Help me not get fucked

[Anonymous No.29720286]

What do I do for crypto taxes in the us to not get nailed by the irs

[Anonymous No.29720424]

Pay them

[Anonymous No.29720462]

>>29720286
Don't live in the US

[Anonymous No.29720560]

>>29720286
if you don't exchange your internet monopoly money for rl monopoly money you never have to pay taxes

[Anonymous No.29720569]

>>29720286
I OWE THE IRS $13,000 FOR MY FUCKING CRYPTO

[Anonymous No.29720592]

HODL or don't pay or move to a non taxable income state, that way it will be less when you pay.

[Anonymous No.29720653]

>>29720569
only if they catch you

[Anonymous No.29720751]

>>29720286
Pay your taxes this time around
Next year trade off the books, but still buy crypto on kyc exchanges to keep up with the facade BUT only hold these buys.

[Anonymous No.29721040]

So as a newbie, I'm used to my stock brokers sending me shit to use for my taxes, but how the fuck do I do that with crypto? Do I self report my income from crypto?

[Anonymous No.29721092]

>>29720569
You aint always ready to /roll/?
NGMI

[Anonymous No.29721108]

>>29720286
Move everything to a private wallet and fuck the government. Then move to a tax haven and realize ur gains.

[Anonymous No.29721559]

>>29720462
if you're a us citizen you owe them even if you move to antarctica
this gay ass country I swear to god

[Anonymous No.29721597]

>>29720560
Crypto to Crypto exchanges are a taxable event anon

[Anonymous No.29721711]

>>29721040
yeah if you don't get paperwork you're supposed to just do it yourself
but also if you didn't get paperwork, the irs probably didn't either

[Anonymous No.29722005]

>>29721711
So who sends paperwork? Major exchanges like Binance or CB?

[Anonymous No.29722236]

>>29720751
What are ya recommending that aren’t on the books? I deleted my robinc*ck account when they sent my ass right to the IRS

[Anonymous No.29722266]

>>29721108
This is actually viable, right? If you renounce citizenship and get some kind of golden visa/solid residency? I know there's an INSANELY jewish exit tax if your net worth is over $2mil.
I remember thinking America was cool when I was little LMFAO, this place is literally one of the biggest shit holes on earth. I cannot wait to fucking bail on this place, its a matter of when not if. I promise I'm slightly less retarded than the average burger, also white and fit. I won't ruin your countries, I'll assimilate the best I can i just need to get the fuck out of here :(

[Anonymous No.29722279]

>>29722005
well if they're a legit brokerage, they're supposed to send the forms to you and the irs
of course nowadays they just send you an email and tell you where you can download your forms

[Anonymous No.29722307]

>>29721711
Who *doesnt* send paperwork? Asking for a fren

[Anonymous No.29722330]

>>29720286
having imaginary money

hahahaha getting taxed on imaginary money!!!!! hahahahhahaa nigger what are you doing.

[Anonymous No.29722356]

>>29721559
no fucking way, are you serious?

[Anonymous No.29722367]

>>29722236
XMR. Either lose your wallet keys in a scuba diving accident, or lose all your crypto in a single bad trade.

[Anonymous No.29722378]

>>29721559
Renounce your citizenship.

[Anonymous No.29722412]

>>29720286
just make up some shit and put it down

[Anonymous No.29722494]

>>29722367
Thank u fren, never used that before any advice?

[Anonymous No.29722534]

>>29722266
Yes this is viable, in fact you can do it in puerto rico. just buy some condo in san juan or something where you can get shit delivered to you without talking to anyone. be a neet for a year or so and then cash out.

[Anonymous No.29722587]

>>29720653
in Minecraft

[Anonymous No.29722642]

>>29722356
yes
bombing the shit out of syria isn't free
and the usa is a tax-farming plantation

[Anonymous No.29722790]

>>29720286
Cointracker or koinly.io
Point it at all your wallets and let it calculate...it will produce all tax docs for you...

[Anonymous No.29722910]

>>29720286
Just keep quiet until the whole thing burns down. In 10 years blacks will run everything.

