/biz/ - Business & Finance

>>10282434
Nope

>>10282434
>cash out 10k+ in the future
>inb4 cashing out
>IRS wants to know where the money came from
>Durr hurt idk
>get audited

>>10282434
Hahahahahhahahahahahhahahahahahahahahahahahahahahahah

>>10282458
im pretty sure that its implied in "not actually reporting" so its more like "what 10K?"

>>10282434
Yes. Simply because if I do make it explaining millions of dollars I suddenly have becomes easier. I don't plan on moving and as much as it fucking pains me it is the safest way. I'm not dumb enough to make a few million and then think I will be able to cash it out without the IRS knowing.

>>10282476
just gonna stuff the 10k in your mattress friend?

>>10282498
>just gonna stuff the 10k in your mattress friend?
10 is quite literally mattress stuffing yes

You don't need to report on it until you cash out, so no.

>>10282434
nice try cia nigger

Yes, I went back and amended my returns all the way back to 2013 and reported it. Enjoy prison if you aren't doing it.

>crypto
>gains

>>10282434
The exchanges will sell you out.

Clean your room.

>>10282434
gains LOL

Almost impossible to cash out any significant amount without reporting, unless you want to play audit roulette. If you made $200k for example, would take even a 10% chance of going to prison just to save a portion of that? Some people would take that chance, and most get away with it, but some of them don't and go to prison. If you try to dodge taxes you have that possibility on the back of your mind for pretty much the rest of your life. Because it fucks up your future cost basis, so every year you have to build upon the lie. Some people think they can just feign ignorance if they get caught, but by the time you get audited you'll have many years of fraud built on top of it. The chance you actually get caught gets significant after a while.

If you made <$10k don't bother though.

>>10282434
Bad goy. Very bad goy.

>>10282919
Pretty much this. Add to that because it is crypto money they have no idea where the fuck it is from and they could assume drugs to terrorism being the source of your crypto money.

>>10282434

We are all hodling until we can pay directly in crypto

Get güd m8

>>10282919
Wait, do you have to report your incomes or your total worth to the FED? I'm confused because why would you have to build up on the lie in the first case

>>10282434
you cant cash out without banks noticing, especially large sum. they report that shit. you'll get caught

>>10282434
Yeah I cashed out 900k in January. Would have had to pay 400k in taxes if calculated with FIFO because it would all be considered short term gain. With LIFO my taxes were 250k because a much bigger percentage of the gains were considered "long term", and my trading activity made the gains split into two tax years which lets me double dip into the lower tax brackets. I had to call several accountants before I found one willing to use LIFO. But that's how I reported it and there haven't been any problems.

>>10282831
Can't you just say that someone stole it?

>>10282976
To put that in to context Trevon of Bitconnect fame and Ian Balina both made a lot of money. Both then claimed that it was stolen in a hack. As of right now nothing has come of it because it takes time for them to build cases. However they are both going to take it in the ass whenever the IRS does come down on them because they are still using the money and funds they claimed were stolen.

>>10282976

What’s the answer to this?

>>10282919
Exactly, it's not worth going to jail and getting raped

I sold a bunch of crypto in April and I went to pay my estimated quarterly taxes this week.
Reporting period was April through May (two months) and the due date was 15 June.
What in the buttfuck is this shit.

>>10282995

So literally nothing happened. Got it.

>>10283022
But if they get prosecuted it's almost 100% assured ass rape in prison

>>10282949

No, but in the future if you make a lot more and are much more likely to be audited your previous fraud will be exposed unless you commit more fraud to try to cover it up.

>>10283022
The IRS typically takes a year or more to bring a case forward. The point I am making is your logic is on the same level as theirs and the end result will absolutely be the same. Feel free to do it though. You might be successful and you might not. You won't know for years and it will be in the back of your head the entire time.

>>10282831
>what is a dex?

once again Uncle Sam has to get his hands all up in shit that doesn't belong to him

we live in a socialist state

he will not let crypto remain unregulated, because then he does not have any control or "moral" ground from which to tax you. so they will regulate crypto to death, rig the system even further, until they kill off crypto as well and minimize any incentive to invest.

what's even worse is the cock sucker Feds in this thread right now who pledged oath and think they are serving their country well by violating the very foundations of it

kill yourselves, socialist parasite traitors

>>10283079

Can’t we just all buy and use monero? How do they regulate math on the internet?

>>10283113

They can't. Its obviously easy to hide monero. If you trade crypto to crypto outside of coinbase then you shouldn't give a fuck about reporting it.

But the money you cash out to USD that is when you do have to worry about reporting it. Especially if coin base sends you a 1099. If you don't report that income you will 100% be nailed by the automatic audit flag. Any 6 figure deposits to your bank account have a good chance of flagging you too.

>>10282434
Only made 3k in crypto gains. Most of wealth in shares, and yes, all gains will be reported to the appropriate entity.

>>10282434
you only have to report what you cash out into american banks associated with your american identity, so if you can set up an account in another country i bet you'd be fine.

but i get what you're really asking anon, "is reporting anything under 150k really worth it?" and the answer is no. The IRS does not have nearly enough employees to bring everyone to court. anything below 500k is chump change and not worth it to them, even if they get their full amount in taxes it will only be half of that. there are billionaires lying about billions of dollars of taxes everyday and you really think they're going to hunt you down jerking off in your moms basement for less than a million dollars?

