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8055549 No.8055549 [Reply] [Original]

How many of you niggers have actually done all of your trading taxes?

I'm using bitcoin.tax, and there has to be some kind of mistake. After plugging it all into TaxAct it's saying I owe about $20,000.

I haven't cashed out anything. What the fuck, over?

>> No.8055589

>>8055549
Cash out 20k and pay your fucking taxes, citizen. While you're at it, pick up that fucking can.

>> No.8055592

State your g/l

>> No.8055600

Pay your fucking taxes dumb ass

>> No.8055611

>>8055549
>crypto
>taxes

LMAO

>> No.8055623

>>8055549
crypto to crypto trades are taxed.

>> No.8055644

>>8055623
>crypto to crypto trades are taxed.
It's this anon...

>> No.8055658

this post is useless without stating your initial investment and current worth, jesus christ

>> No.8055695

>>8055549
90% of people don't report. I'm pretty sure 90% of people who trade crypto aren't going to jail.

>> No.8055746

I told H&R block where i get my taxes done about crypto. They didnt even know what bitcoin is dude. But i explained to them what it was and they said only worry about capital gains

>> No.8055758

>>8055695
until you drop $60k into a bank account to put toward your mortgage and the bank is like woah wtf we need to report this. good luck when you're audited 8 years later and they're like hey anon where did this $60k come from?

>> No.8055764
File: 68 KB, 237x395, 1519856922057.jpg [View same] [iqdb] [saucenao] [google]
8055764

>>8055695
Just wait you think these boomers in power are going to sit by and let you get rich without working for schlomo

>> No.8055795

>>8055758
This is exactly what I'm worried about. I have a not insignificant amount of money in crypto (around $100k).

This is just so incredibly fucked up. I bought ETH when it was $40, $200, and $400. I also mined a bunch. I haven't cashed out a single coin. I don't have $20k sitting around. How can they force me to close my position to pay taxes? What kind of sense does that make?

>> No.8055810

>>8055764
FUCK THIS BITCH

>> No.8055863

>>8055795
>>8055764
>>8055758
again you three need to see my post here >>8055746
H&R BLOCK...WHO DOES TAXES....DOESNT KNOW ABOUT CRYPTO...OR EVEN BITCOIN....
They are associated with the IRS...
The IRS doesnt even know what the fuck its doing. pay capital gains and stop sweating. only when you cash out

>> No.8055864

>>8055795
If you havnt sold anything, havnt done any crypto to crypto trading at all you're fine. Just declare you positions and you're golden down the road when you do convert to fiat.

>> No.8055889

>>8055795
because you realized gains during the tax year. gains realized from mining are also taxed. sorry anon. you can avoid paying on principle, fight the power and all that, i get it, but you'll regret it when that letter from the IRS comes in the mail.

Notice 2014-21 makes it all pretty clear:
www.irs gov/pub/irs-drop/n-14-21.pdf

>> No.8055896

>>8055864
you don't declare positions on your taxes

>> No.8055957

>>8055863
h&r block is the walmart of filing taxes. "they are associated with the IRS" lol

Here's some helpful copy pasta I saved from another anon:

>I bought in a sizeable amount through GDAX in January 2017. Over the first 6 months of the year I did a shit ton of trading on Polo, Bittrex, Kraken, and a few others. I also participated in a couple ICOs.

>I cashed out a relatively small amount through GDAX and sent money to the bank (less than $50k). I imported all my trading transactions through Bitcoin.tax (I paid for the premium service - it was like $20), and then went through and manually added my ICO contributions and a few other things that had a $0 cost basis to make sure it all made sense.

>I handed my CPA the bitcoin.tax report and he handled the rest. My CPA cost me roughly $200.

>Doing this very minimal amount of work saved me a fuck ton of anxiety and stress in terms of the IRS coming and trying to fuck me out of my money. This was basically free for me in the first place, I'd much rather just pay the fucking government their 30pct or whatever and be done with it.

>My CPA was very easy to work with and had no qualms looking through my bitcoin.tax reports.

>God speed anons. We're all going to make it.

>> No.8055961

>>8055864
>havnt done any crypto to crypto trading at all you're fine

I've done a fuckload of crypto to crypto trading dude. I have over 1000 trades.

>> No.8055971

>>8055896
Sorry you are correct, I misspoke. You declare your gains losses but not your open positions unless you are calculating mark to market or whatever it's called.

>> No.8055995

>>8055957
I figured it was. Im not sure where to find a decent CPA

>> No.8056035

>>8055961
Each trade is a taxable event. Take the 8949 that bitcoin.taxes gave you and give it to your cpa or do what I did and spend an evening copying each line of the 8949 into turbotax

>> No.8056076

>>8056035
Ps. I am hiring a cpa next year to deal with that shit

>> No.8056077

How the fuck will gov find out if you're trading crypto to Crypto?
Just use coinbase or whoever to deposit fiat
Buy eth
Send to binance, forkdelta, or another exchange who doesn't verify your id
Trade eth for other coins
Cashing out will be more difficult but worry about that later, don't freak out now over some tax "owed" for trading funfair tokens to eth to link all on binance. They don't know shit

>> No.8056080

>>8056035
bitcoin.tax gives you the option to export for turbotax and taxact and others. No need to copy line by line.

I'm trying to understand how in the fuck I owe $20,000 still.

>> No.8056095

>>8056077
>Cashing out will be more difficult but worry about that later

I'm sorry but that's a horrible fucking idea. I'm sitting on a 70k LINK stack, and when that shit hits $100 and I cash out a million or something, I don't want any audit questions coming my way.

Fuck man.

>> No.8056115

>>8055623

>How do you do fellow non taxmen

>> No.8056120

>>8056080
What the fuck are you on about dude? You made over 100k and are confused as to why you owe 20k? That's 20%. Some of us have it much worse.

and what do you mean, "Where the fuck am I going to get this money?" You sell some of your coins. That's how this works. Have you been purposely avoiding all the tax threads these last 3 months?

>> No.8056137

I think part of the problem is I'm already in the highest tax bracket from my normie job, so I get double fucked.

Fuck fuck fuck.

>>8056120
I never said I made over $100k -- I haven't cashed out a fucking penny. I'm saying my current stack is worth about $100k.

>> No.8056141

If you pajeets still haven't figured out how to not pay taxes God help you kek

>> No.8056161

I would be fully prepared to go to jail for not paying crypto taxes. After i done my time i would blow up the fucking town hall

>> No.8056174

>>8056095
Are you using FIFO or LIFO the latter was way less for me

>> No.8056208

>>8056137
yes you are. Because short term cap gains stack on top of your annual income. Placing you in a higher tax bracket

I was going through this same cathartic breakdown as you several months ago, anon. I considered every option. There's no way around it.

with the way tax laws work, saying you're current stack is worth 100k is essentially = to saying you've made 100k. And I'm honestly surprised you don't owe more on that, given how many trades you've made

>> No.8056222

>>8056208
Stop baiting. If you don't cash out you don't owe anything

>> No.8056248

>>8055549
>paying crypto taxes

You're such a fucking cuck dude lmao
All you're doing is funding (((them))) and their NWO

>> No.8056259

>>8056095
You're an idiot
If you're cashing out a million then just pay whatever you owe
It's not like you were dodging taxes for years on 6 figures
Penalties and interest won't even be much at all on the past due amount
And this all assumes there isn't some easily spendable crypto card or other way to cash out and avoid the tax jew

>> No.8056271

Have you cashed out any time? No? So you don't owe them any taxes. Fucking go to a tax accountat and he will tell you the same, but charges you 300$

>> No.8056286

>>8056137
Regardless, the $20k you owe is based on the gains you locked in over any trading you did. Your principal was presumably much less than $20k less than your current portfolio, or else the numbers got messed up somewhere along the line.

