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/biz/ - Business & Finance

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28357592 No.28357592 [Reply] [Original] [archived.moe]

>capital gains tax

>> No.28357625

dont fucking remind me

>> No.28357629

Better than prison

>> No.28357661

>first world problems

>> No.28357734
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Biden wants to increase it a lot higher.

>> No.28357834
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>converting from one crypto to another is a taxable event

>> No.28357844

Unless you were trading on coinbase, why would you even worry?

>> No.28357868

Thank god I live in a shithole where you declare whatever you want as long as you declare anything because they have no idea how crypto works.

>> No.28357952
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If I make 50k and lose 50k, I should have to pay anything

>> No.28357962
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> crypto to crypto trades are a taxable event
> tethering is a taxable event

>> No.28357971

Literally use a tumbler and they won't know anything.

>> No.28357973

Buy BTC and never sell, problem solved.

>> No.28358134

>btc maxi
Jesus fuck you people are the boomers of crypto.

>> No.28358339

I'll give my best effort to pay taxes on realized gains. Legitimately fuck them for anything else and I will hold in jail if they come after me for that.

>> No.28358408

Not being a maxi but BTC has the most amount of economic bandwidth, more than all other alts combined.

>> No.28358628

Anons shill me some good online crypto tax services. I likely need to go back and back pay for the last 3 years. I know some of these crypto tax sites offer the services of an actual accountant to go over your shit and make sure it’s Jew-approved. Anyone have any legitimate site recommendations?

>> No.28358861


do they know? trades on uniswap using a metamask wallet. how in the world could that be tracked and taxed

>> No.28359238

They don't, it's a scare tactic used by the IRS to get people to fomo into paying taxes. Buy and cash out without KYC, trade on a custodial wallet, and all of these problems disappear.

>> No.28359258

3 years, eh? It depends on which exchanges and wallets you used. If you did hundreds or thousands of transactions across dozens of currencies and/or are not from the United States, you might need someone to spend a couple days programming something for an accountant to spend a couple hours consuming.

I wrote something 3 years ago that I still use for Canadian taxes. It took a three days of casual work to learn how to do the taxes + grab the data feeds + normalize all of the exports and blockchain explorer scrapings. In the end though, this has worked perfectly and can produce something that will either work with tax software or give you something to copy paste row by row + be easily auditable due to chronological ordering of all this international shit we're doing.

>> No.28359392

Tumblers can raise AML flags once those coins are deposited into a CEX. The only solutions to this I know of are Monero and Tornado.

>> No.28359513
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>Meanwhile, the number of countries that address the taxation of tokens obtained via staking stands at just five: Australia, Finland, New Zealand, Norway and Switzerland.
Reminder because newfags here keep forgetting it.


>> No.28359702

It's short term like 12% if you are under ~30k a year?

>> No.28359724

how can you cash out with kyc

>> No.28359779

>paying tax
>not moving abroad to a tax haven

>> No.28359980

Have you zoomers never heard of paper money?
>but what about when you put it in the bank
Don't put it in the bank, dumbass. Pay cash. If you can expat to a new country without the IRS knowing you have it because you were smart enough to buy it without KYC, you're dine once you get there. KYC is the only true enemy of crypto and your freedoms.

>> No.28359985

Imagine living somewhere where the state has a 10 percent capital gains tax on top of the federal capital gains tax. His 3 it's time to move to Tennessee

>> No.28360031

>not realising tax havens are traps for rich people

>> No.28360091
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if you like electronics you can just buy shit on newegg. The more and more it becomes accepted as currency the easier it can be used to evade taxes.

Or just cash out on localbitcoins.

>> No.28360101

Yeah let me just cash out 50k in paper money. If i wanted to deal with small amounts of money i wouldnt have to pay taxes on it

>> No.28360275

so you're only dealing with small amounts

>> No.28360283

Coinjoin then sell on a P2P exchange like hodlhodl.

>> No.28360294

If I ever make it with crypto. I'd start transferring it early in the year and slowly take it all out before the EoY and fly to a cheap country

>> No.28360335
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More like capital GAY tax

>> No.28360344

>let me just cash out 50k in paper money
Yes, you spoiled child. If that's not enough to live on for a year while you work and find a way to gtfo whatever shithole tax trap you're in, you're unsalvageable as a human being and will never make it as anything but a slave.

>> No.28360398

Why would you ever want to hold any more than a small amount of fiat currency?

>> No.28360550

Any information relating to the avoidance of crypto taxes in the US would be welcome (note I am talking about minecraft, our word for crafting items in Minecraft is “crypto” as a joke, this has nothing to do with cryptocurrency)

>> No.28360643

Koinly is pretty good for this. Added all my wallets and it has done all the transactions. Used a throw away email for signup just so my actual name isn’t anyway connected to the wallets. It’s free until you want to print out tax forms.

>> No.28360676
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>> No.28360739

so you can live like a normal person? You're going to be living like a peasant if you can't cash out a good amount.

>> No.28360752

Every time you swap coins or tether you “cash out”

>> No.28360775

hehe good one anon

>> No.28360851

Who the fuck cashes out 50k in paper money, you expect me to pay my rent with paper money? And they will ask where the money is coming from. If you are making a lot of money and want to spend it, they will start to ask where it's coming from. Good luck living only on cash in 2021

>> No.28360862
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prove I swapped my coins and I didn't lose them all to a scammer

>> No.28360900

So for all of those pump and dump shitcoin gains at 10x and pulled at the top we're all for nothing? I've converted them to eth in a private wallet and taking them out in 10 years or when I need them. How is that plan? Am I still fucked? I've only earned 12k from swapping shitcoin.

>> No.28360985

If you live in fear and have to launder your money and live on scraps you are not "making it"

>> No.28361005
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>> No.28361062

but anon you have to pay for lashaundas 8 kids to live in a rent free apartment and then pay the government to tell you you cant smoke a plant and pull you out of your car and tackle you on the side of the road for having a harmless plant

>> No.28361117

>You're going to be living like a peasant if you can't cash out a good amount.
And? Not my fault you're dopamine fried and can't enjoy life unless you're snorting coke off a trannies ass on the hood of your lambo. Move to an actually free country if you want to escape peasantry.

>they will ask where the money is coming from
Your job, dumbass. Freedom is not for the neets until you're free from whatever tyrannical state you're living under that demoralized you this hard.

>> No.28361124

>few dozen shitcoin trades from metamask that I didn't keep records of
Can't I just give the taxman my address and he can audit it in his own time?

>> No.28361242

If you're giving away 60% of your wealth to corrupt politicians and mafia men, you're not "making it".

