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27789172 No.27789172 [Reply] [Original]

>get 800 air dropped tokens
>didn't claim until today
>have to report $16000 in income even though they were a gift
>if I don't cash out now and it drops, I still have to pay $16000 worth of taxes

T-thanks

>> No.27789276

Take out taxes worth and keep there at dumbass

>> No.27789360

>>27789172
geee must be so hard getiting free fucking money

>> No.27789362

>>27789276
>>27789276
>>27789276
Yeah.

>> No.27789366

>>27789172
How did you claim airdroppwd uni?

>> No.27789490

You pay ordinary income taxes on the fair market value at the time of the airdrop.

Now you've been holding so it's capital gains. The FMV at the airdrop is your basis, everything after that is taxed at your capital gains rate.

>> No.27789573

>>27789490
and what's the fmv on non sec sanctioned crypto funny money?

>> No.27789630

>>27789490
How much would that be at 800? Fuck the IRS why can't they just make things simple.

>> No.27789667

>>27789366
If you are in the united states.

Read numbers 22 and 23.

https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

t. > a lawyer

>> No.27789718

>>27789362
>jew ID
>PAY YOUR TAXES ON YOUR FREE UNISWAP AIRDROP GOY
AHAHAHAHAHAHAHA

>> No.27789835

>>27789573
Send them the reported price from reputable price sources for the first day of the airdrop.

People reference the Wallstreet Journal to report the FMV of an asset in their taxes all the time.

Just report the average of Coinmarketcaps, Coingecko, etc. etc day 1 price and cite it.

>> No.27789862

Nobody should be paying any fucking (((taxes))) on crypto until gains are realized, as far as I'm concerned. Being taxed on exchanges or airdrops is absolute jewish horseshit.

>> No.27789863

>>27789667
Thank you anon. So we report the initial value of around $1200? Based.

>> No.27789931
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27789931

>>27789362
Jew!

>> No.27789953
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27789953

>>27789172
>actually seriously unironically paying income tax on airdrops

>> No.27789962

sell your income taxes worth and hold the rest dip shit.

>> No.27789990

>>27789667
What if I'm just holding my coins from an investment?
>bought 2500 coins of doge low
>sitting on those as price rises

I haven't sold, so do i have to report that?

>> No.27790035

>>27789862

Well if you want to not get fucked by the IRS later that's what their guidance says. You're just going to fuck yourself later, if you expect to be making millions anyway stop being a dumbass and give up the 15-20%

>> No.27790038

>>27789172
Dont tell anyone about them if they dump wtf???

>> No.27790048

>>27789490
Thats only if he sells. Right now it's 0 taxes.

>> No.27790202

>>27790048
No, you're thinking of capital gains. Things like airdrops, mining, forks, staking rewards, DeFi lending APY are all considered income, even if you never convert to anything else. Strictly speaking, you're supposed to cash out 30% or whatever and send it to the IRS.

Yes, it's fucking gay

>> No.27790304

i exchanged it for an unknown amount of monero

>> No.27790412

>>27789990
You only report a transaction when you sell or exchange it for another cryptocurrency.

Whatever you paid for the 2500 doge is your basis. Your basis is subtracted from the sale price/transaction price. That's your capital gain or loss. Report the transaction on your 1099-B (you can do your taxes and1099-B is also included free with Credit Karma tax or FreeUSAtaxreturn).

If you held for less than a year before the sale/transaction it is short term capital gains. You tax at your ordinary income tax rate. You hold longer than a year it is longterm capital gains which will be either 0%, %15 or 20% depending in your yearly income.

>> No.27790477

>>27789172
well technically you were airdropped them when they were worth a dollar

>> No.27790494

>>27790048

Again 22 - 24 on this page easily answer this.

https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

>> No.27790604

>>27790477
Question there is how "at the time of the airdrop" is interpreted. Because if you could claim your UNI back in september, is that the date counted for everyone. Or if you didn't actually claim your UNI until 4 months later in January, does it use the January date and dollar value of when you actually got them sent to you?

>> No.27790685

So if I was airdropped them at $1 and I traded 800 for ETH then sold the ETH for $16,000 how would I calculate this?

>percentage of 800 at air drop
>swapping 800 for ETH (not even sure how I'd even report this)(capital gains and exchange tax?)
>Percentage of selling the ETH through coinbase pro

>> No.27790719

>>27790604
if you get audited you'd have to give them documentation on the date you cashed out. you could claim the other value but if you get a random audit prepare to be ass fucked as if they find one thing funky they can go back through multiple years of your taxes and seek proof of literally everything

>> No.27791073

>>27790685
cost basis is a dollar. lets say you trading them for eth when uni was 8 dollars. you pay short term cap gains on that trade (gain of 7 dollars, even though its in ETH). then, cost basis of 8 dollars for buying eth. sold eth at whatever price is then capital gains.

yes its retarded.

