy.

>>5443817
Loses are fine.
If you lost money in crypto, you can write that off against your taxes or other capital gains.
You can even carry loses over each year, since you can only write off 3000 in capital loses each year

>>5443823
You probably won't go to jail unless you're frauding millions, but you will get a huge ass fine and be audited for years to come. Crypto gains are perfect targets for the IRS. High amounts of money in the hands of people who don't know how to fight them or have the funds to fight them.

>>5443838
no dude im just sayin this law is stupid. Why not fuckin say you only made short term crypto, here take my 35-45% whatever and be happy. this would be so much easier, but thanks anyways and fuck this stupid fucktard law. I hope its not that bad in germany .... but dear god its germany here i bet its almost the same or even more shit. Fucking laws

Does anyone understand US tax law regarding crypto? It seems like if you start with 1Btc,, trade it for 40 Ltc, you have to pay tax on that? How do you pay tax on that conversion?

>>5443718
It's a nightmare. I've had to start keeping multiple wallets and make calculated trades in effort to not get fucked by taxman.

>i have to pay taxes if i trade 4 pears for 3 oranges

So if I just have btc in a verified bittrex account, even though I have no intention of cashing out for a very long time, I still have to pay taxes? It doesn't make any sense given that if I pay, btc could crash the next day.
I feel like it must be that you only pay taxes once you cash out to fiat. Any other method just doesn't make sense

>>5443960
The same way you do any commodity, you take its USD value

If you trade 1 BTC for 40 LTC, you only pay taxes on the gains made from when you bought the 1BTC until you traded it for 40LTC (at that point, you've realized profit or loss by trading it).

If BTC was $10,000 when you got it, then you traded it for 40 LTC when BTC was worth $20,000
Then you pay the taxes on $20K-$10K.
If you then sell 40 LTC for $15,000
Then you pay the taxed on $15K (your selling point) - $20K (how much you bought the LTC for), and you get to write off $5K in loses
Overall you would have made +$10K and -$5K, so you pay taxes on $5K.

The problem is that there's a bunch of edgy neets obsessed with the idea of tax evasion on /biz/ so they'll spam all sorts of garbage and confuse people. Then those confused people decide to believe the thing that sounds nicest to them, which isn't correct.

>>5443960
Depends if BTC raised in price between the time you bought it and the time you exchanged it for LTC. If BTC increased from $9000 to $12000 before the exhange, you pay ahort term capital gains taxes on the $3000 difference.

Inform yourself. Pay taxes to avoid pic related. Simple as that.

>>5444067
Not if your just holding it and not trading, When you sell a currency to trade it for another you realize a gain and its a taxable event, if you hold and dont sell you don trealize the gain until you sell it, rather that be for Fiat or another crypto. Even if you hold for years, you dont owe until you sell, and you pay less in tax if you hold for more than a year.

>>5444079
how is the irs getting my trade history from the chinks at binance?

>>5444143
>armstrong before finding nanomachines, son

>>5444032
Yes, because those things aren't worth the same amount and have fluctuating values.
When you perform the trade, you've realized some amount of value for your 4 pears. You need to pay taxes on the difference between when you bought the pears and when you traded them.
Then if you sell those oranges, you pay taxes on the difference from when you traded for the oranges and when you sold them.
Of course you can write off loses if, lets say, you sold the oranges for less than you traded for them in dollar value

fuck off ameer

>>5444193
you forgot how the irs is getting my trade records whoops lost my wallet id

>>5444230
Have fun getting audited.

>>5444160
Two scenarios

1)
>"Give us all the US customers you have as per regulations, or we'll shut down the US as a customer base"
which Coinbase has done for some users already

2)
>"We see you sent $10K to coinbase and withdrew $100K from coinbase. But your trades don't match up. What's going on here? You failed to file your taxes correctly and are now being audited. You also have to pay a fine equal to X"
the more likely scenario

>>5443464
>put in $80 bucks
>fuck around with coins and mainly held and it grows to around $2000
How fucked am I? How the fuck does all the taxes on crypto and shit work?

>>5444255
Just do your best and look up prices for the days you traded. If you have times, look up times.
Some sites do it for you like https://cointracking.info/tax/

Just make sure everything trades out to your final result and the IRS isn't going to come after you

>>5440651
I would literally kill myself before going to prison. Your life is already over after you get sentenced there. You can never recover from that.

>>5443592
>lol how are they gonna track this shit?
They can't and they aren't. The kikes have been pushing this shit hard to scare people and hurt the market while (((Sachs))) buys in.

