/biz/ - Business & Finance

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Tax Thread Sat Apr 14 20:03:35 2018 No.8905659 [Reply] [Original]

Ok goys, I know we love to troll and shitpost each other (I being one of them), but please fellow bizraelis, please be serious for a moment and assist me with this tax question. PLEASE. I'm fucking begging you.

If you're going to say Fuck the IRS or don't pay taxes to avoid gubment, please let's keep the /pol/ out of this.

For those who paid your U.S. taxes, how did you do it?

There's two ways I see it:

1) Bitcoin.Tax import into Turbotax, and pay on the capital gains and then done

2) Go through a CPA.

I went through a CPA who says I owe basically over 60K when I only cashed out 50K. So I thought I would only owe about 15K. I only have 30K cash in my bank account now.

He calculated like kind trades. We argued over this for an hour where I said it's bullshit but his argument was in a few years, he assumes Binance and Bittrex will comply with IRS in efforts to be SEC compliant. I mean, it makes sense to get all that new US and wallstreet money.
Then, IRS will eventually come after those who didn't file or jus filed through turbotax or some shit and audit and hit everyone with fuck ton penalties. He thinks everyone will eventually get reamed by the tax man.

I just don't see how this is all possible. I already paid him the fee. He fucking got back to me TODAY after I submitted my docs to him almost 2 months ago but whatever.

I'm looking at Binance and it doesn't even show the fucking USD value.

I made over 1000 trades. Even at one point, I had almost 300K of ICX, traded into XLM, traded into XRP then back into ICX which crashed.

So ICX was 300K, went to XLM which became 250K, back into XRP which is 220K, back into ICX which dropped to 50K (now).

So I am taxes on each of those huge trades, owing hundreds of thousands?! This is fucking retarded. What in the holy fuck?

What do goys?

He sent me form 4868 and FTB 3519 to send checks to FED/CA gov but I haven't sent yet.

>>	Anonymous Sat Apr 14 20:04:01 2018 No.8905668 I accidentally tripfagged sorry

>>	Anonymous Sat Apr 14 20:05:58 2018 No.8905689 1. Buy monero 2. Sell for cash on localmonero There you go. You don't pay shit.

>>	Anonymous Sat Apr 14 20:07:25 2018 No.8905705 8905448

>>	Anonymous Sat Apr 14 20:08:42 2018 No.8905717 File: 1.93 MB, 5184x3456, wallhaven-173361.jpg [View same] [iqdb] [saucenao] [google] >>8905659 apparently I owe taxes for making memes for bitcoin anon making memes...

>>	Anonymous Sat Apr 14 20:09:31 2018 No.8905727 >>8905659 Dont use a verified binance account

Anonymous Sat Apr 14 20:13:33 2018 No.8905764

>>8905659
>So I am taxes on each of those huge trades, owing hundreds of thousands?! This is fucking retarded. What in the holy fuck?
tell cpa to anally electrocute himself.
Defer for now. Taxing on unrealised gains is not legal. At that point in time of the trade, you still had not "realized" your gains. You can argue that until the end of time, since none of this is actually useable (100% speculative). If it were legal tender for real world applications, that would be taxable. But it isn't. So they can eat cock.

>>	Anonymous Sat Apr 14 20:16:33 2018 No.8905798 File: 285 KB, 500x500, laughing_monkey.png [View same] [iqdb] [saucenao] [google] >>8905659 DO. NOT. PAY. Nigga are you retarded? DO NOT GIVE 60k TO THE IRS FFS Fucking arrange to leave the country if they ever try coming after you. WTF

>>	Anonymous Sat Apr 14 20:16:41 2018 No.8905801 >>8905764 So did you just pay on cashed out?

>>	Anonymous Sat Apr 14 20:21:19 2018 No.8905853 >>8905798 Well, I wasn't going to give 60K. I was thinking about just giving the 15K on the short term of what I cashed out through Coinbase

>>	Anonymous Sat Apr 14 20:22:08 2018 No.8905862 >>8905801 From what I understand from he said she said you only pay cap gains on cash out and Uncle Sam calls I even..for now

>>	Anonymous Sat Apr 14 20:24:56 2018 No.8905892 >He calculated like kind No he didn't, he probably used FIFO

>>	Anonymous Sat Apr 14 20:27:32 2018 No.8905913 What’s stopping me from saying it was all gifted to me by a anon?

