UNISWAP SWAPS ARE TAXABLE

[Anonymous No.30125303]

Oh no no no, americans...

>https://gordonlawltd.com/cryptocurrency-bitcoin-taxes/

[Anonymous No.30125398]

>>30125303
Only if you're a cuckold

[Anonymous No.30125402]

Yeah no shit, everyone talks about this every day

[Anonymous No.30125403]

>>30125303
>paying a cuck tax
This is to entrap over socialized citizens who cant step out of line without having their self conscious rip them apart. The one thing PC culture has done successfully is the policing of ones self.

[Anonymous No.30125416]

Ameribros... we got too cocky

[Anonymous No.30125437]

same in germany.. as if they don't get enough taxes already.

[Anonymous No.30125462]

You need to manually track every single trade?

[Anonymous No.30125481]

>>30125303
>implying
how are they going to link you to your trades if it's decentralized and pseudonymous?

You're not making enough money for them to go the effort of tracking all the txs on your self-custody wallets.

[Anonymous No.30125550]

>>30125462
Yes

[Anonymous No.30125551]

>>30125462
No, there is software that keeps track of it.

[Anonymous No.30125599]

>>30125303
Americans do not fear government

[Anonymous No.30125616]

>>30125303
You'll end up saving money with how high the fucking gas fees are.

[Anonymous No.30125631]

>>30125551
What kind?

[Anonymous No.30125699]

>>30125481
Imagine thinking the IRS won't catch up on how to track every single poorfag to richfag to tax billions of dollars being traded on Uniswap. Takes a lot of effort to keep it totally anonymous
>>30125551
Can you share it? Would be helpful

[Anonymous No.30125940]

>>30125403
It's better to just pay them dude

[Anonymous No.30126015]

>>30125303
where is crypto-to-crypto on taxable other than crypto tax havens? In Finland every crypto tx is taxable even if you buy something directly with btc you need to file the profit

[Anonymous No.30126110]

>>30125631
Just input your ETH wallet into tokentax and it takes care of the rest. Where it gets tricky is if you moved coins into 3rd party wallets to yield farm.

[Anonymous No.30126183]

>>30125303
Americans I can trade instead of you but will take a cut 5%
We can start with small stuff to get your trust

[Anonymous No.30126267]

>>30125303

[Anonymous No.30126348]

Lol @ faggots who pay tax on gains from unregulated exchanges. Couldnt be a bigger cuck if you tried

[Anonymous No.30126530]

>>30125699
>Imagine thinking
Keep letting the corrupt government rape you.

[Anonymous No.30126539]

>>30126348
>ah yes, anon, I see you bought 3 ETH in 2019
>looks like you cashed out 164 ETH in 2021
>mind telling us where you got these ETH anon
>no? we're seizing those funds until you do

[Anonymous No.30126562]

Can someone explain this to me? I only have about 200k in crypto right now and didn't cash anything out. Why does it say my total return is 720k?

[Anonymous No.30126590]

>>30126348
Are you sure sir?

[Anonymous No.30126591]

>>30126539
>cashing out
ngmi

[Anonymous No.30126627]

>>30125940
>just pay them dude

[Anonymous No.30126699]

>>30126591
>not buying physical untraceable gold and silver with your mark of the beast NWO tracking system crypto gains
ngmi

[Anonymous No.30126701]

I don't pay tax when I sell things in a garage sell. That's my property that I already paid tax on. Crypto swaps are the same thing.

[Anonymous No.30126762]

>>30126562
Idk, I'm retarded, but I hope another fellow anon can help you figure it out

[Anonymous No.30126790]

>>30125403
>>30125481
>>30126348
The feds will go through retarded lengths to fuck you over. Never underestimate the autism of the IRS.

