/biz/ - Business & Finance

Don’t pay

>>6414559
don't be retarded and factor in the taxes the first time you cash out

>>6414559

Faggot, you just don’t understand money or how to play the game. Also, if your end goal is to buy a $15,000 car, hahaha, you’re fucked no matter what you do.

take out enough money to buy the car and pay the tax u turd

You actually already needed to pay when you traded, not when you cashed out. As soon as you convert anything to anything you need to pay taxes. Yes, your gains are imaginary at the moment. Still need to pay.

>>6414645
That was just an example.

>>6414675
>>6414637
You cant. Literally it is impossible and it would defeat the whole purpose of BTC as it was stated in its Whitepaper by Satoshi Kamamoto back in 2008.

>>6414637
this, really not that hard OP
also don't be doing this unless you already made it in crypto; like at least close to a million or already a couple million.

>>6414559
Withdraw $21,500. Spend $15k on the car and save the rest for taxes.

>>6414700
This anon gets it. You have meme gains but pay real taxes on it.

You have to literally be a shithead to get into crypto. Literally its a tax highway to transport your wealth to big government.

>>6414559
You cash out $15000 in 2017. In 2018 you cash out $6000 to pay your 2017 taxes. In 2019 you cash out $2400 to pay your 2018 taxes. In 2020 you cash out $960 to pay your 2019 taxes. In 2021 you cash out $384 to pay your 2020 taxes. In 2022 you cash out $153.6 to pay your 2021 taxes. In 2023 you cash out $61.44 to pay your 2022 taxes. In 2024 you cash out $24.58 to pay your 2023 taxes. In 2025 you cash out $9.83 to pay your 2024 taxes. In 2026 you cash out $3.94 to pay your 2025 taxes. In 2027 you cash out $1.57 to pay your 2026 taxes. In 2028 you cash out $0.63 to pay your 2027 taxes. In 2029 you cash out $.25 to pay your 2028 taxes. In 2030 you cash out $.10 to pay your 2029 taxes. In 2031 you cash out $.04 to pay your 2030 taxes. In 2032 you cash out $.02 to pay your 2031 taxes.

Congratulations, anon - in 2033 you'll cash out $.01 to pay your 2032 taxes and finally be free.

>>6414559
>I want this nice car
>It costs $15 000

This is how poor people think. Or nogs.

Anon, why not invest that money? You're clearly not rich, why are you blowing it on a vehicle that you obviously can't really afford?

I'm fucking rich, and I ride the bus or bike *everywhere* -- I've got a small pickup truck that I keep for road trips and moving furniture around. It cost me 5000, and I almost never put gas in it.

Live within your fucking means

>>6414559
Oh shit how do we launch rockets into space? Add fuel! But fuel increases mass so you need more fuel!

>>6414882
THIS ANON gets it, I fucking hate it when bizlets say shit about how they want "fun money" but they don't even think about the fucking prices and what its going to do to the money they pull out when they spend it how they think they'll spend it.

I've always lived within my means, in fact I live below my means, on purpose, to save money.

>>6414700
>filling your gains before you cash out
>literally taxing air
I hope you arent retarded, irs cant audit your coins on an exchange without severely breaking nsa privacy laws

>>6414882
>Live within your fucking means
Exactly.

I am rich. You are poor, as you stated:
> I've got a small pickup truck that I keep for road trips and moving furniture around. It cost me 5000
Literally I would be ashamed to show up in front of my bros in some shitty $5000 car.

>>6414882
good advice but some of us like to indulge.

life is short. taking the bus sucks cock.

enjoy being buried with your bags?

im buying a nicer car, rolex, paying house off, and traveling my ass off.

im gifted at landscape photography. alaska, norway, iceland, ireland and spain.

try to live a little. do some mushrooms naked on a kayak.

>>6414839
This totally destroys OPs argument and for a second there I thought OP might have had a meta argument here.

>>6415024
>16 year old problems - the post

>>6415024
If you're ashamed of driving a working vehicle in good condition you're very insecure and I feel bad for you, anon. To each his own, but I wouldn't want to feel bad about myself all the time because I didn't spend too much money on material possessions

>>6415024
>ashamed
be happy to even have a car. you'd think if you had money you wouldn't give a shit about how you look around people. I certainly don't

>>6414559
You're an idiot. You cash out 21k pay whatever penalties for your tax bracket and that's it.

>>6415068
I keked.

make money faget

>>6415015

Have fun when they ask you why you haven't payed your taxes last year. You probably think you're so smart, but in the end the government will fuck you in the ass so hard, you'll wish you just paid your fucking taxes.

the true reason we cant cash out:

we are addicted to meme internet tokens

anything under 20k cant be taxed

>>6414559
You can never leave your room op

To walk to your door, you have to walk half the distance to your door. Then you have to walk half the distance to your door again. Etc. In fact you can't ever move anywhere because you first have to move half the distance there.

>cash out
>pay taxes after you cash out

????

>>6415047
Cashing out $15,000 winds up costing $46,600? Really?

What am I failing to grasp here? That's insane.

>>6414559
Bitflur.com
You’re welcome

>>6415400
Exactly Anon. Crypto is a game, that you can only LOOSE and the govermnent can only WIN. You are literally giving away big chunks of your wealth away to the taxman. Look at the anons calculation. LOOK AT IT. And then tell me this isnt just a MEME CURRENCY.

Trade XLM for BTC.
Owe IRS
Don't have GDAX
Now what?

>>6415581
I'm trying to wrap my head around paying 200% in taxes. Please God someone tell me I'm a retard and my calculation was wrong.

Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman, yeah, I'm the taxman
Should five per cent appear too small
Be thankful I don't take it all
'Cause I'm the taxman, yeah I'm the taxman
If you drive a car, I'll tax the street,
If you try to sit, I'll tax your seat.
If you get too cold I'll tax the heat,
If you take a walk, I'll tax your feet.
Don't ask me what I want it for
If you don't want to pay some more
'Cause I'm the taxman, yeah, I'm the taxman
Now my advice for those who die
Declare the pennies on your eyes
'Cause I'm the taxman, yeah, I'm the taxman
And you're working for no one but me.

>>6415662
I asked my tax consultant and he came up with same fucking number. 200 % taxes.

I am not touching crypto again. Otherwise I will have to take out payday loans just to cash out and pay more in taxes than i will cash out.

>>6415758
Naw, I was being a retard because I'm sleepy. Just always cash out 1.66x the amount you want, stick 40% in a savings account and you're fine.

