/biz/ - Business & Finance

[Anonymous No.28555570]

Wait, you really gotta pay taxes on crypto?

[Anonymous No.28557132]

>>28555570
no. only if you make it fiat again

[Anonymous No.28557179]

>>28557132
every coin to coin trade is taxable

[Anonymous No.28557249]

>>28557179
I choose death.

[Anonymous No.28557260]

>>28557132
This, just shave 500 off the top whenever you need it and keep holding, growing and trading most of your assets.

[Anonymous No.28557339]

>>28557179
I don't believe this for a second

[Anonymous No.28557375]

>>28557339
its true

[Anonymous No.28557382]

>>28557179
only in Muttland
>>28555570
Taxes are a Jewish scam

[Anonymous No.28557421]

>>28557375
Prove it

[Anonymous No.28557479]

>>28555570
>surprised by having to pay taxes on something
Such innocence.

[Anonymous No.28557573]

>>28555570
newfag detected
>>28557421
N-

[Anonymous No.28557593]

>>28557339
It is true in the us.

The key is to use an exchange that doesn't require your ID and store all your crypto off the exchange. There is no way they can track this shit. If you get audited you can just say you found some old buttcoins.

[Anonymous No.28557620]

>>28557375
If it's not made into Fiat they can't tax you in a different type of currency than their own.

[Anonymous No.28557627]

>>28557421

[Anonymous No.28557702]

>>28557593
I don't believe you

[Anonymous No.28557807]

>>28557702
Enjoy jail if you live in the us.

[Anonymous No.28557901]

>>28557421
http://pbs.twimg.com/media/BG48ENgCEAAIDl9.jpg

[Anonymous No.28558013]

>>28555570
How do they even work?
Is it just capital gains?

[Anonymous No.28558232]

>>28557421
google it fag

[Anonymous No.28558238]

>>28557807
They can't tax a person in the Euro for making money in germany, they can't tax me in USD for making money on ALGO

[Anonymous No.28558317]

>>28555570
Federal taxes + state income taxes
> you make $1m
> you take $600k

[Anonymous No.28558495]

>>28558238
I cant tell if you are trolling or just extremely retarded. So retarded that you cant even make a simple google search.

[Anonymous No.28558628]

Depends where you live. Here in memecountry Belgium gains from long term holding are untaxed. Also all crypto to crypto transactions are untaxed because our government does not recognise cryptocurrency as a currency.

[Anonymous No.28558854]

>>28558495
Then what are they even taxing when I turn ETH into ALGO?

There's zero gain, it's just an exchange.

[Anonymous No.28559077]

>>28558854
They're taxing the value of the ETH when you bought it (in USD) vs the value of the ALGO (in USD) when you exchanged for it

[Anonymous No.28559203]

>>28559077
This is bait, I laff

[Anonymous No.28559227]

>>28558854
If you buy coin A at $10 and trade it for coin B after A has increased in price to $15, you have to play taxes on 15-10=$5.

[Anonymous No.28559357]

>>28559227
yea but what if coin B shits the bed and i don't have as much as i had with coin A

[Anonymous No.28559430]

>>28559227
I have to pay 1800-1.7?

[Anonymous No.28559520]

>>28559227
>>28559077
This is literally a larp

It's literally impossible.

[Anonymous No.28559696]

>>28559520
It's not, they're treating it as property and so you have to pay taxes on short term capital gain/loss or, if you hold it for a year, long term.

[Anonymous No.28559751]

>>28559203
>"If Bitcoin is exchanged or traded for another cryptocurrency the calculation of a capital gain or loss is based on the difference between the fair market value of the cryptocurrency at the time of the exchange and the adjusted basis of Bitcoin."
https://cryptotax.io/en-us/bitcoin-and-taxes-2/
read it yourself fucking faggot

[Anonymous No.28560147]

>>28559357
They don't compensate you. You can declare up to $3k in capital losses, no more. Yes, taxes are fucked. Yes, it's specifically designed to keep you working until you're 65.

[Anonymous No.28560293]

>>28559357
Then you are fucked, unless you have enough cash to cover the gains tax.

If you do tons of swinging, there's a good chance you could screw yourself on taxes, unless you liquidate your gains at some point into cash, or a stablecoin, so that you can later withdrawal and pay off your capital gains tax.