The IRS does not give a shit about imaginary money until it gets transfered back into fiat currency. Then they want the gains taxes paid, just like any other stock transaction. The "taxable action" buzzword the lugenpresse keeps shilling is irrelevant; if you re-invest (ie. move from one shitcoin to another) you've made no gain. Even if you break it into two transactions by assigning some at-that-moment real-world value a (coin->fiat->coin) exchange is a profit-taking followed immediately by a deductable expense. Net result of zero taxable income.

... and no new tax laws would change how 2017 taxes work regardless. You can't pass new laws on shit that happened in the past.

The jew curse means they die if they ever tell the truth to the goyim.

>>5444240
not an argument

>>5444241
>1)
>or we'll shut down the US as a customer base"
aahahahhahahhaa ahahaAHA HAHAHHAHAHA
"we'll deletet your website from the internet"
ahhhhhhhhhhhhhhh AAHAHHAHAHHAHAH

>1)
>and withdrew $100K from coinbase
i told you i'd pay taxes when i cash out. they won't have my trade history from a site in hong kong.

>>5444160
They wont. You'll just get taxed with a zero cost basis. You purchased BTC at $10,000? Too bad, the IRS will assume you got it for free. So now you can't subtract the $10,000 from your gains and you'll have to pay substantially more taxes than if you provided proper records of your transactions. Not to mention possibly penalties applied.

>>5444255
Someone answer this anon. I turned $200 into ~$6500 in the past 6 months and I honestly have no fucking clue what to do with it. If I deposit $6500 from coinbase into my account will my bank report it to the IRS? I only have $500 in my account and the biggest deposit I've ever made was maybe a $700 paycheck? Fuckin made it and now I don't know what the hell to do.

>>5444160
They aren't. Especially on a site that doesn't require its users to submit any personal information to create an account and make trades. It's literally impossible for them to enforce. And if you trade through monero before you fun the account, there's no way they and even track the blockchain to see where the money came from.
More and more people will start to use crypto, and they will be forced to give up on income tax in a few years and switch to a sales tax if they want to collect any money at all. Cyrpto will be the death of the IRS.

>>5444160
>how is the irs getting my trade history from the chinks at binance?
They're not. They're getting a report of a large fiat transaction put into your bank account when you cash out. The same way they track literally every other fucking evasion, like drug deals and counterfeiting. When a shitton of money appears out of nowhere it flags. Been that way for longer than any of you have been alive.

>>5444372
>And if you trade through monero before you fun the account
that's exactly what i'm doing

>>5444386
>They're getting a report of a large fiat transaction put into your bank account when you cash out
which i will pay taxes on

I will pay my capital gains tax and that will be it. I dont have millions of dollars in shitcoins.

>>5444336
>"we'll deletet your website from the internet"
You mean like Bitfinex?

>i told you i'd pay taxes when i cash out.
And you told me you'd report them incorrectly. Learn to read and learn to comprehend.

>>5444372
>Cyrpto will be the death of the IRS.
-t Man arrested for tax evasion

>>5444365
i dont think they would report it, you could get away without paying taxes on that easily. They aren't gonna come after you for 600 bucks.

>>5444444
checked

>>5444365
Banks will often file Suspicious Activity Reports for transfers more than $5000. Rumor is the treshold is lower for crypto transfer since because of the money laundering aspect. You can cash out and pay your taxes, wait a year and cash out to get the lower long term tax rate, play audit roulette, or perform tax evasion by converting to BTC and selling locally/buying gold.

>>5441558
> financing drone murder of children
> not a scumbag

>>5444444

>>5441726
very little of the budget goes to this, even if it were true that that stuff is bad.

>>5444522
>Banks will often file Suspicious Activity Reports for transfers more than $5000

False

>>5444567
yeah he's right, that is false, cause it's automatic

coinbase only gave information to IRS on customers trading more than $20K.

i'm not even going to worry about my few hundred i put in coinbase

>>5444352
You good goys keep bringing this zero cost basis up like its a big deal. But it only cocost you more if you cash out all your crypto. If you have 200k in crypto, and you cash out 20k, and you have to pay zero cost basis on that 20k, thats still a lot less than being taxed on that 200k. You only cash out and pay tax when you need to buy or pay stuff off. Your money is way more valuable in crypto right now than it is in fait. And you take an immediate loss when you cash out due to tax, and an extend loss over time due to inflation.

and you thought day-trading was easy.

