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8349832 No.8349832 [Reply] [Original]

You set aside the IRS's money when you trade don't you?

>> No.8349854

>>8349832
>its another r/buttcoin meme thread
kek

>> No.8349884

>>8349854
Nahh just funny that people JUSTED themselves by not understanding capital gains.

>> No.8349944

>>8349884
>>8349832

Tax attorney here, nice try fudding people but no one is dumb enough to fall for this here.

>> No.8349989

>>8349944
What happens then?

>> No.8350019

>>8349944
I'm a CPA in corp tax.

>> No.8350027

>>8349944
You can't claim 2018 losses against 2017 gains. If you traded a lot in December you are basically fucked unless you got out at the peak.

>> No.8350042

>I made $100,000 on scratch-off lottery tickets then lost it all betting on horses
>REEEE WHY DO I OWE TAXES

>> No.8350049

>>8349944
nice larp

>> No.8350066

>>8349832
>paying tax on cryptos
are you all serious or just trolling?

>> No.8350165

>>8350042
This. Everyone else is COPING HARD. Might as well flee the country or kys, the Tax man cometh.

>> No.8350171

>>8350066
IRS is stepping up enforcement action. If you aren't paying taxes hopefully you didn't leave a paper trail.

>> No.8350185

>>8349832

more like the IRS sets aside money to give back to me when I trade since it's always a loss

>> No.8350226

>>8350185
How did you lose money in 2017?

>> No.8350248

this is fcking bullshit...how the fuck is the IRS taxing crypto when crypto is so volatile

>> No.8350252

Maybe this crypto thing was just a way for the government to deal with the NEET problem, all of you are going to be jailed for tax theft.

>> No.8350275

>>8349832
IF I'm going to file taxes I'm going to do LIFO instead of FIFO.

>> No.8350318

you taxcuck faggots sicken me

>> No.8350320

>>8350248
they tax when you trade not the value it is at any given moment.

>> No.8350336

>>8350252
>prison warden makes us tendies instead of mommy
wouldn't be that bad

>> No.8350348

>>8350027
But what if I don't withdraw till 2020? How does that work Mr smartypants? No one knows I made a loss or gain until I cash out.

>> No.8350371

>>8350336
>he thinks that the prison warden is the only person to worry about

>> No.8350392
File: 41 KB, 640x476, 2wdzfhy.jpg [View same] [iqdb] [saucenao] [google]
8350392

All non-burgers who don't have to worry about ridiculous taxes when they cash out, report in

>> No.8350397

>>8350348
if you trade crypto to crypto the IRS considers that a sale. Even if never cash out" into dollars.

If you "HODL" and never sell you don't owe taxes.

>> No.8350401

>>8349832

You delete that damn post.

Wipe your reddit account.

And pretend you didn't do shit.

>> No.8350425

just a reminder coinbase/GDAX is giving out all the info to the IRS

>> No.8350485
File: 2.30 MB, 2552x5560, 1518481785378.png [View same] [iqdb] [saucenao] [google]
8350485

>>8350392

>> No.8350491

Come fuckin find me IRS lollll get real. Bro just pay the tax when you cash out and your crypto materializes to fiat. they can't come after you for money that they don't know exists.

>> No.8350633
File: 1.16 MB, 1069x1596, 20180314_230124.png [View same] [iqdb] [saucenao] [google]
8350633

YOU CAN PAY YOUR TAXES WITH CRYPYO

>> No.8350743

Any one know what the BTC/Good boy points exchange rate is in federal prison?

>> No.8350780

>>8349832
hm I wonder what would happen if literally everyone got together and was like FUCK THE IRS BAN THE GOVERNMENT NO???? OKAY OFF WITH THEIR HEADS

....just a thought

>> No.8350783

>>8349989
offset capital losses

>> No.8350808
File: 66 KB, 900x900, 1518263927178.jpg [View same] [iqdb] [saucenao] [google]
8350808

>>8349832
>Adding state taxes

>> No.8350821

>>8350780
They will lock you away in prison to make an example out of.

