Income Tax Thread, LAST WEEKEND - Brought to you by

[TaxLoli !UFUFU77EPY No.8921584]

Let's talk about that little fact of life we call taxes. Primary subject is American taxes, but discussions of all tax regimes are welcome. Remember, TAXES ARE DUE MIDNIGHT OF APRIL 17TH! THAT'S THIS TUESDAY!!!

==RESOURCES==
FOSS tax software: http://opentaxsolver.sourceforge.net/
IRS Free File: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
Summary of tax changes in 2018: https://www.fool.com/taxes/2017/12/29/your-complete-guide-to-the-2018-tax-changes.aspx
More details: https://www.irs.gov/newsroom/resources-for-tax-law-changes

==NOTICE TO CRYPTOCURRENCY USERS==

LONG STORY SHORT: Cryptos are taxed as stocks. You DO have to pay capital gains on them, and there is NO minimum for reporting. The IRS *IS* targeting exchanges and wallet services for customer information, and they CAN link your accounts to you.

***Info***

https://www.irs.gov/newsroom/irs-virtual-currency-guidance
https://www.theverge.com/2018/1/29/16928768/cryptocurrency-bitcoin-how-to-file-taxes-2018-return-compliance-irs
https://www.marketwatch.com/story/uncle-sam-is-coming-after-your-bitcoin-gains-2017-11-30

>Disclaimer: The TaxLoli is not a licensed accountant, lawyer, or tax preparer in any 3D jurisdiction. All information posted here is for casual reference only.

[Anonymous No.8921939]

Why pay taxes if you can withdraw locally?

[TaxLoli !UFUFU77EPY No.8921951]

>>8921939
Explain?

[Anonymous No.8921965]

>>8921939
Buy crypto. Buy gold with crypto. Take gold to pawn shop. Cash out. Dont pay taxes. Its that easy.

[Anonymous No.8921979]

>>8921951
Localbitcoins & localMonero, I just sell locally for cash in person.

[Anonymous No.8921990]

>still spreading the tax FUD on april 15th

face it kiddo, you missed the bottom

[Anonymous No.8922003]

>>8921979
I hope youre armed while doing this.

[Anonymous No.8922032]

>>8922003
It's only with reputable buyers in public places. I'm not sure why anyone on /biz/ would pay taxes, more so those with crypto.

[Anonymous No.8922047]

>>8921584
Capital gains is only if you sell to fiat losers IIve been holding since last Feb.

[TaxLoli !UFUFU77EPY No.8922158]

>>8921965
>>8922047
No, capital gains taxes are also assessed when you exchange bitcoins for goods and services. This is done by the fiat price of the coin at the time of the transaction. See https://cryptocurrencyfacts.com/the-basics-of-cryptocurrencies-and-taxes/

They may also be taxable when one cryptocurrency is exchanged for another, or they might not be. No definitive guidance has come down as to whether swaps are considered like-kind exchanges. See https://www.forbes.com/sites/tysoncross/2018/02/19/the-truth-about-cryptocurrency-and-like-kind-exchanges/

>>8922032
Why do most people pay taxes? Because they'd rather stay out of jail.

[Anonymous No.8922196]

>>8922158
No definitive guidance = not payin uncle sugar

[TaxLoli !UFUFU77EPY No.8922282]

>>8922196
There's actually a specific procedure if there's a lack of guidance. If you want to do it as a like-kind exchange, record them under form 8824 like you would do with L-K exchanges in general, then fill out form form 8275 and explain your reasoning, plus any citations, as to why you feel this is proper. Even if the IRS later decides to reject the use of the L-K rule for crypto (which they can do within six years), if you're explanation is sufficiently well-founded you may be excused from paying any added penalties (you'll still have to pay the difference in tax liabilities though).

[TaxLoli !UFUFU77EPY No.8922402]

>>8922196
Oh, another thing: As part of the latest round of tax reform, the L-K rule was eliminated for everything except real estate transactions from January 1, 2018 onward. So for anything from that date on, it's considered as if you cashed out your crypto for fiat, and then used that fiat to buy the other coin, even if that's not actually what happened. That means your capital gains are considered realized and then re-invested with each swap.
>>8921979
How the transaction takes place or with whom does not change its taxable status.

[Anonymous No.8922416]

>>8922402
The only thing that doesnt change is that taxation is still theft.

[Anonymous No.8922429]

I owe 60k thereabouts and my portfolio is worth 150k right now (peaked at 450k).

Filed my extension yesterday. Gonna hope the market shapens up some more and pay in a few months. The penalties are minor relative to potential rewords

also want to see what happens to people who file with LIFO, as it is much less costly but there is a lot of ambiguity as to whether or not we can use it

[TaxLoli !UFUFU77EPY No.8922467]

>>8922416
And other say property is theft, but I don't think either tack would go over big with the judge.
>>8922429
If you think there's any ambiguity, you could also file a form 8275 and explain your reasoning. You should probably reference https://www.irs.gov/pub/irs-drop/n-14-21.pdf somewhere in there.

