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/biz/ - Business & Finance

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15724910 No.15724910 [Reply] [Original]

https://cointelegraph.com/news/only-reporting-part-of-your-crypto-addresses-the-irs-needs-to-know

>Disclose your missing information. Over time, it is possible that one of your crypto exchanges shut down, an address was rendered inaccessible due to hacking, or you misplaced your seed password and are unable to restore the information. If you are unable to restore or gather the information required, disclose the reasons to the IRS with supporting documentation if you have any. It is important to consult with a professional before filling with the IRS. Make sure that your CPA or legal advisor understands crypto taxation

You do have a CPA, right? The penalties for misfiling are Quite severe.

>> No.15725088

Not reporting anything unless I cash out more than 10k at a time. Besides I've only ever lost money on crypto.

>> No.15725102

>>15725088
Interest and late fees add up and each trade is taxed regardles. Surely you've had a handful of winners. Goodluck with your head in the sand approach.

>> No.15725133

What if I'm not a burger

>> No.15725147

Feels good just buying and holding LINK and not being a degenerate trader

>> No.15725188

>more fear mongering
Just use bitcoin.tax and turbotax to report your trades. I did this and the IRS ended up sending me a check because I overpaid slightly. Didn’t get a letter from them like these other faggots and I didn’t have to report any wallets.

>> No.15725200

>paying taxes
>on crypto
You must be retarded

>> No.15725406

>>15725102
There is literally no way the IRS can find my trades unless binance hands it over to them, because I won't

>> No.15725477

>>15725406
Why wouldn’t binance hand them over?

>> No.15725493

I'm just going to go ahead and wing it this year, thank though little guy.

>> No.15725706

>>15725102
You're retarded m8.
>trade 1k for 2k
>trade 2k for 200
Even if my 2x is taxable it's offset by the 90% loss immediately after.

>> No.15725802

>>15725477
??? Why would they? They wouldn't.

>> No.15725847

>>15725406
Wait until you go to spend your gains and it triggers an audit.

>anon, can you show us where you acquired this wealth?

I look forward to your future post asking how you can manipulate your trading history.

>> No.15725852

These tax threads on biz are absolutely retarded. They always have been.

>> No.15725855

>>15725802
Subpoena from the IRS like coinbase.
Binance has no duty to you they don't care.

>> No.15725872

>>15725847
Biz is the last place I'd go looking for advice.

>> No.15725892

>>15725855
Binance has 0 obligation to comply with any US agency. And oh look, bitcoin is crashing. Looks like I'll have a nice write off! Kys

>> No.15725905

>>15725147
This it’s been almost a year since I traded anything and I’m still more than 50% down. October is the 1 year anniversary of my hold so I will not pay capital gains tax once I finally cash out

>> No.15725932

>>15725852
It’s bears that want to trigger more selling with fear. I did my own research on capital gains and that’s why I buy and hold. Feels good man

>> No.15725970

>>15725102
You're retarded.
https://www.forbes.com/sites/greatspeculations/2017/06/07/how-to-become-eligible-for-trader-tax-status-benefits/#42fe9e603e35

>> No.15726146
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15726146

>>15725855
Desu any subpoena sent to CZ is just going to be used as toilet paper. Bootlickers like you will never understand the fulfillment that stems from being absolutely, unequivocally Based.

>> No.15726191

>>15726146
cz being delivered giftwrapped to Guantanamo is line item #473 on the great trump reelection /chinese surrender trade deal

>> No.15726226

Why can I be taxed on spending money if I already paid income tax. Isnt that double taxing and unconstitutional?

>> No.15726299
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15726299

>>15726191
Trump has already secured his re-election with this Ukraine debacle, no need to placate China. If anything they are the ones who need to sweeten the deal, not Trump. Having someone who esteems the values of crypto with a foothold in the industry will make for a strong ally when Trump inevitably launches his GE campaign. Eventually CZ or someone else will build a full scale dex and it won’t matter at that point if the creator is dead or in jail. Legacy institutions and tax schemes are on the way out. No more parasites.