/biz/ - Business & Finance

what's a crypto homie?

>>7120104
There are people here RIGHT NOW that owe more taxes than they currently have.

i’m unironically so happy that white nationalism is on the rise again this century

I need to do like six years of taxes desu

>>7120104
What if I don’t pay and never cash out

>>7120193
So you sell realize losses and buy back in. Now you don't owe taxes on those realized gains.

>All gains are taxed
>But only $3000 in losses are deductible

HOW THE FUCK DOES THIS SYSTEM MAKE ANY GODDAMN SENSE

>>7120233
Tell the IRS. Make sure you let us know how that goes for you.

>>7120243
Wrong. You can't do anything in 2018 to offset gains from 2017. And every time you make a trade you realize gains.

>>7120313
(Or losses)

>>7120244
losses are infinitely deductable same year

the 3k rule only applies to rollover into forward years

>>7120244
>tfw I have already lost $25k

>>7120233
Somebody buys 10 Bitcoin in January 2017 and trades it back and forth between ETH all year. (No cashing out)

>>7120419
This is what their tax bill looks like.

>>7120233
If you traded on any exchange or from ANY wallet that ever traded to an exchange, they know.
Every time you trade BTC or ETH for any coin, you owe taxes on that trade.

Decide just not to pay. Jail time.
Decide to underpay. Audit and fees and a heavy % penalty and MAYBE jail time.

Just sell some stuff and pay your taxes. You are playing with fire otherwise.

I haven't sold 1 coin to USD and I have to pay upper 5 digits in taxes this year, all out of cash in the bank and 100% for crypto gains.

Don't fuck with the IRS, they will ass rape with a smile. You are not innocent until proven guilty with them. You are guilty until proven innocent. Hell they don't even need a search warrant and they can just take your shit.

>>7120443
Even if they lose everything in January 2018 they still owe taxes on the $938,861.43 realized last year through trading in Fair Market Value. If they lose everything they are now in $371,789 in debt to the IRS.

>>7120488
You got it. A lot of anons are in denial about the horrifying tax situation they are in. They thought it was all "Fud".

>>7120581
They think because of the meme that only 8 people paid in 2015 they can slide.

The truth is ALL of the BTC millionaires that didn't pay in 2015 will be getting a knock on the door.

Don't think because you traded on a foreign exchange or because you cashed out on Localbit coin they don't know.

They are slow but they don't fuck around.
you WILL get that knock on the door even if it's in 5 years and you are living in Mexico.

Hell I worked in a foreign country with Americans and 3 times in 5 years the US IRS came into the room and arrested people. IN A FOREIGN COUNTRY.

>>7120709
The only thing you MIGHT have some leeway with this year is using LIFO or other specific identification, if you find an accountant that isn't very conservative.

How are they gonna know it's me who's trading the crypto if I never got it from an exchange, and instead it's from anonymous freelancing or something like that? They're not, especially if I use Monero.

>>7120878
Yeah fuck conservative with taxes. I will gladly overpay and forgo the sushi a few times.
I write off almost nothing. Maybe one day when i can afford the $250 a hour accountant but for now it's HR Block and paying my full share.

>>7120961
Ok so one day you will want to use that Monero right ?
You gonna buy a car with Monero ?
a House ?

If you are fucking around with $1000 and Monero, never to trade it out to BTC and finally to FIST, then fine..

Best not to tempt fate.
Paying large amounts in taxes has its benefits, namely credit.
It's nice having credit over 800 and taxes returns saying you made over 100k. it's very helpful in the long run.

>>7121030
*fiat

>>7121030

>>7121030
>giving a shit about credit

Go suck more cut moneylender Jew dick

>>7121061
Yeah worked great for Al Capone.
Are you smarter than Al Capone and his legion of Jewish accountants ?

>>7121089
I'll just buy a laser tag arena, or a car wash, or something.

>>7121089
Probably smarter than the guy that wants a nice big credit score so he can be a good little goyim for his banker overlords

>>7121076
Yeah just pay cash for your house. buy it with crypto. I'll buy mine with 10% down and the lowest interest rate possible. Then I'll pay with crypto over 30 year while you already lost your crypto paying with cash or crypto 100%

You people better stop thinking the IRS is stupid and that you are clever.

>>7121124
Airsoft arena is a better investment. You don't need all the laser guns, the kids bring their own to break. You can take a patch of swampy forest, build a couple stick huts and let kids pay you to shoot each other up over it while you sell them power-aide.

>>7121171

>>7121147
Lmfao you think you’re so intelligent yet you sit here telling me about your plan to get a mortgage

Run along now. Go get another fat loan so the usurers can buy another yacht

>>7121055

look at this fucking jew cocksucker in this thread FUDDING IT UP

kys fucking rat piece of shit

>>7120419
>Anonymous
Do you know what's being using there to sort out the taxes?

>>7120498
How would they lose it all we haven't had that big of a correction.

>>7121190
>I watch breaking fad I'm so indie and hip

>>7121249
Since when was breaking bad "indie" and "hip"? It's the most normie show I could think of.

>>7121200
>>7121205
Ok Children.
See if you can raise a family and be a productive member of a society while lurking in the shadows.

or.. pay your damn taxes, get married and buy a house and write off your mortgage..

nah better to just be smarter than everyone else and not pay your share. Lets us all pay for you instead.

>>7121030
Dude I don't even have a fucking credit card, how could tax returns give me credit?

I already filed like-kind. No word on if it’s accepted or not though. Wish me luck anons! I’ll keep you all updated. If they reject then I owe $4500. Not a huge deal but I’d rather keep that.

>>7121277
Every caveman living under a rock gets the reference of your dated early-2010's tv story. No need to be a cunt about it when someone gives you real business advice on /biz/

>>7121339
I think this is the last year you can do like-kind.

>>7121213
bitcoin.tax
>>7121225
>Even if

>>7120313
Then tell them you are poor. The IRS isn't fucking omnipotent. They have shit information systems and can't even account for misalllocated tax returns. So fuck them.

>>7121364
>implying people take "business advice" from 4chan seriously

>>7121339
Did you fill out Parts I, II, and III of Form 8824 for each and every single trade ?

They will send it back and possibly flag you.

It's simple. They want us to pay our taxes.

Let's see here...
>Worked actual job: Taxes remitted by employer.
>Refused to touch "Tax free" investment scheme with a 10 foot poll.
Outstanding taxes for 2017... 0 dollars.
Feels good man.

>>7120419
>he didn't cash out during the December bull run
Yeah I'm gonna take it hard in the ass from the (((CRA))) this year but I'd rather pay taxes on 50% than lose 100%

>>7121385
Dude this isn't some Mexican claiming his abuela in Puebla slipping under the radar.
This is cutting edge crypto. They are gunning for us. Be smart.

>>7121365
You can't do like-kind. All this does is put special attention on you and throw up red flags. If you file it with an accountant they will ALL tell you not to do like-kind. They want to just report it on one line on Schedule D with an 8949 electronic attachment. As long as the formatting is good on Schedule D your 8949 which contains all the details about trades will most likely never be seen by a human. If you start trying to do like-kind and shit they'll pay attention to you.