>> No.28361284

You can download a csv report on your etherscan address connected to your metamask, upload csv for koinly

>> No.28361301

pay some taxes to be able to buy your new house and other shit, but keep a stack on the side in crypto. going to be more and more ways to spend it anon

>> No.28361310

You can just say you're a poorfag.
I already spent years of my life on this crypto shit trying to make it by living on ramen,spending every dollar save on it. Now that I made it, I want to live like a normal person, not go back to living on ramen.

>> No.28361410

>can withdraw 50k cash
>living on ramen

>> No.28361549

not literally, you retard.

>> No.28361555
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> crypto to crypto trades are a taxable event
So the IRS is going to crack my private keys? Mk bud ...

>> No.28361608

>what is etherescan
They don't need private key to see your history

>> No.28361620

CoinTracker.io works for me.

>> No.28361672

anything is better than prison you fucking nigger

>> No.28361688

>t. kentucky anon

>> No.28361734

Well, you don't?

>> No.28361783
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>Australians get a 50% discount on cgt for assets held over 1 year to promote long term investing
Laughing @ burgers rn

Also I could google this but I'm too lazy, but if I use bitcoin as currency to buy a Tesla (when it's possible) has a capital gains event taken place? I've paid fair sums of crypto online for powdered substances and the tax office never tried to tax me for it

>> No.28361799

They don't have to, that's what kyc is for.
>it says here you bought 1.37495 BTC in 2019, but you're cashing out 4.2069 BTC total, where do the other BTC come from?
And then you're fucked, even if you tumbled, even if you wash them with monero, even if you cash out without kyc later because they still know you bought it at all.

>> No.28361928

I dunno, faggot, maybe when they see you somehow made a 400% gain when you pinky promised you were only holding BTC, which only increased by 20% in the same timeframe?

>> No.28362057
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unironically how does one avoid getting fucked by short term capital gains?
I don't want to pay 22% to keep the scum of the earth alive

t. single filer, 44k - 80k bracket

>> No.28362090

What happens if I don't report? Do I even need to? Last year only made like $1,200 from temp jobs. Made few hundred from crypto and stocks, but lost more like 1,500.

>> No.28362115

switch to non kys ex, to monero, send to another monero acc, new eth addy

>I was hacked

>> No.28362160

Burgers literally have the same fucking thing, dipshit. Long term capital gains rate in America is 0% up to $40k, 15% up to $440k, and 20% after that. Short term is where you get fucked.

>> No.28362195

>earn 12k from pump and dump scam coins
>pay tax bill for 15k arrives

I'm guessing this tax is an attempt to kill crypto, since crypto is one of the biggest threats to wall street bankers and the federal reserve there is.

>> No.28362267

They track your KYC from wallet to wallet I guess

>> No.28362272

put your cash in one last thing and have it go up 30% and then cash out and use the gains to pay tax

>> No.28362330

What's the best exchange for burgers to avoid taxes? I already have crypto but I'm stuck on finance and want to move out to some other exchange without ID verification asap.

>> No.28362331

Literally another reason why holding is infinitely superior

>> No.28362492

>buy Monero

All past trades are erased. You're welcome.

>> No.28362632

>I hate paying back my country after getting all the advantages it has given me

>> No.28362653
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>> No.28362656

Its this easy?
So if i transfer my gains to monero i can avoid the crytpo to crypto taxable event?

>> No.28362665

If you bought it with ID, you're chipped anywhere you move it to. Cash out now, eat the fines, and then start over with what's left without KYC.

>> No.28362691

1. Set up a non-profit that sells rare Pepes for crypto
2. Send your crypto to 1000 different wallets
3. Purchase rare Pepes using vpns
4. Claim tax credits for donating your money

>> No.28362723
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>capital gains discount

>> No.28362777


That doesn’t make any sense though. If you clean 40k of btc into monero and then try to cash out you’re still getting an injection of 40k in your bank account they’re gonna want to know where it came from

>> No.28362851

>western countries having advantages for anyone but the already wealthy elite that control it

>> No.28362878

It's only for trade to trade within crypto. If you KYC'ed, there's not much you can do about fiat if you're pulling a large enough amount to set off alarms.

>> No.28362914

It came from Monero. They can't prove you wrong it's the literal point of privacy coins. Can't be tracked.

Yes it's that fucking easy. You still have to pay your gains tax but this gets you out of the crypto to crypto is a taxa le event problem.

>> No.28362975

Just give out Bitcoin for the holidays instead of buying people gifts bros.

Gifting and donating crypto and cash up to 14k a year is a non-taxable event..

your welcum... accountingfag

>> No.28363009

will they ever look into the coin you said you bought and see if the amounts line up>

>> No.28363025

woah, great tip. all newbs like me, heed this man's words

>> No.28363078

>tfw always joke about not paying tax for crypto to friends
>friend's new gf hears it and rats me out to the irs

>> No.28363123

You still have to explain when and how you bought it, and how you ended up with all of that monero. When did you trade your BTC into it, how much was it when you bought, how much was it up from your initial investment, etc etc? If you're using chipped crypto because you KYC'd, they know.

>> No.28363229

>how you ended up with all of that monero
>he doesn't get it
What monero?

>> No.28363287
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>> No.28363367

Yes but they can see that you swapped into Monero right? Or does it look like your BTC vanished and then suddenly popped back into your wallet?

>> No.28363380

Taxes disproportionately impact rich people the most. Social programs, education and welfare programs benefit the people in the bottom the most.

I don't see improving the country overall as a bad thing.

>> No.28363405

Fuck that shit im not paying taxes. Theres literally no way for the feds to find out about that nor do they care. Imagine spending your free time coding a program to essentially shovel your money into a furnace.


Ah yes...

>> No.28363429

kek, I thought america had won WW2, not europe

>> No.28363461

The monero your BTC wallet (which they know about because of kyc) bought at x date and y time.
>but I tumbled my BTC first
Okay, where did your BTC you bought go?
>uh i was hacked
Okay, then where did the monero you're now cashing out come from?

You can't beat the IRS anon, only ignore and circumvent them.

>> No.28363509

First of all they don't "know" anything if you use an untraceable coin. Most people here have made uncountable amounts of trades and this is how you erase that history so they only have to pay for initial buy-Monero-sell. Learn what untraceable means. Monero isn't Bitcoin. "They" and no one in the world can tell you where it came from and all you have to say is you held X coin until you bought Monero.


>> No.28363549

>Taxes disproportionately impact rich people the most
WRONG, they impact the middle class the most. You're not rich until you're rich enough to not pay taxes.

>> No.28363628

>not just holding for a year before you consider selling
>not just scraping a bit off the top during the bull season to last until the next one
gee anon it's like you don't even want to make it

>> No.28363688

You don't nibba

>> No.28363691
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the amount of scum bag tax dodgers in this thread, truly unpatriotic

do the right thing and pay your taxes

if you got nothing to hide then the taxman has nothing to finde

>> No.28363725

It's literally all immutably there for all to see on etherscan

Are you retarded?

