/biz/ - Business & Finance

Hey this guy is an imposter the IRS doesn't employ frogs!

>>58409691
Their budget has expanded anon

>>58409681
just renounce your citizenship and move somewhere else with your gains.

>>58409681
>when you make a million
yeah haha about that hahaha

>>58409730
You are still liable for those gains. You need to give up your citizenship, move, then buy and sell crypto

Only cashing out is taxable. Crypto to crypto trade is not unless it’s a stable coin. How can you pay taxes if you’re just swapping one coin for another at equal value. It’s like trading Pokemon cards.

>>58409782
>Crypto to crypto trade is not
WRONG

Accountant here. Honestly if you just cash out and pay what's due as long as you disclose if it's short term or long term capital gains you're fine. A million is nothing and the IRS is pretty lenient on such a small amount. Hell they won't even look at it if it's under 12k profit.

>>58409782
you are required to pay taxes on every transfer. mining is also immediately considered income even if you don't sell. people say the halving will be a nothing burger but don't realize that taxes alone cut out 20+% of mining margin and even the best mining hardware doesn't give a return on the avg consumer electric cost

>>58409681
>4 years without paying taxes
IRS needs come to my house and take it from my cold dead hands
The govt expect us to gave away all our money to immigrants and Ukraine while Truflation's socioeconomic data worsen every month

>>58409844
That just means you've made insignificant money. You outed yourself as poor anon

>>58409832
Airdrops too

If I made my money mainly playing blocklords or anything alike, Do I have to pay taxes too?

>>58409806
>as long as you disclose if it's short term or long term capital gains you're fine.
For real? There must be a catch.

every I'm grateful for not having to declare any taxes to no one here. I wont disclose.

>>58409730
that's the escape pod in the back of my mind.

>>58409987
I doubt you make enough in that game to actually declare anything to the irs.

>>58410009
more than having a 9 to 5 job.

I badly need $1.4k for my university admission fees. Today is the last date. I am totally helpless. Anyone feeling generous today may help me out with this?

>>58410017
you been saying the same in the last 8 threads mo fo.

>>58410019
To be honest, trying to seek helps, but not being able to

>>58409782
>at equal value
If it's still at the same value as when you initially bought that first crypto, it's fine. But when the dollar value of the second crypto is higher than the dollar value of your first crypto AT THE TIME OF YOUR BUY-IN, you make a gain and have to pay taxes on that gain. It's only not taxable if you didn't have any gains in dollar value.

oh well, with my riches I guess I will just move out of whatever country I'm in that wants taxes from me. get fucked

>>58409846
Airdrop is gift

>Niggers shooting at each other on a daily basis in Chicago
>Nothing happens
>Don't pay your taxes
>Go to jail

Why?

>>58410199
Airdrops are taxed

>>58410750
not mine

But I did pay my taxes...

>>58409681
>see you own back taxes for years
I'm afraid to sell my VINU and a couple of memecoins just because of this, I don't know if they would really take some of my money or if they would just keep it all and leave me with even more taxes

>>58410754
They are. You're blocking yourself from ever making it