/biz/ - Business & Finance

[Anonymous No.2333511]

>withdraw $5000 from my account a few months ago
>deposit $24,000 this month

what will the irs think of this?

[Anonymous No.2333531]

>>2333511
They're going to politely knock on your door and demand you pay denbts.

[Anonymous No.2333648]

>>2333531
what countries does this?

>argie nignog

[Anonymous No.2333696]

>>2333511
>Withdraw $1000
>Make 100k on ETH
>Still hodl on various crypto

[Anonymous No.2333978]

>>2333511

Say you went to the casino.

[Anonymous No.2334441]

>>2333511
So nobody actually cashwed out. This crypto shit is bullshit.

Yeah you need made 50000% profit? Jews and banks just wont let you join the party, lemme tellya

50% profits goes for taxes (if you can justify your gains kek)

[Anonymous No.2334482]

>>2333511
>cashing out
You can buy almost everything with crypto online.

[Anonymous No.2334511]

Im confused.
I only have to report BTC Earnings if I cash out, right?

[Anonymous No.2334544]

>>2333978
if you win above X amount at casinos they report it to the IRS

[Anonymous No.2334559]

>>2334441
>go to mexico
>cash out in small bank
>go to casino
>buy 900000001 worth of chips
>cash out 900000000
>get receipt
>go to lamboland with legit money
There are many ways to launder money, do you think fiat-traders pay their taxes?

[Anonymous No.2334563]

>>2334482
This.

Soon enough, I'll be able to make my student loan payments with my crypto. Times are changing.

[Anonymous No.2334744]

>>2334559
Are you joking right? Where did you get the money to buy 900000001 chips in the first place ? Explain it to your home bank lmao

>B-but some guy in mexico wanted to share his fortune with me

[Anonymous No.2334778]

>>2333511
"Sorry boys, I lost all my crypto transactions in a tragic boating accident."

[Anonymous No.2334782]

>>2333511
any deposits above 10k to banks are auto reported to the IRS. Enjoy getting v&

[Anonymous No.2334802]

>>2333511
You're probably not going to report it as income so you're likely going to claim it was a series of gifts below filing requirements from family members if actually asked.

[Anonymous No.2334810]

>>2334482
I'm confused so I can use a bit credit card and it doesn't fuck with taxes technically since it's crypto?

[Anonymous No.2334811]

>>2334782
what happens if you make multiple deposits of $9.9k?

[Anonymous No.2334820]

>>2334811
That's actually illegal.

[Anonymous No.2334828]

hold your coins til fiat collapses and any taxes involving crypto gains are abolished due to the sheer impossibility of tracking crypto transactions

[Anonymous No.2334829]

>>2333511
Why can't the profit just be called cryptocurrency?

Is there a part of the tax code for it?

[Anonymous No.2334835]

>>2333511

just pay your fucking taxes you dumb fuck

[Anonymous No.2334846]

>>2334835
Get out of here irs

[Anonymous No.2334848]

>>2334782
Yeah, doesn't mean much though. It sends your ssn, name and job. Hardly a cause for red flags. If it happened every day and your job is "unemployed", that's a red flag

[Anonymous No.2334853]

The way taxes are calculated on this is so confusing that you will probably mess up. Which means IRS audit could happen. Plus you will probably lose anywhere from 30% to 50% to taxes. If an audit happens well you will probably lose even more if there are fees. Still not sure if I want to buy BTC when the taxes for this are so complicated.

[Anonymous No.2334857]

>>2334511
Yes, and if you hold your assets longer then a year, then no capital gains tax.

[Anonymous No.2334867]

>>2334744
By gambling, they're not supposed to think you just straight up bought 900000001 chips you retard.

[Anonymous No.2334868]

>>2334811
Your bank will report you to irs etc.

[Anonymous No.2334882]

>>2334857
Ah okay.
What about trades though? Do I need to report those during the year they happened or when I cash out?

[Anonymous No.2334885]

>>2333648
Most just kick it in and hold a gun to your head.

[Anonymous No.2334887]

>>2334811
thats called structuring. The IRS will send agents out at that point.

[Anonymous No.2334902]

>>2333511
theyre gonna think youre a fucking retard while they rub their hands together and fine the fuck out of and/or put you in jail

[Anonymous No.2334904]

>>2334848
...getting on IRS' radar is never a fucking good thing

[Anonymous No.2334915]

>>2334744
Why would you tell them how much you bought. Just say that you won in roulette or some shit. They have to prove that you are guilty, you are not obligated to testify against yourserlf.

[Anonymous No.2334926]

>>2334902
They can't fine him if he reports it on his tax return, I think.
Though, they'll probably take half of the money from that for taxes.

[Anonymous No.2334936]

>>2334811
I made a thread about this.

>>2329796

[Anonymous No.2334961]

>>2334835

>just cut me 30% goy its because of me you live safely!

[Anonymous No.2334969]

>>2334810
Don't know about that, but I was talking about a million services that either allow you to anonymously pay with bitcoin or use bitcoins to buy giftcards for the service.