>> No.28363810

>all you have to say is you held X coin until you bought Monero.
You also have to prove that by actually having a record of this transaction, and a record of where your initial BTC purchase from the kyc exchange went, and an explanation as to why your transaction record, the market price of monero, and how much you're now cashing out, don't line up anywhere. The IRS is not as stupid as you seem to be. They will not believe you if you lie, they will only scrutinize you harder. You can only hide what they don't know you have.

>> No.28363834

That still doesn't make any sense. Let's say you bought 1 bitcoin at $3000 in 2017. You can only cash out 1 bitcoin now at whatever the price is. If you start cashing out $1 million in crypto they are going to ask where the other $960,000 came from.

>> No.28363853

What happens when you accumulate coins into a stack and cash out, if your last transaction was a month ago and it goes into the stack does the entirety get taxed as long or short term capital gain?

>> No.28363862

I didn't buy it with ID. My ID isn't anywhere and I don't want to verify my identity on finance, so that's why I'm asking for any other burger-friendly market.

>> No.28363916
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taxes and laws are gay and thus i choose to opt out

>> No.28363936

This guy gets it. You don't get to just put in 10k, go "uhhhh monero?", and then cash out 10 mil a few years later.

>> No.28363983

Jokes on the tax office, I don't have any gains to plunder

>> No.28363987

Each transcation of coins has its own cost basis and time basis. So only the last purchase's coins would be a month old. With fungible coins, I believe you can say which ones you are selling to produce a favorable outcome. Like you might as well sell the "old" coins instead of the "new" ones (even though from your perspective they are the same fucking thing) because from a tax perspective they are very different.

>> No.28364002

Oh, good. Flip it into monero, trade it back and forth to couple private wallets once it is, and carry on happily.

>> No.28364068

Does coinbase make tax documents like robinhood?

>> No.28364122

is there not some way to sell your crypto otc for slightly below market price and get paid via like paypal friends and family or via money order or some shit

>> No.28364185

Ctc as a taxable event is such horseshit. You still haven't realized a gain when you transfer cryptos, only if you cash out to fiat.

>> No.28364186

Also for exchanges, there's plenty of decentralized exchanges around if you look, and of course uniswap. Anything decentralized does not care about location or ID by default, so take your pick.

>> No.28364242

Yes, look on local crypto exchange sites and there's an option for online payment methods.

>> No.28364263
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Will the IRS honestly know I made 17K on capital gains if I dont report it?
Fuck those bitches they won't do shit

>> No.28364331

>if I dont report it?
You reported it when you gave your ID to the exchange you bought it from.

>> No.28364374

Come to NZ anon, we've got no capital gains tax, and we're waiting for covid to end for your money!

>> No.28364480

>they don't literally trade as a job and qualify for mark-to-market trader tax rates ultimately getting taxed at their tax bracket for income

>> No.28364508

If you cash out more than $10k into a bank account, yeah they are gonna find out pretty fucking fast.

If you make small purchases of gold and silver with crypto over a period of time from multiple dealers then you are probably fine.

>> No.28364603

Sounds based. So like a kilo at a time from various places spaced out weeks apart?

>> No.28364696

Yeah. Bullion dealers usually list what they are required to report to the IRS. Remember I am not advising you to evade taxes, merely what goes unreported. A kilo of silver here or there from multiple dealers wouldn't rouse suspicion.

>> No.28364763

I've honestly never used decentralized exchanges but looks like its worth looking into them. Thanks a lot, man.

>> No.28364870

What about the 650 og cash i put into fagbase? Wont the irs waste our tax money to annoy me and steal my hard earned gains somehow?

>> No.28364890
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This. Just don't be a retard
IRS will come to you and say .... "$XX amount of money showed up in your normie Shlomo Trust account. Where did it come from. Tell us or pay up bitch!"
If they can't find the $XX very easily in the 1st place they won't bother you about it.
They are greedy but they are also lazy. They rely on automation.
Unless they hate you and want to get you. Then you are pretty much fucked no matter what.

>> No.28364994

Trading crypto to crypto is a taxable event... In my first day of depositing AUD into Binance I traded probably 10 times between different cryptos till I found one I liked and stuck with, and I probably will do this 1000 more times.
Why the fuck cant I just I just convert my crypto to AUD and deposit that in my bank account and pay tax on whatever gains I had made? By making this shit more difficult I'm more likely to find ways to to avoid paying tax on it.

>> No.28365026

>Give us documentation to prove how you made this money
>What's that, you don't have any? Into the gulag you go

>> No.28365044

You need to prove that, not the government
They will just liquidate you anyway

>> No.28365065

What do you mean? All they know is you bought $650 of coins at some point. Let's assume you bought BTC for simplicity. All they can see if $650 in BTC went from coinbase to a wallet, which they assume is yours, and then that BTC, worth a greater dollar amount down the line, was sent to a BTC address controlled by a bullion dealers. So if they really hated you they could go out of their way to prove you made a taxable event based on the timings. This is where monero can come into play if you are truly worried about that scenario.

>> No.28365096

>being amerifat

>> No.28365129

also wondering

>> No.28365135
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What if I set up my own private corporation, trade through that, and just use it to shelter what I can and write everything off as a pre-tax business expense?

>> No.28365136

So you can buy land...

>> No.28365194

i wash all my gains with online casinos, no fuckin way irs can figure out what i've done

>> No.28365245

Yes, don't forget to pay your taxes so we can fund all the rainbow zebra crossings, female traffic lights and overseas trannie rights

>> No.28365254

Depends on what you've done with it since then and where you traded, provided you bought with KYC. If it's that low of an amount and chipped, but you washed it into monero or tumbled it asap, it'd probably be easier to say you bought a bunch of drugs on the dark web and went on a spirit quest or some shit lol.

>> No.28365280

Your exchange is not more powerful than the IRS.
They have to pay taxes and if they gotta pay, you gotta pay.

>> No.28365351

But like... If you really made money from it all wouldn't being taxed not be that big of a deal? I don't get it

>> No.28365356

Its the best way to keep track basis cost to make sure you don't OVERPAY TAXES. all you retards trading into monero are going pay MORE taxes in the end as your basis cost will be zero and the realized gain will be 100%. Kek. Fucking retards.

>> No.28365362

Yes but be sure to never mess up because you can trigger something 20 years down the line and they'll go through your entire history with a fine-tooth comb to make sure every penny was reported.
This is how they get people.

>> No.28365517

ikf fren

>> No.28365621

So, you're saying that even if I do my best to be a good goy, they can find the $75 in Vechain I bought from god knows where and take all of my shit?

