/biz/ - Business & Finance

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Anonymous Mon Mar 19 16:42:05 2018 No.8443729 [Reply] [Original]

well i guess i'd better fucking kill myself now

my CPA just told me i owe over 400k in taxes for 2017 and i don't even have half that much money

my initial investment went from 40k to about 1million in 2017 but then in january/feb i'm down under around 300k with this BTC crash and losing a bunch of money in some alts due to the btc crash

i had no fucking idea short term gains tax in the US was this stupid. /biz/ and twitter dudes told me crypto to crypto trades wasn't a taxable event in 2017

what the fuck do i do now

>>	Anonymous Mon Mar 19 16:43:06 2018 No.8443746 if cashing out crypto was your only form of income, your taxes are greatly reduced. if you're a wagecuck on top of crypto then yeah, you're fucked.

>>	Anonymous Mon Mar 19 16:43:29 2018 No.8443751 so its called capital gains tax, if you lost money then you didnt gain, are people really this fucking stupid

>>	Anonymous Mon Mar 19 16:43:33 2018 No.8443754 >>8443746 please explain, i've been unemployed for over 5 years

>>	Anonymous Mon Mar 19 16:44:08 2018 No.8443764 How much did you actually cash out to USD though?

>>	Anonymous Mon Mar 19 16:44:08 2018 No.8443765 how the fuck can you owe more in taxes then you even have in cryptos right now? jesus I thought we europoors were getting fucked but Im not paying anything unless I cash out and then its tax free after one year

>>	Anonymous Mon Mar 19 16:44:24 2018 No.8443771 I think its time you flee to Germany.. Just tell them your name is Muhammed and you're a teenager. You'll be given free boarding with a Roastie and usa will not know.

>>	Anonymous Mon Mar 19 16:44:41 2018 No.8443774 >>8443764 i never did cash out to USD ever

>>	Anonymous Mon Mar 19 16:44:50 2018 No.8443775 >>8443729 That’s what you get for not killing libshits Might as well take down some nogs while before you off yourself

>>	Anonymous Mon Mar 19 16:45:23 2018 No.8443787 >>8443774 So, why are you paying taxes then? Unless I'm being b8d right now

>>	Anonymous Mon Mar 19 16:45:35 2018 No.8443793 >>8443774 Crypto to crypto is not taxable. Stop this stupid meme

>>	Anonymous Mon Mar 19 16:45:37 2018 No.8443794 Crypto to crypto transactions are not taxable you idiot

>>	Anonymous Mon Mar 19 16:45:44 2018 No.8443795 >>8443774 You don't pay tax on unrealised gains. Your CPA is an idiot.

>>	Anonymous Mon Mar 19 16:45:49 2018 No.8443799 File: 764 KB, 1410x1145, 1520534123058.png [View same] [iqdb] [saucenao] [google] >>8443729 lol you didn't realize crypto was just a big meme?? Nobody is actually making money off of it retard.

>>	Anonymous Mon Mar 19 16:45:59 2018 No.8443807 >>8443729 Stop larping nobody actually pays taxes on this shit unless you’re a complete retard

>>	Anonymous Mon Mar 19 16:46:44 2018 No.8443819 >>8443751 He gained money in 2017, but lost it in 2018. The losses are meaningless because they happened in the next tax year.

>>	Anonymous Mon Mar 19 16:47:34 2018 No.8443837 >>8443787 >>8443793 >>8443794 >>8443795 >>8443799 >>8443807 im not fucking making this up see here, my CPA https://twitter.com/CryptoTaxGirl

>>	Anonymous Mon Mar 19 16:48:43 2018 No.8443853 >>8443794 Not true. In the USA crypto to crypto is a taxable event. It fucking sucks but if you get caught not paying you may go to jail

>>	Anonymous Mon Mar 19 16:48:44 2018 No.8443854 File: 373 KB, 1277x1364, 1518778487090.jpg [View same] [iqdb] [saucenao] [google] How could the tax laws be so fucking retarded? People can't pay more than they made!

>>	Anonymous Mon Mar 19 16:48:48 2018 No.8443855 >>8443837 Annnnd there's the b8. GG folks. I'm outchea.

>>	Anonymous Mon Mar 19 16:49:55 2018 No.8443871 >>8443837 She looks like a retarded potato. Don't believe her lies.

>>	Anonymous Mon Mar 19 16:50:16 2018 No.8443878 Burgers have to pay taxes on crypto/crypto trades you fucking mongs. Crypto/crypto is considered a taxable event by the IRS, especially moving forward with the new tax bill.