>> No.8056311
File: 16 KB, 509x411, 1484003861558.png [View same] [iqdb] [saucenao] [google]
8056311

>TFW owe more in taxes than my entire net worth due to shitty trading in 2017

>> No.8056314

>>8056222
you're an idiot. read IRS Notice 2014-21.

>> No.8056316

>>8056095
Don’t even sweat it, it’s a good problem to have. You’ll still have millions after tax.

>> No.8056334

>>8056222
you're either not an american, or your portfolio is worth less than 6 figures. I guarantee it. Because if either of those things were true, you'd be freaking the fuck out like the rest of us. Unless you paid your initial investment with local bitcoins/BTC atm, never verified an exchange account, and plan to launder all your money for the rest of your life.

>> No.8056340

>>8056271
Why is this a meme? All you idiots saying this are wrong. Read IRS Notice 2014-21.

>> No.8056354

>>8055549
I did it with cointracking.info very easy

>> No.8056356

>>8056334
The only exchange I was verified on was Bitgrail. My portfolio is 50k or so but I invested in late december...

>> No.8056357

>>8056311
what was your ATH and what are you worth now?

>> No.8056382

CPA here with a Masters Degree in Tax as well, you only pay taxes if you used and/or are using a american exchange. If not you're just throwing your $ away. If they don't have your social they don't know who you're.

>> No.8056407

>>8056382
This is what I'm tempted to do, but like I said I have 70k LINK on binance. If I disregard binance, I only owe like $5k

>> No.8056439

>>8056340
>IRS Notice 2014-21
which Q# talks about crypto to crypto?

>> No.8056448

>>8056286
Based on some back-of-the-envelope calculations, I'm guessing your principal was around $40k and you managed to get that to $100k? It sucks that after taxes it's actually only about $80k, but that's still a good ROI (~200% post-tax vs. ~250$ pre-tax).

>> No.8056475

>>8056382
What if you gave your ID for a higher withdrawal limit on Binance? Same thing?

>> No.8056492

>>8055549
If they ask, say you lost it margin trading on BitMEX
unfortunately my losses are real lel

>> No.8056505
File: 18 KB, 320x287, 1484863187065.jpg [View same] [iqdb] [saucenao] [google]
8056505

>>8056357
>Started with $5k in spring 2017
>Traded up to $250k
>pissed most of it away on shitcoins like tron & verge
>lost most of the rest in bitgrail hack
>back to about $5k networth in shitcoin dust on various exchanges
>owe approximately $80k in taxes

>> No.8056537

>>8056505
J U S T
U
S
T

>> No.8056549

>>8056505
What does someone do in this situation? It has to have happened before...

>> No.8056562

>>8056259
There will be tons of crypto payment processors that convert to fiat for you. In germany, thus europe, you dont pay taxes on buying stuff with crypto. Be it w coffee, be it a car

>> No.8056602

>>8056439
Holy shit, let me get you some warm milk too. Q7.

>> No.8056616

>>8056035
I went to an accountant, paid $300 and he saved me $12.

I went because I had issues with IRA clawback (I overcontributed because I quit driving Uber in 2017)

I'm not going to a tax accountant again next year, I'm doing it on my own

>> No.8056632

From what I know you have to pay taxes from crypto-crypto trading in US from 1.1.2018, after tax reform implementation

>> No.8056635

Say you buy 2btc on coinbase send it to your binance wallet you turn that into 10btc, just send 2btc back to your coinbase wallet in a year and pay the 15% capital gains tax. Hold/trade/sell locally the rest of your btc. To the IRS it just looks like you bought 2btc sent to an external wallet to hold and sold for loss/profit a year later

>> No.8056652

Make sure that all time zones are accurate. I had to change bitcoin.tax to use UTC setting because that's what all the exchanges do. Otherwise it gets some right and some wrong.
Also look at gains for each coin and make sure it looks ok. Sometimes mine got inexplicably messed up and I had to reimport everything for the year.
Always update it after each trade so it's easier to catch mistakes and errors.
t. Sold btc at 2k to cover taxes

>> No.8056656

>>8056137
in the US, you'd owe around 10K on trades that net you 100K because first 37K are free, and 15% after that

>> No.8056658

>>8056448
Assuming you were replying to me, you're about right -- my initial investment was around $40k. Nicely calculated anon.

>> No.8056660

>>8056549
Well, it happens, and it's entirely his own fault. His taxes were basically locked in with the end of 2017. Should've cashed out enough by then. He gambled away with money he owed the IRS, so he's fucked.

It's not like this is a new concept. If you're trading ANY good, your taxes are to be paid on the profit made in a single fiscal year. If you don't set aside money by that point it's your own fault.

>> No.8056680

>>8056448
The scam in taxation is in the.valustion of the assets in usd

You couldve started with 1000 eth and ended the year with 500, doing tons of dumb trades, and yous still owe loads in tax because the assets appreciated. This is fundamentally flawed

>> No.8056682

>>8056656
that is on long term capital gains

if you didn't actually make sure to have shit for a year, you'll pay more

>> No.8056711

>>8055623
this faggot again

>> No.8056712

>>8056549

Suicide would be appropriate

>> No.8056717

>>8056035
Lol wtf use taxact, you can just import it. I might pirate turbo tax and use an offline computer this year, the real turbo tax can import those trades.

>> No.8056744

>>8056711
this faggot again

>> No.8056759

>>8056660
Total profit for a year or do you need to take 20% of each trades profit, set it aside in usd, and calculate losses against that?

>> No.8056760

>>8056549

You wont owe taxes because you can can deduct all your losses. People love to forget about capital losses. too much gainz i guess

>> No.8056802

>>8056760
if you had capital gains in december and capital losses in January, you still owe for 2017

Yes, it IS this retarded

>> No.8056804

>>8056505
welp. if you are indeed justed at this point, I would hire a CPA and file for an extension and PRAY your shitcoins will recover by the extension deadline.

>> No.8056812

>>8055549
i know this sucks anon, but DO NOT fuck with the IRS. this is exactly why ive been hesitant to go heavy on crypto. ive seen all the banks buying everything up, and goldman just bought one of the fucking major exchanges. dont know if you watched yellens last speech as FED chair, but she seemed unperturbed by the "problem" of crypto when it was brought up. that, to me, is enough proof that FED has already got its claws in it.

and while you may be tempted to just not claim any gains in crypto and do taxes as usual, but unless you bought all your coins from super seekrit exchanges or paid premium to some dude on craigslist, they already know. the IRS is fucking terrifying and they will enjoy hounding you till the end of your days.

also, if you do get a call from the IRS, say nothing and get a lawyer. especially in a case like this where the whole idea of taxing unrealized cypto gains is relatively new (atleast thats what i thought, i only trade equities).

on the bright side, if youre getting hammered that hard in taxes, you probably had a pretty good year, so congrats

>> No.8056827
File: 110 KB, 373x1920, amerimutts.jpg [View same] [iqdb] [saucenao] [google]
8056827

>>8055549
>How many of you niggers have actually done all of your trading taxes?
Not being a deluded member of le 56% it's not something I have to fucking worry about thanks.