>> No.28365705

Put it on payments and say you're paying for it with your regular job. They won't audit you over paying 200$ a month on land on top of your other bills. While it's being paid off, build a simple house there and live on it, now you have an even better excuse how you have the extra money for land lying around.

>> No.28365751
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you gon pay what you owe

>> No.28365815

But Trump said not paying taxes makes you smart.

>> No.28365827 [DELETED] 
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so is shooting the taxmen and zog enforcers (in minecraft of course)
you guys do remember that half of the country was set on fire by communists and pavement apes were set free to riot and rape in the cities last year, right?
>law and order

>> No.28365833

Do you even know what a public ledger is? The whole point is that everything is tracked.

>> No.28365980

>39% income tax
>crypto counted as personal income
Fuck this socialist shithole (NZ btw)

>> No.28366061

the only address they can prove is yours is the one on the exchange, as soon as it leaves there they can't prove shit, tell them you sent it to a Nigerian Prince

>> No.28366062

Meh, by the time I cash out I'll be able to afford to hire Jews to protect me.

>> No.28366171

Stupidly, you can deduct state taxes from your federal ones up to a certain amount. I don't know why this is allowed at fucking all.

>/biz/ not understanding taxes as usual

I mean, you might be able to get away with it, but you might not. Why risk it over something so stupid?

Here's how it works: you owe taxes every time you swap or sell an asset for the profit (or losses) you've gained. So the total profits for your year of trading is what you'll actually end up paying. Anything held doesn't until it gets traded or sold. If you go from ETH -> BTC and hold the BTC, you still owe the taxes from the ETH. You can always file amended returns later, but raising the ire of the IRS is not smart. Getting audited = bad fucking news. The taxes on crypto are actually pretty standard. The rule about swapping coins seems weird until you realize that people already use crypto as currency and that rule stops people trying to evade taxes. If you bought a pizza with BTC, you technically owe the taxes on that amount of BTC.

>> No.28366316

If it was no longer yours, then how are you cashing it out now? Where did the money in your bank come from? God forbid you try to cash out on a kyc exchange like this.

>> No.28366321

Is buying XMR (and reporting it) an audit flag?

>> No.28366337

>we see you had no money in the bank and now you have lots of money in the bank
>where did that come from?

I won it= tax
I someone gave it to me= tax
I sold stuff in exchange for it= taxed and fined for noncompliance with myriad business regulations
I swing traded for it = tax
I bought jeet pump and dumps and sold early = tax
Never cash out and buy stuff directly with BTC = where did you get that stuff? Seized + jail

There is nothing whatsoever you can do to stop them from taking their piece. You do all the work and take all the risk, they take a big chunk and give it to niggers and illegals to vote for more government to take more of your money.

We are all cattle to them to be milked until we die and even after they will take a huge chunk before it can be passed on.

The IRS will follow you to the ends of the earth to collect a few grand.

>> No.28366385

Why way you could share more info on this anon?
t. Fellow leaf

>> No.28366399

I'm not sure you understand how powerful the IRS is.
Jews cannot save you.

>> No.28366411

The Jews won WW2, who do you think loves taxing the goyim?

>> No.28366420

>amended returns
Didn't know this was a thing, thank you. In 2017 and 2018 I made a ton of crypto-to-crypto trades, but never reported it because I didn't really make any profit and ended up just hodling at the end. I'll definitely want to file amended returns for those years before I cash out my actual gains a few years from now.

>> No.28366500

and also report it as a loss on your taxes, they will be forced to pay you back your tax money too, fuck them

why wouldn't you? Play stupid, they won't arrest you, they will just ask for the money first

this is just to avoid crypto to crypto trade tax, cashing out is another subject, my advice is to never cash out

>> No.28366517

Yeah, first in, last out. It's the only fold or layer of complexity to the whole thing and why paying for some good crypto tax software to automate that shit based on your transaction history might be the best route. But you're talking to /biz/ who doesn't understand tax brackets, let alone anything more complex.

>> No.28366577

I think the idea is that if you pay the gains when you ctc, then you reset the value of your capital. That is, you already paid taxes on it at that point, so when you do go to cash out, you're not realizing any new gains, hence no tax. It's savings/assets at that point.

>> No.28366621

>But you're talking to /biz/ who doesn't understand tax brackets
fucking hell why did you remind me of this

>> No.28366690

>capital gains tax
>state tax
>unrealized gains tax
>white tax
>reparations tax

>> No.28366702
File: 38 KB, 680x680, 1612858049962.jpg [View same] [iqdb] [saucenao] [google] [report]

Hodl forever and take tax free loans in Dai

>> No.28366737

Talk to a tax expert before going all in on that stuff. That's where you need someone to make sure you're doing the right process. If I recall correctly, the IRS can try to jew you on amended returns by doing shit like charging you interest. But I'm not expert there.

They will ask you for the money with a penalty and audit you. They've also been known to put people on lists and then wait until they show themselves to have assets and then pounce. It's just not worth the risk. Look at it this way: if you intend to make it, you'll have too much cash to just try and evade everything easily. Try to make it. Stay on the up and up

>> No.28366763

That's retarded, anon. The whole point of making it is being able to use it as collateral for fuck huge purchases. I'm not building my kids a shack in the woods, I'm trying to buy a fucking ranch and a god damned yacht.
Grow up and live your life, man. You're not free if you are bending over backwards to avoid rules you don't like.

>> No.28366840

>land gets taken from you during great reset forced debt reductions on all citizens because you don't have full equity.

what did the gentiles mean by this?

>> No.28366857
File: 1.80 MB, 1222x1080, 1586867626791.webm [View same] [iqdb] [saucenao] [google] [report]

>paying taxes

>> No.28366879

You guys are retarded.
>buy crypto, even if it's KYC
>trade it
>whenever you want to cash out, turn it into BTC
>send BTC to coin washers
>divide up the coin to a few different wallets
>send each wallet to monero
>sell your monero for fiat on DarkWebMarket
>have fiat delivered to a drop location
>no trace
Or you can simply buy BTC with the XMR again, then donate it to a random address on the darkweb as an onion URL, and make it a donation page for "I love nyan cats" then pretend like people are sending you BTC for their love of nyan cat. but its really you just sending yourself donations.
So many ways to avoid paying a cent in taxes. Just get creative.

>> No.28366893

Except that crypto to fiat is another taxable event, so you pay another 15-60% tax on your total sum depending on how long you held it.

>> No.28366903

Just use Koinly, you'll pay a little money but it'll figure out your gains.

>> No.28366930
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>Mfw only had to pay 12% because I'm shit at trading.

>> No.28367004

Is nimamcengoing to tell the irs I do Ctc.

>> No.28367007

Yeah I'll definitely talk to a CPA if I make it. A few hundred bucks is worth the cost to avoid jailtime or many thousands of dollars in fines.