[Anonymous No.29722937]

just sell it for cash, it's probably not a big amount anyway

[Anonymous No.29722939]

>>29722307
probably any exchange outside the usa
however:
>Since 1970, the Bank Secrecy Act requires U.S. persons to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have:
> Financial interest in, signature authority or other authority over one or more accounts, such as bank accounts, brokerage accounts and mutual funds, in a foreign country, and
> The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

[Anonymous No.29723004]

>>29720286
you won't pay any taxes if you lose all your money
been my strategy for years

[Anonymous No.29723087]

imagine being this worried about 15% capital gains tax, unironically ngmi

i'll light 15% of my profits on fire to light a cigar, that's how rich i am

[Anonymous No.29723149]

>>29723004
what exactly is the benefit of doing this over just paying taxes?

[Anonymous No.29723175]

>>29722378
how do you do this?

[Anonymous No.29723181]

>>29720286
pay to play anon. you'll rest easier

[Anonymous No.29723183]

>>29723149
Why give any money to Satan?

[Anonymous No.29723259]

>>29722236
You could always buy bitcoin on Bisq and trade on there

[Anonymous No.29723367]

>>29722939

[Anonymous No.29723429]

>>29722910
>Just keep quiet until the whole thing burns down. In 10 years blacks will run everything.
underated

[Anonymous No.29723460]

Should my friend report his capital loss? He used leverage on binance while he lives in the U.S. Would he get in trouble?

[Anonymous No.29723499]

>>29720286

[Anonymous No.29723528]

>>29723175

https://www.youtube.com/watch?v=C-m3RtoguAQ

[Anonymous No.29723542]

>>29722534
Woah am I reading this right? Live in Puerto Rico for 183 days and I don't have to pay jack shit?
This Forbes article I found says it doesn't apply to assets acquired before moving, but other websites say it does. Does anyone know the specifics on this? I might be able to escape earlier than I thought.

[Anonymous No.29723749]

>>29721711
>>29722279

The IRS does not have the capacity to go through block chains and multiple exchanges to track your crypto to crypto trades. It's not going to happen. Just report your cost basis and total profit made and you'll be golden. THIS IS NOT LEGAL ADVICE.

[Anonymous No.29723861]

>>29723542
Listen to me. I just visited PR, and met many crypto traders there. You can do it and it's easy, but you have to move the majority of your assets to PR, and be able to prove it. That means no US banks, etc. -- as far as I understand it. If you're serious, talk to a professional financial advisor, they'll help you. And whatever you do, don't live in SJ, that place sucks ass. Go to Rincon or somewhere more rural by the beach.

[Anonymous No.29723871]

>>29720286
Real talk how many OG’s are reporting atoken transfers on [redacted]? None right? Seems like cucked bullshit, no one knows, and crypto is 100% incompatible with these parasites long term.

[Anonymous No.29723895]

>>29723749
>THIS IS NOT LEGAL ADVICE.
I'm glad you said it. I don't tend to enjoy giving these kinds of tax hints on the internet.

[Anonymous No.29723911]

>>29723749
thing is, I couldn't find a way to simply report that - it was tracking manual trades similarly to a 1099-c - do you know something I don't, anon?

[Anonymous No.29723974]

Just let them lien your propety for 10 years and never sell they don’t come by just mail you when it’s over

If you wish to drop a tip I could use it bad
0x531f776E6Ca302093161106e259887510679c73b
Google federal tax lien

[Anonymous No.29724016]

question: if you took out a loan, and gradually paid it off with crypto directly (not turning it into fiat at any point), would that be taxed? neither taking out a loan nor paying it off is taxed, yes? or would it still count as income?

[Anonymous No.29724051]

>>29723974
holy shit he's right

[Anonymous No.29724307]

>>29723749
But they would plan on nailing you down to a specific wallet address in the future and then outsourcing the calculation to chain analysis to match against reporterd returns. So you would just keep cycling the public addresses that interact with cucked entities. But suppose they find a way to force ID to be linked with a certain threshold of USDC transactions and catch you repaying loans. Would deco enable them to do that? I suppose you would just transition to ampl loans before that happens right?

