Tax evasion thread

[Anonymous No.8362390]

No kikes or cucks allowed in here.

Enlighten us with your evasion knowledge

[Anonymous No.8362403]

Government does everything for you provides you with health care and all you think is how to evade taxes? you should be ashamed.

[Anonymous No.8362404]

>>8362390

Anyone who bought/sold with Coinbase is fucked lmao

[Anonymous No.8362414]

>>8362403
>provides you with healthcare

I see what you did there

[Anonymous No.8362429]

>>8362403
I hope your being ironic.

[Anonymous No.8362442]

>>8362403
crypto-to-crypto tax is theft.
I'll glady pay taxes on my crypto if there are decent laws about it.

[Anonymous No.8362459]

>>8362414
I forgot.
Your an americuck

[Anonymous No.8362466]

>>8362404
What if I just bought and moved it to a chink exchange

[Anonymous No.8362472]

u ready?

*deep breath*

do nothing.
the government arnt going to bother chasing up 4 million people to see if they have bitcoin or not. even if you used coinbase with your bank account linked and passport so what? you can just say you lost it or gambled it or whatever. When you send btc or any crypto to an exchange the exchange sending the amounts in packets of like 25 different wallet addresses at the one time. Finding your wallet and the amount of funds you have is nearly impossible, and actually impossible if you use xmr for transfers. the government will never suspect a thing unless you give them a reason to. Hence, do NOTHING

[Anonymous No.8362478]

The Discord Pump group that is unstoppable.,.

https://discord dot gg/pbN4G73

[Anonymous No.8362507]

>>8362390
taxes good: roads muh healthcare education.

[Anonymous No.8362516]

>>8362472

If you decide to do this option, you better not cash out into fiat, or you're fucked. That's basically the only real problem here. If you use crypto for everything you're fine, it's just that we haven't really hit adoption yet so you'll be waiting a really long time.

[Anonymous No.8362534]

>>8362403

[Anonymous No.8362547]

>>8362466

Probably okay if you never gave them any sort of ID.

[Anonymous No.8362573]

>>8362403
tfw you're taxed almost as much as eurocucks, yet get jack shit for it. We do have a fascist police force that shoots citizens in the face and some cool missiles so there's that at least.

[Anonymous No.8362581]

>>8362472
Please tell me how I can do this with Monero
I shared my wallet public key with someone and I suspect that he keeps his eye on my wallet.
He also has my identity.
I need help to make sure that he cannot report me to the tax man
If you help me out I'll tip 0.05 eth

[Anonymous No.8362595]

>>8362403
8/8

[Anonymous No.8362832]

Seriously anyone help me and i'll tip 0.05 eth

[Anonymous No.8362836]

>>8362404
I don't really get it though. I buy let's say $250 of ETH on Coinbase. I transfer almost immediately to Binance and buy Link. They're both very slowly going down in this process. Are those niggers really going to tax me for that shit?

[Anonymous No.8363009]

I don't understand what youre supposed to keep track of for crypto to crypto trades.

If I buy X for $200, it goes to $20000, then i buy Z , that's technically taxable, but with what? If you cash out the amount from X to pay the tax, you create two more tax events but going into btc and then fiat, so it's tax on your tax? It's retarded.

I can't imagine the IRS giving a fuck as long as you pay taxes on the fiat profits.

[Anonymous No.8363011]

>>8362581
Moving the funds to another wallet would be enough to make them vanish.
Don't tell people you have or trade cryptocurrencies.

[Anonymous No.8363040]

>>8363009
If you make enough money to raise a red flag book a flight to some third world shithole and open an offshore bank account.

[Anonymous No.8363049]

Bringing the tip to 0.1 eth

I'm thinking of doing it like this:
Send my coins to binance --> sell them for eth --> send eth to shapeshift --> shift them into monero --> send monero to binance --> sell back for my coins --> put on wallet

or just
send my coins to binance
generate new public key
send coins from binance to new public key

[Anonymous No.8363058]

>>8362404
Only if you moved 20k at once fag

[Anonymous No.8363083]

>>8363011
it was my fiscal lawyer... that's why he also has my ID.
I paid him with crypto so he sees my wallet address.
He is pro-crypto but now I am choosing the evasion route so I don't want him to see my wallet anymore
I am also kind of worried about my identity

[Anonymous No.8363085]

>>8363040
>he forgot about FATCA
you can't escape uncle sam

[Anonymous No.8363119]

the day I pay to feed niggers will be the day I end it all I tells you hwhat

[Anonymous No.8363164]

>>8363083
It does not matter who he is, move your monero to a new wallet and they will be untraceable.
What incentive he has to report you? Fiscal lawyers are basically thief that get paid to help people pay less taxes as possible, reporting customers is VERY bad for the business.