>>7121371
Thanks

>>7120488
Good thing I’m in the 0% tax bracket so I don’t actually have to pay anything hahahaha

>taxes

>>7121463
That was just an example I entered into bitcoin.tax for illustrative purposes. Albeit it's someone who traded in a tax unfriendly way. (Traded with their whole stack for BTC when it was at it's peak price realizing maximum capital gains)

>>7121610
>being poor

>>7121467
The most they can do is jail some whales and FUD. Most young people don't have real assets they can seize. They will literally have to waterboard people for their assets. It's ironic that the system closed off any avenues of wealth. So we were forced to make one they couldn't touch. Its over for them.

serious question what is the tax rate if you are a jobless neet who has not worked all of 2017?

>>7120104
lol. I've not paid taxes in 8 years. get lost.

sage.

>>7121410
That's a good point. Form 8824 is 2 pages.

https://www.irs.gov/pub/irs-pdf/f8824.pdf

That's the paperwork required for ONE trade. You'd have to send them mountains and mountains and mountains of paperwork to like-kind everything if you're a frequent trader.

>>7121717
No what they can do is show at Neet's house and audit his mother.

You guys really think this isn't going to be a walk in the park. I've had at least 100 acquaintances audited in my adult life.
Pay your taxes people. Wow.

>>7121741
if you open a business and work part-time at it and only realize 24k gains at a time while the business make no gains but holds you get free gibs

>>7121717
They can garnish your wages. the IRS (or CRA in Canada) get 100% priority access to your wages. They need leave you only what THEY decide you require to live on.
>Oh he can just go to the food bank
>Oh the church will give them some free clothes
>Oh they can just move to a cheap apartment in the projects
They'll get their money. They always do. In the 1840s the feds tracked down Henry David Thoreau over 4 dollars and threw his ass in jail over it.

>>7121061
Have fun getting audited if you made any real money.

>>7121741
Your tax bracket is decided by your total taxable income. So even if you made $0 working a job but have $500k in capital gains (even if not cashed out) from trading crypto you're in the top tax bracket and owe about 39.6% federal. (Actual rates will differ)

>>7121802
yeah imagine if you do 3000 trades in a year.. Or even just 100.

The instructions are daunting.
https://www.irs.gov/pub/irs-pdf/i8824.pdf

>>7121896
That’s why it’s good being personally poor and whoring yourself out to a sugar daddy to buy you good gifts

>>7121896
You clearly don't understand how progressive taxation works.
Let's say the tax brakcets are 0-60, 60-120, 120+
The first 60,000 you gained is taxed at Rate A. The second 60,000 is taxed at rate B and the rest is taxed at rate C.
This kind of financial illiteracy is why retards lose their life savings investing in imaginary internet money and then get raped again on back taxes.

>>7121305
>muh family
>muh productive member of society
Fuck off normalfag

>>7120205

I have literally hundreds and hundreds of trades, and I LOST MONEY overall. Do I still need to bother with taxes?

Can I report as capital loss, as I would with stocks?

>>7121305
It's better for everyone if most of these disgusting NEETS don't reproduce

>>7121124
Sounds like you got it all figured out man, you're totally gonna get one over on le evil taxman haha.

>>7122018
>Do I still need to bother with taxes?
Yes.

>>7121610
What's the 0% tax bracket?

>>7122018
Yes you still have to do your taxes. You can write off $3000 in losses.
Best to talk to a tax professional.

>>7120709


THE WORLD ISNT THE WAY IT USED TO BE

MM MM NOO NOO NOOO

>>7122023
They are going to be REALLY surprised when their parents get caught up in the audit because they live at the same address and claimed them as a dependent, not knowing they made 50k plus last year..

>>7122075
MY WIFE SHE DOESN'T BELEEVE IN ME SO I WENT TO THE BANK AND I TOOK OUT THE MONEY AND PUT IT ON THE TABLE AND THEN THE IRS CAME AND TOOK EET.

>>7121863
Point is they can't get all of us. There is no systematic way to seize crypto assets. And there never will be because this is software. If the FBI can get hacked by some 15 year old what the fuck is the IRS going to do about people hiding their gains.

this is all lies by the way. and even if it wasnt, the IRS doesnt care about your 4 digit annual gains

>>7121610
>0% tax bracket
So you made less than 10k on employment and crypto combined?
Or you are assuming your gross gross income doesn't include capital gains, which is wrong.

unless you are playing with a chad portfolio, im not gonna worry about it.

the irs is so understaffed its funny. until they get their shit together and systems in place and some people actually go away for crypto tax fraud..most people are gonna fly under the radar.

fuck off, revenuer

>>7122141
Dunno ask Wesley Snipes, he an expert too.

>>7121950
It looks like you can summarize multiple exchanges on one form, but then you have to attatch a huge amount of information and you need descriptions of every kind of property, written notices...

>>7122141
*LAUGHS IN SNOWDEN*
The US feds pretty much have a ball vice on everything that happens over the internet. Here you have a country whose credit card is charged up to the laurels, and a bunch of unpaid taxes.
They'll get their fucking money and you're a retard if you believe otherwise.

And if I move to a country without an extradition treaty what are they going to do?

i dont believe they have the resources nor manpower to enforce any of this.

until i see some people actually going away for crypto tax fraud, im gonna write this off as FUD.

nice try though, revenuer scum.

>>7122202
Says it should take hours... and they're going to look through every trade to make sure you did everything right. AND they're most likely going to reject it anyway because they never said crypto qualifies for like-kind exchange.

yeah guys the IRS is totally tracking your crypto to crypto trades on chink exchanges..just pay up those taxes...

>>7122141
>Give us the money
>No
>Okay heres a trip to prison

>>7122218
close your bank accounts.
Put a warrant out for your arrest.
You better hope that country gives you citizenship and you never travel to any US friendly country.

Only real thing you could do is to impregnate brazilian and come back to the US and renounce your citizenship..

but then that is an instant audit before they let you renounce your citizenship.

Easy answer..
Pay your taxes/

>>7122286
yep, they totally have no idea how much money you've made on exchange accounts that are linked to your real identity. you're a stupid goy if you pay a cent to le evil taxman

>>7122286
No the Hong Kong exchanges ar reporting the info to thier government who in turn shares it with the US.

Did you file a fbar form ?
I did.

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

>>7122328
You sound like that faggot who worked in NSA for 4 years

>>7122381
>on exchange accounts that are linked to your real identity
>chink exchanges
>dexs
>implying IRS can subpeona either of those things

you are an actual retard

>>7122328
What about we all just don't and we let the US financial system implode when it runs out of capital and credibility. We can probably starve you out. This is most likely FUD so you best believe I am not cashing out shit. Especially, on the day that the stock market is starting to take a shit.

>>7122430
Literally not true at all. The chinks have no reason or motivation to give it to the irs. If the irs or us gov gave them an incentive like a cut of the tax revenue then they might be inclined to give

>>7121951
No, I understood that. That's why I said Actual rates were differ. I should have said you'd be in the 39.6% tax bracket.