>> No.8056862

REMINDER: if you had gains last year (if you are filing taxes for 2017) AND you made trades this year YOU HAVE TO PAY ESTIMATED TAX

That's right, you need to file quarterly because the United States tax system is pay-as-you-go. Otherwise you'll be paying underpayment penalties of up to 5%

>> No.8056865

>>8056760
So you pay taxes on all profit/loss in one year

You dont need to set aside your profit from trade 1 to trade.x, right? Im confused as to whether this is what the meme implies

>>Buy one eos for 1 usd
>>Sell for x bitcoin worth 5 bucks at a time
>>Deduct tax on 4 bucks profit, sell equivalent od crypro, set aside on tax account
>>Start next trade cycle

Is it actually the case that you need to do this in the us? Seems too dumb to be true

>> No.8056866

>>8056635
there might be an issue if youd ever want to cash out more than that

>> No.8056893

Fuck the feds. I'm not paying. I am buying xmr.

>> No.8056898

>>8056865
you don't need to set it aside, you just need enough in your bank account to pay the tax each quarter

>> No.8056954

>>8056898
Which if you dont have and lose it all on the last bad trade you still owe?

>> No.8056956

>>8056759
I really don't know what's so hard to understand. You calculate gains and losses for every single crypto/crypto and crypto/fiat trade. You add all the gains and losses together. You pay taxes on the total amount you calculate. If you make $100 on one trade and lost $100 on another you made exactly $0 profit and don't owe taxes.

>> No.8056984

>>8056893
Jist say you lost it gambling and that this whole thing was gambling for you and that you maybe like to gamble too much

Sit on the crypto for awhile or only trade on dexes

>> No.8057003

>>8056956
What if you had 100k in december and went to 1k in january?

>> No.8057051

>>8057003
Then you're fucked. You were obligated you cash out in December. If you made 100k of taxable income in December you owe taxes on that amount, so probably around 40k. These 40k were basically property of the IRS by December 31st 12pm. If you continued to gamble with them after that, that's on you. Now you have 1k and still owe 40k in taxes. Tough luck.

>> No.8057150

So basically it looks like I'm cashing out $20k of ETH (basically all I have right now) to pay my tax bill. I don't see any way around it.

Fuck my life.

>> No.8057158
File: 155 KB, 617x512, 1516957176188.jpg [View same] [iqdb] [saucenao] [google]
8057158

Let's say an amerifat was to cash out a significant amount of bitcoins that have been mixed, they have no Bitcoin purchase history, and they no longer have the keys to the original wallet to prove the source of the coins, or how long they've held them. Can that person get by with just paying long term capital gains tax with a cost basis of zero? Or will the IRS come to fuck that person over, because they don't have exchange or blockchain records proving the length of time the coins were held?

>> No.8057190

>>8057150
call a few CPAs before you do anything. Make sure they know wtf crypto is, give them an interview, you're going to hire them for a job potentially. Taxes aren't due until April.

>> No.8057204

>>8057158
Two options, depending on the idiot handling your case:
>You pay full tax with cost base of zero (definitely NOT long term, because you would need proof of this), so 40% or more. This is the best case.
>They accuse you of money laundering and you're fucked.

>> No.8057308

>>8056656
Maybe if you’re a fucking NEET. You are taxed at your normal income tax rate, and if crypto bumps you into a higher tax bracket you pay at that rate. I owe 36%.

>> No.8057329

>>8057204
So without records it's guilty until proven innocent? How does someone normally prove to the IRS that the coins that were held in a specific address belong to a specific person without that person handing over private keys or signing a message on the blockchain? Does the IRS even have the time or resources to review blockchain data? I assumed they would just review US cryptocurrency exchange data, or whatever exchange data you can provide

>> No.8057356

>>8057329
Yes, exactly. If you can’t prove your trades they will assume you’re scamming them, and you will pay with a 0 cost basis and get royally fucked in the asshole.

>> No.8057361

>>8055589
Alt to eth. Taxed. Eth to cash taxed lol I just paid my taxes and am holding al my shit for a year now

>> No.8057368

>>8057329
The IRS is understaffed. They don't have time to audit every single person who has traded crypto kek

>> No.8057369

Im sorry for you bros for being american

>> No.8057390

>>8057329
>Does the IRS even have the time or resources to review blockchain data?
awww yea.
http://fortune com/2017/08/22/irs-tax-cheats-bitcoin-chainalysis/

>> No.8057394

>>8056095
Well thats kind of what he is saying. Worry about it later as you don't have to do anything tax wise right now. Say you have 100K but are still holding, you are golden. Say you have come out even or lost so far, you're golden. Worrying about it later means when you are ready to cash out..

>> No.8057411

>>8055746
Lol H&R block.

>> No.8057421

>>8057368
That's why they've hired a 3rd party contractor to do the analysis for them. Get off 4chin every once in a while and read a news article.

>> No.8057449

>>8056035
Fuck off you shill. Literally only 900 cucks have filed for crypto, you have to be a complete soyboy govt Vick who takes it violently up the ass to actually do that. Fuck you, and fuck everyone here shilling your bullshit.

>> No.8057451

>>8056862

what is the source for this? I know this is true of businesses, but have never heard or read anything like this on personal income tax. never had to pay any realized or unrealized gains quarterly in US

>> No.8057459

>>8056141
HA! Love this

>> No.8057480

>>8055995
Where abouts are you at? (CPA here)

>> No.8057501

>>8056095
Literally the only reason to pay taxes now (fellow LInk marine)

>> No.8057504

>>8056505
No you don't man. You haven't capital gained anything. You lost it all. That's it.

>> No.8057558

>>8056382
Guys don’t listen to this larp. Unless you like talking to the irs

>> No.8057582

>>8056602
Gains or losses in what USD?? If you trade crypto to crypto you never touch USD, why would you pay USD taxes on your BTC to link trade

>> No.8057584

>>8055658
also a private key

>> No.8057629

Jamal and Tyqueezius need some of your gains in order to make more brown children, goyim. Why are you not giving more? Are you a RACIST?

>> No.8057642

>>8057051
DO NOT LISTEN TO THIS. WOW might be the WORST piece of info I've ever seen on this board.

>> No.8057650

>>8056802
how the fuck was anyone supposed to know this? we don't get a tutorial or some bullshit when we started.

>> No.8057663

>>8057582
>Gains or losses in what USD??
correct. the USD value of the traded coins at the time of the trade.

>> No.8057689

>>8057584
LOLOL epic

>> No.8057702

>>8057356
Calculating tax with a cost basis of zero seems reasonable. Long term vs short term is where the water seems like it could be murky. If the IRS comes after you then I'm sure you'd likely end up paying short term gains. Otherwise, long term gains seems reasonable.

>>8057368
If the IRS audits you, and you tell them about how you obtained your bitcoins from mining back in 2011, but no longer have your old wallet keys or wallet information, and only have your exchange records, then what will they do if they can't prove otherwise? Would they simply say, "Fuck you, pay us income tax or go to jail and do not pass go."?

