/biz/ - Business & Finance

>>16915682

I'll never pay you filthy IRS kikes I'll hold till i fucking die and brick my crypto.

>>16915682
CRYPTOZOOMIES BTFO HAHAHAHAHAHA

>>16915682
> buy Crypto with Fiat
> sell when it's high
> without transferring anything, buy gold and silver Gov coins with Crypto
> get it delivered to you
> sell the coins tax free
Man, such rekt

>>16915682
hey, you got an url?

>>16915786
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
page 81

>>16915770
The sale of the crypto to gold is a taxable event numb nuts, so is selling the gold. Hope you enjoy anal raping

That shits too complicated mtheybcan do it for me

>>16915682
what happens if I just don’t do my taxes?

>>16915682
Who gives a fuck. I'm going to end it if I don't make it by 2022 anyway.

>>16915848
They will sell you into twink slavery

>>16915833
Depends where are you from, obviously. You can buy gold anonymously with Crypto. When it's in your hands you can sell it in many different ways, some of them skip taxes altogether.

Imagine you're a BritBong. The coins with Elizabeth's reptilian face are VAT-Free and CGT-Free, you're just trading the value of metal and a tiny premium. You can get them into your hands completely anonymously. How you sell them after that is up to you. You can ask for a transfer to your bank account, they can't do shit.

These laws were created to be abused by the ruling class, you can launder money and avoid taxes with nothing but golden coins.

>>16915921
Replace skip with evade, big diff

The risk might be worth it to a bunch of basement dwelling neets moving a couple Grand, but any actual participant in society with a house and family, it's a stupid risk. Not to mention the spread and fees doing things shady basically total up to the tax anyway

Imagine not accounting for taxes in your make it number

>>16916371
Right? What is the plan, to retire and live in fear evading the government for 50 years? While paying a 8-10% fee on withdraws in some shady method, rather than just paying the 15% long term cap gains tax... pretty stupid.

>>16915734
Based. The IRS jews can find someone else to feed shaniqua's niglets

Not to mention if you are married filing jointly, 0 to $77,200 is 0% rate on long term gains... so you might not even end up paying anything at all lmao

Im actually doing it right now
Everything needs to be converted to dollars
I want to fucking kms i have to cross reference every trade with what the eth-usd value at the time was
christ

>>16916477
Don’t forget your Tax deductibles too (minimum $12K for standard deduction)

>>16916441
>What is the plan
outlast the irs

>>16915921
Where do you buy gold anonymously in the US? Local bitcoins?

Do token transfers between my wallets count as taxable transactions?

What about only buying and holding? Where does that fall in? Still check yes?

>>16916713
Yes but your accountant will let you know the proper way to file capital gains vs hold.

Can't you just buy shit with your stack of cryptocock instead of converting it to fiat...

>>16916754
I believe even buying stuff with bitcoin is considered converting it to USD since USD is the only legal tender.

An imaginary transaction occurs for the item you bought in it's USD valuation, after all, whatever you are buying with your bitcoin is *MOST LIKELY* priced in USD :) not bitcoin...

>>16916754
if you can hide the transactions from the irs yeah sure
ideally you want to use crypto to buy drugs then sell the drugs for cash

>>16916754
>>16916790
Further, nobody in their right mind prices something in bitcoin, they are pricing it in USD and converting it to the current market equiv of bitcoin, the government isn't stupid... they know what you are doing. The same reason people who try to be like, hey I'm giong to just pay my employee $10 in gold minted coins, so they can claim it as $10 income, when in reality it's like $1500... that's going to get you an ass raping.

>>16916472
based and redpilled

tl;dr; if you think you are being cute and found a loophole, you more than likely didn't and you just aren't aware in what capacity you are breaking the law, and god have mercy on your soul.

>>16916706
if they don't change ownership and aren't converted into different tokens by the transaction, then no

>>16916928
Perfect, thanks

>>16915921
this seems very risky unless you are dealing with a small amount of money.

if you bought 100k or so of gold coins anon, and then sold them bit by bit and put that money in your bank, questions would be asked. then what? you produce a receipt for selling the coins? say you bought them over the years with no proof? they'd rape you silly.

>>16915833
Silver is tax free isn't it?

>>16915682
Hello King Monero.

>>16915682
>implying anything will happen for trading cryptocurrencies
The IRS just wants their cut of what you made. They don't give a single fuck. Have you also noticed they have a box for how much money you made illegally? They don't give a fuck you stupid nigger, they just want their cut. If you don't give them their cut you're just running a risk and lose peace of mind as well if you're a rational-thinking person. Anyone in this thread who's saying they won't pay up simply because they're trading fucking cRyPtOzZ instead of something more "normal" like stocks is retarded.

>>16915770
IRS will request KYC exchanges for data about your movements anyways, so unless you are using some shady soon to be dead dex you are pretty much fucked still

>>16915910
to satisfy the black bull golem
you can't beat ZOG you can only become part of it

>>16917458
Whered you get that in your head? If you convert bitcoin to silver you owe tax on whatever gains you made holding bitcoin

>>16917436
Worse...they'd get you for 'structuring', a much worse accusation. Look it up.

