/biz/ - Business & Finance

[Anonymous No.20289293]

You DID remember to check "yes" while filing your 2019 tax return, didn't you /biz/?

[Anonymous No.20289354]

>>20289293
No anon I DO NOT own or exchange cryptocurrency, that's something I DO NOT do

[Anonymous No.20289356]

>>20289293
>he thinks there's still a government

[Anonymous No.20289397]

>>20289293
Checked yes last year, saw the hoops they make you jump through, went back and checked no.

What's crypto? I dont do that

[Anonymous No.20289414]

>>20289293
yes, i certainly did, government!
however, it is no longer in my posession. i typed in a random public key to send all of my crypto to. think of it as philanthropy roulette. i sure hope whoever received my crypto is better off.

[Anonymous No.20289465]

>>20289356
This. If coons disband police force and harmless Low-funded volunteers come to take my taxes I will just fight them.

[Anonymous No.20289655]

I feel like you retards seriously overestimate the manpower the IRS has at its disposal. The vast majority of their "gotchas" are Jamal not reporting his hood money or brainlet business owners not knowing how to file taxes. Only something like 60% of illegal immigrants file taxes at all (and probably not the full amount they should) and the only reason they do is to build a record so their application for citizenship looks better. Add on the wealthy who do bullshittery like funnel their money through LLCs and other methods to avoid the IRS and rarely get caught I really don't think there's much if anything to worry about.

Pay taxes when you cash out crypto to fiat, but otherwise I don't see a reason to report crypto to crypto transactions. If you're really worried then spread out your crypto into multiple cold wallets and most importantly if you do plan to cash out to fiat, hold for a least a year for lower taxes.

[Anonymous No.20289944]

>>20289293
Cryptocurrency is far to unstable to reasonably invest in.
Most of my shares are in medical equipment manufacturers.

[Anonymous No.20289999]

>>20289655
You’re overestimating how anonymous your transactions are. It’s fairly easy for the irs to track your cash out transaction back to your cash in if you didn’t use privacy measures. They’ll run a quick sweep of the ethereum and bitcoin public ledger along your transaction path and put the impetus on you to pay the difference plus penalties and interest. Even if you used privacy measures it’s up to you to explain the difference and it may incur greater scrutiny. “Derrrrrr it’s too hard to keep track” is not an excuse, there are services geared towards tracking your tax burden. You’re right that this hasn’t been an issue as of late but after corona fad wears off they’ll come for the ez crypto money. In their eyes, it’s accruing interest and penalties for sweet harvest in 2021-2022. Don’t be a fool about manpower they’ll use that coinbase software and AI to estimate your tax burden and send out mass letters to put responsibility on evaders to accurately report, it’s low hanging fruit.

[Anonymous No.20290070]

>>20289999
Will the irs accept pajeet coin #3256
Or do they expect people to swap coins thus incurring more taxes?

>post your pajeet coin wallet and I will pay you your percentage

[Anonymous No.20290158]

>>20290070
There’s a snapshot of the ethereum price at time of buy and sale denominated in dollars it’s public record or was the pajeet scam not an erc20 token? You don’t pay your property tax in % of a house and you don’t pay your capital gains on stocks in % of stock so yes it’s up to you to sell enough before the end of the year to reasonably cover your tax burden. I’m a tax guy and crypto trader not trying to be a dick just warning you what I see coming.

[Anonymous No.20290177]

>>20289293
Chainlink isn’t a currency so hah

[Anonymous No.20290201]

>>20289293
i have almost 600k in crypto and have been around since 2016 and never filed tax reports ever in my life

i dont even know how to do it. what do i do?

