/biz/ - Business & Finance

>>6847673
just put everything into monero

>>6847789
Literally how is that supposed to delete the logs that the exchanges hand over to.the IRS?

you don't pay taxes. if everyone just STOPS paying taxes they can't do anything!!!!! JUST DON"T PAY

>>6847885
What do you do then? Just hold most of your crypto and sell on localbitcoins only when you need cash?

>>6847673
well, if you live in a normal country yes
if you live in the land of the free here is how it works:

>You have to report every single fucking trade
every time you sell a coin that gained in value for another coin/fiat it's taxed
>you have to pay after every year even if you don't cash out to fiat. Mr IRS doesn't care about your long term strategy and will shake your poor pocketc like there is no tomorrow, thus compromising your trading BIGLY!
>oh I forgot, every fucking airdrop/fork/ico/pooling/donation has to be explained otherwise enjoy being accused of money laundering and saying bye to your sweet gains
>"B-but what if I sell one of my coin that grew over the year in december for a different coin and then it crashes in the beginning of the year?"
You guessed right, you're in debt now, Mr IRS doesn't care about your retirement dream, you better take overtime in McD's now to pay that debt tax so that Shaniqua can have her nails done

But, all that hassle could be dodged if you lived in a civlized country

>>6847857
not if you are an amerifag, you even pay tax on unrealized gains lmao

you can prevent this by trading on gook exchanges like binance / kucoin that doesn't give two shits about the tax man knocking on their door, but if you use bittrex, gdax, coinbase or bitfenix, you are pretty much fucked m8

>>6847958
this is bullshit

>>6847958
>you have to pay after every year even if you don't cash out to fiat.

Lol, no. You dont pay taxes on unrealized gains. The IRS cannot tax you on gains that are not realized (converted to usd)

>>6848005
my sweet summer child

you are in for a rude awakening

Use small gook exchanges, already closed exchanges and decentralized exchanges to hide some losers among your 1000+ trades. That combined with some stolen/lost coin and you should be good. Over reporting while not being egregious > Under reporting/not reporting. IMO

>>6847857
I didnt do any id verifications on any exchanges am i safe

>>6847984
>>6848005
Guys, I'm on your side but it's not how it works in THE LAND OF THE FREE

if it was like you guys say how would you want to go about your taxes in such situation:
>you've been trading for let's say 3 years, shitcoins/btc etc and now after 3 years you want to cash out 40% of your alt that makes about 50% of your entire portfolio.

How would you track down all the trades that lead into having that alt in the first place.
It's impossible

it's either
Case A for civlized countries
>only pay when you cash out for the last trade
Case B for the Land of The Free
>every trade after every year, regardless if you want to cash out to fiat or not

taxing every trade but only when you cash out to FIAT is a hybrid of the above that doesn't exist

I've only been playing around with pocket change for fun and have $100 in gains. Is it even worth reporting all of the trades I made?

>>6848005
still living in the 2017 tax codes i see
you're dead wrong

>>6847673
bro, you are supposed to send in a check to the irs after EVERY trade

rip in pieaces bro

>>6848343
this gentleman is absolutely right
Mr IRS doesn't care that you don't want to cash out yet because you haven't made it. Mr IRS needs your money NOW, not maybe in 2-3 years when you're a millionaire. Mr IRS needs to make sure your trading strategy is compromised BIGLY! forcing you to either cash out a chunk of your portfolio after every year for tax purposes or use your live funds. Mr IRS cannot allow a scenario when the citiznes of The Land of The Free are freely trading their way into retirement.
Who would be then paying for Shaniqua's and Jamal's retirement?

Comfy gains with this awesome pump group.,,.

https://discord dot gg/SAvYRKM

>>6847673
As of now, yes. But rest assured, should crypto become widespread accepted currency, they'll tax you retroactively with some new laws. They won't let go of your money.

>>6848520
absolutely right.
If you bought bitcoins for 10usd and then bought a shitload of electronics/etc when btc hit 1-5k usd a piece, you bet your ass mr IRS will find a way to hunt down your ass and tax the living shit out of you, to make sure that the evil idea of becoming reach never corsses your mind again.

>>6848648
rich*

>>6848148
Yeah, especially if they're chink exchanges.

I mean why should one pay tax red pill me?

You can get a big loan and buy a nice car or place which will put any other normie on heavy budget meanwhile you have cash from crypto and with that buy food, gadgets, nightlife bla bla.

If you want more let one of your close members in family take a loan and you take the money and pay with crypto cash.

Open up a small paper copy shop or what its called and launder money there.

Jesus Christ people think IRS is some kind of next level CIA, they are understaffed, under budget and very unorganized agency where mostly boomers work.

>>6847958
America is a shithole.

There, I said it. If what the IRS is doing isn't a sign of our decline, I don't know what is.