[Anonymous No.8363181]

>>8363049
anon,
just convert everything to monero on an unverified binance account or on shapeshift. if you want to be extra paranoid use a vpn.
then keep your money in monero or convert it back to whatever you want. then DO NOT expose those new wallets

you're welcome
0x5b6bde83411051801563a469852B676E9Be9da23

[Anonymous No.8363193]

>>8363009
IRS doesn't understand how crypto works. They just saw people making money and started salivating at the thought of lost tax revenue

[Anonymous No.8363215]

>>8362832
Look up coin mixing services. Some are on deep Web as well. Be careful. 0x2df1Ab4638304656803139716C02E9F3E366254C

[Anonymous No.8363221]

>>8363164
That's true ... maybe I'm too paranoid.
I am stressing so much about this tax thing while normies don't stress at all and get away with it.
Thank you for your advice

[Anonymous No.8363258]

If nobody sent you any tax forms, nobody sent any to the IRS. Yeah, you can't get away with literally not paying shit, but if you pay taxes on what you cash out like you should, you won't have a single issue, especially this early in the game. If you're rolling in millions and trying to avoid taxes altogether then you may have an issue, but all of these brainlet small fish worrying about their $10,000 are just worrying about nothing.

tl;dr: Pay your capital gains, they'll have your coinbase info eventually. But for now they can check your bank accounts and everything else

Just pay your taxes

[Anonymous No.8363262]

>>8362403


lol. Nigger you die on the streets homeless if you get sick what

[Anonymous No.8363271]

>>8363181
Why are you suggesting this? Binance sends from one address anyway so what's the point in converting it to an 'unverified account' etc? Your suggestion doesn't make sense unless I'm missing the point.

[Anonymous No.8363278]

>>8363181
Wouldn't it be enough to just:
1. send my VEN and LINK to Binance
2. Create a new wallet address on my Nano S
3. Send coins to the new wallet

He surely can't track the binance wallet right?

After this question i'll send you the eth

[Anonymous No.8363280]

Legal action against you may not begin until after you have either replied to an official notice or been officially served papers; just burn all of your mail, ignore the doorbell and use only anonymous "burner" cellphones paid with cash ($30/mo @ Cricket Wireless).

If arrested for tax evasion during an unrelated incident such as a routine unconstitutional traffic stop, lawyer up, because it's illegal to jail a person for civil matters (fines alone are supposed to punish failures to follow civic regulations).

[Anonymous No.8363287]

>>8363083
You can just mix the ETH, but you are also definitely overthinking this entire thing. Nobody's going to worry about your addresses yet.

[Anonymous No.8363290]

>>8362403

https://www.youtube.com/watch?v=dOgJcA1wUtI

Breathe in the gas KIKE SHILL.

[Anonymous No.8363303]

>>8363290
this doesn't hold up in real life.

[Anonymous No.8363311]

>>8362403
Threadly reminder that deducting any losses can both help lower the pain of losing money and increase your total profits.

[Anonymous No.8363313]

>>8362581
>>8363083

think logically. Say you transfer those funds to an exchange or monero wallet or where ever untraceable then what is this person going to do? he can contact the irs and say "my friend had a large amount of btc but now its gone" you can literally say that you lost it or gambled it away. Crypto isnt magic but remember that all the laws that are currently in place for this type of thing are written for fiat, not crypto. it is a whole new ballgame for the government and they have no idea what they are doing. There are people that mined hundreds of bitcoin back in the day on offline wallets and their funds are totally unknown to anybody. The government is only going to come snooping around if you give them a reason too (ie pay crypto tax so now they have a record of you dealing with crypto and they can investigate more) Thats why it is important you never reveal your powerlevel to anybody.
>>8362516

even IF you cash out into fiat, i am not sure about how laws are like in your country, but in Australia you can deposit or withdraw amounts up to 10k WITHOUT having to declare it on taxes or anything, my bank allows me to go to any branch and deposit 10k cash if i really wanted to no questions asked. But not all banks are the same in my country only a couple still allow this.

[Anonymous No.8363342]

>>8362404
>Coinbase

https://www.strawpoll.me/15277211
https://www.strawpoll.me/15277211
https://www.strawpoll.me/15277211
https://www.strawpoll.me/15277211

[Anonymous No.8363360]

>>8362516
Start a blog and accept donations from people. But donate that money to yourself when you're cashing out. I don't think that's taxed.

[Anonymous No.8363363]

>>8362390
I didn't do it in order to evade, but my business is registered in Cayman Islands, so I don't pay direct taxes

[Anonymous No.8363379]

Come to Switzerland, tax evasion is not a crime here

[Anonymous No.8363391]

>>8363278
Well, theoretically it could be possible to link the transactions if you do what you described, but that would be a lot of work. Not happening imo, unless we are talking really big amount of 'not so clean' money. but i don't think you would ask here if that was the case

[Anonymous No.8363403]

>>8362404
you do realize coinbase has millions of customers right? last year the IRS requested info on 500k of them. that means half of them are too poor to bother with. (like myself). the other half might have to worry though.

