/biz/ - Business & Finance

>>57610999
It only matters if you took profits.

For people like me who haven’t made any profits just losses it’s not a problem.

>>57610999
What if i lost unrealized gains? Can I write that off at all

>>57611547
yes
>>57611016
im not sure. if you have any sales on a CEX i would check the box. even if you have losses, then just write it off.

>>57610999
I have checked that box 4 years in a row now with out sending in any information about what i have bought or sold or traded. binance and coinbase have never sent me any form to fill out so, not my problem.

>>57610999
kek

>>57611595
I saw a coinbase advertisement at a park. Am i being audited?

>>57611595
https://www.irs.gov/individuals/understanding-your-cp2000-notice
This link will be helpful to you one day

>>57611595
Because just checking it doesn't mean you have sold, you could have no reportable transactions.

>>57611634
schizo what you smoke?

>>57610999
checked
i try to pay my taxes on crypto honestly but its fucking hard
so you know what i just pay what koinly tells me I owe, after removing the obviously unreasonable transactions (like it includes exchange deposits as income) and then thats it
if the IRS wants to come after me for trying I will give them my wallet address and tell them to figure it out.
I'd likely be unplesant the whole interaction and film it and put it on youtube.

>>57610999
Doesnt matter unless you sold for US dollars on a KYC exchange. No one counts dex trades, nigger

>>57610999

Imagine linking a crypto address to your name.

>>57611569
Not him but sweet, so theoretically I can just write off however much I lost to help cushion the tax jew? Unironically this'll be my first real cycle so I want to get ahead and figure out a way to minimize government theft and not have to shill out 37% of my fucking take if I make some serious cash

>>57611016
It’s still supposed to be reported

>>57612098
realized losses. short term losses offset short term gains. long term losses offset long term gains. you can only deduct up to 3,000 from your regular (not trading) income.

it doesnt make it any better though. taxation is flat out theft and they do not deserve a cent

>>57611016
Crypto to crypto is taking profits. Just because you don't convert to fiat doesn't mean you didn't realise the gain in the eyes of the state.

>>57612229
FUCKING GAY. So assuming the bull delivers bigly, they'll still castrate it and take a prime cut of its flank (30 something %) from me? I heard people get away with putting it off though so long as they don't cash it out or the like? So could I (theoretically) take some and shove it into a decent alt like Avax and make gains off that without being taxed right away, and only cash that out like a year later so it's at a lower rate?

>>57611016
>It only matters if you took profits.
crypto to crypto counts as taking profits (or losses)
under the law its the same as crypto to fiat to crypto
I explained this in another thread, but heres an example:
you buy ETH, it appreciates 20%, then you swap to LINK on a dex;
if you hold the LINK until the end of the tax year, you still have to pay taxes on the 20% you made on ETH
but say you sell the LINK before the end of the tax year at a 20%+ loss, then the loss is deducted from the gains and you dont have to pay
at the end of the year, you have to pay taxes on the total PnL of all tokens you bought and sold throughout the year

>>57610999
I’ve reported all crypto taxes for the past 4-5 years or whenever that law came into effect. But thanks for the reminder

>>57610999
imagine living in the jew ess ay
mutts have the sheer arrogance to claim they are "free"

>>57612287
This is a total scam and I want out.
If I get citizenship in a country like Japan (not going to happen for obvious related reasons just using it for an ex) and then renounce my US citizenship (which you have to pay for btw, yes I know), when I cash out would I pay the taxes to the rate of the country I am now a citizen of or the US tax rate since I bought it in the US?

>>57612287
I'm still personally on a total lost, like I went in and when I sold some stuff it's -50% and I don't make that much yearly for my shit to get taxed still. Then again I'm not American. Also my biggest profit was like $80 lmao so I doubt the government will throw me in the slammer for $80 profit on 1 shit coin when my lost is more than that.

>>57610999
>sending $1m to the genesis block is a taxable event

>>57612270
That’s a long term capital gain you’re talking about and yeah it’s a lower rate but stil shitty.

The chad move is to get a loan at a lower interest rate than what taxes are. If you use that loan for investments you can even deduct the interest as an investment expense

>>57611016
Yeah but you should still report to write off the loss

>>57612313
you have to pay the exit tax (as if you sold all your assets the day you leave) because you realized the gains as an american. if anybody could just move to dubai and pay 0% capital gain tax it would be too easy.

>>57611016
You didn't read the question properly idiot.

>>57610999
I've never paid taxes and nothing has ever happened

>>57612313
Better off moving to Russia.

>>57612190
WAHHH WAHHH WAHHH
pic related is you running to give the government money you made so they can bus around Hondurans

>>57612058
hahaha

No kyc no problem faggots. lol lmao even at the retards.

>>57611016
this

>>57610999
There is a statute of limitations, you know.

>>57610999
good luck lol