[Anonymous No.29724538]

>>29723861
Thank you anon. I will start this process in the immediate future. I was thinking I was gonna have to escape 6- figure hell to move to Switzerland or Panama or some shit.

[Anonymous No.29724607]

>>29724307
I would only worry about this if you are making more than 8 figures in crypto. You can find statistics on who gets audited and how often. But if you are making that much money you should be able to afford to pay services to track your trades and do you taxes for you.

The man power at the IRS is severely understaffed. Again, this is a risk you have to weigh, and THIS IS NOT LEGAL ADVICE.

[Anonymous No.29724670]

>>29722266
uh based department

[Anonymous No.29724731]

>>29724016
if you took a loan in dollars and you pay it back in bitcoin then every payment you need to figure the value in dollars of that payment and consider it a 'sale' of your bitcoins

[Anonymous No.29724744]

>>29722307
i sold 100 link at 16 and didn't get anything from CB.

[Anonymous No.29724935]

>>29723460
Anyone know?

[Anonymous No.29724992]

>>29720286
Don't be a homo and pay em.

[Anonymous No.29725037]

>>29723974
>asking for gibs
>ID: nog
Pottery

[Anonymous No.29725061]

>>29724992
Yes and pray for the troops.

[Anonymous No.29725103]

>>29724538
PR is the #1 tax haven for Americans by far. Rincon and Aguadilla are very American friendly too in my opinion. Sales tax is high like 11% but no FIT, no capital gains... it's very livable if you're not spoiled. You only need to prove you live there for 6 months, so 2021 is still wide open. There's a reason Peter Schiff moved everything down there.

0x9F0c0AFfF1E6A2cf13B547BaD6590A2144EfB541

[Anonymous No.29725122]

>>29723087

Anon, i believe it's considerably more than 15% for short-term capital gains...

[Anonymous No.29725171]

>>29725103

[Anonymous No.29725190]

>>29720286
pay them. they will be auditing everybody associated with crypto because they will need money. pay taxes.

[Anonymous No.29725236]

>>29724607
My friend will be at 8 before the end of this year. On one hand I understand but on the other I don’t even see how the current system will survive. Would it not make more sense to /ascend/ and then (((settle))) for a mere pittance. All that debt with interest could go away for just a handful of [redacted] in the future. “Muh peace of mind” posters are cucks, there is no peace of mind once you know certain things. And many of those things are what led anons to [redacted] in the first place. Just look at how many times they have changed the rules to bail themselves out since this fucking year started. I can count atleast 3 and all are world shattering in their own right.

[Anonymous No.29725246]

>>29723149
>lose all money in crypto
>money goes ???
vs
>lose money in taxes
>money funds shaquiesha’s 8th baby

[Anonymous No.29725290]

>>29725061

Based feoderati

[Anonymous No.29725330]

>>29720286
Buy high, sell low. Works every time.

[Anonymous No.29725394]

>>29720286
How am I supposed to figure all this shit out if I used uniswap like a thousand times?

"For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied."

That means I have to figure out how much USD my shitcoin was worth at the exact time I traded it, and figure out how much USD the other shitcoin was worth at that exact time, on top of knowing what my original basis in the shitcoin was. It's literally impossible.

[Anonymous No.29725440]

>>29725122
Short term gains are taxed as regular income so it ranges from 10%-37% depending on yearly income

[Anonymous No.29725504]

>>29720286
Best thing is if you're a renter and you start a home base business. Like an actual business. The you can write off a % of your rent/utilities/cell phone/mileage.

If you're just a wagie, then I'm sorry.

[Anonymous No.29725763]

>>29722412
This

[Anonymous No.29725807]

>>29722937
Define not big. Is 250k small enough to squeak by

[Anonymous No.29725847]

>>29723460
Play dumb

[Anonymous No.29725900]

>>29720286
Hold for over a year and pay less. That's literally all you can do.

[Anonymous No.29725945]

>>29720286
Crypto is property so prepare for property taxes.

