/biz/ - Business & Finance

>>13269325
once link become self-aware all your gain will be realised and IRS will be on your ass

>income.
>implying anyone made money last year

>>13269325
how exactly are you supposed to report converting BTC to ETH back and forth a 1000 times with $10 of profit afterwards?

Daily reminder that anyone who pays taxes on any money the IRS doesn't know about is a massive faggot cuck feeding La-Shawda's kiiiiids.

>>13269408
>how exactly are you supposed to report converting BTC to ETH back and forth a 1000 times with $10 of profit afterwards?

>>13269325
But they will get your dollars and ruin your credit

>>13269408
you pretty much can't. The IRS came out with these retarded guidelines despite not having any clue how this shit works

I would be fine with reporting my crypto if they only taxed total profit and not every single fucking transaction I've ever made.
Fuck you.

>>13269432
Me credit is already in ruins, thanks to crypto losses.

>>13269325
>Don't worry, we'll help you!

Hahahahahahahahahahahahaha

>>13269408
You can run it through a site like bitcoin.tax and it'll take a csv file you export from the exchange. Still a pain in the ass though and won't work for every exchange. Not to mention shitty ones like bitgrail that disappeared.

Fuck that shit when I cash out my money will be on some island in the Caribbean you kikes won't see a dime

paying taxes on cryptos defeats the purpose of cryptos

>>13269657
Absolute state of crypto tax

I reported my 18k in losses

>>13269657
My exchange doesn't keep any trading records despite being centralized.

>>13269408
Bear.tax
Literally just upload the API keys and does it automatically, better than others cuz every other one I've seen you need to manually upload excel files from the exchange and its a pain in the dick with binance cuz they only give you three month chunks per file

the fuck. who pays taxes on crypto. if they ask, you can just withdraw from coinbase, say you invested in a shitcoin 100% loss. how the fuck will they know lol

>>13269724

what exchange is that?

>>13269325
>Filing taxes a week before the deadline
Jesus, get your shit together, PYGEj2od.

>>13269666
Hahahahahah checked

>>13269423
OK, the IRS audits up to 5 years back.

So in 2022 after the Golden Bull Run, they ask exchanges for all those verified users from 2017 onwards and run some quick checks.

Oh, and those Chinese exchanges? Yeah, there'll be some pressure applied thanks to a convenient little provision slipped into the next trade deal. They won't really care about giving up some laowai though.

>>13269800
> Not knowing the IRS operates completely on the idea that no one cheats on their taxes
I have never once put the actual amount I have spent on school costs for instance, I always put a bit more than I know I spent, never once have had an issue.

>>13269462
But then how will israel get its tribute if the irs doesnt tax every trade?

>>13269836
Source: https://www.nolo.com/legal-encyclopedia/what-are-the-odds-being-audited.html

The average person can go 200 years before getting audited once, yes.

However what do you think politicians will do when fuckers showing off in lambos look rich while everyone got dumped on after the next peak?

They throw 10 million towards the IRS temporarily hiring crypto auditors in the next budget bill, get an extra 0.5% of the vote in the next election, and fuck you over 100%.

>>13269883
Only if you live 5 years straight in US, do you think I’m gonna cash out dividends and capital gains in a country where you pay taxes? Become fiscally resident in Bermuda and that’s it, it’s also legal

What are you idiots going to do when you try to cashout? The taxman will finna be all up in your shit then. Your bank will insta freeze your account and you'll be fucked! Lmao

>>13270045
>freeze crypto

Also cashing out is for faggots.

>>13269408
When the tax man shows up at your house in a Crown Vic with a pistol in an obvious holster in a few minutes, you will find out exactly how to report converting BTC to ETH back and forth a 1000 times

>>13269325
I only lost money in crypto so I'm not even bothering trying to report anything

>>13270045
>What are you idiots going to do when you try to cashout?
No cashout gang fren.

>>13270007
That is a good plan if saving 15-30% on taxes is worth losing US citizenship.