[Anonymous No.8363411]

>>8363313
>The government is only going to come snooping around if you give them a reason too (ie pay crypto tax so now they have a record of you dealing with crypto and they can investigate more)
If you don't pay tax and you've cashed out they definitely will come sniffing around and you'll be under extra scrutiny. That doesn't mean they're prepared to audit every blockchain etc but don't for a second believe they'll just ignore you

They already got coinbase records for 14-15 I believe, it's only a matter of time

[Anonymous No.8363420]

>>8363271
a verified accound is linked to your ID. you do not want this

[Anonymous No.8363439]

>>8363420
you think the IRS is going to randomly subpoena Binance because OP pays his taxes? they barely have a handle on crypto at all, paying anything at all at this point is going to earn you good boy points

Literally just pay capital gains on what you cashed out and don't overthink things

[Anonymous No.8363446]

>>8363411
>you've cashed out
You imply they would know that you cashed out, while they are not able to know shit

>sniffing around and you'll be under extra scrutiny
If you directly wire crazy amounts into you bank account, you deserve to get buttfucked

[Anonymous No.8363476]

>>8363446
>You imply they would know that you cashed out, while they are not able to know shit
If you've done 10k in any single transaction they'll know. Otherwise I don't know how they would know, but I guess if you've been paying on things, buying things, etc., they can start to build a case. If any entity issues you a 1099 of any kind they sent that to the IRS as well and from there if you haven't paid anything they'll start sniffing around.

[Anonymous No.8363496]

>>8363446
>>8363476
Oh, but to be clear, one day they will get your Coinbase info and they'll know you cashed out even if you did so in small quantities, and by then it'll be a criminal charge and not just simple failure to report accurately or whatever

[Anonymous No.8363512]

>>8362390
I have an easy solution for all of this:

>BAN THE IRS
BAN THE IRS
>BAN THE IRS
BAN THE IRS
>BAN THE IRS
BAN THE IRS
>BAN THE IRS
BAN THE IRS
>BAN THE IRS
BAN THE IRS
>BAN THE IRS
BAN THE IRS
>BAN THE IRS
BAN THE IRS
>BAN THE IRS
BAN THE IRS

lol didn't think it was that simple, did ya?

[Anonymous No.8363533]

>>8363446
>>8363476
>>8363496
also your bank will send a 1099-INT and such if you have anything other than a checking account

there are a lot of ways they can get your scent

[Anonymous No.8363545]

>>8363496
>>8363476
I agree. Once again, if you wire any money to your bank account you deserve to get buttfucked. There are other way to cash out. Either you do it professional or you just pay your tax rate. 20% for the burgers, right?

[Anonymous No.8363571]

>>8362403
Just saw the headlines from this week.
Not gonna support some poor afghanis to stab and kill my people.

I'll gladly pay taxes if I knew that it won't pay some fucktard with 3 wifes and 20 children luxury houses while old people are left to die.

[Anonymous No.8363629]

>>8363411

kys Faggot before we make you extra crispy.

[Anonymous No.8363652]

>>8363083
Your attorney can't really report you to the IRS. Unless he was somehow involved in you evading taxes (you lied to him about something and he reports it to the IRS) he cannot be called to testify against you.

What do you even have the ol' jew for anyways? Did you get caught in the past?

[Anonymous No.8363672]

>>8363411

think why would they come sniffing around? Traditionally if somebody lives in a shit apartment but drives an audi and has no job the taxman is going to come around and start snooping based on your assets. But if you are smart and dont live outside your means why would they ever have any reason to suspect anything? This is not to mention all the people who have bought 100k worth of mining equipment and have their own private goldmine in their garage that mines to their own wallet which nobody is ever going to know who it is owned by.

>but don't for a second believe they'll just ignore you

realistically we have to look at the extent of the IRS reach. If you were the IRS who are you more likely to go after? roger ver or some black guy who paid for his swimming pool in btc in the midwest. There comes a point when even the irs has to allocate resources efficently in order to catch criminals, dont forget there is an entire other financial world that just had the biggest bull run in history out there which dont like paying taxes much either.

[Anonymous No.8363724]

>>8363360
Create a blog
shapeshift to monero or monero to ETH
donate to myself

taxfree up to a certain amount here as far as I know.
HOLY SHIT THANKS!
I'm not gonna pay crypto-crypto taxes I never cashed out that arent't existing anymore due to the crash.

[Anonymous No.8363735]

>>8363672

Tax kikes deserve to get fuck. We founded this country to avoid taxes and we'll do it again.

>MFW I'll live to see the day when public hangings and broadcast in the news.