>>5444599
if you're trading a few hundred then why the fuck do you care?
I'm literally trading 10s of thousands a day

>>5444574
source?

>>5444444
fug let this be a reminder lads
render unto caesar what is caesar's

>>5444663
https://www.google.com/search?q=bank+suspicious+activity

>>5441657
Jesus would rather I get fucked and not support evil than do whats easiest for me.

>>5444616
It can be a big deal, but I agree that there are many variables to take into account and it's impact differs between each individuals trade history, performance, and financial status.

>>5440651
Not paying a fucking cent.

If the government wanted crypto gains they shouldve invested when it was $2 instead of laughing at my internet coins.

Officially speaking I own 0 crypto, i made 0 gains. I regulalrly visit Belarus for the women and sites, and i tend to spend money gifted to me from a belarus bank.

You,are free to keep taxing my worthless USD from my shitty dayjob because thats all the money I have.

The rest of it is just worthless internet coins ;)

mfw
i dont keep track of any of this shit
make 23k a year
i just do it for fun with an extra k i have
as a hobby
and it's on 4chan and it's a nice distraction from /pol/
couldve just blockfolio-ed, but not the same rush

>>5443702
I don't understand. Are you saying that I trade into monero on an exchange, pull it from the exchange, then transfer it back on a different exchange I'm clear or something? How can it work if I want to hold something besides monero?

Mexican national here.

you guys are fucked lol

enjoy increasing shareholder value on those private prisons.

>>5440651
See ya in 2020 cock sucka

>>5444694
The memes are real.

DON'T THROW ME IN JAIL AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHHHHH

How can the orange cunt be both a nazi and a jew? I dont get it

Seriously fuck paying these cunts

>>5444804
Monero is a privacy coin, it's blockchian cant be traced. Its the currney of coice people use to by durgs on the darknet. So 10 years from now if the IRS finally figres out blockcahin and start trying to trace it, their path ends at monero. So let's so you went into BTC with fiat at coinbase thats connected to your name, then you sent that BTC to an exchange and you traded it for Monero, then you sent that monero to awallet. Then you opened another account on the same exchange or a difernt one, and you sent that monero to it, they can no longer trace that blockchain back to your coinabse account that your name is on. NAd the more you go through monero, the more impossible it si for them to trace, casue even if they somehow crack through one, theres 10 more. You can even wash through other privacy coins to make it even harder.
Crypto provides a harder to trace more secure offshore bank account to every citizen for free. Tell me how the IRS will even enforce income taxes again if everyone starts using this tech.

Disregard taxes, acquire crypto. Follow these guys, they've been killing it all week just look at their signals channel

https://discord.gg/USV36RY

>>5445215
>Tell me how the IRS will even enforce income taxes again if everyone starts using this tech.
The same way the enforce income taxes now.
With boots on the ground, guns in their hands, and bullets in their chambers

>>5444330

This guy gets it. These irs threads are such obvious fud.

>>5445261
>With boots on the ground, guns in their hands, and bullets in their chambers

Boots on the ground didn't stop the Roman Empire from collapsing and its certainly not going to stop the American-Israeli-EU Jew-Bankster Empire from collapsing either.

Crypto is the beginning of the end for them. The IRS is a dead man walking.

>>5445343
>comparing the roman empire to modern day society
You're hilarious

>>5445261
There gonna keep fucking pushing and end up in ovens for real this time then.
Their fun in the sun is almost at an end, the day of the rope draws near.
Once they loose control of the financial system its all over.

>>5440651
Accountingfag here, lots of misinfo in this thread

>Is the IRS tracking muh crypto?
No.

>Is the IRS tracking muh bank?
Not in the way you think. If you're walking away with <$20k, there is a 99.9% chance they will never notice (or care)

>What is taxed?
The amount you receive when you subtract buy price from sell price.

You do *not* owe tax simply because it mooned. You owe tax when you cash out to fiat.

>How much do I owe?
The percentage depends on your regular tax rate and how long you were holding. I'll break it up into two categories:
>Bought BTC >12 months before selling
Maximum rate is 20%, but as low as 0% if your total income is <40k single or <75k married.

>Bought BTC <12 months ago
Will be taxed at your regular rate. For the sake of argument, lets say 15% unless you're walking away with >$100k.

>When do I pay tax?
For 99% of you, not until you file your annual tax return (due April 18th, 2018).

Generally, the IRS does expect you to make a reasonable effort to pay-in quarterly what you think you owe for the year.