>>13270107
You should consider filling and reporting it anyway. Capital losses roll over and can offset gains/be deducted at a rate of like $3k/yr.

>>13270101
I already know what to do to glowniggers

>>13269325
I get 1099... I didn't claim any of my crypto this year but I also didn't sell any for profit.
I gave them 22k in income tax and capital gains after it was all done, they can suck my dick too.

>>13270107
>>13269371
> Not filing losses
Not gonna make it

>>13270167
What is the point of having an US passport? Getting cucked by IRS when you work abroad? For the free healthcare? Only third world countries want an US passport to leave ASAP their shithole.
Saving 30% is always worth it, unless you hate money

I'm glad I live in the UK where HMRC pretty much are happy just collecting a little bit of money from you when you eventually cash out and don't have the resources to actually come after you properly for not reporting crypto-crypto trades

The IRS are a bunch of criminals

>>13269325
i went to hr block and they told me to not worry about it. also, they will get audited not me

>>13269800
I mean, sure, if you realize millions in gains, used a US-based exchange, and plan to keep that wealth in the US, you have no choice but to bend over.
That's why I said "money the IRS doesn't know about." I won't go into details here, but suffice it to say there are many, many ways to stay under the radar.
You could easily cash out an additional 10k a year unreported and as long as you are not a dumbass, there is jack shit they can do. Spend the money on non-durable consumables if you are super paranoid, but honestly that's probably way overboard.

>>13269325
>tfw i don't have to worry about capital gains because i always sell at a loss.

>>13270336
And I'm telling you a cornered beast is the most dangerous. If the dollar's shaky and a senator's nephew loses his trust fund in the next crash, little things like dollar amounts and where the exchange is based won't matter as much as they do right now.

>>13269711

Congrats, you are own on a watch list for the next bull run

>>13270445
I intended to pay my tax if I made it precisely because I don't want bullshit from the IRS. I don't intend on leaving the country anytime soon.

>>13269462
My taxes were 1050 pages when I filed. If the IRS requires me to report every trade I am going to file in paper and make someone slog through it to see how stupid it is.

>>13270598
Based malicious complier.

>>13269325
does illegal immigrant have to report crypto income? asking for a fren

>>13270045
Everyone laugh at this retard

>>13270651
im sure in most western world is, tax at the highest marginal rate

>>13270045
Hahahahahahaha wat?

>>13270651
No, you steal one ID for claiming the EITC and steal another one to use on exchanges.

...Anyone know how to translate that into Spanish?

>>13269883
fucking First daughter is literally using Airforce One for her trips to Europe. they can suck two dicks

>>13270664
puerque me no exista in estados unitos. democrats say let me in. i in nau. no law para me. so they can kiss me kulo

>>13270673
Whether I agree with that is not the point. The point is that dynamics can play out which easily bring IRS pain down on anyone trying sly things with crypto. Everyone ITT should at least understand that.

>>13270404
Dude... bro...
The IRS niggers have an identity fraud backlog going back ten years and they can barely keep up with the constantly changing strategies of their HNWI cattle. Going after tens of thousands of NEETs with five or six-digit stacks would be a nightmare for them. If they start to go down the road of squeezing blood from a stone, we've basically already won and their agents, if they're smart, will start fearing for their pensions and maybe even their lives.
If there is a serious credit event. The gooberment parasites will rightly start to question whether or not they will even get anything for retirement. When the rats start to leave the sinking ship it is game over.
>>13270598
Nice.
>>13270651
If they convert the crypto into tangible, fixed assets that can be seized, then yes.

>>13269731
Does it work with IDEX?

>>13270732
gud goy. that plain ride costs $250k/hour. kushner couldn't remember that he owns building on 5th ave. be smart. be like kushner

>>13270738
si,si.
MS13 have their own app on turbo tax just for paying taxes for coverted tangible, fixed assets.

>>13269693
amazed it took so long for this to be posted.

