/biz/ - Business & Finance

>>8803919
I forgot

>>8803932
The IRS didn't

>>8803919
when are they due??? please hurry

>>8803950
Oh fuck what happens now

>>8803965
https://www.youtube.com/watch?v=oBzvMLW0ii4

>>8803980
Are there conjugal visits?

>>8803919
Good thing i set aside cash like a non-retard and didn't buy alts at the absolute peak.

>>8803919
You only have to pay after you cash out.

He should just not report his gains unless he bought on coinbase or whereever

>>8804071
His choice is to either be a criminal or be in debt for imaginary earnings. Such a shitty system.
Thanks for the clarification mid fucking december. Can't wait for crypto to overcome them.

>>8804071
Even if*

>paying 50k on $0 cashed out of a $30k portfolio

Somethings clearly not right.

>>8804095
What clarification?

Civil disobedience can also be refusing to pay an oppressive government money it demands for nothing.

>>8804071
I mean he likely exchanged BTC to alts on some chink websites where the government has literally 0 chance of knowing about it

Tax threads just destroyed this man's life lol
Now he's selling his crypto and setting up a payment plan, just imagine how he feels when the next bullrun starts, and when he realises the government has literally 0, zero, null, nada chance of knowing about the shitcoins he posessed
He could just search for some coin that crashed in december (do those exist?) or claim he lost part of his investment through fraud or whatever
and maybe only report the few gains he still has and pay taxes on that

>>8804120
Wait wait he bought 8 bitcoins for $7200 initially so that means his initial investment was $57,600. Now it's worth $30,000 so he has to pay $50k for losing $26,600?? KEK KEK KEKKE

>genetically wired to pay taxes

>>8804187
Yes, because the bubble burst at the exact worse time.
Massive gains through December. Tax Year Ends. Need to pay taxes on all trades.
New Tax year begins in January. Massive losses begin. Can't claim these losses on previous years return.

>>8804262
Nah that's bullshit. Trump didn't pass the law to tax crypto to crypto until 2018. He should just wait until it moons again, cash out and pay long term capital gains.

dont pay taxes. simple.

>>8803919
this is 100% a jew larp! Nobody pays crypto taxes and these faggots are now posting these threads everywhere. If you fall for this shit Im going to punch u in the pussy!

>>8803919
People forget how much power we have over the IRS.

The IRS can't reasonably expect these people to pay more than what they actually have when they haven't even spent a dollar.

There are no clear congressional laws in place that state we even have to pay taxes.

People like OP can simply claim their account was hacked and all their coins were cashed out into Monero and "stolen". NOTHING the IRS can do about that unless he's a whale and starts spending it but even then there is no trail.

Privacy coins are the AR-15s or AK-47s of crypto. We have power now. Use it only when necessary.

>>8804187
No you idiot he bought 8 BTC for a total of $7200.

>Bought all my crypto in 2017
>Didn't buy the top, just held onto what I had
>Didn't make hundreds of trades like some faggot with adhd
>Haven't sold any of my crypto for fiat
I don't understand how these people fuck themselves over so badly like in that post, I've noticed that most people on that subreddit are fucking retarded. If I buy more this year, I'll pay whatever I need to on those trades since that rule started this year. Obviously, I'll pay long term capital gains when I eventually sell my link in five or more years.

>>8804134

It is the only valid form of it, really.

>>8805147
>these people
la creatura isn't people

>>8805040
Well then why doesn't he just convert back to BTC, send it to cuckbase, cash out, call in one big hodl from early 2017 to early 2018, pay 0% - 15% long term tax rate, and forget this ever happened?

>>8805180
Because he's a retarded reddit user who posts on their personal finance section

I cant get over how stupid he is for actually paying those taxes, and how stupid reddit is for recommending him to do so.

There is literally 0% chance of the government every finding out he owned those alts unless he reports it himself
I mean if you made a lot of gains I would honestly recommend to pay taxes on that for ease of mind and juuuust in case. But why go into debt over imaginary meme numbers you held on chinese websites. Why does reddit recommend him to do this. Its absurd.

>>8805147
Did you make any trades on which you made a profit? Grats, you owe capital gains tax.