>>8057390
Let's assume this tool was useless in this situation, and there was no linkage of blockchain data available

>> No.8057724

>>8055549

They won't know shit for awhile, just wait until you cash out to pay them even though you technically "owe" them when you're still trading it

People don't get audited by the IRS over 20,000 but I wouldn't do this forever

>> No.8057734

>>8057582
How do you retards not know this?

>>8056382
Absolutely retarded advice. At some point you will buy something with your gains. If you've actually made it at all then the IRS will notice. At that point they will fuck you much much harder than if you just paid your taxes from the start and possibly throw you in jail.

>> No.8057740

>>8056549
you go to a 3rd world country. this is what 3rd world countries are for

>> No.8057747

>>8056954
you still owe, but you get to write it off next year! Yay! but only 3K a year from your regular income

>>8057308
only on short term gains, which you shouldn't have unless you're a brainlet or newfag or both

>herp derp I got into crypto in December

I pay 40% short term 60% long term on BTC futures while HOLDING my alts and trading on BTC

>>8057329
> guilty until proven innocent

I see you're getting familiar with how the IRS operates

>>8057449
I've made over a million in crypto, can't just cash that out without it being noticed

and yes, I sold a lot at 13.2K so it was still better to pay the tax than to hold it - now my cost basis increases when I sell more

>>8057650
> how the fuck was anyone supposed to know this?

ignorance of the law is not an excuse

>> No.8057779

>>8057663
so help me understand. I buy 1 BTC @ 1k, two months later i buy 1 BTC @ 2k which i instantly trade for whatever and realize no gains or losses in the trade with my 2k BTC. Do i owe anything of the appreciated 1k BTC

>> No.8057783

>>8057747
why not it worked for hillary

>> No.8057791

>>8057783
Hillary is above the law, you should know this, she's a politician

>> No.8057801

>>8056174
I think you are required to do FIFO, but that may have only been specified for 2018 onwards.

>> No.8057820
File: 271 KB, 1500x1196, MAGA.jpg [View same] [iqdb] [saucenao] [google]
8057820

>>8057791
>Hillary is above the law
Until Trump throws her in jail

>> No.8057822

>>8057650
>how the fuck was anyone supposed to know this?
It's all public information. Ignorance of the law isn't an excuse. If you didn't research this, that's on you.

>> No.8057827

The fact that there's taxation on something like this is mindblowing to me, but then again, stuff like copyright laws unironically exists and is enforced en masse so there's that as well

>> No.8057828

>>8057724
Lol because that’s highly illegal

>> No.8057849

>>8057642

lol he's 100% right.

>> No.8057851

>>8057827
>The fact that there's taxation on something like this is mindblowing to me
You thought the government and society would just love crypto trading so much they would exclude it?

>> No.8057890

>>8057779
i'm not a tax expert, maybe another anon can chime in, but here's my understanding. the initial 1BTC@$1k which is now @$2k, if you were to cash it out you'd pay tax on $1k gains. if you hold that for over a year that would be a long term capital gain on the $1k. less than a year a short term capital gain on the $1k. if the trade from the 2nd BTC to an ALT is a wash (ie no gain/no loss) then there's no tax to be paid as there were no gains/earnings. again, im not a pro. i'm gonna pay a CPA to handle my shit next year.

>> No.8057914

>>8056505
if you went from 5k -> 250k -> 5k all in one calendar year you should be fine.

A lot of people are fucked because they had capital gains in 2017, and only had loses in 2018, you can't deduct them.

>> No.8057937

>>8057849
I am seriously not even trying to spread FUD, I'm just saying it how the law handles it and nobody ever believes me. I don't even know why I bother anymore. No, the IRS will not put everyone in jail and they don't know about your trades until you tell them. The problem is that they might start asking questions once you cash out. So you cash out 100k at one point and now they want to know where it came from. For this you need the entire fucking history, and if you don't they are able to accuse you of illegal activity. It sucks, but make of it what you will.

>> No.8057958

>>8057650
Capital gains are owed for the year you made them in, if you have losses in a year you can deduct them from FUTURE profits. You can't deduct from previous years taxes.

You were playing with the governments money in 2018. You gotta pay them.

>> No.8057959

>>8057890
thats what makes this hard to get an understanding of. I could buy 1 btc @ 1k, 1 @ 2k, 1 @3k, later i then trade for an alt when btc is 2k, is that a realized gain or loss?

>> No.8057961

I too am curious if we can file LIFO. This is the difference between 5k and 25k owed for me. Fuck taxes

>> No.8057983

What if I used crypto for "purchases"?

>> No.8057990

>>8057937
>No, the IRS will not put everyone in jail and they don't know about your trades until you tell them.

Coinbase literally sends the IRS everything, they will know who has crypto and will know who to audit.

>> No.8057992

>>8057937
>For this you need the entire fucking history, and if you don't they are able to accuse you of illegal activity. It sucks, but make of it what you will.
An accusation of illegal activity is one thing, but can they actually prosecute you with no evidence of illegal activity? Let's say the IRS says you're a money launder, and then they audit you, but can can't find shit. What happens in these situations?

>> No.8058018

>>8055549

PAY YOUR TAXES!

>> No.8058025

>>8057990
Yes, Coinbase does. But everyone else does not. They'll just know you purchased BTC/ETH/LTC and want to know what happened between that and cashing out.

>> No.8058049

>>8057992
>but can't find shit.

>> No.8058058

>>8057983
Nothing. This is not a trade and has nothing to do with taxes. Need to have proof of purchase though.

>> No.8058092

Oh yeah if you buy a crypto and trade it for something else within 12 months, you owe SHORT TERM CAPITAL GAINS which is taxes as regular income.

don't forget the 3.8% medicare tax on investment income.

>> No.8058094

>>8058058
the fuck is this. are you saying i can buy a house with btc and just flip the house and avoid short term tax? lmao

>> No.8058097

When a coin is moved off an exchange the irs calls that a sell

>> No.8058099

>don't pay taxes don't get audited

Pretty easy. Only a few people have been raped for this and they were doing other illegal things.

>> No.8058109

>>8057959
if you did FIFO and you spent 1 BTC, that's a gain

if you did average, it's a wash

it depends on your cost basis tracking - FIFO is beneficial when you can make all of your trades long term because you're trading the longest held BTC first

>> No.8058112

>>8058058
lol, no

http://time.com/money/5007068/theres-a-huge-hidden-bitcoin-tax-that-you-need-to-know-about/

>Every time you purchase a sandwich or video game with the cryptocurrency, you’re essentially making two transactions: First, you are selling property (bitcoins) in the eyes of the IRS. And then you are using the proceeds of that sale to make a purchase (whether it’s a sandwich or a credenza). And when property is sold, you must report the purchase on your tax forms.

>> No.8058120

>>8058018
why are you fucking americans so obsessed with paying taxes? then you pay taxes and your government gives you shit healthcare and then parades around the world shitting on goat herders PAY YOUR TAXES YOU LOVE UNCLE SAM

>> No.8058124

>>8058058
it's a realized gain, just like if you sold BTC and then bought goods in USD

every purchase is taxed as a sale of BTC at market price

>> No.8058133

>>8058097
how the fuck is that a sell, if i move my coins to my cold wallet, thats considered a sell because i didn't trust the exchange to not fuck up my account?

