/biz/ - Business & Finance

[Anonymous No.8858836]

I thought everyone here was joking about paying crypto tax. Wtf is going to happen to me

https://vocaroo.com/i/s1ElUNIWzjdJ

[Anonymous No.8858865]

>>8858836
GL HF

[Anonymous No.8858867]

>>8858836

[Anonymous No.8858890]

Does IRS really use a text-to-speech voice when they call you? I figured it'd be an automated response, but a human recording at least.

[Anonymous No.8858903]

>>8858890
They never call. They send scary letters...

[Anonymous No.8858908]

>>8858836
you actually believed autists on here who would rather crash the entire market and fuck everyone over despite their own self interests just for a few lols?

[Reluctant kneepad girl No.8858912]

>>8858890
When they want you just wake up strapped to chair in their HQ

[Anonymous No.8858932]

>>8858867
That's a big guy

[Anonymous No.8859290]

>>8858903
I didn't get a letter. Is this just a pajeet

[Anonymous No.8859366]

>>8858836

So I have a plan to avoid taxes, look at the following example with simple numbers for the sake of simplicity:

>Buy 1 Bitcoin at 10,000
>Sell 1 at 12,000 (owe tax on the 2,000 of capital gains).

Now, what if I do the following:

>Bitcoin goes down to 8,000, buy ETH with bitcoin (so I've basically sold my bitcoin and have gone into a new investment, ETH, which I don't owe anything on until it goes up).

This plan seems flawless and could work for people who did a lot of trading and then find themselves down on their investments (if you use your BTC or ETH to buy another coin at a "loss", then you can mitigate the taxes you gained on your profits.

Is there a flaw to this plan that I'm just not seeing? As long as all trades are done in the same year, then it seems like you come out ahead as long as your altcoin goes up.

[Anonymous No.8859444]

>>8859290
Your audit is on its way.... thank you...

[Anonymous No.8859494]

>>8859366
there is a flaw. there is a taxable event occuring when you buy eth with bitcoin.

[Anonymous No.8859540]

>get burner phone with cash
>use burner phone to verify number at crypto atm
>send to anonymous address

Am I missing anything?

[Anonymous No.8859566]

>>8859494

I understand that bit, but my point is if I buy at 10k and sell at 12k, I'm up $2000. If Bitcoin goes down to 8k and I "sell" buy Eth, I sold that bitcoin at 8000 to buy eth, so I'm "down" $2000. Until I sell my ETH at a profit, I've broke even. If we're in a bear market and the value of the coins go down, one could trade back and forth between coins, accumulating more even as fiat value is loss. I realize I'm a brainlet so I know I'm probably missing something.

[Anonymous No.8859613]

The problem is between years. Not in the same year. If you buy for 10k in nov and it rises to 20k you owe tax on that. If it then drops to 6k nobody cares because you’re a hodl faggot.

[Anonymous No.8859659]

>>8859566
the like kind loop hole was clarified and closed, so you're racking up tons of taxable events that will destroy a lot of your capital. As long as the IRS considers crypto property, your plan is pretty fucked if looked into upon cashing out and paying the additional capital gains tax.

[Anonymous No.8859736]

The IRS never calls, if you get a call it's a scam. If you don't believe me then google it. They only send letters and if you don't pay then you'll get a knock on your door.

[Anonymous No.8859741]

>>8858836
Financially irresponsible millennials will break the IRS.

[Anonymous No.8859819]

>>8859659

Why is it taxable if I've lost money on the initial investment? Is it not like buying a stock, selling that stock at a loss, and using the money to buy another stock?

[Anonymous No.8859838]

>>8858836
There were plenty of threads warning you about paying your taxes anon. Enjoy becoming Jamaal's """girl""" in the joint.

[Anonymous No.8859864]

>>8858836
that's a scam, ignore and report it. the real IRS would send you a physical letter.

[Anonymous No.8859868]

>>8858836
The IRS doesn’t reach out by phone you unbelievable retard. Let alone with text to voice. If you are really this dumb, you should exit the investing word immediately.

[Anonymous No.8859881]

>>8859819
it's considered property by the irs, not a security. it's a complete mess right now with sec considering it a security and the treasury considering it currency. only thing that matters is that IRS considers it property so any exchange or conversion of it to another crypto is a taxable event. it's fucking bullshit and i hope someday it will change, but that's how it is right now. you can go along with your plan in hopes the landscape will change i suppose.

[Anonymous No.8859905]

>>8859881

I understand. Yeah that is very fucked up. Thanks for answering.

[Anonymous No.8859916]

>>8859659
The "loophole" never existed in the first place.
You buy a thing. (Expense.) You sell a thing for a slight profit (profit) and buy more things (expense.) You have no profits now to pay taxes on.

How the fuck do you think any business has any money to re-invest if they get taxed on their profits BEFORE they buy more product? Amazon has some 140 billion in sales a year and doesn't pay a dime in taxes, because your expenses come out of your profits.

You kikes invented accounting, yet you're here daily lying about the most basic fucking expenditures daily. Is a few extra shekel really worth it? You're going in the ovens regardless.

[Anonymous No.8859926]

>>8859864
This, one million times.

[Anonymous No.8859973]

IT'S A SCAM YOU RETARD

[Anonymous No.8860020]

>>8859916
>retard
you didn't read my post at all. anon is trying to avoid paying taxes but is unintentionally racking up more taxable events with his eth/btc/erc20 conversions.

[Anonymous No.8860223]

Aaaaaahhhhhhhhhh the meme is becoming reality

[Anonymous No.8860272]

IRS does everything through mail.