>>6414839

You pay taxes on the gains, you fucking brainlet, not the amount you cash out.

if you have 1 year of investment time.
Cash out 17250 pat the 15% tax on it 2,250 and have 15k.

>>6415865
Its realized gains when you cash it out moron.

>>6414882
>I'm fucking rich
Sure thing mr. poor retard

>>6414559
Learn how taxes work

>>6414559
you can get car dealerships that will accept bitcoin

peter saddington bought his lambo with bitcoin

it is taxable but how they gonna run that down just pay capital gains or find smoebody on the street that will sell u used car for bitcoin

hwo did you make 1.5 mil when u so dumb

>>6414559

>use BTC to buy gold directly
>sell the gold

Are you achilles? Go mine some turtlecoin wtf

>>6415400 >>6414839

you fucking pajeets if he cashed out $20000 for the car he will get a sum of money minus fees that he can then buy the car with and also pay off the taxes and the whole thing is done.

>>6415240

Lol boomers

>>6414777
Fucking jackpot

>>6415240
Literally doing the IRS' work for them

You do realize their enforcement strategy is 95% fear and intimidation, 5% making examples out of the small fraction of people that don't pay or make minor mistakes

If the fear part fails and people stop giving a shit do you really think they have the resources to track down the hundreds of thousands of people that only ever paid their taxes because they were afraid?

Do us all a favor and stop helping them fuck us all over

>>6414559
You don't need a nice car, you fucking nigger, quit trying to be fucking nigger-rich.
And if you plan on cashing out and paying taxes, just plan on making twice what you plan on making so you can pay those taxes. Solid plan. Now get hustling.

>>6415949

Did you take a fucking second to take a look at the new laws? The moment you trade a cryptocurrency, you have to pay taxes. The moment you trade your fucking BTC for LINK you have to pay taxes on the difference in USD from when you bought BTC to where you traded it for LINK. And this is true for every fucking trade. And your fucking money is in fucking crypto, but you have to pay the taxes with real fucking money. You 100% DON'T just pay when you cash out. You pay on your fucking gains on your fucking alt trades, because at that point they are realized, as far as the fucking government is concerned you fucking fuck. Enjoy your fucking tax fraud charges and stay poor.

>>6416124

I'm not even from the US. I'm just trying to get this shit into your head, so you don't go to jail after you cash out. I can't believe how you guys seriously think they won't fuck you over and ruin your life.

>>6416210
So that's what you're planning to do then huh? Sounds like a shit plan to me.

just take a loan to pay the taxes and then take another loan to pay that loan and then take another loan to pay that loan

how dare they tax your hard earned bitcoin

>>6416210
>Click here

>trades on ignorantly

>>6415865
Income tax, for most states.

>>6414559
stay poor pajeet

>>6415859
Holy shit man, i thought you were legit mentally handicaped. Glad you figured it out.

HOW RETARDED IS EVERYONE HERE:

australia:

>make 3m in bitcoin
>cash out, withdraw it all
>pay it as income tax
>get taxed 1.3m
>have 1.7m left after tax

jesus its not hard, just fucking accept youre gonna have to pay tax you virgins

>crypto trading
>can't into basic math

I thought these were meme posts, but I guess not. The only thing these new tax laws are costing you is more time, not money. If all things but the tax laws remain the same and you find yourself paying more taxes this year, it's because you're either a retard that doesn't understand how taxes work in America or you've been committing tax fraud in the past years and seemingly gotten away with it.

>>6414559
It's taxes all the way down

>>6414559
No, you just pay taxes on the initial 15k. Walk away with like 10, if you're lucky.

>>6416268
You'd have to completely open yourself up to that. They don't have the man power or level of care to track your every move on an exchange. Give them one transaction, from the exchange to coinbase, and pay the tax on it.

>>6415400
It's the Aristotelian paradox.
You can't ever get anywhere because you have to move halfway there before you get there.
An arrow in flight is always stopped because as dt approaches zero, speed approaches zero. Etc
Tldr it's bait

Actual fucking retard doesn't know how taxes work. File your taxes at year end and just KEEP YOUR FUCKING RECORDS.

Fucking retard never googled "how to do my taxes"

>>6414882
can i have your autograph

>>6414735
>It is literally impossible.

>It is literally impossible to cash out more than the price of whatever you are buying

>>6417320
*zeno's paradox

>>6414559
Just cash out and flee the country. Move to Canada or Europe or something.

>>6414788
Ok stupid. I've been in for one month. I put 3k USD in. I'm at 8.5k now. If I cashed out everything I would pay taxes on my 5.5k profits. I still end up with 4k profits. Easiest money I've ever made.

>>6416948
I'm starting to think there are a lot of retarded kids on here who are either in high school or live with parents and don't do their own taxes.

>>6416381
The US was essentially founded on "no taxation without representation" - is there anyone in the House or Senate who represents our interests? The judiciary? Your local town council? Will the state government lift a finger if some gook runs off with your shitcoins? The federal government?

>>6417790
so you don't have to pay any taxes until you exchange your crypto for fiat?

I thought the exchanges pay tax, like they take the tax out each time you trade?

Cashed out 225k, 12k in accounting and lawyer fees. 42k taxes, overpaid just in case

So for almost no work, memes in my undies and some sleepless nights. $171k isd free and clear.

>>6414559
Get it in some way without paying taxes. Maybe the previous owner is looking to sell it in order to get crypto.

As long as ur car is not too luxurious, authorities will not notice or care. I would, in fact get out something cheaper if I wanted to avoid taxes.

Maybe get a motorcycle instead. It's more fun, and if you get a used model with 50k miles on it, you can get something decent for 1000$.

Livee in luxury paytaxes. Be frugal no taxes, no job, and have total security. The choice is a simple one.

>>6417933
>Will the state government lift a finger if some gook runs off with your shitcoins
this isn't taxation without representation
that's you being dumb

>>6414559
You don't owe taxes when you "cash out" from the exchange. You owe taxes everytime you sell your crypto, regardless of whether or not you leave the cash in the exchange.

Don't forget to fill out form 8949.

>>6416210
This anon is doing you a solid by pointing this out. If you don’t believe it see : https://thecryptocurrencyforums.com/2018-cryptocurrency-tax-rules/

>>6418275
>intend to file taxes like a good goy
>go to grab my trade history from Bittrex
>only past 10 days
Welp

>>6416948
>>get taxed 1.3m
What the fuck, is this for real?

