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/biz/ - Business & Finance

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8910852 No.8910852 [Reply] [Original]

You made sure to give the government their share of your cryptocurrency, right?

>> No.8910857

They are welcome to their share of 5.56 if they want to come around and ask about it.

>> No.8910869
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8910869

>>8910852
>paying taxes

>> No.8910871

>>8910852
Anyone reporting their crypto to the IRS is a cuck

>> No.8910878

>>8910871
>>8910869

Thread

>> No.8910892

Also did you faggots learn nothing from Panama papers

You’re crypto really should belong to an offshore shell Corp you own and not you as an individual

Become the Jew to beat the Jew

>> No.8910896
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8910896

>binance complient to the IRS

>> No.8910934

>>8910892
You don't understand the blockchain, do you?

>> No.8910940

>>8910852
How can you owe more than you made?

I mean, you start with 10k, have 100k at the end, you pay a percentage of 90k, not even of 100k. So even if you pay 100%, you still have the 10k.
And of course you don't pay 100% of your profits, this is just ridiculous

>> No.8910955

>>8910940
Step 1: Be an amerimutt
Step 2: Tip the government after paying them more in taxes than you made

>> No.8910980

>>8910940
amerifats have all kinds of taxes, capital gains and per trade tax

basicaly, with every trade he has to account for exchange fees AND tax to end up green, and if he trades into BTC and it drops later he still oves the tax in fiat at the price it was before drop

>> No.8910983

>>8910852
kek
in Italy the government doesn't know even what a Bitcoin is, bye bye amerimutts

>> No.8910995

>>8910983
get on my level, in my eastern european country the government doesn't even use computers

>> No.8911020
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8911020

>>8910940
taxes are paid annually in the US

>anon makes 200k profit in 2017
>decides to hodl
>2018 begins, new tax year
>bear market
>anons stash is now only worth 50k
>however anon still owes tax for the 200k he made in 2017, but only has 50k now
>boom tax debt

>> No.8911042

>>8911020
>>8910980
So then in 2018 he won't have to pay taxes, since he basically lost a lot of money. Will he get some money back?
In my country, if the government owes you money from one year, it can still be counted in next year's taxes. so let's say you lost 100k, Then you have to pay 10k, but you don't because you lost 100k. So government "owes" you 90k, next year you have to pay 50k, don't pay and government still owes you 40.

>> No.8911050

>>8910995
get on my level, in the UK I pay 1 1/2 crumpets per year in tax

>> No.8911057

>>8910852
Glad I'm not living in the land of the free.

>> No.8911068

>>8910995
lucky you, I live in central europe and my local IRS says it will decide per case what they deem to be a taxable event. As in, some cuck in an office arbitrarily decides if he's gonna tax my crypto gains.

imagine living in such a hellhole where you can get fucked by the institutions depending on the mood of its workers

>> No.8911082

>>8911068
That means you can bribe them, or be nice to them and use your people skills

>> No.8911084

>>8911042
>Will he get some money back?
No lol, have you never head of USA?

>> No.8911085

>being american

lol

>> No.8911109

>>8911084
I mean, obviously not money back, but he won't have to pay until the debt is balanced

>> No.8911110

>>8911082
no unfortunately we're by the book on this one, we don't take or offer bribes and we score quite low on the international benchmark regarding actual corruption

so basically my best bet is to realize small incremental gains each year so I don't exceed 15k euros that then automatically gets reported to my IRS by my bank and just lay low.

>> No.8911112

Pay tax on every trade? Please... Why would you ever admit how many trades you've made, if you swing trade daily, you can't be expected to keep track, fuck that

I'll pay tax on anything I cash out, that's it

>> No.8911124

>>8910940

because all his gains are in 2017 and the losses in 2018

>> No.8911156
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8911156

>when you're still within capital gains allowance and you can keep on paying your rent with meme internet money

>> No.8911162

>>8911042

he didn't lose any money in the eyes of the IRS, as taxes are paid annualy, if he ended 2017 with a profit, he made money and owes tax, done deal

he still needs to pay tax on the 50k or whatever he entered 2018 with, so he will have even less to pay off his 2017 debt, in this example atleast


i dont know the tax rate in the us, but lets say its 30% short term

2017:
$200k * 0,30 = $60k
2018:
$50k * 0,30 = $15k

anon owes $60k in tax for 2017, and $15k for 2018, but only has $35k to pay it off with

>> No.8911190

>>8911109
I'm not american so I may be wrong but the way I understand it its:

2017 ended, your btc was worth $10 at start and $100 at end you have to tax for $90

2018 ended your btc was worth $100 when it started and $10 when it ended you lost $90 and don't have to pay tax YAY!

all in all you still ove tax for $90 gains and you have to pay it before 2018 even ends

>> No.8911317

>>8911190

What a broken system. Bitcoin is still technically anonymous, so I wouldn't admit to anything. Don't cash out

Coinbase only gave out details of people with over $20k

>> No.8911327

>>8910852
>paying taxes
lol
>paying more taxes then you have to
LOL
>paying more taxes then you made profit
ultimative cuckoldry

>> No.8911430

So Americans are fucked, they pay so many taxes, and then still don't get free healthcare.
That money is probably going to pay for trump's golf shits or the military.
Must suck to be american

>> No.8911567

>>8910852
How is that even possible? Can't burgers declare their losses?

>> No.8911607

>>8911042
Oy vey he will still get that sweet $3000 tax credit next year

>> No.8911634

>>8911190
Only if you realize that $90 gain though. If you just hold you owe nothing.

>> No.8911665

>>8911567
yes but the losses were in 2018 while gains were in 2017, you can't apply losses to previous years

>> No.8911682

>>8911430
but at least you can get shot when you go to school

>> No.8911703

>>8911634
You're right, unless he trades the BTC to ETH or to even Ether or whatever
every trade is taxable, from what I've read, so he'd have to pay as if had made a lot of money

>>8911682
Yeah, or drink poisoned water because the free market, so fucking lucky

>> No.8911736

>>8911110
What country, Austria?

>> No.8911737

>>8910892
>crypto
>belonging to anyone
let me guess, next you're going to tell us you have 100% of your funds in a verified binance account

>> No.8911772

>>8910892
You are like my neighbour who doesn't invest into bitcoin because there is no exchange that is audited by out government.
COMPLETELY missing the point.

>> No.8911913

>>8911772

> own 20 BTC
> neighbour tells me to buy bitcoin
> make bullshit story about how I don't want bitcoin
> not get kidnapped
life is good