>>	Anonymous Sat Apr 14 20:29:12 2018 No.8905926 >>8905892 why do you think that? i dont get it

>>	Anonymous Sat Apr 14 20:30:03 2018 No.8905936 >>8905689 I like this man. >>8905853 So if I cash out I have to tell?

>>	Anonymous Sat Apr 14 20:32:55 2018 No.8905962 >>8905659 i mean seriously, why is it so hard just to get robbed. just take my money, dont threaten me with jail 5yr later so some random shit

Anonymous Sat Apr 14 20:51:54 2018 No.8906161

>>8905659
I went through a cpa and paid my cryptp taxes. Good thing I didn't do much trading last year.

>inb4 goodgoy.jpg

I ain't fucking around with the IRS. Those jews will come after your money plus penalties and interest. Even if it's years from now.

>>	Anonymous Sat Apr 14 21:03:38 2018 No.8906268 >>8905689 Is it really that easy? If I have 2500 Monero can I sell in person or cash by mail?

>>	Anonymous Sat Apr 14 21:03:58 2018 No.8906270 >pay professional advice >fuck em they dont know shit >post in Taiwanese image board >these guys know what their doing kek

Anonymous Sat Apr 14 21:06:36 2018 No.8906308

>>8905659
>I went through a CPA who says I owe basically over 60K when I only cashed out 50K. So I thought I would only owe about 15K.

If this shit keeps happening then

> We argued over this for an hour where I said it's bullshit but his argument was in a few years, he assumes Binance and Bittrex will comply with IRS

This shit wont happen because those entities will be so fucked over by the IRS by then that nothing will matter anymore.

Anonymous Sat Apr 14 21:10:19 2018 No.8906341
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>>8905659
Dude make sure he's not calculating transfers between exchanges.

I ran it through as regular capital gains and it was way over what it should be.

YOU MUST REMOVE TRANSFERS BETWEEN EXCHANGES ANON

>>	Anonymous Sat Apr 14 21:11:07 2018 No.8906347 >>8906268 as easy as anything illegal

>>	Anonymous Sat Apr 14 21:11:09 2018 No.8906348 Also stop it with the fucking IRS threads. Its a damn waste of time. Paying your crypto taxes puts you at just as much risk as not paying crypto taxes right now.

>>	Anonymous Sat Apr 14 21:12:22 2018 No.8906356 >>8906161 How do they come up with the USD value of bitcoin?

>>	Anonymous Sat Apr 14 21:13:14 2018 No.8906365 >>8905659 paid mine... gave these kikes $25k

>>	Anonymous Sat Apr 14 21:13:21 2018 No.8906366 >>8906356 the least advantageous price for your situation which can be found to have existed on earth on the day in question

>>	Anonymous Sat Apr 14 21:13:28 2018 No.8906369 >>8905926 If he used like kind you wouldn't owe anything. You're also unlikely to find any accountant that will do like kind for crypto.

Anonymous Sat Apr 14 21:17:35 2018 No.8906404

You need to find a new a CPA. Buy cointracker.info 1 year pass, import all ur wallets , import all ur exchange trades via api or civ. My shit was complicated because I did a bunch of icos and mining. My taxes were to be 5.5k on coins I haven't even pulled out yet. I sacked up and payed the tax man because I plan on taking out 300-500k this year.

>>	Anonymous Sat Apr 14 21:17:45 2018 No.8906405 >>8905926 Your Bitcoin.tax result should be the same as the result your CPA gets because it calculates everything using the dollar value at time of every trade.

Anonymous Sat Apr 14 21:17:52 2018 No.8906409

>>8905659
OP, I was in similar situation with similar amounts of trades and gains

pay 100 dollars for cointracking premium membership right now

upload your csv/API keys and have it calculate your bill so you can get a rough idea

file an extension regardless

>>	Anonymous Sat Apr 14 21:18:08 2018 No.8906413 File: 450 KB, 757x773, 1519589495909.png [View same] [iqdb] [saucenao] [google] >>8905764 Threads over, this anon's right. Pay 15% (capital gains) only on what you've cashed out, that's it.

