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20984680 No.20984680 [Reply] [Original]

>crypto to crypto is taxable

>> No.20984734

The government only knows what you tell it.
There's no way they can prove you transferred it to a wallet you control.

>> No.20984772

Only capital gains are taxed, where do you guys get your info from?

>> No.20984778

That means every time you swing you HAVE to make 30% gains just to break even lmao

>> No.20985360

>>20984778
You only pay your bracket percentage on net gains for the year, retard.

>> No.20985393

>>20985360
>leave your shithole country
>go somewhere without Crypto taxes
>Cash out
>go back

>> No.20985414 [DELETED] 

>>20985393
You have to pay taxes where you're domiciled.

>> No.20985724

>>20985393
Not possible. You pay taxes to the US no matter what country you reside in. If I moved to Uzbekistan and had income, I'd still have to pay US taxes. If I gave up citizenship, I have to pay an exit tax.

>> No.20986386

NEVER SELLING

>> No.20986991

>>20984778
Is this true?

>> No.20987046

>>20986991

Yes
Every time you convert from Crypto<->Crypto or Fiat<->Crypto it is a taxable event.
And the IRS will absolutely buttfuck the shit out of you if you make over 10K since that will automatically send a flag for them to audit you

>> No.20987091

>>20987046
Holy fuck, in my shithole euro country I can swap whatever the fuck I want, only crypto to fiat is taxable

>> No.20987124

>>20985724
I don’t

t. Not US property

>> No.20987183

>>20987046

yeah exactly and they have your ethereum address

>> No.20987737

>>20987046
Every time you lose a %? So if you do 10 trades you lose almost everything?

>> No.20987775

>>20984772
This. Stop spreading false information.

>> No.20987794

>>20987775
Crypto to crypto is taxed

>> No.20987798

>>20984680
only in 3rd world shitholes

>> No.20988156

>>20987737
Yes.
Ofc if you never cash into fiat the likelihood of them finding you is 0.
The issue is when you eventually hit a shitcoin that moons 1000x and you suddenly cash out a bunch of money to your bank. The IRS is going to want to know how you made it and it isn't as simple as saying "I put 1k USD on coinbase and pumped it to 100K so I only have to pay 30%"
They'll demand dates and amounts of every transaction. When they see that you traded from shitcoin A->Shitcoin B-> Shitcoin C-Z they'll enjoy telling you that every one of those was a taxable event and that even though you "made"100K USD you actually owe $150K in backed taxes. Tax laws in America were literally creted by the most twisted and vile jews you can imagine. They do other insane shit like taxing expats who live full time out of the country. Move to Asia and live there for 40 years never returning to US even once? Any dollar you make over 100K is susceptible to 30% federal income tax (In addition to your local host country's tax) because fuck you Mr. Kike Shekelstein demands his cut too.

>> No.20988461

>>20984772
if you make a profit on a crypto to crypto trade, it is considered a capital gain. every trade must be accounted for. it's because crypto doesn't work like normal investments like stocks, it's considered a security

>> No.20988499

>>20988461
How can you make a profit from crypto crypto if its the same $ amount?!?

>> No.20988545

>>20987091
last i checked most EU countries refer to EU regulation that equates cryptos to any other fiat currency and therefore are excempt from taxes

>> No.20988606

>>20988499
I don't understand your question, but if you're trying to use some technicality to argue that your capital gains aren't actually capital gains it's a waste of time, the IRS won't give up on charging you money just because you came up with some gotcha

>> No.20988693

>>20988499
>You buy $100 of ETH
>$100 -> 1 ETH (I know, but for easy rounding)
Taxable event
>You use 1 ETH to buy xx of shitcoin A
Taxable event
Now, lets say Shitcoin A moons a x2000 and you decide to roll 200,000 usd into Shitcoin B
You'll need to pay Taxes on the difference between your original purchase of Shitoin A and the value of it at the time of trade into Shitcoin B

Here's where the issue is, Shitoin B tanks and you lose 100% of your 200,000 USD. It doesn't matter because as far as the government is concerned you actualized a gain of 200K via the previous trade. You can of course write off A small PORTION of this to reduce your tax burden but you'll still be on the hook for the most of it.

This is a very simple example because it involves only two trades. I magine your making multiple daily swings and eventually hit it big. The IRS is going to audit the fuck out of you and hit you with backed taxes on every single swing you made.