[Anonymous No.8922479]

>>8922467
I know nothing about taxes desu. I just noticed that on cointracking my total is 15k less when I use LIFO. But people say it's not allowed. Probably gonna hire a CPA soon to look over my stuff, file FBAR, and just throw a nice seal of approval over everything

[TaxLoli !UFUFU77EPY No.8922566]

>>8922479
If you can afford it, it's probably a good idea to find a CPA with some experience in cryptocurrencies. They're more likely to grasp the combined legal and technical nuances, and if they get it wrong you'll be more likely to succeed in getting the accuracy penalties waived for having made an error on a reasonable basis.

[Anonymous No.8922603]

>>8921965
This is fine if you're a poorfag, if you're dealing with a lot of money you end up with dirty cash no different than drug dealer profits and can't do anything real with it

[Anonymous No.8922612]

>>8922158
You don't go to jail for not paying you go to jail for lying

[Anonymous No.8922618]

I started crypto late Nov/early Dec. My portfolio is negative. Ain't filing shit.

[TaxLoli !UFUFU77EPY No.8922645]

>>8922612
The IRS considers not paying when you knew you probably owed something to be a form of lying.
>>8922618
You may be eligible for loss deductions then.

[Anonymous No.8922699]

>>8922479
only people too stupid to figure things out for themselves say its not allowed.

From the pdf in >>8922467
>General tax
principles applicable to property transactions apply to transactions using virtual
currency.

FIFO-only is a SPECIFIC principle that is noted only for specified types of property, which at the moment is limited to stocks and bonds. Mutual funds have less stringent requirements, but crypto isn't a mutual fund either.

Bottom line, even stocks, bonds, and mutual funds (the most restricted type of property) have specific identification which allows you to sell whichever lot you want. Some people think that's too much record keeping, but blockchains LITERALLY KEEP ALL THAT INFO FOR YOU.

[Anonymous No.8922718]

will taxes increase or decrease interest in crypto?

[Anonymous No.8922720]

>>8922603
>lifetime of groceries and gas

No problem with sitting on a dirty million.

[Anonymous No.8922724]

>>8922612
In that case throw the government in jail.

[Anonymous No.8922730]

>>8922158
>Why do most people pay taxes?
Would you still pay taxes if the IRS decides to tax the air you breath?

[Anonymous No.8922754]

>>8922603
Add in western union, moneygram or something similar then you can do real things with it.

[Anonymous No.8922766]

A while ago you guys were posting about this one website that would calculate how much you owed from crypto based on info on exchanges, what was that?

[Anonymous No.8922772]

>>8922730
so tell me: in this fantasy world where the IRS can track and tax the air you're breathing, how are you going to succeed in evading that tax?

You'll either pay or you'll die . . . since they'll tax you even in prison

[TaxLoli !UFUFU77EPY No.8922798]

>>8922699
Except a blockchain still doesn't differentiate lots. Once a coin is in your wallet, there is no way of telling it apart from any other coin in there. https://bitcoin.stackexchange.com/questions/21452/can-each-bitcoin-and-satoshi-be-uniquely-identified

>>8922730
In a sense, they already do by way of per-capita taxes and government spending on pollution reduction and national forests.

>>8922754
Babbadee-babbada, that's money laundering folks! Punishable with up to 35 years in prison, plus fines of up to $500k or double the amound laundered, whichever is greater.

[Anonymous No.8922813]

>>8922720
This + rent money, I'm fine with.

[Anonymous No.8922825]

>>8921584

Hey Loki.
I need some real advice here.
So I found $200,000[current value] of bitcoin on an old wallet from a year back.
This is basically dirty money, didn't mine or trade for it.
I live in the US.
Easiest way is to sell BTC on coinbase.
What do I mark it off as? A gift? That I mined it? How much capital gains tax percent do I pay?

[Anonymous No.8922857]

>>8922798
what about estimated quarterly taxes? Last year was my first year trading and I never paid them. How fucked am I?

[Anonymous No.8922881]

>>8921584
How likely is it to get busted if i don't pay and I make less than $15k per year. I only have Paypal transactions and a few 1099's from freelancing

[TaxLoli !UFUFU77EPY No.8922946]

>>8922825
If you really did find it, and you have no idea of how it accumulated, but you don't think you already paid taxes on it, then you would list it as miscellaneous income on line 21 of your 1040 using its current value. However, since the blockchain keeps a record of everything, you can look back through the transaction history and determine when different quantities arrived in the account.

>>8922857
Depends on how much you owe if it even applies to you. See https://www.irs.gov/pub/irs-pdf/p505.pdf

>>8922881
I'm here to help people comply with the law, not to advise them on how to evade it. If you're asking whether you need to file or not, see https://www.irs.gov/pub/irs-pdf/p501.pdf

[Anonymous No.8922967]

>>8922946
Ok say I made all the cash through "donations" and gifts.
Do I still pay taxes and how much.

Thanks loli.

[TaxLoli !UFUFU77EPY No.8923016]

>>8922967
If I understand you correctly, what you're saying is you're basically self-employed. Instructions for that are at https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

[Anonymous No.8923021]

I have a city union job and I was told by my co-workers to go to a CPA because theyll get me a lot more money back than filing online with TurboTax. They say they know about writing off union dues and job expenses and such. Any tips if I file myself? I’m single no kids. Make about 70k. Figured I would file on turbo tax because I did bitcoin.tax for my cryptos.

