/biz/ - Business & Finance

[Anonymous No.22975156]

At what point does the CRA start caring about the details of your crypto transactions? I have $23.7k of profit so far this year (most of it was UNI and ROPE airdrops), do you think those assholes will audit me when I submit my tax return?

[Anonymous No.22975193]

I think you’re bigger concern is “will the boomer going over my return arbitrarily decide it was business income and tax 100 percent of my gains at 30+% or will I be allowed to claim capital gains.”

[Anonymous No.22975387]

>>22975156
I imagine airdrops are taxed as ordinary income, like dividends; that's how I declared my bitcoin cash back during the fork and the IRS never argued

pay your taxes; don't try to be "smart" and then get fucked later

[Anonymous No.22975412]

>>22975387
Yeah I use the adjusted cost basis method and just use a cost basis of zero for airdrops.
>>22975193
I am actually a bit concerned about this because I usually make 1 or 2 trades per day. Any way to weasel out of this if they decide I'm running a business?

[Anonymous No.22975471]

>>22975412
Hope you made enough to hire a tax attorney to argue for you. It’s purposely vague. God forbid you make it here.

[Anonymous No.22975579]

fuck CRA niggers

[Anonymous No.22975609]

>>22975156
bruh i made like 10 trades in two weeks. im supposed to record that and file it? fuck that

[Anonymous No.22975645]

>>22975156
cra is retarded. you're fine. if you cash out maybe claim a bit...ive only cashed out 8 grand this year and probably wont say shit

[Anonymous No.22975692]

The other thing I'm worried about is if they want to see the details of my trades I'm going to have to report the profits I made on shitcoins like JEWS and FLOYD. Which will probably get me arrested.

[Anonymous No.22975706]

>>22975156
Pay your taxes. That's it. The pain and trouble of not paying is NOT worth it.

Or, you know, LOKI ...

[Anonymous No.22976087]

Technically there isn’t even regulation on staking rewards. I would treat it as income like Americans to be safe but just goes how behind and uninformed they are that they can’t even update the regulations yet expect you to pay every penny possible.

[Anonymous No.22976791]

>>22975156
>ROPE airdrops

So you're the cocksucker that dumped the price this morning.

[Anonymous No.22976802]

>>22975579
This

[Anonymous No.22976806]

>>22975609
Every transaction is recorded and subject to the IRS.

[Anonymous No.22976936]

If your paying your crypto tax why would they audit you? As long it doesn't look overly suspicious.

If you did make a mistake and they audited, unless you've obviously tried to fraud it then they will simply ask you to pay the correct amount.

You only really get into trouble with the IRS for evading completely, or trying to defraud them by outright lying or making up transactions that never happened.

[Anonymous No.22977661]

>>22976806
In March I started trading crypto again with $200 andd I've literally made 1000s of trades in 2020. I have only cashed out about $29,000 through 5+ wallets. How the fuck can the IRS track all that and why would they waste that time when vloggers, ethots, youtubers and etc are making $100,000s off merch and ad revenue?

[Anonymous No.22977839]

>>22977661
Well I guess since you've "only" cashed out 29,000 (20,000 is usually the point they start looking at your moni) you have two options- use your capital gains to pay someone to do your crypto tax transactions for you, or be a tax dodger and risk the IRS kicking your door in 10 years from now when the government starts collecting on all the dumb millennials who thought they'd make tens of thousands in a market without their boomer parents' permission or oversight. Gotta pay that social security, boomers gonna live to be 100.