/biz/ - Business & Finance

[Anonymous No.8927811]

Why haven't you filed crypto in your taxes, anon?
Only 802 people in the US have done so.

[Anonymous No.8927932]

>>8927811
Drink piss. It's so complicated that if u fuck it up you're in more trouble than just not filing and waiting for a bill

[Anonymous No.8927977]

>>8927811
To be honest that # is massively misleading. I've filled and paid crypto taxes in both 2016, 2017, and prepaid my Q1 2018 taxes. The IRS doesn't give a damn what the source of your capital gains are, only that you're paying the proper amount. Lots of people are paying and simply not specifying that the gains are from Crypto.

[Anonymous No.8928004]

>First
If I would sit in the US I wouldn't pay a dime in taxes simply by not touching dollar as I'm holding and cash out through selling stuff I bought with bitcoin
>Second
I'm in a country where one year holding is equal to no capital gains tax.Also here I'm holding and cash out by buying stuff with bitcoin that can be sold for a profit

[Anonymous No.8928084]

>>8927977
How do u do this, they ask what it is

[Anonymous No.8928138]

>>8927932
lol wtf? it's so easy. morons

[Anonymous No.8928149]

>>8928138
yeah goyim, pay your taxes now so Trump can start a war for Israel

[Anonymous No.8928869]

>>8928149
>pay your tribute to Israel goy

Good goy, now roll over.

[Anonymous No.8928907]

>>8927811
>2018
>being tax cuck

Enjoy being a slave of the state.

[Anonymous No.8928911]

>>8927977
>prepaid my Q1 2018 taxes
did you do this for the previous years, also is this a requirement or am I okay if I just pay it all on april 15 2019?

[Anonymous No.8928954]

>>8928149
Exactly. Fuck this theft, it just allows more civilians to be blown up so Isreal can dominante and Qatar and Saudi Arabia get their oilpipline thru syria to turkey and help all of western europe's oil prices along with american oil giants

[Anonymous No.8929676]

>>8927977
>The IRS doesn't give a damn what the source of your capital gains are, only that you're paying the proper amount.
Looks like an excellent way to launder money

[Anonymous No.8929794]

>>8927811

Tax geniuses, please help me understand this I'm way too dumb for my money and want to be a good boy.

>bought ethereum in feb for 3k usd
>traded thousands of trades on almost all exchanges there are including passport verified kraken and bittrex
>end up with 150k usd in december
>dont sell anything
>its worth 30k now

Have I ruined my life? I already have debt and suicidal. No joke I'll cut my throat it if I owe taxman 50k for not selling... I have nothing.

[Anonymous No.8929807]

>>8929676
That’s FBI jurestiction.

[Anonymous No.8929810]

>>8927811
not paying. wont pay, will never pay. I live in rural wisconsin, come to my house if you want faggots

[Anonymous No.8929814]

>b-but its not a currency its a store of v-value
ha irs me smarter than you

[Anonymous No.8929831]

>>8929794
Youre fucked.

[Anonymous No.8929856]

>>8927811
>implying I have capital gains

[Anonymous No.8929880]

>>8929794
chill. you'll be fine.

[Anonymous No.8929957]

HAHAHA
BECAUSE I LIVE IN YUROPE
HAHAH WHERE CRYPTO TAXES ARE 1.8%
HAHAHAHHAHAHAHAHAHAHAHAHAHAHA
AND NO TAX UNTIL NEXT YEAR HAHAHHAHA

thats why

[Anonymous No.8930011]

>>8929794
this is basically worst case scenario yeah, depending on when your last trades were before the 150k peak

[Anonymous No.8930255]

>>8929794
Don’t go down without taking as many commies and nogs as you can with you

[Anonymous No.8930308]

Can someone explain to a non-burger how America's tax authority even know how much you're making in crypto?
I see a lot of threads from people losing their sleep on tax owed here and on r*ddit yet the majority of exchanges aren't even based in the US? And even a few that are actually bank in some other jurisdiction like Bulgaria or Cyprus.

So who exactly is passing that information on to your taxman? The exchanges? Your bank?