>> No.28367038

I just don't want some original trade I've lost the record of fuck me in the end.

>> No.28367064

>building my kids a shack in the woods
If all you can build with your hands is a shack, you were never meant to make it. You're not free if you're bending over to let the taxman ram his dick up your ass either.

>> No.28367078

Can't wait for all you idiots to get royally fucked by the IRS.
>nooo they can't prove anything
How retarded are you? Why do you think they have to prove anything? I really want to see one of you explain any of this to the IRS. Yeah, they won't find out how much you owe exactly, so they'll just assume you laundered money. Great job.

>> No.28367113

Even Mexico has it

>> No.28367141

For the last time /biz/, that isn't how it fucking works. You're not paying shit on your total sum. You're paying taxes only on your PROFITS.
>buy 2 BTC for 5 dollars
>Swap 1 BTC for ETH when BTC is 10 dollars
>Owe tax on the 5 dollars of profit you made
>Later, cash out on ETH for 9 dollars because ETH is shit
>Get negative tax because you had a loss of a dollar
>Hold the final BTC for later
>For this year you pay taxes on 4 dollars short-term capital gains which has a rate tied to your tax bracket

>> No.28367269

Honestly wtf
Is Income tax not enough? Its already a travesty that I NEED to pay out from my own basic income
Let alone literally everything else

>> No.28367298

if you dont have an income, and just made losses when selling crypto for other crypto, you still have to report each transaction for that year anyway otherwise you will be fucked if you try to cashout a huge amount in the future, right?

>> No.28367335

I feel you man, which is why whenever I see these threads I try to educate a little bit. It's counter-intuitive at first to consider coin to coin a taxable event, but thinking about it more it makes sense. It's just not something that comes up in our minds and having to go "oops, I forgot to pay taxes" just complicates life.

>> No.28367366

Nigger I own a farm shut the fuck up

>> No.28367429

You're supposed to report all trades/transactions, yes. It's in your favor to report losses anyways, as you can deduct up to 3k losses per year (and move the total of losses from one year from year to year if it exceeds 3k) from your taxes. But even if you break even, you're supposed to report.

>> No.28367495

You forgot
>cash out your 19$ into fiat so you can actually buy things with it
>pay 11.60$ in short term gains because you held less than a year
And it only gets better at over a year because it goes down to 15-20% of the tot. Crypto to fiat is a taxable event.

>> No.28367570

>he thinks you pay 11.60 in taxes on a 20 dollar withdrawal
you are fucking dumb lmao

>> No.28367611

how long do you have to stay there to do that?

>> No.28367661

Dude, I accounted for that in the post. ETH -> CASH OUT (fiat) is the event. You just have no idea what you're even talking about and have no idea what the rates even are. You do realize short-term capital gains tax isn't a flat %, right?

>> No.28367691

Okay, but I can't track down a handful of my original trades. If the IRS comes knocking I'm willing to do shit in good faith

>> No.28367698

The actual tax brackets are different for withdraws under 40k, but you still pay 15-60% on any crypto to fiat exchange once you're above that line.

>> No.28367723

if i report binance.com on turbotax and i live in the us (ny) am i gonna go to jail or be audited

can i just say 'cryptocurrency exchange' without specificying which one

very important please respond

>> No.28367811

Your place of legal residence when the taxable event occurs = tax you owe, technically. It's worth looking up your state income tax rules as they vary quite a bit and in the vast majority of cases for us poorfags, you'll be able to just deduct your state income tax from the federal. If you're already feeling the squeeze from state when you file your taxes, consider moving if you can. It's the same with any income, including lotto winnings in a lot of states. A few states have exceptions/exclusions.

>> No.28367848

I used Tokentax VIP when I got a cp2000. They were great. Spent 6+ hours with one of their CPAs and they handled it for me.

It's pretty doable without VIP pre-2020 since defi wasn't big yet.

>> No.28367897

you're paying that on PROFITS for TRADES you misrepresentative little shit
some NEET who literally trades all day and doesn't work some fucking slave job and makes 5k in a year
A) doesn't make enough to get taxed
B) doesn't get taxed on every trade like it's some fucking nightmare cutting into his stack with every trade but rather with the buy in price as a COST-BASIS making losses and gains relative and the only thing you pay taxes on
C) can deduct unlimited losses if they qualify as a trader

>> No.28367964

The answer is "probably not." Most rules are aimed at businesses offering financial services which are illegal in the states to sell (so acting like securities, for example), not at retail investors. If you're trying to pay your taxes on the up and up, it's very unlikely they will care. This is where plausible deniability comes in and other such shit. You're like 99% fine as long as you aren't trying to buy children for your crack den.

>> No.28367986

furthermore all of you boomers who bought bitcoin at 46k after reading the elon musk announcement and sold it today aren't going to pay shit on taxes to trade it back into your bank account and sell right now

you don't pay taxes on losses.

>> No.28368136

move to puerto rico if you're making serious gains

>> No.28368171

The unlimited deductions for losses are net losses greater than 3k, just to be clear. If you made 18k in profit and 21k in losses, you're not going to get taxed on the 18k and then only get to deduct 3k. You'll get taxed 0 and get to deduct the 3k.

>> No.28368205

Try your best to find whatever records you can. Your bank withdrawals could work. Whatever you have.

>> No.28368232

qualification as a trader sets one as a self-employed business and allows one to deduct more than an investor's sum
do you trade more than once a month buddy?

>> No.28368313

It’s true but proving it and filing it all is a huge pain.

I trade several million dollars of volume in upwards of a thousand trades per year. My trade history printed out is a ream of paper. Fortunately I do the real market and not crypto so I just link my tax software to my broker these days and it pulls it all in for the computer to figure out. People talking about CPAs are in for a rude awakening. First they don’t know crypto. Secondly they charge upwards of 500$ per hour. You can very easily spend 10,000 per year having them figure your taxes if you are doing real complex shit.

Furthermore you retards do know you are supposed to be filing your taxes quarterly with estimated payments on your gains right? Enjoy paying penalties and interest on trading large sums of money. I learned this the hard way up years ago when I grossed 90k and had to pay 30k tax penalties and interest + the 5k it cost to figure out I owed the 30k.... that’s the best part about all of it. They know to the penny what you owe. Or at least they think they do. If your filings don’t match that number you are gonna have some real problems potentially.

>> No.28368342

>not having a brother in singapore to send all your cyrpto to when you're ready to cash out

>> No.28368372

Unironically does this shit really matter that much if you’re not doing that much money, like less than $5000

>> No.28368386
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>unironically using a kyc gateway located in the same country you live in
>not using atm
>not using localbitcoin
>not using yugoslavian exchange that is probably run by some local mafia

>> No.28368481

they're trying to get you afraid
if you're a poorfag it probably does not matter to you especially if you're such a poorfag you qualify for stimulus checks
consult your CPA and talk about trader tax status and mark to market election if it is such an issue for you

>> No.28368548

>having shit opsec

>> No.28368641

Holy shit I'm in KY too, do we not have to claim this shit?