>>7122233
If you are a frequent poorfolio poster, go for it, even if they do come after you you'll be able to dig yourself out eventually.
In any case, it wouldn't be a bad idea to file an extension just too see what happens this year. Keep in mind the deadline to file a FBAR (Report of Foreign Bank and Financial Accounts) is now April 15. Every lawyer that has taken 2 glances at how cyrpto exchanges has said you NEED to file this if you have more than 10K aggregate in crypto assets. The penalty for unknowingly not filing is 10k PER EXCHANGE.

>>7122184
0% is under like 27k/yr in America

You don't have to pay shit this year if you didn't cash out to fiat. You can still use like kind exchange. Changes for next year though.

>>7120709
>>7120488
>>7120972
>>7121030
>>7121089
>>7121147
>>7121305
>>7121410
>>7121467
>>7121828
>>7121950
>>7122066
>>7122109
>>7122199
GO THE FUCK BACK TO /REDDIT/ YOU FUCKING SODOMITE.

Do you guys realize it's fucking cocksucking faggots like this shitbag is the reason the IRS will eventually figure out how to try and tax every single fucking one of us? This piece of shit hands in his little "im afraid of going to jail" tax return and gives the fucking kikes all the ammo they need to start finding others to STEAL our fucking money and give it to niggers, spics and politicians. I don't know about the rest of you faggots, but I started mining btc back in 2010 because our financial system is a fucking broke piece of shit designed by jews, for jews. Guess what? I'm not fucking paying those cocksuckers a fucking dime until the day I need to cash the fuck out. I didn't pay taxes for 7 fucking years wagecucking. Owed over $50k. I didn't spend a day in jail, never once saw anyone from the IRS in person. I got some nastygrams that they wanted me to make monthly payments. I amended my tax forms, mailed them back with a picture of my middle finger and told them to just keep my returns till it was paid off. It's been 6 fucking years now, still not in prison, and this return will pay it off. Fuckers don't know I have $16 million in bitcoin and I daytrade like a motherfucker. I have zero intentions on paying a fucking cent other than the random hundred or two here and there I cash out of normiebase.

If any of you have half a sack, Don't fucking listen to this asshole. Fuck the IRS and fuck their fucking taxes. The more you play your game, the more you defeat the entire purpose that crypto was created in the first place.

>>7122199
I personally wish ass cancer on you, you fucking piece of shit. I hope someone kills you fucking dead. Cocksucker

>>7122506
You are uninformed, stupid or both.

https://www.ird.gov.hk/eng/tax/dta_aeoi.htm

Have you ever actually opened a bank account in a foreign country as an American ? If you did, then you know all the IRS paperwork you had to fill out in Singapore or Germany or England etc..

>>7121992
this is why the alt-right is a thing

>>7122590
>his piece of shit hands in his little "im afraid of going to jail" tax return
I'm not afraid of jail. I AM afraid of my children raising themselves while I am in jail.

Go back to your tendies

>>7120104

>these threads every time
>what are capital losses deductions

>>7122571
holy fuck... I'd be in that bracket if I lived in the US, but because I live in Germany, they tax me about 30%.

>>7122670
I hope your wife's kids get raped while you're in prison you fucking surrender monkey. Some blood has to be spilled to turnover this turnip cart

>>7122590
See that's the good news, the IRS will go after people like this before they go after the rest of you kiddies.

>>7122453
Yeah, no you're totally right the Chinese government never plays ball with other large nations in exchange for something in return. Haha you're so fucked.

>>7122571
Long term capital gains is 0% for people that earned less than 38,700$
That assumes you held 1 coin without trading for more than 1 year.

>>7122676
How much of a brainlet do you have to be to write that? You can't deduct this years losses from last year, you can only carry it forward. That's specifically why I wrote "It doesn't matter if you lost your gains this JANUARY. You still owe taxes for LAST YEAR"

I'll be laughing so hard in exactly a year from now when people try to file their taxes and realize what a clusterfuck the system has become. And I'll be laughing even harder when the IRS knocks on the door of the 'I'm too smart to pay taxes' NEETs 1-2 years after that and they come here crying like a little bitch.

>>7122718
Then put your money where your mouth is and make a blog post and a twitter post stating what you state in here. You can lead us all to the promised land of no taxes.. Become the face of the Tax Resistance!

...but you won't because you are only responsible for yourself and a windbag that would fold in a second in real life.

>>7122590

Total larp because if you had $16 mil in bitcoin would not be living in the fucking US, LMAO, you would be in one of the many countries with no tax on crypto paying 0 tax on that with zero risk of being locked in a cage because you wanted to opt out of the ponzi scheme shit.

>>7122453
Oh and also, both China and the U.S. have signed the Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents and the Hague Convention on the Taking of Evidence Abroad, allowing the service of process and the acquisition of evidence in extraterritorial actions. Took me 30 seconds to google.

>>7122647
funnily enough this is also why the alt right won't be a big thing for very long

>>7122796
and what exchange allows you to make those type of trades and bypasses Know Your Customer

a total of

ZERO

>>7122796
but Americans need to pay taxes on any money made abroad over a certain amount. It was 90k last time I paid

>>7120104
just be me
>puts 2k into crypto
>misses every pump in december and barely gets past 7k
>comes back to initial
0 taxes because didn't work in 2017
but also very poor and ready to pay taxes in 2019 if become millionaire

>>7122779
This.

So if you have 1 million in realized gains in December, then on Jan first your crypto gets stolen. Now you're broke and you still owe the irs for taxes on 1 million.

What happens in this scenario? Will the irs force you to sell your house to pay and make you live as a literal slave until it's paid off, all because you played around with some internet funny money?

And what about people with bots? What if you have 100000 trades? Are you supposed to hire a team of people for months to go through that shit?

Crypto to crypto tax is horseshit. You should only pay when you cash out.

>>7122861

Not really, on huobi I can withdraw 100 btc without even giving my name.

>>7122931

You can renounced citizenship and won't have to pay.

>>7122992

You're fucked. When you made 1mil, you should have treated it like you owed the tax, so keeping that in the market is essentially like leveraged trading if you don't have the cash to pay your tax.

>>7122992

You could get a tax attorney and present you case about all your funds being stolen and would not have to pay taxes for that year.
Hopefully you have homeowners insurance and its at its max. Should cover your theft.

and for the 10000 trades. Stock traders have done it for 100 years. What makes crypto traders special ? That's how the IRS sees it.

>>7122992
Agreed. You should write your congressman, or start a blog. Or just kys.

>>7120104
Good thing I made such piss poor gains that the IRS would end up spending money just to get them our of me.

>>7123086
Ok, but what if it was done on exchanges that don't keep a record of trades? If you've just been writing down each trade at usd value, will they accept that piece of paper during an audit?

>>7123064
Didn't know about huobi.. I dont actively look for ways to avoid taxes.

You have to be given permission to renounce your citizenship. there is a process and an IRS audit usually is part of it. They know people renounce to avoid paying taxes.

>>7122590
I don't browse reddit.
BUT PAY YOUR FUCKING TAXES YOU PATHETIC LEECH.

