/biz/ - Business & Finance

A friend of a friend reported his bot trades and apparently it was over 1000 pages of trades at size 8 font. Imagine being the tax drone that had to dig through that.

>>8922982
I have the right to remain silent
I have the right to an attorney

>>8922982
Your move government.

>>8923010
this is the only reason my mediocre bot is still online

Well maybe they should create a fair tax law. As it is were getting triple taxed.

>property tax if you trade
>short term capital gains when you take it out to pay taxes
>taxed if you hold

Seriously I am 1 of 100 people.
Wow!

>>8923070
Taxed if you hold? Since when was this?

>>8923010
nice. if enough people do shit like this and overwhelm the tax faggots they might change the laws, or at least it will keep them too busy to look at anyone else.

>>8923083
Yeah that's basically the long term capital gains tax because you have to Pay taxes on the increased amount . So if you bought last June at 1500 and you ended December with one bit coin add 14,000 then you have to pay the increase

>>8923115
January*

>>8923082
>Reporting under 10k holdings

>>8923134
That isn't the law. The law says if you made $1, then you report it.

>>8922982
>Fewer Than 100 People Have Reported Bitcoin Holdings So Far
This number can't be real. Impossible.

>>8922982
This is a total lie lol I guarantee you far more people than 100 have. I have for one, lots of others have

>>8923160
This is the US tax code.

Only stupid people try and go "by the book". Not even the IRS knows what's inside.

>>8922982
i reported everything. my accountant said i was the only one who did of every client of a large cpa company. i have to pay a few grand in taxes but whatev. if you truly make some substantial money its worth it to report it. So if and when i cash out its 100% legit and no vulture, jewbag, or gold digger will screw me out of anything extra

>>8923160
>reporting something that can’t be enforced

>>8923250
Faggot

>>8923115
this is completely and totally false. if you didn't exchange that BTC for something else, you don't owe tax on it

>>8923082
I did this, but with Credit Karma. Finally, I'm a 1%er.

I personally know over 100 people who have reported trades
stop the bullshit

>>8923134
Coinbase and Gemini said you don't need to report any holdings below 10,000.

I made 150 dollars on my fun trades, you think the IRS is gonna come knock on my door over that?

>>8923115
Capital gains aren't realized until sold

>>8922982
This is fake news.

https://www.reuters.com/article/us-bitcoin-taxes/few-americans-reporting-cryptocurrency-trading-to-irs-for-now-report-idUSKBN1FX0RF

>Less than 100 people out of the 250,000 individuals who have already filed federal taxes this year through company Credit Karma reported a cryptocurrency transaction to U.S. tax authorities, the company said on Tuesday.

Fewer than 100 people reported their crypto currency trnasactions from CREDIT KARMA's tax platform (that nobody uses). This is not a report from the IRS.

>>8923335
No shit

>>8923339
But the media would never lie right guys?

>>8923315
You dont even know 100 people you dumb neckbeard
Fuck off with your obvious LARP

>>8923276
pay your taxes you koolaid powder snorting nigger. the IRS will come a knocking if u actually make gains. if not well get on my level

>>8923084
I reported. My guess is that they are going to have so many nonreporters they arent even going to look at me. And if they do my shit is legit and stamped by a cpa.

>being american

>>8923395
ur goddamn right

>>8923339
Multiplied to 250m tax payers (?idk yank numbers) that'd still only make 100k

Assuming the same high number across the board

>>8922982
this is clearly false propaganda

>>8923010
Fuk da police

>>8923070
no you are retarded, tax is only on sales, I've been filling my trades for 5 years.

this stupid bullshit statistic is sourced from a CNBC fud article about how 100 of the most recent 250k credit karma tax service filers reported crypto trades. and who uses credit karma and would trust them with taxes? poorfags who obsess over their shitty credit scores and don't even know how to work a computer, and also don't even know what cryptos are.

>>8923446
la creatura evadora de impuestos

>>8922982
I am a citizen of 3 countries, so I just go to where tax is cheapest or not enforced and sell there.

>>8923450
Credit Karma's user base is in no way representative of crypto users. Anyone who made significant gains went to someone who specializes in crypto taxes.