[Anonymous No.30126805]

>>30125403
>implying the irs isnt actively looking for any excuse to legally rape you

[Anonymous No.30126828]

>>30126562
Maybe you owe more in taxes than your crypto is currently worth. LOL

[Anonymous No.30126871]

It's insanely gay how much they take out, but trayvon and latrina need new Jordan's. Just pay the 30% and be happy you have a functional brain that let's you get ahead in life vs being brain dead public housing zombies.

[Anonymous No.30126912]

>>30126871
Based

[Anonymous No.30126947]

>>30126828
This is possible

[Anonymous No.30127060]

>>30126762
How do they expect me to pay that when I don't have the money?

[Anonymous No.30127152]

>>30126947
Kinda... you'd have to make a bunch of profitable trades and park in something that got nuked.
Anyone reading that makes it swinging, please be sure to take your profits, or set aside in cash Caesar's due. Don't turn $50 into $100k then let it ride in btc.

[Anonymous No.30127197]

>>30126562
We’re just going to have to confiscate all your assets until you can fetch that ‘missing’ 500k

[Anonymous No.30127221]

>>30127152
>be sure to take your profits
but then you can't make multiples more on the next trade.

[Anonymous No.30127231]

>>30127060
>you will own nothing
>and you will be happy

[Anonymous No.30127236]

>>30126562
how many trades did you make fuckhead

[Anonymous No.30127268]

OH SAY CAN YOU SEE

[Anonymous No.30127271]

>>30126110
Is tokentax better than koinly?

[Anonymous No.30127328]

>>30126562

It’s defi these niggers are trying to tax AAVE loans as gains dude.

Did you do anything in DeFi?

[Anonymous No.30127345]

>>30126539
It'll never be like this unless you use cuckbase.
What will actually happen.
>Invested $500 in 2019
>Crypto bullshit on uniswap
>Made $245000 in that time
>Transfer money to say binance.us
>Turn money back to fiat
>Contact bank and inform them or incoming large transfer and explain to them it's a long term profit on a $500 investment made in 2019
>Once Bank is on the same page, transfer funds
>IRS will be notified as per standard procedure.
>Money stays unfucked
>Report long term capital gain on Form 8949
>Pay 15% on $244,500, minus fees from all the moving around (roughly $36,000)
>IRS gets money, doesn't give a shit

However, I'd argue if you kept track of uniswap and everything the entire time, you'd arguably pay less cause every loss and gas fee would also be accounted for throughout the 3 years and you'd be paying far less on the final amount.

[Anonymous No.30127401]

Ameribros I wanna fucking cry I'm fucked, we're so cucked we have to pay taxes on Uniswap trades. I owe them 70k FUCK at least now I know

[Anonymous No.30127404]

>>30126562
Yeah you're gonna end up fighting the IRS on this one, that's some bullshit

[Anonymous No.30127415]

>>30127236
Around 500. I'm guessing they just kept adding without subtracting when I traded something away. I never made 720k from crypto last year

[Anonymous No.30127416]

>>30125303
this has been known for a while
thankfully i dont live in a third world country like usa, australia or germany

[Anonymous No.30127425]

>>30125303
IRS shillbots are working overtime today.

[Anonymous No.30127433]

>>30127221
See
>>30126562
I don't know what this guy did, and it may just be a math error, but it looks like he gained big trading and put it in something that shit the bed.

[Anonymous No.30127464]

>>30127152
>you'd have to make a bunch of profitable trades and park in something that got nuked.
There was a thread earlier where an anon moved $150k of FTM profits into a BSC coin and got rugged. He's probably fucked kek

[Anonymous No.30127489]

>>30125303
> giving a shit about what the IRS has to say about crypto trading

[Anonymous No.30127490]

>>30126539
>ah yes anon, I see you bought 3 ETH in 2019
>yes anon, I also see that you solo mined a couple of hundred monero in 2014
Or
>Belize is not interested in your past tax affairs. We have no capital gains tax at all.

[Anonymous No.30127539]

Can I just keep swapping using XMR?