>>7120104
> No Coinbase.
> No bank account to send it to.
> Can't sell it on the street because its money laundering
> Owe government more than I have in space coins.

Now what homies?

>>7123117
No idea. The IRS has a hotline you can call. Its anonymous. Call and ask.

>>7122992
dont fall for these fear mongering tax shill niggers. they literally cant tax shit and they know it or they wouldnt send tax fags here to scare people into paying. pay gains thats it

>>7122992
I think you're fucked. If you made millions in stocks by December 31st, you just owe that no matter what. Even if you withdraw all the money on January 1st into a briefcase full of cash and drop it into a river accidentally, or someone takes it, you still owe the money.

>And what about people with bots? What if you have 100000 trades? Are you supposed to hire a team of people for months to go through that shit?

If you can automate your trades you can automate the tax calculation.

>>7123117
Yes, actually. Fair market price can be start, average, actual, days end, as long as it is consistent. For etherdelta in particular, just use deltabalances though.

>>7122796
Call it a larp all you want. I started mining bitcoin in febuary 2010. Plus I made quite a healthy profit on silk road. Not everyone here is out to just make a quick buck so they can be lazy pieces of shit and not a productive member of society. Fiat will eventually crumble. And all you fucks who cashed out will want to KYS. Enjoy sucking the kikes dick every April 15 you fucking pussies.

>>7123168
God I hate Trump cucks. Kys

These threads scare the living shit out of me. I've never paid taxes in my life. I'm 23. I put 3k into ethereum 11 months ago and thought I was hot shit when my portfolio was worth 30k. I traded shitcoins feverishly since then. Literally a full time job. Dozens of exchanges, tens of thousands of trades, some of which aren't even recorded on sites like Liqui.

My portfolio was worth 120k on NYE and then peaked at 450k last week. Now I'm back to 300k, probably less if BTC keeps crashing.

I don't want the IRS to rape my family. I think I'm just going to cash out everything and send them every dime so I can forget about all this. Because what was once the most exciting time of my life is now the most frightening. Fuck the world.

>>7123064
>When you made 1mil, you should have treated it like you owed the tax, so keeping that in the market is essentially like leveraged trading if you don't have the cash to pay your tax.

The purpose of cryptocurrency isn't to get more USD you guys. If you are cashing out to pay taxes you're doing it wrong.

>>7123290
>23
>never paid taxes
So this is the power of the mighty millennial.

>>7123290

The IRS doesn't have the means to audit millions of people. Don't worry about it. Just make sure the IRS can never assess you. If you have to exit, then assess it yourself.

>>7123290
Exactly. They should scare you. You're the quintessential /biz/ user and I bet you MOST people on here are in your situation. Call a good accountant immediately.

Why do jews exist again

>>7123437
To convert the dumbest among us into entertainment for the rest.

>>7123397
Actually most people are in a worse situation than you because they generally peaked in December and have been losing in January based off most of the posts here.

Question for all of you shitheads: If I don't make a single trade this year will I not have to pay taxes until I finally decide to convert to BTC and cash out?

Doesn't this only apply to all trades starting in 2018?

How about lets just not pay taxes and bankrupt the government. I mean I am paying mine (ip logged I am sure), but mass protest could do wonders.

Hashtag #NoTaxationWithoutBitCoinRepresentation

>>7123368
I worked a retail job and they deducted automatically with each paycheck. I've never filed myself.

>>7123290

Not tracking your trades is your own fault, but I wouldn't be too worried just yet. Just make a guesstimate of your taxes, pay them, and then simply pay what the IRS says you owe when you're inevitably audited since you were an idiot and didn't document your trades.

To be safe, do your taxes as if you earned 300k in 2017, and whatever total you come up with you should cash out into fiat.

>>7123611
If you never make a trade, you owe zero taxes.

>>7123611
Yeah, in that case you wouldn't have to report anything. But one thing I have to ask is why do you have to convert to BTC in order to cash out? What coin is it? How did you get that coin without making a trade out of BTC first. If you had to make a trade from BTC to get to that coin and the price of BTC/USD differed at the time of trade from your cost basis then you did realize a capital gain or loss.

>>7123704
You still have to file your 1040, you goof.

>>7120104
TurboTax didn't ask me about crypto so I'm immune from taxes.

>>7122590
>2018 doesn't realize white women are by FAR the biggest welfare recipients besides the military which literally takes THOUSANDS from us all every year for nothing

>>7123704
Oh wow... you do realize you've been giving up thousands of dollars every year that would have come back to you if you filed your tax returns right? They withhold more money from your paycheck than you actually end up owing.

>>7123783
I made less than 10k last year including all crypto gains. :^)

>>7123487
is there anyway to guesstimate what I will owe before gathering all these obscure trades and calculating them? For example, if I made 100k, will the math work out so that the individual trade taxes adds up to 40k (40%)? Or is it totally variable? Is it possible to owe the full 100k depending on your trades?

>>7123963
https://bitcoin.tax/

then plus it into taxact and that's all free

>>7123961
LOLUPOOR

>>7123963
There's a lot of factors. Short term or long term, which gains were realized or unrealized. Whether you used FIFO or LIFO / specific identification. Yeah just import into bitcoin.tax

>>7124064
At least I ain't stressin'. B)

>>7123963
Simply put assuming short term gains, you add your income from work to you net gains (profit -loss) for the year. That number determines your tax bracket. Short term gains are taxed at that percentage.

>>7123961
same here
neets win again

>>7122590
Holy fuck hire a lawyer like yesterday you crazy cunt. I'd have probably fled to Croatia or somewhere else without an extradition treaty if I stepped in shit that deep.

>>7124123
Yeah that's an alright way to estimate it (around the ball park) if you traded with your whole stack near the end of the year and "realized" out all the profits through trades. But there could be a lot of unrealized profits if there's some coins you didn't trade with at the end.

>>7120205
Kek Jews will start a war to divide and conquer once again.

Maybe I'm a brainlet but I thought crypto gains were still in an arguable gray area and only now has been codified under the new tax bill, making any gains in 2018 clearly taxable?

>>7124249
Yeah, personally, I cashed out completely (into gdax usd) dec 31st, took profit, set aside tax, and bought back in Jan 1st. Rollovers were tricky even on a decent tax site.

>>7122992
If your crypto actually gets stolen (and if that's your defense there's going to be a lot of investigation) then USUALLY you don't have to pay. If for example it gets stolen from an exchange that's insured, you would have to pay based on what the insurance company gives you. The trickiest shit is that if while you are waiting to receive compensation from the insurance company your ETH or whatever could change in price, you could receive a different amount than what it was worth at the time of the robbery and if you're receiving any extra it is now considered income. If the insurance company pays the exchange (which is what's most likely to happen), it can get even weirder where in the end your money gets almost taxed twice.

tl;dr don't get your crypto stolen, just lock your wallet at the ATL.