>>	Anonymous Sat Apr 14 21:21:34 2018 No.8906449 Is it best to withdraw locally, then?

Anonymous Sat Apr 14 21:22:53 2018 No.8906460

>>8906341
>>8906404
>>8906409

Ok so I actually just now bought the bitcoin.tax premium pass and imported everything.

at 33%, it says I made 198K and owe 65K. So this is where the CPA is getting his info.

However, I only cashed out like 52K this year. What in the fuck?!?!?!?! Some of my shitcoin trades went down in value

Is cointracker better or the same as bitcoin tax?

>>8906405
Yep this is now what I see. Because CPA and bitcoin.tax are calculating every single fucking trade.

>>	Anonymous Sat Apr 14 21:23:58 2018 No.8906469 >>8906365 How did you calculate taxes? And what did you pay on? Each trade like these fucking assholes want or just what you cashed out via Coinbase? How did you report it, Turbotax?

Anonymous Sat Apr 14 21:24:02 2018 No.8906472

>>8906413
And how do you suggest he do that? There's no form where you can just report "wut u cashed out". If you report capital gains on your 1040 you have to attach Schedule D which breaks it up into short term (which are taxed at ordinary income rates) and long term gains, and since you don't have a 1099B that requires you to also attach an 8949 where you have to list every transaction. If you just make it look like one big transaction that would be felony tax fraud and would land you in prison if found out. None of you who say "just pay on wut u cashed out!" have ever actually tried doing that.

Anonymous Sat Apr 14 21:25:21 2018 No.8906485

I swear to fucking god. If I get an alternative to using a bank I am going to drop that shit so fucking hard.

I wont have a phone number. My cell will be jail broken and use messaging software. I wont have a bank and I will except pay directly in crypto for my skills.

>>	Anonymous Sat Apr 14 21:25:39 2018 No.8906493 >>8906460 Unfortunately that's correct. You're in the same position as that reddit guy. https://www.reddit.com/r/personalfinance/comments/84huks/i_just_discovered_that_i_owe_the_irs_50k_that_i/

Anonymous Sat Apr 14 21:27:08 2018 No.8906511

>>8906460
it doesn't matter how much you cashed out. Capital gains are capital gains. Hopefully someone will revolt against the IRS but until then we need to pay

cointracker is better because bitcoin.tax likes to fuck up. I recommend buying both and comparing the tax reports.

Did you use FIFO or LIFO btw? My numbers are nearly the same as yours. FIFO I'm guessing, which is preferable for IRS but costs you 15% more roughly

how much is your portfolio worth right now?

Anonymous Sat Apr 14 21:27:26 2018 No.8906513

>>8906493
This is beyond fucked. I'm freaking the fuck out.

So, I mean, we're all shitcoin traders here on biz. And I actually came OUT positive. I started in 2017 with 10K, cashed out 50K and still have about 50K in crypto.

So pretty much all of us owe more money than we made as shitcoin traders???

Who actually came out positive here and how/why

Anonymous Sat Apr 14 21:28:45 2018 No.8906533

>>8906460

You should pay taxes if you ever plan to buy a car using BTC. Buy a house using BTC, buy pretty much anything of large value using Bitcoin. We made big money and if you don't pay the taxes that's fine, but you mind as well not even consider your coins yours because if you ever DO want to cash out or buy actual things, you're fucked. Anybody who says otherwise is just royally retarded and wants you get the shaft.

>>	Anonymous Sat Apr 14 21:29:35 2018 No.8906543 >>8906493 he's in a better position because he's already cashed out 90% of his tax bill

Anonymous Sat Apr 14 21:31:22 2018 No.8906559

>>8906511
Ok I'm going to buy cointracker and use it now and see what happens. Yeah it defaulted to FIFO. Let me see what LIFO does
>>8906533
I want to pay taxes. It's just I was expecting to pay on 50K which was like 15-20K, not fucking 60K.

I only have 30K cash in my account cuz I used some of that money to pay off debt and gave to my family and stuff. I used to be a poorfag ( guess I still am)

>>	Anonymous Sat Apr 14 21:32:09 2018 No.8906569 >>8906533 But if you use BTC for all small expenses then money you do make the old way wont be hit as hard by those kinds of expenses. In other words you buy a car or a house because you never spent your fiat for small things.

