/biz/ - Business & Finance

LAND OF THE FREE

How do you even owe for that when you actually transfer less money than you originally had thanks to transfer fees

>>7192292

Nah thats fucking bullshit and you know it, wheres your proof cuckold faggot BITCH FUCKVAHHHH AHHHHH AHHJHJJ AHHHH I CANT FAKE IT ANYMORE AHHHH AHHHJH AHHHHH SOMEONE END IT AHHHH

>>7192371
Pretty sure he is fucking around with api imports to a tax site, they are always glitched.

>>7192292
>americans

>>7192292
You know you don't HAVE to stay in the US.
Most of the world still likes you for some reason.

>>7192292
Where is this stated?


I'm fucked!!!!!

>>7192887
Coinbase issued 1099K forms to the IRS on anyone with more than 200 total "transactions" or $20,000 worth of "transactions".

They sent copies to users who noted that wallet withdrawals were included.

>>7192292
>transfer now that market is down
>can report a loss to the IRS

Thanks coinbase!

>post yfw the first deadly act of crypto-terrorism occurs this year

LUL
AMERICLAPS

>>7192292
Are transaction fees treated as sells? Technically you're paying for a service from miners.

Many people with small holdings paid >10% in fees just to transfer.

La creatura

>>7193011

>>7193105
The USD value of your crypto was calculated and logged at time of transfer from the exchange. Fees were not included according to my form.

>>7193154
Yes but if are looking to contest that they are probably going to audit your on-chain transactions.

>>7192292
Here come dat lawsuit
Oh shit wadAAAAAAAAA

>did arbitrage
>coinbase reported over $3 million in sells to the IRS for me due to all my withdrawals
If the IRS tries to say I made millions I'm going on a murder spree. I only have $160k total.

No really. If a government or private organization threatens people's future like this, eventually they are going to piss off the wrong person, who more than likely has disposable income if they are playing this game.
Maybe that's the plan. Push and push and push until finally somebody snaps, and then they use it as a reason to shut it down. Fuck, they could just false flag it easily enough.
One fel swoop and all crypto-traders and users painted with the "possible terrorist" brush, because one guy was tired of being stolen from and exploited.
I see plenty of absolutely insane little fucktards screeching in telegrams and discords, and if just one of them decides the fud really IS government coordinated, and that the taxes really ARE designed to fuck him over, and that his losses ARE the fault of the gubmint...
Oklahoma City 2.0, or at least something ramping up to it, that will be busted and shut down by the ever-trustworthy FBI 'just in time'.
I can easily imagine a psycho jackoff deciding enough is enough, and that it was the US gvt that took away his one shot at being financially independent for good.

https://media.giphy.com/media/Vg0JstydL8HCg/giphy.gif

mfw people are actually paying taxes on this and not just hiding it/ selling to locals via cash

>>7193338
>https://media.giphy.com/media/Vg0JstydL8HCg/giphy.gif
mfw u post a fucking link on an IMAGEboard

>>7192839
Hold on hold on, you don't know?

Americans get taxed EVEN ABROAD.

>>7193311
>>7193311
Make sure u go to coinbase hq and leave the rest of us out it

>>7192292
I saw all of the reddit threads where people made a loss but now have to pay 10s of thousands in tax. Good stuff.

>>7193641
Yep and even if you renounce your citizenship they give you a nice big exit tax

is this legal? how the fuck can they consider moving your money from one exchange to another a taxable event. Imagine if every month when my bank charged me a monthly fee on my account I had to report it as a taxable event

>>7192292
good thing Im not an amerilard

>>7192292
My co worker got taxed on every trade his bot made on GDAX. It was thousands of trades. He ended up only profiting $500 or so but Coinbase claimed he profited $240,000. So he's figuring that one out.

>>7193912
we prefer to be called ameriblobs

>put money into cb
>withdraw it
>gubment now entitled to tax it

>>7193937
brokers only report the sells, it's your job to report the cost basis of each trade. he'll only pay taxes on the $500.

this will probably fuck up crypto more than anything else, at least for americans

>>7193990
This.

>Post a lie with no source
>/biz/ brainlets believe it

>>7192292
>Buy at 1k
>Withdraw, $9 fee
>reported as a $9 loss

Why is this a big deal? Crypto is considered property under US law.

>>7192986
Moved less than 5k through Jewbase. Safe for another year.

Top FUD.
But believable course of action.

From now on use unverified, shapeshift and Monero and trade on DEXs burgers.
Expensive entry... I know.

My guess is US will force exchanges to only accept and verify burgers only if they can deposit $10000 on an exchange to trade.

Like they did with the 25k day trading stock market rule.

Bitfinex already has that rule for all new accounts

>>7193937
That is just the sum of his sells, mine came out to around 300k also, you balance that against your buys to determine your gains.
Coinbase doesn't file your taxes, you do.

>>7193964
I put 15 bucks of btc on coinbase. they gonna tax that? heres 1.50 you cockroaches.

>>7194118
This is the most advanced FUD I've ever experienced

My stomach literally dropped until I logged in to coinbase

10/10 OP

>>7192292

>yes, and you are going to jail for illegally downloading mp3, ISP logs all your torrent downloads

IRS can't do shit if we all collectively disobey, unless IRS is willing to prosecute millions of people

>>7194186
if your a wage cuck of average income it's atleast 25%, so that'll be 3.75 dollars goyim, pay up.

That's it I'm moving my 2.2 LTC from those kikes tonight.

>>7194102
TAXATION IS THEFT

Why is Trump letting this happen?

This isn't real Is it?

>>7192292
A sell for a loss? Sounds good to me.

>>7194931
Oh sweetie it is real, the IRS will always get their due and thanks to a law obongo put in place the exchange is obligated to report you.

The new rich will march on Washington D.C.

Maybe literally, maybe figuratively

>>7194903
Obama era law. Same one that was applied to paypal.

>>7193311
Dude what! You might actually be fucked holy shit. Capital gains are unlimited, capital losses only 3k a year.

lol dont be idiot cucks

band together

the IRS does NOT have the manpower to enforce and investigate blockchain activity.

>>7196555
and you don't think they can write a bot in the next 7 years to do it?

>>7196555
Besides they are after big dogs. Wasn't it suppose to only be a tax event when you cash out?

>>7193011

>>7193311
coinbase hq please but miss charlie lee

>>7193322
fuck this is too realistic

>>7196648
7 years of tax-evasion

sounds good to me

>>7196767
al capone couldn't outrun the irs. you can't either.

>>7193322
>Oklahoma 2.0
God hope that happens at the IRS building in D.C.

>>7193888
They want you to keep your bitcoin on their exchange.

Burger here
>paying crypto taxes

Also i didn't get any email or anything , GG
Holding and not cashing out and not paying a dime WHEN i do cash out

>>7193311
Better start practicing some of that sweet sweet cellmate love.

>>7193338