/biz/ - Business & Finance

[Anonymous No.17630287]

wtf am i supposed to do about these taxes. i have like 1,000+ trades to go through, and you'd have to be one hell of an autistic sperg to be able to decipher the cost basis of every single fucking trade over the course of a whole year, resulting in when you finally sell for USD and claim the profit. am I supposed to just do my best guess and hope the IRS is fine with it

[Anonymous No.17630378]

>>17630287
You're a retard. Enjoy your audit

[Anonymous No.17630397]

Use something like bitcoin tax. Make sure the total amount of trades is >= what is on your 1099s. If so then you're good just submit it. If not then try to figure out why because that will trigger an audit.

[Anonymous No.17630406]

>>17630287
Just put the higher amount you think is possible. That way during the audit it will be revised lower and you will be able to ask for a refund and won't get a penalty.
Basically the IRS will do your accounting for free.

[Anonymous No.17630407]

>>17630287
Thank fucking God I live in the UK. Crypto is Tax-free as long as you don't cash out more than 12,000GBP a year.

[Anonymous No.17630451]

>>17630407

That's the same in US if you make less than $30k or something.

[Anonymous No.17630475]

Or just don't use cuckbase and never pay tax.

[Anonymous No.17630494]

Just make shit up and then put your profit as -3,000usd so you can write it off. Print it out and mail it just to make it that little bit harder on them. I never file electronically because fuck them. Every little bit helps. It's a citizens duty to resist and avoid taxes as much as possible. One day we will kill tax agents and rape their family members to death.

[Anonymous No.17630502]

>>17630494
basado!

[Anonymous No.17631179]

>>17630406
This.

[Anonymous No.17631193]

>>17630475
This. OP is gay

[Anonymous No.17631225]

If you don’t do it, IRS will audit you, and then you will HAVE TO do it to avoid jail, but on top of it you’ll pay a fine too, either way u r fukd fggt

[Anonymous No.17631249]

>getting audited by the IRS
fucking noobs

[Anonymous No.17631254]

>>17631225
You don't necessarily pay a fine if you are auditied. More so if you intentionally try to hide your shit.

I just used cointracking which admittedly didn't import my shit properly, sent them ~120 pages of trading documents, and called it a day. If they want to claim I did this wrong, then when I really sit down and correctly do it, I promise you they are gonna owe ME more money. So you know...whatever.

[Anonymous No.17631988]

>>17630287
Use cointracking.info you retard

[Anonymous No.17632039]

>>17630287

This website imports all your trade history and simplifies all that crazy shit.

bitcoin.tax

It's like $30.

[Anonymous No.17632159]

>>17630287
That's nothing. I've used multiple accounts on just about every exchange you can think of, over 10k+ trades. Mined coins with no exchange listings I'm somehow still supposed to pay taxes on. Traded on DEXs, OTC. Staked coins. Lent coins. Done just about everything you could with these shitcoins. Nobody can possibly make sense of the mess I've created.

[Anonymous No.17632188]

>>17632159
you don't actually report any of that shit, right? i would report anything with a paper trace on coinbase, but beyond that what's the fucking point

[Anonymous No.17632524]

>>17630475
>>17631193
How will you retards cash out?

[Anonymous No.17632604]

>>17630287
You'll be tossing some nig's salad in federal prison soon enough

Night night, keep your butthole tight

[Anonymous No.17632918]

>>17632159
>>17632188
Not him, but I'm in a similar boat and I haven't reported a thing. If I cash out on coinbase I will. But I fucking tested trading bots on exchanges that don't even have my account registered anymore.

It's literally impossible for me to report correctly. Did you keep track of every single person to person cash exchange you made in the past 10 years? Cause it's about as reasonable as that.

[Anonymous No.17632946]

>>17632604
what's with Americans and being obsessed with nigger rape?

Let me guess. You're older than 25 and you were raised by a television

[Anonymous No.17632977]

>>17630287
I'm so glad I'm done. 2,950 transactions this year. I lost a shitload of money

[Anonymous No.17633008]

>>17630494
I used cointracker and all it did was spit out negative numbers.
Decided it's best not to submit that because the IRS will get sus. I haven't cashed out anything anyway.