>> No.27791188
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27791188

>>27789362
get the fuck out, saturn worshipper

>> No.27791402
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27791402

i cashed out $1000 from crypto years ago without paying taxes, does this mean i can never cash out again?

>> No.27791884

>>27791073
So let's say I swap the uni for $20 each into ETH, then immediately sell the ETH ( fees bring it down as does gas fees)

Does this mean I pay capital gains of 400->16000?

Then if I have $16000 worth of eth and sell for $16000(before fees), what do I pay? It's not capital gain at that point is it?

>> No.27791891

>>27791402
Tax collectors don’t give a shit about small amounts avoiding tax. But if you really make it in crypto and try to avoid taxes good luck. IRS is not something you should fuck with.
My dad told me this story about how his friend who owned a tire shop business never paid taxes for decades. When he finally sold his business for a six figure sum, the IRS immediately freezed his bank account and took all of the money he made from the sale.

>> No.27792035

>>27789362
>no way youre getting any free money without giving some to israel goy

>> No.27792108

>>27789362
Lmao

>> No.27792178

>>27791891
how small we talkin here?

>> No.27792213

>>27789931
Israel is different than America you moron. America is a melting pot.

>> No.27792281

>>27792213
Canaan was a melting pot long before America you fucking kike. Hail Hadrian.

>> No.27792421

>>27790202
imagine actually doing that KEK what are they gonna have some boomers trace etherscan drops to find you and make you pay up goy? Fuck the tax jew

>> No.27792469

>>27789172
Send some to my uni wallet
0xd762d387b6e0f3c1d15743dec9031d74eeb3be4d

>> No.27792508

>>27790412
Only retards and whales are doing this right now. Unless you're cashing out hard, you're retarded if you're reporting your crypto.

>> No.27792518
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27792518

>> No.27792551

Wait so I have to pay for the PRQ fork TOO?

AFTER THEY FUCKED UP?

ARE YOU KIDDING? SO INSTEAD OF $200->$20000 CAPITAL GAINS I NEED TO REPORT IT AS $20000 INCOME???

>> No.27792866

>>27792178
Less than 10k you can get away with easily for crypto. But don’t be thinking you can deposit a bunch of times with less than 10k in a short time frame.

>> No.27793661

>>27792178
Coinbase and your bank will report this shit and your bank will freeze your account until it's origin is proven legit. It's all bullshit anti terror human trafficking laws. Try and drop 10k in your bank see what happens.

>> No.27793853

if you don't sell it now then it isn't a realized gain. you can count losses against your taxes when you actually file taxes later.

>> No.27794020

>>27793661
Just deposit USDC in your Jewbase account and get one of their new Visa cards.

>> No.27794199

>>27794020
Yeah I signed up for the wait list last year. Cb has said they automatically report accounts over 20k so even with the visa they'd still fuck you.

>> No.27794528

>>27794199
Yeah you're not going to escape the IRS but there's no reason to let a bank bend you over.

>> No.27794665

>>27789172
just don't tell the IRS. How are they going to know?

>> No.27794895

>>27789172
I just remembered I used uniswap last year, how do I check if I have uni tokens? I connected it to my metamask

>> No.27795364
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27795364

>>27794895
HOLY SHIT 10,000 LEAFBUX WHAT THE FUCK HOW IS THIS POSSIBLE

NOTHING LIKE THIS EVER HAPPENS TO ME I'M GOING TO THROW UP

>> No.27795431

>>27789172
wut is "taxeses" precious?

>> No.27796016
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27796016

>>27795364
congrats fren, im glad for you, now buy some rubic before it's too late
We're fucking mooning

>> No.27796116
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27796116

>>27789172
pay tax for being a fucking retard

>> No.27796171

How in the fuck am I going to do my taxes? Coinbase will be easy enough but how do all my uniswap trades and shit? Thankfully I have recorded most of my gain trades lately in delta but I haven't recorded the small ones from when I started out and shit.

>> No.27796267

>>27796171
just convert to Monero then to BTC when you want to cash out, hold it for 1 yr in a physical wallet, say you lost all your gains but you stumbled upon a wallet of BTC you mined long ago ez

>> No.27796369

>>27792421
This. I have a poorfolio anyway.

>> No.27796475

>>27789172
Reporting? Are you retarded? Just use it for other trades or hold in usdt or street sell it to kids who want to buy doge.

>> No.27796481

>>27796171
Don't do them, when they come for you flee the country and retire to a tropical island where you fuck cute Asian women all day until you die at 45 from a cocaine overdose

>> No.27796907

is this only a thing in the US? I'm 30 and I have no idea how taxes work

>> No.27797263

>>27789172
>>have to report $16000 in income even though they were a gift
That money goes to israel.