You might not be able to pay your rent in bitcoin but you can 100% buy your food and gas in bitcoin/ ether

[Anonymous No.2334988]

>>2333511
Don't cash out to your bank retard.


HOLD or use bitcoin atms, You can withdraw 5-6k daily I think.

[Anonymous No.2334992]

5k is enough to set off an alarm with your bank to report funny business to the IRS.

[Anonymous No.2334993]

You must pay 75% taxes on all your transactions, and a 15% tip.

[Anonymous No.2335012]

> using Cuckbase

[Anonymous No.2335129]

>>2334992
Lol

[Anonymous No.2335161]

>>2334988
I thought bitcoin ATMs only allowed you to exchange fiat for btc, not vice versa. And if what you say is true, what's the markup they typically charge?

[Anonymous No.2335244]

>>2334811
That's not going to work. and IIRC for buttcoin you have to do it in increments less than 2k.

That said, what's the proper way to slowly dump money out of crypto and into fiat if needed? If you only deposit ~1000k per month or so, is that low enough and over a long enough duration that nobody will notice?

And yes, I realize that a lot of shit can now be bought in bitcoin and you don't necessarily need to take it out anymore. But there are still things that you need USD for.

[Anonymous No.2335259]

>>2334835
Fuck that and fuck you. Your money only gets spent on welfare niggers and to take care of """refugees""". Plus, the whole system is fucking rigged. If you lose money, then you lose it. If you gain money, then you end up having to pay like 40% of it anyway? Might as well fucking play coin slots.

[Anonymous No.2335265]

>>2334441
If you're a legit millionaire, banks treat you very differently.

[Anonymous No.2335290]

>>2335161
most go both ways. Most also jew the shit out of you on fee percentages though. They also tend to skew the everloving shit out of the actual value of BTC for withdrawls as opposed to deposits on top of that. I've seen it sway as much as 500 bucks both ways of the actual value, don't use BATMs unless you're really fucking desperate.

[Anonymous No.2335297]

>>2335244
Why not buy a proper debit card from BitPay and pay with it?

[Anonymous No.2335316]

>>2335297
Loading the debit card counts as a sale of BTC into fiat and is a taxable event.

Bitpay should be bound by AML/KYC for debit users.

[Anonymous No.2335320]

>>2335290
I thought as much. Still, it may be worth it if you really REALLY don't want your money being seen by the banking system. Although even then, you'd be forced to keep stacks of cash under your mattress and not deposit it anyway.

[Anonymous No.2335345]

Assemble a team of a lawyer, an accountant and a financial advisor.

Boom. Small price to pay for not getting fucked in the ass by Tyrone.

[Anonymous No.2335354]

>>2335316
Are you actually from the IRS?

[Anonymous No.2335357]

>>2335320
I'd go Bitcoin > precious metals > cash out from coin shop.

[Anonymous No.2335359]

>>2334810
you can get a bitcoin debit card. you basically prepay a debit card with bitcoin that is translated to fiat for use of the card. you can get cards that track btc prices in real time, or cards that lock the price as soon as btc is transferred to them. you then use them at regular atms or shops.

[Anonymous No.2335372]

I'm not cashing out until I've already renounced my citizenship

[Anonymous No.2335375]

>>2335359
So I can use these without the taxman coming after me?

[Anonymous No.2335387]

>>2335357
I've never dealt with gold/silver before, but from what I hear, the problem is that you have to file some paperwork when you buy it, as an anti-evasion measure.

[Anonymous No.2335411]

Why don't you fucks just move to Nevada?

[Anonymous No.2335421]

>>2335359
And the bitcoin debit card company doesn't give any of your info to the IRS? Interesting

Of course, you still can't go buying fancy things like a house or lambo with this, because that'd still trip a flag and the IRS would find you, but still. Good stuff.

[Anonymous No.2335441]

>>2335411
Because Vegas is fucking garbage. Although the Tahoe/Carson area I do remember being comfy as fuck, but I haven't been over there since 15 years ago.

[Anonymous No.2335446]

>>2335354
Huh? Nope I just researched it before.

Check more here-
https://help.bitpay.com/bitpay-card/what-kind-of-information-will-you-need-from-me-for-a-bitpay-card-order

[Anonymous No.2335461]

>>2335316
Correct, but this is fucking stupid because it is a currency and you should be able to use whatever currency you like at will without getting forcefully penetrayed by the tax man.

[Anonymous No.2335488]

>>2335446
Are you a nocoiner?

[Anonymous No.2335498]

>>2335372
Where would you move to?

It's weird to imagine not being American anymore

Plus it would be insanely hard to cash out if you're in a 3rd world country

[Anonymous No.2335513]

>>2334811

Don't do that you kling-klong! Then you'll actually be doing something illegal. Why are you even cashing out? What is wrong with you.

[Anonymous No.2335515]

>>2334559

that's money laundering and you'll get completely fucked by the casino

[Anonymous No.2335527]

>>2335461
It really is fucking bullshit. If the strength of the USD increases, is the 90001 cuckbucks I have in my account considered to be a financial gain? No, of course not. Even if I can somehow now buy twice as many cheeseburgers and hotpockets as I could previously, you still don't tax the increased "value" I now have.