>>13269731
>$18k losses

holy shit lol so that is the type of person who bought tokens like FUN

>>13269325
unconfiscateable

>>13269325
Based and Redpilled

so is it impossible to get long term capital gains on crypto unless you just hold a fiat pair like BTC or ETH for a year?

Fucking idiots who self report.

Deserve your own hell.

>>13270983

This.

I honestly have no idea how much money I made. Also alot of my shit wasn't done in US exchanges. If I cant even figure out what i made i doubt they can.

But also the main question I have is what is the the price of BTC will they use? Also some of the pairings were ETH and LTC. Will they use the price of LTC or will they use BTC/LTC. Also the most officially BTC price index started in late 2017.

I have no clue what the fuck they are going to do.

>>13270968
if you report just one time that you hold crypto, you'll be getting audited almost every year after that guaranteed AND you'll have IRS niggers watching your internet history, tracing your wallets, etc. eventually it gets to the point that they want your private keys.

>not knowing that the IRS is the legalized thievery branch of the US govt.

>>13269657
I spent almost a whole day on bitcoin.tax trying to import and track my trades across half a dozen exchanges from 2018. The output was complete nonsense. Said I made like $30k in gains when in reality I lost a shit load. I'm not reporting shit if they come after me I'll send them the mountains of incompatible csv files these chink exchanges gave me and they can figure it out.

>>13271052

Do you morons even file taxes? All you have to put is you sold "BTC" for x amount with y cost basis. You don't even have to describe what you sold it for, where you sold it, or even elaborate on what "BTC" is. There is no checkbox mark or any indication you traded crypto on your taxes. Its just entries on an 8949 which are rarely even looked at. You are 10 million times more likely to be audited with a w2-only tax return after depositing 10k cash in your bank account than you are putting hundreds of crypto trades on a return. Actually not reporting income that was reported on a 1099 like coinbase sends will get you audited near 100% of the time.

>>13270211
>filing losses
>now the irs knows you have crypto and will audit you every year for the rest of your life

>>13271117
>There is no checkbox mark or any indication you traded crypto on your taxes.
>>13269325

>>13271117
how do you explain the 100k link sold?

>>13271192

Lmao, ok its clear you've never actually filed a tax return. OP just screen shot some tax software, your actual return has nothing related to crypto on it, there is just a 8949 form which lists things you've sold for profit. You could list fucking yugioh cards on there if you made a lot money on them. There is nothing to flag it has crypto.

>>13271200

You say you sold "link" for x amount for y profit. The only other info require is the date you acquired the asset which you can literally just write "various." That literally the only information you need to provide. IRS doesn't give a fuck what link is.

>>13271117
>>13271253
FOUND THE IRS AGENT

>>13271052
DOJ persecutes. IRS issues NOTICE of lien, etc.

>>13271253
what if i cashed out crypto but i did not really profit? like less than 3k$ the whole year.

>>13271376

Did you trade on coinbase and get a 1099? Doesn't matter if you didn't profit that will list your gross (sum of all your sales not buys) and if you don't report at least that much gross in trades you will get automatically flagged for that. If they catch you you'd have to prove your cost basis and pay interest and maybe a penalty.

If you didn't get a 1099 then its pretty unlikely they would find out about your $3k. Its really once you get to $10k cash deposit is where you are really risking it by not declaring.

>>13271376
>verified users from 2017
If you cashed out to your bank account then the IRS knows. Whether they are going to dedicate an agent to you for $3k is another story.

It's pretty simple guys. If you cash out to your checking account then set aside 30%. If you haven't cashed out or are trading on chinese exchanges or on any exchange that you're not verified on then who gives a shit. The more money you are making per year the more likely you are to get audited though so if you're some neet making 50k then fuxit, they got bigger fish to fry. And next time sell your crypto for amazon gift cards and spend those ;)

>>13271470
im in a pretty large city known for tax fraud, so i doubt they will fuck with me if i eventually pay. i havent really made shit yet, so i dont want to pay money to them if my life has not really changed at all.