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7133772 No.7133772 [Reply] [Original]

>tfw getting audited for the second time in a row

>> No.7133790

>>7133772
How do you know??

>> No.7133797
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7133797

>tfw got audited this year and IRS said I owed 60K in crypto taxes

>> No.7133814

>>7133790
They told me. Happening in March or something.

Not sure how it works where you live, but herein Belgium that's how it goes.
Oh, and getting audited always covers two years.
Last time was 2013-2014, now it's 2015-2016.

>>7133797
>IRS said I owed 60K in crypto taxes
For real?

>> No.7133816

>>7133797
how'd they come up with that number

>> No.7133840

>>7133772
Ill be paying 100k in taxes for making 300k

>> No.7133849

>>7133840
>making 300k
In crypto?

>> No.7133861

>>7133849
ofcourse

>> No.7133872

>>7133861
In Belgium, supposedly you pay 0% tax if you invest "prudently", i.e. no speculating.
The consensus seems to be that this implies not touching any of your investments for at least 1 year.

>> No.7133912

>>7133872
Lucky you
We are taxed at 30%

>> No.7133935

>>7133912
You never know, though.
One good indication is the fact that some student got slapped with a 30% tax rate in court for running a bot.
This implies that he wouldn't have had to pay 30% if he had refrained from speculating.

>> No.7133986

>>7133935
Yea I am an active trader, so I would pay the same in your country
Anyways I can sell on localbitcoins to save taxes

>> No.7133987
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7133987

>>7133772
>>7133797
>>7133840
>>7133872
Never cash out retards.

Eventually you'll be able to pay shit a lot more easily with Crypto, just keep accumulating until we're there.

>> No.7134004

>>7133987
Are you kidding me, u are implying I should have not sold btc at 20k

>> No.7134076

bump

>> No.7134094

>>7133986
>Anyways I can sell on localbitcoins to save taxes
You mean they won't be able to trace your crypto addresses?
Then why are you paying taxes at all?

>> No.7134110

>land of the free

>> No.7134120

If you have to pay taxes on crypto gains, does that mean crypto losses must be deductable as well?

>> No.7134125

>land of the free

>has to pay taxes on Wow gold

JUST

>> No.7134143

>>7134094
No it's not possible to know who owns a btc address
Ofcourse , selling everything on localbitcoins is very risky
1) The sell price there is always 10% less than market rate
2) My search history, browser history might be tracked so they know I am trader for sure
I just sell small amounts in range on 500-1k dollars frequently

>> No.7134155

>>7134120
please contact some expert. you will get confused here

>> No.7134162 [DELETED] 

Did you guys cashed out? Or crypto exchanges gave out the information about their clients to the IRS?

>> No.7134168
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7134168

>>7133987
What if this is the reason crypto rules the world? the gains you've made can never be cashed out and must remain use tokens for paying for all significant purchases/content. Otherwise heavy handed government taxes destroy your profit.

>> No.7134176

How they know about your crypto gains at all? Did you guys cash out? Or crypto exchanges gave out the information about their clients to the IRS?

>> No.7134202

>>7134143
>No it's not possible to know who owns a btc address
Well it is if your identity is tied to the exchange where you first bought crypto with fiat.
Once they know that, they can trace your transactions all around.

>> No.7134275

>>7134202
First thing is I bought it from localbitcoins
Second is, imagine someone puts in btc in binance and withdraws it to localbitcoins from binance, it can not be traced as binance sends that from it's cold wallet

>> No.7134292

Do they send you a letter or what.

>> No.7134315

>>7133987
>pajeets actually believe this

>> No.7134322

>>7134275
>First thing is I bought it from localbitcoins
Then that solves it.
If you're careful, you won't have to pay any taxes then.

>>7134292
My accountant called me.
He wants the auditor to do the audit at his office, but I'm not too sure.
Last time he caved as soon as the auditor brought up the TV I bought as a "computer monitor".
If the auditor had come to my place, that TV would've been hung on the wall on a bracket, connected to my computer and I wouldn't have caved.

>> No.7134336

>>7134004
You sell and then dump the money into the next best thing.
Common sense man

>> No.7134343

>>7134004
You can trade as much as you want, and yes you should have sold at 20k, but then reinvest it when BTC went down, never to actually cash out your gains into your personal bank account.

Just have to take that risk having your fiat at the exchange for a little while now and then.