[Anonymous No.28560422]

>>28557620

That's not how this kike-run hellscape works, goyim

[Anonymous No.28560463]

>>28559751
>>28560147
>>28560293

This is literally bullshit

Taxes don't even exist

AH JEEZ DUDE, THREE DOLLAS?

[Anonymous No.28560871]

>>28557179
maybe on paper but they are not going to do the paperwork involved in pulling up every single exchange you ever used and tax every single transaction (of which there could be hundreds of thousands, if not millions of total moves for your average day trader) that you made. they would likely comb for any instances of a transition to fiat and tax that alone

[Anonymous No.28560901]

I'm never going to and I don't give a single fuck about it.

[Anonymous No.28561005]

>>28560463
Yeah, it fucking sucks.

An american who is starting this shit I think can only be secure if they had someone else set them up with a wallet and crypto. Otherwise, there's going to be a paper trail from your bank.

Maybe they dont discover it today. Maybe not 5 years from now. But at some point down the line if you got audited you could be fucked. I'd rather just deal with it than live in fear.

[Anonymous No.28561065]

>>28555570
No because I live in Portugal and we have no taxes on crypto, it's still the wild west out here. Have fun staying poor

[Anonymous No.28561078]

>>28557382
>Taxes are a Jewish scam
Yeah, man. I totally want to live in a country where every single road and open space is privately owned, and the owners can close it off to anyone on a whim. Get the fuck outta here, man.

[Anonymous No.28561777]

>>28561065
Wait... my gf is from Portugal. How can I take advantage of this? Send her my crypto and let her withdraw it to her bank? Tell the taxman I paid her for pornographic photos of her?

[Anonymous No.28562561]

what do you guys think of voyager for crypto? im poor so their promotion is actually enticing

[Anonymous No.28562695]

>>28561777
Idk, i just know the only reason we don't have crypto taxes in Portugal is because the IRS is boomerland who probably don't even know what crypto is, but as soon as the EU sends a memo or some shit, we will bend over and do as daddy europe says and regulate the hell out of it. probably gonna happen next year.
Until then, it's party time.

[Anonymous No.28563265]

Ok so what’s the punishment if I never pay tax and put all my crypto into a safe wallet and never share the password/keys with anyone. They won’t be able to steal it so how long behind bars am I looking?

[Anonymous No.28563418]

>>28563265
you can go behind bars longer than stabbing a child for tax evasion. DMX is doing 10 years.

[Anonymous No.28563598]

>>28563418
>Justice

[Anonymous No.28563778]

how does the crypto to crypto tax work in the usa? suppose i swap some coins this year but i don't actually cash out until years later. do i pay the crypto to crypto swap tax the year i swapped or the year i cashed out? for argument's sake, suppose i swapped on a KYC exchange

[Anonymous No.28563861]

>>28563778
you pay tax on the swap and THEN tax on the cash out

[Anonymous No.28563926]

>>28557179
Beyond cucked. I'd rather go to prison.

[Anonymous No.28563962]

>>28563418
>In July 2017, DMX was charged with 14 federal counts of tax fraud.[91] Federal prosecutors charged him with failing to file income tax returns from 2010 to 2015 (a period when he earned at least $2.3 million). DMX pleaded guilty to a single count of tax fraud in November 2017.[92] In March 2018, Judge Jed S. Rakoff sentenced DMX to one year in prison followed by three years of supervised release. The court also ordered DMX to pay $2.29 million in restitution to the government.[92] He was released from prison on January 25, 2019.[94]
Damn they charged him 99.99% taxes

[Anonymous No.28563975]

>>28563861
They should probably tax us for even talking about it.

[Anonymous No.28564031]

>>28561078
What? How dare you not want to pay me for the privilege of passing through my lots, which just happen to completely surround yours. How greedy of you.

[Anonymous No.28564046]

>>28563861
yes, i understand that they are seperate taxes. can you clarify your answer a little bit more though? i want to know if the crypto to crypto swap is taxed the year that you do the swap or the year that you cash out.

[Anonymous No.28564088]

>>28564046
The year that you do the swap

[Anonymous No.28564139]

>>28564088
damn. that's not what i wanted to hear. thanks though anon.