>>6418487
...and every leftist wants to RAISE taxes. Yep.

>>6414559
IT'S IMPOSSIBLE TO RUN A MILE GUYS
>i run half a mile, nice only half left
>I run half of the remaining distance, almost there
>run half of what's left, only 1/8th of a mile left
>run half of that, 1/16th left
>1/32
>1/64
>1/124
>realize there will always be half of the distance remaining remaining
>realize I shouldnt have been able to move at all
>stuck running the first mule forever but also unable to move
>tfw

>>6418487
Looks about right to me.
http://www.ird.govt.nz/yoursituation-bus/bus-aust-nz/tax-basics/comp-inctax/comp-income-tax.html
>$180,001 and over: $54,547 plus 45c for each $1 over $180,000

Genius post.
All these faggots taking everything at face value. gj nubiz.

Dumb Ameriblubbers fell for the crypto meme lmoa

>>6414559
>>6414839
did you guys fail algebra?

>nice car
>15k

Yikes

>>6418694
It's worse than that, anon. I passed Calc 2. The US education system isn't what it used to be (it used to be white.)

>>6417101
underrated

>>6418112
No.

>>6418275
>>6417510
>>6417169
>>6416268
>>6416210
>>6415662
>>6415581
>>6415400
>>6415240
>>6414839
>>6414788
>>6414700
>>6414559

Wrong. Are you an accountant or tax professional? You only have to pay taxes when you cash out into USD based on your gain (same as with stocks). This is according to an actual tax preparer.

Holy fucking shit it feels so fucking good to be Canadian

We have extremely simply capital gains tax laws.

I can easily cash out $500000 a day with quarries and I only pay like 17% tax or whatever. Easy

It's incredible

>>6417790
Incorrect. Each transaction is a taxable event.

>>6418780
*quadriga

>>6418635
>>6418626
Man that's insane. I was already mad being taxed 25% in my country

>>6414603
If you pay when you cash out the amount you cashed out you are good. They will ask you where it came from though. That's when you print out 10000 transactions on paper and ship the boxes to their office.

>>6418764
I bet you have a jigaboo in a statue of liberty costume outside your office at the strip mall spinning a sign about your “tax services” and “se hablas espanol”. See >>6418372

>>6414559
Solution: Don't live in a third world shithole and instead live in a developed country with sensible cryptocurrency tax laws.

>>6418764
>Looks guys, I can reply to everyone in this thread! Give me (You)'s please!

Kill yourself.

>>6414559
forced meme/10

>>6415024
I have a tiny, tiny little bitty pee-pee: The Post

>>6414700
>>6414788
Found the cucks with no balls guys
Do not listen to them, you will always be cucked by a 'higher' source


I have an idea OP, don't pay. You're a small fry, and they will not check your every move.
They will be lucky to get 5% out of me because that is all i'm going to pay.

>>6416948
>>get taxed 1.3m
HAHAHA what a JOKE

>>6418925
that's right u can save your trade history on excel files, and tax what u gained above your initial investment. it's that easy.

>>6416210

>IRS comes after me
>claim I lost all the crypto because lol wallets
>suddenly get to claim the loss
>now have extra tax money and still have my crypto

They just scare people about taxes because they know they're fucked if crypto becomes mainstream.

All of this is solved with payfair. Peer to peer escrow on the block chain. Trade BTC for Fiat without doing it through a us based service reliably

>>6414882
best advice ITT

>>6419165
How dwould you get the money though?

Dumbass, you sent all of your money at once. Of course they're going to fucking tax the shit out of you and be suspicious of you so they check every logged event you've done.

>>6418764
>Wrong. Are you an accountant or tax professional? You only have to pay taxes when you cash out into USD based on your gain (same as with stocks). This is according to an actual tax preparer.

This is the most logical post on this topic I have seen so far. Not only that but this is easier to track too.

What the fuck is wrong with doing it this way!? WHY THIS FUCKING MADNESS!?

level 6 tax consultant here.

you have to pay at least 200% taxes on crpyot, it's true. f you cash out $5000, you need to pay at least $10,000 in taxes. sorry, it's true. you can't cash out unless you're already a billionare from outside crypto.

>>6418764

>>6419411
hahaha what a bullshit

Since the IRS has treated cryptocurrencies as property for tax purposes and the SEC has indicated it should be treated as a security, it is believed that an individual taxpayer can generally determine whether they will be using the specific indication method, which lets one identify the specific cryptocurrency to be sold, or the first-in-first out (FIFO) method for determining the cost basis of the cryptocurrency. The FIFO is the default accounting method by the IRS, unless one has records to support another method. The specific identification option is the method likely to give one the most flexibility and potentially the best tax result. The net capital gain or loss is reported on the individual taxpayer’s federal income tax return (IRS Form 1040 – Schedule D).
TLDR: You're fine using FIFO, I'll give you retards a minute to google that. But you may be able to save money filing each individual transaction.

A lot of basement dwelling tax experts FUDDING. Use your common sense, do you think the IRS is going to audit your 10000 row spreadsheet of transaction?

It's mind boggling how stupid people here are sometimes.

>>6414559
When it's time to cash out, you get lawyer and an exchange. Say I'll give you my $1.125 million xxx for $1 million USD now. Throw lawyer $25K. Pay $250K and you have $750K in a few days clean.

You all are the epitome of pussy pink wojack if you are thinking about cashing out more than $5K and less than $1 millie.

>>6419406
>doesn’t do his own research.
“Altcoins are typically purchased using bitcoin or Ethereum. Investors are now required to report each of those buys as a taxable trade. If you have bitcoin and later decide to buy altcoin X using that bitcoin, you’ll owe taxes on any gains in the value of that bitcoin even though you didn’t realize those gains in fiat currency.”

There, hope that clears things up.

>>6419071
Your a dumbass. I have like 15 wallets spread out each with hundred to thousands of transaction. I have a steemit account where every upvote is a transaction. Voting power is based on the blockchain so that is technically a crypto. Steemit provides both 50% steem and SBD when you get upvoted. I then convert SBD to another crypto so I can cash it out or invest in another coin. My other wallets vary from doing shapeshift to basic transactions.

And I dont even do the bot stuff, this is just the normal activity of a person who uses crypto investments to advance my income further.

I am half ready to basically be physically killed by IRS agents for a lifestyle that I had been fine with for the last 4 years. Because there is no fucking way I am going to be able to track all of this shit, its impossible. The only thing I know beyond a shadow of a doubt is when my money becomes Fiat, at that point I can safely make sure I cash out enough for taxes.

