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/biz/ - Business & Finance

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28512002 No.28512002 [Reply] [Original]

the noobs won't know what'll hit them

>> No.28512905

>realize you cant pay back taxes
>take out massive personal loans
>take out as many credit cards as possible
>max them all out
>find every source of loaned money you can
>put it all into monero
>lose monero to nigerian scam
>declare bankruptcy
>all debt is wiped

>> No.28513139

>>28512002
Do you only pay taxes when you withdraw? What if you just trade coins with other coins?

>> No.28513298

>>28513139
You have to pay taxes on that, in the eyes of the IRS you're selling your coins to buy other coins

>> No.28513426
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28513426

>>28513298
>You have to pay taxes on that

>> No.28513457

I feel like we will see a ton of stories coming out of people getting rekt because the boomers in charge of the IRS are too stupid to figure out cryptocurency. The OP's situation isn't common but it's not exactly rare either. I hope to god they reform the tax law on this by 2022.

>> No.28513492

If he sells the altcoins for fiat then he realises a loss and can offset this against the gains... right? Can Americans not use losses to offset gains lmao?

>> No.28513659

>>28512002
Literally just sell the altcoins, deduct the loss from the capital gains. If it's on an alternate year, call the IRS, work out a payment plan with deferred payments for 1 year, than break even next year for the cost of some interest.

>> No.28513806

>>28513492
He absolutely can OP redditor is just a faggot

>> No.28513995

Just don't declare it? How would the IRS know that someone bought alts if you did things off an exchange?
Normies won't make it. This is why I'm unironically bearish about BTC long-term. They'll just never figure it out, decades of dumb-down by the Jews have worked perfectly.

>> No.28514010

>>28513457
>the boomers in charge of the IRS are too stupid to figure out cryptocurency.
Oh no, (((they))) understand it. It’s why they want to make sure to get their cut. If it was only taxes when converted to fiat, a smart user could continue to grow his stacks coin to coin, never cashing out, buying anonymously with prepaid debits and (((they))) wouldn’t see a dime. Congress could have considered coins swap like-kind exchanges like real estate but they didn’t, in fact the wrote laws specifically limiting those to only real estate. So, no, the IRS and Fed understands crypto well

>> No.28514111

>>28513492
While unlimited capital gains are taxed, you’re limited in how much you can write off in capital losses yearly.

>> No.28514253

Kind of ironic given that the country was founded by a bunch of ancaps who didn't want to pay taxes.

>> No.28514448

>>28514253
It isn't ironic at all
The Jewish banking cartel doesn't give a fuck where you live. they are coming for your money.

>> No.28515335

>>28513995
>How would the IRS know that someone bought alts if you did things off an exchange?
Did you ever do anything that could link it to you? Bought on a KYC exchange before sending to your wallet? Send profit back? The good and bad of crypto is it’s all on chain and all can be retrieved. It’s anonymous if there are zero links to you but 100% transparent if it is. Sites like koinly can pull your info from the chain with just your wallet address to crunch your tax numbers, you think the IRS can’t do the same?

>> No.28515542

>>28514253
Countries are very rarely if ever founded by the same calibre of people who end up watching as everything burns down around them
>>28515335
After it's out of a KYC exchange, they basically can't do shit to you. At least I haven't come across a single case (and obviously we're in early days in terms of case law around crypto) where someone went off-exchange and got in trouble for buying alts or whatever.
People attribute waaaaaaaaaay too much power and all-seeing control to the kikes. The reality is far more pathetic.

>> No.28515757

>>28513298
How the fuck do they even know

>> No.28515912

>>28513492
You can only claim like $3000 in losses per year, IIRC. Taxes are a fucking scam and the IRS are organized crime.

>> No.28516212

>>28515912
Or more likely it's $3000 per asset per year, idk.

>> No.28516441

>>28515757
centralized exchanges?

>> No.28516714

>>28512002
>entry price was $500 on LINK in 2018
>worth 64k now.
>Only crypto I've ever bought, never traded or sold
Tell me /biz/ how is this going to work when I do cash out?

>> No.28516879

>>28516714
You lost it in a boating accident and sell small amounts to other people to cash out. If it's only a few hundred dollars a week, no one will notice.

>> No.28516976

>>28512002
Can't he just sell the altcoins and then claim the losses?

>> No.28517209

>>28516879
Should I buy a ledger to 'lose'? I keep all my shit on coinbase because nobody has given me a convincing argument to do otherwise.
I'm never keeping anything on a product packaged in a chink factory where any .20c/hr slave can take a peek at the private key before sealing the box.

>> No.28517448
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28517448

>>28517209
>I keep all my shit on coinbase because nobody has given me a convincing argument to do otherwise.

Pay attention everyone. This is literally the new faggots buying crypto

>> No.28517565

>>28517209
If you're still holding it on coinbase, the IRS knows about you. If you withdrew to your ledger when it was 40 cents and lost your recovery phrase, they can't prove anything

>> No.28518587

What about trades done on things like uniswap or BSC?

>> No.28518793

>>28513298
lmao burgerland is such a shitshow, this and 50% tax how do you even fucking live there, if i was you i wished for a school shooting with me inside lmao

>> No.28518867

>>28512002
OOH SAY CANT YOU SHART
IN THE LOCAL WALMART

>> No.28518891
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28518891

Paying taxes? Lmao never. Why would I pay money to the government when
>Not willing to help Americans after they lockdown everything
>Abortion being legal
>pointless wars that have been going on for 40+ years now
>”Shall Not Be Infringed.” Yet have something like the ATF.
>Never ending loop holes for corporations
>reward colleges even though they’ve grossly overpriced everything
>bail out farms when they destroy their own crops. Ez subsidize
>get involved with every country in the world
>allows foreigners to purchase our land
>nonstop violation of the 4th amendment
>say they don’t have money to provide for health care but give billions to study fish in the gulf Mexico, Egyptian military, and lgbt classes in Pakistan...the middle fucking eat of all places
>having so many government agencies that it’s impossible to know how many there are
See I will never pay taxes. I don’t agree with anything the government does. Not a single fucking thing. This isn’t my country anymore and I wouldn’t die for it. I’m a simple man. I believe there should only be the Military, National Guard, Sheriffs department and the The Marshals. Military needs to leave the Middle East and only protect trade routes. Block all countries that burn our flag or is a hot bed for Terrorism. Put us back on the gold/silver standard and allow states to run themselves. Tax revenue staying within the state and a small portion going to the federal government. Then I’ll gladly pay taxes. Also, fuck niggers, fuck tools, fuck spics, fuck ragheads, fuck the French, but most of all. Fuck jannies.