[Anonymous No.28564157]

>>28563962

[Anonymous No.28564160]

>>28557573
I-

[Anonymous No.28564245]

>>28560871
>maybe on paper but they are not going to do the paperwork involved in pulling up every single exchange you ever used and tax every single transaction (of which there could be hundreds of thousands, if not millions of total moves for your average day trader) that you made. they would likely comb for any instances of a transition to fiat and tax that alone
Computer software can do all of that. It would not be people manually doing paperwork.

[Anonymous No.28564296]

>>28563861
How the fuck are you supposed to make money wtf, this doesn’t even make sense

[Anonymous No.28564325]

I hate the UK government
>We don't recognise cryptocurrency as being valid or of having any value
>But if you profit from it, we'll tax you out the ass for it
How the fuck can you say you'll make me pay taxes for something you believe is valueless?
Fucking scammers

[Anonymous No.28564421]

>>28559520
https://taxbit.com/blog/2019-11-18-understanding-irs-8949-cryptocurrency-tax-form/
Form 8949 for Capital Gain/Loss. Every crypto you've owned in the tax year, the purchase date, the sell date (if you exchange you sold) and the gain or loss attached to that transaction. Mine was 20 pages long.

[Anonymous No.28564432]

>>28557179
I can't wait for the retarded tech illiterate boomers to all die of Shanghai Shingles. I was doromisef last year that all boomers would be eliminated off the face of the earth already. Why are they still in office making out of touch laws that benefit absolutely nobody still?

[Anonymous No.28564631]

Im most concerned about the gray area, like staking rewards, which AFAIK are not taxed.

[Anonymous No.28564740]

>make 9 figures
>Hire a team of the world's best Jewish tax lawyers to work full time year round to jew the IRS for you simple as, it's what every shady billionaire does

[Anonymous No.28564822]

>>28564421
I lost all the money I put into crypto. Prove otherwise. Fuck the IRS

[Anonymous No.28564847]

>>28564432
kek, she sure showed those haters

[Anonymous No.28564860]

>>28564296
you're supposed to make money? could've fooled the government.

[Anonymous No.28564890]

Wait Are you telling me if i swap my BTC out to ETH just as BTC is about to crash i have to pay taxes on that exchange?
And if ETH moons to no tomorrow i have to pay taxes AGAIN?

Do i have to pay fucking taxes if i exchange USD to any other currency on the planet?
What the fuck are these jewish tricks?

Also i think I'm in trouble for my taxes this year if all that is true.

[Anonymous No.28564948]

>>28564245
yes, an advantage of crypto is that it can be audited so easily by a bot just following around wallet addresses. unless one were to wash their funds in a privacy currency like monero

[Anonymous No.28565026]

>>28564160
G-

[Anonymous No.28565186]

>>28558238
>>28559520
I genuinely can't tell if these two are serious. Everything that anon was saying about how crypto (((taxes))) are handled is correct, in the US and Canada currently this is how it goes. Every crypto-crypto trade, every loss, every profit, it's all meant to be (((reported))). Good thing is any capital losses can also help on your returns. On the plus side, at least here in Leafland, only 50% of your capital gains are taxable at your standard tax rate, which works out to very little until you're shuffling 10's or 100's of thousands around or already make a boatload of employment income. One way around it is utilizing a TFSA for your crypto gains and "cashing them out" while remaining under your TFSA's cap. The other is holding your gains (in stablecoin, I suppose) for a minimum of one year in which case the taxes are lessened considerably, as I've been told - that may be different from province to province or state to state, however.

[Anonymous No.28565223]

>>28564890
If you made less than six figures it's not worth the IRS time to fuck with you, if you made more you can afford a tax lawyer

[Anonymous No.28565238]

>>28564948
So why don’t we all just do that? What’s the catch in that case

[Anonymous No.28565414]

>>28564948
>can just use a bot to snake through your wallet addresses and send you the bill
>force you to file instead

[Anonymous No.28565522]

>>28564890
Say BTC goes from $40k to $50k while you held it. If you swap it for 25 eth ($50k's worth), you pay capital gains on the $10k BTC gained. Then if eth goes from $2k to $10k, your gains on that asset are $450,000, which you'd also have to pay capital gains on.