Otherwise... LOL I am already DOOMED.

>>6418627
>Achilles and the tortoise
Perfectly executed analogy of this retarded thread 10/10

>>6414559
>Not buying the car with bitcoin

This shit is too complicated I'm just not going to report anything

>>6414559
You don't understand.
We're not stuck in crypto desperately trying to get back into fiat, you're stuck in fiat desperately trying to get into crypto. And your desperation is only going to grow with time, because supply and demand.

Withdraw to an ATM or buy gold.

>>6419406
Because that isn't the law, you can argue that it is bullshit or say fuck it, but is is laughably easy to do your own taxes and you would be a fool to risk your gains by avoiding it. Ideally everyone should have calculated and set aside what they owe Dec 31st in case the bubble pops and you owe more from 2017 than you have in 2018.
http://cryptocurrencyfacts.com/2017/12/30/the-tax-rules-for-crypto-in-the-u-s-simplified/

>>6416013

Good plan, buy gold for less than it's worth from one of the 2 dodgy as fuck dealers that accept bitcoin. Loose money buying the gold, and loose money selling the gold, probably loose more than paying CG tax.

Great plan.

If your permanent residence is in your home country but you live elsewhere, where do you pay your crypto tax? Can you just choose the better one?

>>6419870
>Because that isn't the law, you can argue that it is bullshit or say fuck it,

I have no choice. That is the situation. I dont give a fuck what they say. Either I am fucked or I am not fucked.

I am going to go with "I am not fucked" first and if it turns out I am fucked then . What? Jail I guess. Never cash out ever again? Go crypto to crypto for everything from now on.

Its possible. I can potentially see this working actually. Because that is likely the only option. I am not going to give up crypto because the government is butt hurt.

If they push me around then it will be the last time. Ill go full crypto. Honestly I don't think its going to come to that though.

I'll pay my fair share and be done. Nobody gives a shit.

>>6419673
spoken like a true manchild

>>6420065
taxation is theft, tho. he has a point

Sell it to a third party on the black market.

>>6420022
It will work until it doesn't, and everyone can afford to pay taxes on their net gains UNLESS they didn't set it aside eoy and the take a big loss.
Everyone that has serious investments deals with it, traditionally selloffs occur in December, known as tax harvesting.

>>6419985
Accrue ungodly amounts of gold on Vaultoro, move to Switzerland when you've gotten enough, be in a country that isn't shit and keep running crypto with a nice stash of wealth that has lasted thousands of years rather than that shitty paper fiat stuff.

>>6419673
wut anime

SALT

>>6418403
holy fuck, click "load all"

>>6418813
You only pay capital gain tax on PROFIT you fucking retard. This board is filled with high school dropouts

>>6420685
what did u expect?

>>6420275
>and everyone can afford to pay taxes on their net gains

Define "net gains" when the crypto fluctuates 30% in either direction on a daily basis. The only net is fiat, period. I don't care what the law says. There is cold hard reality and there is political posturing to have a war on crypto. This isn't purely ideological either. This is old vs new and new ALWAYS wins.

>>6414559
Americans are so cute

Holy fuck the OP is a retarded autistic idiot that always posts his same damn line "You. Cant. Cash. Out." Literally LOL YES YOU CAN YOU FUCKING RETARD. You simply factor in the taxes and cash out the additional tax. You are NOT DOUBLE TAXED.

And get yourself a CPA.

>>6414559

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

>>6414882
I think I know what you mean, but a 5000 car? I mean that's kinda embarrassing anon.

>>6420831
>You are NOT DOUBLE TAXED.

correct, unless you never cashed out and never had intentions of cashing out in the first place and still owe. At that point you are double taxed.

>140 replies
I knew cuckchan was filled with downies but... wow

>sell your coin,buy Verge
>Transfer Verge to Monero
>Create Belize offshore bank account
>Cash out on bank account
>Shut your fucking trap, don't talk about your money with anyone, not even yourself in your bed
>Pay everything with debitcards/cash

This is what my crypto millionaire friend does since 2016.

I really don't understand why you pay taxes. You have four solutions:
-Offshore account Belize
-Sell BTC for a physical item (drugs for example, don't do it worst solution)
>Pay your taxes you buffoon
>Wait till 2020 because cryptocurrency is the NEXT CURRENCY. You can live without cashing out at the moment. You can pay for food, real estate, cars and shit.

Why did you invest in cryptos if you want to cash it out when it's booming? God that's like cashing out your investment on 1997 Internet.

>>6414559
The tax payment is part of the entire gain mount you are taxing, u don't need to tax it again and again and again.

>>6421090
>Shut your fucking trap, don't talk about your money with anyone, not even yourself in your bed
>This is what my crypto millionaire friend does since 2016.
Too retarded to even rp xD

>>6416948
Crypto isn't taxable in Australia fuckwit also, why the fuck would you ever cash out everything anyway.

>>6414559
local bitcoin p2p u weetahd

bitch if you make more than 15,000 dollars then you wont have this retarded problem. Buy UFR and join the force to the mooooon.

>>6414559
Basically u need to tax not only the 15k u want for the car, u need to tax 19500$, and then you'll be left with 15k taxed money. not so hard (the numbers are according to your thread).

>>6414559
Buy the car with BTC

>>6414559
This faggot has to be a kid who has never paid taxes and probably never cashed out.

$15,000 income
Means you pay $3,750 or whatever the final amount is depending on how you got it and where you are, which would be $3,750 paid by a check to the IRS and $11,250 in pure profit

>>6420464
>run bot for 6 months
>380mb csv
>1,400,000 rows

>>6414559
I swear to god if this is not bait , i will be very angry that such level of retardness exists. Tell me you are really not this stupid. Also vote people who want to lower taxes or next election the socialists would tax you 50%.

>>6415068
toplel

>>6414637
This
Op is a retard

Tell me this, why you USA guys just don't sell btc for usd cash to each other directly?

>>6420900
As if a 5 year old $5000 Honda Civic is any different than a 2018 $25000 Honda Civic.

>>6421961
>implying anyone interacts with strangers in a multicultural society
You know trust is the first thing to go, right?

It's a convergent series to it adds up to a finite number, you just calculate it ahead of time

You literally can't get your wage you get 1month of wGe but now you need to work 1more week to pay your tax. And the you need to work 2more day to pay tax on that.
You will never get your wage OP it's impossible

>Be Swiss
>Pay 2% Tax on withdrawing everything at once for the entire sum

I feel bad for Amerifats

Ugh, so many retards ITT.

