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/biz/ - Business & Finance

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File: 33 KB, 981x338, taxes.png [View same] [iqdb] [saucenao] [google]
8635644 No.8635644 [Reply] [Original]

Don't forget, your 2017 taxes are due in a couple weeks,

>> No.8635887

>>8635644
Bitcoin.tax allowed me to input easily from each major exchange using API data. Compiled a Form 8949. I took it to my CPA and for 100 dollars he put the number into his little TurboTax machine. Took me 20 minutes desu

>> No.8635904

Lel just dont pay taxes

What are they gonna do, give you free food and board in a big hotel? Their loss

>> No.8635908

I can't be bothered to do them. I wonder what happens if I don't? I'm not trying to evade taxes, I just don't care.

>> No.8635939

>>8635904
How about throw you in jail while you cry that they can't do that, but they do it anyway?

>> No.8635941

Crypto to crypto trades aren’t taxed in 2017 but still need to be reported.

File 8275 with your return and you’ll be fine.

>> No.8635971

>>8635939
So, free food and board? Sounds pretty good

>> No.8635992

>>8635941
Source?

>> No.8636028

>>8635971
And free dicks in your ass.

>> No.8636043

>>8635941
False. Like kind does not exist for crypto to crypto trades. If you've ever bought an alt coin using bitcoin or eth, the irs considers you sold that bitcoin or eth creating a taxable event. The only way you're not paying tax is if you bought a coin using USD directly in 2017 and didn't sell any portion in 2017

>> No.8636060

>>8635992

1031 like kind can arguably be applied to cryptocurrency. Report it and make the case in 8275 and you’ll be fine.

>> No.8636083

>>8636043
It’s property per the IRS and there isn’t enough guidance.

Not paying shit for 2017 outside of the little fiat I took out.

>> No.8636085

>>8635644
Everyone should be paying more taxes. We need to prepare for automation and socialism.

>> No.8636173

>>8636060
Lmao, not even fucking close to a §1031 exchange.

>> No.8636310

Will Binance comply with US subpoenas if requested?

>> No.8636330

>land of the Free™

lel

>> No.8636432

>>8636330
>*some restrictions apply

>> No.8636666

>>8635904
That's the trick... americans have been brainwashed to fear the tax boogeyman.

Turn out if you don't file, nothing happens. They could decide to audit a few years down the road but most likely won't.

Worst case scenario you have some penalties (few percents) but you almost never go to jail unless you are a recidivist and evaded a shit load.

People here loosing their shit over a few hundred thousands is ridiculous.

>> No.8636768

The week leading up to tax day will be a bad one for crypto.

>> No.8636779

>>8636028
Kek

>> No.8636845

>>8635644
>>8635939

How about no to a political state full of plebiscites and charlatans who have no clue what the fuck they are doing yet waste our tax dollars on war. Plus,also, the IRS needs to be taxed too since the IRS is a third party company and since they made into law the companies are now people.

If the IRS doesn't pay their taxes neither should I.

>> No.8636881

>immediately spending(and losing) all of your capital gains

lol

>> No.8636952

>>8635644
Taxation is theft.

>> No.8636989

>>8636952

Exactly! Plus if you're making under 10k you don't need to pay taxes.

>> No.8637021
File: 17 KB, 400x400, 2932160.jpg [View same] [iqdb] [saucenao] [google]
8637021

>not trading on binance

>> No.8637390

>>8636043

Or if you made less than like 5-10k because there is no way they will find out about it unless you're unlucky enough to get hit with a random audit.

Even then they'll just tell you pay it with a bit of interest. The chance of being randomly audited is so small and the consequences so little if you get caught that's worth the risk easily.

>> No.8637446

>>8635644
Yeah OP is trying to dodge taxes. Story is bs.

>> No.8637452
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8637452

>>8636666
>6666
not only does /biz/ give out shit investments and trades they also fear monger

Is this place literally buttcoin talk with shills?

How do buttcoin talk people talk to shills all day sound like

>> No.8637469

>>8635644
file an extension

>> No.8637479

>>8637452
Thanks for checking'em

>> No.8637499
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8637499

>>8636043
95% of people in /biz/ are in the range of 20$ - 50$

100$ - 500$ in crypto who really gives a fuck. In this damn economy? what kind of people you think log into meme internet fourms?

>> No.8637505
File: 56 KB, 600x725, 1503898713734.jpg [View same] [iqdb] [saucenao] [google]
8637505

>>8635887
FPBP

>> No.8637593

>>8635887
I know you been advertising this shit for weeks, but were to stupid and lazy to even do tax's in the first place. Thanks to mainstream media and western culture we all don't give a shit or care, or smart enough to do it.

>> No.8637626

>>8635644
i havent even started. i get 1099s from a dozen companys but this year only like 3 showed up. i should look into this

>> No.8637632
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8637632

hows the government gonna know i own crypto?

i've left no traces, therefor they can NOT jew me

>> No.8637662

>>8635908
no 1099? no problem.

>> No.8637675

>>8637632
Unless you paid cash for a GPU and mined it yourself, they do.

>> No.8637677

hey OP and all posters: kill yourself you fucking faggots

>> No.8637681

>>8635644
Don't forget that losses on crypto sales can be taken as tax deductions.

>> No.8637776
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8637776

>>8637681

>> No.8637799
File: 85 KB, 600x752, 0d47c505dce57edd4686a4858ad77040.jpg [View same] [iqdb] [saucenao] [google]
8637799

>>8637681
I bought in on Jan 7th

>> No.8637807

>>8637681
Sure they can be used as deductions on the year you made them. You can't claim them on the taxes due in April from 2017.