[Anonymous No.8363744]

>>8363009
Are you trading X for Z in this scenario? If so, then yeah, you need to cash out enough to pay for the tax and the cash out. But if that's not what you meant then remember that you don't pay taxes until you cash out or exchange currencies.

[Anonymous No.8363769]

>>8363744

Get fuckied IRS Nigger the day of the Rope soon apporaches,

[Anonymous No.8363786]

>>8362390
I just plan to cash out less than 38K or less per year or whatever it is to be in the lowest tax bracket for capital gains. I already got my taxes done and the bill is pretty small, comes out to less than 5% of what I made last year, and most of it is because I live in commiefornia, would probably be less in other states.

[Anonymous No.8363806]

>>8362403
>No kikes or cucks allowed in here.
I wish they did. I can't afford to get sick.

[Anonymous No.8363832]

>>8362404
I bought like 4 - 5 years ago and never gave my ID (but did my real name). This was before they required it.

They never sent me an email saying they turned me over to the IRS. Am I OK?

[Anonymous No.8363891]

>>8362836
If they roughly the same value when you made the trade you are fine. Taxable event is when you brought the eth, sat on it for a while, whilst the value grew, then traded it for link. You will be taxed the difference in value of when you brought the eth and the value of eth when you traded for link.

[Anonymous No.8363919]

>>8363769
I'm not an IRS nigger; I told another anon how to commit tax fraud without getting caught. I was just giving that guy advice, since there are a lot of people on /biz/ who think you need to pay capital gains on an asset you haven't cash out yet. It's just the legal version of tax evasion.

[Anonymous No.8363931]

>>8363724
Fuck this is great:

Austria:
You can receive 15k€ in a 5 year term from a non family member.

If you have a blog, or crowdfunding or whatever stuff that involves donations, it is tax free up to 15k per person in 5 years.

Will check this with my tax guys.
So there is no need to even tell anyone you have crypto. Nice

[Anonymous No.8363951]

>>8363342
>https://www.strawpoll.me/15277211

I've bought 20k worth of BTC from Coinbase, but I sent it all over to binance.

What service can I use to convert USD to BTC (like coinbase), but avoid giving them my personal info. What are the chink coinbases? Where is the best place to easily buy BTC for USD and not have to give a ton of info?

HALP

[Anonymous No.8363980]

>>8363951
Localbitcoins

[Anonymous No.8363989]

> dad was a plumber, mother was a housewife, lower middle class white america
> get 4.0 GPA in high school, take 50k loan to pay for Econ degree from top 100 university (scholarships and side jobs covered the rest)
> acquire enough knowledge and wisdom to know about crypto and invest in it early
> humble initial investment, only made enough to pay off student loans and make 20% down payment on nice house
> realize that i actually have to pay 30% of my profit (that was already taxed once) to We wuz Wakandans and sheeit
> build schools for people who dont care about their education, hospitals for people who don't care about their health, roads for people who don't go to work
>JUST.jpg

[Anonymous No.8363993]

>>8363363
Is there a guide for setting up a business in the Caymans? Can you do it yourself or do you need a team of kike lawyers that will charge and rape your ass.

How / where did you learn how to properly structure?

[Anonymous No.8364005]

All you faggots listen up....

When the request network goes live do this.....

Start and online shop where you sell like 3 original articles of clothing...

Make them retarded expensive. Like supreme but for actual rich people. They could literally be a white shirt for 10,000

Pay your business with your own crypto... preferably Monero using the request network.

Pay taxes on your small business instead of capital gains.

Keep more money. Keep of radar of IRS. Keep on livin baby

[Anonymous No.8364017]

>>8363832
For old stuff, they only reported buys of $20k or more.

[Anonymous No.8364018]

>>8362390
I
WONDER
WHO
COULD
BE
BEHIND
THIS
POST

you ain't getting my tax evasion secrets, retard

[Anonymous No.8364054]

>>8364017
I bought just over $20K I *think* (but can't remember exactly). But the email I registered never got the "we reported you to the IRS" everyone else did. & I ignored and never used them again after they asked for ID

[Anonymous No.8364067]

>>8363769
nice larp

[Anonymous No.8364073]

>>8363058
No it's 20k total I'm on the reported list

[Anonymous No.8364112]

>>8362507
The funny thing is, before 1913 we had roads, schools, a military, sundry government administrations and departments, and basically everything you need from a government..
..all without an income tax

[Anonymous No.8364181]

>>8363951
U don't have to pay taxes till u cash out brainlet

[Anonymous No.8364182]

If you use your crypto gains to buy stuff for your business you can write it off tax free

[Anonymous No.8364249]

>>8364182
Be an escort. You use your house to fuck girls but don't harge them anything because it's charity. Since crypto bought the house which is a part of your charity business it is too.
Like that?