>> No.8058140

>>8057992
If they really don't find anything you'll pay full taxes on a zero cost basis. But I can assure you that you won't want to be audited for two reasons. One: it's a gigantic fucking waste of time and will get on your nerves for weeks or months. Two: they'll observe your activity for years to come after the audit. I personally wouldn't want to live like that, but if you didn't do anything chances are they won't throw you in jail. But they might if they feel like it, who knows.

>> No.8058159

Pretty sure this is an IRS regulation

>> No.8058168

>>8058094
Sorry, I misread your question. Same thing as with other crypto trades. At the time of purchase you basically 'sold' your crypto, so you owe taxes on the profit at that point.

>> No.8058179

>>8058133
it's not a sell

>> No.8058205

Where were all the tax threads two yrs ago when Bitcoin was dead? Fuck off tax cucks, stick to your inexpensive scammy altcoins retards. Sage

>> No.8058292

>>8058025
yea the blockchain isn't a public ledger, they'll never be able to track it.

>> No.8058318
File: 426 KB, 500x400, 8AE059A3-6810-4ED2-BE95-F75D0AEEE212.gif [View same] [iqdb] [saucenao] [google]
8058318

>>8057329

>> No.8058321

>>8058292
Then enlighten me, how would you find out what happened to my BTC after I sent it to Binance? If I gave you the transaction ID now, would you be able to tell me exactly what coins I bought at what prices and how many of them? I doubt it.

>> No.8058404

>>8058205
You don't understand why there might be tax discussion after a year like 2017 where bitcoin went up 20x and a lot of altcoins did 100x. If you did any amount of trading you are looking a significant amount of taxes. There wasn't tax concerns in 2015/2016 because people had losses.

>> No.8058406

>Taxing your cryptos KEK
only fucking slaves do it, but hey you are weak and you love to suck states dick

>> No.8058424

Anyone considered getting a citizenship to another country, move there and liquidate all your earnings there?

>> No.8058426

>>8055549

Hey anon,

This is literally how stock market trading works you fucking brainlet.

You're not as 'rich' as you think you are on paper because your hundreds of dog shit trades to try to scalp extra alt coins actually lost you a bunch of money. Man the fuck up, learn from your mistakes this year, and pay the fucking IRS the money you owe.

It's what anyone with any serious money in this shit does because they realize the cons of ignoring it far outweigh the pros.

If it makes you feel better, I owed a fuck ton and I paid up.

>> No.8058433

>>8058406
I'm not saying taxes are justified, but if you want to take the chance of ending u in a jail cell go for it.

>> No.8058451

>>8058426
t. IRS

>> No.8058459

Has anyone renounced their US citizenship to get out of taxes?

>> No.8058513

>>8058459
You cannot be tax resident of another country without renouncing your US citizenship?

>> No.8058524
File: 56 KB, 500x560, Hidden jew.png [View same] [iqdb] [saucenao] [google]
8058524

>>8058426
>Pay up goy

>> No.8058533
File: 132 KB, 616x462, priceisrightlive_fullsize_story1.jpg [View same] [iqdb] [saucenao] [google]
8058533

>>8055995
I hired one of the ones listed on bitcoin.tax, expensive as fuck, but I'm in six figure territory off a $3k investment and I don't have to explain bitcoin at all to him so its not like I'm speaking a different language when I try to explain shit to him... I had HR block amend my returns to include crypto and they were clueless as to what the fuck I was talking about

>> No.8058539

>>8055549
the fuck are you doing? You don't report shit until you cash out. Only when you cash you, then you have to pay taxes.

>> No.8058564

>>8058513
You still get taxed on capital gains, you only get a waiver for EARNED income. The US is the ONLY country that does this - you can live permanently somewhere else and still get taxed by the US.

You need to get a citizenship in another country and renounce your US citizenship.


>>8058459
See: Roger Ver.

>> No.8058566

>>8058513
>The U.S. imposes taxes on its citizens for income earned anywhere in the world, so if you are a dual citizen living abroad, you may owe taxes in the U.S. for income earned abroad, plus owe taxes in the country where you earned the income.

>> No.8058577

>>8058433
You are an idiot, you dont get jailed for not paying taxes, you act on emotions not on reason, there is zero logic to pay taxes for cryptos, because there are million ways to cash out savely without traces, you only have to get some testosterone and stop loving the states dick in your ass
>TL;DR
Monero

>> No.8058584

>>8058539
Buying ETH with BTC is "cashing out BTC and buying ETH" in the eyes of the IRS

so you owe taxes for the amount your BTC appreciated - or, alternatively, you can get a tax write-off for losses

>> No.8058598

>>8058539
you owe taxes for crypto to crypto taxes if the purchasing crypto appreciated in value from the price you purchased it at.

>> No.8058640

>>8058539
wrong

>> No.8058647

>>8055549
Who controls that organization and why are you being subverted through the 16th amendment?

>> No.8058648

>>8058584
That is bullshit, it's not flat. It's basically stock for stock. You only owe tax when you get flat.

>> No.8058654

>>8058584
kek, what a joke
Guess that is why only like 300 people actually paid taxes on cryptos
Good luck chasing down the rest of them KEK

>> No.8058687

>>8058426

Why should I come forward and pay, I have shoddy and non-existent records from trading on dead exchanges like cryptsy and mintpal. Why would I risk ending up owing MORE money than I actually even have rather than take my chances of not getting caught?

>> No.8058749

>>8058648
stock for stock is also taxed, you brainlet

you really think you can exchange AMD shares for NVDA and not pay a tax?

>> No.8058768

What if i withdrawn $3k CAD by using QuadrigaCX? Do i need to pay the capital gains if all of my trades on QCX are losses?

I use Etherdelta Bitmex and Coinexchange usually and just use QCX for withdrawals.

>> No.8058775

>>8058749
No one trades stock for stock, you sell one stock for USD and buy another stock with the proceeds.

There isn't an AMD/NVDA pairing.

>> No.8058803

>>8058749

LOL you can't trade stocks for stock dumbass.

>> No.8058820

>>8058775
>>8058803
even if you COULD, according to the IRS it's SPECIFICALLY excluded from like-kind exchanges

if it wasn't, brokerages would actually offer this service for people who are trying to get out of paying for taxes

>> No.8058893

If I purchased on January 1'st and never sold do I claim a loss? Am I paying taxes on my gains right now or from the start of the year? I never sold.

>> No.8058911

>>8058893
I also purchased last year.

>> No.8059390

>>8056077
>Cashing out will be more difficult
aka: you'll have to commit tax fraud

>> No.8059442

>>8059390
you mean like the vast majority of citizens already in crypto, seeing as ONLY 300 PEOPLE ACTUALLY PAID TAX ON CRYPTO TO THE IRS AND THEY ARE IMPOTENT

t. doesnt even own crypto but very much enjoys seeing taxmen trying to inflate their ability to enforce the jurisdiction that keeps them in the green, being leaches of leaches

>> No.8059797

>>8058893
no, you claim a loss when you sell

you pay gains from January 1st to December 31st in April 2019

>> No.8059826

if you just bought and held and didn't trade, do you need to report gains?

>> No.8059924

>>8059826
No you only owe taxes when you realize a gain by selling or exchanging

>> No.8059972

>>8055623
Starting next year.