>>10283549
Go ahead, take this advice and end up in jail and get raped. Enjoy your AIDS

>>10282434

What "gains"?

https://www.youtube.com/watch?v=m-bk4y3GY5Q

>>10283618
i-is this what happens to crypto tax evaders? Willette HAHAHAHAH FAG

>>10282434
Yes, Susan and Tyrone's children depend on me.

I’m moving to panama and not paying a cent
I’ll move back in 3-5 years and be fine

>>10282498
10k is nothing poorfag

>>10282776
doesnt work like that, cuck boy. you get a bill for the back taxes plus interest, not prison

>>10283016
fag

>>10283923
US citizenship doesn't work like that

>>10283946
>you get a bill for the back taxes plus interest
>plus interest
What the fuck is this shit? I'm not taking a loan. The fuck is wrong with these guys?

>>10283573

It’s bad advice but it doesn’t mean he’s wrong, IRS resources are even thinner now with a GOP-controlled government.

>>10283977
Not a burger

>>10283573
rape in prison doesnt happen unless you are a sex offender, there are plenty of homos to go around, bootlicker

t. ex con imprisoned in 4 different states

>>10282776
Exactly, prison. And we all know what happens in prison (rape)

>>10283988
it's compounding interest per month but it maxes out at 50%, then plus penalty charges

>>10284006
Tell me more

>>10282434
Yea me - I won't on short term trades I'm not cashin out but anything that comes out to USD gets reported.

>>10282458
dont know about the states, but here if you are careful and dont move money back and forth all the time, they wont ask into it

I already pay tax on my wagecucking, not going to do it on crypto aswell

worst case, you get caught and just play the dumb card to avoid a bill

>>10283718

>>10284029
rape is a punishment for being a child molester or similar. you can't just go around raping people without setting off a race war (if a nigger raped a white kid) or getting shanked by someone looking for an excuse to kill

but sex offenders get no protection and are fair game for hate and rape etc

>>10284066
Thanks

>>10284066
Even if a nig rapes a white guy who is unaffiliated?

>>10284096
Lol. Well obviously you'd join a prison gang, otherwise you're just asking for it.

>>10284189
Not everyone in prison is in a gang.

>>10284222
But if you don't you're fair game for rape, no?

depend on crypto to a small extent then wait for a day when cashing out is not needed. Vacation resorts that accept crypto for example. Local vendors that take crypto.

There are a lot of ways you can cash out without cashing out. If you never spend fiat on rent, food and vacations then you can buy they lambo you always wanted from that. So don't cash out large amounts. easy as that.

>>10284285
not if you fill your asshole with concrete

>>10284313

This, crypto is the new gold, you don’t tell uncle sam about your gold.

>>10284342
problem is that it's only becoming easier for uncle sam to track you when your records are on Coinbase

>>10283573
If I hear about people getting aids because a butt hurt government wanted him to pay fiat for holding some chucke cheese tokens and video game items. I think that's going to be a turning point or social movement kind of fucking material. The propaganda would be extremely easy to manage.

>>10284285
No. Unless you are a punk.

>>10284429
Oh, so anons should be fine then

>>10284531
If someone were to be headed to prison I’d hope they start lifting everyday and gain as much weight as possible before they get in.

This thread is the only proof I need to know /biz/ has no fucking clue what its talking about. First off, 10k is nothing. Literally nothing. And as long as you're not immediately going out and paying what? half the price of a bottom shelf Kia in cash? You're not sending up any red flags. Poker winnings. That's all you have to say if you get caught. 5 years of poker winnings you kept in a sock for a rainy day. If you're going into the millions and you dont have a company or an off shore account to launder that shit through, dont bother talking to grown folks on a business board. God damn. Go out and make some fucking friends. Small business owners usually hate the government and will launder your shit for %15. Christ.

>>10284699
>It's an internet tough guy who knows about business and money laundering because he watched The Ozarks and Breaking Bad

>>10284354
So how to avoid coinbase?

>>10284724
>its an internet sarcasm master that thinks dismissive green text is an argument
You're either retarded or a spook looking to weed extra info out of me. Regardless, I'd bet my left nut you've never filed an itemized return. Run along now, your tendies are probably done.

>>10284699
>quietly wiretaps your phone

>>10284783
Monero. Multiple cashout options with XMR. If you cant figure the rest out, you're too retarded to not get caught.

>>10284788
You don't have an argument to dissmiss other than "It will be fine and every retard can successfully launder millions of dollars that has to pass through fiat gateways at some point".

You are ignoring literally every part of what makes avoiding crypto taxes difficult. At some point you have to turn it into cash. You can't just launder 4 million in BTC without first turning it into USD and that is the problem.

no

I reported a small amount of crypto gains (less than $1000) and I still got a return of $1500 from fed/state taxes combined. Based Trump tax reform, I payed taxes every year prior to last one.

>>10284811
Problem with Coinbase isn't only the cashout. It's the fact that anybody here who bought their BTC from Coinbase (which is a good majority of traders) then transferred it to other exchanges shows up on the record. IRS can see you bought BTC and can ask you in detail where'd it go if you get audited. They already got Coinbase to hand over user info before, they're just going to continue from here.

>>10284888
Didn't you have to report every crypto trade if you had any gains?

posting in a glow in the dark thread

>>10282434
i did, i mean it wasnt much cause i didnt sell at the top. #irsdid2018crash
but if youre making any decent kind of money you should.
or be like those anons asking for money laundering tips on /biz/.

Buy gold with BTC, sell it locally.

Fuck taxes, it's my fucking money