[Anonymous No.8930320]

just here to laugh at americucks who cant even abandon the country without getting fucked by some tax

[Anonymous No.8930336]

>>8930308
they don't. It is all fud to get some morons sell their coins. From tomorrow on they will fud with the tax extension period

[Anonymous No.8930338]

Because crypto isn't property. Tax it fairly as a currency and I'll pay. Till then, they can fuck off.

[Anonymous No.8930401]

>>8929794
>don’t sell anything
If you didn’t make money then there’s nothing to tax idiot.

[Anonymous No.8930446]

>>8930401

People claim that every crypto to crypto trade is taxable. You have to pay capital gains if you buy chainlink with ethereum according to almost all western countries laws. I'm a few beers down now I think Ill maybe try to give an attemoipt at surviving in the wilderness with my rifle until i cant feed myself anymore

[Anonymous No.8930469]

>>8930308
>Can someone explain to a non-burger how America's tax authority even know how much you're making in crypto?
They don't.
You're fucked if you cashed out more than 10k to your bank account or made more than 20k on an exchange that has all your info.

There are numerous ways to avoid (((them))) in this and (((they))) don't have all the resources to tackle crypto.

[Anonymous No.8930511]

>>8930469
Just pay on cashout. They have no resources to calculate capital gains on every trade.
Either you go broke for no reason or underreport. Kind of sucks but I know what I'd do.

[Anonymous No.8930524]

>>8927811

>Jews convincing the people to pay taxes on crypto.

Nice try, kike. Let me know when we start taxing the IRS.

[Anonymous No.8930532]

>>8930469
>You're fucked if you cashed out more than 10k to your bank account or made more than 20k on an exchange that has all your info.
So banks and exchanges do pass your info on to them if you exceed these values? What the actual fuck.

[Anonymous No.8930602]

>>8930320
its so fucking true though.
Want to move to another country?
Still gotta pay ya goy tax

[Anonymous No.8930607]

>>8930532
>So banks and exchanges do pass your info on to them if you exceed these values? What the actual fuck.
Your account will get flagged with a suspicious activity flag. Coinbase has already given up US citizens info the IRS through a subpoena, not sure if Gemini has but I bet they would. Obviously don't use these exchanges.

Much like if you have a Paypal or other money dealing account that exceeds 20k you'll get flagged.

Anything over 10k in the US that has your info attached, your bank account, is reported to the IRS.

[Anonymous No.8930682]

>>8930446
Which is in theory right, but nobody in this world will force you to pay your taxes or will accuse you for tax evasion

[Anonymous No.8930722]

>>8930682
Man, I hope you're right. Im not a dumb person. I have a STEM fedgree and a good gf.. But im seriously thuinking about suicide these days. Giving whatever left eth i hace to gf and go out in the forest. hacent cried in years

im watchign this if anyone want to join me in spirit

https://www.youtube.com/watch?v=zi-f_J6hV-g

[Anonymous No.8930752]

>>8930722
If you are thinking about this, do something insane instead. Go all in crypto, don't accept USD for your services. Fight where you can and remember none of this matters.

AI is coming and we need people like you.

[Anonymous No.8930755]

>>8930682
i have to shower to clear my tears before my gf gets home from uni. SHes had a much more rugh life than me (beaten by her dad)and one of my biggetst problemst is that i cant tell her things that are wrong as im afraid how it will affecther

[Anonymous No.8930756]

>>8930446
Here's a good article that interprets the vague ass "tax law"
It's fucking vague on purpose anons.
https://cryptocoremedia.com/irs-crypto-tax-doubts-answered/

[Anonymous No.8930758]

>>8930401
He lost money in 2018 but still had 100k+ he earned. He still has to pay taxes. He can claim capital loss in his NEXT tax return.

[Anonymous No.8930787]

>>8930758
So cryptos are treated as property, right?
Or as securities?
Or stocks?
If they are considered a property then tell me if you barter one property for another but do not sell that second property, even though it's worth more, do you still owe a tax on it? Or do you owe that tax when you actually sell it into fiat aka realize the gains?

[Anonymous No.8930826]

So basically everything done in coinbase and Gemini should be reported?

