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2594831 No.2594831 [Reply] [Original]

Amerifag here,

If I cash out my crypto into USD on Coinbase and store the money in the Coinbase USD wallet, is this considered a taxable event, or am I only taxed once the dollars are in my bank account?

>> No.2594842

It's taxable.

>> No.2594853

>>2594831

Not only is it taxable but it pings the fbi that you belong to a terror group and you get vanned

>> No.2594871

>>2594842
Fug, really? Is there any way to save your gains if every major crypto (BTC, ETH, LTC) dips simultaneously? My sell limit on Coinbase was just approved for an increase to $50k, so cashing out to fiat there is now a possibility for me, but it's not worth liquidating my stack if I get taxed on it :(.

>> No.2594881

>>2594871
You can try usdt.

>> No.2594890

>>2594871
>>2594831
Strictly speaking every single crypto transaction is a taxable event.

>> No.2594898

>>2594890
I keep hearing conflicting views on this topic. I've heard others say crypto to crypto is non-taxable.

>> No.2594902

>>2594890
what if you're only losing money

>> No.2594921

>>2594831
you aren't cashing out until you send those dollarydoos to your bank account. the usd in your jewbase wallet are just credits.

>> No.2594944

>>2594890
Complete bullshit unless you can back it up.
Go ahead, post undeniable proof.

>> No.2594981
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2594981

>>2594921
>True or not, I like this and it makes me comfortable, so I'll take it.

>> No.2595098

>>2594981
if you read the jewbase terms of service you'll see that the usd in your wallet are just credits. they can cancel your account for various reasons and there's nothing you can do about "your" lost shekels. you can't pay taxes unless you have usd in your bank account.

>> No.2595245

Cant you just show an accountant your wallet transaction history? If you wanna play safe that is

Keep in mind you can write off losses and buying more as an expense

>> No.2595321

>>2594898
They're wrong. Crypto to Crypto is taxable. IRS made this clear.
>>2594944
Look up the IRS rules on crypto. They clarified some recently. There's a Lawyer on Reddit that did a AMA Crypto Tax talk
https://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/

Only thing I don't know is if I have to send the IRS money during the year or at the end. I would hope it's at the end if I make below a certain amount.

>>2595098
Coinbase claims to be federally insured like any bank. I would post sources specifically showing your claim, otherwise it's just fear mongering.

>> No.2595352

>>2595245
You could~ but the math is a bitch and that costs money.

I'm writing a program to parse the transaction history from the PDFs that Coinbase provides (you can download them from your wallet) and spit out a CSV file with all the tax calculations in it.
I'll post it here some time around tax season, open source, etc etc

>> No.2595392

>>2594831
whos this fluid druid?

>> No.2595468

>>2595321
No, fuck off.
>recently
That was posted 3 years ago and is the only thing that is ever posted as "proof".

It isn't even blatantly stated one way or another that crypto to crypto is taxed like you've stated multiple times now.

Post proof or get out.

>> No.2595502

>>2595468
http://www.thetaxadviser.com/newsletters/2017/apr/cryptocurrency-taxes.html
>Trading cryptocurrency is a taxable event;

>It is easiest to think of cryptocurrency as a commodity, such as gold and platinum. Let's say an investor buys an ounce of gold and then converts the gold to platinum. That would be a taxable event. Gold has a dollar value and platinum has a dollar value, with the difference being taxable. Just like any currency or commodity, the cost of one unit of any cryptocurrency changes by the second.

>For example, let's say a person bought $200,000 worth of bitcoin. His or her basis in the bitcoin would be $200,000. That number of bitcoin can either be converted into other cryptocurrencies or be used to pay for goods and services. In 2013, only a few large retailers would take bitcoin for payment. That number has since exploded to several thousand.

I'm really just trying to help people. There's no point in getting blindsided by the IRS if you're making good money.

>> No.2595524

>>2594831

Coin base will send you a 1099-NT form next year or something that'll tell you what your tax is.

>> No.2595534

>>2595502
The same article also says that the IRS got all transaction info from Coinbase and used it to find people evading taxes.

>> No.2595577

>>2595502
Sorry, still no proof. I appreciate the good intentions but you have to provide more.

All that you quoted is a bunch of nothing. In addition, everything in the IRS PDF doesn't refer to Crypto to Crypto or OP's question.

You previously said the IRS made it clear. Where did they make it clear? If you want to help people, make it clear to them. Otherwise you're no different than the people spreading garbage.

>> No.2595603

>>2595534
the irs only goes after christian conservatives, so you can tell your husband his boyfriend they have nothing to worry about.

>> No.2595663

>>2595502
My alt coins are valued in btc tho not usd I can't sell them directly for USD like with gold or platinum so this is full of bs