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8876212 No.8876212 [Reply] [Original]

>Gains are taxed
>Crypto to crypto trades gains are taxed
>Taxable event created if you do crypto to crypto

BUT, let's say I bought Bitcoin at 11000 USD, is not now all my trades BTC->ALT a loss, and yes it might need to be reported but no gains needs to be paid

Plx help a brainlet

>> No.8876262

>>8876212
You can claim losses and move into alts

>> No.8876276

>>8876262
exactly, so I could also buy BTC for 25000 (or claim I did on an exchange, with small liquidity)

>> No.8876318

>>8876276
yeah but if anyone with a pulse looked at that they'd realize it was suspicious. and if you get audited thell want you to show the flows of money to back up the idea that you purchased a btc for 25k. if they think you're lying you have to provide the proof. stay honest unless you're a mastermind or very small time

>> No.8876328

>>8876212
Your country has so much freedom that the gobernment must take some of your funds its the cost of your freedom.

>> No.8876429

>>8876318
OK, but regardless, If i always buy crypto with the "loss" asset(BTC/ETH) I bought for fiat, I will never pay gains right ? Then I trade back the "loss" alts...

>> No.8876772

So..

A friend of mine bought some BTC and he gave me as a present. Now i want to withdraw it.

Do i need to pay taxed for that? why?

>> No.8877980
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8877980

>>8876212
I have autism

>> No.8878293

>>8876772
Yes, you need to pay taxes, if the crypto is worth more than what it was worth when your friend gave it to you. This is done every day on property, cars, art, jewelry, on assets of every kind. If someone gives you two bitcoins, and you just hold them, there's no taxable event. If you traded them, or cash them out, there's now a taxable event, especially since it's virtually impossible to not have lost or gained value since he gifted them - and he'd have to document their worth at the time of the gift for any of it to work, and if it's a sizeable amount - i believe the current minimum to file paperwork on gifts is $14k - he has to pay taxes on it to begin with. Gifts don't automatically create tax havens. Say your friend gave you a bitcoin when they were worth $100. You sold it at the top of the market in Dec. 2017 for $12k. All the IRS cares about is that 12K in your bank account, and where it came from. "My friend gifted me a bitcoin". "Okay", says the IRS, "How much was it worth when he gave it to you, and can you show any proof of that gift?" You show them proof. "Fine", the IRS says, "We've made an adjustment, you made $11,900 in capital gains, and you need to pay taxes on that. Have your checkbook handy?"

>> No.8878384

>>8876772
Wait
Until
You
Can
Pay
All
In
Bitcoin
You
Fools
Cashing out before that time, which will come aloqly, means you lose

>> No.8878470

>>8878384
Sure you’d say that, because anyone cashing out directly lowers the value of your assets. Nice try though, nobody is falling for the adoption meme anymore.