>>	Anonymous Mon Mar 19 16:53:45 2018 No.8443945 >>8443853 Only taxable for the 2018 year Was not defined for 2017

Anonymous Mon Mar 19 16:55:15 2018 No.8443975

you could try deferring your payments to the IRS and hope the bull market comes back again unless you literally just went on bitmex and lost it all. In that case it's likely you will have to work together with the IRS and come up with a unique solution to your situation. Or you could roll the dice and not report anything.

>>	Anonymous Mon Mar 19 16:55:43 2018 No.8443984 >>8443819 This is retarded. Don't declare anything

>>	Anonymous Mon Mar 19 16:56:32 2018 No.8443995 >>8443945 >>8443945 can you show proof of this, about to call a lawyer over this

>>	Anonymous Mon Mar 19 16:57:23 2018 No.8444014 your CPA is retarded

>>	Anonymous Mon Mar 19 16:57:37 2018 No.8444020 File: 24 KB, 543x443, 1516596915438.png [View same] [iqdb] [saucenao] [google] >>8443837

>>	Anonymous Mon Mar 19 16:57:57 2018 No.8444026 >>8443975 well i never used bitmex before, it was just some alt i had most my money and it dumped into oblivion which was amplified when btc crashed. not saying which coin this way.

>>	Anonymous Mon Mar 19 16:59:04 2018 No.8444050 You don't pay tax if you didn't cash out to USD. You're CPA is retarded. sage

>>	Anonymous Mon Mar 19 17:00:32 2018 No.8444075 >>8443729 That explains the holes in Spongebob's head... Every hole represents a failed suicide

>>	Anonymous Mon Mar 19 17:00:34 2018 No.8444076 >>8443995 I don't have the link. Google it

>>	Anonymous Mon Mar 19 17:02:51 2018 No.8444116 File: 43 KB, 640x625, 1464660343489.jpg [View same] [iqdb] [saucenao] [google] >>8443854 i want to fap and puke at the same time. thank you/fuck you anon

Anonymous Mon Mar 19 17:03:16 2018 No.8444123

If you are truly unsure of your taxes. Go to bitcoin.tax, it’s pretty reliable and it will break down your taxes for you by individual assets “coins/tokens”

Yes every crypto to crypto trade is a taxable event. But my accountant basically told me it’s purchases vs sells. If you didn’t sell anything then you won’t be taxed.

>>	Anonymous Mon Mar 19 17:05:36 2018 No.8444157 >>8444123 by sell do you mean to sell for usd?

>>	Anonymous Mon Mar 19 17:05:53 2018 No.8444163 >>8443729 >>8443774 You're both an idiot and a LARPer. 2017 crypto-to-crypto aren't taxable events, only if you cashed out did you owe taxes.

>>	Anonymous Mon Mar 19 17:06:39 2018 No.8444176 >>8444163 provide proof for me please im trying here, anons here are saying it is taxable

Anonymous Mon Mar 19 17:07:26 2018 No.8444187

what you do is whatever it takes that involves not selling the crypto, that's what I did, I took a 100k RRSP Loan (canada fag here) to off set the 100k capital gain I had from Crypto, now I have a 100k loan over 10 years, I'll pay off the loan when crypto is in a better spot. Fuck the government, they win this fight but not the war what I mean is no fucking way I'm selling my crypto to pay taxes when I never cashed out a dime for myself

fuck the police, or whatever

>>	Anonymous Mon Mar 19 17:09:38 2018 No.8444228 >>8444176 Use google you dumb nigger. 2017 crypto was like-kind trades. If you didn't cash out you don't owe any money. 2018 the rules have changed so that crypto to crypto trading is a taxable event. Stop larping or being retarded.

>>	Anonymous Mon Mar 19 17:11:05 2018 No.8444261 >>8444228 you DID file the required form for each like kind trade, right anon?

>>	Anonymous Mon Mar 19 17:11:47 2018 No.8444278 >>8444187 This was the intended purpose of lending platforms like SALT and ethlend

>>	Anonymous Mon Mar 19 17:12:22 2018 No.8444286 >>8443765 Yep. Burgers and their "muh Capitalist freedumbs". Less business friendly than fucking socialist countries and with none of the perks.

Anonymous Mon Mar 19 17:13:16 2018 No.8444312

>>8443975
>you could try deferring your payments to the IRS
This is your best bet to handle it legally. The IRS just wants the money, so you can call them and work out a payment plan that will get them the $400k (+ late penalties) eventually without bankrupting you.
Like with everything with the IRS, don't reveal your hand entirely, just lay out that you can't pay everything right now but you're willing to work with them to figure out how to get it all paid eventually.