...so why the fuck would bitcoin be any different? Why is it that if I have 0.5 btc a year ago and I still have 0.5 btc now, I magically have to pay tax on the relative increase in value?

[Anonymous No.2335528]

>>2335461
I know it is stupid. The feds gotta keep that petrodollar hegemony going. Can't let gold bugs, crypto creeps, or Middle Eastern oil producers get in the way.

>>2335488
Nope. I have held positions for a year now. I am still learning more about it daily.

[Anonymous No.2335550]

Are you faggots actually whining about paying taxes?

"The only certainties in life are death and taxes" was written hundreds of years ago and is a saying for a reason.

[Anonymous No.2335555]

>>2334559
youi realize you have to pay taxes on casino winnings too, right? That's only useful if you're getting money from a shady business and trying to "clean" it. Bitcoin is already legit; you're just trying to avoid the tax. Which that doesn't help with.

[Anonymous No.2335567]

I've held eth and alts for about a year. One thing I don't know is how bit coin atms work? Do I connect my phone and send my btc to the atm and it gives me fiat?

[Anonymous No.2335569]

For once Europe has more freedom. Weird? U.S. government really hates crypto more than the EU and even China and Russia.

[Anonymous No.2335583]

>>2335569
A man who says he is a king is no king. This country is just a authoritarian joke.

[Anonymous No.2335595]

>>2335569
What are the euro laws on crypto? I know in the netherlands it's tax-free, but not sure about the rest

The worst part about the American tax fuckery is that even if you're a dual citizen you STILL have to pay taxes to the US no matter what.

[Anonymous No.2335598]

okay memes aside how the fuck do I cash out? I don't mean big time, i mean for the little things i would need to buy with USD. What's the legal process? I don't care one bit about paying taxes, i just don't want to get fucked for some bullshit jewish structuring charge or something. Sometimes you just need cash in hand so what's the deal?

[Anonymous No.2335605]

>>2335567
You basically give it fiat and it prints you a paper wallet that you can import on your mobile phone..

[Anonymous No.2335609]

>>2335527

It's an asset so yes, you have to pay a tax on it. It's like buying a house for 2k, fixing it up, and selling it for $100k. Selling an appreciated asset for cash is a taxable event. If you keep your earning in the form of an asset, there is nothing to tax. So keep your money in crypto. If you need to take money out to live, do low amounts to live. Then pay a 15%-20% capital gains tax. Do that and the tax man leaves you alone.

[Anonymous No.2335610]

>>2335569
No fucking shit. The USD is the world reserve currency. Dollars are the US's biggest export. The entire global economy is propped up by fiat funny money, for which they own the printers.

If you had a monopoly on the world's money, you'd be fucking scared as shit about an uncontrollable decentralized cryptocurrency too.

[Anonymous No.2335633]

>>2335609
>it's an asset
it's only labeled as such so that the gov't can do this bullshit. It's not an asset, it's a currency.

> If you keep your earning in the form of an asset, there is nothing to tax. So keep your money in crypto. If you need to take money out to live, do low amounts to live
The point we're making though is that you have to pay tax even if you DON'T cash out. If I use my bitcoin to buy hotpockets and burgers, I'm supposed to pay tax on that.

[Anonymous No.2335642]

>>2335610

It's stupid though. The US government should just make an officially-endorsed version of USDT or another dollar-pegged coin, something like that would be incredibly useful for denominating other crypto currencies, since BTC is used for that currently but fluctuates in value so much.

The government could also just simplify taxation of crypto currencies and especially focus on the operation of exchanges.

[Anonymous No.2335644]

>>2335387

Not when you buy it, but when you sell it. They'll finger print you too.

[Anonymous No.2335659]

>Using a bank
Ever hear of a mattress faggot?

[Anonymous No.2335676]

>>2335598

Crypto isn't illegal, there's no one to dodge unless you're trying to not pay taxes. If crypto is your only source of income, as long as it's a long term asset, you pay no taxes for earnings under $37,950. That should be enough to live off of. If you make more than that from your job, then the capital gains tax is 15% to 20% depending on your situation. If you make over $418,00 a year, you pay 20% capital gains. If you make under $418,000 a year you pay 15%. It's not bad dude. Just pay the tax.

[Anonymous No.2335681]

>>2335411
>state law usurps federal law
kek, you know nothing of our complex legal system, britbong

[Anonymous No.2335702]

>>2333648
>what countries does this?

Pic related.

Moscow tax police.

>Pay denbts citizen

[Anonymous No.2335703]

>>2335659
This. I barely sleep because of the gold and silver I keep under there too, but it's worth it.

[Anonymous No.2335712]

>>2335527

Why is it that if I have 0.5 btc a year ago and I still have 0.5 btc now, I magically have to pay tax on the relative increase in value?