The disruption of throwing 50,000 neckbeards away is less than if everyone realized you didn't have to pay taxes.

>> No.8350824

>>8350780
https://en.wikipedia.org/wiki/French_Revolution#Guillotining_politicians

majority rules, right?

what would happen if >99% of the world voted for the execution of the wealthiest <1%?

>> No.8350852

while I don't support taxing crypto gains, I don't understand this whole "taxes are EVIL" sentiment that a lot of people here seem to perpetuate

>> No.8350869

>>8350852
it's theft, plan and simple

>> No.8350906

>>8350869
How are taxes theft? You pay them because you live in territory governed by the CORPORATION OF THE UNITED STATES. They set the rules and if you don't agree you can leave.

>> No.8350933

>>8350906
get fucked, bootlicker

>> No.8350947

Irs is after whales they don't give a fuck about us

>> No.8350955

>>8350869
>>8350933
seriously tho, what system would you put in place instead of tax?

>> No.8350962

>>8350933
Do you not believe the CORPORATION OF THE UNITED STATES does not have the right to collect its profit from its property?

>> No.8350977

>>8350955
see>>8350933

>> No.8350985

>>8350906
wasnt the nation founded due to a bunch of angry white guys not agreeing to the tax situation? The entire premise of the second amendment being a safeguard?

>> No.8350992

>>8350962
no, not even a little

>> No.8351006

>>8350985
The CORPORATION OF THE UNITED STATES is above the law because it created the laws.

>> No.8351008

>>8350906
>They set the rules and if you don't agree you can leave.
Try that. You aren't freely here.

>> No.8351011

>>8350783
capital losses happened in 2018 you fucking larper. They don't count for 2017 taxes.

>> No.8351016

>>8351006
lol this is literally exactly why the second amendment exists

>> No.8351023

>>8350906
Crypto tax is theft cause they think autist are going to keep track of the price of every single coin they trade. The easiest solution would be to just have a set % rate on when you cash out instead of making it so complicated to the point where everyone just ignores it.

>> No.8351030

>>8350397
thats funny because at no stage does fiat come into the equation when trading crypto pairs, they are outright lying to suggest they have jurisdiction in that regard which is kind of why crypto was created to begin with, right?

>>8351006
would that be similar to london
and vatican city
hmm?

>> No.8351038

>being american

>> No.8351041

Is there anything more cucked than being burger? You all own guns just in case you ever need to rise up... but then you’re just being boiled alive slowly. No privacy, no freedom, high taxes, no healthcare. Instead of doing something you all put your heads down and asses in the air ready to take it. You just fight over which is better coke or Pepsi, Burger King or McDonald’s, Hillary or trump. Just to make yourselves feel like you have some choice.

>> No.8351043

I feel like this year and probably for the next few there will be this this sort of soft message of "you're on notice" from the IRS because to this point it's mostly gone completely unaddressed. If they take action it will be to make examples out of people, and they certainly can do that at any point. But that said, I can't imagine they can step up enforcement to the point of catching more than a small fraction of people dodging taxes; that would require a big shift in resources and probably budget needs that just aren't there. IMO if you make at least some effort to report gains and back them up with a reasonable record there shouldn't be much to worry about. Just have to formulate your own tracking system and use that if there are any questions. No one knows exactly how this will play out so it's all about best effort. There will be official rulings from the Treasury Dept someday but until now there are a lot of questions.

>> No.8351050
File: 3.05 MB, 500x281, aces.gif [View same] [iqdb] [saucenao] [google]
8351050

>>8350252
>mfw I've made tens of thousands have a folio in the hundreds of thousands, claim all my trades, and pay my estimated taxes for both federal and state every quarter so I don't get any penalties

>> No.8351058

>>8349832
>>8350027
Oh is that why there are market cycles, and the beginning of the year just shits on everyone?

This is blatantly gay.

>> No.8351064

>>8351023
ignorance of the law is not an excuse.

>> No.8351077

>>8350906
>forcibly taking property under threat of violence isn't theft
wew

>> No.8351088

>>8351016
>Thinking a 250 year old piece of paper can protect him.