[Anonymous No.28565710]

>>28565522
Ok but why do you have to pay more taxes for cashing out when the money your cashing out has already been taxed

[Anonymous No.28565776]

>>28565522
>Then if eth goes from $2k to $10k, your gains on that asset are $450,000, which you'd also have to pay capital gains on.
I think you would only have to pay for gains on ethereum if you sold it; you dont have to pay tax simply for holding that ethereum -- maybe you just left that part out.

[Anonymous No.28565786]

>>28565522
I lost my monero wallet address and my money is gone, what now glow nigger?

[Anonymous No.28565881]

>>28565710
It's a jew trick on another jew trick, just pay the taxes stupid goy

[Anonymous No.28565896]

US bros, it's not that scary. Whether you're only taxed on cashout or every transaction it all adds up to the same amount at the end of the year.

[Anonymous No.28566017]

why don't people just convert their coins to monero to avoid taxes

[Anonymous No.28566080]

>>28565776
Right, sorry. It's more about transactions, like a sales tax/capital gains tax, than about property owned.

>>28565710
I don't make these rules, my nig.

[Anonymous No.28566351]

>>28565896
Exactly, that's why you have to run a bot that trades stablecoin to stablecoin several hundred thousand times a day. Hell you can write a bot that goes from ETH to BTC a million times in a day, on a relatively 1:1 price action day, it'll cost you some fees, but some nice work on the backend.

[Anonymous No.28566352]

>>28564890
relax. they won't kill you over it, and if they do audit you, it'll be alright. just pay them the money you "owe" this time, and next time, go through XMR or TORN, and never pay taxes again.

[Anonymous No.28566650]

>>28561078
To be fair, the US Income tax law was ratified the same year as the federal reserve act, and this money is used by the IRS to pay the Treasury to pay the principal amount on bonds plus interest. Ask Mike Maloney

[Anonymous No.28567032]

>>28563418
>>28563962
>>28564157
Land of the Free!

[Anonymous No.28567737]

>>28559751
it's over for me

[Anonymous No.28567855]

>>28555570
went from 400 refund to owing 1k+. the jews absolutely did this.

[Anonymous No.28567966]

>>28567855
cool. i owe 4000

[Anonymous No.28567987]

>>28563962
You are a true dumbass if you earn that much refuse to pay taxes for 5 years. You don't even need to do anything, just fucking hire someone to take care of it for you.

[Anonymous No.28568096]

>>28564948
This is what pisses me off about taxes so much. They go through monumental effort to nickle and dime you but still force you to do your own taxes and throw you in jail if you fuck it up. Nigga if you know how much I owe then just send me a bill.

[Anonymous No.28568688]

>>28560147
$3k in capital losses, but if you can roll over excess losses into following years. Still ain’t gonna mean much.

[Anonymous No.28568842]

>>28561005
Yeh you just sorta have to deal with it. If you can hold over a year that’s likely going to drop your tax payment considerably. Otherwise it’s taxed as regular income so depending on your other earnings, it could be a lot or a little.

[Anonymous No.28568947]

Capital gains on all crypto-to-fiat and crypto-to-crypto trades, even ones where there's no way to get the currency with fiat

how that work idk lol

[Anonymous No.28569006]

>>28565710
Because Washington DC hates you.

[Anonymous No.28569151]

If I don't look at my gains they don't exist, thus I pay no tax

[Anonymous No.28569285]

>>28561078
Go on, tell me more. How much of your tax money do you think gets spent on anything that you or anybody you care about actually benefit from?

[Anonymous No.28569475]

>>28569285
Taxes get sent to niggers and that fag sucks niggerdick so

[Anonymous No.28569598]

>>28568096
They take millions in bribes from tax preparing services to not make them automatic like the rest of the world.
The best part, they don’t pay taxes on all the tax related bribes they take.

[Anonymous No.28569641]

>>28569151
Reminds me of the redditors that lost end of thousands on GME so they just deleted RH

[Anonymous No.28569821]

>>28555570
Cant you just use a crypto credit card, or bitrefill then sell gift cards for cash ?

[Anonymous No.28569965]

>>28564432

Oh those laws benefit some people. Just not you anon... Well, unless you live in a small country and are a specific ethnicity that I dare not mention.

[Anonymous No.28570036]

>>28569821
Retard
If you wanted to evade taxes (The poster of this post does not endorse illegal activity and posts this for informational purposes only) you could just convert to monero then BTC, buy gold with BTC, sell gold for cash slightly below spot price, launder the cash through restaurants. This is basically what drug dealers have done for decades but more efficient.

