/biz/ - Business & Finance

Its over pack it up

>>5626443
oh god

>>5626443
This is s friendly reminder because they send all of your trades directly to the IRS.

>>5626501
Yeah but I can just say I lost my investments

send it all to binance

>>5626544
Still have to pay taxes.

>>5626544
Oh wow, I won a car! Oh what? I have to pay taxes on the winnings? Heh, well I lost it. :)))) What do you mean it doesnt matter???

>>5626604
>sorry, went all in on confido

>>5626604
you dont pay taxes if you lose money

>>5626662
Actually you pay even more. It's called the retard tax.

They only report users who have had $20,000 or 200 trades.

>>5626633
>>5626604
If it's in a private coin in a private wallet then they would have no idea and can't prove that I actually have it.

Also this
>>5626662

>>5626662
Crypto doesn’t apply for 1031 exchanges anymore.

If you made 50,000 in bitcoin and lost 30,000 in ripple, you pay taxes on 50,000.

>>5626707
No, you pay taxes on 20,000, because your total gains are $20,000, not $50,000. Retard.

>>5626707
Capital gains taxes only apply to PROFITS when turned back into fiat

So it would be $20k in that case

>>5626766
It’s not a like-like property transaction anymore.

You can't offset the capital gain by converting it into a different crypto.

Bitcoin and litecoin would be considered completely different types of properties.

At the moment of the capital gain, you now pay the tax on it.

>>5626818
Under 2017 tax law, yes. Under 2018, no.

>this thread again

can I report the coins coinbase stole from me as a loss on my taxes

>trying to regulate decentralized free market coins like bitcoin and litecoin
coinbase will be no longer by 2019. screencap this

>>5626876
Good thing I'm not an Americuck :^ )

>>5626443
OH NO NONONONO
OOOH
AAAAAAAAAAAHAHAHAHAHAHAHAHAAHHAH

>>5626906
IRS should already have all your coinbase info, but you can report it so they can match it up.

https://www.forbes.com/sites/robertwood/2017/12/28/loophole-allows-tax-free-bitcoin-exchanges-into-2018/#5f9d9e0912fa

After December 31, 2017, it is clear that only real estate can be the subject of a tax-free 1031 exchange. A 1031 exchange is a swap of one like kind business or investment asset for another. The IRS treats most swaps are taxable as sales, so 1031 is an exception to the normal rule. The IRS says cryptocurrency is property not currency. So, many investors assumed that meant you could swap them tax-free under section 1031. But whether 1031 applied to cryptocurrency until year end is debatable. Some tax advisers say no, while others yes, provided that you did it all carefully.

Already used this dip to lock in a low profit tax record.

>>5626443
only poor people evade taxes

>>5626707
>>5626876
You're a dumbass, this has nothing to do with 1031 or like kind.

>>5626986
Actually it's only rich people who do

>>5627022
>he doesn't know the difference between avoiding and evading

>>5626443

just saw that notice on my screen too

I stopped using coinbase few months back

but this tax reminder shit should be a warning to the rest of you who still use it

>>5627045
https://www.youtube.com/watch?v=wpEaFmK3lrY&ab_channel=ThingsICantFindOtherwise

I'd quit using coinbase, if they ever let me withdraw

>>5627002
You can’t convert Bitcoin into Litecoin without paying taxes, if you have a capital gain.

>>5627124
How else can you cash out

>cancelled

im new here and wtf

>>5626443
This might actually be useful. Do they give a tl;dr of what to do?

>>5627175
>thinking you can cash out
HAHAHAHAHAHHAHAHAHAHAHAHAHAHAJAHJAHAHAHAHAHAHAJAHAHAHAHAHHAHAHAHAHAHAHAHAHHA

like, where do you guys buy them shits from

>>5626679
kekd

>>5627210
they probably just tell you to declare how long you held the asset

long-term is > 1 yr
short term is < or = 1 yr

you get taxed different for each

>>5627175
Oh boy

>>5627271
When you trade stocks the IRS gets every single trade you make.

It can be thousands of pages of trades.

>>5627271
..handy

>>5626443
Do Ameriburgers not have localcoinbase? So glad I've never had to use this trash.

>>5627126
Nigger you are severely retarded. That is utterly irrelevant to what they were talking about. If you lose money on an alt and go below what you put in you end up with a realized loss and don't pay taxes. Fucking mouth breather.

>>5627313
I mean localbitcoins

>>5627331
Well if you made money in 2017 you pay 2017 tax. If you lose everything in 2018 you have nothing to offset the capital loss on.

>>5627375
100k capital gain on bitcoin 2017. Convert to litecoin. 2018. Litecoin loses 90% of its value. 10k remaining in 2018.

You owe more in taxes than you have.

>Transfer coins to hardware wallet
>They were stolen Mr. Taxman, honest
>File that year and claim a loss
>Get tax refund
Outplayed

>>5626443
kek'd

>>5627124
Just transfer to other wallets man. It's super easy to buy there though. 2 seconds on the app..

>be britbong
>virtually under the radar NEET
>make many stock investments
>crypto investments
>even on Coinbase back and forth with numerous withdrawals
>nothing ever happened
>no one cares

Feels nice. Why are the American IRS so oppressive?