Anonymous Sat Apr 14 21:35:15 2018 No.8906589

>>8906559

It sucks but it wouldn't be as bad if the BTC were still 20K. I'm fairly convinced they crashed it so us goys would sell our BTC low to cover our tax burdens. in 5 years you'll be glad you paid that because if the Bitcoin goes to these wild estimations, you'll be in the clear. It just sucks now because we all know the Bitcoin is undervalued as fuck

Anonymous Sat Apr 14 21:35:43 2018 No.8906595

>>8906513
Dude this is why you do your financial research before you fuck yourself over daytrading. If I buy 1 btc at 1 dollar, and trade it for 500,000 shitcoins when btc is worth 17k, I """have""" to report this gain. Congrats on losing your real money if you're not larping.

jesus christ do you losers do anything but looking at charts and pressing buttons?

Anonymous Sat Apr 14 21:36:22 2018 No.8906602

>>8906559
lol dude I went through this same freaking the fuck out process a few weeks ago. Started with 3k in 2017 and worked up to a large amount amount of money

LIFO will shave a good amount off but the guidance surrounding it is unclear. Many people are saying you will be audited if you use LIFO, or that it's simply disallowed for individuals to use

you would have owed 60k regardless when you actually went to cash that money out.

I really recommend filing an extension because there's a high probability the market rebounds a bit within the next few months. And we'll be able to look at what other people did for taxes and what worked

relax senpai

Anonymous Sat Apr 14 21:36:30 2018 No.8906606

>>8906513
Whenever you make a trade between crypto to crypto it's taxed at Value of trade minus Cost basis of coins. And the cost basis of that lot keeps resetting with every trade. What happened in your case was you probably swapped a lot of coins at the peak of the bubble in December, realizing out a lot of your value as taxable events. Then the year ended and your tax bill was settled for 2017. Then in the beginning of 2018 you got a lot of losses but unfortunately they only carry forward, not backwards. I realized this could happen so I cashed out almost everything in January.

>>	Anonymous Sat Apr 14 21:38:17 2018 No.8906615 >>8906513 >Who actually came out positive here and how/why Raiblocks capcha solving competition and Monero in 2016

>>	Anonymous Sat Apr 14 21:41:55 2018 No.8906644 The IRS is attacking people now. The idea you can owe more than you have is nothing short of an attack.

>>	Anonymous Sat Apr 14 21:43:13 2018 No.8906652 >>8906543 Ah I didn't realize he still had 50k in crypto. He already spent or gave away 20k of the 50k he cashed out though. So if he liquidates the rest of his portfolio right now he would have 80k. 80k minus his 65k tax bill... he has 15k left.

>>	Anonymous Sat Apr 14 21:44:28 2018 No.8906666 >>8906268 How about you bother going to localmonero first before asking us to spoonfeed you?

>>	Anonymous Sat Apr 14 21:44:48 2018 No.8906669 >>8905659 Dude report like kind for 2017. If they gonna cuck you make them go all the way. No jail because it’s a reasonable interpretation. They said 2 days before the end year it doesn’t apply in 2018. They are vague to scare you. Like kind

>>	Anonymous Sat Apr 14 21:44:50 2018 No.8906671 >>8906644 Is this an oxymoron? I'm going to cash out locally, then. As long as I can pay rent upfront in cash, it's not a big deal. I can buy everything online with pre-paid visa gift cards and use those with PayPal. Can't buy a house tho :/

>>	Anonymous Sat Apr 14 21:45:38 2018 No.8906681 >>8906652 maybe even less than that. As far as I know bitcoin.tax / cointracking only calculate federal tax. State tax is another 10%ish, right? I know there are some standard deductions but this is my first go at taxes, so not an expert

>>	Anonymous Sat Apr 14 21:47:01 2018 No.8906693 Don't pay. If they send you to prison, keep your keys safe and you'll come out a millionaire. You really can't lose much if you don't pay, especially if you're a NEET with nothing to garnish

>>	Anonymous Sat Apr 14 21:47:22 2018 No.8906695 >>8906369 Mine will.