Anonymous Mon Mar 19 17:13:34 2018 No.8444317

i'm so sick of tax threads where we have people all over the world talking like they are a fucking tax auditor when they don't even know that we are all looking at different rules from different jurisdictions. Just go to your government website and figure shit out, it's what you gotta do. And yes, fuck the government and fuck paying taxes (but pay your taxes for now)

I owed a huge chunk of what I had remaining because I moved everything around in December and therefore technically "cashed out" at the peak, locked in my gains for 2017, and now I'm getting ass fucked as we all are

>>	Anonymous Mon Mar 19 17:19:54 2018 No.8444442 what is going to happen to all the normies and biztards in America who don't file crypto to crypto? all the normies used coinbase so I'm certain they're going to get buttfucked, no?

>>	Anonymous Mon Mar 19 17:19:56 2018 No.8444443 >>8444075 big if true

>>	Anonymous Mon Mar 19 17:22:32 2018 No.8444492 >>8443837 >mining is a taxable face Goblin faced retard

>>	Anonymous Mon Mar 19 17:22:36 2018 No.8444495 >Didn't cash out at the top You deserve it desu.

>>	Anonymous Mon Mar 19 17:23:34 2018 No.8444514 How were you not aware of that? Jesus.

>>	Anonymous Mon Mar 19 17:26:16 2018 No.8444561 >>8444514 my coworkers (smug reddit trash) are all blissfully unaware and took NO privacy minded obfuscation measures. when can i look forward to all of their assets being seized?

>>	Anonymous Mon Mar 19 17:27:30 2018 No.8444578 You put it all into monero via an offline wallet and pretend it never happened deleting all your accounts.

>>	Anonymous Mon Mar 19 17:29:00 2018 No.8444601 >>8443729 So you are supposed to owe as if you cashed out when it was at 1M?

Anonymous Mon Mar 19 17:31:06 2018 No.8444645

>>8444601
I think he's saying he made crypto to crypto trades and hence owes taxes on the net PnL realized @ the time of these trades... which would mean he's fuck because the massive losses he incurred post-EoY aren't included to net out the prior gains

>>	Anonymous Mon Mar 19 17:45:01 2018 No.8444873 >>8444442 But you can't trade crypto to crypto on Coinbase

>>	Anonymous Mon Mar 19 17:46:44 2018 No.8444901 >>8443751 The government gets there due once Jan 1st roles around, you're basically gambling with borrowed money at that point. And just lol if you don't think they're coming after you.

>>	Anonymous Mon Mar 19 17:47:48 2018 No.8444918 >>8444645 I see, but >>8444123 is refering to sells for usd or for other crypto?

>>	Anonymous Mon Mar 19 17:57:36 2018 No.8445107 >>8443729 Did you ever convert to fiat or did some coins you buy just gain a lot in value?

>>	Anonymous Mon Mar 19 17:59:24 2018 No.8445139 >>8444176 Have you ever considered just fleeing to a third world country? Like Uruguay for instance?

>>	Anonymous Mon Mar 19 18:12:59 2018 No.8445341 >>8445107 never converted to fiat, just a bunch of alts i had went up a lot.

>>	Anonymous Mon Mar 19 18:14:19 2018 No.8445360 lol americans

>>	Anonymous Mon Mar 19 18:20:15 2018 No.8445470 >>8445341 OP I am in similar position and hired crypto tax professionals. It was roughly 1250$ for a package. You are taxed on every trade. What are your numbers exactly?

>>	Anonymous Mon Mar 19 18:23:11 2018 No.8445521 >>8445470 jesus get a good fucking professional, just lie and say you bought bitcoin on x/x/x for x/x/x and now you have x/x/x/, pay 20% capital gains, when you cash out only simple you brainlet

>>	Anonymous Mon Mar 19 18:24:44 2018 No.8445547 >>8445470 up to 1m when i traded my btc for an alt in december down to about less than 400k cause it tanked not sure if that answers your question who did you hire? trying to find someone

>>	Anonymous Mon Mar 19 18:32:36 2018 No.8445647 >>8443729 Find a new CPA because you don't owe 400k.

Anonymous Mon Mar 19 18:33:56 2018 No.8445669

I used cryptotaxprep they are CPA and will do your entire return

might be worth filing an extension and gambling on the market being better. The penalties are minimal and you really just need your portfolio to be worth more than it is now sometime within the next 6 months.