[Anonymous No.20290211]

>>20289293
Imagine not living in Italy, kek

[Anonymous No.20290349]

>>20290201
If you bought and held you’re Gucci. If you traded to accumulate your wealth then you definitely incurred taxable income. The best bet for that sum of money is to go to bitcoin.tax and first estimate your tax burden for 2016 to now. That’s fairly cheap and if it’s significant, which I assume it will be, you need to consult an accountant specializing in crypto which is available there but you may also need to seek legal advice from a tax attorney also specializing in crypto. You don’t want to sit and wait for your interest and penalties to eat into your wealth when tax man comes

[Anonymous No.20290681]

>>20290158
what do you advise for people who've failed to report crypto trades since 2016

[Anonymous No.20291241]

These crypto tax services are shilling tax fear. The US is going to have to implement a simple flat tax. All the excessive complications involved will have to go

[Anonymous No.20291254]

>>20289655
checked. im confused by "receive"...does this count as buying? im assuming. does it count for chainlink? not really virtual cash...going to tax when i cash out for sure but seems too obnoxious beforehand

[Anonymous No.20291275]

>>20291254
>otherwise acquire
im a redart

[Anonymous No.20291380]

>>20290211
Checked based and greazbawl pilled

[Anonymous No.20291404]

>not establishing a foundation, donating the crypto to the foundation, then selling the crypto on the open market paying a tax of 1.35% because of foundation fees
>Not moving your crypto into real estate because it's a more steady and passive investment
>not going to the bank and getting a loan using crypto as collateral, allowing yourself to invest and use the money tax free
It's like you faggots like paying taxes. Know the laws, get a CPA (a jewish or asian one.) and follow the law. There are so many fucking legal ways to not pay taxes it's hilarious

[Anonymous No.20291421]

>>20289999
>Buy crypto with fiat
>Transfer to coinbase wallet
>Perform a few transactions to make wallet look legit
>Send funds to new wallet
>This is your trading wallet
>Flip shitcoins or hold long term whatever
>Decide you want to cash out some funds to fiat
>Send amount you want to cash out to new wallet
>Perform a few transactions to make it look legitimate
>Transfer to coinbase or whatever your cash out exchange of choice is
>Pay taxes on crypto to fiat
>Trading wallet is still anonymous

If you really want to be paranoid, then create a new shitcoin and "exit scam" yourself to the new wallet.

[Anonymous No.20292450]

>>20289293
nope

[Anonymous No.20292513]

Bloody burgers, you really think you are the center of the world.

[Anonymous No.20292529]

>>20289293
I went to a lawyer first -> accountant. I'd paid the majority of my taxes from my 2017 gains & the accountant said it was fine / he'd represent me if the IRS came.
I'm not here to tell you what to do but you'd better not be cashing out without paying taxes unless you plan on leaving the US or getting rich enough that you can leave, or you can pay all taxes + penalties at the end. Do not mix up lifestyle gains + no taxes.

[Anonymous No.20292556]

>>20292513
88% of financial transactions happen in USD

[Anonymous No.20292598]

oops gee I didn't read that part whoops haha

[Anonymous No.20292604]

>>20291421
One thing I was too lazy to ever look into - do exchanges send out trading amounts from an address specific to you or a global wallet?
I went legit on all my stuff but that seems relevant ...

[Anonymous No.20292610]

You can just mix your eth, convert it to monero on a dex or changely and there is no way they can know your monero balance.

[Anonymous No.20292631]

>>20292556
hey, hey, hey, let me just anonymously troll, it is weekend!

[Anonymous No.20292682]

>>20289293
Certified cuck here, I swung my whole LINK stack in 2019 and paid $45,000 in short term capital gains tax to the IRS as a consequence.

It sucks dick, but it'll be nice being free and clear when I finally cash out my millions. I can spend my money where and how I choose without worrying about the tax strike team rappeling through my windows at 2 AM.

My whole stack has since matured into a long-term capital asset so I when I do finally cash out it'll be at the low low tax rate of 0-20%, which is nice.

[Anonymous No.20292735]

>>20291241
As it stands irs guidelines are designed to encourage you avoid paying taxes, like if you mine a Bitcoin or stake a coin, you’re expected to sell immediately to give them their tribute, that is retarded. If I find pan for gold in a river, am I obligated to sell it immediately? No.

[Anonymous No.20292785]

>>20290681
different anon but report it on next year’s taxes. expect penalties and interest, but it’s never really that bad
or just don’t and keep your fingers crossed that they don’t want to make an example out of you. refuse to pay until they sell the debt to a collector and then settle for a lower price. pros are obvious, cons are that you WILL waste a lot of time being paranoid.

[Anonymous No.20293032]

>>20289414
that is so big of you anon.. you started a movement. everyone is doing this now. you are a saint!