Let's say you buy BTC with fiat in 2017. You pay no taxes.

Next, you buy some LINK with your BTC. If the value of your BTC went up from the time you bought the BTC to the time you bought the link, you have to pay taxes on that. If it went down, even if you don't pay taxes, you ARE STILL REQUIRED TO REPORT IT.

It's now 2018. You still had your LINK on December 31st, 2018. On January 4, you cashed out your LINK. Do you have to pay taxes on it? NOT UNTIL 2019. Since you held until the next year, you don't have to pay taxes until you make a transaction from crypto to crypto or crypto to fiat.

So for people who spent $2000 on memecoins in 2017, if you're still hodling all of those right now, you ONLY have to pay taxes on the transactions from your BTC to your memecoins, NOT any taxes from the gains of your memecoins UNTIL YOU CONVERT THEM BACK TO BTC/ETH.

>>6419568
I'm pretty sure they can't force you to hand in your transactions electronically, so just print them out a LOT of them (all that paper might cost you some money actually) and hand it in on paper.

Literally noone will care. They'll see that you have a 1000 page manifesto of random trades, you think they'll do something with it? You think they have automated scanning tech and AI that shifts through it to catch something?

Please, they're the government. They are brutes. They will see that you've pulled out idk,
10 BTCs out of somewhere, they'll want you to pay taxes on them, which may be CGT or income, they don't really care as long as it's taxed.

Sign up here and you can walk up to atms and fucking withdraw cash with this coin. Free $10 worth of LEGIT coins

https://legitcoin.me/signup/ref/64775

Fuck paying taxes you feel me. I will only ever cash out $5-10k max a year. Just do it slow. There's places on the darknet where you can launder this money too.

>>6414559
wait a year for REQ to gain traction. Buy car with REQ.

>>6414559
Just get a Bitpay debit card and convert all your BTC or BCH into USD. You can load it up with a max balance of 25k. Once you spend that, load up another 25k worth of crypto, etc.

https://support.bitpay.com/hc/en-us/articles/115003014306-How-Much-Money-Can-I-Load-onto-My-Card-What-Is-My-Daily-Spending-Limit-

>Not just promoting crypto irl as hard as Pokemon Go or something until the whole world FOMOs into accepting Bitcoin payments by the end of the decade

>>6422460
>which may be CGT or income, they don't really care as long as it's taxed.

Yeah, if I pull out 100k and report it and pay my 50 grand taxes on it or whatever the fuck.

There's no fucking way they will prod me further, I am skeptical as fuck. Hey guys here is 50 grand you normally never seen before. It was crypto. They wont shit all over that they will just be glad they go it end of fucking story.

>Prove me wrong biztards.
If you bought that 1bitcoin for 19k
you don't have to pay taxes on it
You really don't even have to report it

Imagine being so fucking retarded that you think
Having to pay capital gains tax = Being unable to sell something

I'm honestly flabbergasted. How can one be THIS FUCKING STUPID and still be capable of using a computer?

>>6414559
kill yourself

>>6414559
Buy car directly with btc

>>6416010

In Australia you can just buy shit with crypto and it isn't taxed beyond the GST on the product's price.

>>6414882
Exactly. THIS ANON IS RIGHT!
Furthermore Invest into something bigger once you make it in the Crypto-Game. Invest in businesses or the Actual Stock Markets for example.
Go Big or Go Home and live a simple life until you make it in the big games.

>>6425057
>Invest in businesses
>the Actual Stock Markets

the "stock markets"? Are you retarded?
hint: the majority of anons will not make it big

>Go Big or Go Home
solid financial advice.

protip: rich people didn't get rich by buying crypto. They enter their position through two things:
1. born into it
2. build it slowly (not talking about your 401k/IRA shit—I mean building a successful medium-large sized business)

To be less harsh...
Investing in a business is obviously not a poor decision. Yet, that is the same thing as investing money into stocks. You will be giving CAPITAL to a PUBLICLY TRADED COMPANY in exchange for dividends/promise of future growth by said company.

For someone with large liquid assets (hint: at least 200x OP's 15k) the best bet for STABLE/EASY annual returns is through a few investments:
- government bonds
- low-fee/safe mutual funds (blue chips, S&P 500 etc)
- negotiations with banks involving CDs, trusts

You have a good mindset, and obviously have determination. However, it pains me to see blatant misunderstanding on the most important subject to directly impact your life: money and financial instruments.

Through your continued journey into crypto, you should do some research on actual exit strategies into more stable assets. If you do ever "make it big", you'll actually have a greater sense of what to do with your newfound money than to just:
> Invest in businesses or the Actual Stock Markets

good luck anon

nice larp op

>>6421143

It most certainly is you halfwit sudo.

>>6422395
This. They still have PCs running Windows XP

>>6425275
Thanks for the advice i have been thinking of an exit strategy once i make it in Crypto. I need to learn more on the matter however if i ever want to make it big and what to do once i make it.
(Thankfully i only have started recently and small).
I would like an exit strategy from crypto into an investment that is reliable and that will make me more money for the long term.
Thanks for the encouragement however i wish you the best of fortunes.

/biz/ is too retarded to realize the truth. I tried to cash out last week and it's been a complete nightmare and I still haven't seen a penny. I sent my bank my Bitcoin and they fucking lost it. I called them and they say that they have no record of any transaction and they play stupid pretending to not understand how Bitcoin works dating I can't deposit Bitcoin into my account. I told them it doesn't even matter if your bank supports it, it's called decentralization and the blockchain but they're so stuck in the past and honestly just terrified about crypto so they're just straight up stealing now. I'm not sure what to do at this point, the bank has my Bitcoin and I'm going to the police tomorrow.

>>6416948
its not income its capital gains, atleast in the US

>>6414559
Buy the car with bitcoin

>>6419673
all this idiots filing bitcoin stuff will get audited before u do anyway. just don't cash out over 20k

>>6419728
this is true... I can only buy 250$ of crypto a week in coinbase but I can cash out 100k a week

>>6421090
If you report your friend to the IRS you get 20% of the money they recover from him. I don't know why the fuck he would tell you this

>>6425645
>Thanks for the advice
No problem. I apologize for being sarcastic—I just wanted to get your attention

>i have been thinking of an exit strategy once i make it in Crypto
A motivated investor makes a detailed plan for his/her moves. This generally entails two things:
- Tolerable risk
- Present financial situation and relevant goals

What are your goals? How much money did you invest? What is your cost basis? Are you willing to tolerate short-term capital gains taxes, or are you avoiding tax liability and holding long-term? What is your dollar-cost average for each of your investments?