[Anonymous No.8923041]

>paying taxes on crypto to crypto conversions

Please DO NOT do this

[Anonymous No.8923057]

>>8923016
No man look.
I got 200K donations in ripple and sold it for bitcoin.lost the wallet. Just found it a year later. I want to turn it into legal cash. Let's say half of the money was through runescape scams.. am I good to go?
How do I turn it into cash?

[Anonymous No.8923079]

>>8922946
>https://www.irs.gov/pub/irs-pdf/p505.pdf
hmm alright so it says I didn't have to pay them if I had no tax liability the previous year (2016)

I don't have my w2 handy but that year I made roughly 12k from my job and did not file taxes. Does that count as liability or no?

[Anonymous No.8923101]

Question, let's say I bought 3 BTC back when it was $1000 (so $3000 total), but I gave away 1.5 as donations to an open source project. I don't have proof of the donation so I'm trying to bother getting tax breaks for that.

If I cashed out my remaining 1.5 BTC when it was worth $10000, my cost basis should obviously just be half of the 3 right?

So for my adjusted cost basis I would put in 1.5 BTC at $1500, and sell price at $10k, so $8500 profit?

[Anonymous No.8923117]

>>8923101

*not trying to bother

[TaxLoli !UFUFU77EPY No.8923118]

>>8923021
If you make $70k/year, I really would suggest getting a CPA. Most of the advice I give here is for people who make enough to have to pay taxes, but can't afford a real preparer and wouldn't see much of an improvement with one anyway. You make almost as much as my parents do, WITH two kids and a mortgage, and they have a professional do theirs.
>>8923057
Line 21 on the 1040 applies for all income, legal or not. Note that doesn't make the income legal, but it does satisfy the tax liability on it.
>>8923079
I think the threshold is 10k, so whether you filed or not, you still have liability.
>>8923101
You are or you're not trying to bother?

[Anonymous No.8923146]

You guys do know about FBAR & FACTA, right?

[Anonymous No.8923157]

>>8923041
Do not fucking comply with this nonsense.

[Anonymous No.8923164]

>>8923118

>>8923117

In other words, the fact that I am down 1.5 BTC from my initial, but it wasn't a "capital loss", I chose to give it away as a gift. How does this affect taxes? I assume it just means that when I sell the 1.5 BTC, I just use 1.5 BTC as a cost basis? I assume I can't use 3 BTC @ 3k as a cost basis, since I chose to give 1.5 as a gift?

[Anonymous No.8923173]

Shut the fuck up, fed. You are a hairs breadth away from OKC 2.0

Do you REALLY think antagonizing people who are inherently anti gvt is a good idea?

[TaxLoli !UFUFU77EPY No.8923209]

>>8923101
Sounds like a reasonable interpretation. You didn't exchange those 1.5BTC for goods or services, so they're a gift. The recipient has to pay taxes on them, but it's not large enough for you to have to pay a gift tax on it.
>>8923146
FATCA you mean?
>>8923157
>>8923173
If the government were a physical person, and you asked them whether they cared or not, I strongly suspect the answer would be "no".

And what is "OKC"? O.K. Corral?

[Anonymous No.8923214]

>>8923209
Yes, FATCA,my bad

FBAR is the one that fucks you insanely hard with fines however

[Anonymous No.8923226]

I would put a bullet in your worthless fucking skull if you strolled up to me and told me to pay protection money to the feds, irl. Fucking thief. If you want my money you'd better come in guns blazing and do a proper him invasion like the criminal thug you are.

>but Im just a tax attorney!

You are going to get strung up along with the rest of the glow in the dark Cambodian niggers that steal from us every day.

Because you help them do it. You aren't safe, cunt. There is a red x on your back.

[Anonymous No.8923247]

>>8923209
Oklahoma City, you stupid bootlicking fuckstain.

[Anonymous No.8923251]

>>8922798
>what are timestamps and utxo's

[Anonymous No.8923258]

>>8921584
At this point if you still haven't paid, you should file for an extension and pre-pay how much you'll think you'll have to pay

[Anonymous No.8923269]

>>8922857
as long as you had withholding that was greater than your 2016 tax liability, you dont owe estimated taxes for 2017, but you do for q1 2018

[Anonymous No.8923271]

>he thinks he can use LIFO
enjoy the assrape

[Anonymous No.8923279]

>>8923226
>>8923247
You're an inbred retard

[TaxLoli !UFUFU77EPY No.8923287]

>>8923173
>>8923226
Oh and by the way
>You are a hairs breadth away from OKC 2.0
Is just shy of being a terrorist threat against the United States, a class C felony.

Also, if you read the OP, I never claimed to be a tax attorney.

Please calm down.

[Anonymous No.8923290]

>>8923258
Pre pay taxes? Oh lord i cant breathe due to how hard im laughing right now.

[Anonymous No.8923297]

>>8923287
Are we turner diaries yet guys?

[Anonymous No.8923307]

>>8923290
All you faggots talking about dodging taxes probably have less than $10,000 to begin with.

[Anonymous No.8923316]

Once crypto bottoms out, I wonder how many cucks will file for Capitol loss or just ponzi scheme loss.

Crypto is going to fuck up tax payments from fools

[Anonymous No.8923321]

>>8923269
not quite sure what you mean. I'm a 22 year old NEET and a brainlet about real world things

In 2016 I made about 12k from my wagecuck job. Don't think they withheld taxes and I never filed.