[Anonymous No.8364254]

>>8362390
What if I bought four hundred nigger coin but then when industrial revolution coin comes out I sell it for cotton gin coin?
What then?

[Anonymous No.8364287]

>>8364112
You didn't have 7 billion niggers leeching welfare though

[Anonymous No.8364292]

>>8363512
Why didn't you cucks meme Ted Cruz into office then instead of flrumpft?

He wanted to abolish the IRS and have a 10% flat tax that you voluntarily report on a single post card.

[Anonymous No.8364300]

Ancaps need to be impaled and paraded around the street

that being said, you can burn all your subpeones and they cant prove it. Shoot the kike when he comes to your door

[Anonymous No.8364322]

>>8364292
As if Lyin' Ted would have done anything against the deep state

[Anonymous No.8364333]

>>8364292
>t. fell for the voting meme
literally 98% of the world is fucking retarded

(((politics))) is WWE if you idiots haven't figured it out yet

it's not real! it's a television show!

[Anonymous No.8364368]

>>8362390
I’m curious though, how fucked am I? Most of my ends are in crypto rn, and I live with my rents and am in between jobs. Am I fucked if I just say fuck it and don’t bother with shit for a while until I can afford to care? I buy on GDAX, transfer to Binance and Bittrex - I’ve cashed out a few hundred before (Gdax), but I always put more back in. 23, with parents, waiting to get called for interview right now - $300 (no joke) in bank atm - should I be worrying my sack off or am I prolly not a priority?

[Anonymous No.8364375]

>>8364322
>>8364333
But why does no one talk about the fact that he was even talking about ABOLISHING THE IRS?

That alone means he was running on the most extreme pro-freedom platform ever.

[Anonymous No.8364409]

I have a fake business setup just to get use tax exemption certificates at most stores
Saving 8% taxes on everything I buy adds up

Also The stories and information posted here are artistic works of fiction and falsehood. Only a fool would take anything posted here as fact.

[Anonymous No.8364410]

>>8364375
for views, you moron! fucking DUH

[Anonymous No.8364475]

>>8362390
Oh look a nigger thread

SAGE

[Anonymous No.8364478]

>>8364410
for views? What?

I'm saying even if it's all a fake television show or whatever, why does NO ONE talk about how Ted Cruz was proposing to abolish the IRS. Is everyone asleep?

[Anonymous No.8364497]

>>8364368
I figured it out now.
Don't worry and never cash out.
If you decide to cash out: get a plan first and lawyer up
Make sure to have comfy gains to pay for the lawyer and the taxes + fine

[Anonymous No.8364521]

>>8363786
Doesn't this only work if you are cashing out exactly what you bought? e.g. bought 10 ETH on day 1, sold 10 ETH on day 366

[Anonymous No.8364570]

Really everyone from this thread that helped me
THANK YOU SO MUCH
Good anons ... you helped me get through this. I am very grateful

[Anonymous No.8364633]

>>8363009
>>8363744
it's all self reported right now
just pay cap gains on your cash outs

[Anonymous No.8364650]

>>8364633
>just pay cap gains on your cash outs
Unless you were issued a 1099, even this is unnecessary

[Anonymous No.8364671]

>>8364650
>>just pay cap gains on your cash outs
>Unless you were issued a 1099, even this is unnecessary
If you have other significant income maybe they won't notice, but I suspect that eventually they will get your Coinbase info and you'll be fucked if you cashed out via CB even if you didn't get a 1099. But technically they don't know about it yet... that doesn't mean you won't get teh standard treatment, i.e. they see you've got a shitload of money running through your account and it doesn't match up with your 1040 or whatever

[Anonymous No.8364673]

Bought under 3000$ worth on coinbase over a year ago verified myself though but never sold anything through coinbase how fucked am I?

[Anonymous No.8364691]

>>8364650
>>8364671
But I'd love to hear your argument on that.

[Anonymous No.8364703]

>>8364673
You're not even on the radar, not even close. Literally nobody will ever notice you

[Anonymous No.8364716]

>>8364478
to distract people from caring about anything*

you know, like jingling something shiny in front of toddlers or cats?

lol yeah man almost everyone in the world is falling for it, I can't even.......

[Anonymous No.8364719]

Isn't it ironic? White people behaving exactly like the stereotypes they hate? Sad thing is, in their petty delusion of grandeur, they can't see themselves for what they truly are. A bunch of pathetic losers who commit crimes while telling themselves they're justified. Just like all the niggers and kikes.

[Anonymous No.8364740]

>>8364703
Alright sweet went from coinbase to Bittrex until around July when binance launched and have been there, moved about 40k to binance though do you think they will follow up on that ?