>> No.7134347

>>7134322
The only way to track it is if they force me to show them my binance withdrawal history. Is that allowed?

>> No.7134364

I took out $1k, but I put it on my tax return. Am I going to get blasted in the anus?

>> No.7134379

>>7134336
There is something as risk management
As if I can 100% predict the next big thing

>> No.7134386

>>7134347
They'd have to know you have a Binance account in the first place.
If you bought through localbitcoins, it's hard to imagine how they'd ever know you even have any bitcoin.
Unless you paid for them by wire transfer, and the seller is a known bitcoin dealer or something.

>> No.7134416

>>7134386
My internet search history can tell them everything

>> No.7134425

>>7134379
Well I’m sure you can predict them taxes to be sweet if you cash out.

>> No.7134436

>>7134416
Well they'd have to have a reason to start rummaging through that.
Also, if you made a couple hundred k, just destroy your old computer.

>> No.7134443

Paying taxes is for cucks

>> No.7134463

>>7134436
Bro, my ISP would give them my history not me

>> No.7134488

>>7134463
I'm not sure to what extent ISP's keep a record of every single person's browsing history.
But again, they'd have to have a reason to do it first.

>> No.7134535

>>7134488
The reason is
1) I will pay taxes on 70% of my gains as I am not selling 100% on lbc
2) Isp keep a record for 2 years of everyone's history

>> No.7134594

>>7134535
Well if you're volunteering your taxes, there's not much to say.

>2) Isp keep a record for 2 years of everyone's history
Guess that could be feasible.

I just looked it up, and in Belgium ISPs are not required to keep such a record.
In the Netherlands they have to keep everyone's histories for 6 to 12 months.

>> No.7134651

>>7133814
> here in belgium.

fuck.

I thought the belgian tax guys don't care if you don't earn big sums?

>> No.7134659

>>7134594
I am not from belgium
in my country it's 2 years
The rate for bitcoin on lbc is 15% less than market price, so it's not that rewarding to take risks of major tax evasion by selling there

>> No.7134702

>>7134651
I'm not getting audited because of crypto though.
I'm a small-time self-employed hard-working entrepreneur.

>>7134659
15% loss via lbc
30% loss through taxes

In your case you lose an additional 50k by choosing the tax route.

>> No.7134780

This is the truth about crypto "currency". You've been Pajeeted. He used your need to feel smart and get back at The Man to play you.

>> No.7134795

>>7134702
No, here the income tax department can audit you up till 8 years after the gains have been made
So, it's not worth risking a 100% penalty with 12% interest rate compounded annually being sent to me after 8 years

>> No.7134835

>>7134795
How would they even know you made any gains?

>> No.7134882

>>7134835
I do not trust tether, so I keep my money in fiat on exchanges in my country and use it as a hedge in place of tether , they have all my kyc and report high volume trades to income tax department

>> No.7134926

>>7134882
>they have all my kyc
Well then that obviously negates the fact that you bought your crypto through localbitcoins.

>> No.7134962

>>7134926
Ofcourse it does
but you can still sell small amounts on lbc without being traced

>> No.7134980

>>7133772
Fucking kutbelasting.

Moet je cryptogains aangeven als je niet gecasht hebt?

>> No.7135029

> paying crypto taxes
I trade like 15 times a day. No way I can keep track of all that. Have fun cucks

>> No.7135076

>>7134962
Like I said, they'd need a reason to invoke kyc on your ass.
So as long as you cash out smartly, there's really no way for them to know.

Of course, if peace of mind is worth a couple dozen k, then more power to you.
I'm not at that level yet, but I can imagine peace of mind being worth that much to me.

>>7134980
Ik denk het niet, enkel als je verzilvert.
Trouwens, zie >>7133872
>>7133935
voor wat goed nieuws.

Ik word gecontroleerd omdat ik kleine zelfstandige ben, trouwens. Niets te maken met crypto.

>> No.7135107

>>7135076
My daily trade volume on those exchanges is in 100-200k a day
I guess it's a good reason ;)

>> No.7135143

>>7135107
Yup, that'll do it I guess.

>> No.7135562
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7135562

Also, I bought a house in 2017 and my revenue for that year was about 2x my average annual revenue.
So odds are I'm going to get audited next time as well, making it 3x audited in a row.

>> No.7136402

>>7133987
This. I'll cash out once I can purchase a home with monero.