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/biz/ - Business & Finance

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4595546 No.4595546 [Reply] [Original]

I cash out between $10,000 - $15,000 a month in profits from coinbase, am I supposed to be tracking this for taxes at the end of the year?

>how do I not get fucked by the IRS

>> No.4595561

>>4595546
>I cash out between $10,000 - $15,000 a month in profits from coinbase
0.0001 BTC has been deposited to your designated coinbase shilling address

Why do you lie?

You can't cash out coins, nobody will pay real money for virtual coins

>> No.4595565

>>4595546
Simple, don't live in the US.

>> No.4595607

>>4595546
you're already fucked, start recording everything and hire an accountant

>> No.4595627

>>4595546
I've just cashed out via bitcoin atms so far. But I'd bet that coinbase and/or your bank will let the government know about your gains if you don't tell them.

>> No.4595632

>>4595546
you owe 40% on every cash out to fiat and every like kind exchange of crypto to crypto, good luck faggot

>> No.4595642

How much in total have you cashed out? I'm in a similar boat. At the same time, that one article stating only 800 people or whatever paid their crypto taxes shows a lot people aren't bothered to.

One anon posted a while back under 100k you aren't looked at? Not too sure about this

>> No.4595653

>>4595627
hope you did that shit with a mask on cause btms have to be aml/kyc compliant they are mandated to report your transactions

>> No.4595675

>>4595642
About $43,000, is there a form at the end of the year we fill out on how much we’ve made or how does this shit work. Also how much of my profit is going to be taxed?

>> No.4595699

>>4595675
every transaction from fiat to crypto, crypto to crypto, and then crypto back to fiat is taxable at short or long terms capital gains tax. tldr you're fucked and theyre taking 40% of your shit

>> No.4595713

>>4595632
A lot of people FUD like this guy.

like kind of exchanges are not considered. Only to fiat. And that may change depending on long term vs short term capital gains and your tax bracket.

https://www.fool.com/retirement/2016/12/11/long-term-capital-gains-tax-rates-in-2017.aspx
>>4595653
Again, really? Brb taxman using teh SecRet TEchNologies to face detect (better than police can) to determine your amount cashed out.

>> No.4595730

>>4595713
not me that's gonna be going to prison for tax evasion friend

>> No.4595736

>>4595675
Dude I'm in exact same boat. I just cashed out 42K in the week. Thinking about doing another 5K.

So...yeah.....you do you, I guess?

>> No.4595768

>I cash out
larping on the internet should be outlawed

>> No.4595772

>>4595730
> prisons are overcrowded
> send somebody to prison because a NEET didn't pay taxes on an emerging asset class that people are confused about.

More like, IRS finds out and says hey you owe us this much pay up. And you do.

You've been watching too many movies friendo.

>> No.4595777

>>4595713
Great, thank you.

So fiat to crypto, crypto to crypto isn’t taxed, only crypto to fiat

>> No.4595792

>>4595777
just remember when all your money is being taken away that you took tax law advice from a stranger on the internet rather than doing your own research or asking an accountant.

>> No.4595803

>>4595561
i am new here - is this true? why do people keep saying this? what is the purpose of all this if you can't get money from it?

>> No.4595811

>>4595546

What exchanges do/did you use? They should have records of all of your transactions.

>> No.4595816

>>4595546
only idiots pay taxes. if you don't know how to legally shelter money, then have fun being a wage slave for the rest of your life. Look into real estate, I have over 3 million dollars in tax right offs and have not paid taxes in 5 years :)

>> No.4595835

>>4595699
if anon can't follow it, the IRS definitely won't

>> No.4595842

>>4595803
its a ponzi scheme. the people at the top, aka /biz/ oldfags can take profit. the bottomfeeders are left holding the turd

>> No.4595850

>>4595792
Obviously going to DMOR, just figured I’d ask on here since crypto trading is fairly new and see what other people are doing.
>>4595811
Coin base

>> No.4595907

>>4595850

If it's only coinbase then you'd be dealing just in fiat to crypto, correct? So it should be easy, your transactions are all going to be recorded with dollar values. If you were trading cryptos for cryptos you'd have records, but they might just say X amount of Eth for Y amount of OMG at such and such time. If the tax man considers this taxable, then you'd have to go through the pain in the ass of looking up what the market price was around those times.