[Anonymous No.30127587]

>>30127464
No he's not. You idiots know losses cancel out gains, right? Unless you made serious money in December and didn't have the common sense to set the taxable amount aside before investing in January.

[Anonymous No.30127601]

>>30127464
If he sells, he can counter the gain with a loss. If he reddit "diamond hands" he owes...

[Anonymous No.30127609]

>oh no, someone stole my seedphrase and swapped everything to XMR

[Anonymous No.30127611]

>>30125303
In Brazil they only tax you if you cash out. (I think) but it's pretty high taxes.

[Anonymous No.30127617]

is there absolutely no tax allowance for crypto in america? you even have to tax the shitty $100 you have made in a year through uniswap?!
HOLY SHIT. GERMANY IS LIKE HEAVEN

[Anonymous No.30127652]

this is like the 6th thread on this.. we get it. it's not a big deal use turbotax or something.

[Anonymous No.30127680]

>>30127415
>I never made 720k from crypto last year
>around 500 trades
lol that 800k is the amount that your trades were worth in total, as far as i understand
might wanna see a tax attorney on that one

[Anonymous No.30127706]

>>30127231

[Anonymous No.30127726]

>>30127609
They may make you prove that. UncleJoe and team seem to have a mega hard on for crypto.

[Anonymous No.30127737]

>>30127609
is it really that easy?

[Anonymous No.30127781]

>>30127652
TT is really not suited to crypto gains, even using koinly
>t. spent 4 hours the other day trying to file my return
just see a tax specialist instead

[Anonymous No.30127785]

>>30127587
>You idiots know losses cancel out gains, right?
It's not that simple. As far as the IRS is concerned all of the $150k profit was not "his" to gamble on another coin. He gambled money that was owed to them, that is his fault. However if the the date he realized the initial profit is in the same year he might be fine, but I dont think that was the case for our unfortunate fren

[Anonymous No.30127812]

>>30127726
how the fuck would you "prove" that? Call up the hacker and ask him to sign for confirmation that he robbed you?

[Anonymous No.30127833]

>>30127680
Oh ok so then I'm good. Technically you could trade $400k worth of eth into $400k worth of link. That's $800k worth but zero profit aka no capital gains taxes. Thanks for clearing that up.

[Anonymous No.30127839]

>>30127617
still more retarded than it should be.
Had to sell and rebuy all my GRT at ~$1.50 a few days ago, because I tried to swing at ~$2.40 and would have paid taxes on that higher price otherwise.

[Anonymous No.30127885]

>>30127601
>If he sells, he can counter the gain with a loss.
only if the trade was in the same year. Anon's need to be careful with this rule. If you have realized profits from 2020 DO NOT 100% yolo profits into shitcoins this year.

[Anonymous No.30127962]

KYC exchange?
No thanks

[Anonymous No.30128074]

>>30125699
I bet the IRS is the only government organization that doesn't practice affirmative action.

[Anonymous No.30128146]

>>30127785
It actually is that simple.
Say I sold a coin and made $25,000 on it.
Then I invested $25,000 in Coin B and lost most of it on a rug.
So I sell coin B
Coin A capital gains is $25,000
Coin B capital losses is say $24,500
I pay capital gains on $500, minus fees.
The IRS has no way of proving you used gains to make or lose more money. They only have your total at the end of the year, assuming you're keeping track of everything.

What people fuck up is the "You can only claim $3000 of losses every year." That's not in total, that's what you can deduct. If I lose $50,000 on shitty investments, I deduce $3000 this year, then next year I carry over $47,000 in losses. So the following year I can make $50,000 worth of gains and only pay tax on $3000 cause the losses still exist and cancel it out.

[Anonymous No.30128290]

>>30127885
Very good point.