[Anonymous No.8930827]

>>8930787
>Or do you owe that tax when you actually sell it into fiat aka realize the gains?
This is the only way to make sense of this all and the only way this should be done. Otherwise they are taxing currencies they do not own nor that are exchanged for fiat. The only time crypto tax should be owned is exchanging to fiat.

The IRS will gladly take your money if you offer it to them and your average accountant is a retard that will try to make you pay an absurd amount because they do not understand crypto.

[Anonymous No.8930946]

>>8930827
Thank you!
I'm trying to beat it into anons for days now.
There are a lot of, what I think are, IRS shills posting these retarded PAY YOUR TAXES threads.

I think IRS is gathering data, more than really trying to collect the tax for now.
That law is vague as fuck on purpose. So when the idiots along with their undereducated CPA's report the trades and actually pay on the unrealized gains (like a damned inheritance tax) they will know how to force more people to do so.
I had to once do my back taxes for 5 years.
And here's a funny thing:
If the IRS owes you money for a given year it only goes back 3 years.
If you owe them it's 5 years.
Because all of these years they owed me or I was at 0 at the end I paid nothing, I just paid my CPA.
AND - no fucking fine for not reporting taxes for 5 years.
Seriously dudes. If you haven't cash out from your crypto, don't.
And don't report it. Since you owe 0, they will do exactly nothing.

[Anonymous No.8930951]

>>8929794
Ignore these retards, you can probably get away with claiming what's called a like kind exchange for 2017. Basically since the IRS didn't stipulate what kind of property crypto is you can treat it the same way as you would if you sold a house and used the money to but another house. You don't get taxed on that. Though you should know you have to report every trade. Ignore these fucking retards, they'll shit all over the IRS and scream Jews and laissez-faire bullshit all day while they silenty scramble to fill out a 1099-B sweating their LINK out all over a csv...

Just go to Bitcoin.tax

[Anonymous No.8930967]

>>8930827
If it was done like they claim on biz/ that law would have to be challenged.
And I swear: when I make it and the IRS actually will try to do this shit I'll be the one to challenge it.
Cause it makes no sense to treat crypto like a property but tax it as stocks. I mean c'mon! Think.

[Anonymous No.8930997]

>>8930946
What if I sold btc for a gain in usd on Gemini but rebought and never cashed the usd into my bank?

[Anonymous No.8931070]

>>8930997
How much and which year?
If less then 10k and 2018 you don't report it this year.
If more than 10k and 2017 and it's Gemini that means it's not forced (yet) by IRS to disclose it.
They may do it voluntarily though.
If you sold it to USD (not usdt?) Then you may owe tax on it.
Because you realized the gain in the tax year.
What you owe the tax on is the gain though, only. Not the entire trade value.
Also if in the same year you re-bought it and then cashed out (in legal tender) but at a loss then you subtract that loss.

You can opt to not report it at all, banking on the Gemini winning And not reporting you. But it's a risk.

[Anonymous No.8931071]

Isnt the crypto to crypto tax 2018 onward? 2017 and earlier just when you cash out

[Anonymous No.8931099]

>>8931071
2018 change is treating crypto as property and it's vague as fuck.
Read the article above that I linked.
If crypto is property, you still don't owe USD for unrealized gains.
If you realized gains you report the trades that lead you to these realized gains.
You may report the trades that you did not cash out but you don't owe taxes on them as long as you don't cash out.

[Anonymous No.8931116]

>>8927811
Cause I don’t know how to fucking do it
>oh but here’s bitcoin.tax
The last thing I want to do it file something totally fucked up and get audited. So I just stuck it in with capital gains and called it a day.
>>8927977
Basically this

[Anonymous No.8931172]

>>8931099
Thought so thanks anon

[Anonymous No.8931185]

>>8927811
I did it was I gave them one dolllar

[Anonymous No.8931305]

ive never filed taxes in my life... im 30

how fucked am i?

t. poorfag with no assets besides crypto, 1k in my bank

[Anonymous No.8931366]

>>8931305
Not fucked at all.
If IRS owed you all these years or you did not owe any taxes then nothing, and I mean nothing, will happen.
Technically you file taxes " voluntarily " and there only is a problem when you owe USD to the IRS, but then I don't think you do.
You can (as I did) file all of them at once anon.
It will cost you a little for a CPA though so don't bother.