Anonymous Sat Apr 14 21:56:16 2018 No.8906780

>>8906595
Nope that's exactly what I did. Look at charts and press buttons.
>>8906602
Thanks man. So, do you owe more than you cashed out as well? What's your situation?
>>8906606
You were smart. I didn't know this and now I'm getting fucked for it. No wonder the market crashed. Everyone cashing out for taxes.
>>8906652
This is correct. Which is literally back to where I started a year ago LMAO.

Anonymous Sat Apr 14 21:57:54 2018 No.8906796
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>>8905659
>his argument was in a few years, he assumes Binance and Bittrex will comply with IRS in efforts to be SEC compliant.

In a few years all exchanges will be decentralised you stupid little cunt!

Anonymous Sat Apr 14 21:58:56 2018 No.8906813

>>8906780
My capital gains bill is about 190k

portfolio is worth 150kish and I've cashed out (and spent 20kish)

filed my extension today. I owe 60k in taxes roughly but gonna wait to hear from other people who are paying by April 17th to see how it works for them

as the market picks back up I'll sell part of my stack incrementally to pay the tax bill. Recommend you do the same.

>>	Anonymous Sat Apr 14 22:04:14 2018 No.8906861 Are you anons really going to pay your taxes? It doesn't seem really worth doing so.

>>	Anonymous Sat Apr 14 22:05:02 2018 No.8906871 >>8906861 arent you scared of the potential violence from the government

>>	Anonymous Sat Apr 14 22:06:07 2018 No.8906884 >>8906861 apparently it costs you more than you would have made anyway. And if you dont they will charge you two more zillion dollars after that too! ANd if you are not happy with that they they charge infinity +1!!!

Anonymous Sat Apr 14 22:07:24 2018 No.8906890

>>8906813
wow dude you're pretty much the same as me. Said my capital gains is over 190K and I owe like 65K in taxes. I've cashed out 50K and also spent 20K (currently have 30K). Portfolio is only like 50K right now.

I also talked to CPA to file the extension.

No wonder you went through the same process.

So i take it you aren't going to trade shitcoins anymore? I'll probably have to do the same and cash out from now to pay this off.

Do you think you'll make a lot of money in crypto now? I'm sure when your portfolio was up this much you thought you were going to be a millionaire too.

At one point my portfolio was worth 300K. Now I owe more than I have in cash. lol wut.

Anonymous Sat Apr 14 22:12:51 2018 No.8906935

>>8906890
I haven't traded since November. Reason being is that I'm 90% in VEN right now and if I hold it until November I'll invoke long term capital gains tax which is much more forgiving.

and yeah my ATH was 450k. I don't regret trading shitcoins though because I'd be worth much less than I am if I simply held my initial coins from early 2017

I think we'll get back to where we were. Beyond that I don't really know.

btw, if you pay your taxes and the market doesn't recover you'll be able to claim 3k capital loss every year until it evens out. But I'm banking on the market recovering

April taxes causes disproportionate sell pressure I reckon. Regardless of whether its a meme, there will undoubtedly be SOME form of rise after this sell off ends. And not just the actual sell offs, but people expecting the sell offs. It's self fulfilling. A lot of people are waiting until APril 18th

>>	Anonymous Sat Apr 14 22:21:16 2018 No.8907003 >>8906813 >>8906890 Keep in mind it's a gamble to keep money in the crypto market that you would need to pay your taxes. If it further stagnates you might get into tax debt. Not saying that's the most likely scenario but it's possible.

>>	Anonymous Sat Apr 14 22:22:53 2018 No.8907020 >>8907003 yeah I agree for sure. I will probably cash out 30% of my bill next week in the event we see a post-tax rise. I have a lot of breathing room right now fortunately

>>	Anonymous Sat Apr 14 22:25:25 2018 No.8907038 >>8907003 they are already fucked though. at that point nothing matters anymore.

>>	Anonymous Sat Apr 14 22:26:38 2018 No.8907048 Has any one withdrawn locally? How did it go?

>>	Anonymous Sat Apr 14 22:27:26 2018 No.8907056 >>8907048 They died, that's why none of them responded!!!