See this is what doesn't make sense. You have to pay taxes on this!? What if you keep the 0.5 BTC and it becomes 2019 but its value dropped to below 2017 prices? Will the IRS give you back any money they took for the value it increased in 2018? Doubtful. Either make the laws clear or don't tax it all since it'sa confusing mess on how they want it done

[Anonymous No.2335718]

>>2335633

http://www.forbes.com/sites/jeffreydorfman/2017/05/17/bitcoin-is-an-asset-not-a-currency/

[Anonymous No.2335725]

>>2335676
The big problem is the fact that you have to pay tax on crypto gains that weren't cashed out, e.g. make $50k profit in crypto and cash out only $10k, you now basically have to give away all of your cash gains just for the privilege of holding onto your crypto. If the tax only applied when cashing out it wouldn't be a big deal at all, basically not much different from income tax.

[Anonymous No.2335743]

>>2335718
>(((Dorfman)))
nice try, shlomo.

I'm not arguing that bitcoin isn't *technically* considered an asset rather than a currency by the government. I'm saying that the only reason they classify it that way is so they can jew you on it, and because they don't want to officially acknowledge a currency that would undermine the fed's monopoly on the financial system.

[Anonymous No.2335756]

>>2335676
>If crypto is your only source of income, as long as it's a long term asset, you pay no taxes for earnings under $37,950.
are they earnings if i withdraw, or if i just hold the assets in the memeosphere? I don't care about getting jewed hard on tax rates i really don't, i want to be as clean as possible.

[Anonymous No.2335757]

>>2335712
you dont pay a tax on the value of holding the BTC, only if you happen to sell it for FIAT.. once the property(BTC) is traded for FIAT or other property (ex, car, house, boat, etc) then you are required to claim it

[Anonymous No.2335774]

>>2335757
>once the property(BTC) is traded for FIAT
only the traded property that went into fiat that fiscal year, or total property held?

[Anonymous No.2335775]

>>2335757
Wrong. Every transaction between coins is taxed.

[Anonymous No.2335786]

>>2335775
this. also if you have potential tax of more than 1k you have to file taxes quarterly.

[Anonymous No.2335798]

>>2335756
Gains for both withdrawn and held assets are counted

[Anonymous No.2335800]

>>2335725

You don't man. You pay capital gains on the cash out. In order to buy altcoins you have to use bitcoin or another major crypto-currency. Taxing this transference makes little to no sense because of this, So there is an exception under the IRS's legal code:

>IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange.

We are trading in assets that are like-like. So no tax has to be paid until the cash out at the end.

[Anonymous No.2335807]

>>2335757
>only if you happen to sell it for FIAT.. once the property(BTC) is traded for FIAT or other property (ex, car, house, boat, etc)
That second part is the one I take issue with.

Let's say I have 10,000 in USD. I used to have to pay 3 bucks for a bigmac, and now bigmacs only cost 1.5. My dollars clearly rose in value, using bigmacs as a baseline. But you don't pay taxes, because you didn't actually have a numerical gain. Your 10k is still 10k.

So why would bitcoin be any different? If I have 1.0 bitcoin, and I used to be able to buy a bigmac for 10 mBTC and now a bigmac costs me 1 mBTC, the value still went up relatively to the goods I'm buying, but I still didn't actually have any numerical gaine. I had 1.0 BTC. I still have 1.0 BTC. why would I pay taxes on this? Do I also get a subsidy if the value of my bitcoin crashes and it costs more than what I started with to pay for goods?

[Anonymous No.2335828]

>>2335718

If they treated it as a currency we would be fucked. That would mean every single trade between alt-coins and bit-coin would be subject to a tax. Then there are issues with trying to create your own currency legally. We don;t want it to be recognized as a currency, it lets us evade counterfeiting laws.

[Anonymous No.2335830]

>>2335807
>I had 1.0 BTC. I still have 1.0 BTC. why would I pay taxes on this?
this right here confuses the fuck outta me

>>2335800
>You pay capital gains on the cash out.
so to ask you, capital gains on the total asset held or just on the cash out? I ask just because if i need some cash before i'm a six gorillionare

[Anonymous No.2335844]

>>2335800
except cryptos are not considered like kind. You are free to file them as like kind, but its basically like raising a flag that says "plz audit me"

[Anonymous No.2335870]

>>2335844
>except cryptos are not considered like kind
that doesn't make any sense though, how do you possibly count every transaction made on the exchanges.

[Anonymous No.2335883]

>>2335798

No,that's not true. If that was the case then you'd have to pay taxes every time your house increased in value. Think about it, your bitcoin is constantly raising in value. At what time does the tax apply? If it worked how you say, then I could cheat the tax man by withdrawing a chunk of bitcoin today, paying the tax on the whole thing, and then not paying tax when the whole thing quintuples in value and I sell it. If you are taxed every time it goes up in value, then the value of your asset will always eventually fall to zero. You only get taxed once you cash out.

[Anonymous No.2335886]

>>2335870
bitcoin.tax you are welcome

[Anonymous No.2335888]

And don't think of selling them on localbitcoins. It's pretty much a honeypot at this point.