>>16917505
Lol ice used etherdelta, quadriga, coinsmarkets, and cryptopia. I cant even willingly get my own trade history, much less the IRS. I'm not a burger though

>>16915682
They dont even ask you how much. This is more of a survey than a tax liability question.

>>16917967
What I was thinking as well.

>>16915682
File an extension. See if they issue audits based on this first.

>>16917967
>>16918000
If you answer yes then you have to fill out all the 2019 trades otherwise you literally admitted to evading and they'll eventually find out about it through all the KYC exchanges. If you answer no they'll again eventually find out about it through exchanges and get you for evading.

Unless you didnt touch a single KYC exchange do you really wanna gamble on getting reamed by the IRS?

too bad the feds can't track my monero

>>16915682
fuck these retards

>>16916656
they are at the lowest audit rate ever and can barely keep the doors open. it's only getting worse. Outlast them or start an offshore company or even a Puerto Rico corp.

>>16917469
THIS

>>16916550
at least you don't have any income tax to pay kek

>>16915921
>You can buy gold anonymously with Crypto.

Anywhere you can do that anonymously is bound to be some shady site.

They're taxing air-drops!
AHAHHAHAAHAHAHHAAHAHAHAHHAHAA holy cuck

>>16915682
Taxes are easy to claim and file. Most people will come in at a loss or have losses and be able to claim them, it is even possible to get money back on claimed losses.

Stop being an idiot and spreading this fud. It is meaningless.

>>16918112
And the IRS is staffed by fat black women.

>>16918314
Do these fucking retards understand that unless you use a platform that searches every token contract for your address you will never know if you have airdrops? I have a friend who works for cali and they go after ICOs and other scams and all I can say is they are beyond fucking clueless. Unironically 10 years behind.

>>16915734
Reported for being Ukrainian

A friend of mine started trading in 2018 and ended up at a loss, so he didn’t report. In 2019 he only bought BTC and traded for alts immediately without ever selling. Assuming he reports, what would be his best option to not get audited here?

>>16919555
if he didn't touch the 2018 crap in 2019 then ignore them and only report the btc-shitcoin trades

>>16915682
>Euro telling Americans they're about to get taxed heavily
Lmao

What do you do if you just bought bitcoin? Is thay transaction taxed?

>>16920120
essentially nothing is taxed until you trade or sell

>>16915682
This explains how based Peter Schiff "lost" his coins.

Good thing my non American wife was the only one trading crypto.

This is why I have dual citizenship and kyc on binance with my third world passport

>>16916550
Just as a helpful note, the IRS would like you to record the date AND time of your trades because this asset class is so volatile.

>>16915682

FUCK THE IRS!!

>>16915833
If you use the crypto to purchase precious metals, no it's not taxable. If you sell cryptos and use cash to buy precious metals then yes that is taxable.

I've bought silver with Bitcoin many times, and even traded silver for Bitcoin. Neither was taxable.

>>16915770
Shit won't work. The money has to be verified, Once you put over 30k in your bank at once after having nothing your entire life you get flagged and watched.

>>16915682
Lol fuck this country. I'll just move countries like that cocain addict mcafee.

Why everybody so reluctant to pay their taxes?
Yes it sucks, and it's not fair, and the government never spends the money on what I wish they'd spend it on ... but jesus christ it's easier to pay taxes than spend years worrying about whether you've gotten away with breaking the law or if you're going to get caught and face fines or jail.

>>16921329
>and it's not fair
you answered your own question. Fuck this mafia

>>16915682
>No

>>16915682
I havent done much trading, only fucking buying. i did transfer the free BAT and shit from coinbase to link, is that taxable? do i really have to try to figure all this fucked shit out? iv literally done less than 100$ of trading this year but iv bought and hodl like 2000

>>16921359
your pic put me in genjutsu

>>16921359
this is a bit confusing. wtf how

>>16921412
>>16921460
>>16921460
the triangles are different sizes

>>16921374
yes
coinbase has ezpz info though, and if you use turbotax then coinbase's .csv is easily uploadable and does all the work for you

>>16921475

not they are not i just tried this out in ms paint bro
just move the shapes around

>>16921460
>>16921412
Retards. It's an old illusion. The top edge is not straight.

>>16921497
Wtf are you saying? If you look at the squares, they cover the same area. Dumbass

Jesus Christ I would be fucking shitting myself if I was American right now you assholes make fun of us but at least we don’t have this shit here in India.

>>16915682
XRP isn't a virtual currency, and the government has no regulation defining what it is at the moment.

Fuck off

>>16921497
Th

>>16921508
The dumbass is the person who can't google "Missing square puzzle".

You're never gonna make it.

>>16921529
>don't know how to make infinite chocolate and become rich
YOU are never going to make it

>>16921529
You can google it and just regurgitate while not actually understanding it, huh? Not googling it. Dont care enough. You probably wouldnt have figured it out without googling it, pseudo intellect

>>16921547
I gave the explanation in my first post; you just don't comprehend how it matters. Stay seething, brainlet.