2017 I quit my wagecuck job. Turned 5k into 200k with crypto. Never paid estimated taxes

also not sure why I should owe them in 2018 when I'm currently at a loss on the year

[TaxLoli !UFUFU77EPY No.8923324]

>>8923297
First as tragedy, then as farce.

[Anonymous No.8923325]

>>8923287

Shut the fuck up, fed. You are the fucking terrorist, holding a gun to our collective heads unless we fucking pay you.

You are dead meat walking.

[Anonymous No.8923327]

>>8923214
fbar doesnt apply to crypto [yet]. they said so.

[Anonymous No.8923333]

>>8923327
Not formally, only verbally.

You're taking a risk of gigantic fines if you don't file

[Anonymous No.8923338]

>>8923307
Move that decimal point one space right and add one more zero on the end. Ok now you got it approximately.

[TaxLoli !UFUFU77EPY No.8923353]

>>8923325
I think we're gonna need moar kittens for this customer here.
>>8923338
That's a comma, not a decimal point.

[Anonymous No.8923362]

>>8923333
That vast majority of retards dodging taxes in crypto haven't logically deduced whether they've left a paper trail that could be followed or not. They're just making lots of assumptions.

Whether you can dodge taxes or not is something you can figure out yourself and if you made 1 single error that can lead to the government tracking your identity to your crypto then it means you should pay taxes, that's how it is. Anyone with a significant amount of money worth dodging taxes wouldn't brag about it on here where IP addresses are logged and the ones that do generally are dumb enough to not even use a VPN.

[Anonymous No.8923377]

>>8921584
sauce

[Anonymous No.8923379]

Do you understand what happens when crypto replaces traditional financial institutions? It means we will never be beholden to any of you fucking scum ever again.

You want my shekels, you clipped dick kike slimeball? Come and take them.

[Anonymous No.8923383]

>>8923362
Anyone sufficiently intelligent enough to dodge taxes wouldn't brag about it nor post about it here. Thus you can conclude anyone bragging about dodging taxes on /biz/ will get fucked up the ass in due time.

[Anonymous No.8923386]

>>8923321
you will have to file for annualized installment in 2018 if you dont want to pay 1/4th of your 2017 tax liability each quarter for 2018. thats what im doing, but its more work.

its past time to start learning about this, if you aren't going to pay someone else to do it. file an extension and youll only have to pay 1% penalty per month, plus interest. if you dont get an extension its 5% per month, up to 200%.

[Anonymous No.8923397]

>>8923379
You're a retard
I bet you think Bitcoin is anonymous too

[Anonymous No.8923398]

>>8921584
Fuck off RSI shill.
Go post it on pol/ they will surely appreciate it.

[TaxLoli !UFUFU77EPY No.8923426]

>>8923377
Imouto sae ga Ireba.
>>8923398
What the hell is an RSI?

[Anonymous No.8923440]

>>8923397
Only if you hold forever...lol

Blockchain will fuck you all over.

When you sell you will have a ledger showing your entire history.

You cucks really have evolved over fiat

[Anonymous No.8923452]

>>8923209
All you fucking boomers in government forgot that it's you who should fear us not the other way around. A lot of us are ready to kill.

[Anonymous No.8923462]

>>8923383
>>8923362
pretty much.
>>8923379
deluded


>>8923333
have you tried? there is no way to put meaningful information on that form. i havent touched tether or fiat on a foreign account, so they are only in custody of my property, which is not a financial instrument. and ive stayed under fatca limits by chance, because im not letting randos overseas handle that much of my shit at once

[Anonymous No.8923470]

nice FUD, u really think IRS niggers are gonna track me through foreign exchanges trading shitcoins i haven't cashed out on? the only way they know is you cashing out big bucks in one go

[TaxLoli !UFUFU77EPY No.8923494]

>>8923397
I'm giving him the benefit of the doubt and presuming that he's just too agitated at the moment to type intelligently.
>>8923452
And there are a lot of people who would be willing to shoot you if you turned around and killed a civil servant because you don't want to pay for the roads you drive on and the police who keep you safe at night.
>>8923462
Have you considered putting the additional information as a stapled attachment to the form?

[Anonymous No.8923495]

>>8923386
I filed the extension. Late payment penalties and interest don't seem too bad

all I'm worried about is whatever consequences there may be for not having paid the estimated taxes throughout last year. Are the penalties absurd or reasonable? And thanks

[Anonymous No.8923513]

>>8923271
not only are you talking out of your ass, FIFO is physically impossible. i can show you the coins that im still holding and prove that they were the first ones i bought, and i sold all the other ones. FIFO that, asshole

[Anonymous No.8923536]

>>8923494
i was going to, but the latest statement convinced me not to. dont have source handy and my cat is asleep on my 2nd hand, sorry.

[Anonymous No.8923578]

I finally filed today. I haven't cashed out anything to fiat and I owe almost as much as I make in a year at my wagememe job.

I know I have to do this so in a year or two I can retire but it hurts a lot right now. I filed a payment plan too.

[Anonymous No.8923584]

>>8923495
im not sure since you didnt file. they start at the end of q1 2017, so if they penalize you at 5%/mo thats a lot. you can use annualized installments for last year though, which will help a lot. if you had liability and didnt file for 2016 youre pretty fucked. if your employer withheld you might be fine.