[Anonymous No.2335896]

>tfw 3rd world country
>no idea what could happen if I transfer any kind of amount
>not sure who to talk (are you trading imaginary coins son?
Those coins are staying there for any foreseeable future

[Anonymous No.2335933]

>>2333648
aca te bajan la puerta a chorizazos

[Anonymous No.2335939]

>>2335883
Sorry, I was ambiguous. I didn't mean you have to pay taxes for holding an asset in general, what I meant by "held" was to go crypto to crypto, rather than crypto to cash. If I made $1000 profit on BTC, split the gains 50/50 between converting to USD and converting to DGB, I have to pay the same taxes in USD as if I had completely cashed out.

[Anonymous No.2335967]

>Get audited
>Hundreds of thousands of legally gray arbitrage transactions records.
>None of it matters anyways since half of the of coins don't even exist anymore.
>Missing records because of incompetent fly-by-night shitcoin exchanges
>Go to prison and get raped by cucked jewish banker's bull niggers.

Thanks bitbean!

[Anonymous No.2335981]

I am an accountant sitting on some serious crypto gains as well and hopefully much more if SWT moons. I have been pondering this as well.

The IRS is gonna come after you for sure if you make multiple thousand dollar deposits over the course of a year. I want to buy a new jeep.

To get around this I have been thinking of starting an LLC for around 770. Call it some bullshit like "Digital Holdings LLC" and record those deposits as investment income. However, to reduce my gain I then use those gains to buy my Jeep and write off any depreciation. Essentially creating a shell company to funnel all of my gains into while also writing anything off on the business I would like to spend it on such as a new car, boat, motorcycle. Because Digital Holdings is in the business of renting shit out to customers as well goyim.

[Anonymous No.2335988]

This is useful if a bit dated

http://www.coindesk.com/information/is-bitcoin-legal/

[Anonymous No.2335989]

>>2335012
what's a better option? I bet they all report to irs only coinbase tells you.

[Anonymous No.2335998]

>>2335967
Fucking hell anon DELET THIS

[Anonymous No.2336011]

>>2335939

No, because then you'd be paying taxes on a theoretical gain. The portion you left on may end up being a loss when you cash it out later. I'm not a tax attorney, and I know the topic is complex. But from everything I've read that's how this work. Else trading would become impossible. Eating 10% or more on every transaction between assets would end in you having nothing at the end unless each of your gains was monstrous.

[Anonymous No.2336050]

>>2335967
How the fuck do High Frequency Traders get away with this shit on the NYSE? Literally hundreds of thousands of transactions in a single day over a fraction of a fraction of a cent?

[Anonymous No.2336075]

>>2336050
They probably have bots that log every transaction for tax purposes

Or since stocks are highly regulated, there might be some kind of auto-report system

[Anonymous No.2336114]

>>2335676
>as long as it's a long term asset, you pay no taxes for earnings under $37,950
Gonna need a source on that. I did freelance webdev and only made 14,000 and had to pay taxes even though I probably technically could have been a welfare nig.

[Anonymous No.2336119]

>>2335555
The trick is that you don't scream out loud about your winnings, casino is just first step. Seems like nobody in /biz/ has done anything illegal. Laws and taxes are for wagecucks, bending rules and avoiding taxes is the only way to riches.

[Anonymous No.2336150]

also if your not aware of Bittrex verification:

https://bittrex.zendesk.com/hc/en-us/articles/215282838-Frequently-asked-questions-about-account-verification

"When does this go into effect?

We're still in the planning stages of implementing a phased approach.

Currently we have implemented limitations on withdrawal amounts depending on level of verification and the enabling of two-factor. Please see https://bittrex.zendesk.com/hc/en-us/articles/231701788 for details on the limits.

Our second phase is expected to start in late May/June where enhanced accounts will be needed to trade fiat and a number of other services we are expected to roll out.

Our third phase is to require every account to at least be basic verified. The time frame for that is TBD."

because of :"Bittrex verifies the account of each user as part of our Anti-Money Laundering (AML) and Know Your Customer (KYC) program."

which in turn will mean once your ID is known there, they will start reporting your gains when you cash out there in FIAT (once implemented).

Ill be off of that exchange by the time the 3rd phase kicks in so i dont need to verify myself just to withdrawal my crypto. Not to avoid the law, i simply dont trust a few of these places with my actual personal details.

[Anonymous No.2336153]

>>2334441
>50% profits goes for taxes
Wrong retard, you're taxed at your income bracket(assuming shortterm holdings). Better never work for your entire life, have to avoid that tax, in fact you get taxed more on your regular income because at least with your crypto gains you aren't paying social security or medicare.

[Anonymous No.2336158]

>>2335807
>Do I also get a subsidy if the value of my bitcoin crashes and it costs more than what I started with to pay for goods?

Yes you would as losses are a tax deductible expense. Its how massive companies avoid paying taxes for years. They show giant "loses" to offset the gains

[Anonymous No.2336173]

>>2336011
That's not a theoretical gain though; in my scenario, you took a gain in BTC, and then actualized it by trading it for more DGB (and USD) than you were able to before.