[Anonymous No.8364769]

>>8364673
>>8364703
I notice you anon

[Anonymous No.8364785]

>>8364740
Look at this objectively, they're not psychic, and they're not going to go on a fishing expedition and audit the chain, subpoena records and follow up with a bunch of exchanges etc on the HOPE that you owe something according to laws that in theory aren't even fully clarified yet (yes we can infer from precedent but still)

The IRS just wants you to pay your taxes, and in this context that means either if you're mega wealthy or if you're cashing out. If those don't apply to you you aren't on the radar, they don't know about your crypto, and it really ends there.

The reason the IRS even notices people is because they have savings accounts that send them 1099's, they have tons of cash and assets but aren't reporting anything, etc. Yes, they have automated systems for this and they look into the obvious stuff, but no they're not doing any serious sleuthing on the blockchain and picking people at random to research, it's just not cost-effective or even really enforceable in many cases

[Anonymous No.8364790]

>>8364740
>>8364785
so tl;dr: just pay capital gains when you cash out, be a good boy, pay your taxes, don't commit any crimes, but don't stress it. They don't know about your binance account and they probably won't ever know

[Anonymous No.8364793]

>>8364719
It's not an actual crime. It's just postponing payment.

[Anonymous No.8364813]

>>8364497
Thanks anon, I’m in for long haul on 70% of my picks so no worries, other 30% is trading/dips - I’ll do it on the platform and wait to worry about taking out and all not l8r on; thx again

[Anonymous No.8364840]

>>8364785
Thanks man I appreciate the input, I won’t worry about anything until I eventually cash out into fiat (not for at least another year or so) just didn’t wanna be fucked in the mean time and hit with penalties or be on the radar somehow

[Anonymous No.8364854]

>>8364785
So true... and they are using the media to spread FUD so honest or scared people are willing to self-report.

I almost fell for it. Without 4chan I definitely would have. Today is a day I got red-pilled.
4chan is actually changing my life in a lot of different ways lately.
But I'm staying away from /pol/ though

[Anonymous No.8364859]

>>8364840
you're gonna end up paying short-term capital gains with a cost basis of 0 (tons of taxes-like 45%) if you don't declare it now, that's the real downside here

[Anonymous No.8364911]

>>8364859
>you're gonna end up paying short-term capital gains with a cost basis of 0 (tons of taxes-like 45%) if you don't declare it now, that's the real downside here

No - it's like 24% in the US for < 100Kish

[Anonymous No.8364919]

>>8364911
My mistake, it does depend on quantities, but it's not 24%, you have a few different taxes to pay but I can't recall all of them

it's basically just income tax rate though for short-term at a cost basis of 0, could be worse

[Anonymous No.8364938]

>>8364919
>it's basically just income tax rate though for short-term at a cost basis of 0, could be worse

Should only be income tax rate AFAIK ... from what I understand no Social Security / Medicare. (State tax applies as well - so you're fucked if you're from Cali or somewhere)

[Anonymous No.8364963]

>>8364919
10% $0 $0 $0
12% $9,525 $19,050 $13,600
22% $38,700 $77,400 $51,800
24% $82,500 $165,000 $82,500
32% $157,500 $315,000 $157,500
35% $200,000 $400,000 $200,000
37% $500,000 $600,000 $500,000

[Anonymous No.8364989]

>>8364938
>>8364963
I myself am wondering how best to claim some ETH I sold last year that I didn't buy (mined altcoins and traded them for ETH), I think this is technically income tax which DOES include medicare but I'm not sure

It sounds like I'm better off paying cap gains on that in particular

[Anonymous No.8364994]

>>8362403
>No kikes or cucks

[Anonymous No.8365020]

>>8362390
Hahahahahahahahhahahahah faggots I live on Grand cayman I don't pay this shit

[Anonymous No.8365034]

>>8364691
I don't really have one. Yes, in the future, coinbase might get buttfucked into releasing all of their previous years of transactions to the IRS and not just 200+ transaction accounts or whatever it is the law requires. I don't know how they'd have to write the law to make it apply retroactively to previous years, but anyway, something like this wouldn't just apply to coinbase, but any 3rd party sales channel, like eBay or Amazon for example. I think you're legally required to report income that exceeds $700 in a calendar year, and most people don't, yet they don't meet the threshold for a 1099 either. I suspect there's literally billions in untaxed income there, and it makes crypto look like a minor problem in comparison

If you didn't get a 1099, it's likely small gains, so even if they slap you on the wrist a few years down the line, it's not like you're going to owe very much, and it's fairly easy to play stupid

[Anonymous No.8365049]

>>8365034
>If you didn't get a 1099, it's likely small gains, so even if they slap you on the wrist a few years down the line, it's not like you're going to owe very much, and it's fairly easy to play stupid
Isn't failure to report far worse than reporting the incorrect amount?