>> No.20988700

>>20988606
>buy 1 eth for $350 on coinbase
>instantly move it to Idex
>buy $340 worth of RSR after fees
>immediately send to MEW
>now holding $330 worth of RSR

>> No.20988748

>>20988700
This is what I mean. Is this really how it works?

>> No.20988750

Will you definitely get an audit if you have over $10k in gains?

>> No.20988806

>>20987046
You don’t get taxed for buying crypto with fiat you stupid fuck.
And no the tax rate isn’t 30% for everyone in all cases as you seem to think. God damn newfag get off biz with your misinformation.

>> No.20988809

>>20988693
>Shitoin B tanks and you lose 100% of your 200,000 USD. It doesn't matter because as far as the government is concerned you actualized a gain of 200K via the previous trade.
This is retarded though. If you never sell Shitcoin B you don't make any profit. In this example, one loses everything. How can one be expected to pay tax on that?
I'm a bong by the way not burger

>> No.20988817

>>20988750
Only if you are storing your stuff on an exchange or cash out to a bank. If you have them in a wallet like MEW and your blockfolio tells you that you have made $10k, but you haven't actually done anything with those coins, then no. The government has no way of knowing that.

>> No.20988858

>>20988750
Yes.
Banks (across the entire globe for US citizens) have an agreement with the IRS to report any deposits over 10K USD value.
They will also report you if they think you are trying to disguise a 10K deposit by breaking it into multiple smaller deposits (This is called structuring and is 1000% going to get you audited)
Coinbase automatically reports any of your gains to the IRS.
The jew has his tentacles in everything.

>> No.20988899

these threads are always so fucking retarded

>> No.20988932

>>20988858
Dude you’re full of shit.
I had $50k gains in 2017 and didn’t get audited.
You’re overestimating how much they care about small fish and wringing every penny from us.
Typical fear mongering bs.

>> No.20988993
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20988993

>>20984680
OK everyone has their thoughts on crypto to crypto
>oh no I lost all my trades
>will I get audited
>what if I just pay long term capital gains on the USD I cash out
>muh just buy Monero bro

HAS ANYONE IN THE US READING THIS THAT HAS ACTUALLY CASHED OUT OVER 100k USD AND PAID WHAT THEY THOUGHT IN TAXES EVER BEEN ACTUALLY AUDITED?

>> No.20989019

>>20988932
I said the bank reports you, not that you get audited. You can find this out with a simple google search.
btw I'm going to send this thread to the IRS tip line with your post highlighted. I'll get a portion of the funds the IRS recovers from you. I hope your properly filed last year anon.

>> No.20989064

>>20988993
If you make 100k in crypto and cash out, you should 100% contact a CPA to help you with taxes.

>> No.20989070

>>20988156
Just take a holiday to Montenegro,
withdraw and say you made it big at the casino. Better yet, if you like it there, stay.

>> No.20989095

>>20988748
Yes, so you would effectively report three trades with $20 in losses. Then when you sell you report another trade with the (hopefully positive) difference and pay tax on the gains - losses. If you report a net loss up to like 3k it rolls over to the next year (up to 3 years i believe)

>> No.20989133

>>20987124
You're breaking the law goy

>> No.20989149

>>20989070
You still have to pay income tax on casino winnings, dumbass. That's more than if you have long-term cap gains

>> No.20989187

>>20989019
I always report all my crypto transactions and pay all taxes that I owe for the peace of mind.
But why are you so adamant that I’m avoiding taxes?
You don’t even know how this stuff works and you think I owe taxes just for buying and holding Bitcoin. I don’t.
You should be more careful about running your mouth and being so quick to make false reports against people.
That’s how faggots like you end up dead.

>> No.20989262

>>20989187
>I always report all my crypto transactions and pay all taxes that I owe for the peace of mind.
I guess we'll see what your assigned IRS glownigger thinks :^)

>> No.20989379

>>20989149
If gambling winnings are taxable, are gambling losses tax deductable

>> No.20989392

>>20989262
Watch yourself troll. You’re borderline making illegal threats and posing as a federal agent or contact and that’s a felony in the US. It’s also illegal to target someone and file false reports to the IRS. Either way I have a good lawyer and we can figure it out if you really want to go to prison.

>> No.20989897

>>20989095
The key is a NET loss up to $3k.

So if you realized a gain of $100k owing $30k in taxes and then swing into a shitcoin that drops $80k, you can write of the $80k meaning you only profited $20k and reduced your tax burden to $6k.