[Anonymous No.8923605]

>>8923578
just make those payments and the bull should take care of the rest before too long. i considered just taking a loan from the irs and paying it all later, but i diversified into gold last year and was able to make most of my payment with that so i decided not to gamble

[Anonymous No.8923607]

>>8923584
5%/mo? What the fuck. That's insane. That means I already owe like 20 fucking grand in penalties

[Anonymous No.8923629]

>>8922798
>Except a blockchain still doesn't differentiate lots. Once a coin is in your wallet, there is no way of telling it apart from any other coin in there. https://bitcoin.stackexchange.com/questions/21452/can-each-bitcoin-and-satoshi-be-uniquely-identified

Why do you have to be able to tell the coins apart? Since their your PROPERTY, why can't YOU decide that you want to sell the one's you received last first? If I had a stack of gold coins couldn't I use LIFO if I chose to even though I can't tell them apart?

[Anonymous No.8923669]

is bitcoin.tax any good?

[Anonymous No.8923696]

lol not paying

worst case scenario I will get cozy with big bubba but you're full of shit, what's just stopping me from moving to a tax haven with my ledger?

[Anonymous No.8923699]

>>8923669
Bitcoin.tax + TaxAct made reporting cryptos a piece of cake for me. You can import up to 2000 sales to your TaxAct return, but if you have more than that you apparently have to mail in the forms to the IRS after e-filing. Thank fuck I didn't have to bother with that.

[Anonymous No.8923711]

>>8923669
cointracking.info is better. generates everything you need in turbotax format.

I have a referral code if you want to use it: https://cointracking.info? ref=A908870

[Anonymous No.8923731]

>>8923699
But yeah, to expand on that, it's easy to move your all your transactions from Gdax/Coinbase and Binance to Bitcoin.tax (only exchanges I used) and then it computes everything for you to move to your tax return.

[Anonymous No.8923760]

>>8923607
if you get a w2 you gotta file a 1040, man. hopefully you'll get money BACK from 2016. if so, you can use that to count for 2017 withholding, that should keep your total payments higher than your 2016 liability (or 110% of your 2016 liability, if you grossed over 150k in 2017). Then you will be exempted from 2017 estimated payment penalties.

[Anonymous No.8923773]

>>8923699
i mailed 21 pages of spreadsheet with my 1040 and schedule D, lol. would have been over 100 pages of 8949.

[Anonymous No.8923775]

>>8923494
I don't want to pay for the roads Ahmed is driving on in fucking Syria. The roads in my country have been paid for 1000 times over. All my taxes pay for today is Islamization and affirmative blacktion. A lot is changing and I'm just saying if you work for Uncle Sam you'd better have high walls around your your neighborhood. Maybe not this year or next but someday soon anti government t sentiment is going to reach a tipping a point. You are the terrorists and thieves.

[Anonymous No.8923780]

>>8922649
>>>8922188 (OP)
>There are millions of illegals who this this for decades, and nothing happens
>You burgers need to get over your fear of the IRS boogieman, they don't have the resources or manpower to enforce their fraudulent laws, they make a big spectacle out of some notorious case every now and then to instill fear in the populace and encourage compliance, same fucking deal with internet piracy. Please wake the fuck up already

When are you gonna stop falling for the tax meme?

[Anonymous No.8923804]

>>8923607
look up form 2210, friend. there's a good chance you wont owe any penalties, but you've gotta dot all your i's and cross all your t's to get there. start by filing your returns for past years.

[Anonymous No.8923816]

>>8923775
i suggest critically evaluating if the course you are on will lead you to the result you seek. I feel you, but the situation is a lot more complex than you are allowing for.

[Anonymous No.8923819]

>>8923775
this is stupid. you are stupid. look up where your tax money actually goes.

[Anonymous No.8923832]

Does bitcoin.tax work with poloniex? I have thousands and thousands of transactions / margin and otherwise.

[Anonymous No.8923875]

>>8923494
Ok it's official, we have literal IRS agents shilling on an Erythraean butter churning board trying to scare neets into paying for Shaniqa's food stamps

[Anonymous No.8923928]

Filed an extension today. Do not have enough money to pay my taxes. Will have to pay in installment. I withdrew all my 401k to buy home and rest to invest into crypto. Made 5x in Dec but fucked hard in Jan and Feb and now 1.5x.

[Anonymous No.8923935]

Where the fuck am I supposed to get a 1099-b from Coinbase? I can't find anything at all. How can I report my buys and sells on Form 8949 if I don't have a 1099-b from Coinbase?

[Anonymous No.8924103]

>thats right goyim, you owe us interest on the money we are stealing from You!

[Anonymous No.8924107]

I'm amazed by the hubris of some anons in this thread.

[Anonymous No.8924157]

>>8923494

You are fucking dead, and you don't even know it.

It will be quick though, dont worry. I'm not a sadist, just an exterminator. You are VASTLY underestimating the number of people who feel the exact same way I do, btw.

If you think mercy is an option that is on the table for terrorist thieves like you, think again. Not just you btw. Your family , and your kids, and your friends also. They all go too, because of the extent of your obscene betrayal of your "fellow" Americans.

Take a look at history for what happens to the associates of the criminals in power when citizens are tired of getting fucked over by the gleeful serpents who gorge themselves on the fruit of others labor.