>> No.27797411

>>27794199
just use REEF VISA card

>> No.27797574

bros
why would you report your uniswap trades? isnt that the whole purpose of a DEX? its fucking decentralised
uniswap is not going to report you to the IRS
the amount of fear on this board is pathetic

>> No.27797659

>>27789172

since when do you have to pay taxes on gifts that arent in USD what the fuck?

>> No.27797861
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27797861

>burger recieves 100$ from gram gram
>"better report it in my taxes so i dont get in trouble"

>> No.27797908
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27797908

>>27789172
>paying taxes

>> No.27797932

>>27797861
>this stock

>> No.27798020

>>27789630
Because they literally don't know their own rules and expect you to figure it out for them so it's not on them

>> No.27798248

>>27797932
>1$ doge
kek

>> No.27798367

>>27789172
Americuck tax system is fucked lmfao.
Got my uni drop, holding it and no capital gains tax

>> No.27798472

>>27789172
>if I don't cash out now and it drops, I still have to pay $16000 worth of taxes
What? No that's not how any of this works.
You acquired token with a cost base of 0 (well what your gas fee is really). There is no tax to pay until you sell them.

>> No.27798510

>>27797574
>trade eth to shitcoin
>shitcoin moons
>swap back to eth to cash out
>"Hmmm Goyim it seems you magically got $10000 from coinbase, how did this happen?"

>> No.27798552

>>27790202
Yeah no. Nobody is doing this.

>> No.27798667

>>27789172
taxes on investments should be fucking zero

>> No.27798670

>>27798510
I bought 5 Eth for $10
I sold 5 Eth for $200
Magic! Seriously they don't fucking care. Someone trading crypto reporting their earnings isn't raising flags. Someone paying no tax but has no crypto activity is getting investigated first.

>> No.27798679

>>27798472
So if I got it for free literally (didn't even have to pay gas) all I have to do is pay capital gains on $16000?

The IRS says it's valued at whatever price it is the day you receive it if it's an air drop, which it is.

>> No.27798743

>>27798472
Wrong, being given 400 UNI is the same as being given a pile of cash or a car. It's counted as income and is therefore taxed. It's not a capital gain.

>> No.27798751

>>27798679
you yanks are funny. don't tell them shit.

>> No.27798803

>>27789172
Not a bad problem to have anon

>> No.27798840

>>27798743
I understand but hey pay nothing for it its a gift. fuck the IRS.

>> No.27798853

>>27793853
this

>>27792518
and this

do your homework newfags

>> No.27798869

>>27798743
If I get 800 UNI and sell it immediately (at a small lost because of fees), what do I have to pay? Just income?

>> No.27798931

>>27798510
>using coinbase

>> No.27798933

>>27798840
Technically you are committing tax fraud every time you fail to report as income the $200 Christmas check that your grandparents send you.
>>27798869
Yes

>> No.27798944

imagine unironically paying taxes like a good beta cuck to the scam jewbags mr cuckenberg and goldenstein. i hope you get rekt and uni takes a massive shart so the irs cucks get nothing from your cucked taxes

>> No.27799003
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27799003

>>27789362
>jew
what the hell we have a nose among us

>> No.27799120

>>27789362
>guess who is behind that post.
>id very related

>> No.27799272

>>27790202
Yeah, the IRS isn't gonna trawl through the blockchain for your fucking uni cons man

>> No.27799303

How did you fags get gifted UNI?

>> No.27800654

>>27799303
By using uniswap before September last year

>> No.27800775

How the fuck would they even find out unless they have your wallet on file?

>> No.27800828

>>27789172
Fuck you

>> No.27800905

>>27789360
OH THE PAIN! THE PAIN AND THE SUFFERING IS UNBEARABLE!

>> No.27800964

>>27790202
Only way this will ever work is because bootlickers like you go along with their delusions

>> No.27801151

>>27789172
Correct me if im wrong but dont you only have to pay taxes on it if you sell it for actual cash? If you hold or swap for another cypto you shouldnt have to pay taxes on it ... Yet

>> No.27801180

>>27790202
Lol do the exchanges report to the IRS?

>> No.27801342

>>27789835
If someone sends me 1000g in WoW, where do I find reputable price sources so I can pay taxes?

You americucks are hilarious.

>> No.27801350

>>27801180
I have heard such yes. Why is the USA so fucking faggoty about crypto taxation? Theyre holding the entire god damn country back. We should just follow Germanys policy on crypto. This overcomplication bullshit is gong to leave the US in the dust.

>> No.27801369

>>27792213
You have to go back. Reddit has crypto boards too.

>> No.27801409

>>27801151
According to the IRS you're supposed to cough up when trading coins.

>> No.27801500

>>27789172
I never got shit for free in crypto or real life so be glad cause 16k is life changing money for most of the world

>> No.27801583

>>27798931
If you want your gainz as usd, you aren't going to avoid tracking using any legitimate method.

>> No.27802355

>>27790035
there is no way they can track this, you for sure are a fed shill fuck off faggot