[Anonymous No.2336184]

>>2333511
I dunno bro but your post and filename are winning combination and made me laugh out loud.

[Anonymous No.2336246]

>>2336114

Webdev is not a capital gains, its income through wages. They're taxed differently.

>>2336050

It's not exactly the same for us, because unlike stock traders we don't cash out into cash until the end.

[Anonymous No.2336286]

I don't understand why people say you have to track each and every single one of your shitcoin transactions so you know how much to pay so you don't get fucked by the IRS. Just subtract your initial investment from your holdings when you cash out and then pay the 15% (or whatever it is based on income bracket/state). The IRS isn't going to fuck you just for making a couple thousand dollars.

[Anonymous No.2336305]

>>2336286
>The IRS isn't going to fuck you just for making a couple thousand dollars.
Famous last words.

[Anonymous No.2336317]

>>2336173

You're assuming that these are currencies, which they are not for legal purposes. How owuld you track a gain under your system? The buys are equivalent in value when the trade happens. Do you you tax the leftover bitcoin? The new Digibyte? It's murky.

[Anonymous No.2336329]

>>2336305
And if you're paranoid (like me), spend some money on a CPA to make sure you do your shit right and give yourself some breathing room between you and Mr. Jones. If you're making gains you can afford to start treating it like a serious investment.

[Anonymous No.2336357]

>>2336305
it looks like that one anon is right about 0% tax on long term gains up to 35k. this makes me think they probably are only watching larger sums of money. If you can deposit 8k in cash in the bank without setting off flags I find it hard to believe coinbase is reporting every 4 figure transaction.

[Anonymous No.2336361]

if I buy an apple seed for a penny and then use it to grow an apple tree, does the IRS get 30% of my apples? 30% of the wood when I chop it down?

[Anonymous No.2336373]

>>2336317
No, I'm assuming they're properties, and it's ambiguous at best whether or not the IRS would allow for the like-kind argument.

You tax the gains/losses after a transaction, not before. You could buy BTC, hold onto it forever, and not worry about capital gains taxes. Once you exchange that for USD or for an un-like property, you can calculate the gains by holding, and therefore the proper tax.

[Anonymous No.2336391]

>>2336361
It's different in that scenario, just as you don't have to pay capital gains if you only sell crypto that you mine.

[Anonymous No.2336393]

>Buy 10,000$ worth of bitcoin on credit
>Sell for 10,000$, now have this in my bank account
Do I have to pay taxes on the 10,000$? If you looked at my bank statement it would appear as though I made that much out of thin air

[Anonymous No.2336408]

>>2336357
>it looks like that one anon is right about 0% tax on long term gains up to 35k
What's the source on this? I think that only applies if you have little/no income.

[Anonymous No.2336416]

>>2336393
>Do I have to pay taxes on the 10,000$
redflags just got raised as you are near the structuring limit. I would go to your bank and discuss it, then go do bitcointax

[Anonymous No.2336427]

>>2336393
After fees (which don't count), you made zero gains and zero losses. so you have no taxes to pay. You only pay taxes on the realized change in value.

[Anonymous No.2336429]

>>2336408
Wait, so if I'm a NEET and a I made $20k with crypto it's tax free?

[Anonymous No.2336444]

>>2336427
Actually nvm, I misread your post, ignore me. Ultimately I still think you don't have to pay taxes but there could be other issues.

[Anonymous No.2336448]

>>2336416
Its a hypothetical. What I'm mainly getting at is in this situation I didn't actually make any money I essentially took out a cash advance. What I'm afraid of is getting taxed on something that isn't actually a gain

[Anonymous No.2336451]

>>2336286
This lol. I didnt report any of my crypto shit last year, just my robinhood stock trades.

[Anonymous No.2336473]

>>2336429
Assuming you hold for at least a year, then yes. Since you might need cash over that time period, you'd probably have to hold both long-term and short-term crypto.

[Anonymous No.2336522]

>>2336473
would i be doing this every time i withdrew, or would it be a fiscal year thing? that's where i'm just confused.

[Anonymous No.2336548]

>>2336391
but mined cryptos DO get taxed as income.

Not sure if you even get to deduct the electricity and PC parts

[Anonymous No.2336563]

>sell BTC via localbitcoins
>eat the markup
>make small deposits into checking account

Wow so hard.

[Anonymous No.2336575]

>>2336563
>make small deposits into checking account
>get slapped with a structuring charge
>go to federal fuck-me-in-the-ass prison

[Anonymous No.2336584]

>>2336563
localbitcoins is a honeypot my man

[Anonymous No.2336589]

>>2336563
>buyer does chargeback
>you're fucked

[Anonymous No.2336592]

>>2334744
i found the money in my basement .

[Anonymous No.2336611]

>>2336584
>honeypot
I just bought from it fugg

[Anonymous No.2336617]

Listen, if I just use BTC to buy stuff I'm fine right?

My cash out plan is honestly just to buy a nice tv on Newegg or something.

