IRS thread

[Anonymous No.11700809]

So here is the thing. I have transferred more than 30k in fiat this year to coinbase, bought ETH,BTC and transferred it to other exchanges to buy altcoins.I really havent traded anything except 1-2 trades here and there in binance. Mostly i am buying and holding. Havent converted anything to fiat till date and haven't done any selling in coinbase.
Will I still get a tax form from coinbase since i transferred more than 30k in fiat from bank? I want to add more fiat in this bear market and planning to transfer another 10k this year. Can i still use coinbase without any issues or do i have to go through something like gemini ?

[Anonymous No.11700821]

>>11700809
Yes, the limit is 20k

[Anonymous No.11700824]

shu shu

[Anonymous No.11701288]

Thank god I live in a country run by incompetent niggers that can't figure out how to handle crypto, but have not allowed us to use paypal due to "money laundering" possibilities.

[Anonymous No.11701332]

>>11700809
>Will I still get a tax form from coinbase since i transferred more than 30k in fiat from bank?
No, buying with FIAT is not a taxable event. You will only get a tax form from coinbase in the event you send something to coinbase and sell it for USD or make a trade like buying ETH with BTC.

Keep in mind the trades you have been making where you buy alts with BTC this is a taxable event. While unlikely you have created a substantial tax burden in a bear market, You need to be recording these trades so you know your cost basis in USD for when you sell them, without proof it is possible the IRS will force you to use a cost basis of zero causing you to owe more in taxes.

[Anonymous No.11701360]

PAY UP CITIZEN YOUR PRIVILEGE NEEDS TO BE CHECKED
Think of the funding the schools and roads need. It's your duty.

[Anonymous No.11701396]

if you didnt make a trade in reverse there's no taxes to deduct. (for example if you did USD->BTC you dont pay taxes until you go back from BTC->USD). So if you did BTC -> XRP then sold XRP -> BTC that's taxable

[Anonymous No.11701413]

>>11701360
“I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.” - Thomas Jefferson

[Anonymous No.11701458]

Enjoy prison bucko

[Anonymous No.11701518]

>>11701396
This isn't entirely true, if you go BTC>XRP its a taxable event...

>buy 0.1 BTC @ $10,000 ($1,000.00 cost basis)
>a week later BTC at $11,000 and buy XRP, you have technically realized a $1,000.00 gain and owe the appropriate taxes

[Anonymous No.11701529]

>>11701518
errr, I mean $100 gain, not $1,000

[Anonymous No.11701548]

Yes. I have a master's in tax AMA. Also, stop fucking trying to dodge taxes. You really don't even pay that much. Taxes are what we pay to live in a free society. Ancaps need not reply.

[Anonymous No.11701560]

>>11700809
Just be glad you aren't a swingtrader who isn't prepared to pay tax on the gains for trades. That can be a mess if you don't have fiat to cover it.

[Anonymous No.11701570]

>>11701518
that's not taxable

[Anonymous No.11701589]

>>11701518
Well, I cant but altcoins with fiat, so i have to buy btc and then convert it to alts. anyways, I'm down 50% in almost all alts and btc as well. even though i can write off taxes, i don't want to come into irs radar whatsoever regarding crypto

[Anonymous No.11701697]

>>11701548
>You really don't even pay that much
Just counting taxes from my paychecks I pay more taxes each month than my rent.
>Taxes are what we pay to live in a free society.
>a free society.
Mother fucker what? The most mundane things are illegal and punished with hefty fines or even horrendous jail sentences even while trying to trap people into the punishment with honeypots and stings increasing the departments' funding.

[Anonymous No.11701762]

>>11701458
based

[Anonymous No.11701783]

>>11701570
it is in the good ol US of A

[Anonymous No.11701784]

>>11700809
So bitcoin to link and havent broke even yet 75k coins @ $0.60... how fucked am I?

[Anonymous No.11701830]

>>11701570
Wrong- you acquired BTC at a cost basis of $10,000 and then sold BTC for something else at $11,000. Taxable event. Look it up.

>>11701589
Like I said earlier, its unlikely you've created a substantial tax burden in a bear market. However the default inventory system is FIFO, so if you hold BTC along with all your alts, your oldest BTC is what you are using to purchase your alts, so you probably have incurred substantial losses that will be important for your future tax returns.

>bought 1 BTC @ $20,000 in January
>bought 1 BTC @ $10,000 in March 1st
>traded to buy 1 BTC worth of XRP on March 2nd
>using FIFO you would have technically sold the 1 BTC you purchased at $20,000 incurring a $10,000.00 loss

The maximum yearly loss you can deduct is $3,000 ... So you would carry forward a $7,000 loss towards the next year

[Anonymous No.11701844]

>>11701413
Every time I learn something new about this man, the sadder I am that his outlook didn't have a greater effect on the trajectory of American society. RIP

[Anonymous No.11701880]

>>11701570

[Anonymous No.11701915]

>>11700809
I have been wondering the same thing. I have been using Gemini this last month to get BTC/ETH to binance. Didnt want to take the risk of dealing with anything gay. I wonder if I can call them and ask if my account will be flagged.

[Anonymous No.11701942]

>mfw a grand total of 0 burgers on biz know how taxes work in their country.

I want you all to get fucked repeatedly in the ass by the IRS.

[Anonymous No.11702008]

>>11700809
Don't even worry about it. Nobody is going to jail over crypto. At worst, you may have to pay a fine if you get audited.

[Anonymous No.11702831]

>>11701915
lmao. gemini sends 1099-k, they did in 2017. don't know their threshold but it's prob 20k/200 transactions

[Anonymous No.11702836]

>>11702831
So if i have exceed that in coinbase, can i use gemini instead to be safer?

[Anonymous No.11702851]

>>11702836
I guess, but they will report, they were first in line to get a bitlicense. I like Gemini personally but it's probably the last place you should go if you want to avoid the IRS finding out. They will find out though once you cash out enough dollars. It's better to just accept it early or move

[Anonymous No.11702869]

>>11702851
cashing out means into fiat , or buying btc using fiat, sending out to binance and buying alts?

[Anonymous No.11702913]

>>11702869
who knows now that it's 2018 and like kind is firmly relegated to property and chainalysis has been around so long. maybe they do automatically monitor from the time it leaves your USD onramp. but just my opinion I doubt theyd ever come after you for sending it to binance and not reporting if the amounts are under six figures. they come after you once you have cashed out into USD on coinbase or gemini or to a bank, or to one of their agents on localbitcoins, or to your friend and then deposit that money in the bank.