2018 Tax law is the same as 2017

[IRS No.5736403]

What I don't get is , the new 2018 law is just a enforcement of the law's that already existed, nothing was stoping the IRS to go after people in for 2017 tax's

It was more of a grey area not a loop hole so if you where doing crypto to crypto trades in 2017 you ran into the risk of getting short termed laxed

[IRS No.5736428]

>>5736403
taxed* not laxed

[Anonymous No.5737040]

I will second your interpretation OP

Anyone doing otherwise with their personal taxes are gonna get JUSTed harder than any bagholder

[IRS No.5737304]

>>5737040

yea and unlike with other areas of laws with the IRS you don't have the same rights.

They can destroy your life

[Anonymous No.5737431]

>>5737304
Yes.

Most people do not know that;
>If you skip out on taxes and flee abroad they will revoke your passport
>In order to renounce your citizenship you have to pay a flat tax on your entire net worth and you can only go through the process with approval from a US embassy official

You are paying these taxes either in USD or in an assramming from the IRS. You may think you will skirt under the radar now but in 5 years if you "make it" you are completely fucked when you want to cash anything out or make any big purchases and you have no tax history.

[Anonymous No.5737521]

I think there are a lot of naive kids on these boards making serious money who have never dealt with or known someone who has dealt with the IRS

[Anonymous No.5737573]

>>5736403
I've been saying this the whole time. This tax shit really isn't that hard. Just hold off 40% of your gains for potential taxes for the year.

Quite being greedy and admit either way you're on top.

[Anonymous No.5737649]

>>5736403

What do you mean "Enforcement"? It's specification. Like-kind should pass for tax year 2017.

[Anonymous No.5737674]

>>5737573
HOLY SHIT I HAVE TO HOLD 40% OF MY FUCKING GAINS LMFAO LAND OF THE FREE HAHAHAHAHAHAHAHAHAHAHAAHAH FUCK ALL OF YOU

[Anonymous No.5737780]

>>5737521
I have dealt with the IRS and it’s not that serious. If they do audit you they’re just going to ask for there money.

I fraudulently claimed a kid that wasn’t immune (cousins) and got audited. No biggy just had to give there money back

[Anonymous No.5737801]

>>5737674
It really depends of its short or long term. I used 40% as a safety amount. I've dealt with the IRS a couple years ago for a tax issue and have had them hold my money.

Trust me you don't want to deal with those ungrateful people.

[Anonymous No.5737859]

>>5736403
>2017
Only after sold did you count if it was capital gains or loss
>2018
No more like-kind transactions. You have to have a record of every transaction and it's value in USD at the time of transaction.

yeah, exactly the same...

[Anonymous No.5738014]

>>5737859

But the true value of crypto is zero

[Anonymous No.5738086]

>>5737431
>cash out 5 million in crypto
>no tax records
>just pay the 40% tax that year on the full sum and say it was from alternative tax trading

as long as they are getting their cut they will not give a fuck, i am a cpa and the real naive people are the mid 30s neets who never made more than a minimum wage job at mcdonalds in their life larping as IRS professionals to scare dumb kids

[Anonymous No.5738096]

If they want to tax it like this then can I pay them in bitcoin? Better yet can I pay them in Digibyte?

[Anonymous No.5738142]

Do I have to pay taxes on my gains from last year if I don't cash out?

[Anonymous No.5738254]

>>5738014
The true value is whatever someone will pay for them.

The change is retarded because these are essentially stocks or currency and other like-kind exchanges of the same nature are not taxed. They should leave this for when people cash out, not exchanging.

[Anonymous No.5738298]

Daily reminder the IRS are a criminal extortion racket.