/biz/ - Business & Finance

If they don't keep records how would the gubmint know?

>>5480921
>Buy 10 bitcoin through coinbase
>Cash out 15 bitcoin through coinbase
>Anon, I see you cashed out 5 more bitcoin than you have bought, can you explain?
>uhh.. I used this thing called shapeshift it allows you to trade crypto to other cry..
>But anon, I don't see you have recorded any of these transactions on your taxes
>Thats because shapeshift doesnt have recor...
>Anon, report to jail at 8 am tomorrow.

>>5480894

watever u cash out

report efverything, even when u shapeshift, move coins to another exchange, you gotta cash out eventchualy

because whne u cash out they be like uhhh you bought 10 bit corns, why u got 16 bit corns now, u gotta pay taxes

I mean the worst case scenario is the IRS makes you pay short term capital gains on 0 cost basis, not jail.

>>5480894
If you record your shapeshifte transactions you're a fucking retard.

>>5480961
It was gifted to you from a random address.

>>5480976
ur cute

>>5481031
>it was gifted to me from a random address
>ok anon that sounds believable, turn over everything bitch you are under audit

>>5480894
Just report the value you cash out. Worry about individual transactions if you get audited, which most likely won't happen.

>>5480894
>>5480921
>>5480961
>>5480976

Kek

>>5465608

you’re welcome

You send one crypto from your wallet to anther crypto wallet...
You wallets can usually access the blockchains.

Also Crypto to Crypto exchange is a non-taxable event for most people.
Unless you are a pajeet shill or work at an exchange you really don't have to worry about it.

>>5481083
IRS?
More like gay are us

>>5480894
>SHAPESHIFT DOESNT KEEP ANY RECORDS

>>5481051
>gifted
Listen to yourself
If you are claiming it was gifted you a putting a zero dollar taxable basis on your crypto.
Literally paying the IRS the most you can pay.
They ain't going to audit you for paying MORE than you have to.

>>5480894
>tfw in Germany and I have never paid a dime on any of my cashouts

>>5481210
How will the precious refugees get their gibs though?

>>5481078
Report it how? Where? There's no form that asks you "lel how much u "cash out?"

>>5481092
>Also Crypto to Crypto exchange is a non-taxable event for most people.
It will be in the US starting 2018 thanks to Donald kikelover Chump

>>5481239
Reporting as in your capital gains? Cash out value minus initial investment.

>>5481239
>Report it how? Where? There's no form
Schedule D of the 1040

>>5481264
Says (((bloomberg)))
I have my doubts
Anyway if true that will be for 2018 not this year's taxes.

>>5481267
>>5481308
They don't accept that form by itself. It says totals for all transactions reported on either Form 1099-B or Form 8949.

https://www.irs.gov/pub/irs-pdf/f8949.pdf

You have to fill out the date of every trade, how many shares, cost basis, gain or loss. If you just put your initial investment and final cash out there, it would result in inconsistencies and it would be tax fraud.

>>5481412
For 2018, crypto was ruled that every trade is subject to capital gains.

Do you think for 2017 that like-kind is possible (section 1031)?

>>5481458
I KNOW. I'm saying you have to report every trade AND pay taxes for every trade. They don't let you just sum it all up and pay a percentage.

Can't you just shoot the taxman?

Just don't be a faggot and do not pay taxes.

>>5481412
>cost basis
I ain't reporting that
>How much you pay for that 10k of BTC you sold
>calculate buying in 2014 trading for LTC then BTC then ETH then LTC then BTC...
>$17 and 84.8328972356902836589263586 cents
Fuck that.
What is the point?
I will just claim i got it from a faucet back in 2011 for free.

You don't, fuck retardad.

Just don't declare.