The key is you need to realize the loss in the same tax year. So sell the shit coin and then buy back in to realize the loss. This is called tax loss harvesting.

>> No.20989934

>>20985724
OH SAY CAN YOU SEE

>> No.20990019

>>20985724
So what the fuck I’m supposed to pay tax to my host country and the US for the same profit what the fuck sense does that make I’m not paying A SINGLE FUCKING PENNY

>> No.20990059

>>20984680
who the fuck cares, I just convert eth to dai. never touching banks with my crypto. i can pay more many things with crypto now and if not then I go to an btc atm

>> No.20990061

>>20988693
no dumbfuck. losses cancel gains made in the same calendar year.

>> No.20990106

>>20988932
They got up to 4 years to audit you. And you know the best part of it? If they find something is wrong. They always wait for the last year (4th year) to investigate you. So they can apply more interests on their charges and penalties. Good luck.

>> No.20990130

>>20988156
How is this fucking possible
I’m a US UK dual citizen and I only found out about this bullshit overseas tax last year
I’ve done all my crypto buying and chasing out in UK so doesn’t that let me cash out at the UK rate this is fucking sick

>> No.20990131

>>20984680
The absolute state of Americucks

t. Europoor citizen whose country haven't yet regulared crypto

>> No.20990182

>>20988693
The obvious solution is to realize your catastrophic loss on shitcoin B before year end, canceling out your realized gain on shitcoin A.

This is why so many tards got rekt in 2017, they were jumping from moon to moon in Dec 17 realizing mad gains, as soon as Jan came around all the gains evaporated but their realized reportable gains on 11:59 PM of Dec 31, 2017 were still mega. Tax day comes around and they owe hundreds of thousands of dollars on shitcoins that aren't worth anything anymore.

>> No.20990192

>>20984734
I would actually wonder about this since SSI isnt usually tied to a crypto account.

>> No.20990251

It is true and the way it works, at least in Canada, is as follows:

Let's say you buy 1btc at 10k$ CAD. A week later you buy ETH with that 1btc, when btc is now 12K$. The trade is considered as if you sold BTC to CAD$, then bought ETH with the CAD$. You technically made 2k$ capital gains on your btc and must declare them. This also means if you retrade your eth later on, you must calculate the CAD$ value it had when you bought, and when you sold, even if the buy was against another crypto.

It is absolutely retarded but who cares just dont tell em and declare what you cash out. Binance doesnts even have my history from a year ago and Ive done hundreds of trades

>> No.20990308

>>20990182
Bullshit is this a real thing it makes no sense

>> No.20990317
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20990317

I'm going to die in a shootout with the IRS. I just wanted to make it and be left alone.

>> No.20990336

>>20989187
Avoiding taxes is great. Rich people do it all the time. It's how they stay rich and get richer. Evading taxes is how you get gaped by the IRS though.

>> No.20990363

There is slippage on nearly every uniswap trade. The crypto->crypto tax events fucks over day traders on big exchanges more than anything.

>> No.20990507

>>20990106
I had to pay $13k in taxes and my tax lawyer signed off on everything. Kys troll. You’re probably evading taxes and projecting your own fears here.

>>20990336
Kys I’ve never evaded any taxes and it’s a stupid thing to do. But keep making false accusations like I said that’s how people end up dead.

>> No.20990513

>make 1 eth trading shitcoins
>IRS comes and taxes you 100k because of every shitcoin transfer

this is beyond retarded

>> No.20990854

Also how would the IRS find out about uniswap transfers anyway?

>> No.20990879

lmao this fucking thread man... hahahah

>> No.20990897

guys what should i do? offshore bank accounts? run away to a shithole country?

>> No.20990968

>>20990513

They can only tax you on the profits made.


If you made a total of 400 profit making shitcoin trades, you owe them whatever your income bracket % (if short term).

>> No.20990992

>>20990061
up to 3k you dumbass

>> No.20991031

>>20987046

You have to cash out fucking 20,000 from COINBASE to even get a 1099.

>> No.20991136

>>20988156

This is incorrect retard.

You are taxed on the gains you made AT THE TIME OF THE EXCHANGE.

So say you bought ETH at 200, then it goes to 400, and you move 1ETH into random shitcoin.

You owe tax on $200.

What happens to ETH after that has no impact on you. It’s not exactly rocket science.

