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/biz/ - Business & Finance

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16409572 No.16409572 [Reply] [Original]

Do i really have to pay taxes on crypto, /biz/? I mean come on, is the government really gonna go after me over a few thousand dollars worth of crypto? Certainly they have bigger fish to fry.

>> No.16409583

>>16409572
No you idiot you don’t owe taxes on a few thousand dollars. you don’t have to pay till you hit 40k in profit

>> No.16409610

>>16409583
Do not listen to this fucking retard. You need to add it to your yearly income. Yes, you need to pay taxes. The last thing you want in your life is the IRS.

>> No.16409622

>>16409572
It's $20,000 in total TRANSACTIONS (buys and sells) that trigers at 1099K to be sent to the IRS and if you fall in the category the IRS Will be looking for your taxes to reflect this...ask me how I know.

>> No.16409629

>>16409572
whether you made money or not is irrelevant...that $20,000 transaction threshold automatically triggers a 1099K to be sent to the IRS in your name and it's up to YOU to show the IRS what you made or lost

>> No.16409636

>>16409572
Since you fags won't believe me here it is in black and white

https://www.cryptotrader.tax/blog/what-to-do-with-your-1099-k-from-coinbase-gemini-or-gdax-for-crypto-taxes

>> No.16409676

>>16409572
If I were you I’d pay after 10k, especially if you are a burger

>> No.16409691

>>16409572
All depends on where you live, where I'm from (not US) you only have to pay taxes on crypto <-> FIAT transactions but not crypto to crypto and you only have to pay if your gains exceed 11k a year.
Luckily not every country is as cucked as the US.

>> No.16409697
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16409697

>>16409572
You don't if you used Bitcoin Cash, the ancap coin
Do a Peer to Peer sale at your local mall, you know, like it says in the Bitcoin white paper.

>> No.16409754

>>16409697
you are meeting glownogs or people already compromised by them

>> No.16409797

>>16409754
Well I haven't suffered any ill effects from trading this way for over 3 years. The people I am trading with don't know my name

>> No.16409802

>>16409691
hmm, is tether counted as a crypto?

>> No.16409811

>>16409636
So basically dont use Coinbase or Gemini for more than 20k and you're fine

>> No.16410146

>>16409811
Based.

>> No.16410156

>>16409802
Yes

>> No.16410158

the 20k line may retroactively be changed. Say 2 years from now, the IRS can demand coinbase to show ALL transactions by US customers.

if you want to evade stick to OTC or ATM's. fee's will be higher but only to be almost fullproof.

>> No.16410178

>>16409610
yeah, but that's only on capital gains. only transactions and dividends need to be filed, not ownership

>> No.16410208

>>16409622
How do you know?

>> No.16410210

>>16409572
>Certainly they have bigger fish to fry.
No they don't, other wise Mossack Fonseca wouldn't have been a thing.

>> No.16410212

>>16409697
It'd be easy for the IRS to audit your transaction history.

>> No.16410231

Dont you only have to pay taxes if you cash out to fiat? Say I buy 1 bitcoin now and btc jumps to 30k. And I just hold it and do nothing with it no crypto trades or anything. The irs won't do shit until I cash out or start moving that btc around right?

>> No.16410261

>>16410212
In what way? They haven't got a clue, on the cypto side I have pretty bulletproof privacy with cashshuffle coin mixing (only on Bitcoin Cash the real Bitcoin) and on the cash side there is no record

>> No.16410277

>>16409572
In eastern europe crypto investment is treated same as stocks. So you pay some percent from yearly PROFIT up from 2k.

What we do with tho, we try to trade crypto for cash by finding a local guy who would like to buy for cash. Of course you can't buy an expensive car with that, but you can buy groceries, go to movies or eat out or whatever.

>> No.16410280

>>16409572
Tax evasion is a huge gamble.
You probably won’t get audited, but if you do you will probably lose everything ( fines , legal fees ) and end up being Tyrones involuntary lover.
I’ve always erred on the side of caution, call me a faggot.

>> No.16410282

>>16410261
You should be using Monero. Cashshuffle isn't going to hide your illegal shit nearly as well as you think it does.

>> No.16410587

>>16410231
You can move it, but if you trade it they want you to keep track of gain or loss, which is bs, crypto should be like kind

>> No.16411208

>>16409572
Just stay away from coinbase and you're fine. Also, most fags here don't have more than 10k in crypto, you don't need Coinbase or another fiat exchange to redeem smaller amounts from time to time.

>> No.16411220

>>16410158
>the IRS can demand coinbase to show ALL transactions by US customers.
it'll be every customer eventually. you'll have to sign the double taxation treaty form or they'll withhold your monies on coinbase.

get an accountant anons.

>> No.16411572
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16411572

>>16411208
> mfw I have literally 20k in Kleros

>> No.16411625 [DELETED] 

>>16409636
If you don't have a job and have zero invome outside of crypto how much money can you make in crypto without having to report those taxes?

>> No.16411631

>>16409636
If you don't have a job and have zero invome outside of crypto how much money can you make in crypto without having to report those gains or pay tax?

>> No.16411635

>>16409572
They have programs that track crypto. If you bought or sold crypto with KYC or transferred to/ from your bank account then just pay your taxes..

>> No.16411693

>>16409572
Why do you faggots think the IRS is just a bunch of people sitting around going "Oh, i'm too busy auditing billionaires, I won't pay any attention to these other returns."? They don't think in terms of "bigger fish to fry", when it comes to filing taxes. The entire process is almost entirely automated, and if they have indications you have investments you didn't report or pay taxes on, the system spits out a form letter asking you to provide them with more information. Nobody sits there and investigates you. But, if your bank is seeing patterns they think are suspicious, they have to by law tell the IRS, and if exchanges give the IRS your trades, you'll owe.
It's not like IRS agents will show up at your door for $2000 in unpaid taxes. They do most return based stuff by computer, and by mail. It's accounting. If they think you owe, they send you a bill, then it's on you to comply. It's when they think you're hiding income, is when they snap on the rubber gloves and ask you to come in with all your records.
Just file and pay your taxes, stupid. If you're in the US, you're an idiot to play games with the IRS. Nobody likes taxes, but they're smarter than you, have the law on their side, and they can fuck your shit up pretty fucking efficiently, without you even speaking to a human being.
Wise up, faggot.

>> No.16411711

>>16410280
Tax evasion is not even an issue here. They will always start with failure to file, or auditing to reconcile their records with what you filed. They always give you a change to file and pay what they think you owe, or prove you don't owe it. Evasion, or the criminal side of taxes, is purposefully hiding income, or lying on your returns and records, like making up fake receipts or transactions and filing them with your return.
Not filing and paying is the civil side, and you have to work hard to make them flip it to the criminal side.

>> No.16411807

>>16411693
I have a problem where I don't know if I owe any taxes but i have zero income this year and a net loss last year and i never got any form about taxes and if i pay yo file my taxes i'll just be down money with zero taxes to subtract the cost of filing my taxes. How much incone can you make in 1 year without filing taxes?

>> No.16411841

LISTEN , NO ONE PAY TAXES!!!!

NO ONE !!

i havent paid for the past two years, i usuallly cash out less than 10k. never got any letters

>> No.16411973

>>16411807
Depends on where you live. I'm not a tax accountant, you should ask one of them, not me. I just know about the IRS because I have a relative who works for them.

>> No.16412105

>>16409572
What's the chances of the horsecops coming for me if I don't pay taxes in Leafland?