[Anonymous No.29726052]

>>29722236
Kucoin is the best.
Buy btc through Apple Pay and then send to kucoin and play around.

[Anonymous No.29726090]

>>29721597
only if you obey the jews.

[Anonymous No.29726343]

>>29725440
FML I'm in 35% bracket

[Anonymous No.29726451]

SEDM.ORG

You are Welcome OP

[Anonymous No.29726871]

If a local coin shop accepts btc, can you just buy physical metals under the radar?

[Anonymous No.29727684]

>>29726871
Please answer this if anybody knows... Getting your money out by converting all your alts to btc and using it to buy gold direct, then you can always cash out the gold later

[Anonymous No.29728201]

>>29725394
I used to day trade and then sold merch on different sites in different countries. It becomes nearly impossible to keep track of, especially when it's some third world shithole or a company that tells you they just don't want to deal with U.S. W2s. I have always uploaded what I do have and then approximated the rest as best as I could. I've always operated under the logic that as long as you get the overall amount correct and they don't think you're trying to stiff them you're ok. That said, the IRS is a piece of shit.

[Anonymous No.29728251]

>>29727684
>>29727684
OK listen to me, chime card use kraken, pull small amounts out at a time less than 5-10k, buy a shit car you don’t plan on driving, play dumb if anyone comes asking they won’t but if they do at most put a lien against you that expires in 10 years don’t do what ur planning play dumb

I could use a tip but my dad died laughing as his lines expired a few months before
0xCa088F11d4a8eB171297366E23bef988017DB12c

His last words to me he smiled and laughed said “I beat the taxman” this is not advice.

Anyone else a burger read this I come from the car world this is common:

[Anonymous No.29729306]

>>29722494
theres a daily xmr thread

[Anonymous No.29729355]

>>29726090
>you don't have to pay taxes if you break the law
thanks for pointing this out anon

[Anonymous No.29730295]

>>29721597
>le taxable event

[Anonymous No.29730359]

>>29729355
it is hilarious how many tax cucks are on this board i swear they are all feds desperate to get paid

[Anonymous No.29730467]

>>29722236
protip
this is an IRS shill looking for loopholes to plug
if you spoonfeed him you are a retard

[Anonymous No.29730726]

>>29722910
i unironically have this game plan.

[Anonymous No.29731044]

Call me LARP if u like.
$9M crypto portfolio in today’s market. I’ll be cashing out $5M in April or May. Ive began preparing by meeting tax attorney and CPA’s.
I’ll be ready to cash out once CB updates my address to my new state.
It’s a no income tax haven. Im looking at 20% for long term Capital gains and my Uniswap gambling addiction.
Really sucks knowing I’ll be giving away a cool $1M on taxes. Walking away with $4M before Uniswap trade results.

[Anonymous No.29731238]

>>29731044
My main takeaway is if your willing to pay you won’t get fucked. What you report is a grey area. The taxman still is a bit behind. Lacks knowledge of the space.
Your CPA gets creative, saves u $, same with crypto.
You don’t need to report everything.

[Anonymous No.29731402]

>>29720286
If I've made a non sizeable amount in crypto (like less than $500) does it still get taxed? Like if someone gave me $500 the IRS would give no fucks.

[Anonymous No.29731451]

>>29720424
this. its simple. you can hold and lessen the tax, i forget how long i think its a year

[Anonymous No.29732006]

>>29720286
>imagine staying in the Jewnited States and having a massive percentage of your gains being given to shitskins with 9 kids and j*w bankers

Fuck that, if you aren't working on citizenship elsewhere or doing all your trading off the books, you're an absolute fucking fool. Western nations do nothing but bleed their citizens dry. No fucking thank you.

>t. peurto rico is lovely this time of year

[Anonymous No.29732071]

>>29731402
In burgerland it's anything over $600 is income so you're good

[Anonymous No.29732489]

>>29723499
Ah, Timothy I love your work!

[Anonymous No.29733212]

Real estate has many tax deductions that can be applied to reduce taxable income. First go, eh?

What is a standard deduction?