>>8805214
>buy 1 bitcoin
>cash out 10
hmm

>>8804935
>There are no clear congressional laws in place that state we even have to pay taxes.

Laughably untrue. Good luck with your adorable little tax revolt.

>>8805216
I haven't made profit because I haven't taken anything out you fucking idiot. How would I even begin to pay capital gains taxes in this retarded process?

>>8805248
go to an accountant goy

>>8805180
Because the numbers wouldn't add up, stupid. The IRS has the same historic price charts that you have access too, and he'd have to show his losses, and you can't just claim one without showing the math. If he bought x amount of bitcoin, and held it, and cashed it out with a loss, it would have to be the right amount, and the right price, and it's obvious since he bought other coins, that won't happen now.

You dummies crack me up, you think you're smarter than the IRS?

Have fun with your audits, the few of you who actually have any taxes to file - most actual coin holders left here weeks ago in disgust. The rest are pathetic little /pol rejects who think they know things.

>>8805229
But he originally had 8 bitcoins which should be worth $56,000 now, but he says his portfolio is 30k so he only lost money on alts.

>>8805260
Uhh... brainlet, it would add up, he had 8 bitcoins originally. He has 30k now. So if he cashes everything out now he'd just report selling 4.28 BTC and pay long term tax on that. As long as he doesn't cash out more than 8 bitcoins his story holds up.

>>8805260
>The IRS has the same historic price charts that you have access too

There's no law that says you have to sell at market prices, retard.

>>8805401
But there's an IRS regulation that says when you sell you have to take the fair market price to evaluate taxable gains.

>>8805248
"U DONT HAVE TO PAY TAXES TILL U CASH OUT!"

lmao wrong. enjoy prison brainlet

>>8805214
>There is literally 0% chance of the government every finding out he owned those alts unless he reports it himself

Gov sees: he paid $100, received $1000
Gov asks: "Hey anon, where did you got this?"
You say: "None of your business!"
Gov: "Okay. Looks like money laundring/tax evasion." *orders bank to shut down bank account and opens up an investigation*
You cry: "OPRESSION!"

Never change, /biz.

>>8805441
He didn't receive $1,000 because he didn't cash anything out. And even if he does cash out he can claim up to 8 bitcoins as long term hodl gains.

>>8805248
let me put it simply so a brainlet like you can understand.

Buy poopoocoin for 1 dollar. Sell poopoocoin one month later for 10 dollars worth of peepeecoin. Congrats, you now owe the IRS for $9 worth of capital gains. IRS doesn't give a fuck if you cashed out or not. Repeat for literally every trade you executed that made any profit.

"Oh no but I lost all my peepeepoopoocoin money in January!" That's cool, feel free to claim that on your FUTURE gains (lol as if you will ever have any again now that ezmode bullrun is over) but you still owe every cent for 2017.

Welcome to debtors prison, dumbass.

>>8805467
Let me put it simple so you can understand, tax cuck. He should ignore all that and do this:
>>8805180
because the IRS wouldn't know about his binance shitcoin trades unless he goes out of his way to rat on himself.

>>8805460
What do you do about the documentation?

>>8805522
What documentation? He bought 8 coins from cuck base, that's documented. You can throw all your shitcoin trading documentation in the garbage, as if that never happened. Then you're free to cash out UP TO 8 BTC again on cuck base paying long term capital gains on it.

>>8804095
you can still file as like kind lol

>>8805555
So... he ends up cashing out 8 BTC and is left with an undefined amount of coins which he cannot cash out, because he would pay taxes on it?

Sounds smart. I also like to not liquidate my gains in a speculative market

>>8805603
HE HAS LESS THAN 8 BTC. He actually lost BTC with his alt-coin trading.

>>8805555
sick quads

These tax threads are fud. The IRS has provided nothing but this https://www.irs.gov/newsroom/irs-virtual-currency-guidance for crypto. I'll pay taxes when they come with something that isn't so vague. They haven't even decided how to handle crypto yet. Everything you read on /biz and reddit is speculation. Accountant and tax specialists are being overly cautious and telling everyone to pay out the as because they are afraid of getting sued

>>8805647
this

You can still use like kind you brainlets.