[Anonymous No.30128295]

>>30128146
If all of those events happen in the same tax year, yes that's fine

[Anonymous No.30128358]

>>30126591
This right here. If you’re not cashing mostly to bitcoin NGMI

[Anonymous No.30128444]

>>30127839
well, I couldn't be assed to fill in taxes either so I think you made a good choice. I buy and hold so I don't have to bother with all of this

[Anonymous No.30128448]

>>30125303
what did you thing faggot
welcome to 2021

[Anonymous No.30128451]

>reporting uniswap trades
Unless you're depositing thousands of dollars into your bank account, don't worry about it

[Anonymous No.30128488]

>>30127833
yeah, if you bought 400k worth of link at some price, say 15, and immediately converted into eth, the price fluctuation would probably be minimal at most, so there'd technically be little to no gain or loss
but if you held link till it hit 20 then converted, you'd have gains that would be taxable because, technically, you cashed out the link to USD and then used that USD to buy the eth. with 500 trades made, i'm betting you weren't just swinging back and forth for the fuck of it, so there're probably some taxable gains in there

[Anonymous No.30128524]

>>30125303

IMAGINE THINKING THE IRS HAS THE CAPACITY TO AUDIT SOMETHING LIKE THIS WHEN THE PANDEMIC AND ROBINHOOD OPENED UP THE FLOODGATES TO MILLIONS OF NEW DAY TRADERS

IRSKIKES TONGUE MY ANUS

[Anonymous No.30128528]

>>30125462
yes you could/should in combination with a tax software like cointracker
t. sec

[Anonymous No.30128544]

>>30128295
That's why you only sell in December. December is the best time to unload shitcoins for losses to offset all the money you made. Everyone does it. What you can't do is buy back in January (Wash Sale rule) so make sure a shitcoin is effectively dead before you use it to reduce short term gains.

That being said, keep track of your gains. All of them. Including using ETH you bought in 2018 now. It'll save you a headache. Also you'll know how much pain you're in for when you do your taxes so shit like this doesn't happen.

[Anonymous No.30128596]

>>30126590
Yes.

[Anonymous No.30128617]

>>30128451
I absolutely assure you, there will come a time when they crawl the chain noting your wallet' s transactions. Probably why the Hebrews invented grt to begin with.

[Anonymous No.30128697]

>>30128451
this doesn't make sense. at some point you want to cash out/trade and then you have to show your transactions which led up it. they will see that you didn't tax those trades and fuck you even harder because profited with the taxes

[Anonymous No.30128780]

>>30125303
>in the eyes of the IRS
Cringe.

[Anonymous No.30128898]

>>30127345
This is based and the correct way to do things.

[Anonymous No.30129142]

>>30126701
but you should, kek

[Anonymous No.30129639]

>>30128898
>>30128146
>>30127345
I'm going to add something else to all this because we Americans are educated poorly on what to do if you get audited. Everyone just goes "Haha you're fucked! Get the lube!" Fuck that. This is what you do.

>Receive notice of audit
>Do not, under any circumstances, talk to the IRS alone. You are still protected by the 5th amendment.
>Get a tax lawyer immediately.
>Be 100% honest with them, even if you did scam the IRS a little. They are bound legally not to disclose anything you tell them (attorney/client privilege)
>They will review your taxes and the audit seeing how legitimate it is.
>They will work out either a counter offer to their audit (which is usually in your favor and 99% of the time the IRS takes), or in most cases, tell the IRS to go fuck themselves because they're only auditing you because of 'irregularities' (ie, a NEET making six figures out of nowhere without being a wagie)
>IRS will almost always fuck off, and go find another sucker who doesn't have a more powerful jew working with them.
>You pay the lawyer (and potentially any amount you owe the IRS.)
>Crisis over.

[Anonymous No.30129790]

>>30127489
Fucking Soilet

[Anonymous No.30129815]

>>30128146
I'm too gentile for this shit.

[Anonymous No.30129877]

>>30125699
>imagine having the soul of a slave

[Anonymous No.30129975]

>>30129639
https://www.youtube.com/watch?v=d-7o9xYp7eE
In this video is an anecdote on not talking to police about taxes because theres literally no fucking way anyone can know the entire legal code for them by heart and theres zero way to avoid implicating yourself. He uses it as the example for why you should never talk to police ever, under any circumstances but with taxes especially, never.