>> No.8060233

We need to form a lobby to have it categorized as a currency

>> No.8060253

>>8060233
politicians are bought off, good luck

>> No.8060278

>>8056760
You can only deduct $3000 in losses lmao he's FUCKED

>> No.8060296

>>8060253
I mean seriously, what's that bumfuck eastern euro country that notarized the "internet citizen"? Can't they also declare crypto as the official currency?

>> No.8060441
File: 229 KB, 1456x1563, 1517761569785.jpg [View same] [iqdb] [saucenao] [google]
8060441

>>8060253
Recently an anti crypto south korean regulator was found dead in his home, they say heart attack but actual cause of death was still being investigated

It just strikes me as odd that such a small minority of any given population (tax authorities, government) feel like they are able to say "lol,no" to millions of people that have been able to raise funds to change their lives, their families lives, their communities without any sort of consequence

Things like 50% tax meaning if you want to buy a house, you need to have basically double to funds in crypto

This is why barely anyone paid taxes to the IRS on crypto, 300 people
Its why crypto exists to begin with
To take the middle man out of the picture, they are nothing but leaches

>> No.8060751

All of this kvetching doesn't change the fact that I owe these nigger 20,000 fucking dollars.

Fuck.

>> No.8060798

>>8060751
You fucked yourself by giving yourself up.
I am a nocoiner and even I know this.

>> No.8060874

>>8060798
>You fucked yourself by giving yourself up.

Fuck you. Exchanges gave everyone up.

Get the fuck out of here nocoiner.

>> No.8060895

>>8060874
>uses exchange that wants some form of identity verification
>is surprised when exchange shares info
kek

>> No.8060921

>>8060895

More than that, when I cash out $1MM next year, the IRS is going to want to know where that came from.

People go to fucking jail for tax evasion nigger. They'll kill your fucking kids and make you watch. You don't fuck with the IRS.

>> No.8061021

>>8060921
>things never change

>> No.8061262

One thing I want to point out, the maximum tax you'll ever pay on a yearly gain is the same as the top tax bracket: 37% for 2018 (plus any additional state/local taxes etc.).

The optimal tax strategy is to be allowed to pay a lower amount by keeping good records that show, e.g., that you have long term capital gains. This allows you to pay a lower tax instead (15%).

If you don't keep those records, yes, you have to pay taxes as short term gains (37%), simply because you don't have proof that you are allowed to pay the 15% rate. But the most you have to pay is still capped at that top rate. You never have to pay more than the top rate on your total gain for the year.

That's really all that the IRS cares about in the end. They just need proof so they can let you pay a lower rate. So, it's smart to keep good records so you can be allowed to pay the lower rate, but if you somehow don't, you just have to pay up a larger chunk.

The peril is if you spend money that you should have been holding to pay the taxes. But even then, the IRS will just try to recoup as much as it can... it's all about the money at the end of the day. They don't want to have to screw you over, so don't screw yourself over for them.

>> No.8061309

>>8055549
crypto isn't backed by the gov, it isn't taxable until you cash out, you fucking moron.

>> No.8061416

>>8061309
I genuinely hope that you hold more than a few k and you get audited nigger. Try fucking with the IRS. I've seen the aftermath and it's not pretty. They don't give a fuck.

>> No.8061466

just tell them it's not actual money

>> No.8061607

Since bitcoin is a property, not a security couldn't you just generate or forge wash sales?

>> No.8061698

i got a question about mining.
So when you mine a coin it is taxed as income.
i get that....
but what if say for example i mine 1 vertcoin.
I receive the 1 vertcoin at $1 then i HODL and sell the 1 vertcoin at $5 for fiat.
Would i be taxed income for the $5?
Or would i be taxed income for the $1 ANDD then Capital Gains Tax for the $5 with a Cost Basis of $1 ????

>> No.8061801

>>8061698
You're taxed on the value in USD of that coin the moment you receive it from mining.

Then you're taxed when you sell it for the gains you made, so if you mined it at $1, you'd be taxed on $4.

>> No.8061817

>>8061698
>>8061801

Sorry, drunk, didn't finish my thought.

You're first taxed on the $1 at your income tax level.

Then you're taxed on the $4 gains you made at your capital gains rate.

>> No.8061893

Do I have to file crypto taxes if I don't have any gains?

>> No.8061918

>>8061893
If you haven't traded into anything, like say if you literally only bought ETH and sold/traded nothing, you don't need to declare any capital gains.

>> No.8061927
File: 62 KB, 620x400, 5820424.jpg [View same] [iqdb] [saucenao] [google]
8061927

>>8061817
fuck that's difficult to keep track of, but it makes sense. Thank you

>> No.8061932

>>8061918
I bought on CB then moved it over to other exchanges. I traded it for other coins but have overall lost money

>> No.8061969

>>8061927
Honestly without a site like bitcoin.tax, it would be impossible to keep track of. I have so many trades from last year it's unreal.

>>8061932
If you traded for other coins, you owe capital gains. Every time you trade into another coin, that's a taxable event.

As the IRS sees it, when you make a trade, say from ETH -> LINK, you're first selling your ETH for USD (meaning you need to claim any gains/losses you made in USD on that ETH), then buying LINK.

If you've traded more than a few grand, claim it now before you get fucked. Coinbase was served a John Doe warrant -- the IRS has fucking everyone's info.

>> No.8061988

How the fuck are they going to know about my trades on binance. Isnt it out of their jurisdiction?

>> No.8062004

>>8061988
This was my thought as well. You could make that gamble -- I'm not willing to because I don't want to have to explain where I got $1MM worth of ETH when LINK hits $100.

>> No.8062073

This is scary
Fuck this I’m out
Selling all my bags lmao

>> No.8062078

gotta love the IRS / bitcointax shills on here

pay your taxes when you cash out

anyone saying different is either a echo chamber cuck faggot or they want to scare you into buying their tax software

>> No.8062088

>>8061801
>>8061698
kek this is an obvious tax shill raid
fud more queers

>> No.8062111

>>8055889
>you mined .0000061 XVG and owe 20% of .03 USD
GET FUCKED IRS

>> No.8062160

>>8061969

That's absurd, they are literally adding an imaginary step in the transaction so that they can get paid.

>> No.8062423

>>8062160
That's the (((establishment))). Complete assholes

>> No.8062633

>>8062160
pretty much -- it's super fucked up

>>8062078
keep deluding yourself -- I don't give a fuck about you or bitcointax. Just saying what I used

>>8062073
I know...I knew I'd owe money, but not 20 fucking K

>> No.8062731

>>8062423
>>8062160
Did they stop piracy?

>> No.8062743

I put all my information in cointracker and it says I actually lost money in 2017, do I still need to report this even though it's a loss?

>> No.8062939

>>8057158
look it it this way: if you were trying to catch internet drug dealers, what would that look like to you?

>> No.8062974

>>8057961
you can file FFA as long as it all matches up(good luck)

>> No.8063025
File: 670 KB, 1024x768, file.jpg [View same] [iqdb] [saucenao] [google]
8063025

>>8058566
>tfw move to Sweden and pay 102% total income tax between Sweden and US

>> No.8063055

>>8056717
>taxact
you can't do shit with the free version cunt

>> No.8063076

>>8062160
guess who has all the apcs and helicopters?