These are things which you should learn about, and then write down/commit to memory. This will enable you to think about an exit strategy.

>I would like an exit strategy from crypto into an investment that is reliable and that will make me more money for the long term.

This goal spells out that you want to make a lot of money. How much have you invested, then? Despite all the people shooting for "MUH MOON", you're not likely to gain those types of returns on ANY coin you invest in. Rather, you would need to look at coins/platforms with long-term growth goals, and that have viable use-cases for their platform.

Then, after settling that with your choice of investment, you have to put in ENOUGH money to get a decent return to meet your above goal.

>that will make me more money for the long term
Stable, IRL investments are not like crypto.
They do not return 200% in a year.

A good year on the US market is 7% return. An average year is 5%.

If you take that 5%, and wanted a stable pre-tax income of 50k, you would need $1 million invested in a low-cost index/mutual fund. Do you think you can reasonably achieve that goal in crypto?

These are the questions you should be asking.

>>6425925
(continued)


A more reasonable goal—for most people in crypto—is to take a tolerable risk (say, a grand or two in cash) and hope for a decent return of 5-10x. You can use this cash for other loans or immediate payments that are facing you now. Of course, you can keep those profits and reinvest them into the market. But do you think the market will remain stable? The bull market will come down at some point (not tonight's bear market—this is just a short-term fluctuation, and not a real crash in crypto). How will you mitigate these risks?

Again...these are the questions to ask.

>>6421961
there's local bitcoins but it's filled with so undercover feds and Dept of Homeland security fags that it's practically a honeypot

burtw.com

>>6425729
Anything that you cash out—within a year from original purchase—is considered regular income within the USA (aka short-term capital gains). This is taxable up to the rate of your current tax bracket.

The max rate is 39.6%. If you're complaining about this after getting into crypto anon, well...I have some bad news for you....

what's your point retarded faggot.
you can't cash out but you have to pay taxes when you have cashed out?

fuckin make sense for onece in your miserable life.

a car for 15k$ lol

>>6426035

I don't have a choice. I have to pay taxes and not fuck up, or I will lose my security clearance which is necessary for the job I love.

I'm fine playing with my cards on the table. Just means I retire at 40, instead of 38. Big deal.

I will pay 40% to the gangsters so they don't kill me.

>>6414559
I'm sitting here laughing at you faggots.
The absolute state of people who don't live in tax havens

>>6425925
>>6425956
I am going to save your responses to me and i am going to do a SHIT-TON of research before i do anything risky and potentially fatal for my investments. I appreciate your advice you have given to me.
I wish there were more anons such as yourself on this site.

My lord, you faggots make fun of /pol/, but thread has some of the most extreme idiocy I've ever seen on 4chan. Anyone who believes OP and replies in a sincere way deserves the rope

>>6426145

Yeah it really sucks living at the foot of the rocky mountains on a beautiful ranch, with all my guns and my lovely wife with a kid on the way. This terrible fucking country. I go outside and breathe in fresh, clean air and walk 10 minutes down to the river full of trout with my dogs. I think to myself "wow, I fucking hate the usa because I have to pay taxes", then throw a stick into the water. Splash, the dogs race for the stick. It reminds me of how I wage slave away chasing the eternal shekel. The dogs return, wet and dripping and dirty, struggling over the stick. Disgusting peasants, fighting over their shekels.

My wife calls to me. Breakfast is ready. More misery awaits me at the table as slaughtered animal meat cooked over an open flame is presented to me like some sacrificial offering. Normal in this despicable nation.

Fuck the USA. Here dogs, have my porkchop.

>>6426089
>MFW I was in the same situation
Option 1; Shitty government job with a false sense of importance and shit money (80k pa if you don't get deployed and 120k pa if you work 16 hours a day everyday visiting shitholes)

Option 2 ; Go all in crypto make a shit load and retire next year (If you know what you're doing)

Guess which option I selected?

>>6426296
Then robots show up and fucking murder all of you like terminators. Your job was to keep the big city in check anon. You were supposed to help us build the technocracy anon. Now the real world became a horrible scifi movie. You could have helped us make sure crypto would be decentralized anon. BUT YOU CHOSE TO DIE AS A LUDDITE!!!

>>6426089
if any of the pimple-faced/young anons did some real research into retiring early, they'd learn that they can do so by just reducing their annual expenses and maximizing savings.

Someone who saves 35% of their annual income—with expenses remaining constant, even if wage/salary increases—can easily retire within 20-25 years. Most people don't realize this, because they never do the math/assume it's too hard.

Really, though, it's just a simple matter of adapting to a simple lifestyle. If you purchase a few tangible assets (i.e. for me, a computer and some books are enough), you can get by on very little and live a comfortable life.

>but no, I want my lambo
>to MUH MOON

this is the mindset of someone naive. Your best bet is to minimize your expenses now, and maximize savings. Sure, crypto gives you a small shot at making it big. But if you're going to blow all that money on a lambo anyway, then what was the point? You've now got a shitty, depreciated asset that wipe 1/4 of your gains, and you'll likely still work to support the rest of your shitty lifestyle.

>security clearance
Yeah, I wouldn't want to fuck that up either. That's a great asset, esp. if you're in defense. And retiring at 40 is not a big deal at all—that's actually a grand accomplishment.

>>6418128
>>6418128
>12k on lawyers and accountants
holy shit, you're retarded

In Europe you can buy gold bars for BTC through Bitstamp. Sell on local market for cash. You'll lose like 5% but its still better than paying taxes

>>6426563
Have you ever hired an attorney? Ever used a CPA for anything besides not being able to do your own 1040-EZ? Then fuck off. An anon actually made a decent return on his investment, and wanted to protect it. You don't want to get hit with an audit by the IRS, or any potential fines.

>>6426509
>Boomer mentality
MFW Still have my clearance (Can afford to pay someone 40k pa to sponsor me), retired @21 and have more money than the top brass XD

seems like no one knows what the fuck is going on

>>6426696
>retired @21
>literally not the type of person I'm addressing
boomer mentality? That doesn't even address anything. Most anons here aren't retired, are poorfags working at walmart, and want a way out. Their ONLY solution is to continually save and live within/below their means.