>> No.8351094

>>8349854
SFYL

>> No.8351098

>>8350027
>>8350348
What if I live in the hood where cops don't even bother coming around in Detroit, will the IRS come for me? If ya catch my drift

>> No.8351100

>>8349944
Wew. They'llnever catch us all.

>> No.8351110

>>8351077
it isn't your property though, it is the CORPORATION OF THE UNITED STATES property. They own the money, they just let you use it in the meantime.

>> No.8351117

>>8351110
Ok Chaim

>> No.8351128

>>8351088
the paper isnt what is important
its the nation of gun owners that believe in what the paper says that is important

>> No.8351131

>>8351110
lol and you're just okay with this I take it? you fucking cucked piece of shit

>> No.8351145

>>8351117
he is right though
freedom aint free
blood of patriots and whatnot

>> No.8351152
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8351152

>>8351110

If they own it then they can come get it. I'm waiting

>> No.8351157

>>8351131
Do you not believe the CORPORATION OF THE UNITED STATES can own property?

>> No.8351173
File: 1.97 MB, 500x281, 1517451226539.gif [View same] [iqdb] [saucenao] [google]
8351173

>>8351050
I think you're going to make it anon.

>> No.8351174

>>8351157
mafia*

>> No.8351183

>>8351128
too bad they have successfully dumbed down and indoctrinated their subjects to the point they don't fight back.

>> No.8351196

>>8351110
and what? ima stealing nigger Ill just pull the race card.

>> No.8351203

>>8351174
Do you not believe the corporation that writes the law is unlawful? How can that possibly be?

>> No.8351237

ITT: people realise why it was referred to as "wageslave" before "wagecuck"

>>8351183
it was a minority of determined people that founded the nation
and humanity was once down to 10k population during the last ice age

there have always been masses of brainlets
crypto did not come from them
nor will anything of true consequence

>> No.8351265

Do you even pay taxes if you never cash out on crypto? It's not exactly stocks.

>> No.8351299

>>8351265
You don't owe if you "HODL"
You do owe if you trade crypto to crypto the same as if you sold the first and bought the second.

>> No.8351366

>>8351299
Say I buy ETH through Coinbase and Link (lmao) on Binance after sending real quick. That actually counts toward taxes? That's fucked.

>> No.8351386

>>8351299
thats funny because at no stage does fiat come into the equation when trading crypto pairs, they are outright lying to suggest they have jurisdiction in that regard which is kind of why crypto was created to begin with, right?

>> No.8351402

>>8351366
>>8351299
Jesus Christ america sucks balls

>> No.8351461
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8351461

>>8351152
Sure thing, goy. We'll be right over. ;^)

>> No.8351471

>they are outright lying to suggest they have jurisdiction in that regard which is kind of why crypto was created to begin with, right?
https://www.irs.gov/taxtopics/tc420
>Topic Number 420 - Bartering Income

>Bartering is the exchange of goods or services. A barter exchange is an organization whose members contract with each other (or with the barter exchange) to exchange property or services. The term doesn't include arrangements that provide solely for the informal exchange of similar services on a noncommercial basis. Usually there's no exchange of cash. An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist.

you are basically bartering crypto and it is taxable.

>> No.8351482

>>8351471
you're getting paid for spamming this shit, right?

>> No.8351501

>>8351471
why the fuck do you care so much about doing right by (((them)))?

>> No.8351506

>>8351482
Believe it or not I do it for free, just looking out for my fellow taxslaves to insure they are compliant.

>> No.8351519

>>8351506
go do something more helpful, like killing yourself

>> No.8351524

>>8351482
He's not wrong. We are beyond cucked in burgerLand.

t. trying to move to puerto rico to avoid getting raped on taxes

>> No.8351551

>>8351482
he's a definite IRS shill
I implore everyone to search into what he means by the corporation of the united states
he's not being cute
there is significance to that
he might be the new generation that is watching his "entitlements" disappear like a sand castle in high tide

to simplify
you may be talking to an ILLUMERNATI tier queer that is losing power that should have been his via birthright because of a new society divorced from his "jurisdiction" facilitated by crypto

or maybe he is just an r/buttcoin queer
kek

>>8351471
Too bad the IRS relies on the masses to give themselves up willingly :(

>> No.8351556

>>8351501
Did you know Jews were heavily involved in the slave trade? but it wasn't illegal so why would anyone care?