[Anonymous No.30130079]

>>30129975
I love that video.

[Anonymous No.30130150]

kek
>begging for shitty coins
>lose everything
>cry on 4ch on every topic

I am not retarded to go this way, my portfolio with GSX, I know how to do bullish stuff

[Anonymous No.30130311]

>>30125303
It's like this in almost every country that has capital gains tax. You're realizing a gain by trading. Same for spending your coins. How much it's actually enforced is a different matter.

[Anonymous No.30130386]

>>30125462
everythings on etherscan so it's easy as fuck you just need to sit down for an 8-hour binge and just comb through it all

[Anonymous No.30130428]

what i want to know is how to calculate the staking taxes on bancor? It is only taxable when i withdraw the rewards? OR is it taxable every few minutes i receive rewards/fees?

[Anonymous No.30130434]

>>30130386
Cuck

[Anonymous No.30130585]

>>30130434
Who's more of a cuck? The guy who gets fucked on a lump sum cap gain or the guy who reports 400 transactions, each with gas fees and losses when Eth price changes, and pays far less?
>inb4 don't pay
Yeah good luck with that.

[Anonymous No.30130696]

I used Koinly to track my 1,500 transactions across multiple exchanges and DEXes. It was easy.

[Anonymous No.30130735]

>>30125403
>policing of oneself
Everyone laugh at the faggot who thinks he’s Foucault. Go die of AIDs in a Californian bath house

[Anonymous No.30130753]

>>30125940
Only if your a retard who doesn't know how to bullshit the feds

[Anonymous No.30130823]

>>30125303
Only DEX worth paying attention to is XSN. BTC/USDT biggest pair by volume.

[Anonymous No.30130997]

>>30130823
Are you a retarded person or just the shittiest bot ever?

[Anonymous No.30131210]

>>30126539
>Unregulated chink exchange
>bullshit that all your crypto investments were long term investments.
>Can't check cause gook exchange

[Anonymous No.30131414]

>>30130997
It's obviously a bot

[Anonymous No.30131582]

>>30126562
You should be able to see your Net Cost somewhere. Your gain is Proceeds-Cost, you pay tax on the gain only. Proceeds are just one side of the equation.

My proceeds are often like 800k, costs 750k, gain 50k and pay tax on that. Folio is like 300k.

[Anonymous No.30131678]

>>30130735
>over-socialized
Thats Ted Kaczynski you mong.

[Anonymous No.30131683]

>>30125303
how would they even know?

[Anonymous No.30131715]

>>30125481
by literally just following your transactions back from the ethereum address you sent your tokens to coinbase (or whatever you used) with. It's quite hard to make it untraceable without trading for something like monero on a non-KYC exchange, which usually have low volume

[Anonymous No.30131795]

>>30127345
>>30129639
>>30128146
One of the most helpful things I've read on here in a while. Thanks anon

[Anonymous No.30131831]

>>30128146
This is wrong, do not follow this advice unless you want to get audited. However the true redpill is to stop cashing out your crypto under your name and cash it out under a LLC.

"You can use a maximum of $3,000 of capital losses each year as a write-off against income other than capital gains. If your losses are greater than your gains by more than $3,000, the extra losses above the $3,000 limit can be carried forward to future tax years. In the next tax year, the carry forward loss would again be first used against capital gains, and another $3,000 of excess would reduce other income. For a large loss and no capital gains, your loss will carry forward indefinitely with a $3,000 reduction in the carry amount each year until it reaches zero."

[Anonymous No.30132005]

>>30125303
The absolute state of amerimutts

[Anonymous No.30132219]

>>30131582
Hey its me. Does this help? Does that mean I can get 1k in tax losses?