>>7124404
It is clearly defined in the 2014 guidance. The new bill just further "clarified" that like kind is not acceptable.
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

>>7124404
No, that's a huge misconception. IRS released guidance in 2014 that says you owe capital gains on crypto transactions (whether it's in Fair market value or exchanged for fiat) and it was retroactive, so it applies since the beginning of crypto. What WAS in a gray area is whether crypto to crypto trades qualify for like-kind deferral of taxes. In 2018 like-kind was restricted real-estate so it definitely does not qualify. Some people think that whether 2017 trades qualify for like-kind is still in a gray area. I think if it's in a gray area it's a very very dark gray, no accountants would be willing to do it. And Like-Kind NEVER applied by default. There's a very complicated process where they have to review it and approve it.

>>7120709
you dont scare anyone

>>7120104
>mfw only got into crypto during the January crash
>mfw I got a bunch of quality coins at major discounts
>mfw I have a whole year to begin moving money around and get my passport in order
>mfw I haven't cashed out and won't cash out anything until I'm out of the country
>mfw it's the expat life for me and I'm not coming back to this fucking country

>>7120488
>2018
>actually paying tax

Pick one

>>7122590
They will charge you interest on back taxes. They are coming for you. I promise.

>>7124804
Ok, make sure you study up on any potential exit taxes. Also I heard they make you prove you paid all taxes before leaving. I haven't looked at this in detail however.

https://en.wikipedia.org/wiki/Expatriation_tax

Is anyone paying taxes on BCH? It's a little ridiculous, but it seems like everyone has to pay taxes on the current value of an airdrop when it drops...

>>7120488
Semi newbie here. What's a good way to circumvent this? All in on a coin and just hodl?

>>7124892
Yeah forked coins are considered income.

>>7122670
Go fuck yourself you cuck ass bitch hahaha holy shit Ive never seen such a Soy ass comment
Nice tax fud thread that gets dismembered every fucking day you shit agency. Try harder next time

>>7124892
yes i am paying taxes on my free money

>>7124916
Sorry, but every single argument that... (what, that you don't have to pay tax?) has been utterly destroyed.

>>7124892
You should technically. airdrops are handled the same way as mining. It gets a bit ludicrous when you consider you pay tax on fair market value when it hits your wallet, and the capital gains on the appreciation of the portion you cash out to pay the tax on that income.

>>7123640
Fuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuck every single Jew, who is salty when us common folk wanna make it!

>>7124883
I'll do my homework of course. There's nothing they can do to tax secured crypto though. The only data they're able to glean is the transactions between sites I bought ETH through and my bank. They have no way of seeing what's in my wallets.

>>7124970
that isnt the point faggot
you make it seem like you have to pay up 50% of your unrealized gains. Literally no country besides Netherlands does this
You are lying, Ive already paid taxes on previous years. Go fuck yourself. Fees from cashing out also count as a write off if you didnt know faggot

>>7125087
That's because there's a lot of misconceptions about what constitutes "realized" and "unrealized" gains. A lot of people think realized gains are only what you "cash out". If I buy BTC for $1,000 and then use it to buy $10,000 worth of ETH after it appreciates, then you realized a $9,000 capital gain.

>>7125018
but that means I need to find EVERY single fork of Bitcoin and claim it on my taxes, even if I don't know it exists yet?

>>7120104
Implying I'm even going to report my trades.
>>>/trash/

>>7125172
Dont Jew me bitch, I know all your tricks

>>7125193
Not necessarily, at the moment of the fork, there is no market (yet), so it would be easy to argue the price is zero. If that is the case, then you only owe tax when you trade the forked coin.

>>7125286
What is your argument? What are you saying I'm wrong about or lying about?

See reddit fuckers now you know why Jews are assholes

>>7125350
This anon is in every tax thread screeching about how he doesn't owe tax because he doesn't agree with it or some shit. I still can't tell if he literally believes this or is just banking on not being the 1 in 100 that gets audited

>>7120244
that cap is for non-trading u imbecile

you have a $3000 cap writing off crypto losses of OTHER SOURCES OF INCOME.
if you made a loss in yout 2017 crypto trading (is that even possible), you need to pay less taxes on your incomes you actually gained money from

you can write off any amount of crypto trading losses of your crypto trading income

>>7125430
Well, it's my fucking money that I invested. I already get ass raped by taxes where I live in the states. They can suck my capital gains balls. I'll just launder, hold, and buy with BTC or ETH while we still can.

The clock is running out on making wild profits very quickly like we have been, and being able to evade the Bernie Tax. If the dems take either 2020 or 2022,2024 majorities we are fucked.

>>7125596
>The clock is running out on making wild profits very quickly like we have been

not it hasn't, this shit is just getting started, there's going to be many bullruns to come, and many dips as well, there is a shit ton of money to be made for years

>>7125596
that's fine, but most anons are not and never will be capable of laundering properly. the only technique ever posted here is literally cash in and cash out of a casino. none of these fucking neets are going to have the infrastructure in place to move significant gains

>>7125702
>, and being able to evade the Bernie Tax
There were two parts to this sentence
No shit it's just getting started, that's the point.
More normies = more attention from govts wanting to tax.

as much as I hate pajeets, I hate you tax FUDers even more. the fact is you don't know shit. everybody here needs to consult their local experts about the matter.

>>7125775
I wasn't trying to be rude, but what I mean is that it's garnering a LOT of attention and the IRS is starting to wake up that there is a SHIT TON of money to be made for them off of our crypto trades.

>>7125751
True, and they'll just get left to be gouged for more than they made.

>>7125777
trips of truth

>>7125811
given the amount of anons refusing to understand their position it's a real fucking possibility, the problem i have with this is that none of them will be the pajeets

>>7125939
Yep. The absolute state.

>>7125939
Around 80% of anon's just say "I'll just worry about it when I cash out". They have no idea how much stress they're in for when that money hits their bank account or coinbase and now they have to either A. Lie (commit tax fraud) or admit to the IRS their underreporting for previous years and potentially pay interest and penalties.

>>7120193
That would literally just lead to violence.

Cryptos have no determinable fair value. Don't have to pay anything.

This is why I hodl until I can pay long term gains. I'll ride a shitcoin back down to 0 gains before I pay 40% to jews.

>>7126165
People as a whole are generally complacent and would rather avoid conflict unless shit gets really bad very abruptly or they/we've had enough.
Im not saying that like some edgelord, it would take a lot for me and a lot of people I know to get *violent* but if it was like "surrender your crypto and your guns" they can ta/k/e both from my cold, dead hands.

>>7126279
Christ that sounded edgy. I'm just saying, Joe Shmoe Normie isn't going to throw bricks at their local government munee collection center over normie gains

>>7126057
Can't you just play dumb, and put it all onto the IRS to prove any and all profits or trades made? Not a US citizen so not sure how that works.

If anyone demands to take my crypto, or anyone says I need to pay USD, when I have had no job in ten years, I will go super saiyan.

There are many anons who sold their altcoins for some other coin last year and now can't pay the capital gains taxes because the coin they bought into has fallen so much. Even BTC is down almost 50% from its peak. The lesson here is that when you sell and have a capital gain, you must immediately convert some of it to dollars to cover the taxes owed.

>>7120488
Helow fello IRSagent. is your 4chan shill posting shift over yet? Min has justarted. Yesyes anoni, we know all see all smell all tax all.

