/biz/ - Business & Finance

[Anonymous No.28380775]

How exactly is converting from USD to USDC a taxable event for burgers? Like what would you even pay if it's just a 1 to 1 conversion?

[Anonymous No.28380880]

its not retard

[Anonymous No.28380883]

>>28380775
crypto to crypto is not logically taxable, they just kept repeating it until everyone believed that it was
>swap coins to BTC and HODL
how is that taxable? US Gov doesn't own BTC in any capacity to declare a tax on it.

[Anonymous No.28381198]

>>28380775
just say no, if everyone says no there isnothing they can do

[Anonymous No.28381284]

>>28380775
It isn't, you haven't made any gains.
They have been around 100 years and the entire time the IRS has tried to trick people into over paying, and never corrects them when they claim wrong in their favor.

[Anonymous No.28381327]

>>28380883
>>28381284
They really hate us, don't they?

[Anonymous No.28381439]

>>28380880
>>28380883
>>28381198
>>28381284
it is though. q15:
https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

[Anonymous No.28381517]

>>28381439
>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.
How can this apply to USD to Stablecoin when there is no gain/loss outside of extremely small arbitrage fluctuations that occur from time to time?

[Anonymous No.28381588]

>>28381517
they just want you to report it i think

[Anonymous No.28381647]

>>28381439
Yeah, what gains has he realized in that transaction?
>>28381517
Almost always it is determined by the value at the time of the transaction.
In this case it's a taxable event, but there were no gains to tax.
In general almost no crypto to crypto is actually taxable even when reported, as you are exchanging them for their exact USD value at the time.

[Anonymous No.28381740]

>>28381647
they just want you to report i think so they can keep track of what youve acquired so they can properly tax you when you cashout

[Anonymous No.28381783]

>>28381740
Pretty much.

[Anonymous No.28382126]

>>28381740
do they know keeping track of all of this shit just for THEIR benefit is fucking impossible?

[Anonymous No.28382310]

>>28381439
Yeahs I ain readin dat. Move me tuh Zambia or sumthin' ain't no g-man getting my moolah.

[Anonymous No.28382569]

>>28382126
Yes and they don't care.
Fun fact: there is no legitimate actual Law requiring you to pay the IRS. They can't even point to a specific one.
DYOR

[Anonymous No.28382593]

>>28382569
Fun fact: there is no legitimate actual Law preventing the IRS from throwing you in prison.

[Anonymous No.28382636]

>>28382569
monero

[Anonymous No.28382725]

>>28380775
>1 to 1 conversion
It's not retard

[Anonymous No.28382773]

>>28382569
>Posted by the reincarnated Aaron Russo
https://lbry.tv/@alittlebitofeverything:2/aaron-russo's-documentary,--freedom-to-facism-:a
https://lbry.tv/@ChadChaddington:d/Income-Tax-Voluntary,-I-Call-IRS:8

[Anonymous No.28383247]

>>28380775
It's unreasonable. How the fuck is anyone going to track down every single transaction they make every year? Nah, not fucking doing it. And short vs long term gains? What if I buy in to one coin more every month that goes up all year? How much of the profit gained is short term, how much is long? And don't fucking tell me it's all short term tax rates. Fuck that. Buy gold with BTC and tell them you lost it in a boating accident. Fuck these greedy gibsmedat niggers.

[Anonymous No.28383375]

>>28380775
it is a taxable event but since the net gains/losses is 0 you are taxed on 0 capital gains. still need to report it on your taxes though kek

[Anonymous No.28383777]

>>28381517
it doesn't. A taxable event
>>28381647
actually this guy already explained it