[Anonymous No.8365061]

bought through a verified coinbase account well over 20k, all sent to binance, trades galore but never cashed out to fiat, not planning on paying shit until I need it into fiat.

surprisingly I didn't get a 1099 or anything regarding taxes from coinbase I guess since I never sold anything on CB or Gdax it doesn't flag it. I'm sure they're aware but I'll just sell once I've "held" for a year.

[Anonymous No.8365089]

>>8365061
you have to sell 20k total and exceed 200 transactions

[Anonymous No.8365105]

>>8364963
>>8364859
Well fuck that’s crazy high, will wind up paying 35% currently. Now if I don’t declare it now only when I cash out what about holdings that I have for more than a year?

[Anonymous No.8365123]

>>8364989
>I myself am wondering how best to claim some ETH I sold last year that I didn't buy (mined altcoins and traded them for ETH), I think this is technically income tax which DOES include medicare but I'm not sure

I would likely just claim it as capital gains with 0 cost margin basis.

I'm not trying to evade taxes but I'm keeping it as simple as possible. 0 cost margin basis even though I had like 5% entry. And only pay gains when I exit to fiat.

Half of my exchanges died & I don't have records, I lost access to my phone that had others, etc.

For mining Eth you can deduct all your GPUs the first year probably and calculate your electricity in. (In small biz you can deduct like 100K of electronis the first year as expenses.)

[Anonymous No.8365125]

>>8365105
You have to be able to prove you held them for a year which is the issue here. If you did a ton of trading etc on the back end and aren't logging every single trade and reporting it then you won't be able to do the long term capital gains thing.

Hope someone else can correct me if I'm wrong here

[Anonymous No.8365130]

>>8364005
this is literally, unironically money laundering

[Anonymous No.8365136]

>>8365089
Ah so you have to sell 20K? That makes me feel better. It was way back in 13 or 14 and I did a total (I think) of > 25K.

But I never gave my ID

[Anonymous No.8365147]

>>8365123
I was thinking about doing that, but I wonder when I actually declare it (IIRC it's a schedule D form 8949) what I actually write on the form itself

"mined crypto"? they might see that and make a determination that it's income tax rate and not cap gains etc.

>>8365136
for the 1099 you have to do both of those things, if you did not they did not issue a 1099 to you or the IRS, but in the future I think the IRS will be privy to that info

[Anonymous No.8365157]

>>8365105
The problem is TECHNICALLY you have to hold THE SAME crypto for > 1 year.

Then it's 15% tax rate up to like 200K of gains. Way better tax rate.

[Anonymous No.8365166]

>>8364989
I’ll try to find the doc my brother has (he’s an accountant)

[Anonymous No.8365169]

>>8363993
Kike lawyers.
Maybe you can avoid them if you know enough (i didn't) but you will need to go to the Caymans in person.

[Anonymous No.8365184]

>>8365166
what I've read suggests that it's taxed as regular income

I think this is what will allow me deductions on equipment

[Anonymous No.8365186]

>>8365049
You'll have to pay what you owe and a penalty (interest) in either case. I'm not sure if one is worse than the other. And if you're already paying taxes from employment, then I think you're just looking at underpayment regardless

The IRS doesn't want to put you in Jail, they just want your money

[Anonymous No.8365209]

>>8365186
I'm not otherwise employed, I just do this crypto stuff, which is why it's a bit up in the air. That's why when you suggest here >>8365034 that I simply don't have to pay at all, I'm a bit dubious on that.

My situation: I cashed out about 20k in total, but I bought about 17k. Bought probably 50 ETH and sold probably 70 ETH. So there's about 20 ETH that I "mined" (actually mined other coins, traded, etc.)

But like >>8365123 said, it's fucking impossible to track any of this stuff. I just wanna pay and be done with it really.

Thoughts?

[Anonymous No.8365215]

>>8365186
Yea - imagine a gang that will get your money but can't break your legs.

[Anonymous No.8365217]

>>8365157
"same" in the sense that it has to stay in 1 wallet? or can you prove ownership of various wallets and assert that your holdings was never transferred outside of them?

[Anonymous No.8365234]

>>8365169
Approximately how much did it cost to get set up?

[Anonymous No.8365246]

>>8365217
My understanding is that you need to have a sequence of trades and have claimed them properly (paid tax on each trade). My guess is that you can't simply shuffle tons of ETH around, trade it a lot, cash it out, and claim you've been holding for a year or more

Hoping someone will chime in

[Anonymous No.8365272]

>>8365209
>I'm not otherwise employed, I just do this crypto stuff, which is why it's a bit up in the air. That's why when you suggest here >>8365034 that I simply don't have to pay at all, I'm a bit dubious on that.

If it was me - I would estimate how much I mined. Deduct my equipment, my utilities & any other deductions daytraders / work at home people get.

Then on the 50 I would do 0 cost margin and do as short term capital gains.