>> No.20991140

>>20990992
No, the 3k rule applies to different tax years, if you make 1 mil tomorrow and lose it all next week it cancels itself out

>> No.20991157

-You have 1 eth
-You buy 100 of shitcoinX with that eth
-ShitcoinX gains 20% on eth
-You buy back Eth for all your ShitcoinX which now equals to 1.20Eth

You tax 30% off that .20 eth which you gained.

It's in reverse with losses.
-If ShitcoinX loses 20% vs eth you get 30% of
the .20 eth loss in tax ease.

But im an eurofag so what do i know what you yanks do over there

>> No.20991167

>>20990251
No it doesn't, there's only capital gains tax when you cash out.

>> No.20991200
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20991200

I sent it to my Monero wallet and all my funds disappeared, WTF GAIZ, HALP!!

>> No.20991222

>>20991157
The taxmen don't care about the amount of eth or btc gained, they care about what it was worth during the purchase vs during the sell/exchange in usd

>> No.20991260

>>20988461
You only pay tax on realized gains. This is tax 101.

>> No.20991318

>>20991222

Exactly correct. These retarded kids have no idea how taxes work. You can’t possibly get taxed more than you made lol.

Just do your best estimate and pay your taxes, it literally will work out roughly equivalent to the cap gains of what you made - what you put in.

If you lose a bunch on shitcoins that also counts as losses for the year, dumbfucks.

>> No.20991355

>>20991260
Anon, I...
https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

>Q15. Will I recognize a gain or loss if I exchange my virtual currency for other property?

>A15. Yes. If you exchange virtual currency held as a capital asset for other property, including for goods or for another virtual currency, you will recognize a capital gain or loss. For more information on capital gains and capital losses, see Publication 544, Sales and Other Dispositions of Assets.

>> No.20991367

>>20991222
That's correct, in my example the price of 1 eth is the same in fiat the whole time.

But if eth gains on the dollar as well you have to count that in as an extra layer of profits.

Luckely there are sites & tools out there who do the math for you, you just need to export your tradehistory from your exchange.

>> No.20991571

>>20991140
To elucidate on what this anon is saying, if you make 1,000,000, then lose 1,003,000, then you can write off that 3k; if you lost 1,005,000, you can still write off that 3,000, but you take a 2,000 hit.

>> No.20991667

>>20984734
If you buy crypto with fiat you are dealing with exchanges that are forced to feed tax offices information on you.
All they need is the wallet you sent it to and they can easily find all of your transactions

>> No.20991678

>>20991136
So tell me why if I say, make a million dollars in gains, convert to Bitcoin, I shouldn't just hold Bitcoin for 5 years and pay my backtaxes and penalties in worthless monopoly money after the USD hyper inflates?

>> No.20991715

>>20984772
Well I know for a fact that in Australia crypto to crypto is taxed.

>> No.20991857

>>20984772
How about the IRS website? See
>>20991355

>> No.20991889

>>20991678

I never said you shouldn’t, you very much should.

I hold a shitton of LINK. I made a shitton of crypto-crypto trades to buy it, but they were at a inconsequential price change to do it.

Until I trade my LINK to another coin, or trade my LINK into cash I don’t owe shit.

Meanwhile I CAN pull out DeFi loans against my crypto and that is TAX FREE.

You can also give up to 15,000 dollars crypto gains to friends/family as a gift etc tax free.

Basically hodl and if the taxman ever comes knocking lawyer up.

>> No.20991898

>>20984680
What is monero?

>> No.20991966

>>20984680
Been trading for +7 years, never filled a tax form kek

>> No.20991976

>>20984778
you pay 30% over the difference, retard

>> No.20992025

>>20991355
Shit. Good thing I have only lost money lol. If I make it I’ll hire a tax guy to figure this shit out.

>> No.20992052

>>20984680
>no it's not if you don't want it to be

>> No.20992087

>>20991715
only the capital gain on the trade is taxable, losses can be reported and count as an offset,
|| Did you make any profit on a trade?
>yes - pay tax at the CGT rate.
>No(LOSS) - report the loss for a tax offset (pay less tax overall)
>No(NO CHANGE IN VALUE) nothing to do. ||

>> No.20992199

>>20991355
Explain to a brainlet how you could gain in a crypto to crypto trade?

>Trade x amount of shitcoin (value $x) for x amount of pisstoken (value is still $x)

How is there a gain?

>> No.20992207

>>20984778

You pay on the gain the coin you are trading from made while you held it.

That’s all.