>> No.28368665

just move to florida and cash out, it says it has an income tax of 0% and a capital gains tax of 0%, but then you have to live in florida

>> No.28368690
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>mtg markets accept crypto
>trade crypto for staples at the beginning of standard
>sell before rotation ATH

>> No.28368707

the IRS doesnt know shit. Don't tell ANYONE and they will not know. They only know about tax evasion through people reporting it!

>> No.28368720
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>you misrepresentative little shit
Aww, did I make the IRS glowie mad by calling out your bullshit? The cost basis is what you put in to the investment, and you're taxed on any gain made when you realize that gain by trading into a new asset. You pay taxes on any gains made between assets, AND THEN, when you finally cash it out into fiat, you pay one last tax on the total gained from your last fiat purchase of the asset, which is how much you're cashing out total. You're either a glowie or stupid and scared enough to fall for their tricks and vomit it back up at strangers.

>> No.28368734

I mean I have.

>> No.28368744

Can I be nice and just overpay what I think I might owe. Or tell them i only invested say 3k instead of of the actual 6k and just pay slightly higher taxes?

>> No.28368786

I agree anon, that's why the rest of my posts are warning people to ditch kyc by any means possible while they still can.

>> No.28368790

there are no laws in the us now, just do what you want and say youre a biden loving nigger if the feds come knocking

>> No.28368829
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who's the glownigger? holy shit read a fucking 2 minute article on the subject how long have you been on /biz/ guy?

also calculations are not FUCKING IMPOSSIBLE just use a service that's cheap like bitcoin.tax

you are all so fucking dense it hurts to read

>> No.28368831

Yeah, I'm just clarifying for other Anons that when we're talking about profits vs losses, it's what you came out with total for the year. A lot of Anons get confused and think you can be ass-blasted by getting taxed on your wins despite you being in the red for the year.

For sure, and they need a better method for large amounts of trades. Some Anon shilled taxbit here one time (or bittax? one of the two) that basically automated the forms for you. A good point about filing quarterly. IRS is weird about who has to, but you can read more about that here. Owing 1000+ extra in taxes from your gains = quarterly payments.


>> No.28368914

Bitch do you think I have a CPA if I’m such a poor fag

I lost thousands on GME and I came to biz as a newfag and I FOMO’d into buying random shit on coinbase and some shitcoins like Rubic. I haven’t cashed anything out but honestly I’ve made like $100 maybe. But I did a bunch of swapping.

I’ve lost interest in crypto and just want to forget about all this. I don’t even want to bother reporting

>> No.28368917

30k penalties on 90k doesn't sound right at all, the penalty for not quarterly filing is like 1% of the taxes you owed or something, last time I looked. How did you 30k in penalties?

>> No.28368924
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capital GAINS tax you capital Retard

>> No.28368945

just make sure you let them know what you bought at because they are liable for the taxes now

>> No.28368963
File: 39 KB, 960x540, 1592584855508.jpg [View same] [iqdb] [saucenao] [google] [report]

it just seems like a lot of these guys don't even trade and if they are investors they just did it at what could be a peak and what could be the middle part of the graph, if they're really invested they should stick to their investment and only worry about long term shit, but you're probably right telling them about short term snipes because with the amount of newfags present i doubt many of them have over 1000 trades a year to even document.

>> No.28368995

>who's the glownigger
The one trying to trick poorfags into selling before they're a large enough target for you and your goons to audit. "Just be comfy with your 5k gains, poorfag, we won't hurt you yet!"
>how long
I bought ETH at 1.40$ and link at .50$, fuck off glowie scum.

>> No.28369028

you made a loss? congratulations ignore this thread when you go to h&r tax you can tell them this story and they'll confirm yes you lost money congratulations there isn't any for the gov to take even though they will attempt to convince you otherwise

>> No.28369042

You'd need to report everything into and out of Monero. But after you transfer in you're free to trade at will completely anonymously and realize gains with stable coins anonymously with no tax. When you need fiat, you go back out of Monero and only need to calculate the taxable events in your fiat<->Monero pipeline using your original basis, up until your quantity of known Monero is exhausted, at which point you'd claim it as normal income. I actually think you might come out ahead reporting everything, because you always have a basis to deduct gains against. In general if you owe tax it's because you made money. The only real problem is keeping track of it. Not having to pay tax on crypto-to-crypto might actually be worse from a financial perspective, because it means once you do realize gains in fiat you might have to realize against a basis of 0 (regular income). On the other hand, your fiat<->Monero pipeline might eventually be considered long term capital gains, which would be very advantageous, but again, only for the quantity of coins you put in.

>> No.28369127

Just open an offshore account you ape niggers, it's what all the bankers do.

>> No.28369128


>> No.28369164

Can you explain further? I might be doing this

>> No.28369166

>Yes but they can see that you swapped into Monero right?
Not really. It looks like a regular transfer. If you use a regulated exchange or trade with a compromised counterparty they could say what the transaction was for. When atomic swaps come online they to will look like a normal tx.

>> No.28369170

If you bought and held a single asset for the majority of your gains at the end, this is 100% what you should do.

Nigger, trading between coin->coin and coin->fiat is the same thing for tax purposes. Every time you swap an asset for anything else, money included, you owe taxes on the profit.

If you think you've fucked up, talk to a CPA. Otherwise, just pay what you owe and if you've made it, pay someone to make sure you haven't fucked up anyways.

Shitcoins has made enough people go from BTC/ETH to other things that it's important to at least know you'll be paying taxes from year to year. I think a minority of people on /biz/ just hold, especially in this market. But yeah, I appreciate you contributing accurate information for these anons.

>> No.28369186

Well no I technically haven’t made a loss on GME since I haven’t sold them yet. I’m just holding and expecting to not get the money back though.

I’ve made a slight amount of money in crypto though. Like $100. I put a thousand in random shit like ETH and Bitcoin on coinbase, got some random other stuff, and then made a lot of exchanges through meta mask and probit to get random stuff like Rubic. I don’t feel like reporting my crypto gains because I feel like I made barely anything

>> No.28369195
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>> No.28369232

why the fuck do you think that your obvious multimillion dollar stack and the movements involved with it have anything to do with newfags that invested this year if you've been here since 2015 and have done probably nothing but make losing trades since they invested at 30k? you're also a pattern hodler, clearly if you swung like me you'd have gotten the rope. i've made the distinction that TRADERS who qualify don't have to pay losses on every trade like you who probably make less than 100 sure trades a year.