>>5627501
if you never traded your bitcoin for fiat there's nothing to tax

>>5627650
Not true, they are going to be taxed the same as any investment now

>>5627570
How will transferring to a wallet help?

Will crypto crash on NYE because of these tax changes? I'm not an americuck so I don't know how it works, but regardless of what's actually true there's clearly a perceived threat by at least part of the community.

>>5627686
Do you know if crypto-crypto trades made in 2017 will thus have to be reported this year? I planned on holding long-term and wouldn't be reporting any gains as I haven't converted to fiat yet.
In 2018 I'll start recording every transaction to avoid any mess since it's not that hard when done proactively.

>>5626443
It's OK. Use the chick thing. 'No means no.'

>>5627786
I don’t believe so.

>>5627438

I just want to reply to this to keep the chain going, ignore me pls

>>5627686
Sorry, I thought that I didn't have to pay taxes on gains/losses in assets unless I sold those assets.

In the example you can't prove you don't have the bitcoin anymore... as far as the IRS knows you're still in that asset. Stocks don't just dissappear.

>>5627438
He's retarded. You deduct your losses.

>>5627933
A loss is a loss. Whether you sold an asset at a loss, or the asset was lost/stolen/destroyed.

>US
sage

r.. respond

Simple question:
1)Let's say I initially put in $1000 into coinbase (buy x BTC)
2)Now I trade around, make some $$, but eventually loose a net of $500
3)Now I take the 500 BTC I have left and change it back into $ in my coinbase acct
4) Put that 500 into ETH

That's a net loss of $500, so no need to pay taxes, right?

Portuguese here. Official statements declare no taxes on crypto. Feels good.

>>5628016
But I don't claim my losses on currently owned stocks in my taxes. I have to sell those stocks

>>5626443
Lmao

>>5628060
*$500 in BTC, not 500 BTC of course....

>>5627580
What do you use for your stock investments?

Laughing at all these crypto babbies nervous about filing their first tax return after trading.

I traded ETH for USD on kraken all last year and didn't report shit. You think these exchanges just email the IRS millions of pages of documents? Get real.

>he thought he could run from the taxman
EL-EM-AYYY-OOOOH

Why is everyone spewing shit on here. What do their FAQ say about filing your taxes is it on Netflix gains or what? Let me guess coinbase doesn't know either.

Weird how these posts have been going on for weeks. How is it that so many people don't understand that 2018 tax laws go into effect in the 2018 tax year, and aren't retroactively applied to previous years?

>>5628190
Did you cashout though

https://support.coinbase.com/customer/en/portal/articles/1496488-taxes-faq
>>5627210
>For U.S. users only, Coinbase provides Forms 1099-K to certain business users and GDAX users that have received at least $20,000 cash for sales of cryptocurrency related to at least 200 transactions in a calendar year.

>>5628085
>>5628016
> For example, if you transfer funds offsite to a desktop wallet, and then back again, you would not count this as a sale of digital currency.
Sorry, you didn't sell your "asset" at a loss. Maybe if your theif provided you with a 1099-K?

>>5628060
just don't cash out of coinbase you fucking retard

cash out on localbitcoins if you don't have any other connection

FUCK the IRS and FUCK the jews, we ought to bomb their offices. You know they discriminate against right wing people right? Mass surveillance gives them far, far too much power.
We need a civil war. Get /fit/. Get /biz/. Get /k/.

>>5628382
Can you actually move hundreds of thousands through local bitcoins?

>>5628382
>>5626443
>>5628282

send btc to another non-pajeet country. cash out. receive funds as gift / donations.

>>5628382
Thanks Einstein, but that wasn't the question.

>>5628060
you can take capital gains losses

>>5628569
OK, Thanks.

>>5628534
yeah, the answer to your question is don't pay taxes, retard.

>>5628060
Depends on the year.

If you made a cap gain in 2018 and lost it all in 2019 still have to pay taxes.

> he doesn't realize the IRS does net worth audits

enjoy evading taxes but only being able to live a 30K/yr lifestyle

>>5628667
Right. This would have been the same year.

>>5628638
Just because you don't understand what assumptions are doesn't mean you can't learn. It'll help you get mentally /fit/

I feel bad for you americunts lol
Tfw 0 taxes here

>>5628755
name your lambo to your girl.
name your house to your brother
name your savings to your father with illness
set your house on fire and receive (((donations))) from anonymous sources

>>5628991
how to get your brother rich ITT

>>5626953

Basically. When the housing market crashes again. A milly dollar home is about 2 *insert your fav coin here*.

Jesus christ if you make millions just report it and you lose like what? 1? You still have millions you retarded bastards.

But fine don't listen and try to go under the radar. Bye bye all hard work and hello anal rape

>>5629090
white collar crime doesn't lead to anal rape

>>5628667
On the old rules you wouldn’t though. A like to like exchange rolls over the capital gain.

So if you sold btc for ltc in 2018 there would be no capital gain.

Now when you sell btc for ltc in 2018 you have to pay that capital gain. Then the next year you can’t deduct the capital loss if you have one.

>>5628061
Only for long term holding dude

>>5628382
we nazbol now