>> No.20992270

Niggers are burning down cities legally
fuck worrying about crypto to crypto taxes

>> No.20992271

>>20990182
but realistically speaking unless you were a retard you would not be on the hook
for what happened that year, most shitcoin trades were on either foreign or no KYC exchanges that don't cooperate with the irs
considering you made a loss and thus never have to cash out there is virtually no evidence trail to link you to your shitcoin trades, never reporting them was the proper move in that case

>> No.20992283

>>20992207
Fuck I get it now

>> No.20992284

>>20992199

See

>>20992207

If you bought eth at 350 then traded it to shitcoin at 400 you owe 30% of 50 dollars in tax.

If your shitcoins tank to zero then sell them and buy them back. So say your trash coin plummets to 300. Sell and buy back and you now have a net loss of 70 dollars you can actually deduct from your taxes up to 3K.

For the average retard on Biz filing your taxes is actually a 3K tax break.

>> No.20992321

>>20992270

Yeah I’ll worry about it if we make it to April lmao

>> No.20992374

>>20992199
You should really go back to index and mutual funds, trading is clearly not for you

I buy 1 ETH at $100
Later I sell the ETH at $1000 for BTC
I made $900 in profit and that is what I owe taxes on. I now also have a new position in BTC at whatever the price was when I bought it, and when I sell it for anything else later, it will be the same process.

>> No.20992501

>>20992271
True but if you ever make a sizeable profit in the future and try to cash out, the IRS is going to want to see the full paper trail from the moment you first sent funds to Coinbase up until present day. Even if the shitcoins you rode up and down in 2017 have nothing to do with your current gains.

>> No.20992650

>>20992284
Hell yes I’m gonna ammend my 2017 and 2018 returns to get some fucking money back.

>> No.20992686

>>20992374
I just buy and hold but made a lot of trades when I first got in crypto while researching different projects.

>> No.20992731

>>20992501

If you make a sizeable gain you will want to lawyer and accountant up REGARDLESS.

Say you make 500K much less million +, that kind of money you don’t file with TurboTax.

So in the end it’s all the same. Literally make your money, keep track of what wallets you used as best you can, and then when it’s time to get paid get professionals.

You think Donald Trump files his own taxes lmao.

>> No.20992760

>>20984680
I seriously don't understand the reason why this is a thing. The only tax that should count is when you cash out gains to USD. It'd also make things a lot easier for EVERYONE, considering you can just look at the how much money was put into crypto and how much was taken out, net. Boom, simple.

Whatever though, there's really no way for them to enforce crypto-to-crypto taxable events. I'm not reporting shit until I actually cash out. And maybe if we get lucky and crypto goes mainstream, I'll never have to cash out at all and keep most of my funds in

>> No.20992930

>>20992760

Because they know as time goes you won’t cash out and they still want paid.

>> No.20992991

>>20990992
no, the 3K rule is for losses carried forward. However, it's still a problem because calendar years are arbitrary . Look at what happened at the year switch from 2017-2018. All the coins were at ATH in Dec 2017, then plummeted Jan 2018. Because of the switch, you could be absolutely wrecked, especially since Jan 2018 is when they implemented the new bullshit rule about crypto-to-crypto being taxable.

>> No.20993030

Would the government make even more money by creating its own blockchain/smart contracts and tax people less?

>> No.20993058

>>20992930
Point is there's really no way to enforce it unless you cash back out to fiat. Now sure, in a theoretical future where big-ticket items like cars and houses get purchased in crypto, those things are going to draw attention from the IRS. But this is no different from how the IRS takes notice of people buying houses/cars in physical cash

>> No.20993459

>>20992501
i think you are vastly overestimating the competence and timecost factor here
if you have a fresh paper trail going from 2019 to moon gains in 2021 what are the chances they have the time to go after every cryptokid
several anons posted about this in 2018 and the irs accepted a zero cost basis on their trades because the shit exchanges either didn't exist anymore or didn't have records
if you cooperate and pay sizeable taxes on a moonmission most taxes agencies are already happy

>> No.20993496

I bought Ethereum a few times this year and immediately traded it for shitcoins. Am I on the hook for taxes? If so I'd rather overclaim this year than worry about Tyrone McIRS spreading my ass a few years down the road.

>> No.20993548

>>20989064
When I cashed out in 2017, I went to a CPA and they refused to do my crypto taxes because I "didn't have any documents from my broker", they're likely just as clueless now. They were also convinced that Bitcoin is the only cryptocurrency that there is, and my entire portfolio was Ethereum.

