[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 87 KB, 300x300, 1590446981877.png [View same] [iqdb] [saucenao] [google]
29187360 No.29187360 [Reply] [Original]

How am i supposed to report all my shitcoin transactions to the IRS if crypto tax software doesn't even recognize half the tokens and assumes i got them for free??
>just don't report
no

>> No.29187645

If your software doesn't do it...
And you insist on paying money to the government for each stupid faggot trade for name...

Then you do it manually...

>> No.29187673

>>29187360
use the software for the ones that do get recognized, file by hand for the ones that dont get recognized. yeah, its sucks, but thats the price you pay for daytrading shitcoins. realistically im highly doubtful that the IRS is going to bother auditng anything but gains within the top 10 coins and other piecemeal coins that are on the radar. they probably dont want to go through the effort of finding your 25 percent gains on xXSexCoinXx #SXC

>> No.29187825

>>29187360
Have you tried contacting the IRS and explaining your dilemma? Just a thought.

>> No.29187913

crypto to crypto tax is psychological warfare

>> No.29187998

>>29187825
>Yes we have just added to your file that you are to be audited every year now.

>> No.29188077

>>29187825
This post glows. Never, EVER tell the government ANYTHING.

>> No.29188136

>>29188077
digits and truths

>> No.29189526

This is gonna be hell

>> No.29189584

just make up a random number desu

>> No.29189641

Just dont tell them. First time they catch you is a freebie.

>> No.29189684

Maybe if enough people don't pay they'll change the rules.

>> No.29189696

>>29187360
>made 40 bucks off Bitcoin for fun
Do I really need to report this?

>> No.29189806

>feeling bad about not giving the gubmint money they will take and give to feral retard niggers
fag

>> No.29189855

>>29187360
Just call them up and tell them you don't want to because it's a huge ass hassle, they'll understand.

>> No.29189971

>>29188077
this but unironically

t. worked in gov, they are usually lazy af and only go after people who give them an excuse

>> No.29190068

>>29187360
Taxation is theft OP. Besides you probably didn’t even make enough to be acknowledged by the IRS. If you have the IRS knocking on your door you’ve made it.

>> No.29190145

just pretend you don't know about crypto to crypto lol

>> No.29190264

>>29189806
Its not a matter of feeling bad, its a matter of not wanting to get gang raped by audits. I used coinbase for on-ramp so theyre gonna KNOW ive been doing something

>> No.29190349

>>29187360
convert entire stack into XMR

>> No.29190375

I mean if cg tax is 0% if you make less than 40k , so would they even bother to look into your small trades if they wont even come anywhere close to the 40k?

>> No.29190423

>>29187360
the US won't exist in 10 years, who cares

>> No.29190430

>>29189696
yes, there is even a space on most free tax return software. you won't get charged for it, but you're supposed to report everything. I always do.

One day the IRS is gonna make you turn over your public wallet addresses, or they'll freeze it. and on that day they'll be able to go back and see every transaction you made

>> No.29190452

>>29187998
Wait, so is it true that once you do your taxes for the first time, they'll come asking you every year, because you're on the list and shieeet?

>> No.29190484

try
https://taxbit.com/
https://www.cointracker.io/
https://koinly.io/

most of you thinkin you'll be bale to tax evade.. gluck with that seriously.

>> No.29190532

>>29190430
>IRS
>freeze crypto

We have reached peak newfag.

>> No.29190536

>>29190484
inb4 muh monero

>> No.29190589

>>29190532
they freeze wallets involved in criminal transactions all the fucking time already.

>> No.29190594

>>29190349
that's not how it works
>>29190375
short term is taxed as ordinary income though

>> No.29190634
File: 59 KB, 600x616, B36AEF24-261A-4DD7-AB25-231DA4E8F88B.jpg [View same] [iqdb] [saucenao] [google]
29190634

>>29187360
>making money
>learn about taxes
Wtf I hate the government now!

>> No.29190663

>>29190589
kek

>> No.29190721

>>29190634
>Wtf I hate the government now!
more like, they make this shit complicated as fuck. just charge whole cash out, not individual transactions.

>> No.29190803

>>29190663
enjoy your federal tax liens/jail

>> No.29190822

>>29187998
>>29188077
How did the white man become so Jewish?

>> No.29190934
File: 73 KB, 512x512, yuge_anger.png [View same] [iqdb] [saucenao] [google]
29190934

I hate that I get taxed for converting one coin to another, straight up theft....

>> No.29191072

>>29187360
It's called a form 8949.
You take each sale / conversion you make,
subtract the cost basis from the amount, and there's your (((((taxable income))))).
You'd do the same thing if you sold a house or other property.