Tl;Dr - there's a lot of blood.

Sleep tight kike.

[Anonymous No.8924178]

Btw the idea of anybody having sympathy for murdered tax collectors is hilarious. Who the fuck do you think you are? LOL

[Anonymous No.8924191]

>>8923494
Thanks for the info, taxloli ^^

[Anonymous No.8924224]

Can someone tell me each of the forms I need to fill out and what to do once I've done this?

[Anonymous No.8924275]

>>8923804
I've literally never filed taxes. My pay has been never been more than 15k but for whatever reason my employer never withheld federal income tax. Is this gonna cost me my entire portfolio or can I manage this alright?

[TaxLoli !UFUFU77EPY No.8924276]

>>8924157
>>8924178
You know, I'm being generous here by not simply reporting your posts and firing off an email to one of my acquaintances in the FBI. Please respect that courtesy by not continually derailing this thread. Thank you!

[Anonymous No.8924294]

>>8924276
Fuck you.
1BTC for whoever finds and kills this kike

[Anonymous No.8924366]

IRS tax collectors should be forced to watch their Jewess wives get raped by nigger cock

[Anonymous No.8924367]

>>8924276
Shut the fuck up

[Anonymous No.8924431]

Ill pay someone to use their bitcoin.tax account for a lil bit

[Anonymous No.8924451]

https://www.youtube.com/watch?v=IC1mhmkfTow

[Anonymous No.8924488]

>>8923462
having 10k in any exchange counts

[Anonymous No.8924498]

>>8924276
>shibboleths himself as a pedophile by using 'loli'

>claims to have FBI acquaintances

wew

[Anonymous No.8924595]

>>8924276

>breathes in

AHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHHAHAH

[Anonymous No.8924618]

>>8921584
So I just finished filling out all my taxes including crypto. I made less than 6,000 so I don't have to pay any tax. I filed my crypto trades on form 8949 and schedule D and used 1040 for my returns and everything. I basically just reported my cryptos this year in case next year I make millions and the IRS wonders wtf is up. Did I do good? I'm really afraid that I screwed up a form, especially with my state income tax form. What happens if I make a mistake?

[TaxLoli !UFUFU77EPY No.8924624]

>>8924498
"Loli" is also short for the lolita style of fashion, which Ashley does in fact dress up as.

I swear, I try to make a thread to be helpful, and you """people""" turn it into a shitshow.

[Anonymous No.8924705]

The only form ill fill out is the one to deposit a load in your ass, faggot boi~~~

Tax is theft and theft is illegal, so i stand my case

[Anonymous No.8924744]

>>8924618
How did you file an 8949 without a 1090-b? Or did you have one?

[Anonymous No.8924828]

>>8924488
>any exchange
>foreign bank and financial accounts
like i said, i have nothing that is considered a foreign bank or financial account. If you ship your car to china and leave it there in someone else's custody, you don't put it on a FBAR. crypto is not a financial instrument, it's property.

this is pretty clear when you break it all down, and to top it off, they were nice enough to clarify it for us.

If i thought there was any chance I needed to do it, I would have. I spent like 40+ hours doing research for my taxes this year, actually filing the FBAR would have taken like 30 minutes more.

[Anonymous No.8924996]

>>8924705
Especially on an investment that your own country decided to destroy

[Anonymous No.8925035]

>>8924276
end your fucking life

[Anonymous No.8925229]

>>8923819
Niggers

[Anonymous No.8925231]

>>8922798

This is why im literally never cashing out my 20 bitcoins, theres no point until the tax situation is resolved. I dont want to risk jail but im not capitulatin to the tax man. Ill watch it all go to 0.

[Anonymous No.8926186]

>>8925231
You could always use Tether as an alternative to just hodling BTC. But there is the strong possibility that Bitfinex is not solvent. Heh

[Anonymous No.8927333]

>>8921584
-----POLAND-----

Taxes are due April 30th there.
The gov just made an announcement that although there are no clear regulations right now, current interpretation is following:
-you pay income tax on your profit (obvious one)
-crypto-to-crypto transactions are taxed as well (US tier fucked)
-because it's not real currency and the gov has no idea what it is, you pay additional tax called PCC 1% of each transaction, 1% of the whole amount, not the profit
-you have to file a PCC form for each transaction in 2 weeks time from the transaction was made
-if you don't, it's a tax offence and you have to file other form, which will be taken into consideration individually
-it's not a new law but interpretation to existing law, so has power to 5 years back
-literally everybody all late with PCC and due more than they earned, so nobody will fill it

t. I'm Polish, residing in Denmark, so looking from sideways but it's a fucking shame.

[Anonymous No.8927362]

>>8927333
+ the gov financed an anti-crypto marketing campaign comparing it to ponzi-schemes

my bet is crypto is dead in Poland. Do you Anons recommend any other EU country for cashing out when the time comes? Hopefully with english teaching universities, so I can do my masters there or sth. My DK residence is only valid till the year's end.

[Michlan No.8927378]

What kind of fag declares his crypto earnings?
That's literally theft. Only Crypto trades are considered a taxable event.

The IRS would have a hard time tracing your transactions.

[Anonymous No.8927389]

>>8927333
Are policymakers actual retards?
Don't they see that keeping up those draconian bullshit tax laws will only push people towards not reporting anything? Don't they know anything about the Laffer curve?