>> No.20993561

>>20993496
if you traded immediately your tax liability is going to be pretty small anyways
maybe even under the amount they start caring
if the investigation costs more than the expected returns few still try
the problem is mostly to swingers that made sizeable gains

>> No.20993743

if you're trading on the shadier exchanges and paying taxes you're a pussy

>> No.20993924

jokes on you ive only made losses coin to coin

>> No.20994030

>>20993561

Good. I'm determined to hold long enough that I can claim as long term capital gains when/if I ever cash out.

>> No.20994048

3rd world shitter here

How can I use privacy coins to dodge this? I don't want to give a cent to commie states.

>> No.20994120

>>20991667
Even crypto.com? They're based in Hong Kong. How about Uniswap?

>> No.20994375

>>20994048
I think that's what we're all wondering tbqh. Like, if I exchange anything to XMR and then back again, doesn't that break the chain of custody so that nobody can even trace my shit back? From there whats stopping me from claiming I bought more than a year ago, didnt swing, bought for an initial amount that makes my capital gains lower, etc? They wouldn't be able to prove me wrong

>> No.20994439

>>20992199
>>20992374
That is not even what he asked though
he put the scenario and you made a different one and answered that

>> No.20994445

>>20994030
these should only count from the day you made the ether to shitcoin trade, so that isn't affected
if it is still in this taxyear, you are better of reporting those trades, the amount you are liable for should be pretty tiny
if you plan to cash out legitimatily its better to start out legal, especially since the cost will be very small

>> No.20994532

>>20988693
Holy shit you are on dumb mother fucker you only pay capital gains on THE GAINS YOU MAKE. NOT ON THE LOSS.

if you did as your example and then took the money you'd be liable for your gain. If you swap it into another coin and it plummets in the same fiscal year you'd show you went no where and you'd be able to write off like 3k of your loss. Jesus Christ how are you so dumb?

Also from your other posts
>Fiat to crypto is taxed
No it isn't you tard. You can buy as much as you want. If you're swinging your stack into another coin then you have to pay the realized profit if there was one.

>> No.20994820

bump

>> No.20994919

>>20994445

Realistically, it is a loss to gas prices. I'll go with my original plan to over claim to be safe

>> No.20995041

>>20984680
>buy BTC
>exchange it for some altcoin 30 minutes later
>the BTC price has moved by half a percent in that time, and that's your corresponding capital gain/loss

I don't really see the problem here.

>> No.20995088

>make 1M on crypto
>spend it all on hookers and blow
>"Well you see IRS, i took some heavy losses in the 4th quarter and now have a kid"

>> No.20995222

>>20990854
I have the same question. My money doesn’t leave Metamask. Is Metamask reporting everything (I’m assuming yes)?

>> No.20995330

>>20994375
>stack does a 10x
>ETH only does a 2x
They gonna know

>> No.20995473

>>20984772
I can't speak on the US, but in Canada if you buy BTC and then trade it when the price is higher (for other crypto or for fiat), that's a taxable event and you owe tax on that trade. Eg

Buy BTC at $8k
BTC goes to $10k
Trade BTC at $10k for ETH

You now owe tax on the $2k "profit"

>> No.20995648

>>20994048
I wrote a small guide for this
>buy btc normally
>trade it for a privacy coin like monero (or you can buy it directly if the exchange/on-ramp offers it)
>send monero to an exchange that is not tied to your identity
>trade it for BTC or whatever shitcoins you want
>transfer your shitcoins off the exchange to somewhere secure, and not easily traceable to you

This way the government only know you're buying crypto and hording it, which isn't taxable. They have no way to know your trade activity. Only cashing out will be taxable. But if you have a net loss for the year it's in your interest to file taxes to write it off your return

>> No.20995690

>>20995222
yes metamask reports everything to the IRS so you better account for your fucking trades or risk assrape

>> No.20995732

Anyone here who can expand on buying gold with crypto as a possible way to dodge?
Would one be able to unliad the gold without payibg tax?

>> No.20995812

>government didn't give 2 fucks about crypto until it became spicy and profitable so you can pay for Tyrone's baby. Nice.

>> No.20996700

>>20995330
Say the other 4/5ths came from something else. Again if its through a privacycoin how can they prove otherwise?

>> No.20996769

>>20985724
kek, you guys really can't get rid of that slavery idea.

>> No.20996954

>>20988809
Yeah it’s retarded.
>>20989064
CPAs are retarded too.