It also isn't illegal to feed Americans propaganda for the last couple years too! Why would you care if CNN/MSNBC tells complete lies, it is the right of the government to pay them too!

>> No.8351583

>>8351551
>he's a definite IRS shill
I mean it just makes more sense, right?

>> No.8351591

>>8351551
>Too bad the IRS relies on the masses to give themselves up willingly :(

Good thing Al Capone gave himself up willingly :)

http://voices.washingtonpost.com/local-breaking-news/how-the-irs-took-down-al-capon.html

>> No.8351596

>>8351386
yea the do, but is it going to be massively fucking hard for them to do it? kek

>> No.8351601

>>8351471

fuck you get fucked. if noone complies, you basically can either spend more money than you would collect to enforce it or more realistically JUST FUCK RIGHT OFF

>> No.8351623

>>8351591
>local breaking news
kek. What is it with the IRS and living in the past? Suns setting, boyos

>> No.8351666

Think about it, did the 2017 bubble in crypto seem natural? It was heavily manipulated and everyone had huge paper profits far surpassing the actual money put into the exchanges.

What happens when everyone tries to cash out to pay their taxes?

Try to think critically on this one.

>> No.8351695

>>8351591
Wtf do you mean senpai, literally drug culture is everywhere and those people don't get taxed kek.

FUcking whole group of old friends caved into ice and meth, fucking people have been selling drugs and doing drugs since I was middle school. What makes crypto-currency easily taxable? If someone even wants to sell cryptos they shouldn't be in cryptos to begin with in the grand scheme of it.

>I don't live in America btw

>> No.8351696

as a burger i can confidently say that my fellow burgers are complete taxcucks. they are too afraid to fight back so they take it. if you actually challenge them, they will give you shit but back down. unless you start saying shit publicly, then they will take you out to make an example.

>> No.8351700

What if I sell a 4 cent stock for binance coin which is then spent as an fee for some other trade? Am I taxed when bnb gets spent too? Or does the govt then owe me monies for being a good consumer? Also what if I sell the (ZIL, NCASH) 1 at a time as opposed to the $10 worth I customarily hodl? I feel like this is going to cost the IRS too much to review...

>> No.8351715

>>8351524
You have to be in Puerto Rico 10 years for it to take affect.
all those crypto guys that moved there just put their asses in the limelight and will be fucked hard.

>> No.8351727
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8351727

>>8351700

>> No.8351755

Wonder what kinda prison neet tax evaders goto.
If it's a low security one, we could all just move in together. I am pretty sure the low security ones have internet access and no fences.

>> No.8351771

>>8351666
the world is bigger than bergerstan. try to think critically on this one.

>> No.8351791

Literally just pay capital gains tax when you actually cash out to fiat. Unless you have millions in fucking crypto nothing is going to happen and they wont bone you for a good faith effort.

Now, completely ignoring your taxes after you cash out you might get fucked.

>> No.8351833
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8351833

>>8341682
>>8350042
You wouldn't owe taxes then since your capital loss outweighs the gain.

>> No.8351915

>>8351833
it depends if you capital gains are in 2017 and your losses are in 2018.

you can't deduct 2018 losses on a previous years return.

>> No.8352538

so swing/day traders are fucked?

>> No.8352595

reminder to sage and hide these outwright Lieposts

>> No.8352632

https://bitcoin.tax/cpa

>cpa's will cost you at most $500

>> No.8352648

>>8349832
actually i'm about to go long with the IRS's money right this minute

>> No.8352675

>>8350824
It would literally be the 1st Holocaust

>> No.8352711

>>8352538
No but if you didnt cash out last year for last years taxes and you do not have capital right now, you are fucked. Swing trading offsets wins and losses so it doesnt matter. to keep it safe calculate what your crypto net worth is on 1/1 of every year, then take its worth on 12/31 and subtract them. If it is + you owe taxes so calculate whatever that + amount is. Most likely, they will take about up to 50% of that. If its - then you owe nothing since you are at a net loss.