>> No.28369268

What happens if I literally never cash out?

>> No.28369313

since they invested this year most likely and have done nothing but make losing trades* excuse my shit grammar
then you don't have to worry about fiat ever again

>> No.28369319

do americans really

>> No.28369329
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>> No.28369350

what if i verified my id with coinbase, used that money on binance, traded some coins that aren't legal in my state, then reported it all on my taxes? couldn't they easily just be like 'you were dealing in illegal stuff, time for confiscatey jail fun time'?

>> No.28369401

File bankruptcy and try to leave the country after it. Die a free man, even if it's on the run.

>> No.28369431

What do I do if I bought DOGE for like $100 and then sold for $150? Do I seriously have to report this? (Via Robinhood)

>> No.28369513

yup, probably time to get hacked and lose it in an unfortunate crypto boating accident

>> No.28369542

This is my plan.

>> No.28369558

it already did it for you mate
all RH trades are documented. At the end of the year when you file taxes, you'll have to report your earnings on your 1040 or whatever you use

>> No.28369597
File: 10 KB, 480x360, hqdefault.jpg [View same] [iqdb] [saucenao] [google] [report]

>basic arithmetic

>> No.28369614

It was 30k in combined taxes interest and penalties. In fairness I was two years late cause I didn’t have the money and I was retarded for not filing an extension or anything at all since despite making 90k I had spent it all that year. Yes hookers were involved.

>> No.28369629

>I don't know why this is allowed at fucking all.
It was incredibly amusing when Trump fucked over rich people by reducing this and libs seethed.

>> No.28369631

okay so will they realistically do this or not? i literally can't find anything on google no matter how hard i search

>> No.28369676

You pay tax on the profit, not the entire amount retard.

>> No.28369742
File: 254 KB, 1125x2436, E2AB1251-B6CC-4AFD-AFFE-49DE77E93482.png [View same] [iqdb] [saucenao] [google] [report]

I still don’t have it

>> No.28369803

I'm not the IRS nor a professional. I appreciate the vote of confidence. I'd read up on what's actually legal or not legal about them. It's likely that they won't look hard enough to care. I don't know though.

Technically yes.

I mean he had a fucking point, too. What's the point of having a state tax if the federal gubbment just takes the hit? Fuck you, California. Pay for your own stuff.

>> No.28369873

When did you make the trade?

>> No.28369929

guessing they probably send them out next week

>> No.28369987
File: 557 KB, 1077x1443, Screenshot_20210124-223942.jpg [View same] [iqdb] [saucenao] [google] [report]

I mean, to avoid taxes, couldnt i set up a bullshit Corporation and withdraw my monero through a corporate account and send it in small enough chunks to my personal bank and write it off as a buisness expense?

>> No.28369995

you made the trade THIS year so its going to be sent out and released in the coming months as you make more through the year 2021 so when you file in 2022 is when you report.

>> No.28370142

If your scenario can be rebutted by, "Why didn't anyone think about doing this before?" the answer is probably that they have and your plan is a way to get assraped with no lube upon getting caught.

>> No.28370233

Yea but i own a buisness with actual employees and other buisness expenses. I cant just slip this into the mix?

>> No.28370246

>Open bank account with Panama, Caymans, Vanuatu, wherever
>Crypto gains into account
>0-1% tax
>Now spend your gains

Congrats, here is the secret sauce that all the big Jews use. You think they pay capital gains? Lmao that shit is for the goyim.

>> No.28370316
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I don't pay taxes
i legit have never gotten anything negative from not paying
nothing has happened so far
its been 6 years now

>> No.28370345 [DELETED] 

bought 500 more
tfw poor

>> No.28370377

When you withdraw it into the corporate account, you'll pay taxes on it first of all.

>> No.28370392
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>> No.28370413

Yeah, but have you held onto 100k+ in Fiat at any time during those 6 years?

>> No.28370489
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you don't have to pay tax if you don't cash out

>> No.28370515

Honestly ill probably do this. I helped set up a friends winnings from csgo skins through a bank in germany and we just ordered his visa card and so far shits been good.

>> No.28370531

ok that makes sense, it was mostly the taxes then, not that it's not theft anyways, but the actual penalty portion was probably like 1%. Some people will gladly eat the 1% to not file 4 times a year.

>> No.28370535
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This, just don’t pay lol
Stop funding white genocide and giving YOUR MONEY to the Great Satan

>> No.28370545

Could be worse. In Canada, trading is considered conducting business so if you didn't literally just buy and HODL you have to declare gains as normal income (capital gains are only taxed 50%).

>> No.28370594

until aunt yellen taxes unrealized crypto

>> No.28370652

Actually it's a keep the poorshits out deal rather than a trap for the rich.

Rich people can live anywhere they want they just have a postal address in a tax haven so they pay very little tax.

>> No.28370764

Well, there's a lot of ways to successfully launder money and evade taxes. And if you're a small fry, decent chance of getting away with it. But if you're caught... The big thing is to have a verifiable source of taxed income to explain noticeable wealth. Anything you can't explain with taxed income needs to be secret. So you'd need a taxable salary to purchase something like land, house, boat, car. etc. If you have good opsec you could feasibly use untaxed income on foreign vacations. If you practice good opsec you could stack gold and silver with untaxed gains at a good rate. You could liquidate g/s into fiat without paying taxes at a smallish rate, but if you then use that unexplained money to display noticeable wealth, you're going to have a bad time.

>> No.28370800

based baj

>> No.28370829


I'm so fucking tired of people using Al Capone as an example of why you can't evade taxes. "If they got Al Capone, of course they'll get you! Durrrrrrrrr"

Oh, you mean nationally infamous criminal that literally everyone knew about Al Capone? The man with the largest target on his back in American criminal history? THAT guy got caught? WELL GEE FUCKIN WHIZ FAGGOTS, WHAT A SURPRISE. The strength we have as a non-infamous criminal what every law enforcement agency is dripping at the cunt to arrest is that we are practically invisible among the faceless masses.

>> No.28370855

this it's like saying they got Osama Bin Laden

>> No.28370904

I think it's more used as an example that the IRS is more powerful than other government bureaucracies. They may not be able to get you for murder or whatever the fuck, but they will always get you for taxes if they have a target on you. It shouldn't be used to describe situations where you never were being targeted in the first place.

>> No.28370919

Al Capone was also an actual retard. The IRS is more incompetent than they want people to know.

>> No.28370925

Hold your stocks more than a year.

>> No.28370948

If you didn't get any tax forms sent to you, you're still under the radar.

>> No.28371042

Get letter

Sorry anon you havent paid over 100k in taxes so including interest u owe 300k or u go to federal pound me in the ass prison

>> No.28371102

what's the big deal about using KYC as long as you file taxes i don't get it

>> No.28371129

>What is moving to Malta?