The first question was rhetorical btw

[Anonymous No.8927392]

>>8922429
>shapens up
Americans are retarded.

[Anonymous No.8927406]

>>8927389
current setup is rather conservative, so the simple analogy is that anything complex, new or hard to explain is created by evil to destroy hard working and hones people

it's like we're going back in time

[Anonymous No.8927617]

I'd pay taxes if it meant I got to fuck the anime in OP's pic
Government has terrible priorities. Most NEETs would part with 75% of their income if they were provided with full sensory VR room and high quality waifus, and the cost of developing the technology and providing it would be lower than nig subsidies or tax evasion by an order of magnitude

[Anonymous No.8927653]

What are the most crypto/trader friendly countries to move to? Preferably with a way to get citizenship within 5 years. I want to get out of this shithole and renounce my citizenship.

[Anonymous No.8927695]

>>8921584
O fuck I only made <1k in capital gains, plus I'm using coinbase what are the odds of me getting raped?

[moonboy No.8928021]

>The annual tax-free allowance for an individual’s asset gains is £11,300 for 2017/18. So if the profit from selling your cryptocurrency, in addition to any other asset gains, is less than this, you won’t have to report or pay tax on it.

[moonboy No.8928034]

>>8928021
*for the benefit of any UK lurkers ITT

[Anonymous No.8928046]

>>8922467
>And other say property is theft
No human has ever said that

[Anonymous No.8928118]

Almost no one pays taxes on this. It will cost more to enforce tax laws than the amount they can get. All of the active posters on /biz/ right now won't even be able to pay for one syrian bomb.

>>8922982

[Anonymous No.8928160]

>>8922766
Bitcoin.tax

[Anonymous No.8928337]

>>8927378
I know you like getting fucked in the ass Michlan but you can still find yourself a BBC bull outside prison

[Michlan No.8928346]

>>8928337
What?

[Michlan No.8928366]

I'm an accountant. I literally make money off tax returns. I have it as a sideline.
I've made like 20 so far, just because the deadline is today.

[moonboy No.8928413]

oh by the way, I just want to thank the OP for all of this free advice and help, and for taking time out of their day to assist all of these people.

I am not a US resident but it is still good to see quality threads like this, it's a shame that more people aren't appreciative and receptive to your approach

[TaxLoli !UFUFU77EPY No.8928660]

>>8928046
Pierre-Joseph Proudhon
>>8928346
He's intimating that you would go to prison, and while there you would be forcibly sodomized by an African-American.
>>8928413
Thank you as well.

[Anonymous No.8928923]

>>8928366
Deadline is tomorrow

[Michlan No.8928965]

>>8928923
Which is today in my timezone.

[TaxLoli !UFUFU77EPY No.8929019]

>>8928965
Where the hell do you live? Guam?

[Anonymous No.8929051]

Digits confirm tax payers are fags

[Anonymous No.8929135]

Not sure if you're still here taxloli, but I mined $20k worth of crypto last year and will probably mine over $120k this year. Any idea how I should report it on my taxes if I never sold a single coin?

[Anonymous No.8929145]

Will I have to pay estimated taxes for Q1 2018 to avoid penalties if I technically made gains this quarter but expect a net loss for the year? I started 2018 with about $8k in my portfolio, and racked up capital gains of about $7k for Q1 from trading in early January, but my portfolio is now worth about $6k from the price of everything falling over the past few months. So if I understand correctly, any trade at this point will result in a realized loss, which should reduce the amount I have to pay by 100%.

[Anonymous No.8929253]

>$300 penalty

Is this from not paying quarterly?

[Anonymous No.8929295]

>using an exchange that reports to burgerland money grabbers
KEK
E
K

[TaxLoli !UFUFU77EPY No.8929322]

>>8929135
Bitcoins mined count as ordinary income. Put them on your 1040.

[Anonymous No.8929513]

>>8929322
So I gotta report as income something I received that dropped in value since the day the coins hit my wallet despite not selling? I can write off my server expenses to reduce my "profit" right?

And how is my mining any different from killing a monster in WoW and looting some gold? They can just as easily sell the gold for fiat as crypto holders do. Does IRS expect every WoW player to report the gold they receive? Makes no sense.

[Anonymous No.8929645]

>>8921584
>paying tax on crypto

[TaxLoli !UFUFU77EPY No.8929661]

>>8929513
Yes, you do have to pay taxes on the mined coins. The fact that the value dropped since they were mined is a seperate fact from the mining. What you can do is write off the capital loss. And yes, if you have those servers in order to make money, you can write off the expenses from them.

As for WoW gold, the situation isn't exactly analogous because you don't actually own the gold - Blizzard does. And they already pay taxes. Plus the "float" from the WoW gold to hard currency doesn't change much over time, so it's immaterial whether you pay when you make them or when you cash out. For BTC it makes a major difference.

[Anonymous No.8929727]

>>8929513

Meme gold isn't an asset, which crypto is now classified as.

If you sold meme gold for real money, the real money you made from the sale would be taxed, as it's a form of income.

Dumbfucked americans. You were whining that crypto shit should be treated like a big boy asset class, or currency, and now that it is, you're completely clueless, and some of you think you can just escape the IRS, or 'run away to a tax haven.'