[Anonymous No.8931421]

>>8931305
On the other hand they may owe you some money (it goes back only 3 years though and if you don't claim it then, then they just wrote it off and don't owe you anymore)
So maybe it's worth it to file?

[Anonymous No.8931959]

>>8931116
How do you file as capital gains without specifying?
>>8931305
You probably lost a lot of money you would have got from tax refunds, lol.

[Anonymous No.8932014]

>>8931305
Did you make a bunch of unreported money? If so go talk to a tax lawyer, yesterday. If you didn't you should be ok. You will still pay penalties for not filing. Either way go talk to a tax lawyer.
These fucks will be ousted soon enough. Only accept crypto and stop accepting USD for your goods and services.

[Anonymous No.8932100]

>>8932014

I personally filed back taxes for 5 years one year, just because I had to and if I paid any penalties they had to be miniscule because all I remember was the CPA bill that was $600.
I do have a genius CPA though and I didn't owe any taxes all these years and actually IRS owed me, but it "expired" lol
I have no idea why people talk about these penalties.
Did anyone actually pay them?
Or is my CPA so genius that he figured out how not to pay them?
I have to file last 2 years of taxes again so I'll be seeing him sometime this year and I'll ask him then.
But from my personal experience- the penalties are non existent or if they are there they are miniscule.

[Anonymous No.8932154]

>>8932100
You likely had refunds where the penalties were removed from. If you worked for yourself and didn't pay social security or made a substantial sum of money you will notice the penalties and interest on penalties.
It happened to my parents and it sucks.

[Anonymous No.8932202]

>>8929794
Just lie.

[Anonymous No.8932233]

>>8932154
You may be right about the returns, worked for myself, no social security payments.
Hmm what the actual fuck?
How high were the penalties for your parents?
I actually am baffled and would like to know how come I didn't pay anything substantial.
The first CPA that I went to told me that I owe 4k in taxes, the second 6k.
My CPA billed me $600 and the state ( not federal) owed me $300 after he was done. So, like I said, he is a genius.
It also shows you how important it is to find a good CPA!
I caveat: he worked for the IRS for over 20 years.

[Anonymous No.8932234]

>>8929794
lets just say you owe tax on every single one of those trades, aswell as a capital tax on that 150k

but you only got 30k now, which you also need to pay capital tax on in the 2018 tax year

god speed anon, whatever you choose to do now

[Anonymous No.8932247]

>>8932234
Let's just say that you are wrong.

[Anonymous No.8932280]

>>8929794
Holy fuck you are so fucking fucked lmao xD
You need to declare every trade and you owe tax on the 150k. You can wave goodbye to that 30k and you will need to setup a payment plan to pay the rest that you owe them. You fucked up so hard.

[Anonymous No.8932290]

>>8932247

afraid not

[Anonymous No.8932316]

>>8932234
>lets just say you owe tax on every single one of those trades, aswell as a capital tax on that 150k
They wouldn't tax you twice. You're not paying capital gains on every trade plus capital gains on the total amount. You're getting taxed on the total amount of gains you made on the trades. So if you constantly traded 30k over a few months into 150k, you're getting taxed on that 150k, you're not getting taxed on that 150k and then taxed on that 150k again.

[Anonymous No.8932346]

>>8932316

He still has to declare each individual trade, that is going to be painstaking and take fucking hours to do that. All the time while doing that hes gonna know that he has lost all of his money hahahahah

[Anonymous No.8932365]

>>8932290
Please read:
>>8930756
And
>>8930787
I'm not being sarcastic here.
If the tax really was collected on unrealized gains on property to property exchange, that law would have to be challenged.
It would just make no sense.
Find a good CPA and read that article.
The tax law regarding cryptos is vague and I think it's purposefully done that way.
But one thing is clear: cryptos are not a commodity, nor stocks.

[Anonymous No.8933041]

I did but I don't live in the US. I had to pay around 30 000 USD equiv. in crypto taxes this year

[Anonymous No.8933380]

>>8932365
Crytpos are assets. That's pretty black and white, as are the laws regarding them. You just don't like them, so you're making up this "durrr vague" bullshit meme, like that will fly with the IRS.

