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/biz/ - Business & Finance

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8737088 No.8737088 [Reply] [Original]

>cash out after making a decent amount trading alts over the past 6 months
>made about 1000 trades
>binances shitty record keeping segments all partially filled orders into separate trades
>so technically I made 8000+ trades
>tax cucks want me to report the $ loss or gain on EVERY SINGLE ONE OF THESE TRADES (even though it was all crypto to crypto)

Holy shit do I regret touching these shicoins. I don't even fucking care about the profit now, this shit is going to take like 500+ hours.

>> No.8737102

>>8737088
Did you cash out over 10k or make over 20k in a single trade with an account attached to your information?

>> No.8737118

>>8737102

Yes

>> No.8737126

>>8737088
Bruh what is an accountant?

>> No.8737127

Remember to pay taxes on all on your WoW auctions too

>> No.8737148

>>8737126

About $50 an hour at least

>> No.8737149

>>8737118
I hope you realize the only way they'll know you did 8k trades is if you're dumb enough to tell them.

>> No.8737162

>>8737088
Wait, not only is the money not real you actually have to PAY TAXES, ON TOP OF THE TRANSACTION FEE???? OH MY LORD HAHAHAHA IM NOT TOUCHING CRYPTO, EVER HAHA.

>> No.8737169

>>8737102

Why would that matter

I could make 20k trades with 1$ profit on each and it would be the same shit

>> No.8737175

>>8737118
They can't know shit, Binance won't tell em shit and the RSI won't care enough to ask Binance
Sell btc on localbitcoins don't be a cuck

>> No.8737181
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8737181

>>8737088

>Paying taxes like a good goy cuckfaggot.

How does it feel to fund Tyrone Jamal and achmed and every fucking negress they fuck that has 6 niglets

>> No.8737186

>>8737162
I hope you don't play MMORPGS that have a fiat portal because you have to pay taxes on that too

>> No.8737202

>>8737088
Pay an account man, save yourself the headache.

>> No.8737239

>>8737088
You do realize that you don't have to report trading between cryptos, just when you cash out, right?

>> No.8737244

>>8737088

Stop being a fucking cuckfaggot slave and start being a free man.

If the IRS forces you to paying money on money you earned then you are a fucking slave.

>> No.8737249

>>8737186
Yeah but that's included in the price it even says "includes tax" at the bottom. And it doesn't have a $50 transaction fee.

>> No.8737259

>>8737175
I like RSI, but the IRS... not so much.

>> No.8737267

>>8737239

Not in cuckstralia

>> No.8737276

>>8737249
For any gains, even unrealized gains in the MMORPG you have to pay taxes on them according to their calculated fiat value.

>> No.8737296

Pay for bitcoin.tax or cointracking.info. I haven't used cointracking.info, but it costs about $300, and it's fucking worth it. I did 66000 trades last year and it automates EVERYTHING and compiles a tax report for you.

>> No.8737311

>>8737296
You don't even have to import them yourself with cointracking.info, you just set up an API key for Binance and it does it all automatically.

>> No.8737319

>>8737276

Nigga who gives a shit

No one plays mmos anymore

>> No.8737335

>>8737239
Trading crypto-crypto in every 1st world country apart from maybe switzerland, singapore and new zealand is a taxable event. You're seriously kidding yourself if you don't believe it is. Any reputable accountant will tell you that it is a taxable event.

>> No.8737337

>>8737296
This

Just use software and a CPA if you need one. Nobody can do all of that work by themselves

>> No.8737340

>>8737296

Well that sounds a bit less pricey than an accountant at least. I'll look into it

>> No.8737341

>>8737276
Are you intentionally dense? playtime is not a "unrealized gain" the only thing I "gain" is enjoyment. I think you're getting confused with Diablo's real world auction house scandal.

>> No.8737349

>>8737319
This guy does >>>
>>8737335

>> No.8737380

>>8737335
OK you're retarded. You don't gain anything on crypto-crypto trade because it's a 1:1. Reporting it is a waste of time and the feds literally won't care if you leave it off. All they care about is what you take out, and that they get that % of usd

>> No.8737393

>>8737341
If you buy a WoW token for $10, then sell it on the AH for 20k gold.
Then use that 20k gold to invest in Archium which then turns into 60k gold when you sell it.
You owe taxes on your realized gold gains, which amount to about $30

>> No.8737405

>>8737340
If you're in Australia you won't need an accountant. Just use cointracking.info, find out how much profit you made for the year, and report that as capital gains. Keep the report on hand for your own records. You only need the trading report if you get audited. The tax office will just want to verify you've done everything as best you can, and reported a reasonable number.

>> No.8737429

>>8737181
this

>> No.8737430

>>8737393
Wow I didn't even know that was a thing good thing I never buy anything from the WoW shop, physical for life mate. :-D

>> No.8737441

>>8737380
It's disposing of 1 asset and acquiring another one. Capital gains for the asset (profit or loss) are realised when you sell. And the Tax offices do care because it can significantly change your taxable income if you hold over multiple years.

>>8737393
Fuck off about this wow gold shit. It's not classed as an asset for tax purposes like Crypto is.

>> No.8737448

>>8737405
Thank you for the guidance. This shit was honestly stressing me out beyond belief and was making me think that I'd wasted the entire past 6 months all because of these tax issues

>> No.8737489

>>8737441
If it's not a SEC registered coin then it is not an asset, until the FTC or CFTC moves into the exchange space to enforce trade regulation all crypto markets are the exact same as a digital game market.