Crypto Tax Thread

[Anonymous No.15665967]

Hey /biz/, so this summer I daytraded for a few days and after all my trades I made a decent chunk of cash. About 2000 dollars after all said and done I'd say. I traded on Coinbase Pro. The most USD I ever had on the line was just below 20,000 dollars (which is the cutoff amount Coinbase says that if you go over, theyre going to give you a 1099 tax form) and I don't think I went over 200 total trades (also a Coinbase cutoff I believe).

Am I gonna have to fill out any tax forms?

What about if I trade on Binance? I've been doing that the past week.

[Anonymous No.15666761]

>>15665967
Idk man, just try your best. I got rekt by Bittrex in 2017 when they lost all their data

[Anonymous No.15666774]

Tax threads are always a shitshow on /biz/. Good luck OP.

[Anonymous No.15666790]

"why yes I pay taxes on crypto how could you tell"

[Anonymous No.15666827]

>>15665967
from what i understand, its all influxes to USD. i could be wrong, but i think you are only taxed when you withdraw money to an actual bank and that money actually leaves the exchange in USD form. im in the same boat as you, i need to get clarity on this before i have to give big brother everything

[Anonymous No.15667413]

>>15665967
are you a burger anon
if yes at 200 trades they will request additional info because muh IRS
at $20k revenue you will have to submit a 1099 for alternative income(if again, you're a burger)

[Anonymous No.15667647]

>>15665967
If you didn't do pic related the IRS is going to fuck you up.

Just because coinbase has a +20k reporting system doesn't mean you don't have to file. You do.

[Anonymous No.15667776]

>>15667647
This. If you dont think coinbase isn't sending everyone's shit straight to the IRS you're an idiot.

[Anonymous No.15667901]

>>15667647
>land of the free
fucking amerishits