>b-b-but crypto is 100% secret!
Sure, but not if the IRS (or EU for that matter) raids a major BTC exchange. Good luck cashing out @ $20k a coin in a person-to-person trade.
Once bitcoin (or whatever better crypto comes along) actually goes mainstream, the tax man is going to come looking.

>>5442457
Did you start a /biz/ as a "trader" or a mining operation?

>>5444330
Sachs is not buying in. (((They))) dont want crypto to succeed. The new law is a direct attack on crypto to slow it down. Anything passed during Christmas time is never good for The People. They did the same thing for the Federal Reserve, removing the Gold Standard, etc. This is how they do things - when no one is looking.

Unfortunately for them, people are looking, the population is awakening fast, and crypto is essentially the deathknell of the dollar. The USD, the American Empire, and the rest of the planetary governments in on it (which is ALL OF THEM) are going to collapse on an epic scale never seen before.

Can you feel it in your bones? I sure can. What goes up, must come down. There is a yin and a yang. For every action there is a reaction. This is a force of nature friends. This is a KARMIC BACKLASH. The evil Bankster-Jew-Cabal is finished.

Once the decentralized exchanges come out along with the New Darknet, its over. Blocknet, SHIFT, Substratum, etc, all of these projects are just the beginning of the end. Anonymous Atomic Swaps. They are FUCKED. And its about damn time. The planet has been under the cover of darkness for too long.

It's time to bring the Light back. It's time to bring freedom back. The planet is starved for freedom.

Like what was said before, If you think Obfuscation is just a cool feature, you dont understand crypto. Presstab isnt handing out his tech to every smallcap coin for no reason. This is a revolution folks. The revolution has already begun and is in full swing. And (((they))) can't keep up. They are toast.

>have bank accounts in 5 different countries
>Haven't live the US for 15 years
Lol GL IRS

>>5445363
>Thinking the principles of the Roman Empire dont compare to today.

What's that saying? Those that dont know history are doomed to repeat it. For sure. Every fiat currency played a major role in the collapse of Empires, this one is no different.

>>5445488
this but unironically

>>5445418
When the tax man,comes looking.. Can we kill him?

Can we PLEASE fund a decentralised hitlist coin where you can put funds towards bounties and have coinholders validate for small fees?

Once we have that politicians will begin to fear what happens when you cross crypto. Once a name is on the list no law will prevent it from happening, and no law will prevent the bounty being paid out.

>>5445418
Thank you so much. Everyone in this thread is fucking retarded

>>5445418
so what about situations like these? it seems like a meager amount compared to the 10's of thousands some people seem to be moving
>>5444255
>>5444365

>>5445418
What do you recommend for a fag who is verified on coonbase and bittrex and has only cashed out less than 1k. I did make 4k on eth and took out 300 for a switch.

>>5445512
FBAR reports, have fun my friend. FinCEN already know what you're doing. Your foreign banks send them all they need. Good luck

>>5441589
you didnt have the choice in the first place, cuck

>>5445418
> You owe tax when you cash out to fiat.

You owe short term capital gains tax on crypto to crypto trades. Muh like kind doesn't apply to crypto.

>>5440651
Already amended my returns from last three years, IRS and state already accepted, keep track of the rest by inputting them into bitcoin.tax immediately after I make them. Going to hire a CPA next year and give them the outputs from bitcoin.tax.

I won't be going to prison.

>>5444444
Checked. Monero in particular will be the death of The Taxman. No other coin has Monero fungibility. Period.

>>5445537
Isn't this the purpose of Litecoin, actually?
My point is, Shady-as-fuck coin will never moon. Coin-you-can-buy-a-house-or-groceries-with coin will.

>>5445562
>>5444255
$2,000 guy shouldn't even bother reporting it.
I'm assuming he paid $80 years ago. He probably qualifies for 0% long term rate, anyway.

>>5444365
This is short term capital gains. $6.3k would be taxed at your regular tax rate.
For the same of argument I'm going to assume you're single and you normally make $20k-$40k.
In that case, you would owe around 10-15%, or $630-$945.

Tax return for 2017 is not due until April 18th, 2018. Generally, the IRS expects people to try and pay-in quarterly, but they likely won't do much even if you wait to pay until April.

Assuming you're going to report it on your tax return at all (I wouldn't bother unless your income is already >$50k), just use Turbotax or whatever and go through the walk-through steps for stock trades.