[Anonymous No.8929821]

TaxLoli, I filed a few 2017 sales on Gdax with TaxAct. I went back to print out the forms (since I e-filed) and noticed my 8949 was filled out wrong, probably due to a software bug. On the lines where you record sales it literally says "GDAX See attachment" with no attachment. It still registered my total capital gains however, but I don't believe it contains any of the individual sales.

Should I even bother refiling to fix this? The tax was <1000 and my total income didn't even go past the standard deductible last year.

[Anonymous No.8929949]

Alright taxie, riddle me this:
>only use localbitcoin or similar for small withdrawals
>build up my portfolio until it's worth moving to a country with no capital gains tax for a few months before withdrawing everything
>cash out
What are your tax cuck friends going to do about it? Local transfers won't leave a trace, and when I move out, after 6 months my tax residence moves to the new country (e.g. Hong Kong), so I can withdraw and not pay a cent in tax.

What now?

[Anonymous No.8929984]

>>8929949

Americans who live outside USA have to pay their fucking taxes to the IRS. The only way to escape the IRS is to renounce your amemerican citizenship, which is a really, really, really, really fucking stupid idea.

[Anonymous No.8929998]

>>8921584
Holy fucking shit that program looks like it's straight out of the 90s

I'm just going to use turbotax lol

[Anonymous No.8930092]

>>8929984
>which is a really, really, really, really fucking stupid idea.
Why, FBI-sama?

[Anonymous No.8930138]

>>8929984
Not American, so as long as I live somewhere else for 6 months, I don't have to pay the tax of my home country.

>bad idea
Is your American citizenship worth a few hundred thousand dollars to you?

[Anonymous No.8930164]

>>8930092

Because if you renounce it, you're never getting it back, nor will you be allowed back home to the country you were born until you've established 'ties' with your new home country, and then only as a tourist.

Look at the clown Roger Ver. He memed, got his citizenship revoked, moved to St. Kitts, then was amazed when he wasn't allowed to fucking fly back to USA for some dumb bitcoin shit event.

In the end, they had him broadcasting from a phone, attached by a stick to a segway.

[Anonymous No.8930196]

>>8930164
Who gives a shit if I was theoretically worth millions in crypto? Millions are not worth a crappy American citizenship where everyone is fat, my tax dollars fund Israeli terrorism and the water is flouridated. Sorry not sorry.

[Anonymous No.8930261]

>>8930196

Good luck getting the millions, escaping before the IRS gets their share, and being rich and connected enough to where you can buy entry into a country that doesn't happily allow uncle Sam to come and get you if you tried to fuck him.

[Anonymous No.8930297]

>>8924996
Yeah sure lets have one ""investment"" pay zero in taxes yet all the other ones have too, seems pretty fair. Maybe the guy who invested in the 1000% penny stock should get to evade taxes, yep. But what about that athlete getting paid 20 million, that guy shouldn't pay taxes?

Oh. Taxes shouldn't exist.

Your feelings end where my roads begin. Want to threaten a helpful anon a better use of your gun is in your mouth bitch.

[Anonymous No.8930323]

>>8930261
there's actually a shit ton of countries you could easily go safely to hide if you're rich

[Anonymous No.8930334]

>>8921979
>Localbitcoins & localMonero, I just sell locally for cash in person.

Good luck finding people who turn in significant amounts and do not report it.
If they report it, they might still need verification.
Also, if the state baits you with $10k+ honeypots (which you need to report yourself) you are also fucked.

[Anonymous No.8930560]

>>8921584
OP is IRS shill, fucking pasta.
Cryptos are treated as PROPERTY, NOT STOCKS
IRS is fucking so vague on purpose. They want to know how much money they can expect from people. So they counting on all your faggots reporting it.
The more people report it the more irs will change the law to tax us all to no end.
Here is a good article from March 28th 2018 on the interpretation of the vague ass law.
It still tells you to pay your taxes and report them, but at least it makes sense.

https://cryptocoremedia.com/irs-crypto-tax-doubts-answered/

[Anonymous No.8931128]

>>8928413
Fuck you normalfag

[Anonymous No.8931709]

I didn't report my crypto gains.

[TaxLoli !UFUFU77EPY No.8931793]

>>8930560
Stocks are a form of property. It's a good analogy I think.
>>8931709
Are you telling me this because you already filed your return?

[Anonymous No.8931819]

>>8921584
bought crypto and cashed out in 2017. made a loss. do i have to report it? also, bought some req a couple weeks ago and im at a profit of 600. do i have to report that? I was under the assumption i dont have to pay tax unless i cash out.

[TaxLoli !UFUFU77EPY No.8931849]

>>8931819
You don't have to pay tax until you cash out, but understand that "cash out" also includes exchanges for goods, services, and other cryptos.

And yes, you should report your 2017 losses, especially if you want to be able to deduct them.

[Anonymous No.8931895]

>>8931793
>Stocks are a form of property. It's a good analogy I think.
Except for the tax regulations being completely different between stocks and property.

[TaxLoli !UFUFU77EPY No.8932124]

>>8931895
I don't think they're completely different, at least not in my experience.

[Anonymous No.8932706]

>>8924828
>>8923462
It probably doesn't apply to crypto, but i'm not taking the chance it does and they use it to go after people. I'll just file.