I think a lot of reddit fags are in your position and the gov is going to get a lot of heat come April

>>	Anonymous Mon Mar 19 18:38:46 2018 No.8445728 >>8445669 the reddit fags will be the ones getting the heat brother >>8444873 coinbase is sending IRS info on every US citizen who sent crypto anywhere from their coinbase wallets

Anonymous Mon Mar 19 18:39:05 2018 No.8445731
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>>8443729
HOLY SHIT GET THE FUCK OFF MY BOARD FUCKING NORMIES!!! WHY DO PEOPLE FALL FOR THESE ROLE PLAYING FAGGOTS?!?! HOLY SHIT DO NOT ENCOURAGE THEM!! REEEEEEEEEEEEEEEE!!!!!!!!!!!!!

>>	Anonymous Mon Mar 19 18:40:14 2018 No.8445748 >>8445669 brainlet, you still file your taxes on time, you just ask for a payment plan. you dont have to actually pay everything when you file. or pay at all even

>>	Anonymous Mon Mar 19 18:40:51 2018 No.8445757 >>8443793 It is for 2018, but pre-2018 you’re good on like-kind. >t.tax lawyer

>>	Anonymous Mon Mar 19 18:42:09 2018 No.8445773 >>8443995 Where are you at anon, I’m a tax lawyer and can help you out.

>>	Anonymous Mon Mar 19 18:46:16 2018 No.8445843 >>8445757 assuming you are good on like kind for last year, I understand that every trade needs the three page like kind paperwork filed? how much $ can i save doing this?

>>	Anonymous Mon Mar 19 18:51:15 2018 No.8445919 >>8445773 not really comfortable posting my whereabouts, can i just get your twitter or something?

Anonymous Mon Mar 19 18:53:56 2018 No.8445965

>>8445843
Yea you’ll definitely need to file form 8824. I haven’t decided yet if I’m going to file just one form and then attach a schedule of transactions with the required information, or if I’m actually going to do a form for each trade to be safe. I usually deal with this in real property so the procedures are a bit different here. You definitely want to get this treatment because your trades from coin-coin will be tax free, so a lot of $$.

>>	Anonymous Mon Mar 19 18:56:12 2018 No.8445996 >>8445919 Sure. It’s @couch_crypto. It’s basically blank though I only use it to look up tweets

>>	Anonymous Mon Mar 19 18:58:26 2018 No.8446031 >>8443765 Why can't Pierre read? > about 1million in 2017 > in january/feb i'm down under around 300k > go to accountant and say WHAT DO

>>	Anonymous Mon Mar 19 18:58:39 2018 No.8446039 >>8445965 that wouldn't be very realistic for most of us. We have thousands of trades each

>>	Anonymous Mon Mar 19 18:59:50 2018 No.8446058 >>8445965 i have about 300 trades, i duno if this is plausible but ill probably try it

>>	Anonymous Mon Mar 19 19:03:02 2018 No.8446112 >>8443793 >>8443787 >>8443794 It is taxable you dumbfucks. >hurr durr CPAs are le dumb listen to me I know what I'm talking about. Stop giving OP shit advice if you are talking out of your ass

Anonymous Mon Mar 19 19:03:45 2018 No.8446128

>>8446039
>>8446058

Yea filing a form for each trade probably isn’t feasible. I’m 99.9% sure you can just attach an excel spreadsheet with the required information (date acquired, cost, amount sold, etc.). This should be easy enough to do with the history downloads from most exchanges.

>>	Anonymous Mon Mar 19 19:04:37 2018 No.8446144 >>8446128 i've heard you're begging to be audited by claiming like kind on crypto

>>	Anonymous Mon Mar 19 19:06:06 2018 No.8446173 >>8443854 SAUCE

Anonymous Mon Mar 19 19:08:06 2018 No.8446207

>crypto-to-crypto trades are taxable
the level of absolute retardation in this thread is leading me to believe at least 90% of these posts are trolls
even if it WAS taxable (it isn't) there is literally no way to prove that you did any trades to the IRS. why would it matter anyway?

>>	Anonymous Mon Mar 19 19:08:25 2018 No.8446212 File: 132 KB, 645x729, 1521464187511.jpg [View same] [iqdb] [saucenao] [google] >>8443729 What is filing for bankruptcy

>>	Anonymous Mon Mar 19 19:09:35 2018 No.8446230 >>8446207 good luck!

>>	Anonymous Mon Mar 19 19:10:51 2018 No.8446257 >>8446230 >"Yes sir we've heard you have a lot of crypto-to-crypto trades, we're here to audit you" >okay go ahead >"First we'll need you to hand over your password to your coinbase account and any other exchanges" >nah >"Well... shit."