>> No.8352843

just a question for those in the know
how would the IRS be able to know about your stack to begin with? Seems like the fundamental issue at play here is you have to give yourself up, no? Isnt that why only like 0.3% of US crypto holders actually paid tax to the IRS?

>> No.8352869

>>8352843
Well if you ever bought or sold anything on a US exchange like Bittrex, your fucked. How did you initially buy your BTC or ETH ?

>> No.8352896
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8352896

>tfw you made a fuckton of losses in 2017, more than if you would've bought and held, lost three initial investments, and realized them before the end of the year so losses are still greater than gains
buy high sell low, friends

>> No.8352918

>>8352869
I dont hold crypto.
Even if someone had bought BTC a few years ago, how would the IRS be able to verify they still own it? And what if it was purchased on any of the other 95% of exchanges where they're either not based in the US, or dont require ID to begin with?

>> No.8352920

>>8352869

i bought on coinbase but stupid me miss typed a letter in the address trying to transfer to binance and lost it all ;(

>> No.8352985

The only EU country cucked as hard as America is Belgium.
33% or 16% tax (depending on how you behave in crypto) on every trade, crypto to crypto.

But... How will the taxman ever find out? They'll need to get the data from the exchanges, right?

>> No.8352996

>>8352711
held $600 (at the time) in btc since like 2014 through the first of the year. moved that onto coinbase/gdax in mid january 2018.

>> No.8353014

>>8352918
Well you aren't taxed on holding BTC. only if you use BTC to buy another crypto. All crypto to crypto exchanges are taxed.
If you purchsed it on another exchange, well how did you pay for it ? In Cash or a wire transfer or credit card ?
If you bought 2 years ago on local bitcoin then they coulnd't tell... until you sell or buy anything on an exchange that is part of the know your customer program.

>> No.8353033

>>8352996
then you incur no taxes for 2017.

>> No.8353034
File: 1.04 MB, 396x216, 841ab7111c7b11430115b298a2eb4738d7e624251c416d86937468ee214f0f7e.gif [View same] [iqdb] [saucenao] [google]
8353034

>>8352869
LOCAL BITCOINS NIGGA

>> No.8353046

>>8353014
And how many exchanges are compliant to US law vs how many exist, do you think?
Is local bitcoin the only way people could have acquired them?
Did all the companies that existed 2+ years ago that were trading BTC still exist today?
Were they compliant?

I am not suggesting that its surprising that US based exchanges and exchanges that require ID would give that information to authorities
That's a given

>> No.8353074

>>8353046
Well maybe if you are dealing in a couple 100 dollars. Lots of people have 100s of thousands in the game and anything near 10k is looked at and flagged.

>> No.8353188

>>8353034
and local bitcoin reports... NIGGA

>> No.8353236

>>8353188
>>8353074
it must be pretty hard for a tax agent
if you come out attacking over it, people wont give up the details that you need to plug loopholes
but if you support it to act undercover, then you support something you should very well hate, in a place where support is magnified and acts foundationally

kek

>> No.8353273

>>8353034
that place is infested with IRS agents now. LOL

>> No.8353286

>>8353236
Hubris before the fall, cept you probably have a couple 1000 in crypto so you meme your tax freedom bullshit. Some of us have very large tax bills that can't be hidden. Keep fighting the basement fight.

I mean come on use your brains, You have to give localbitcoin you frigging drivers license.. ugh your people are fucking lost.

>> No.8353294

>>8353286
I dont have anything in crypto
I do like seeing obvious taxcuck shills get called out on their bullshit though

>> No.8353353

>>8353294
> I don't have anything in crypto
Gee imagine how hard that was to figure out.
Ah so the soy generation gives us their advice on things they have no clue about.
Come back to us when you have a million in crypto and have been trading for two years. Otherwise you are just full of shit.