Boomers are idiots who blew money on useless things during a period of huge growth. Consistently changed regulations to maintain their status as the USA fell behind the rest of the world in social/public investment and manufacturing. If anything, saving money is the smartest thing a genx/millennial should do in this economy.

>>6414882
Anon. 3 things.
1. I normally agree if the first thing you cash out and Buy a nice car you are fucking retarded. Thats what NFL players who end up bankrupt do. Especially if you are basing it on an assumption of future income or "gains." But anon is not buying an expensive car. He is buying a $15k which is extremely reasonable price for a car. Spending under ~$8k CAD (too lazy to do the math) might not even save you money in many instances cause they either get expensive repairs needed or need to be replaced. Additionally not all cars depreciate that fast. Things like Ford Rangers (that are actually out of production atm) pretty much all held value for like 5 years and like 50-70k km.
2. He is literally cashing out saving to buy an important live investment. So telling him to "save" is retarded. He did now he is reaping the rewards. You dont just save ad nauseum till you die in a slum with a large portfolio.
3. As a middleclass the opportunity cost of my time isn't worth the savings of the bus. So if you are truly "rich" youd understand that.
4. Id literally rather kill myself than give up having a car. Like if I had to choose between my home and the bus. Or living in my car. Id take the latter.

>>6416210
you are fucking brain dead

>>6414559
a) Cash out $18k, pay the taxes and buy the car.

b) Buy the car using Bitcoin.

>>6414603
Guys this doesnt seem like a coin I'd trust my money on, going to HODLL WALTON (WTC) to see some easy 100-300% gains

>>6414675
Anyone holding Walton? (WTC) looks like a good coin for an easy 100-300% this year

What about using a crypto debit card? Like TenX or when Cardano release theirs?

>>6426886
He doesn't seem to have 15K for a car, does he? He can't afford it, simple as that. I can promise you there's very little difference between a 5K, 10K, and 15K car. They all drive you to work. They all need maintenance (and yes, it's almost always an equivalent amount).

Even if he destroyed the engine on his 5K car, he'd only have to pay a few thousand to get it rebuilt. He's still up 7K.

People get emotionally attached to driving, because being in the driver's seat is the only place where Westerners feel like they're really in control -- compare it to being in an airplane seat, for instance. It's irrational. Most people don't actually need to drive at all. If you live within 30 minutes walk to a grocer, and can reasonably take transit to work, you almost always can go without a vehicle.

Do you know what a car does for 23 hours a day? It loses you money, sitting in your driveway or a parking spot while it depreciates. It is the worst possible use of money.

>>6426886
Also, FYI, I'm upper-middle class. I spend an hour a day on transit and use that time to read or write emails. It's absolutely not an opportunity cost.

Here's the thing: you can work when you sit on a subway. You can work when you sit on a bus. Yes, the total commute time is slightly longer, but you can't do anything when you drive: you're stuck in traffic, eyes glued to the road. There's no opportunity for reading, working, or just having meditative down time.

Again... people are emotionally attached to driving. It's 100% irrational.

>>6427301
>>>6426886 (You)
>He doesn't seem to have 15K for a car, does he?
Yes he literally does. He said he cashed out btc to buy it. Not finance it moron.
>they all drive you to work
Lmao okay. Ill buy a ford ranger with 20k on it. You buy a JDM 90s shitbox with 250k on it. Lets see who has the better investment in 5 years. factor in the ranger will barely depreciate.
>only drive because muuh complex
Nah, its more the fact that I dont have to walk 30 minutes for groceries like a cuck. I went to costco saved money buying in bulk. twice as much as you can carry got home in 5 minutes.
Also bare in mind (Im assuming your some faggy euro) North American transit licks fucking ass and many have to resort to busses, while our roads and driving infrastructure is way ahead of a lot of European cities that were built before cars.
It would take me about 90 minutes to transit if I timed the bus perfectly. I do a 20 minute drive.
>>6427351
> I pull out my laptop and burn through data while standing on a cramped bus/train in the morning
Fuck off larping neet. You dont do that. Because everyone is going to work so you arent stretched out on a bench. You are standing with some dudes dick grinding into you listening to shitty music to loud. Likewise a conference call in the car is something I do all the time. But if I did it on transit I'd probably be fired.

you idiots do not undestand TAXES. You have to pay them on every profit you make. Doesn´t matter whether it is in USD or in BTC/ Ether. When you swap BTC for Ether and made a profit from selling BTC that amount is taxable.
Its not like that you can leave your money with your broker for 25 years and not pay yearly taxes. You are fucking retarded

lmao, is this the 21st century Zeno's paradox?

>>6427760
kek it really is Zeno's paradox too..

>>6427543
I ride the train, man. I get to sit every day and work on my laptop, and yes, you can write emails. You know you can write and reply to email offline, right? Also, I work for a good company. This means they have a company shuttle (with WiFi) that picks up employees at the train station.

>North American transit licks fucking ass

Should have bought in Vancouver or Seattle.

>>6427715

You are a fucking moron dude. Do you pay taxes if you sell your iphone to someone? Of course fucking not because it doesn't show anywhere, because you don't need the state to validate the transaction of ownage rights. The state can only tax you on stuff that goes through their system.

Imagine that the IRS taxed you on everything you ever sold on Craigslist? Like going through every item sale you made on Craigslist and taxing you on it? Can you imagine that happening? Of course fucking not. Same with crypto.

You get taxed on every large amount you take out. There is no way they can tax every trade you made on a Chinese exchange website get real.

>>6415728
one two free four

>>6426886
>Anon. 3 things.
posts 4 things
fucking tardo

>>6418813
lol they don't tax your losses you giant moron. It is seriously amazing how progressively stupid /biz/ has gotten over the past few months as you tards flood in here.

>>6428818
no lol but if someone comes after you you're gonna have to prove where the money came from, ie trading not something illegal.

>>6414559
Just wait two years bro, IRS will stop existing.

>be american
>have 100k in crypto
>pay 90k taxes
>americans
Trully first world

>>6414559
Nice paradox, Zeno.

>>6418764
> You only have to pay taxes when you cash out into USD based on your gain (same as with stocks)

What would happen in this scenario:
-Buy $1000 of crypto at $10 a piece
-Total value goes to $2000, I sell
-Price goes down to $5 a piece, I re-buy with $2000
-Price goes to $15 a piece, I sell and collect $6000

I have sold twice into fiat, will I be taxed twice (and for how much) or once on the total gain?