Anonymous Sat Apr 14 22:31:36 2018 No.8907090
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I really don't understand how trading shitcoin for shitcoin is a taxable event. If 1 shitcoin X is worth 1 shitcoin Y, and they are exchanged this way, where does the USD figure come from? I use coinbase to change USD to ETH, so I can understand the cost of ETH in USD being used as my starting point, but say I make 9,001 trades between alts after that initial ETH to alt, and only going alt to alt, shouldn't I only be taxed when going back to USD?

As things stand it's all too confusing. It's easier to just let it sit and forget about it instead of risking jail time or owing gorillions in money I don't and never had. If a mooning happens what's to stop someone from just going to a country with no income tax for the required period of time and cashing out, saying they made the money in another country so it's not counted as income for the country they live in? I have a high risk tolerance but not when it comes to legal matters. It's almost like this is stacked in such a way to kill crypto

Anonymous Sat Apr 14 22:31:37 2018 No.8907091

>>8907048
what does that mean?

I've used a BTC atm a few times. Max 3k withdrawal with only 2% seller's fee. No sketchy person to person transactions. Quite ideal. But I made the mistake of giving it my ID so I could withdraw 3k in one day rather than 1500 2 days in a row

Anonymous Sat Apr 14 22:31:44 2018 No.8907092

>>8906935
lol I'm 100% ICX. Yeah that's what I'm hoping. And also, cointracking.info says I owe 48K apparently? I've entered everything like 3 times to be sure. Bitcoin.tax and CPA said it was like 65K.

I hope we do get back to this. Otherwise, I've spent the last year literally eating breathing and sleeping crypto 24/7 for fucking nothing only to end up giving the IRS the money.

I guess /pol/ was right lmao.

>>8907003
I agree but I mean I guess I have to

Anonymous Sat Apr 14 22:40:07 2018 No.8907176
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>>8905659
I don't get it
I thought I would just
>Buy BTC or ETH via Coinbase
>Transfer to wallet
>"""HOLD"""
>But actually trade on Binance or some other exchange
>Send profits to Coinbase
>Pay taxes on what is pulled back out of Coinbase
So if i put in 5k, make 15k from trades, send 15k worth of BTC to coinbase and then pay taxes on the 10k profit

Wtf is going on?

>>	Anonymous Sat Apr 14 22:45:36 2018 No.8907226 >>8907091 It means cash out using localbitcoins or localmonero. Localbitcoins has the cash by mail option. There's no way I can pay taxes though.

Anonymous Sat Apr 14 22:52:18 2018 No.8907285

>>8905764
Completely agreed.
This so called " law" will be challenged. I'm surprised it's not.

Let's think about it for a second: how can you pay a tax on an exchange of goods if IRS won't take a payment in said goods?

I understand that it got so bad that if you traded a car for a better car you should theoretically pay the tax on the difference in price.
Now logically speaking, if you did not sell the better car for the legal tender (USD), how are you supposed to do it?
Send IRS a bumper or a right mirror ?
This taxation is completely illogical.

Anonymous Sat Apr 14 22:59:10 2018 No.8907340
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>>8905659

>Paying taxes.

I thought the purpose of cryptos was to replace the kike controlled central banking fiat monetary scheme. And now you fuckers are willingly giving your hard earned bitshekels to them.

The jews are right Goyim deserve to be fleeced. If you pay taxes on your cryptos your a good goy cuckfaggot kikeslave.A literal domesticated brainlet.

>>	Anonymous Sat Apr 14 23:04:25 2018 No.8907388 File: 2.03 MB, 480x264, goyim.gif [View same] [iqdb] [saucenao] [google]

Anonymous Sat Apr 14 23:13:09 2018 No.8907452

>>8907285
>Let's think about it for a second: how can you pay a tax on an exchange of goods if IRS won't take a payment in said goods?

They don't care though. The whole system relies on the fact that you're forced to acquire "legal tender" to pay your taxes one way or another or else people would form secondary economies around precious metals or barter and side-step taxation completely.

https://www.irs.gov/newsroom/bartering-produces-taxable-income-and-reporting-requirements

>>	Anonymous Sat Apr 14 23:18:21 2018 No.8907496 >>8906559 Money you gave to family can be reported up to 14k a year as like kind i believe. Lifetime value at 1-2 million, fuck i cant remember

Anonymous Sat Apr 14 23:20:24 2018 No.8907512

>>8907176
The math has to work out if you do that. You can't be cashing out more coins than you're supposed to have. And also you will have to commit tax fraud on your 8949. If you think there's even a slim chance that the IRS will ever see that you didn't actually """HOLD""" but traded, you don't want to do that.