>>7126279
>People as a whole are generally complacent and would rather avoid conflict unless shit gets really bad very abruptly or they/we've had enough.

This would be plenty for violence. It would be seen as a war on crypto. A few people will be hung on crosses and IRS peeps will probably give their lives in the name of a bullshit cause.

I am in no fucking way suggesting to anyone to do anything like this. But I can easily see this become a hot button issue. The IRS is attacking and killing people for having crypto will be the headlines on alt media. CNN will say crypto is for child porn or something.

And actual lives will be lost. Its actually not a bad reason to die either. I believe pretty strongly in the technology. That is what really freaks me out. Its not a bad hill to die on that's for sure...

It will never come to this though. The TAX thing is pure FUD.

>>7126399
Can't you just all in on one coin, cash out, and avoid all this?

>>7126447
Yeah, you make a good point. I could see that.

>>7120104
Retard, if there's no discrepancy between your on the books taxed income and how much you have in your bank account, there's no reason for the IRS to even look into what you are holding in crypto.

>>7126448

If you cash out then you have dollars to pay the capital gains taxes. I was referring to people who sold their altcoins for BTC or Dogecoin or some other coin that has fallen so much they can no longer sell them for enough cash to pay their capital gains taxes.

>be 3rd world citizen
>no crypto tax
>average cost of living is like 400$
>have like 500k in crypto
>don't have to pay any taxes when cash it out
get on my level faggot

>>7126370
No, what happens is you get slapped with a worst case scenario tax bill, they take your money and do what they want with it while you fight to get it / some of it back

>>7126582
Sure yeah. It's seeming that all inning and HODLing is much less of a headache.

>>7126583
no matter how much you'll make you'll always be a non-white thirdie

>>7126448
If you realize the loss in January then it can't offset capital gains from last year.

>>7126508
Most people on here have traded on at least on exchange with their name on it. If the IRS ever finds your name on any of them and you didn't report anything you're fucked. Also when you cash out in the future you're going to have to either commit tax fraud and lie about how you acquired the money or admit to the IRS that you traded and underreported on certain years, paying backtaxes, interest, fines and penalties (I heard 20% of the under reported amount)

>>7126616
Worst case will be the 30-55% of what you cashed out. The only reason you might actually consider the crypto to crypto tax thing is if you want to pay less in taxes and you have proof of it. Otherwise just accept they will hit you with worst case possible and you move on.

>>7126743
>Most people on here have traded on at least on exchange with their name on it. If the IRS ever finds your name on any of them and you didn't report anything you're fucked. Also when you cash out in the future you're going to have to either commit tax fraud and lie about how you acquired the money or admit to the IRS that you traded and underreported on certain years, paying backtaxes, interest, fines and penalties (I heard 20% of the under reported amount)

The hard that the IRS swings this gavel the faster not cashing out becomes a thing. In other words, no more bank accounts, no more books, no more agents dirty looks.

>>7126743
>If you realize the loss in January then it can't offset capital gains from last year.
Jfc for real? How/why is this legal? You should only be taxed on what you make when you cash out.

How would anyone know I have anything?

Whats stopping the IRS from just claiming im a billionaire in BTC and slapping me with infinite taxes then saying "hurr durr we know u haves it"???

I don't think anyone is thinking logically here.

>>7124913
Less trades= less tax events.
Best way is to hold for 1 year.
Your tax rate lowers alot.

How do I prove that I don't have something?

Someone explain this.

>>7126932
You are, that IS how it will work. Mainly because its impossible to do otherwise. All of this has been empty FUD. Capital gains on digital assets is not a new concept and it always came down to when you cash out. Anything else is unenforceable.

Its all bullshit, they can pretend like its possible but its not. Never has been and never will be.

>>7127015
algorithm to sort through the logs of all exchange accounts which are linked to people's IRL identities?

>>7126896
I got into crypto to control my own money and where it goes. I don't want to pay into Trump's nigger fund so he can nuke chinks and make the USA a prison.

>>7120104
>taxes
>crypto

>>7127095
>sort through the logs of all exchange accounts

>>7127095
So youre saying only going through an exchange means you have to pay the taxes?

What if I accidently sent the BTC to the wrong address or it got stolen from me?

>>7127138
>algorithm
obviously they wouldn't do it manually, they would have bots do it for them

>>7127051
Also its an obvious ploy to try and prevent people from using the coins as a currency. Which is a war on crypto.

>>7126816
No, an audit will expose your holdings

>>7127164
No, that's probably the easiest way for them to determine who likely has profited more than they've lost from crypto trading.

They probably would be skeptical of that excuse, maybe they would audit you, and monitor your yearly expenses closely to see if you are living well above your means? Not too sure what other techniques they could use to determine if you're lying to be quite honest with you.

>>7126932
Yes for real because all crypto transactions are taxed on "Fair market value" and because losses only deduct from the tax year in which they occurred and forward. It's the same with stocks. If you made a big capital gain one year but then lost it all the next by investing it into Aerotyne Dynamics you don't get anything off your tax bill from the previous year. You just get to report a loss next year.

>>7127015
They already subpoena'd coinbase user's records. Do you think they are going to stop there forever? And there's nothing stopping them from doing things like putting the cost basis at 0 for every trade they find and making you prove the cost basis is different. They operate like "guilty until proven innocent" very often.

>>7127256
This is the fundamental problem no one is talking about....

Yeah the law says what it says

BUT

It doesn't make sense once you try to put its boots on the ground.

It is just like bit torrent or the TOR network and piracy, its literally impossible to enforce something so malleable and lucid.

>>7127080
Tell that to Bittrex when they hand over thier records to the IRS.. Like Poloniex and Coinbase did. You know the records with your IP address on them.. Tell them it ws your dog or someone stole your wi-fi

>>7127165
They don't have people worth a shit working for them. And anyone who understands the tech has a greater vest interest in not setting up that kind of tech.

It would literally mean hiring someone to shoot themselves in the foot.

Anyone who mined Bitcoin Cash when it spiked over $5,000 on Coinbase last year could also be liable for a large tax bill. The IRS requires that mined coins be valued at the time of mining. Unfortunately, the current Bitcoin Cash price is much lower than $5,000.

>>7127195
Nah they are just following the same laws that are already set up for stocks

>>7127297
>guilty until proven
Doesnt make sense.

That means they can point to any TX on the block chain and claim who ever else is the owner of any amount of BTC.

What if I claimed I owned 1000 btc and i had 0 in reality?

What if they claimed I own 1000 btc and i had 0 in reality?

What if they incorrectly accuse someone?

im not sure people are thinking about the real world implications...

>>7127354
Hopefully they sold it before January 1st because then the capital loss would cancel out. Although it's limited to $3,000 to deducting from regular income and mining might be under income... so it could be a hairy situation still.

>>7126370
Unwillfull non-disclosure of your binance trading is a $10,000 fine (hint, it's considered a foreign account and must be disclosed to the IRS and FinCEN).

Good luck playing dumb. I have answered dozens of tax-related questions in the last few months. I won't do it anymore......too many conspiracists on here spreading misinformation and lies.

