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2203154 No.2203154 [Reply] [Original]

Nocoiner here, do you pay taxes for your coins or can you hide it somehow?

>> No.2203176

you pay taxes on the gains only when you sell. this includes making purchases with bitcoins. any capital gains will have to be self reported, but if you don't report and, say, coinbase rats you out, you'll be fucked

>> No.2203182

>>2203154
sell for cash through local bitcoins

>> No.2203193

>>2203176
Sell for USD? Or trade for another coin?

>> No.2203204

>>2203176

I hope i get this right. I pay a small fee for buying and selling bitcoins to for example coinbase. If coinbase dont fuck with me, i am safe?

>> No.2203207

>>2203193
technically trading for another coin is equivalent to selling for usd and buying the other coin with usd, at least in the eyes of the irs. the same is true of other property

>> No.2203221

>>2203207
So how do I not get boned on every trade with the IRS?

>> No.2203222

>>2203154
You can hide it. Tell no one about bitcoin gains. Sell your bitcoin off the chart. Like craigslist. There no need to pay tax.

>> No.2203230

>>2203207
you are trading btc to another coin, not usd fag. It only matters once you cash out btc

>> No.2203231

>>2203221
Don't give real personal information on exchange then IRS can't find you.

>> No.2203236

>>2203204
chances are you won't be noticed if it's a small amount like a few thousand. If it's a sizable sale though I wouldn't risk it.

>>2203221
I found this website https://bitcoin.tax/ which can help calculate gains, keep track of cost basis, deduct fees, etc.

>> No.2203242

>>2203230
that's what I thought before too, but technically that's not the case. of course I don't think polo or any btc exchange does reporting to the IRS, so you'd probably get away with not reporting.

>> No.2203245

>>2203176
so cashing out creates a taxable event, but is there a set limit to report for capital gains?

like if I only turned $50 profit (hypothetical) is that even enough for the IRS to bother with?

>> No.2203269

>>2203245
legally you'd have to report and pay taxes, but if you don't it's highly unlikely they'd pursue you over such a small amount. If some day Coinbase or others report to the IRS like stock brokers do, then you might not be able to get away with it anymore.

>> No.2203309

Shiiieeettt i knew this was too good to be true. That's going to be a pain to keep track of all of this.

>> No.2203319
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2203319

What if you report gains but didn't keep track of your trades for whatever reasons?

Asking for a friend. A very casual friend who was just into crypto for fun and lucked out

>> No.2203325

>>2203269

What if you'd buy assets with Bitcoin, like gold. IRS can't possibly know then.

>> No.2203338

>>2203325
no you're right. and anything you buy with btc can't be found out either. but anything that goes through an exchange or your bank account could be found out about

>> No.2203346

>>2203182
localbitcoins is full of undercover

>> No.2203352

>>2203338

Well, buying gold and then trickle selling it onto your regular bank account to pay the bills seems like the smartest way. But I'm no tax lawyer

>> No.2203370
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2203370

>>2203346
Really?

>> No.2203375

How does the IRS know you werent gifted some BTC?

>> No.2203378

>>2203154
localbitcoins

>> No.2203392

>>2203352
I'm not so sure. Gold exchanges and I believe also pawn shops require you to show ID, and there may be reporting requirements especially if you sold quantities at regular periods.

don't underestimate the lengths government thieves will go through to shake you down. there are all sorts of financial regulations put in place to make sure you can't escape their net. Their eyes are everywhere, now more than ever. I don't think it's worth the risk. I'd rather just pay the mobsters their protection money so they won't come kicking down your door later

>> No.2203394

>>2203319
Plz answer

>> No.2203441

>>2203392

I'm in Europe so I'm just gonna buy my shit across the border.

>> No.2203465

>>2203392
>>2203441

Next to that, we have a 33% capital gains tax. It's just a pure mob shakedown. Even the Sicilian maffia doesn't take such a huge cut.

>> No.2203551

>>2203154
>tfw not in the US
>tfw crypto is considered a commodity
>which means after holding crypto for more than a year you can sell without having to pay taxes on gains.

I'm in this for the long scale now. No point in doing it otherwise.

>> No.2203567

>>2203551

What country? Please say somewhere in Europe.

>> No.2203576

What about cashing out at a BTC ATM?

>> No.2203578

>>2203567
not that guy, but the one-year-hold-rule applies to germany.

>> No.2203585

>>2203567
most surprisingly in Germany. I hope they won't be able to change the law quick enough. So far it's not even on their agenda.

>> No.2203596
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2203596

>>2203319
>>2203394
WELP
TIME TO END IT ALL

>> No.2203598

>>2203567
Denmark has no capital gains tax

>> No.2203610

>>2203154
>not holding until the us government collapses or the bitcoin party takes over.

>> No.2203630

>>2203596
no need to pay taxes if you never cash out my man.

>> No.2203633

>>2203596
I'm assuming just keep track of what you put in and what you gained, not the actual transaction

>> No.2203650
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2203650

read pic. No more big government jewing you. And never report and make it untraceable.

>> No.2203651

>>2203633
I would do this unless you really cash out big (as in millions). No ones gonna bat an eye if you declare shit on a few thousand like that not listing every shitcoin buy/sell you did in between.

If you got the big cash I'd get a lawyer and accountant to handle it correctly.

>> No.2203657

>>2203154
I don't cash out. I convert into something else. Use for gift card. I guess you could pay sales tax if you're a cuck.

>> No.2203673
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2203673

>>2203633
>>2203651
Thank you. My friend was extremely worried.

>> No.2203776

I just read the tax requirments for crypto in my country (Netherlands).

It specifically says that you need to fill out the worth of "Bitcoin and other digital currencies". However it doesn't go into specifics of what digital currencies are. Would anyone here know some more about this? As I take it it leaves a bit to the imagination. Like you could interpret it as ignore filling out GNT as it is a token and fill out taxes for the Diablo III ingame real money auction house as an extreme example.

Makes you wonder if you can get out of filling taxes by buying tokens at the end of the year

>> No.2203826

Coin base can hold USD. Do you pay capital gains every time you convert to USD, or just when you withdraw USD from an exchange?

>> No.2203848

>>2203650
I thought selling gold/silver for USD is a taxable event since it's directly valued in USD.
I could be retarded though.

>> No.2203869

>>2203826
i believe it's every time you convert. that's considered a sale, and that's a taxable event

>> No.2203906

>>2203245
anything under 10k is neglegible

>> No.2204034

I'm cashing out on this dip and getting my portfolio and investment strategy straight.

In Texas, if you make less than 20k and your investment comes back at less than 10k, the capital gains tax rings in as zero.

Does that mean I'm tax free?

>> No.2204054

>>2204034
it still goes under federal law which requires capital gains tax on everything

>> No.2204065

>>2204054
Even if it says 0?

>> No.2204100

>>2204065
what do you mean by saying 0?

>> No.2204132

>>2204100
On the capital gains tax calculator, my financial situation states that I am below the line where I pay anything. I'm a broke assed college kid so I would hope that making 1200ish on crypto isn't enough to tax.

>> No.2204145

>>2204132
oh yea if your tax bracket is the 10% or 15% range you have a 0% long term tax rate so you're good

>> No.2204156

>>2204145
FUCK YEA

>> No.2204168

>>2204156
that's right retard, celebrate being a peasant.

>> No.2204279

>>2204168
He's on college, and I'm in a same boat. It's good for small time gains currently as a broke student, and he'll have a salary when he graduates. Not really retarded.