/biz/ - Business & Finance

[Anonymous No.25008929]

I genuinely have no idea what to do about my taxes next year. I read that the IRS has moved the crypto question - “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” - to the top of the Form 1040 but they don’t ask you to expand on that. At least I don’t think. I made swaps on Uniswap and I’m not sure what to do. I’m really not looking forward to tax season.

[Anonymous No.25008974]

>>25008929
what if you put your crypto gains on a creditcard and buy stuff with it and never cash out. do you still need to pay taxes?

[Anonymous No.25008983]

same. maybe we should hire a tax professional

[Anonymous No.25008992]

Just use Turbo.

[Anonymous No.25009000]

>>25008929
Hire a tax accountant they're like $150 to handle all this shit. Or enjoy the alternative of massive year end headache and/or getting railed by IRS

[Anonymous No.25009002]

>>25008929
don't worry they'll make sure you pay every penny you're supposed to

[Anonymous No.25009007]

I'm starting to think it's time to develop an exit strategy. This country is a Frankenstein's laboratory of alphabet agency clusterfucks, about time for me to peace out.

[Anonymous No.25009026]

>>25008974
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.

[Anonymous No.25009028]

>>25008929
me neither anon but i havent made big money

[Anonymous No.25009033]

Just give them something and don’t outright lie about anything and you’ll be good. Unless you’re moving $10,000+ on a constant basis you’re an extremely small drop in the bucket to the IRS. Plus with rona they don’t have time or manpower to go through uniswap and etherscan.

[Anonymous No.25009039]

>move shit into monero
>answer "no"

[Anonymous No.25009084]

hire a CPA and if you cash out try to move it to real estate. so many pitfalls in the tax code you can take advantage of. Tax Evasion is illegal but Tax Avoidance is not

[Anonymous No.25009097]

>Answer "Yes"
>IRS' face when it's $4 of BTC, $2.50 of DOGE

[Anonymous No.25009125]

I have never been this nervous to do my taxes
>>25009039
I want to do this but I also don’t want to risk getting sodomized in federal prison for five years
>>25009000
>>25008983
Is this the best way to go about it? Would a local tax professional know how to handle this or should I shop around or what

[Anonymous No.25009159]

>>25009084
Thanks I’ll look into this

[Anonymous No.25009292]

>>25009033
You aren't moving 10k on a basis? Ngmi

[Anonymous No.25009340]

>>25008929
tax on crypto to crypto is absolute nightmare t calculate in the US but they might audit you if you get it wrong or pretend it never happened
honestly just get a professional

[Anonymous No.25009356]

>>25009340
on the bright side if you only ever traded crypto for USD/stablecoins taxes are super easy just like in stocks

[Anonymous No.25009365]

Where am I supposed to get fiat to pay them for the exchanges I made if I don’t have a job and all my money’s in crypto?

[Anonymous No.25009415]

>they are actually scared of the IRS
lol i aint giving those niggers a goddamn cent
if they don't like it then ill just fuck off to china lol
get fucked glow niggers

[Anonymous No.25009542]

>>25009415
Everybody gangsta til the IRS fucks em up the ass.

[Anonymous No.25009570]

>>25009365
You exchange your crypto for money and pay them.
Yes the you must pay them even more.
God bless America

[Anonymous No.25009729]

>>25009415
>implying they don't have CCP agents that will arrest you and convict you to a blacksite communist prison for 50 years