[Anonymous No.17633032]

>>17633008
How many exchanges did u trade on?

[Anonymous No.17633062]

>>17630451
is there any proof of this?

[Anonymous No.17633098]

>>17630287
>am I supposed to just do my best guess and hope the IRS is fine with it
lol no. This is what the IRS requires of you during a crypto related audit. If you can't provide it the the IRS gets to pull a number out of their ass and you're required to pay it, or else.

[Anonymous No.17633109]

>>17630407
Source? I can't find anything about this.

[Anonymous No.17633123]

>>17630475
what else can you use that lets you get actual fiat transferred to your bank without losing it in some sketchy chink shit

[Anonymous No.17633178]

>>17630287
This is in Canada but I just reported based on what went into and out of my bank account, which is probably pretty close to what I actually owed. This may not be the case for you though. I don't actually have access to the information I need to calculate and neither does the CRA so there's no point.

[Anonymous No.17633221]

>>17632946
It's a meme here, has been for like 40 years

I didn't create the meme

[Anonymous No.17633260]

thank god I live in europe

[Anonymous No.17633338]

>>17630494
>One day we will kill tax agents and rape their family members to death.
based & teapartypilled

[Anonymous No.17633371]

>>17633098

[Anonymous No.17633396]

>>17633178
Canada here too. I'm too low IQ to understand why there would be a differnece in capital gains if you add each individual cryto to cryto transaction vs just looking at the total initial out the bank and the total final cashed into the bank. Is it fine if I just use the total, i have a shot ton of transactions like op.

[Anonymous No.17634085]

Whats the best software that lets you import info from coinbase and sorts it out? I day traded a lot like a retard and lost more money than I made but coinbase faggots report only the volume so it looks as if I had a ton of money what the fuck I dont want to do hundreds of pages of transactions by hand and I dont want the IRS to WACO me for losing money on bitcoin

[Anonymous No.17634157]

>>17633396
Problem is this only works if you cash out everything right? Say I buy 10k worth of shitcoins, some moons some don't, add to that a bunch of trades on various exchanges. Now imagine I have 90k profit but want to cash out only 50k of that, how do taxes work in that case? I can't say 10k in -> 50k out since truth is I still have more crypto

[Anonymous No.17634340]

Geniune question here (I know its probably retarded). Let's say I got like 40k of various coin and I wanted to cash out. If I simply converted it all to bitcoin, send it all to my cash app account, then just gradually over some weeks/months sold the btc and sent the cash to my bank $5k at a time, how would the gubmint know?

[Anonymous No.17634560]

>>17634340
You would probably need to explain the source of your 5k monthly income so unless you lie that's where you'd be found out

[Anonymous No.17634839]

>>17634560

Why would they check? Do they really check everyone's accounts?

[Anonymous No.17635052]

>>17634839
You may get away with it but my understanding is that not reporting income will incur a penalty if they ever audit your account which may or may not be easy to flag if you have a constant stream of 5k income. Honestly I have no idea though, I just know taxes are a huge pain in the ass

[Anonymous No.17635213]

>>17630287
>laughs in CPA

[Anonymous No.17635228]

>>17632524
There are other ways of doing it that aren't through an exchange

[Anonymous No.17635373]

>>17633098
>Have to provide information on ALL trades
Do people on /biz/ actually do this?

[Anonymous No.17635482]

>>17630287
Unless you have 1099's, why even bother reporting. Just go into XMR or even DAI and local bitcoins in Japan for $15K every time you need money. Live in an island in Thailand and use ARPA to transfer things.

[Anonymous No.17635507]

lmao fuck taxes and fuck the government

[Anonymous No.17635781]

>>17635507
Based. IRS trannies can kiss my ass

[Anonymous No.17635796]

>>17632604
Fucking homo

[Anonymous No.17635870]

>>17634157
Retard here, I thought that was exactly how it worked. It's called an income tax, you pay tax on income = liquid wealth, right? The gains aren't realised until you actually cash out.

Or at least maybe that's how it works in Australia.