To me this is 100% fair and not trying to avoid anything.

[Anonymous No.8365280]

>>8362472
Best answer in the thread right here. Like I posted beforehand in the other tax thread, you have several options. It all depends if you plan on cashing out large amounts of money - defined as $20k+.

If you are cashing out less than $20k, then do nothing. You are small fish and the IRS couldnt care less about you, they do not have the manpower and they just dont care.

However, once you cross that threshold and you cash out more than $20k, they will be alerted by the banks and Coinbase will send them your 1099k. It all depends on whether or not you are a big fish and you are throwing around money.

Now, if you are like me and you want to live off your crypto gains, you will HAVE to pay taxes. You have to and you have no choice because we have not reached mass adoption with crypto...yet.

Otherwise do nothing. Hold and work your job or whatever and wait till mass adoption and/or the laws change.

If someone tells you "huur durr the IRS will find out better pay your taxes" they are cucks and delusional fear mongering shills, the IRS cannot do shit, they dont have the manpower. They will never fucking know your trades and your gains UNLESS you convert to fiat. The end.

[Anonymous No.8365288]

>>8362390
So, you sucks don't know about powh3d.ml yet, do you? It's so fucking early and you like sit there trading old generation of regular crypto. Sad...

[Anonymous No.8365291]

>>8365272
>Then on the 50 I would do 0 cost margin and do as short term capital gains.
Why wouldn't I deduct the cost of those 50? I bought those 50 mind you

[Anonymous No.8365309]

>>8365130
It solves the cashing out problem lol

[Anonymous No.8365320]

>>8365280
>If you are cashing out less than $20k, then do nothing. You are small fish and the IRS couldnt care less about you, they do not have the manpower and they just dont care.
>However, once you cross that threshold and you cash out more than $20k, they will be alerted by the banks and Coinbase will send them your 1099k. It all depends on whether or not you are a big fish and you are throwing around money.
What about my case?
>>8365209
>My situation: I cashed out about 20k in total, but I bought about 17k. Bought probably 50 ETH and sold probably 70 ETH. So there's about 20 ETH that I "mined" (actually mined other coins, traded, etc.)
So I cashed out, let's say 21,000, but I bought 17,000

they never sent me a 1099
Should I file anything? I haven't filed for a couple of years because I've been unemployed

[Anonymous No.8365333]

>>8365246
I haven't looked at the short term capital gains forms. It's going to suck if they want to know each trade.

I remember my 4 most profitable trades. So I'll just figure out how much cash I started with and do

Trade 1 ->
Trade 2 ->
Trade 3 ->
Trade 4 ->

It's going to fuck me up if they want it when the trades happened because I did that in 2017 and didn't pull out till 2018 and was going to pay when I pull out.

So I'll probably just make up dates or something. Since the others were "like property trades" or whatever

[Anonymous No.8365334]

>>8365184
I vaguely remember something along those lines but it’ll be a little bit before I find it again

[Anonymous No.8365343]

>>8365209
To be fair, this thread is about tax evasion, not how to pay what you think you owe. I will say that if there's no 1099 involved, you're on a voluntary reporting basis. I've run an eBay business for the better part of 2 decades and I haven't reported a single penny of what's totalled over 100k in profit by now

[Anonymous No.8365354]

>>8365280
Where were you guys in December.
Seriously I have had so much stress about the matter.
Then yesterday I see a lawyer
And today all these tax threads pop up red-pilling me to just do nothing
wtf

[Anonymous No.8365380]

>>8365343
I completely understand. What I don't understand is how they'd know about it if I simply didn't file. I have some understanding, e.g.
>>8363476
>>8363533

I'm just wondering since like you said it's voluntary right now, but if they look at my bank records they'll clearly see that I've been buying and selling. Would they do that randomly? I doubt it but I do wonder.

>>8365343
>I've run an eBay business for the better part of 2 decades and I haven't reported a single penny of what's totalled over 100k in profit by now
I assume you have regular income which masks this to some degree

[Anonymous No.8365383]

>>8365333
>So I'll probably just make up dates or something. Since the others were "like property trades" or whatever

*Note "whatever" & do not take advice from me. I will probably get audited and fucked over but the IRS will get less money from me after they try and track all this shit down because I'm doing 0 cost basis & paying taxes on all of it.

I can't track everything when my exchanges die and I lose access to other ones. Not to mention it's not clear if like property applies.

[Anonymous No.8365389]

>>8365354
What'd your lawyer say? Do everything to the letter of the law, pay more in tax than your portfolio is even worth?

[Anonymous No.8365397]

>>8365343

Do you deposit this money directly into your bank account? Or do you get it straight in cash? I would think the government could do a reference of your bank account and easily realize that your w-2 or whatever you reported doesn't match up with your bank account records? Or are they not able to do that?