[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 109 KB, 300x800, 7fc4f932a085b91799719d4501e0761c.jpg [View same] [iqdb] [saucenao] [google]
25481033 No.25481033 [Reply] [Original]

so how do taxes work? should I write down every transaction (buy, sell, trade of crypto) myself or do the exchanges offer a reliable history to print out. never really done any investing.

>> No.25481075

>>25481033
The trick is that you don't pay taxes

>> No.25481108

>>25481033
idgi why does the little person not just go to a little person ATM

>> No.25481132

>hes planning on paying taxes

>>25481075
keyed and redpilled

>> No.25481161

>>25481075
I really don't mind taxes, as long as they're reasonable, the issue I've is filling them and getting buttfucked if I make a mistake

>> No.25481241

>>25481161
Just pay a CPA to figure it out it's their job to know tax law

>> No.25481281

>>25481161
hire an account?

>> No.25481671
File: 81 KB, 720x981, 1567968984390.jpg [View same] [iqdb] [saucenao] [google]
25481671

>>25481033
yes, any exchange will have records of all your transactions; for every crypto you sold in 2020 you need to report when you sold it, what you paid for it originally, and how much you were paid to sell it. Thankfully these days you don't have to report when you bought it, so for example if you accumulated a token across three transactions and then sold it all in one transaction, you only have to report that as one transaction, and when the form asks when you bought it you can write "various"

The nice thing about trading stocks versus crypto is that most brokerages can connect to tax software and auto-fill all of this shit for you

>> No.25481728

>>25481241
>>25481281
yeah but don't those cost like 150 an hour? that's slightly less than what I want to invest, is it really worth it? more than anything I'd like to know what to document, which I need to do myself anyway whether I get an accountant or not, right?

>> No.25481869

>>25481728
Call and ask, I hired a CPA to do my taxes in a year I inherited money and he did it for a flat rate.

>> No.25481879

What if I bought years ago and don't have records?

>> No.25481917

>>25481671
that's good to know, thanks, especially the part about stocks. they seem so complicated and I always was scared of issues with taxes, might look into that as well now.

>> No.25482021
File: 77 KB, 876x493, 1439550486199.jpg [View same] [iqdb] [saucenao] [google]
25482021

>>25481033
token tax or cryptotrader.tax are easy. upload .csv files from coonbase or just paste your metamask wallet address and it auto calculates all the bullshit you've done for the year.

>> No.25482043

what if I bought in 2014 and the Exchange where i did most of my transaction is dead ? so i have no history at all.

>> No.25482048

>>25481869
maybe I should. I feel completely lost when dealing with finances

>> No.25482061
File: 69 KB, 300x300, 1589162353959.jpg [View same] [iqdb] [saucenao] [google]
25482061

>>25481033
>Willingly reporting your crypto purchasing to the government so you can gleefully pay taxes on everything you've ever done

>> No.25482144

>>25482061
In 2020, there is now a yes or no question on if you traded crypto. You're going to check? "no"

>> No.25482208

>>25482144
Check "No" on what? What are we talking about again? I'm sleepy...must be the corona...

>> No.25482226

>>25482144
are decentralized exchanges a thing? ones that don't directly forward all your data to the irs? the answer is yes

>> No.25482339

Ive used bitcoin.tax and cointracker.io. both easy af

>> No.25482359
File: 142 KB, 1366x768, 1598415512185.png [View same] [iqdb] [saucenao] [google]
25482359

>>25481075

>> No.25482413

>>25482021
>>25482339
oh that's pretty neat thanks

>> No.25482439

>>25482061
Better than if they find out on their own and come to collect, plus interest.

>> No.25482491

>>25481033
Make a spreadsheet and set aside gainsfor taxes

>> No.25482686

>>25482439
Well if you're American they will probably find out because American exchanges report to the IRS.

>> No.25482774

>>25482686
what about bisq

>> No.25482859

How do you prove that you've had the asset for over two years so you just pay capital gain tax - 15% instead of 30% or whatever? Just show the IRS your wallet? Also, how do you stop your bank from freezing your account if you suddenly deposit 6 figures?

>> No.25483203
File: 544 KB, 1165x777, Screen-Shot-2020-02-02-at-9.44.53-AM.png [View same] [iqdb] [saucenao] [google]
25483203

>>25481033
not a shill because ive already used these
>bitcoin.tax
pretty okay but honestly does the bare minimum, however compared to
>tokentax.co
motherfucker just enter your eth addresses and it's fucking done
$200 and your taxes are FUCKING DONE
you can complain, larp, and act like you're some kind of tax avoider all fucking day
fact of the matter is that's what the irs gets them all for, tax evasion
so either 1/ pay the fucking tax and get buttfucked AND KEEP WALKING
or
2/ try and hide and whenyou're a kajillionaire you cash out, they catch you, bust you for EVASION and you get fucked
yes, yes i know
>glownigger
>larp
>jews
>etc
okay cool, but at the end of the day you can either fucking PAY or DIE and THATS THE SOCIETY WE LIVE IN
PIC
FUCKING
RELATED
t. good goy whomst pays thine fines to caesar because hes not a fucking idiot becuase im outgunned

>> No.25484245

>>25483203
Good thing I live in eastern europe where nobody gives a shit and everybody is too inept and corrupted.

I still don't know if crypto tax is separate from capital gains and and if I have to pay both.