>> No.8063083

>>8060278
he can make more crypto gains later and deduct more to offset his capital gains

the $3000 limit is for offsetting regular income

>> No.8063090
File: 156 KB, 750x937, 1517763019251.jpg [View same] [iqdb] [saucenao] [google]
8063090

>>8063076
yeah they are really going to start a war over BITCOIN

are they going to attack the blockchain headquarters for a list of everyone that has stacks?

fucking kek you autist

>> No.8063105

>>8061262
15% is not the top rate

23.8% is the top rate because of NIIT
I dodged the 20% rate, but still got hit by NIIT so my marginal rate on long term gains was still 18.8%

BUT THEN, my regular shit got cucked by AMT. I paid 26% on my regular income instead of 10% then 12%, etc.

BUT THEN, state of California gets 11% more

I'm getting the fuck out of this shithole state

>> No.8063113

>>8062088
lol it's so obvious

>>8062633
HURR DURR I JUST WANT TO WARN ANON, I CARE SO MUCH ABOUT ANON, PAY TAXES ANON OR GET RAPED IN JAIL JUST A HEADS UP

fuck off cuckboy

>> No.8063115

>>8056760
All? LOL, no. You can only write off $3k every fiscal year, and carry over the losses on each year until depleted. Same rules that apply to regular investments.

>> No.8063132

>>8061698
mining is considered short term gains at the point that you received them, so you pay tax in the year that you got the coins at their market value

but in return, your cost basis is that same market value so when you sell you don't have to pay as much tax

so you get taxed at $1 for the mining income when you receive it, and $4 on the CAPITAL GAINS (remember, cost basis is $1, so $5-$1 is $4)

>> No.8063145

>>8056956
I'll give you an example for something that's not covered
>make trades on changelly before they had mandatory user accounts with history
>now you have no idea what you traded with them
???

>> No.8063146

Lol im not paying shit, fuck them.

>> No.8063162

>>8056956
Up to 3k per fiscal year for losses. If you lose 10k, 7k of it won't count for writing off purposes. You can take an additional 3k each year after, until the whole 10k is gone.

Welcome to the adult world, fellas.

>> No.8063169

>>8057827
im surprised on the stance they took with crypto to crypto trades.

>> No.8063179

>>8063132

It's still pretty much double taxation, just like how you can't use like-exchanges to exchange one crypto to another tax-free.

It's fucked. I really hope they actuall release some clarity beside the one stupid 2014 guidance because by the early looks, they aren't even getting 1% of crypto holders to report with the arcane rules they set forth, all because they wanted to avoid calling it a currency.

Motherfuckers, the lot of all of them.

>> No.8063182

>>8057150
Fuck your life? You have 80k, fuckhead. That's almost two years of wages for most people. It;'s almost free money for you, for the amount of work you had to do to get it.

It's raining gold, and you're sniveling. Jesus fuck, dude.

>> No.8063190

>>8063090
WOw shame that bih used to be attractive before plastic surgery. Jewery at its finest

>> No.8063191

>>8063132
>some people mined in december

>> No.8063203

>>8063179
it's not double, because you don't get taxed on the $1

>>8063191
you can sell and realize a capital loss that you can then offset the gains on your moon mission for next year

but you are pretty cucked for last year's taxes

>> No.8063216

>>8055549
TOP KEK
The absolute state of ameriburgers
Just cash out and get the fuck out of that country

>> No.8063222

>>8063203
yes, you are right
cucked and taxes goes together

isnt this why america started as a nation?
men that didnt want a king to be able to tax them unjustifiably?
yet now we're meant to accept that government is the new king?
sounds like a recipe for entertaining times ahead

>> No.8063269

>>8063203

That $1 dollar goes on the other income line on your 1040 on line 21 and is most definitely taxed, just like any other income like an excess contribution from your HSA back to you which I just recently got, or a gift.

>> No.8063274

>>8057394
That depends. If you bought Bitcoin in January 2017, and held it to January 2018, and did nothing with it, there's no sell order, so there's no tax event. You can then prove you held it over a year, which is a different tax bracket - under a year caps at around 20%, over a year is at 15%. But you have to be filing quarterly to do that, I think, or they just add it to your overall income, and tax it at that rate. That's why you want to fill out the forms.

But, if you have any sell orders, you have taxable events, and will owe for the fiscal year those sell orders occurred in.

>> No.8063303

>>8057449
Yeah, only 900 filed, and because of that, the IRS now has Coinbase's records, 14,000 of them.

If you had more than 20k on Coinbase in 2017...the IRS better hear from you in April.

All of whom are absolutely now on the hook for taxes.

>> No.8063319

>>8057504
If he has any sell orders (exchanging coins is a sell order), he has taxable events.

>> No.8063354

>>8063274
thaks, taxman! Can you tell me why no matter what time there is, there is someone here to shill tax as the only way for the respective timezone that is awake? almost as if you are here as part of an agenda!

>> No.8063355

>>8057582
Any gains on a capital asset, whether it's Bitcoin, or stocks, is a taxable event under US tax code. It's a pretty simple concept.

Don't like it? Vote for politicians who are willing to try and change the tax code.

>> No.8063363

>>8063105

I thought california adds 3.8% ontop of 20%

So max at 23.8% if you are already in that high bracket?

Plus california has too many bullshit taxes anyways. Fucking hell wtf

>> No.8063454

>>8063363
Basically if someone is in California and wants to cash out long term gains, one has to assume he is only going to see 60% of it once all is said and done.

>> No.8063466

>>8057992
That;'s not how the IRS would handle it. The only time you face criminal charges from the IRS is being declared a tax evader. They would have to prove to a court that you were purposefully trying to evade taxes by hiding or destroying records. What they would do is treat this is a bookkeeping/collections issue - determine what they think you owe, let you try to amend it, if you can't because you don't have any records, you'll owe what they calculated. You can hire an expensive lawyer to try and fight the end bill, but more than likely you'll pay it. Fighting it is a good way to pressure them into declaring you a tax evader. Once that happens, you're fucked - which it's why it's a good idea to make an educated guess, pay the taxes, and keep better records this year.

This is how the world works, people. If you don't like it, you're risking a lot fighting it. It's not a hill to die on. If you want to change it, run for office, or send some of your gains to politicians who are promoting changing the laws (and then will forget all about you once in office).

I didn't invent the system, so hold your pissy remarks. I just steer clear of it as best I can by paying my taxes. It's kind of hilarious to me that so many of you consider yourself investors, but are completely dumbfounded about tax codes, and are just finding out 6 weeks from when they're due.

>> No.8063480

>>8058058
Laughably untrue. Read the actual tax codes on the subject, and stop spreading disinformation.

>> No.8063514

>>8058424
All of your assets will be taxed at 50% upon surrender of your citizenship.

Plus, it's not quite as easy as that to emigrate to another country legally.

>> No.8063534

>>8063466
>just accept the way it is people

how about we accept that your kind are total cucks and the original founders of the nation would have hanged taxcucks from lamp posts

>>8063514
kek
what if all the value is in crypto?

>> No.8063540

>>8058648
Dummy, why do you think capital gains taxes exist? They're taxes on capital assets - like stocks, and cryptocurrency.

>> No.8063560

I put all my information in cointracker and it says I actually lost money in 2017, do I still need to report this even though it's a loss? I plan to hold all my crypto for 2 more years and then cash out...I want to avoid future complications.