IRS shortform next year.... literally fucktons of IRS agents have nothing better to do then sniff out holders everywhere because they won’t have to be bogged down with scammy business write offs all day

>>8923501
>implying i evade my taxes
guess again beaner

hahaha you have to pay taxes on every trade.

imagine being this cucked.

>>8923250
Either you didn't make substantial money or you just paid 1/3 of your gains in taxes.

>>8923627
this assumes i got into the game in 2017. i took profit 2016 which was accounted for. In 2017 i increased my position and was only taxed for transactions in which i traded between different cryptos since trading bewteen pairs counts as an insta sell and buy. my profit taking occurred in jan of 2018 which does not count for the fiscal year of 2017

>>8922982
you can be damn sure those 100 get audited too

>>8923627
capital gains taxes is reduced if you hold it for longer than a year too numbnuts

>>8923010
you're your own friend's friend, aren't you

>>8923289
but if you long term held an alt, sell for BTC, cash out the btc to USD even immediately, you're fucked

>>8922649
>>>8922188 (OP)
>There are millions of illegals who this this for decades, and nothing happens
>You burgers need to get over your fear of the IRS boogieman, they don't have the resources or manpower to enforce their fraudulent laws, they make a big spectacle out of some notorious case every now and then to instill fear in the populace and encourage compliance, same fucking deal with internet piracy. Please wake the fuck up already


Wake up

>>8923835
Holy shit I’m woke now

>>8923733

>>8923835
(((They))) don't WANT to get illegals, they do want to get USA citizens.

>>8922982
I honestly wish I had bitcoin to report. The time to get into it is long gone, I don't really think it's going to break above 20k again.

>>8923160
lmfao

>>8923835
>Illegal who has no credit, less than $1000 to their name at any one point, probably hidden under a mattress, likely the worst that can happen is that they get deported.

>US Citizen who has around 2000-4000 USD in a taxable bank account, who generally has a job and can have a lean put on their house or their wages garnished for years to come ensuring revenue into the future.

WHO WOULD YOU CHOOSE TO CHASE?

>>8924711
You are the king of brainlets. Congrats on this, seriously.

There's absolutely no fucking way only 100 people reported.

I call monumental bullshit.

>>8924736
They chase the citizen so they can rape him out of his gains to give it to the useless illegal bumfuck so he can bring his whole family to shit up the place even further

>>8924711

>>8923010
>Imagine being the tax drone that had to dig through that.

A human being never sees your tax return unless its flagged for an audit

Daily reminder that paying confiscatory tax is unamerican and you are entitled to violent reply to tyranny by the Constitution.

>>8924750
I also have a very hard time believing this.

it only matters when you cash out.
if you go into a bank account they see exactly how much money you have, so you need to pay up.

or you could go the evasion route and try to pawn it off on localbitcoin. but most likely you'll just run into people trying to mug you for your BTC, if you try to sell any substantial amount.

>>8925069
I'm pretty sure a 1000 pages report would raise some flags

>>8923010
Stop Reporting. There are millions of illegals who this this for decades, and nothing happens

You burgers need to get over your fear of the IRS boogieman, they don't have the resources or manpower to enforce their fraudulent laws, they make a big spectacle out of some notorious case every now and then to instill fear in the populace and encourage compliance, same fucking deal with internet piracy. Please wake the fuck up already

>>8924736
Illegals

>>8925951
So what do all the employees at the IRS actually do then? If you plan on making it you won't be able to drive around lambos and buy multi-million dollar properties while going unnoticed. Please prove me wrong, I legit hate taxes and the government but If I actually become successful because of some random moon I really don't want to be jailed.

>>8922982
reported gains from crypto are less than the size of an average company

>>8922982
>tfw when fleeing the country this year
I don't give a fuck

>>8924711

>>8923217
This. They probably searched bitcoin instead of btc or didn't account for upper case letters

>>8922982
Lol I'm one one the hundred club

>>8924711
It's funny that bitcoin fags are replying with brainlet images, it's never going to come close to 20k again.

>>8924711
It's funny that bitcoin fags are replying with brainlet images, it's never going to come close to 20k again.

>>8927839
>>8927844
Dumbass phone

>>8926220
then if you make it that big you go see a tax lawyer and file amended returns for all those years

>>8922982