[Anonymous No.2336650]

>>2336617
strictly speaking, you're supposed to report that and pay taxes on it. Although I don't see this actually being enforced unless you're buy a big-ticket item like a lambo.

At least for now. The government will probably come up with some kiked-out scheme where bitpay is forced to report all transactions with identifying info so they can track you down and get their cut for every hotpocket and cheeseburger you buy.

[Anonymous No.2336653]

You all are fucking retards. Your bank has probably filed SARs on you. The IRS already knows if you cashed out

[Anonymous No.2336699]

>>2334559
>go to Mexico to launder money
>get kidnapped and ransomed if you're lucky
>get chopped up with dull machete
>cholos video your faceless gurgling and waving your arm stubs around while you slowly die

I'll pay uncle sam, thank you very much. He needs funds for wall.

[Anonymous No.2336705]

>>2336650
If I buy gold or art with Buttcoin, will that be traced? What's the best way to do this?

[Anonymous No.2336726]

>>2336653
>cashing out
>ever

[Anonymous No.2336735]

>>2334867
>>2334915
You think the Casino isnt obligated to report that transaction you retards?

[Anonymous No.2336740]

>>2336705
Someone mentioned earlier ITT that the sites that exchange BTC for gold massively rip you off with the margins, and that anyone who sells gold has to report it and get fingerprinted and shit.

As for art... that's a good point. It's an open secret that modern art is just a scheme by the elites to pretend that certain items are valuable so they can get away with exchanging large sums of money for their nefarious deals.

[Anonymous No.2336791]

>>2336650
Am I not paying sales tax on that already? I didn't even convert back to fiat!

[Anonymous No.2336793]

>>2333648
Aqui te arrebentam os miolos se você não pagar o roubo, digo, imposto.

[Anonymous No.2336855]

>>2336791
I know. It's complete bullshit. (((They))) get to pull this shit because they officially consider cryptocurrency to be an asset, rather than currency.

So if you do some forex trading and get GBP which then rallies and you use GBP to pay for something, you don't need to pay tax on it. But you do with bitcoin.

[Anonymous No.2336983]

>>2335933
Entra la parca jodiendo por lavado de activos.

[Anonymous No.2337168]

>>2335345
Are accountants cool with you coming up to them and saying "I want to launder money pls help"?

[Anonymous No.2337180]

>>2334988

I'd bet the feds are watching those things like a hawk as of now

[Anonymous No.2337209]

Well, this thread has been helpful, I'm gonna hold on my gains for a long time and convert to fiat only when I have the patience to deal with these matters carefully.

[Anonymous No.2337316]

>>2335725
bro this is some dum dum shit. What made you think this?

[Anonymous No.2337495]

>>2335933
Mal. Posta que ya ni se si es buena idea invertir mis miserables 5k de usd.. la afip me va a meter un palo por el ocote. O holdearlos hasta el 2050 cuando el btc valga 500 millones

[Anonymous No.2337690]

>>2337168

Accountant here, lol no

"I want you to risk your whole career to help me get extra money"

[Anonymous No.2337781]

Honestly, I'm clueless as fuck when it comes to paying taxes on anything Bitcoin.
The thing I don't get is whether or not you're supposed to report transactions (trading) you make with Bitcoin.

[Anonymous No.2337794]

>>2337316
Bro read the thread

[Anonymous No.2337808]

>>2337690
So tell us how much would we pay for like 200k withdraw you scruffy basterd

[Anonymous No.2337838]

>tfw too dumb to understand any of this shit

I just want to tend to my comfy 200-acre plot of land in Montana that I bought with crypto gainz

[Anonymous No.2337875]

Bleach your tx's with a cloth, no intent means no jail

[Anonymous No.2337886]

>>2334559
and how am I suppose to get the money back into USA and out of shit Mexico?

[Anonymous No.2337903]

>>2337838
Dude same, brainlets unite!

[Anonymous No.2337909]

>>2337781
Yes

>There really should be a sticky with all these basic questions

[Anonymous No.2338369]

>>2337838
What you do? Hodl btc and eth and trade alts?

[Anonymous No.2338456]

Okay so I found something substantial here. Here's a tax attorney talking about like-to-like and when changing crypto becomes a taxable event. Like I said earlier in the thread, it's when you convert to cash. Else you're just trading like for like.

https://klasing-associates.com/possible-1031-exchange-bitcoin-ethereum-electroniccrypto-currencies/

[Anonymous No.2338506]

>>2338456
Bro the thread is about withdraw. Coins for cash

Its obvios they wont tax you for buying eth with btc

[Anonymous No.2338526]

>>2338456
>Under the Internal Revenue Code certain types of assets do not qualify under the 1031 exchange regulations by being specifically labeled “non-like kind”. At the time of publishing, differing types of virtual currencies have not been identified as “non-like kind” or like kind with one another. Since no guidance on this subject currently exists, 1031 exchanges of differing types of cryptocurrency, while not outright prohibited, is not guaranteed to be a tax-free exchange. The conservative approach would be to not claim section 1031 on an exchange of one digital currency for another. If a taxpayer choses to be aggressive and claim the benefits of 1031 during this type of an exchange, this uncertainty should be adequately disclosed on a return taking a position that an exchange of one cryptocurrency for another should qualify for 1031 to minimize potential penalties that could apply.
In other words, cross your fingers and do all the work of disclosing each trade anyways, because if the IRS makes a ruling against your favor, you're going to owe a lot of penalties and have to do a lot of backtracking of trades.