>> No.8637810

>>8637681
No one fucking lost in 2017 it’s all 2018

>> No.8637819

>>8637810
1% of people may have lost if they were digimarines or something.

>> No.8637822

>>8636666

I know a guy who sells antiques and shit at the flea market every weekend, the guy always has fat stacks of cash and owns a store. Eventually the IRS caught up to him on money he owed but they didn’t throw his ass in prison, he just has to pay it back and get fucked on penalties, and trust me he owes alot more than probably 95% of /biz/

>> No.8637826

>>8635644
you only have to pay if you cash out right?

>> No.8637831

>>8637810
If they held through 2017 then they didn't have a taxable event.
If they sold in 2018 it's not due till next year.

>> No.8637844

>>8637826
Any crypto-crypto trade is also technically a taxable capital gain event. ie if you made money you owe tax, if you lost then you deduct.

>> No.8637859

>>8637844
yeah this
If you didn't actually make any money then you have to cash out to pay your taxes because TRX mooned or some shit.

>> No.8637867

>>8637822
did he just not report anything? If you own a store they are going to know if you don't file a report.

>> No.8637878

>>8637831
Anyone who bought any alts whatsoever last year is taxed this year for them even if said alts are worth $0 now

>> No.8637922

>>8637878
Well, you're taxed for the change in value from the previous purchase to that purchase. So if you spent $500 to buy some bitcoin, held and it became $1000, then bought some alts, you would only owe the $500 difference's tax. You're supposed to keep that much on hand.

>> No.8637941

I don't get it, I invested 200 dollars into ETH and bought some altcoins in december. Now I'm down a lot, basically mad losses (lol). Do I really have to tell the IRS about the 30 altcoins I bought last year that are worth 0 now?

>> No.8637961
File: 268 KB, 559x562, cx.png [View same] [iqdb] [saucenao] [google]
8637961

>>8635644
i never cashed out a penny during 2017 so you can fuck right off my dude.

>> No.8637972
File: 123 KB, 1036x1200, 4L_2kenO7M1.jpg [View same] [iqdb] [saucenao] [google]
8637972

>cashing out to pay taxes
>not just not reporting them and amending your tax return later in the year once this free fall stops

Not gonna make it.

>> No.8638071

Goys don't forget to pay the IRS for the money you made selling illegal drugs, oh and if you sold anything on Craigslist you owe them also. Fuck out of here

>> No.8638203

>>8637961
but apparently that don't matter as long as you traded within crypto

>> No.8638215
File: 1.98 MB, 4032x3024, crypto tax.jpg [View same] [iqdb] [saucenao] [google]
8638215

I already filed and they accepted my return.

>> No.8638274

desu I am 23 and have never filed for taxes in my life. Made like 15kish the last 3 years from my retail job, but just never bothered doing it. The IRS has never contacted me

now I turned 3k into 6 figures with crypto. IRS doesn't know cause coinbase never sent me a 1099. Debating what to do but think I'm gonna file an extension cause no way in fuck I'm selling the absolute bottom right now

>> No.8638343

>>8638274
>implying the IRS gives a fuck about collecting the pitiful amount of money you make.

>> No.8638355

>>8638215

have fun on the upcoming multi year audit

>> No.8638382

>>8636330
not after we gave women the right to vote. women value security over freedom so they increase the number of socialist programs. also with more socialist programs comes increase taxes.

>> No.8638383

>>8638343
>implying they don't want to force the entire market into tax liquidation.

>> No.8638571

>>8638274
The IRS generally takes a couple years to catch up with non-filers. You won't get audited, but every year up to seven years the chances of getting a bill from the IRS goes up. The IRS will just calculate your taxes based on the W2s from those jobs, and won't give you any of the good deductions, and then tack on penalties and interest. Your choice then is refile with the proper deductions, or just pay it.

The IRS moves slowly, but they will eventually get around to you.

The state you live in, if they collect income tax, will probably contact you first, because most of them need every dollar they can get. And, they report you to the IRS if they find your unfiled status.

If you really made that much, which I doubt, you need a good tax attorney. Or, you can just file the old taxes, and pay them, because if there's any red flags for the crypto, they're gonna notice the previous years.

You're just a bookkeeping issue to them. Not worth auditing, the system will issue the bill automatically, eventually.

Source: relative works for the IRS.

>> No.8638809

>>8638571
at 15k you don't owe anything (beyond withholding) even without any deductions

>> No.8638944

>>8638571
What if you made under 10,000 past two years and had bought under 1,000 in crypto but lost down to 100? Isnt that under the exempt bracket?

>> No.8638998

>>8638215
This is how my CPA filled out ETH and LTC buys/sells. Just paid capital gains on money out - money in

>> No.8639026

FIFO is a total fucking bitch

>> No.8639031
File: 113 KB, 725x482, estimated-tax-1040-ES-form.jpg [View same] [iqdb] [saucenao] [google]
8639031

>>8635644
don't forget your estimated taxes for Q1 2018 are also due in a couple of weeks

:^)

>> No.8639062

>>8635644
when if all you had was low mcap coins and literally cant cash out without crasahing them?

>> No.8639095

>>8639026
yeah but better in the long run when our cheap coins will all be cleared out. I started buying ETH < $10.

>> No.8639223

>>8635644
...what crypto?
I don't own any crypto officer