>>	Anonymous Mon Mar 19 19:11:03 2018 No.8446262 >>8445919 we know where you are

>>	Anonymous Mon Mar 19 19:11:21 2018 No.8446269 >>8446257 or better yet >sorry I forgot my password /shrug/

Anonymous Mon Mar 19 19:11:34 2018 No.8446273
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>>8443787
Because this absolute fucking brainlet probably used a verified ID to buy cryptos.. laugh with me now HAHAHAHAHAHAHHAHAHAHAHAHA
ahhhhhh HAHHAHAHAHAHAHAHHA

>whole point of CRYPTOcurrency is to buy anonymously so you can fuck off the shackles of the system, expensive lesson brah
>>8443729

>>	Anonymous Mon Mar 19 19:14:12 2018 No.8446315 >>8446257 >he doesn't know ethplorer exists the absolute state. IRS has 7 years to figure it out. good luck.

>>	Anonymous Mon Mar 19 19:15:22 2018 No.8446331 >>8446315 tell me where on this page does it show you WHO made the transactions https://ethplorer.io/address/0x1e9a52c3a38c5f79f4a129f4fbf930a88106bae2

>>	Anonymous Mon Mar 19 19:15:27 2018 No.8446333 >>8443837 >https://twitter.com/CryptoTaxGirl why are you taking tax advice from a fucking eceleb roastie holy shit you need a guy with a yarmulke or an middle-aged asian dude as your CPA, what the fuck? jesus christ 8/10 bait

>>	Anonymous Mon Mar 19 19:16:10 2018 No.8446342 >>8446315 i just realised you're definitely trolling how can you be this retarded

Anonymous Mon Mar 19 19:17:45 2018 No.8446360

>>8446257
>>8446273
>>8446315

the IRS has already contracted chainanalyst as a countermeasure for those not reporting. I don't know what tools they have, but these guys are experts

also, my CPA seems to be in the know and says that Binance will ultimately hand over data from their trading engine to the IRS

>>	Anonymous Mon Mar 19 19:18:49 2018 No.8446378 >>8446342 >>8446331 >implying coinbase verified normies don't just send coins straight from their coinbase wallet to the exchange back into their ledger. most don't into obfuscation bruhah. sounds like maybe you are.

>>	Anonymous Mon Mar 19 19:19:28 2018 No.8446385 >>8446212 It's not really that easy (or beneficial) to just file for bankruptcy anymore (at least not in America), although compared to this it's preferable...

Anonymous Mon Mar 19 19:20:41 2018 No.8446400

>>8446378
i'm trying to decipher what you're trying to say here and i'm failing
why would it matter if they transferred the coins out? how does that have any bearing on the conversation

>>8446360
yeah because that's totally legal. lets just give our data to the IRS because reasons. there would be so many fucking lawsuits flying around it would make the IRS heads' spin (just like Scientology did with their lawsuits)

>>	Anonymous Mon Mar 19 19:21:54 2018 No.8446420 >>8446400 it's quite easy to track a coins movements between 3 wallets. especially when they are verified on coinbase.

>>	Anonymous Mon Mar 19 19:22:27 2018 No.8446435 >>8446400 American exchanges already have. There is a 10,000 dollar penalty for failing to declare trading on an offshore platform

Anonymous Mon Mar 19 19:24:38 2018 No.8446454

>>8446420
>it's quite easy to track a coins movements between 3 wallets. especially when they are verified on coinbase.
i don't know why you keep saying this. the IRS has no way of knowing what your coinbase transactions are unless you give them your password (which they can't force you to give them without a warrant and even if it gets that far you could just say you forgot your password, or delete the account)
being verified doesn't even matter

>>8446435
which is why you just pay capital gains tax when you convert it back into USD or whatever. my point is they can't tax you on crypto-to-crypto and OP is retarded

>>	Anonymous Mon Mar 19 19:26:00 2018 No.8446472 >>8446420 also, you realize being verified means you're verifying your identity with coinbase right? it means you give them your ID and they say "okay". no government agency except maybe the NSA has any idea that you gave coinbase your ID.

>>	Anonymous Mon Mar 19 19:26:01 2018 No.8446474 >>8446454 coinbase sends them all american's transaction's. including where and when they send coins out. how do you not know this?

Anonymous Mon Mar 19 19:27:25 2018 No.8446493

You don't pay taxes on crypto-to-crypto trades during the calendar year of 2017.

It is not retroactive for trades.

If you tax lawyer is seriously telling you that, then you need to hire a new fucking lawyer.

Crypto-to-crypto trades are taxable events starting Jan.1st, 2018.

You won't owe anything for trades this year, until 2019's season.

Even then, you can file for an extension and keep it running due to volatile investments.

I plan on utilizing my extensions to my benefit and only pay when absolutely required to by the gov't.

Otherwise, they can fuck right off.