[Anonymous No.8933398]

>>8928004
>selling stuff I bought with bitcoin
Taxable events, dummy.

[Anonymous No.8933422]

>>8928954
LOL, you're so retarded you mashed 3 conspiracies together to make your retarded point.

[Anonymous No.8933443]

>>8929810
LOL, "muh tax revolt".

[Anonymous No.8933456]

>>8929794
You never had realized gains, why is this so hard for people to understand? You don't pay until you cash out.

[Anonymous No.8933499]

>tax cucks

[Anonymous No.8933516]

>>8930308
Depends. Some exchanges are handing the info over. But the onus is on the US taxpayer to show the trades, when filing - just like stock traders are required to. If you're going to trade like a spastic monkey, racking up thousands of trades, you have to keep records. And, each trade is a taxable event. Just like stocks. You can't just put $100k on your income tax line, without showing where you got it. In the US, we have forms, like W-2 for payroll jobs, 1099 for contractor work, and forms for traders to fill in, to show their trading activity for capital gains in trading. Every day trader has to fill one out, but cryptofags think they're special and don't have to. Cryptofags are going to get nasty letters from the IRS if they claim income with no paper trail. Cryptofags are gonna cry like little bitches at the penalties and fines.

[Anonymous No.8933530]

>>8933456
Why do you keep saying that with authority like you know for a fact it's true?

It's literally not true per their guidelines

[Anonymous No.8933546]

>>8927811
cause it's fucking impossible when crypto to crypto is considered realized gains and in terms of their USD values at that exact time
the government is being purposefully obtuse about it

[Anonymous No.8933548]

>>8930511
They don't have to calculate, dummy, that's on the person filing. if you can't, then you get to pay fines for it, or fill in the paperwork. If you went spastic on exchanges racking up thousands of trades with no records, then you're fucked.

Don't like it? Vote for politicians who will change the tax laws.

[Anonymous No.8933595]

>>8930607
10k is automatic, but banks are also looking for patterns. A lot of shit was installed after 9/11 looking for underground money funding terrorists, and they're also looking for cartel money, so if you're getting $2500 a month with no income verification attached, the banks may be reporting that, too. You could be a drug dealer, a terrorist, or a mob dude. Or a cryptofag. You think the bank can't tell where the cash is coming from? They'll see the exchange's address, and simply tell the IRS "This guy is getting $2500 from a crypto exchange every month, you might want to make sure it's reported.'

[Anonymous No.8933611]

>>8930787
They're assets, they're equal to stocks in the eyes of the IRS.

[Anonymous No.8933648]

>>8929794
Well if the only option is kill yourself then just don't report it. Use your 30k to make enough money in this years bull run to pay then back next year. If you go to jail, you'll come out with massive gains

[Anonymous No.8933655]

>>8933516
>just like stocks
Each stock trade is back to fiat. It isnt like stocks

Unlike stocks you have to show only a speculative valuation of both cryptos when you trade them, both cryptos when you trade again for a """profit""" and then calculate a speculative profit

It's like 10 times the work and the IRS doesn't have the people to contest what you show them. They'll go after bigger fish they think are lying, who can afford better cpas and attorneys anyway

[Anonymous No.8933665]

>>8927811
and where the fuck is that according to the IRS
rather than some clickbait article?

[Anonymous No.8933680]

>>8927811
I guess I'm one of the 802 lmfao

[Anonymous No.8933683]

>>8927811
The jews even consider your feces a currency.

[Anonymous No.8933688]

>>8927811
Because I made less than 10k all together.

[Anonymous No.8933698]

>>8933688
losses don't count fucko

[Anonymous No.8933717]

>>8933698
Yes they do retard

[Anonymous No.8933719]

also same with forks, even if you didn't claim the fork it's still technically taxable income.
gg burgerland

[Anonymous No.8933778]

>>8933717
Without trader tax status imagine starting with 50K capital.
You can earn 10K in gains. a nice 20% profit.
But you also lost 15K in other trades.
Many people assume you can just write off the 15K against 10K. Wrong!
Without proper treatment, you owe your taxes on the 10K gains, and you can only have your losses capped at 3K for the year.