[Anonymous No.2338573]

>>2338506

That's not actually obvious, as you would have known if you'd read the entire thread or the link I posted. You will never make it to Lambo Land.

[Anonymous No.2338602]

>>2338456
>>2338573
Thank you for this actually.
I feel like a lot of these rules/regulations might change in the next few years.
Either way, it's good to know that trading BTC for something like ARK isn't going to give me a headache.

[Anonymous No.2338643]

>>2338526

How would that even work? Calculating it would be a literal nightmare. Mountains of paperwork.

[Anonymous No.2339043]

>>2334563
>buy BTC for $2700 today
>in 5 years its $27,000
>close some trades and pay a measly portion of my profits to pay off student debt with 1.2 BTC
>don't know wether to laugh or cry after paying for my bullshit degree with internet money i earned trading shitcoins

[Anonymous No.2339573]

>>2334835
fuck off. no one gets rich paying taxes like a chump. might as well ask your neighbor if he thinks he deserves some too.

[Anonymous No.2339582]

it's funny how no one on biz gave a shit about taxes until cryptos boomed

all of you must be poor as fuck

[Anonymous No.2339607]

>>2335595
It's not completely tax free. Every year at new year you have to pay capital tax on it.

[Anonymous No.2339636]

>amerilards
>the land of the free
PMSL

[Anonymous No.2339654]

Question, so I know in the US banks notify IRS if you withdraw +10,000 from coinbase. So my question is if this happned in a year, would I pay the tax first and then withdraw or withdraw and pay taxes on whatever was withdrawn?

[Anonymous No.2339688]

>>2339654
Pay it during tax season but delcare it before that

[Anonymous No.2339698]

>>2339573
>no one gets rich paying taxes like a chump.
you're not gonna get rich when the IRS seizes your gains for not declaring your shit and throws you in the slammer for evasion

don't be an idiot, they are not an institution to be fucked with

[Anonymous No.2340414]

>>2334441
Lol the delusion. people have bought yachts and houses with ETH and BTC earnings. There are crypto millionaires right now who have cashed out.

[Anonymous No.2340568]

>>2335595
>>2339607
You pay property tax (vermogensbelasting). You dont pay anything until ~25k. Everything after that 25k you pay 0.83567% until 100k. After 100k it goes up again

[Anonymous No.2340838]

>>2337886
buy crypto with it and smuggle it in a brain wallet :^)

[Anonymous No.2340842]

>>2335981
How legit is this?

[Anonymous No.2341604]

What are the odds you actually get in trouble for this if your earnings are less than a grand

[Anonymous No.2341948]

>>2338369
That's my plan

[Anonymous No.2342044]

>>2335375
as a disposable transactions card, yes

[Anonymous No.2342045]

>>2339582
Formerly poor.

[Anonymous No.2342066]

>>2335642
governments were the reason for the creation of crypto
how could it benefit holders?

[Anonymous No.2342079]

>>2340568
Good to know. That's a great system we got here. Do you also know what qualifies as "Bitcoin and other digital currencies"? It's listed on the site of the government but it's unclear to me if ICO's and tokens also fall under this. Maybe they want to tax my Diablo III real money auction house money :^)

[Anonymous No.2343138]

>>2341604
Pls respond

[Anonymous No.2343240]

>>2340838
Kek

[Anonymous No.2343249]

Remember to support the efforts of Coin Center, a lobbying group in Washington pushing to get favorable regulations for your gains

[Anonymous No.2343350]

>>2343249
God save them

[Anonymous No.2343381]

If you cash out 1000s worth of btc, even if you pay taxes, might they suspect you of criminal activity? Having large amounts of btc seems at least as suspicious as having large amounts of physical cash, which is also seen as almost a crime in and of itself.

[Anonymous No.2343410]

>>2335595
>>2339607
>>2340568
I'm trading from Holland (EU citizen living here) so I can make 25 grand and deposit straight into my bank account without paying taxes?

[Anonymous No.2343604]

>>2335830
Because jews faggot
I just cant believe you cunts didnt knew this

[Anonymous No.2344700]

>>2343410
I want to know this as well , i'm also a eurofag

[Anonymous No.2344843]

>>2335676
15% is pretty steep cut on an investment return.

at least we don't have bernie sander's retarded fucking transaction fee. holy shit that would kill crypto.

[Anonymous No.2344863]

>>2344843
It would kill everything.

Fucking commie kike.

[Anonymous No.2344866]

>>2335725
you don't pay taxes on investment until you cash out. this is investment 101 shit.

[Anonymous No.2345520]

>>2335595
wait...it's free over here?
FUKCYEAAAAAAHHH