You can easily google what you need to know about crypto taxation. Most of you are young and don't have lots of gains so you probably won't be targets.

>>7127389
the thing is guilty until proven is exactly how tax offices operate

>>7127389
Tell that to all the restaurant owners who got all their assets seized because they were accused of "structuring" with no evidence.

https://www.theblaze.com/news/2017/04/05/the-irs-seized-millions-of-dollars-from-law-abiding-small-businesses-using-asset-forfeiture

If they find unreported trades with your name on it on exchange. They're GOING to fuck you up. End of story.

>>7127241
How exactly? They cant freeze it. they don't have the keys. The money can be easily and instantly destroyed if the owner decides so. Going to jail for 4 years? Hard wallet in a ditch in the woods. come out of Jail and be set for life.

And if they do manage to force you to give up the keys. They are too stupid to know what to do with it. These people are helpless baboons and their ranks are filled with old decrepit morons who learned how to double click last year. They have windows 95 PCs and they cant even communicate properly. Unorganized, underfunded.

There is no scenario where the simple answer is you pay when you cash out. Every other scenario turns into a bad B movie lol

>>7127389
It's pretty simple. You're obligated to keep records. If you can't prove anything, they'll fuck you. And they won't care for your 'prove it' shit. They don't have to prove anything. You have to prove that you either own or don't own something. And if you can't you're commiting tax fraud. And that will be the end of the story, as you'll be sitting in jail by then, still trying to wrap your head around the fact that they didn't have to prove anything to you.

>>7127497
So they can, that is for sure.

But I'm still curious how they are going to manage doing this with 100% every person in crypto.

A letter?

Then they are going to start enforcing harder slowly over time? This sounds like a mountain no one would be able to win.

There would be constantly new transactions and constantly more people getting into the space, exchanging things 10000 different ways.

it would be an infinite cost of irs's resources to make order of anything.

It is exactly like bit torrent, tor network, and piracy in general.

It is IMPOSSIBLE to enforce over everyone.

>>7127570
What is so fucking hard to understand? They'll force you to prove it yourself, and if you can't, you'll get thrown in jail. THEY DON'T HAVE TO PROVE ANYTHING, YOU HAVE TO. Get that shit into your head, for fuck's sake.

>>7127617
So they can on single people, that is for sure.

They tried this with piracy.

But what happened? They could not enforce it globally.

It is IMPOSSIBLE to enforce over everyone.

>>7127644
If you want to play the lottery, I welcome you to do it. I'd rather live my life without fearing that I might get locked away every single day for the rest of my life.

>>7127051
I even do this on what I mine and sell 1 year after I mine it. Weak hands panic and trade and cause more tax liabilities.

>>7127644
Ok, I'm not even arguing that every single person who evades taxes will get caught that's ridiculous. I'm saying you're exposing yourself to massive risk if you don't comply and it's all up to the whims of the IRS. I think they view crypto as a haven of money laundering and criminal activity and won't treat crypto traders that they catch not reporting nicely.

>>7127684
>said every grandpa about piratebay and putlocker movies

Lol. Lottery....

>>7127644
This, they will do a massive campaign to make an example out of as many people as their understaffed agency can. At the whole there will be a few who refuse to pay taxes. You can bet your ass that someone will speak up and make a statement gaining media attention over all this as well how corrupt it is for the government to attempt to tax this.

>>7127684
>If you want to play the lottery, I welcome you to do it. I'd rather live my life without fearing that I might get locked away every single day for the rest of my life.

Then show us your documents on how you made sure you paid it. I am tired of people like you claiming to "play it safe" when you are suggesting something that cannot be done. At all. Its impossible.

So I bet that you full of shit and have no proof. You have not even considered actually paying your coin to coin taxes. And if you feel so strongly you have a moral obligation to show us your tax documents to give a proper example of how its done.

Show us or shut the fuck up.

>>7127731
How is it corrupt when the IRS published how they will handle all of this jewery in 2014? This isnt news

>>7127532
what do you mean how? they look at your bank records and go from there. if you cashed in only anonymously via cash you don't really have this problem unless your name is pulled from an exchange or something

>>7127780
what are you suggesting is impossible?

>>7127869
probably the IRS enforcing the law globally with something so malleable

>>7127684

>I'd rather live my life without fear

Bro, you sound massively fucking paranoid about it to the point of irrationality

>>7127926
of course they don't enforce it globally

>>7127780
It is not impossible at all. Use one of the many automated tools available, bitcoin.tax, cointracking.info, or call an accountant.

>>7127935
No, you're actually playing with fire here and being completely oblivious / naive about the situation you're actually in. I've contacted about 6 CPA's about this so far.

>>7127843
If they audit you and they cant freeze your assets it de-tooths them 80% outside of sending armed people to your house at night.

Ok faggots lets cut to the chase. You pro coin to coin trades people need to be logic audited.

First off we need to know how much you paid in crypto taxes so far.
Second off we need see basic examples of proof of your wallets and tax documents.
third we need to know what you did to get this stuff setup. How did you do it? What was it like? Did you hire an accountant? Can you recommend that accountant?

You have a moral obligation to show working examples of how you did everything. I personally believe any one of you including the the OP are shilling for tax software companies.

Prove me wrong please, inquiring minds want to know. Otherwise pay when you cash out.

>>7127869
You will never get more than 1% of the population of America to go through and document coin to coin transactions and properly pay taxes. It will never happen. Most people don't even know how to pay taxes outside of getting a tax return. Even greater percentage don't even know crypto means you need to pay taxes anyway.

>>7128107
Wait wait wait... prove I followed the rules by exposing very sensitive documents to the internet. (On a site known for weaponized autism) or else the rules aren't... real? How does that make any sense what-so-ever? You're a COMPLETE dumbass. Yes I hired an accountant, no I'm not telling you who he is so you can all troll him or stampede him.

>>7128185
most people aren't going to make it anyway

Fuck taxes, if you pay taxes on crypto you’re a pussy. This is just like the Hodl meme except to another scale. They can’t audit every single person trading crypto. I must ask you all why did you even get into Crypto... just to make money? Then be a good goyim and pay your taxes. For the rest of us we’ll find ignorance is indeed bliss. Yes a handful of us will be caught, but from that handful you can bet we’ll whip up a mighty fine media shitstorm and profit off it tremendously.

>>7128241
>prove I followed the rules by exposing very sensitive documents to the internet. (On a site known for weaponized autism) or else the rules aren't... real?

No fucking hide the personal shit you fucking dumbass. You went through 1k pages of transactions and made sure to write down the USD value for tons of transactions and made sure it all added up.

This should be fucking cake for you. You can also answer the other questions too which would be fine. But I asked for a working fucking example you fucking shill. Not your damn name and address. I want to see one page where you went through the trouble blacking out the personal shit.

How did you fucking do it!? Also you just admitted you indeed did do it. Otherwise you would not have referred to the document as an existing entity.

So whats the story bub, you come on here to act holier than though but cant provide any sauce?

How much did you pay?