With trader tax status, you would be able to net MOST (but not all) of the trades because of wash-sale trade laws.
The best trader status possible is for CFTC regulated Futrues contracts on the CME.

[Anonymous No.8933793]

>>8932100
The penalties are different, if you file and don't pay, or if you just don't bother filing. They can't charge more than I think 25% of the total amount due, but most of the time it's a flat fee of about $200, and then 5% of the amount owed monthly if you don't file, .5% of the amount owed if you do file, but don't pay.
There's a 60 day period where I think there's no penalty.

Years back I owed a year, where I simply didn't have the cash. So on the advice of someone in the accounting department where I worked, I filed, and just got an automatic payment plan set up for the minimum amount each month, to stop the clock on the interest, didn't get nailed for the late filing, and just paid $25 a month until I had all of it, and paid it off in full a couple months later. You could do that for years. I think you can set up a payment plan that lasts some ridiculous amount of time, like 72 months. If you can't get $25 a month together, you're doing life wrong.

[Anonymous No.8933794]

>>8933719
>throw 1k in to btc early
>lose key and all my money
>IRS doesn't believe me
>go to jail
>IRS brainlets finally figure out what a fork is, check the date I had my btc
>tell me I'm holding a bunch of bch
>jail sentence extended
Thanks roger

[Anonymous No.8933816]

>>8933655
Crypto is treated exactly like stock trades, retard. Nitpicking and splitting hairs like you're doing won't change that simple fact.

Why do you insist on thinking you're somehow special? You're not. Pay your fucking taxes.

[Anonymous No.8933828]

I've never filed taxes in my life and used my student loans to invest, why would I report? I literally don't even know how to. I have never had as job.

[Anonymous No.8933834]

>>8933778
*per year not for the year
You can carry losses into subsequent years indefinitely, but it is capped at 3k/year.

[Anonymous No.8933869]

>>8933834
>3k
Prior to having Trader tax status, I *ASSUMED* that i could NET losses against gains. And I was wrong. ended up owing a HEFTY sum in back taxes *PLUS 20% PENALTY* back in 2013

hence

>>8933794
I don't live in burgerville anymore, also, i WAS ONLY B8ing but yeah, you might want to check it out.

[Anonymous No.8933891]

>>8933816
The IRS acts like it is but it isnt

I never said I won't be paying taxes

[Anonymous No.8933893]

>>8933828
You have to file for any gains on that money. The good thing is the money you started with was tax free, but once you converted it, it's now the same as any crypto - once you pull it back out, any profit on the original amount invested is now income. Grats. You get to file for the first time! Even if it's a couple hundred, you have to file. You won't pay any taxes, but by law, you have to file. If it was just a couple hundred, you might skate not filing, but if it was significant, like over $1000 - gotta file. Not knowing how is not a defense, nor is never having a job.

Welcome to adulthood.

[Anonymous No.8933911]

>>8933869
I'm just talking about lt cap gains losses, your wording didn't seem to specify and I just didn't. If you are talking about trying to write off st losses and got raped by the wash sale rule LOL

[Anonymous No.8933920]

>>8933893
Why should I file if I haven't cashed out? I don't plan on cashing out for a long time.

[Anonymous No.8933955]

>>8927811
considering all my investments were made thru faucets the gubment is gonna have a hard time taxing me on things I didnt buy.

havent sold either so it's basically just sitting. Yes sure tax me on something I didnt buy nor sell that will go over well. media news story local gubment trying to tax man over things he actually didnt buy or sell

[Anonymous No.8933967]

>>8931959
Can you get tax refunds if you have no job?

[Anonymous No.8933983]

>literally write whatever the fuck makes sense since subpoenaing chink exchanges does nothing

No way they can verify any records on an overseas exchange, coins don't move. Wash sales are legal with crypto so generate losses to your heart's content.

[Anonymous No.8934036]

>>8933983
>Wash sales are legal with crypto
nigga wut

[Anonymous No.8934092]

>>8933920
If you made any trades, you have to.

If you bought Bitcoin, and let it sit in one wallet, and never moved it, you're fine.

You know what? Fuck it. Do what you want. You dumb fucks aren't going to listen anyway. Have fun down the road dealing with the IRS and your state tax board. Good luck, you're gonna need it, lol.

