/biz/ - Business & Finance

>>8904466
>If I just report what I cashed out to my bank account, will the IRS fuck my ass with no lube?
Probably not, they'll be happy that you reported your gains in the first place.

You can always make a new account on an exchange, move all your funds there and cash out. If anyone asks what trades you have done just show your new account which barely has any trades (if you have to pay tax for every trade)

>>8904492
Agreed.
https://www.cnbc.com/2018/04/13/hardly-anyone-is-paying-taxes-on-their-bitcoin-gains-as-filing-deadline-nears.html

>>8904466
Yeah OP i agree with >>8904492 as long as you show something and report your taxes in a mildly truthful manner you should probably be good. Better off than the people don't report and have a bigger chance for a royal fist pounding.

>>8904492
>>8904527
>>8904566
The thing is that I have probably ~150k in gains from margin trading in 2017 but I only ever cashed out about 10k. Why the fuck can't they just make the law intelligently, where you just report what you withdraw to the bank?

The only way to avoid filing is to withdraw locally.

>>8904595
probably makes it to easy to evade by shifting things between different accounts

>>8904728
Local Bitcoin is ran by govt agents.

>>8905226
There have been multiple cases of Uncle Sam arresting localbitcoin traders for "operating without a money services business license" and money laundering. It is next to impossible for the feds to prove money laundering unless they use entrapment tactics. So most LBC traders plea bargain down to the lesser crimes of operating without a money services business license and maybe tax evasion if they didn't pay their crypto taxes. Money laundering is where you get really fucked. So if some idiot on lbc casually tells you that he got his bitcoins from selling drugs on dream market, RUN, don't walk away, RUN AWAY. It's 100% a fed.

>>8904466
>How do I file taxes on 11,500 margin trades?
Buy a printer

>>8905289
this. it's all DHS niggers

>>8904466
Hypothetically if the feds seized an exchange I traded on, how would I go about getting my trade history?

>>8905411
or people bullied into being informants, at best. Lbc has been totally ass pounded since 2014

>>8905411
>>8905424
I've used localbitcoins multiple times with no issues, my state has said that you don't need a money services license to sell bitcoin though.

>>8905839
If there really are states in the US that don't require a MSB license for trading BTC, I would just move to those states if you are a burger.

I have traded large volumes on localbitcoins in Canada for awhile without issues. There are no raids on traders here. The only people holding crypto getting raided in Canada are darknet vendors selling Fentanyl. Fentanyl-laced drugs on the streets are causing lots of ODs and deaths. The government is spending lots of money on Narcan. Drug addicts on Vancouver's East Side spend their entire welfare cheque on heroin (laced with fentanyl). Fentanyl is a big drain on the taxpayer. That's why they are doing something about it.

People on this board are fucking stupid.

Just declare the amount of money you made (honestly) as income or short term capital gains. You'll be 100% fine.

>>8904466
>There is no website that can calculate it accurately.
Please someone tell me there is a website that calculates margin trades accurately.

>>8904466
Just paid almost 300k taxes. I should have quit my job and moved out of NYC god damn

>>8906087
it's not like you can just put a single transaction that says "bitcoin" on the form 8949 though even if you want to pay the honest amount.

>>8904595
because cryptocurrencies are supposed to be adopted. Imagine (never happen) you could pay with bitcoin everywhere and 50x your investment.

>>8904466
>>8904595
Nigga Taxes are due Tuesday.
File an early extension and pay a big ass sum for now
You may want to look into these guys
https://cryptotaxprep.com/

>>8906092
lol theres not, and tuesday is 3 days away

>>8906113
topkek
you could have bought a st kitts passport for 150k faggot . whats your excuse?

Do I have to pay estimated tax for trades this year?

>>8905839
You'll probably be fine but if you start dealing in huge amounts the federal government will come after you and doesn't care what your state says.

IRS is counting on people reporting their trades because they have no way of actually checking it, unless you've done your trades on the Coinbase itself. Then....maybe.
This is my plan and how I'm doing things.
I transfer USD to Coinbase and then buy ETH/BTC/LTC on GDax. Then I transfer said crypto to my private wallet.
Then I transfer it to a Chinese exchange.
At the end of the year though the amount of ETH etc in my wallet will be exactly equal to the amount of the ETH that I bought through the Coinbase. Nothing more and nothing less.
I did no trading of any kind. I just held.
That way the only thing they are possibly going to get is capital gains tax....And that's only if this year we won't( burgerland) get any other option of entering the market in fiat.

Fuck IRS, seriously.