[Anonymous No.30132311]

>>30131831
No, I'm right. You're skipping a step.
First you compare capital losses to capital gains. If losses exceed gains, then you can deduct losses up to $3000. After that, capital losses are carried over to the next tax year and you start off 'in the red' so to speak.

You can deduct a max of $3000 against income OTHER THAN CAPITAL GAINS. This is assuming you already deducted it from gains, not that you're not allowed to. This is how turbotax even does it ffs.

[Anonymous No.30132344]

>>30125402
this, shut the fuck up OP I don't wanna hear it anymore

[Anonymous No.30132448]

>>30127345
I'll also add that the IRS doesn't have the resources to track down all the people cheating on their taxes in USD. By you reporting any crypto earnings they are likely to accept whatever you say because they don't have the resources to do a full investigation. I would say a montero swap in there isn't a bad idea just to muddy the trail a bit.

[Anonymous No.30132462]

>>30125303
How would they even know? Also, doesn't the IRS not even care if you make a super meager amount (like under $1k)? I won't even bother putting this shit on my taxes.

[Anonymous No.30132512]

Technically trading pokemon cards is also taxable.

[Anonymous No.30132534]

>>30132448
Bullshit. Someone just made a thread saying hes being audited after declaring. As soon as you declare you just made yourself low hanging fruit and they give you a financial enema.

[Anonymous No.30132696]

>>30126701
This. They’ve encroached way too fucking far into the lives of the citizens. We fought a revolutionary war against England over taxes far less than this shit. I’m tired of it.

[Anonymous No.30132705]

>>30132448
>By you reporting any crypto earnings they are likely to accept whatever you say
So if I report that I sold 215k unn for $500k profit, I'd have to pay that?

[Anonymous No.30132790]

>>30132534
He's being audited cause he never filed before and he's almost 30 years old.

[Anonymous No.30132922]

Will filing for an extension put an audit target on my back? I have a good reason for it other than crypto (wife and I worked in 3 different states last year).

[Anonymous No.30132951]

>>30132534
I've been audited before. Not for crypto, mind you, but it was painless and they didn't like chain me to a chair or anything.

It was clear I wasn't attempting to get away with anything, so they explained a schedule was filed out improperly (cost basis for a custodial account I cashed out from my grand parents) and I could either pay the adjusted amount based on their calculations or produce the actual documents from fidelity (never going to happen). I paid the $1500 on what was in essence found money, and just moved on with my life.

Just don't try to get away with anything deliberately, and they're not going to crucify you.

[Anonymous No.30133017]

>>30125303
hey at least we get a lot for the taxes we pay. glad I don't live in some third-world shithole, heh...

[Anonymous No.30133103]

Should have voted for Trump retards, Biden wants to crack down on crypto. Trayvon needs his gibs

[Anonymous No.30133380]

>>30132534
It's not what you know it's what you can prove in court They can audit you back to the monero swap. Then they can't prove shit so they'll have to believe whatever your attorney wants to sell them. This also has to do with how big of a fish you are $500k+ is worth getting an attorney over. 5 million+ and you might want to consider the most legitimate way to fix the situation.

[Anonymous No.30133627]

>>30129975
It's insane, that even lawyers would encourage you to technically do the wrong thing and never ever help the police because of how corrupt the system is.
Anyone who defends the police or the justice system should literally, unironically be killed.

[Anonymous No.30134310]

>>30126539
/thread

[Anonymous No.30134649]

>>30125303
It' better to declare anyway. You might get away with not reporting it but it isn't worth it. If you're a Trader then reporting Capital Gains over years is normal. If you report nothing then suddenly Cash Out big one day they'll think you're a drug dealer or something and look into you. It's not normal for an average person to suddenly pay $1M into their Bank Account.

[Anonymous No.30134670]

>>30132696
>We fought a revolutionary war against England over taxes far less than this shit
Your ancestors did not fight a war over taxes; they started a war against Britain because of empty promises, a gross violation of their rights and civil liberties, and the lack of representation both in politics and in the judicial process.