>>6848005
It's doesn't have to be converted to USD because things can be purchased with btc, eliminating the need to ever cash out

>>6848148
asuuming you bought btc/eth on local bitcoins for cold hard cash then you're safe right now and already 10 steps ahead of the average normie.
Now just come up with a sensible strategy for when you'll want to cash out
.either prepare some fake trading story that suits you (preferably on an exchange that doesn't exist anymore)
>you can also try with the story of having those btc mined years ago with no records and see if they bite it
>selling for cold hard cash again and then coming up with an idea of laundering that money back into a legal circulation
>or go to a country that is crypto-tax-friendly and will glady take a chunk without asking too many questions

>>6847857
>Binance
>Chinese Exchange
They don't give a fuck, also no verification.

>>6848910
This tax law is actually awful, i imagine the IRS is going to havr a steep spike in issues they are not prepared to handle.

Normies especially who fucked with crypto are going to stir up so much shit for them. They wont have the faintest of how to explain or handle the paperwork to them.

>>6848818
>I mean why should one pay tax red pill me?

Well, who's going to pay Shaniqua's babies, for Israel and the countless wars to bring "freedom" to sandnigger countries?

Fuck, at least other western countries get free healthcare and tuition with their taxpayer money, what the fuck do we get? Fuck the IRS.

>>6849052
>thinks the irs gives a fuck

infinite time and infinite money

>>6849087
The IRS is underfunded and runs like shit, and like most goverment groups is full of mouth breathing retards.

Shits going to be fun to watch if nothing else, mark my words.

>>6847979
No you dont faggot
Only the dutch pay for unrealized gains

and OP, you are a retard faggot. Of course you only are taxed on the fiat you cash out. How are they going to tax your digibytes?

>he actually thinks the IRS will determine the precise price of "x" shitcoin at "x" moment in time in terms of Bitcoin, and then the USD value of Bitcoin for every single one of your trades at that present moment in time.

>>6847673

or I'll just pay next year

Good luck IRS

>>6849315
how does btcoin.tax do it then? its API faggot you think the IRS wont just high some Pajeet company to make them a block explorer and a bitcoin.tax for themselves? You are truly retarded.

>>6847885
this
same with loan debt
just dont pay the kikes back

>>6849383
Do they account for arbitrage trading and minute by minute price fluctuations? Get real nigger

>>6849052
>They wont have the faintest of how to explain or handle the paperwork to them.
That's why You just wait until Mr IRS claims crypto trading as legal only for (((accredited investors))) because of that reason you mentioned and many more

>>6849066
that's absoultely right. Those vital needs need to be met. Expensive healthcare/schools is a small price to pay when it comes to funding events of the biggest importance like invading mudslims in Palestine, or buying Shaniquas the newest iPhone so she's not bored on her tax payers funded retirement.

>>6849087
This gentleman is also right.
You guys have to remember that you're playing a rigged game
Mr IRS is DOUBLE FUCKING you, not only do they print AS MUCH AS THEY WANT fr themselves, they also need to make sure to take away from you as much as neccessary to keep you wagecucking.

>>6849189
AFAIK the dutch pay something like a wealth tax, which is like 1-2% of the entire stuff they own each year, very different from the ASS RAPING that Mr IRS have prepared for their beloved citizens.
>Of course you only are taxed on the fiat you cash out. How are they going to tax your digibytes?
Assuming you never sold anything on a verified exchange you're correct, but you'll still need to come up with some scenario when cashing out. I layed out some possible solutions here >>6849006
but if you ever traded btc for eth on bitstamp/coinbase, let alone sold something for FIAT, oh boy, you better spread dem buttchicks WIDELY!

>>6849315
now imagine people who don't operate in usd but a different currency but don't have any big exchanges in their countires to take prices from
USD fluctuations come into play as well HAHAHAHA, but like I said, very few countires are as "free" as The Land of The Free.

>>6849422
all those magical software will Stall like a deer in the headlights, it's just pajeets shilling their primitive excel functions wrapped in a nice looking software

>>6849422
no but youl be the true nigger when they just assign a cost basis of 0$ on anything they have questions about and let you figure the rest out. I really hope none of us ever get audited but god help you if they retroactivly come after cyrpto once the technology is there. Im over reporting. Give these faggots every single transaction, transfer and trade I have ever done. In that I plan to hide a bunch of losers.

>>6849543
>In that I plan to hide a bunch of losers.
That is some next level cuckery sir, congratulation!

Mr IRS will keep taking a chunk from you each year, until there is nothing left, to make sure you keep wagecucking like every obedient citizen!

Fuck the IRS! They want to keep us down. They want to keep us WORKING for our whole lives without any escape. We are servants of the jew through and through.

>>6849414
that's literally the cause of every economic depression

>>6850578
>not paying back kikes is bad
lol sure thing good goy

>>6850645
>MUH FREEDUMS

>>6848005
you're wrong. granted, the IRS probably won't keep track of your crypto trading on binance, but what about when you eventually cash out? and you have more bitcoin/eth (or whatever coin you cash out with) than what you started with. that will raise eyebrows and you'll be sent a bill or worse get fined/jail for tax evasion.