Anonymous Mon Mar 19 19:27:49 2018 No.8446498

>>8446474
>On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015
they had to do it once before

>Coinbase told its customers on Friday that it plans to comply with a court order and hand over about 13,000 customers’ data to the IRS within 21 days. The IRS made the request back in November 2016, asking for the Coinbase records of all the people who bought bitcoin from 2013 to 2015 to seek out those who were evading cryptocurrency taxes.
and it was only on 13,000 users

so i don't know what the fuck you're talking about

>>	Anonymous Mon Mar 19 19:29:15 2018 No.8446520 >>8443854 Where is the source

>>	Anonymous Mon Mar 19 19:30:29 2018 No.8446539 >>8446498 i've heard coinbase is coughing up everything. do whatever you want i don't really give a shit.

>>	Anonymous Mon Mar 19 19:31:18 2018 No.8446550 >>8446539 >i've heard coinbase is coughing up everything. do whatever you want i don't really give a shit. i'll take my 10 minutes of googling over your rumour you heard from one of your cunt friends anyway with all due respect

>>	Anonymous Mon Mar 19 19:31:45 2018 No.8446556 >>8446493 it's been this way since 2014 but you could claim like kind when you filed. you filled out a three page form for every trade, RIGHT anon?

Anonymous Mon Mar 19 19:32:08 2018 No.8446564

are people this retarded?
by definition you are taxed on your net (((gains))).
if you were worth 1 m and down to 300k obviously you didn't cash out so you're didn't make 1m in gains
you made $260 in profit, puts you at about 38% tax which is $98.8k in taxes.

fake thread but whatever.

>>	Anonymous Mon Mar 19 19:34:34 2018 No.8446597 >>8446472 >it means you give them your ID and they say "okay". no government agency except maybe the NSA has any idea that you gave coinbase your ID. Are you fucking serious? What do you think AML/KYC regulations are for?

>>	Anonymous Mon Mar 19 19:38:33 2018 No.8446659 >>8446597 i am a raging ancap but seeing this level of ignorance and reddit tier smugness makes me glad they're going to get rekt when the irs figures out how this shit works within the next 7 years.

>>	Anonymous Mon Mar 19 19:40:17 2018 No.8446694 >>8446597 c-coinbase is a progressive company! they'll fight to the end to never comply with big government!!

>>	Anonymous Mon Mar 19 19:41:16 2018 No.8446708 >>8446659 the government just subpoena'd coinbase for year 2014 records. anyone who bought a lot of bitcoin then is going to be on their target audit list

>>	Anonymous Mon Mar 19 19:43:45 2018 No.8446738 >>8446708 those will be their test subjects and then within a year or 3 they'll be ready to fuck reddit

Anonymous Mon Mar 19 19:45:52 2018 No.8446761

>>8446597
>>8446659
>>8446694
KYC controls typically include the following:

- Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
- Name matching against lists of known parties (such as "politically exposed person" or PEP)
- Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
- Creation of an expectation of a customer's transactional behavior
- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

>- Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers
that doesn't mean they tell the government all of your transactions retard, it means they monitor how much money you're sending/receiving and they have to raise a flag if anything looks suspicious

>>	Anonymous Mon Mar 19 19:48:56 2018 No.8446812 >>8446493 thanks for the info. I cashed out at gdax in low 6 figures a month ago. Do I pay in 2019, or must I pay quarterly, i.e in april? Thanks.

>>	Anonymous Mon Mar 19 19:51:37 2018 No.8446848 >>8446761 >they see you sent coin to binance >better flag your shit

>>	Anonymous Mon Mar 19 19:53:07 2018 No.8446877 why didnt you move to puerto rico? then cash out. 1 million is a substantial amount of money worthy of doing that.

>>	Anonymous Mon Mar 19 19:53:35 2018 No.8446880 >>8446848 that would be a terrible use of resources. the people reviewing the flags would have to review an inordinate amount of legitimate transactions instead of hunting for identity frauds or money laundering

>>	Anonymous Mon Mar 19 19:56:24 2018 No.8446919 >>8446880 like i said man, good luck. i hope you have never held controversial political views. surely obama audited EVERY tea party organization because they were guilty of identity fraud and or money laundering.

>>	Anonymous Mon Mar 19 20:04:27 2018 No.8447013 OP I'm in a similar situation. I owe about 350k in taxes but my coin portfolio is only worth around 150k right now. I took out a loan to pay for it, those kikes in the IRS are fools of they think they can steal my crypto.

>>	Anonymous Mon Mar 19 20:05:39 2018 No.8447033 OP here, just paid a lawyer to do my taxes for me+do extension. will talk to him soon. thanks for all your input and im praying ill be ok.