[Anonymous No.8934108]

>>8934036
> Awashsaleoccurs when you sell or trade securities at a loss and within 30 days before or after thesale

Do bitcorns look like securities

>not yet xd

[Anonymous No.8934121]

crypto taxes are a joke
dont file unless you actually cash out for fiat
dont get scammed

[Anonymous No.8934184]

>>8929794
If you never pulled out any money to your account, they have no reason to think you actually made any money so who cares? Just don't report anything.

[Anonymous No.8934234]

How the hell do you pay state taxes

[Anonymous No.8934287]

More about the wash trading thing:

There's literally nothing the IRS can do to prove you didn't sell bitcoin/monero for $1 each (realized loss) and rebought them at for $1. You don't even need a real exchange just list localbitcoin or something.

[Anonymous No.8934314]

>>8933816
>>8933611
IRS says otherwise.KIND OF.
And that's what I was talking about when I said that this law is vague at best.

Crypto is property and taxed based on barter tax law apparently.
https://www.irs.gov/newsroom/irs-virtual-currency-guidance

[Anonymous No.8934617]

>>8934092
https://gizmodo.com/just-about-everyone-with-bitcoin-is-lying-to-the-irs-1825275308

They can't go after everyone.

[Anonymous No.8934638]

>>8929794
its only counted as income when you fucking sell
how many retards are going to ask this question every day

[Anonymous No.8934655]

>>8933530
because it isn't INCOME if you never gain any money, moolah, currency, cash, USD, dollarydoos, green, do you understand me?

[Anonymous No.8934695]

>>8934655
They disagree

[Anonymous No.8934750]

>cryptokiddos: this is the future of money, I'm a millionaire NEET kek lambos on the moon!
>also cryptokiddos: what do you mean taxes, it's not real money so it doesn't count! rrreeeeeeee!

[Anonymous No.8934755]

Just filed.

My only tax event was a long-term gain when I sold $40,000 worth of ETC that I had bought for $6200.

Since the gain was under $37,000, my rate was 0%. Ended up with a refund of $960 from an education credit. Didn't work a day the whole year.

[Anonymous No.8934784]

>>8927811
just do a zero cost basis and pay them next to nothing because you're a poorfag

[Anonymous No.8934873]

The only reason you could get fucked by not declaring crypto to crypto trades is if you did it on the same platform that you cashed out on (eg GDAX).

Otherwise the IRS can't do shit

[Anonymous No.8934977]

>>8934655
Say you bought 40K of BTC, and saw it rise to 160K in value.
Then you sold your BTC, in order to buy 160K of LTC...
You have to pay TAX on the 160K-40K capital gains.
That's 28% of 120K of capital gains or whatever your rate is
or ~33.6K in taxes.
and that's that 1 trade.
it's still pretty grey but jesus you lot, just fucking pay an accountant or emigrate.
next year they will have you by your balls.

[Anonymous No.8935167]

>>8934977
saying that, it's extremely unlikely any anon here is going to get audited over owing under 20k that they traded on shitcoins on binance or something.
the fuckers are far too busy. we should hope.
the fuck knows is the big question?

[Anonymous No.8935508]

>>8928004
>Third
You're a newfag

[Anonymous No.8935520]

>>8935167
there is no statute of limitations on underreporting what you owe.

[Anonymous No.8935665]

Shit is a clusterfuck. I've actually spent money trying to get it right, but none of the trade tracking tax programs take the bittrex csv.

It's bassically impossible, since I can't read it either, even if I wanted to enter it by hand. Massive scam.

[Anonymous No.8935893]

I owe more in taxes than I have right now but I'm sooo grateful the IRS will still let us request more time until tomorrow. We have the best government. How else will we pay for our schools and roads?

>>8935167
You don't want the FBI to come after you right? How else are they going to be able to catch school shooters and Blumpf sucking dick?

>>8935520
Make sure you report everything on your tax return so you can't go to prison for tax fraud! Also make sure you file tax return so we can get you for tax fraud if you try to hide from us!

>>8935665
Use my ref link on this helpful tax site I found to get a discount! bitgoy.tax/ref=biz

[Anonymous No.8936552]

>>8933595
i can't wait to rid the world of banks