>>5445584
Don't bother reporting this

>>5445681
This is true. My assumptions are that people traded fiat->BTC->fiat. I don't know what exchanges would report or how it would be interpreted if its crypto-to-crypto.

>>5445699
Nice dubs bro. Did you make serious dosh?
Seriously though, hookers and drug dealers get by on cash income. Its only big money that you have to worry about.

>>5445764
$80 bucks guy here, it was this year some time April.

>>5445488
>presstab
Yep Press has practically open sourced the baseline PIVX source code. This isn't about getting rich, this is about freedom. Every single small cap master node coin coming out has Obfuscation and Instant send features.

He's giving the middle finger to the establishment like the rest of the crypto world. If you haven't recognized that this is a revolution, well its about time you do

>>5445764
Post adress for tip will be small but i genuinely appreciate it.

>>5445811
Nice dubs bro. This puts you in the short-term bracket, then.

I can assure you that I have a zillion clients who don't bother paying their tax bill until filing their tax return (in other words, until April 2018).

If you want to be 100% above-board, then you can report it and pay the tax. You can go to IRS.gov and use "Direct Pay" to pay them now if you want. (Form 1040, Estimated Tax, year 2017)

>>5445901
I'm actually a nocoiner

>>5440651
i fucking knew you were gonna post that, we are all the same

Heres my plan, please bare with me because im autistic and have no idea how to tax

I day trade shitcoins making crap profits until i hit 20k, i take 10k and buy 1-2 shitcoin i think will grow. I then use other 10k for day trading like normal. 1 year and 1 day later i convert the hodl shitcoin to btc, find a jewish accountant and cash out 25%-50%
Will this help avoid the dings from day trading? I obviously would ask the accountant when that day comes but i like anons word

Pls respond

>>5446091
You don't need to find a jewish accountant, Turbotax or H&R Block software will walk you through stock trades (in other words, capital gains).

If you day trade, then your gains will be short-term. Long term (>365 days) gains/losses are *not* netted against short term.

Think of it this way:
If you're a wagecuck who gets a W-2, then you're already losing 7.5% to medicare & social security, then another 10-20% in federal income tax. So your $40k salary is really like $33k take-home.

If you actually make $40k trading shitcoins, then the actual tax is going to be similar to wagecuckery. In other words, its an amount you're already used to paying (you just don't realize it).

>>5446331
Will they matter if they’re short term if i never use that coin to cash out with?
I mean how are they going to tax something on my wallet?

>>5446372
As another anon pointed out, crypto-to-crypto transactions are considered the same way that fiat-cash-out ones are.

But I highly doubt the IRS has shitcoins on their radar.

>>5444444
Checked and kek'd

>>5446331
Assuming the previous year's day trades aren't reported during for tax year, doesn't it run the risk of tax evasion? The HODL for 1 year, 1 day, then conversion to BTC would result in a short term capital gain unless your you can find an exchange that will pay out the shit coin (assuming the goal is to lower taxes). Converting the shit coin to BTC and holding for 1 year before cash out would result in the lower long term capital gains. However, you'll be short term gain taxed on the shit coin to BTC transaction. So it's almost moot to wait a year.

I'm working through my taxes and trying to make sure I am understanding the laws in full.

>>5441558
>am praying that crypto's taxation is ammended in the near future.
LOL. You are livestock to the government. Should have used localbtc.

>>5446588
Basically what you want to look at is when you got the coins that you're cashing out

So if its fiat->shitcoin->bitcoin->fiat, two trades are considered:
value of shitcoin when acquired vs. cost of bitcoin (e.g. if you bought shitcoin for $100 but are now trading for $1,000 in bitcoin, gain is $900)
value of bitcoin when acquired vs. fiat received (e.g. $1,000 bitcoin sold for $1,200 fiat, gain is $200)

My advice is to not get obsessed with taxes. If you're making shit money, then taxes are low. If you're making mad money, then you're making mad money and can afford a percentage off the top.

>buys monero on a decentralized exchange
what now kikes?
why do you post this same thread every day?
are you scared?

>>5447005
Thanks for the advice. The concern is I have made thousands of trades over the year and ended up with considerable wealth. I don't mind paying taxes, but accounting for each shit coin to shit coin to shit coin x forever trade between multiple wallets is a fucking nightmare. Factoring in the cost to transfer coins from one exchange to another is another bitch. However, I've gotten to a point where I'm missing maybe 5 ETH from my final tally in which I'll note as being missing. I think I'll be ok.

>>5445377
checkkked

throw the jew down the well