>>	Anonymous Mon Mar 19 20:07:06 2018 No.8447053 >>8447033 also making him do some like-kind forms, which is only about 5 or 10 of them since that one alt coin devastated my portfolio. im really gonna fucking move out of this country now.

Anonymous Mon Mar 19 20:07:33 2018 No.8447065
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>>8443729
So how does the IRS even know how much money you made?
say you sold coins through coinbase how do they know how long you've had the coins when a lot of them aren't really traceable?
What if you mined a bunch and claimed you received payment when the price was 1/4 of what it is now.

>>	Anonymous Mon Mar 19 20:08:24 2018 No.8447073 >>8446173 >>8446520 kelsey berneray

>>	Anonymous Mon Mar 19 20:09:19 2018 No.8447084 cryptocurrency tax law in the US is retarded. They are going to have to change the law or something, it is ridiculous that you have to document EVERY trade and pay tax on it, instead of just paying when you convert to USD.

>>	Anonymous Mon Mar 19 20:10:26 2018 No.8447095 >>8443854 who dis???

>>	Anonymous Mon Mar 19 20:11:30 2018 No.8447105 >>8447065 exchanges like bittrex can decide to sell you out. binance prolly could too. who knows. you'd have to use decentralized exchanges which have shitty volume 24/7

>>	Anonymous Mon Mar 19 20:11:43 2018 No.8447111 >>8443729 File for a delay to see if you get it back in 2018 Also shit bait

>>	Anonymous Mon Mar 19 20:12:41 2018 No.8447128 >>8446564 Every single trade incurs capital gains tax under US law.

>>	Anonymous Mon Mar 19 20:14:08 2018 No.8447148 File: 17 KB, 200x232, 1520885613170.jpg [View same] [iqdb] [saucenao] [google] >>8443729 >he's trying to kill himself >activate quantum immortality

>>	Anonymous Mon Mar 19 20:14:24 2018 No.8447156 >>8447111 for the last time im not making this up

>>	Anonymous Mon Mar 19 20:15:52 2018 No.8447179 400k wtf? You would only have to pay that much if you sold your entire portfolio at the peak and bought it back. Did you do that? If you didn't realize those winnings but held your coins through the peak, then no tax!

>>	Anonymous Mon Mar 19 20:17:26 2018 No.8447196 >>8447065 Is that Casca? Like anon said here >>8446498 there is no way for them to track where you send or receive crypto from, only if you buy and sell in platforms where you disclose your identity

>>	Anonymous Mon Mar 19 20:19:03 2018 No.8447217 >>8444901 just report what you put in and took out as cash.

Anonymous Mon Mar 19 20:21:40 2018 No.8447255
File: 437 KB, 813x1188, 1521491157882.jpg [View same] [iqdb] [saucenao] [google]

>>8447196
>if you buy and sell in platforms where you disclose your identity
So is there a exchange that hides ur info?

>Is that Casca?
Nope
Just an edit by some /a/ fag
Pic is the actual terrible one
She looks like a frog/cat

>>	Anonymous Mon Mar 19 20:26:56 2018 No.8447336 >>8447255 Well some Chinese exchanges don't need dentifications to be able to trade in them Even if you used Coinbase they can only really go by what you bought and purchased there

>>	Anonymous Mon Mar 19 20:35:26 2018 No.8447479 >>8447336 So if you sent coins to coinbase, there is no way for them to say you've had the for less than 1 year? I don't see how they can enforce short/capital gains tax stuff

>>	Anonymous Mon Mar 19 20:37:29 2018 No.8447506 File: 67 KB, 800x566, 03F42A58-8AB6-4350-8CCA-3A36DA9F1815.jpg [View same] [iqdb] [saucenao] [google] >>8443837

>>	Anonymous Mon Mar 19 20:38:24 2018 No.8447522 >>8447336 while you can use other exchanges on demo accounts it doesn't mean they can't just get up one day and decide "hey you need to verify now in order to withdrawl" bittrex has done this, i know it's US based but who knows.

>>	Anonymous Mon Mar 19 20:40:09 2018 No.8447557 >>8443878 How does this make fucking sense So if I invest into an mmorpg item exchange it ingsme for another Ingame item and that makes a gain Do i get taxed for it too Fucking retarded as fuck

>>	Anonymous Mon Mar 19 20:40:24 2018 No.8447560 >>8444228 crypto to crypto was NEVER like kind in the US and it's absolutely baffling that so many utter retards ITT are stating otherwise like it's a sky is blue fact

>>	Anonymous Mon Mar 19 20:41:30 2018 No.8447574 >>8443729 Don't fucking pay them unless they ask you. They only know what you tell them. For all they know you didn't make a penny.

