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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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21899829 No.21899829 [Reply] [Original]

>I have to pay tax on crypto

>> No.21899855

Is it just the same retarded schitzo ancap making these threads every day?

>> No.21899876

>>21899829
Use atomic swaps and hide your gains in other coins

>> No.21899878
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21899878

>> No.21899907

When the judge asks me why I didn’t pay my taxes I’m just gonna make the onions face at him then he will have to let me go

>> No.21899925

>>21899829
>he doesn't use xUSD, the first private and decentralized stablecoin

>> No.21900024

>>21899829
I think it's bullshit, but hey, we're supposed to get jewed on all of our income. Good news is you can also write off your losses in crypto.

>> No.21900121

>>21899907
had a good laugh imagining this, thank you sir

>> No.21900145
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21900145

Do burgers have to pay taxes on crypto/stablecoin trades?

>> No.21900180

>>21900145
Yes, but I don't think you have to pay taxes on stablecoin -> stablecoin trades

>> No.21900196 [DELETED] 

>>21899829
Imagine not knowing about
> Non kyc exchanges
> non custodial crypto debit cards
And still calling yourself a /biz/raeli

>> No.21900201

>>21899829
I cashed out $70k profits in January 2018 and the IRS hasn't said shit.

>> No.21900228

>>21900180
Yes, you do. You have to track everything or the IRS will assume that whatever lump sump you magically received has a zero cost basis. Good luck with that.
>>21899829
Yes, you do.

>> No.21900229
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21900229

>everytime you make a trade you have to pay short term capital gains tax

>> No.21900265

>>21900201
It'll take about 5 years but they'll come at you with interest added on all the payments you missed.

>> No.21900347

>>21900228
Nope I don't think so, you just report how much you gained or lost. Also the exchanges track everything anyway if that information was ever needed.

>> No.21900414 [DELETED] 

>>21900347
Binance 2BTC daily cashout limit without KYC.
KuCoin 5BTC daily cashout limit without KYC.
I could go on and on.

>> No.21900446
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21900446

>> No.21900475

>>21900145
>fiat
>stable or priavate

what

>> No.21900494

>>21900414
>I could go on and on.
you will, from your jail cell

>> No.21900503

>>21900347
No. You have to PROVE what you gained or lost. Otherwise you get audited. The exchanges keep track of stuff up to a certain time but it's too much data to keep for many years, which is how long it takes for the IRS to realize you didn't track anything and then audit you.

>> No.21900527

>>21900414
>oh no I have to break up my withdraws and can only get tens of thousands of dollars a day THE HORROR

This is a non-issue

>> No.21900529 [DELETED] 

>>21900494
The first ever crypto I ever owned was back in 2011.

>> No.21900535

>>21900145
Only if you make gains on it. If you take a loss you can write it off.
Crypto is treated like property here

>> No.21900548

>>21900503
>The exchanges keep track of stuff up to a certain time but it's too much data to keep for many years

hahaha wtf you think exchanges just delete their most important information?

>> No.21900568

>>21899855

probably de IRS itself

>> No.21900607

bros we really ARE getting close to the golden bull if the IRS is fudding us again

>> No.21900683

>>21900568
this.

>> No.21900962
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21900962

>>21899829
FUCK OFF GLOWIE

>> No.21901197

>sell shitcoin to usdc
>hold usdc in eth wallet for years/reinvest
>pay tax on those gains even though it's not in my bank?

Then when I transfer usd to my bank they won't try to get me to pay again, right?

>> No.21901764

>>21901197
mongoloid

>sell shitcoin to usdc
this is when taxes are due no matter what you do afterwards

>> No.21902088

>>21899855
absolute cuck enjoy paying your taxes

>> No.21902107

>>21899829
no u don't

>> No.21902142

>>21899925
fuck your shitcoin. RSV

>> No.21902215

>>21900494
just pay those faggots off if they ever find your stash. Taxation is theft, especially now. Fuck the fed.. they get nothing.