For every faggot that gets jailed in crypto (2018-2019) you can fucking bet there will be crowdfund resources devoted towards funding their family and that poor fag in jail. Crypto is not a get rich quick scheme anymore, it’s a way to pilfer the institutions that have been robbing us blind for years. Call me autistic, but it’s naive to believe that the crypto community isn’t capable of organizing a financial war. Attempting to jail crypto holders is like pouring gasoline onto a fire.

>>7128300
this goy gets it,
deserving of dubs

>>7128416
I don't understand why you find this so inconceivably difficulty... It's a grind sure but it isn't hard

>>7128499
Because you are full of shit larping as coiner. If its so easy lets hear the details man. Come out spill the beans! What coins did you have last year? What were your gains? How much did you pay?

This shit is easy for people who actually have coins to answer and it wont fuck with privacy at all. There a blockfolio threads all the time. Lets see your blockfolio mutherfucker!!!

You cant even tell us how much you paid?

>>7120104
>yet another tax thread
>LOL XDXDXD IRS NIGGERS IS GONNA FUCK YOUR ASSHOLE DRY XDXDXD AND THEN BUBBA IN THE STATE PEN IS GOING FOR SLOPPY SECONDS XDXDXD JEWS NEVER LOSE XDXD THEY'RE GOING FOR BUTTBLASTED THIRDS FOR YOU, YOUR SOUL, AND YOUR DESCENDENTS INTO PERPETUALITY SLAVE GOYIM XDXDXD

The only one more jewish than those in the media is the shariablue trollniggers on these threads. Fuck off.

MODS DO YOUR JOB
MAKE A TAX STICKY YOU FUCKING ENABLING DINDUS

>>7128578
I have no incentive to do it though. I don't feel like doing shit just because you told me to. Everything I'm saying is verifiable without my personal details. I'm here to warn anons and keep people who might not know out of trouble. If you're going to actively fight against it, I have no incentive to try hard to convince you.

>>7128185
real talk i'm fucking confused as a motherfucker over this shit

>>7128578
This fucker cant even tell us what coins he had last year... I am so fucking sick of this shit.

>>7128694
>I have no incentive to do it though.

Moral obligation bitch. You claim that playing it safe is the better path. Then tell people what to expect! What coins did you have, did you hire an accountant. What was it like. You said it was a grind, why was it a grind? What did you spend your time doing the most? What where the problems you ran into, how did you solve them.

Holy shit. I think I straight caught this guy right out in the open. Lets see if he gives a proper response.

>>7128720
Oh yeah I didn't tell all the hundreds of coins I had and my accountants name, and wallet address and scan my tax documents, therefore you don't have to pay taxes. LMAO

>>7128804
You didnt, you cant even say how much you gained and how much you paid?

Alright I am 100% convince this guy is shilling. Either IRS or not this is a pig.

Stop your shit now and just buy BZC

>>7128797
I spent the most time going back over years of transactions and getting them all correct and balanced, that was a grind, since then I just add in anything new weekly and it's easy. Biggest problem was when I couldn't just export a spreadsheet from somewhere, I either just entered these manually or copy paste the text and fuck around in excel to format properly

>>7128797
Alright here I'll tell you this, because it might be helpful to others who have this problem. If I calculated with FIFO my taxes were A LOT higher. The first 5 accountants I called said I needed to use FIFO because that's the most conservative method. The last one was willing to use LIFO / specific identification because he believed I had a defensible reason that his tax attorneys could defend in court if audited. No you caught nothing. You're actually a dumbass.

>>7128611
I second this, absolutely convinced at this point right now that at least this thread is fake as fuck.

>>7128880
I already spell a pig, you are going to have to give more than that! Why are you even still responding right now?

You said it was grind, how was it a grind for you when you hired an accountant to do it?

What were your gains? What aspect did you find was the most bullshit? Did you have a specific example where it was stupid? What was it like?

When did you first get into crypto?

I don't even know why I am bothering with this shit. Your story already stinks to high havens. You claimed its super easy then claimed its a grind right after. You had like tons of coins too lol

Yeah I bet. haha

>>7129019
It was me that said it was a grind and I already answered this.

> I dont understand why you think this is so hard.
> The first 4 out of 5 accountants refused to do it.

HAHAHAHAHA!!!

I'd like to see the IRS try to audit somebody's gains outside of some coinbase soyboy, paper trail is broken as soon as you transfer to an exchange not compliant with "tax policy" or even a fucking private wallet on your computer. The absolute state of goys

>>7129096
Oh sit that's right there is two of you. How perfect.

>>7129181
the only evidence that I've seen was with that anon who put it through bitcoin.tax. Never seen any specifics. Personally gonna go through accountant and see how it goes. If this current dip lags, ill likely be in the fucked group if taxed per trade.

Why are there so many IRS shills in this thread? Do Americans have no backbone?

>>7129731
>Do Americans have no backbone?
Ha! that shit was long gone after 1913.

>>7129816
>1913
source??

>>7129678
>bitcoin.tax.

That's because these threads are FUD from the people who made those kinds of services. They then get a couple people in the thread to act like its super duper easy to do!

Keep in mind that they have a vested interest in FUDing us as it makes it so we will buy and use their shitty tax software.

>>7127344
COMPILE IT

>>7129905
https://en.wikipedia.org/wiki/Federal_Reserve_Act
Origins the the rat race and bankster slavery.

>>7129968
yeah handing over your trade history to a 3rd party entity that you have no guarantee won't fuck you over is pretty fucken retarded imo. Should just bring it to your accountant if anything.

>>7129905
federal reserve act

How is it possible? You can't pay for what you DID NOT GAIN since only the money you have is when you cash out back to USD. You don't have any money until you cash out. You could make 100 profitable trades, then lose all your gains. Will you pay $1000 for all the 100 trades while you're at a net loss?

>>7129678
evidence of what? people adhering to basic requirements?

>>7130409
It is possible if you racked up the gains last year but lost them this year

>>7130488
American IRS is stupid, here you could just report whatever gains you want between the first time you bought to the time you cashed.

>>7130409
Cashing out is the only way this will ever work.

>>7130488
That's not the question he asked shill. He asked how it can make sense to do it any other way. And it doesnt make sense to do any other way because its fucking impossible. As outlined when you and your buddy both admitted you never did shit either and completely outed yourselves as shills.

>>7130658
It makes sense because that's literally how the system works, I understand that you want it to work differently but that does not make it reality

>>7120104
>cashing out

dude the only shit im doing with crypto is buying coke for an instant 3x

>>7130521
>This.

You fucktards think that JRS and the NSA are the same people. They’re really really not. No exchange based outside USA jurisdiction will comply with request to see your trade history. Even if they knew which exchange to ask, which they won’t. They will believe the trade history you supply, as long as they get a cheque for $100 with it.

>>7130717
tangible functionality is a cornerstone of reality.

>>7120205
Spoken like a true cuck

That made no difference in 1945. Banksters then, banksters now.

>wise up fgt

>>7122803
I think it will take around 20-30 years for the fuckery caused by neoliberals and the PC brigade to be undone. Around then hopefully Barron Trump will be elected president and bring fourth the 4th reich

And crypto will be a hundred trillion dollar market thanks to inflation.

>>7122670
Cuck