Anonymous Sat Apr 14 23:39:29 2018 No.8907664

>>8907452
Why no one challenged it though?
I think I need to do a research in that area because it really makes no logical sense.
If you did not actually gain legal tender how can you pay your tax in it?
You gained imaginary legal tender.
I know that force you to obtain said legal tender but that's just a straight mafia move.
I understand your link and I think you agree with me and I also think that chances of winning with IRS in this situation would be slim to none but I bet people thought about a lot of won cases that way before and laws can be changed.

Anonymous Sun Apr 15 00:04:57 2018 No.8907890

>download api keys from gdax, bittrex, gemini, and kucoin
>download csv files from binance
>upload to bitcoin.tax ($30)
>calculates my shit
>buy turbotax deluxe ($35)
>upload bitcoin.tax file it generated to turbotax
>fill out the rest of my wagecuck w2 tax shit
>submit
>reluctantly gibs IRS $354 of my jewgold

wasn't that bad desu

>>	Anonymous Sun Apr 15 00:09:15 2018 No.8907933 If I haven't pulled anything out in fiat and i just have coins sitting in my wallet, would i still pay taxes on that?

Anonymous Sun Apr 15 00:10:41 2018 No.8907945
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>>8905659
>I made over 1000 trades.
Every time you sell you need to add a row to this form.
calculate PnL = Proceeds - Basis
(i.e. PnL = Sale price - Purchase price)
PnL is in USD, so I don't know how you do crypto for crypto trades...

>>	Anonymous Sun Apr 15 00:12:41 2018 No.8907965 >>8907933 Apparently yes. And that's what infuriates me. Paying taxes on satoshi? I don't trade in USD I trade in sats. And yet I owe USD, that I don't have. No idea how this is legal, or has not been challenged yet.

Anonymous Sun Apr 15 00:15:30 2018 No.8907989
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I TOLD YOU retards to cash out everything you made in the year before December 31, 2017, set aside some for taxes and then rebuy on January 1, 2018.

Enjoy being raped by back taxes and payment plans for the next 10 years lmao

>>	Anonymous Sun Apr 15 00:23:19 2018 No.8908079 >>8906681 >living in a state with state tax cuck

Anonymous Sun Apr 15 00:35:25 2018 No.8908180

>>8905659
I spent $15k fiat on coins between March 2017 and December 2017. I only ever cashed out to $80k fiat on January 2018. With my interpretation of the IRS rules, I don't have to worry about taxes until 2019 tax season. At that point I'll pay taxes (24-37%) on however much more I cash out (including the $80k) minus my initial $15k investment.

>>	Anonymous Sun Apr 15 00:47:48 2018 No.8908294 >>8908180 Did you trade between coins though? The IRS never once says the words "cash out". They use language such as "fair market value", "exchange", "virtual currency transaction". https://www.irs.gov/pub/irs-drop/n-14-21.pdf

Anonymous Sun Apr 15 00:53:53 2018 No.8908338

>>8905659
there's a reason rich people sell shit off at the end of the year "tax loss harvesting" regardless of what you have in your bank account you are on the hook for any profits you made last year including crypto to crypto. if you made trades that lost those cancel out your gains but it sounds like most of your losses were in 2018 so youre fucked. the irs doesnt give a fuck whether you have the money right now or not... you owe it. sorry anon. youre prob going to jail.

>>	Anonymous Sun Apr 15 00:54:04 2018 No.8908340 >>8908294 Q&A #6 by the way is the one that makes it undeniable that crypto to crypto is taxed because crypto is property.

>>	Anonymous Sun Apr 15 01:59:28 2018 No.8908810 Thanks for all the advice guys

>>	Anonymous Sun Apr 15 02:01:21 2018 No.8908826 >>8908180 Not according to them. Input your trades in Bitcoin.Tax or Cointracking.info and that is what you owe. >>8908338 reeeeeee

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