Anonymous Mon Mar 19 20:43:33 2018 No.8447596

the people here claiming crypto to crypto gains aren't taxable are absolute morons.

if you invest a significant amout of ur money relative to your income it will be classified as your regular business

so yes, if all you do is meme and daytrade then you are going to get taxed, just like any profession in the world

>>	Anonymous Mon Mar 19 20:44:46 2018 No.8447615 THIS IS YOUR OWN FAULT FOR REPORTING LIKE A DUMBASS

>>	Anonymous Mon Mar 19 20:45:04 2018 No.8447620 >>8447557 it is that fucking retarded, trust me.

>>	Anonymous Mon Mar 19 20:50:13 2018 No.8447694 File: 17 KB, 400x400, 2932160.jpg [View same] [iqdb] [saucenao] [google] >makes 1 mill doesn't move to tax free country and cash out these are the retards I'm trading against

Anonymous Mon Mar 19 20:50:48 2018 No.8447702 [DELETED]

>>8447560
For 2017, at least, Crypto is still defined as property whoch allows the form 1031 lopphole for swaping like kind properties

>>8447479
Agreed, plus you can use the FIFO/LIFO rules to make them long-term gains to potentially reduce the tax owed to 0

Anonymous Mon Mar 19 20:52:20 2018 No.8447718

>>8447560
For 2017, at least, crypto is still defined as property which allows the form 1031 loophole for swapping like kind properties

>>8447479
Agreed, plus you can use the FIFO/LIFO rules to make them long-term gains to potentially reduce the tax owed to 0

>>	Anonymous Mon Mar 19 20:53:13 2018 No.8447735 >>8447694 top kek and checked

>>	Anonymous Mon Mar 19 20:55:10 2018 No.8447770 File: 300 KB, 1080x1920, Screenshot_20180115-130301.png [View same] [iqdb] [saucenao] [google] >>8447148 >Activated

>>	Anonymous Mon Mar 19 20:55:34 2018 No.8447776 OP is going to Jail >america, Land of the free xD HOW KEKED DO YOU HAVE TO BE TO PAY CRYPTO TAXES OMG LOL

Anonymous Mon Mar 19 20:55:34 2018 No.8447777

>>8444286
We really do get the worst part of welfare and the worst part of capitalist systems. our welfare system is easily manipulated ass and is inneffecient and our capitalism is crony as fuck, no competition and the politicians are bought. It stinks. Supep jelly of scandanavia bros for getting the best of both worlds

>>	Anonymous Mon Mar 19 20:56:04 2018 No.8447787 you're supposed to move to Puerto Rico like Teeka said to do

>>	Anonymous Mon Mar 19 20:56:15 2018 No.8447790 >>8443854 that's a trap right

>>	Anonymous Mon Mar 19 20:56:52 2018 No.8447796 >>8447620 >>8447770 Take out a huge loan and move to another country, or 'yolo' as the normies say.

>>	Anonymous Mon Mar 19 21:06:42 2018 No.8447941 >>8443746 imagine being this dense

>>	Anonymous Mon Mar 19 21:08:12 2018 No.8447956 Payment plan SUCKER

>>	Anonymous Mon Mar 19 21:10:41 2018 No.8447996 once the new tax bill signed the similar trades exploit were void

>>	Anonymous Mon Mar 19 21:14:08 2018 No.8448050 hey you know what Trump is bullish on btc because he didnt ban it like the petro

Anonymous Mon Mar 19 22:01:34 2018 No.8448689
File: 55 KB, 480x480, 16585311_1375723115792387_7073684456451604480_n.jpg [View same] [iqdb] [saucenao] [google]

>>8443729
>>8443729
>>8443746
>>8443751
>>8443754
>>8443764
>>8443765
>>8443771
>>8443775
>>8443787
>>8443793
>>8443807
>>8443819
>>8443871
>>8443878
>>8444075
>>8444116
>>8444918
>>8445139
>>8445470
>>8445521
>>8447718
>>8447770
>>8447796
>>8447956
Just find a girlfriend like I did

>>	Anonymous Mon Mar 19 22:04:43 2018 No.8448731 >>8444176 Claim like-kind exchange for all 2017 trades. The new tax bill amended this loophole so like-kind exchange only applies to physical assets as of Jan 1st. Find an account who knows what the fuck they're doing.

>>	Anonymous Mon Mar 19 22:47:30 2018 No.8449287 WHY THE FUCK DIDN'T YOU CASH OUT AT $1M? You have a gambling addiction.

>>	Anonymous Mon Mar 19 23:27:29 2018 No.8449860 >being this retarded You bumped from 40k to 1mil and didn't cash out to ETFs and offshore investments to live the comfy life?? Lmao

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