>> No.28371200

i think its fine if you hodl until long term capital taxes kick in

>> No.28371221

If you're already planning to file and pay your taxes, KYC isn't really a problem unless you let Binance get a facial recognition on you. The freaky shit China will do with your face anon.

>> No.28371234

>frog poster
do you actually make money cunt?

>> No.28371253

How do I buy ETH in Canada without sending my ID everywhere

>> No.28371345

Not to mention the IRS now is toothless.
They got sued by fucking Microsoft to make them stop asking them to pay their taxes, and spend a decade fighting with people that don't pay income but all their other taxes only for them to eventually settle on about 10% of the amount after the guy has made gains on the entire sum all that time.

>> No.28371404

I don't know about ETH, you could buy some BTC from an ATM or from https://localbitcoins.com/
and then trade it for eth on a no-kyc exchange

>> No.28371532

Ok, just don’t wanna get my piss everywhere, I heard about localbitcoin I was trying Wyre from MetaMask it’s shit that doesn’t work.

>> No.28371636
File: 2.84 MB, 498x350, 15641869754864865.gif [View same] [iqdb] [saucenao] [google] [report]

by address do you mean tax? PLEAE SAY NO

>> No.28371749

if you have the capital and faith that the market won't bomb within the next year, you have no excuse to not have a few grand in something with static returns that you can cash out tax-free yearly

>> No.28371805

like the other anon asked, how can I go about getting
in a reliable way

>> No.28371872

If you piss them off they will. You have to remember they are lazy and if you gambled on jeet coins on Uniswap they won't notice or care, but if you piss them off down the road they will come after you which likely includes looking at your wallet on eth scan. I tried my best this year to report what few exchange trades I had and a couple things on uni swap but TurboTax isnt helpful for figuring it out on Uniswap is a nightmare. My strategy this year is to HODL more anyway.

>> No.28371935
File: 8 KB, 225x225, download (17).jpg [View same] [iqdb] [saucenao] [google] [report]

>tax-loss carryover

>> No.28372048

We all bought btc in 2014. I bought thousands of btc at an ATM in 2015 and kept it on a offline wallet. Just found it and decided to sell some.

>> No.28372096

Or ya know, just buy a couple tesla's with the earnings. Tons of places are accepting crypto as payment now. Just cash out in physical items...

>> No.28372165

I couldn't think of a flashier way to let the IRS know that you are evading taxes than buying a new luxury car on your $20,000 reported income.

>> No.28372258

so the idea i'm getting is that the IRS doesn't care where the income came (aside from actually felony-worthy shit like organized crime) from as long as you pay proper taxes on it

is this right? i'm not gonna get jailed for using binance?

>> No.28372264

If you weren't a dense pig, you would know they don't come to your house and look at your stuff. This is 100% a viable option.

>> No.28372355
File: 50 KB, 680x680, 1602469188933.jpg [View same] [iqdb] [saucenao] [google] [report]

Mixers :)

>> No.28372460

>>sell your monero for fiat on DarkWebMarket

>> No.28372541

What about crypto cards? Aren't they a way to bypass the capital gains shit?

>> No.28372627
File: 195 KB, 720x720, 1596236204892.jpg [View same] [iqdb] [saucenao] [google] [report]

>what is washing
not my wallet, not my problem

>> No.28372661

who is this semen demon

>> No.28372905

Yeah, it's not like cars are registered or anything.

>> No.28372941

I got cancer after reading these comments.

The fact of the matter is that the US government is trillions in debt. Coincidentally, some individuals are realizing considerable gains from internet funny money.

desu you're better off holding

>> No.28372986

Bro just drive into a Pay 'n' Spray and pay $100 periodically so the IRS can't track your car, don't even worry about it there's no way buying a Tesla with unreported bitcoin gains can backfire.

>> No.28373299

>>Taxes disproportionately impact rich people the most
>WRONG, they impact the middle class the most. You're not rich until you're rich enough to not pay taxes
this absolutely. especially if you're in the 85k-163k or 163k-207k brackets. and don't give me that shit about 100k a year being "rich"

>> No.28373328

Move to DPRK for tax optimization
No capital gains tax
No income tax
No estate tax
Pyongyang is turning into a pretty nice city also.

>> No.28373436

yeah that's not how it works at all, the $12k profit you made just gets counted as income and you would pay income tax on it

>> No.28373445


> I didn't cash out, I just swapped it for Tether

>> No.28373553
File: 229 KB, 1200x800, dprkusa.jpg [View same] [iqdb] [saucenao] [google] [report]

forgot pic

but seriously OP move to dprk
don't believe the mainstream media. its a nice country.

>> No.28373584

this, don't even bother with USD anymore. soon crypto will be able to be used everywhere

>> No.28373644

you literally don't. lmfao
the absolute state of /biz/

>> No.28373755

I'm not going until your sister takes over and invites me with open legs.

>> No.28373865


>> No.28373962

Fuck off were full

>> No.28374121

I don't get why people are complaining when likely they bought $1000 in shitcoins, dumped and pumped enough to maybe make $1000 or so more... so maybe you owe $350 or so in taxes.

You still made money

>> No.28374318

Imagine unironically defending a tax system where the giga rich can pay none and anyone trying to make it out of cirppling debt poverty gets smashed by taxes. Rope yourself kike.

>> No.28374562

Just hodl until we have another republican president. It's not a gain until you cash out.

If you have a ton of money you can beat the IRS. The scientology fags fucked the IRS in to submission by launching an absolute fuck ton of lawsuits against the IRS itself and the agents individually. If it was anyone other than the scientologists it would have been based.

>> No.28374612

Imagine thinking anyone escaped poverty with crypto

>> No.28374703

>t. nolinker

>> No.28374730

Well when you figure payroll taxes the average US lower tier worker (there is no middle class anymore) already pays well over half of their income and sees almost no benefits coming back to them, anyone not making over 60k a year would be better off not working and demanding gibs until they cave like nogs.
Even if they go somewhere else they still demand all those taxes even if it had nothing to do with the USA in any way (unless you are using a corporation, they are people but better)
then if you want to get rid of their claws entirely they make people go through years of paperwork and further pay a small fortune.

Place is a slave colony run by corporations lashing out in it dying breaths more than it is a country.

>> No.28374910

>punches you in the face and takes 90% of your lunch money
>lol why are you complaining nerd you still have 10%

>> No.28375202
File: 84 KB, 658x901, 1611501745932.png [View same] [iqdb] [saucenao] [google] [report]

>liquidate aave loans worth 2 million
>make an easy 50k usd
>find out later that the act of liquidating someone is considered a taxable event
>I now owe 600k in taxes.
I am financially ruined.

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