>>6430167
once or twice, u still pay the same for the 5000$ u earned.

HAHAHAHAHA BURGERS LIVE IN THE LAND OF THE FREE BUT HAVE TO PAY ALMOST HALF THEIR EARNINGS AS TAXES
AHHHHHHHHHAHAHAHAHAHAH

I HAVE TO PAY ONLY 1.3% IN TAXES AND I CAN DO DRUGS AND FUCK WHORES LEGALLY AHAHAHAH

>>6416210
SO THEN DON'T CASH OUT AND HODL YOUR FUCKING ALTS

Wilhelmus van Nassouwe
ben ik, van Duitsen bloed,
den vaderland getrouwe
blijf ik tot in den dood.
Een Prinse van Oranje
ben ik, vrij, onverveerd,
den Koning van Hispanje
heb ik altijd geëerd.

Cashed out my initial investement yesterday

>>6415296
woah read this on mushrooms and it will blow your mind. "you can never leave" thats fucking deep

>recession happens
>crypto is recession proof
>gubment needs economic activity
>trillions of dollars being held in crypto holdings
>gubment introduces one time flat tax for crypto cash outs to encourage spending

>>6431380
where do you live?

luckily i live in slovenia and there is no tax on crypto gains, unless you are running a bussines for trading.

>>6414933
Underrated analogy

>>6431654
Netherlands. I literally outperform Burgers holding the same coin even if I buy it later!

And then when I decide to cash out nearly tax free , I can actually LEGALLY spend it on weed, shrooms and hookers

>>6431650
this is very possible

>>6415024
That’s because you’re Arab

>>6431650
papa bless

>cash out $15,000
>government takes $15,000
REEEEEEEEE

>cash out
>put it in a on year CD
>pay minimal taxes

or cash out and put in the most tax efficient taxable account you can find

sit on it for a year and it becomes long term gain and you pay less. As long as the value of the coin doesn't drop more than the offset of long vs short term gain tax %, you're good

offset taxes by donating to a charity. If your 10 dollar coin is worth 1000 now, you just wrote of 1000 bucks vs 10. Work the system

Anyone else plan to cash out once per year just below the top tax bracket? And keep the rest in crypto.

>>6414559
in the UK you can cash out £11,000 before paying capital gains tax

>>6418925
This right here. If they want to send someone to come audit me id be more than happy to comply. Please send a government official to my house to run the numbers and tell me what I actually gained. And that's not gonna happen unless you're a whale. Pay taxes on your coinbase transactions only. The end.

>>6418813

go back to school

the level of retardation in this post is fucking absurd - to think that people like you exist makes me physically sick

go read tax law and get educated or kys asap

>>6420900
>>6415024
I'm unironically so happy retards like these exist, thanks for dropping yourselves down like lead from the upper class to the lower class, more room for me.

>>6419590
The car is in your name. The goverment wants to know where the money of thar car comes from. Same for buying a house.

>>6414645
I GOt my lambo

Eurofags, how the fuck do you manage to cash out.
Where I live people have no fucking clue what a beetkoine is.

>>6419559
Yeah, but let's say you sell those alt coins at a lower price than you bought them at. Then when you convert that to fiat currency, doesn't that loss offset the gain, in fiat currency? Like normal stocks.

>>6414559
you're********

>>6414559

DAMN I didn't realize cashing out investments was xenos paradox. this really activated my almonds

>>6414777

trips confirm. we got a savant here

>>6414559
What about not paying taxes?

>>6414559
try cashing out less than 10k at a time

>>6434947
Banks can do addition. Anything over 10k is reported. Ask me how I know.

>>6435093
what if you split up the sources, lets say 9k from 1 exchange and 6k from another
how do you know?

Shut the fuck up, nigger, it takes literally minutes to cash out using my country's exchange

>>6419568
>Your a dumbass
who got themselves into this mess

No you cant cash out because all the fiat available from exchanges will be going to IRS for trading taxes on alts you cant even spend fiat on.
Hom much has the market cap fine up in 2017, again...? Lol. Pre 2017 money in crypto is small in respecto to this years taxable paper gains. Will the new fiat be enough to even cover the USA obligations?

US have shafted the entire crypro market with this dick move.

>>6414559
>Prove me wrong biztards.
monero

>>6415409
Website doesn't explain shit. How does selling for PayPal, Amazon Gift cards, American Express Bluebird etc help pay less taxes?

>>6418626
ON CAPITAL GAINS YOU PIECE OF SHIT.

>>6435234
They report any income over 10k. Even if it can be verified. (They will say they don't but it's part of KYC) A large deposit ends up flagging an algorithm. Small deposits also flag an algorithm.

Verified business accounts are less likely yo be flagged. Doesn't matter the source, if large deposits are "abnormal" for your account you will be explaining where the money came from.

>>6414559
I mad btc but not usd on my last crypto tade do I pay taxes.

Anyone know the exact wording of the new American tax law?

>>6420350
Serial Experiment Lain

>>6416013
Buying more than 10k worth of gold is reported to the IRS. Have friends buy for you.

>>6436471
>Buying more than 10k worth of gold is reported to the IRS
i went to a cash 2 gold place to buy about $13k worth of gold and the guy split the transaction into multiple parts and said he'd enter them into the log over about a week so i owuldn't have to deal with tax shit

>>6414559
I know this is bait, but this is like equating paying sales tax to paying the cost of a product then paying the tax in two separate transactions.

Just do the fucking math and make one withdrawal/transaction holy fuck. I know you dont believe what youre saying OP, but there are people out there who do; this is for them

This is literally the Xenomorph paradox of the 21st century, holy shit.

>>6418780

In canada they ruled that crypto-crypto trades were handled under the barter system and so they are taxable events. Are you reporting all your trades?

https://www.canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html#toc3

>"Digital currencies are considered a commodity and are subject to the barter rules of the Income Tax Act. Not reporting income from such transactions is illegal."

I'm a canadian living in the US trying to figure this shit out bc it's my first tax season with crypto

>>6414559
If you wanted to cash out 1 BTC, you instead cash out 1.42857143 BTC and pay 30% tax on that which is 0.42857143 and leaves you with 1 BTC after tax

>>6437589
Kek. In two years this is all outlawed because the IRS can't figure it out. In the mean time...the dollar collapses. We all move to Belize to cash out.

>>6414559
Lastly...this tax plan doesn't work for the IOT/contract economy that is coming. It's a fear tactic. Sell your bags. The rich missed the boat and want in.