/biz/ - Business & Finance

[Anonymous No.7277043]

Anyone who day trades with over 10 k is going to get anally anhilliated with crypto to crypto taxes

prove me wrong

[Anonymous No.7277054]

>>Don't be from the US
>>Don't report trades on exchanges they can't track e.g. Binance

[Anonymous No.7277058]

If you trade with anything more than 1k you are going to get raped from the irs.

[Anonymous No.7277063]

>>7277043
It's true. Im seriously fucked at this point

[Anonymous No.7277089]

>>7277054
Good luck cashing out buddy, almost every FIAT exchange expects a full report on where exactly your crypto came from.

[Anonymous No.7277092]

>>7277058
i heard irs doesnt care about anything below 10 k

[Anonymous No.7277101]

>>7277043
This is so fucked but seems like it's true. They should make an exception for crypto

[Anonymous No.7277128]

>>7277101
The Jews making an exception? Come on goy

[Anonymous No.7277141]

>Don't be from the US.
>Only report when changing to cash.

[Anonymous No.7277203]

>>7277089

>>Literally make shit up. "I traded BTC to tether back to BTC three times."

[Anonymous No.7277231]

>>7277043
>DUDE THE IRS TAXES YOU 10 CENTS FOR EVERY TRADE YOU MAKE LOOOOOOOL

retards think this

[Anonymous No.7277251]

>>7277043

live in canada.

LOOOOOOOOOOOOOOL suck to be taxed out the ass for you

[Anonymous No.7277276]

>>7277203
>I'm sorry sir, we will require the exchange you traded on to fax over the relevant documentation of those trades to us.
>We will only accept valid SEC-licensed US exchanges for documentation consideration.

[Anonymous No.7277293]

>>7277276
welp sorry sir didnt know it was illegal to trade on non us exchanges
oh wait its not so u can fuck off homo

[Anonymous No.7277302]

>>7277043
I don't live in the USA, and I'll lose everything by next year, so no worries here.

[Anonymous No.7277314]

>>7277251
It's the same in Canada brainlet.

http://business.financialpost.com/technology/blockchain/if-you-sold-or-used-bitcoin-last-year-the-cra-needs-to-collect-its-due

[Anonymous No.7277329]

>>7277043
The only reason that would suck is because you have to report a ton of trades. You get taxed the same for the same gains no matter how many trades you make unless youre going for long term cap gains

[Anonymous No.7277343]

>>7277293
Yes, sir, it is illegal under our new anti-money laundering provisions to trade on a non-SEC licensed exchange.

Please be aware that you are now subject to a fine of $250,000 and up to 7 years jail time.

[Anonymous No.7277355]

>>7277329
this

so if you're a NEET and gain less than 22k and make 5,000,000,000,000,000,000,000 trades this year, you pay no taxes

[Anonymous No.7277379]

>>7277343
>SEC

not money

[Anonymous No.7277401]

>>7277379
>the SEC and the IRS don't work together

[Anonymous No.7277418]

>>7277401
if it isn't money, the SEC doesn't give a shit

SEC already said it's not money and they don't give a shit

[Anonymous No.7277476]

>>7277418
>The SEC doesn't give a shit
You know the SEC and CFTC are holding a senate hearing on crypto this week right?

[Anonymous No.7277505]

>>7277476
and nothing will come of it

[Anonymous No.7277523]

>>7277505
>and nothing will come of it
Pride comes before the fall

[Anonymous No.7277524]

>>7277355
the std deduction isn't 22k for individuals, dumbass. That's for couples filing jointly. It's 12k for neets.

[Anonymous No.7277541]

>>7277524
you're right. pretty rude though

[Anonymous No.7277551]

>americucks

[Anonymous No.7277560]

>>7277043
actually I'll just not report it. I'll pay taxes when I cash out, but i refuse to pay taxes on trades.
as if the IRS has the manpower to actually come at me. and if they do they won't be able to find shit.

[Anonymous No.7277618]

>>7277560
>as if the IRS has the manpower to actually come at me
lol so naive

https://www.forbes.com/sites/robertwood/2013/10/23/beware-global-irs-reach-very-long-memory/

they have the tools to pursue massive whales with swiss bank accounts and numerous shell corps

some faggot middle class neet trying to pull one over on US continental soil is just another day at the office for them, child's play even. They don't fuck around.

[Anonymous No.7277621]

>>7277043
Can retards not into percentages? You'll be paying the same thing as before.

[Anonymous No.7277707]

I was under the impression that the only time you need to report is when you cash out. Am I wrong on this? dont have a lot invested but still this makes me worry.

[Anonymous No.7277730]

>>7277707
nope, rules change this year

if you haven't held for a year, any gain you make is included in your short-term capital gains for the year

[Anonymous No.7277859]

>>7277314
I have no fucking idea anymore. Went to see 3 different CPAs 1 does crypto and says you don't have to, the other said that you had to, reddit says so, the other day some leaf anon said that you didn't have to, then online it says that you have to.

[Anonymous No.7277886]

>>7277314

not touching CAD or USD, not touching Tether, everything like for like, not reporting. selling every other week localbitcoins. come get me CRA, there is nothing there

[Anonymous No.7277891]

>>7277859
I'm a leaf too and I'd say better to err on the side of caution, as much of a bitch tracking down all the trades is going to be.