>> No.8063562

>>8063269
the $1 is taxed when you first earn it, you don't get double taxed on it when you sell

that's what I meant

>> No.8063576

>>8058893
If you bought the crypto January 1st 2018, your taxes will apply to the 2018 tax year. Any growth of that initial purchase will be considered capital gains, if you cash out. If you bought, haven't touched it, like moving it to another exchange, or trading into other currencies, you won't owe any taxes if you hold it past December 31st, 2018.

>> No.8063585

>>8063466
high taxes is quite literally worth dying for

it's YOUR LIVELIHOOD, unless you have enough money to never work again, it's basically your life ending one second at a time

>> No.8063597

>>8060233
You really don't want that. And, it's not going to happen. And no, I'm not going into why, it would take all night to explain.

>> No.8063620

>>8062111
I believe anything under $600 doesn't have to be reported, dummy.

>> No.8063645

>>8062633
Jesus, would you stop sniveling already? It's on you for not doing your homework when you jumped into this. Did you really think the government wasn't going to get taxes off your investment? How old are you? I ask, because you're acting like a fucking child.

>> No.8063659

>>8062743
You can write 3k of it off your other taxes. Yes, you need to report it.

>> No.8063681

>>8063659
I lost a measly 23 dollars.

>> No.8063708

>>8063681
I wouldn't worry about it, then. But keep records, in case they ask. You should keep tax records for 7 years, anyway. (They can't audit or collect tax bills older than that)

>> No.8063722

>>8063708
I see...I'm just worried that later when all my altcoins moon and I cash out six to seven figures from gdax, they might wonder where this money came from...it came from the altcoins in bought in 2017.

>> No.8063953

>>8057150
If you want to roll the dice, sell $10k of ETH now and file for a tax extension. Then, see how the market performs over the next 6 months. If if turns shitty, you've locked in half your tax bill and you'll have to liquidate some at a loss. If it moons, you've captured half the upside you would have foregone.

More importantly, find a CPA who deals in crypto.

>> No.8064487

1776: We won't pay taxes without representation

2018: Pay taxes, anon. Or vote, lol

>> No.8064531

>>8056562
So many people will be in jail. You still pay income tax on your bitcoins profits. The Coffee case is about VAT only and nothing else.

>> No.8064579

>>8064531
so many people that it overwhelms the comparatively small tax agencies to the point that crypto becomes the new piracy where the general population shirks expectations of bureaucratic self hatred? Cool

>> No.8064695

You'll be interested to know that all of your wealthy boomer friends are able to profit up to half a million on a house sale and pay no capital gains taxes at all

B/c your president is a real estate agent

And the boomers hold all the wealth, all the politicians, and they don't give a shit about you

>> No.8064700

It’s crazy how much nobody knows about taxes here

If you’re a neet and let’s say you make $10000 after initial investments
The actual average tax on that 100k is a lot let’s then 25-25% after all the dedications you can make (or just 12k dedications your actual taxable income might be 80K
20k at 20% 2k
40k at 25% is 10k
20k at 30% 6k

So 18k total out of 100k what are people complaint about?

>> No.8064768

>>8064700
>Germany has up to 68%
>Austria has up to 55%
>Netherlands about 50%
The list goes on

Giving your country 50% of your profits for basically doing shit, spreading FUD and wasting tax money?

Don't know why people complaint about.

>> No.8064786
File: 1.48 MB, 1436x1674, pepmeme.jpg [View same] [iqdb] [saucenao] [google]
8064786

Just a heads up trading crypto to crypto isn't taxable thanks to loophole 1031. Trading one property for something that is the same. Now stop freaking out.

>> No.8064803

>>8064768
Not only that, but the funds are then used as a means to replace you and your family! Who wouldnt want to pay into that?

>> No.8064820

>>8064786
Just don't give the exchange your social security number and real address.

>> No.8064824

>>8057820
They are on the same team dumbo

>> No.8064833

>>8059972
You read it wrong anon

>> No.8064850

>>8055600
Leftie.
>>8055957
Commie.
>>8056035
Cuck.
>>8056080
>export for turbotax
Fag
>>8056311
Your the man now dog!

>> No.8064857

Technically, we all could end this by not paying taxes.

Even if the IRS throws the book at you, nothing is going to happen until they send agents after you. Considering how understaffed they are, its just not going to happen if all crypto enthusiasts dont pay, especially the millionaires and up.

I'm not advocating we do that. But that is a possible scenario for the future if people stick to their guns and dont pay. There is nothing the IRS can do except send you alot of threatening letters.

>> No.8064872

>>8063303
>$20k for 2017

No, its $20k for 2015. You got it wrong. The IRS can barely handle regular taxes. The crypto world could easily fuck with the IRS and there is nothing they could do about it, desu

>> No.8064907

>>8064857
>>8064872
only 300 people actually paid crypto taxes to the IRS

its already happening

>> No.8065033

>the land of the "free"
Top kek, actually taxing crypto to crypto trades is pure insanity. Nobody sane should pay for that

>> No.8065092

>>8064857
>they press a button and your bank account is frozen

>> No.8065291

>>8065092
>Needing a bank account with bitcoin

>> No.8065397

>>8056382
What's your license # and in what state?
I want to look up what dude gives shit tax advice.

>> No.8065450

>>8055549
Did you invest over 10k through CB? If yes than the IRS knows. If not I doubt they do. They certainly don't know all of your Binance trades or DEX trades. Taxation is theft my brother. I aready paid 18% on that loot. I'm keeping my money in crypto till it's time to move to PR.

>> No.8065542

>crypto taxes
Cucks everywhere
We need to get rid of the pussies on biz
If you are playing with over 50k and moving that over to your account I understand. Be a good goy and don't get rekt

To the poorfags stfu, grow some balls
Shit won't happen to you , just cash out some when you need to and throw those cockroaches 5 percent or so
They'll be happy with that
>Inb4 see you in jail
Kek don't make me laugh mongs

>> No.8065584

>Technically, we all could end this by not paying taxes.

Just read the news? No one pays taxes for crypto. Tax posts here are just made and entertained by tax software shills.

>> No.8065616

>>8063466
A true tax cuck
You make me sick

>> No.8065710
File: 177 KB, 1012x1024, IMG_0404.jpg [View same] [iqdb] [saucenao] [google]
8065710

>paying taxes on mined crypto

>> No.8065803

>>8056077
>worry about that later
this is the type of thinking that is going to send half this board to jail for tax evasion/money laundering over the next couple years. any time more than $10k or so gets transferred in or out of a bank account that gets automatically flagged by the bank and reported. and you can be audited for shit you did this year up to 8 years into the future. the government is a bunch of fucking idiots but if there is one thing they are good at it's this.

>> No.8066028

>>8057051
might as well delete the long term gains tax category then. good to know

>> No.8066108

>>8065803
the government is made up of a minority of human beings, individuals.
If the world moves away from them, what power do they have?

>> No.8066127

>>8066108
They throw you in jail. It's nice that you think you're going to revolutionize anything, but you won't. You'll just be sitting in jail getting fucked by nigger dicks.

>> No.8066138

>>8066127
t. tax cuck
yeah they sure stopped piracy didnt they you absolute faggot
founding fathers would have gutted you