>> No.8353467

>>8353353
>come back when you are holding and willing to say it on record
taxman pls

>> No.8353499

crypto - crypto tax is only relevant from 2018 onwards, unless he traded into fiat he should be fine

>> No.8353503

>>8353353

choke on a rancid dick and die

>> No.8353520

>>8353503
Sure sweetie. Come back to us when you've made enough in crypto to pay your electric bill.
Or does mummy pay ?

>> No.8353593

>>8351695
Are you replying to the right post?
What is this non-sequitur on drug dealing? That's an illegal activity. Crypto isn't illegal.

>What makes crypto-currency easily taxable?

The fact that every crypto to fiat gateway is either in bed with the IRS (Coinbase/Gemini) or is filled with government plants (LocalBitcoins)

>> No.8353891
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8353891

>>8350906
It's funny, because I moved out of the shitholesa 4 months ago.

>> No.8353902

>>8353891
Still have to pay taxes. I paid taxes for years on money I made out of the US. Although that was in a proper job, obviously not crypto.

>> No.8353909

>>8350985
It was taxation without representation. They were taxed, but had no representation in the British government.

>> No.8354116

do you have to pay taxes on mined or staked profits?

>> No.8354127

>>8354116
Yeap. Zero cost basis

>> No.8354217

IRS shilling on Reddit as this is the only way for people to pay taxes on their gains. This is a classic scaremongering method so don't be fooled by it.

>> No.8354254
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8354254

No, I am Jewish, I don't have to pay tax.

>> No.8354291

>>8350824
GL uniting spics, nogs and shitskins who believe the white man down the street is personally responsible for all their problems
oldest trick in the book: divide and conquer. multiculturalism is an anti-revolution strategy

>> No.8354379

Best course of action would be to not acknowledge or pay taxes on coin to coin trades that tool place before January 1, 2018.

The IRS gave no clear guidance and the law was ambiguous until the new tax plan came into effect.

If they want to pursue it make them come to you and prove their case.

>> No.8354525

>>8353902
Only country in the world that makes you do that, it says something. I'm not paying a cent to the USA, gonna renounce my citizenship the moment I can. Joke of a country.

>> No.8354631

>>8353909
thanks
So who's representing crypto enthusiasts? Because the majority of government squawking and regulation talk is coming from computer illiterates, not exactly great representatives of the new tech or generations

>> No.8354848

If the irs wants 20% of a neagative amount, i will happily share it with them

>> No.8354992
File: 149 KB, 720x853, 758878BC-B762-4D4F-B251-6286BE2DB6E1.jpg [View same] [iqdb] [saucenao] [google]
8354992

Reddit faggot needs to fill one of these out

>> No.8355018

I just put down my capital gains, didn't count any trading. I highly doubt they will open an audit for a ~$10k income discrepancy.

>> No.8355110

>>8354525
You're liable for a number of years after renouncing. I suppose you'd do well to move to a non extradition country. What's your plan?

>> No.8355129

>>8354848
You can claim up to 3k of that loss against your income faggot

>> No.8355274

>>8354379
I actually did this. I’m losing a lot of money on paper, but I’ve got my sights set on the long term capital gains tax and the next bull run.

>> No.8355363

>>8355110
>non-extradition country
Take a look at the list. There are only 2 first-world countries w/o extradition to the US- Andorra and Taiwan. China and Russia don’t. But good luck crossing an international border once the warrant is issued.

>> No.8355385

>>8355363
Portugal unless they changed

>> No.8355490

>>8350962
The corporation is the ten miles square district of columbia and federal territories.

The States are soveriegn. This was a republic.

Citizens are the property of the state. And State Nationals are dejure not defacto.

Income in the Federal sense is defined as gains derived from the Federal Enterprise. Not what you think it is.

>> No.8355579

>>8355018
This to be honest. I'm not even going to add gains I'm just going to pay what I'm cashing out.

>> No.8355681

>>8350780
It worked in 1776

>> No.8355835

>>8350397
I only sell at a loss so I won’t ever have to worry about taxes.

>> No.8355945

>>8355490
http://www.gemworld.com/edmandellhouse.htm