[Anonymous No.28570249]

That's the price you pay for trying goof with shitcoins and alts. Buy BTC or ETH, forget about it for ten years, come back and be rich. Pay your flat 20% from long term capital gains and be done with it.

[Anonymous No.28570266]

>>28564421
Is taxbit decent or is there a better program?

[Anonymous No.28570322]

>>28570036
>just have an entire grey-market network of shady gold dealers and a string of restaurants with cooked books lmao

[Anonymous No.28570373]

>>28561005
Same shit in the UK. Think I might have to give my nephew a helping hand. Good point.

[Anonymous No.28570484]

>>28565223
This is what i'm thinking, i'll hold until it's worth a shitload then talk to a tax lawyer to tell them to fuck off

[Anonymous No.28571204]

>>28557179
Imagine being the fucking soiyjak faggot working at the IRS essentially facebook stalking random people who you think you can weasel money out of. I unironically think all IRS employees should be killed by firing squad on live tv.

[Anonymous No.28571352]

>>28561078
Nigger, we could eliminate like 90% of tax and have perfectly maintained public infrastructure. Most of what we're paying is corporate welfare, and I include in that things like interest on the illegal national debt.

[Anonymous No.28571495]

>>28565223
I worked with a dude who made 30-40k a year and he got fucked for something like claiming a kid as an independent who actually wasn't. They garnished his salary. They don't care how much you made. They won't go looking for you like DMX, but at the same time if you trip an alarm you trip an alarm. Then again, they probably will go looking for all the neets who got rich off crypto, at some point. This is why I decided it's better to just pay everything and enjoy my gains without having to look over my shoulder the rest of my life. I'll just pay and try to make everything long term gains as much as I can.

[Anonymous No.28571605]

>>28571495
Yep my sister got fucked by the IRS and she only earned $50k/yr. I have no idea what she did but they garnished her wages.

[Anonymous No.28571918]

>>28564432
the baby looks like apu kek

[Anonymous No.28571971]

>>28571605
Her head game was off

[Anonymous No.28573357]

In Denmark I have to report my crypto winnings/losses from sales/trades in yearly tax report, and it will then get taxed accordingly

[Anonymous No.28573676]

>>28559203
I hate this image. stop posting it

[Anonymous No.28573795]

>>28573357
Isn't there a software that can do that for you, feels like a lot of work

[Anonymous No.28573883]

how do they even know if I cash out? fuck them

[Anonymous No.28573978]

>>28557179
technically, but if you do your trading outside of cuckbase, the chance of being caught for this is practically zero.

[Anonymous No.28574171]

>>28570036
Completely retarded. Not only are you bleeding money from slippage with all that bullshit like buying gold with BTC and then selling gold for cash, and having an entire fucking restaurant operation, but when you launder money like that, THE WHOLE GODDAMN POINT IS TO MAKE IT CLEAN AND TAXABLE.

You'd be paying taxes when you launder money through your restaurant. And actually the taxes would be worse than if you just paid long term capital gains, because income tax is far higher.

[Anonymous No.28574201]

Has anyone actually been arrested for not paying taxes on crypto?

[Anonymous No.28574389]

>>28570266
Koinly.io is what I used. For that many transactions it cost me $100 to have it prepared. If you file yourself it'll even output straight to turbotax. It just links to your wallets and exchanges and spits out the forms. Easy peasy.

[Anonymous No.28574450]

>>28574389
Oh shit this is great, thanks

[Anonymous No.28574642]

>>28574389
>>28574450
im using this rn and have a problem where it treats me sending to binance as a taxable event, and then selling those same coins as a taxable event also. just be careful and double check. you can filter by highest gain, which makes it easy to look through everything.

[Anonymous No.28575909]

>>28568096
>Nigga if you know how much I owe then just send me a bill.
The IRS actually wanted to do that but tax filing companies lobbied to stop it or so I heard

[Anonymous No.28576130]

Lotta glowies in this thread pretending like paying taxes is an absolute and you have to pay for every trade. (this is entirely debatable)

Im sure there would be more people willing to pay taxes if they made it more simple. the IRS would make more money And spend less $$ paying losers to hound people down to bring to court.

That being said i think there should be a flat tax rate based on your yearly trading volume.
YOUR WELCOME