[Anonymous No.7277910]

>>7277886
>localbitcoins
literal honeypot, google "localbitcoins arrests"

[Anonymous No.7277936]

>>7277910

Where did you get those coins?!?

Mined them forever ago. no coinbase deposits, no transfers from bank...

Only ever bought person to person

[Anonymous No.7277945]

>>7277043
>crypto to crypto taxes
tfw living in singapore with 0% capital gains tax. Ask me how comfy I am.

[Anonymous No.7277964]

>>7277936
Do you think the feds give a fuck where you claim you got them if you're running an unlicensed exchange brainlet?

[Anonymous No.7277994]

>>7277910
Since when is it illegal to use localbitcoins you fucking retard?

[Anonymous No.7278001]

>>7277945
Will I be able to cash out just like that if I move there?

[Anonymous No.7278015]

>>7277994
Do you think feds care? To them, you're running an unlicensed exchange.

Literally fucking google it.

[Anonymous No.7278041]

>>7277089
Not 3rd World countries who havent caught on crypto

[Anonymous No.7278052]

>>7278001
Yes. Do you at least have a degree? It's a prerequisite for citizenship

[Anonymous No.7278070]

>>7278041
Yeah but I bet your bank will care a lot about those foreign wire transfers coming into your account.

[Anonymous No.7278074]

>>7278015
Get fucked burgers. Tfw Eurofag.
>>7278052
I'll have a 2 year college degree. Do I need citizenship to live there for a while and cash out?

[Anonymous No.7278104]

>>7277089
Not in my commie block country

[Anonymous No.7278127]

>>7278070
There's only like 2 exchanges here and yeah youre right im getting fake id/bank account and wiring everything to it

[Anonymous No.7278185]

>>7278074
if you're to be a singapore citizen its 0% capital gains tax for life, but you have to forgo your European citizenship. Another way is to apply for permanent residency, you enjoy 0% tax after you can prove that you lived here for a year. Otherwise its 10% (still low)

[Anonymous No.7278216]

>>7277043
You don't pay taxes on crypto-to-crypto, you stupid kikes. Your fucking real estate law clarifying a very specific type of property transfer doesn't change how buying and selling assets works.

[Anonymous No.7278222]

>>7278074
>Get fucked burgers. Tfw Eurofag.
So retarded that I have to spoonfeed you this information

https://themerkle.com/belgian-police-arrests-localbitcoins-sellers-processing-large-amounts-of-volume/

ps that is in europe retard

[Anonymous No.7278378]

What if I gamble and gain ETH / BTC on one of those gambling games? Or gain ETH / BTC by playing cryptokitties? Do tax laws change because it is gambling / buying and selling virtual properties?

[Anonymous No.7278413]

>>7277945

> lives in humid hellhole

No, thanks.

[Anonymous No.7278424]

>>7277101
Or maybe you should have understood the real world first, stupid Millennial. How else will we pay for free college and healthcare if not through taxing crypto gains 30%?

[Anonymous No.7278430]

>>7278185
Sounds bretty gud. 10% is reasonable, I'd pay that gladly.
>>7278222
I live in a second world country, get fucked faggot.

[Anonymous No.7278461]

How complex is this going to be when tax season rolls back around? I was thinking about messing around with crypto, but I don’t want a tax nightmare over playing with a couple thousand dollars.

[Anonymous No.7278529]

>>7277043
Whining about taxes instead of acknowledging them as part of the cost of doing business. What are you 12?

[Anonymous No.7278574]

>>7278413
>hasn't heard of airconditioning

isn't it 3x hotter in india?

[Anonymous No.7278581]

>>7278529
t. communist cuck/welfare leech

[Anonymous No.7278596]

>>7278430
good luck. which european country are you from? you should check if there are any Singaporean embassies there. could always pop by to enquire

[Anonymous No.7278710]

>>7278596
Slovakia. Maybe I could get away with not paying taxes here either, since crypto technically doesn't exist in our capital gains tax law yet. But Singapore sounds like a great first-world country to enjoy my gains in.

[Anonymous No.7278959]

>>7278529
Fuck off, Boomer

[Anonymous No.7279028]

>>7278581
t. Small business owner/ literally a fucking capitalist. But then again if I lived in a shithole like you do and was a broke bitch like you probably are, I'd probably resent taxes too.

[Anonymous No.7279077]

>>7279028
>capitalist
>advocating for paying taxes
Unironically kill yourself, nigger.

[Anonymous No.7279147]

>>7279077
Taxes serve their purposes and the economics of scale make them the most optimal and beneficial form of building up public infrastructure, which in turn help individuals and the economy grow, some people enjoy living in a developed nation and having a higher standard of living.

[Anonymous No.7279193]

>>7279147
>commie with no knowledge of economics larps as a capitalist

[Anonymous No.7279281]

>>7279193
If you're this stupid with a free public education system, imagine how intensely ignorant you'd be without it.

[Anonymous No.7279341]

>>7279281
>unironically defending public education system
Nice try, Marx. All the rich kids attend private education.