>>16921542
I like watching the one lengthen while it moves to the upper right

>>16915682
If by some chance my monopoly money actually moons I'm not doing shit until I hire the most jewish crypto accountant I can find. I haven't fucked around too much with trading, I've basically just been buying and hodling so I shouldn't get tax raped too hard when I cash out. Until then these boomer retards can't do shit, they're just trying to scare you.

>>16921597
it didn't lengthen that's an illusion. use your fingers to track it.

>>16921596
pseudo intellect.

>including an airdrop
>or following a hard fork
So, literally everyone who owns any Bitcoin on their own keys.

As far as I can tell, there were three attempts in 2019, but only one actually happened, something called "Bitcoin Cash Zero" or "Bitcoin CZ". Its peak value claims to be around 80 cents, but that was three months after its creation.

Anyone know what its opening-day price range was? I've never been able to find statistics on it. CMC only shows the most recent month of trades, which were around ten cents. I can't get CMC to show me any earlier numbers for anything -- its interface just doesn't function in my browser, or maybe they don't keep the stats.

>>16921484
thanks man. i transferred like 50 bucks on binance before it cucked burgers and hold some rsr on there, do they do something similiar?

>>16921821
no binance is a mess with reports, i hope you remember when you did it cause the trade history is limited to 3 month periods for some reason and you have to find out what the trades in USD are yourself

>>16921597
Its so fucking subtle....

>>16915682
Oh no, you guys might have to pay your taxes like real businessmen do. How horrifying.

>>16921484
do you really have to? I thought if your income for the year was $0 (or less) you didn’t have to file taxes

>>16922071
depends on the situation. There's lots of cases where you could have no income and still really really want to file your taxes.

The main one is when you have losses greater than income but the IRS is receiving reports showing you had income. In that case it's best to file so they have an explanation of your losses. Like if someone 1099's me for $100k and I had a $100k loss I'd have $0 income and don't have to file a form. But all the IRS will see is that I had $100k in income and didn't pay any taxes. So I'd definitely get audited. Might as well save some time and file the paperwork for the loss to offset the income.

so it comes down to how big your numbers are and how much of it will be reported to the IRS. Generally in business you want to file every year whether you made money or not. Be aware if you mostly lose money the IRS will declare your business a hobby and not allow you to write off losses.

>>16922033
Crab bucket

>>16915682
>casually trades 119 times in 2019 with a shit trading bot
>500$ loss
>owes 12333$ to the state due to crypto to crypto tax
imagine being american

>>16915682
Judging by this, if you just hold then your gains are safe.

Government needs your gains to finance things of great benefit for you, like medical care for endless stream of African and Asian migrants and development of feminist cinematography.

just check no

lol

>>16918064
why are you trying to scare people?

>>16921359
>>16921412
>>16921528
>>16921497
>>16921460
>>16921460
you guys are all retards. There's no wtf going on, the space comes because the yellow block has moved to the left and that's how it fits you fucking morons. It just so happens the two triangles can be swapped around to still make the larger triangle, and now it's just got a little hole in it because of the positioning. There's no wtf about this you fucking imbecilic morons.

>>16922255
This. I took no profit in 2019. I'll never take profit. Kek IRS

>>16915682
>not paying taxes on asset sales
It was an exploit, previously. This isn’t a new thing.

>>16919555
He should amend 2018 to report that loss to use it to offset future gains. I just finished doing this and it's gonna save me piles in the future.

I lost money last year so this actually helps THANKs

I only bought and traded between ETH and tokens. No virtual currency was involved, just utility tokens and stake in a network. Unless we are considering Xbox live points and exp in dungeons and dragons to also be currency. In which case I will pay in d&d exp from old campaigns that ended. I can be just as cheeky as they can.

>>16915969
>The risk might be worth it to a bunch of basement dwelling neets moving a couple Grand

Welp that does it for me. Not telling them about my .88btc that went straight to unloading student debt. Glad I sold when I did though.

>>16921840
You can get your entire trade history on binance. You're just limited to seeing a three month window at a given time. I did my crypto taxes last weekend with this.

>>16915682
Learning the basic financial accounting of doing taxes helped me realize trading is for losers

>>16923749
Me too. I was up, and then bought ONE and got raped and lost all my gains. Imagine losing in a bullrun when all we had to do was hold. I took a break from trading.

The game is rigged my friends. We'll never beat (((them))).

>>16922225
brainlet doesn't know that you only pay taxes on profit and can write off your losses

>>16916550
Bear.tax

>tfw reported 18k in losses in 2018
My stinky gainz are protected last year

>>16923022
no retard, the space comes from the first triangle not really being a a triangle. The hypotenuse is curved, ever so subtly (~1.245364267°) so the first triangle isn't actually a 13x5 unit triangle (32.5 sq units of space), but is actually taking up 32 square units. The second triangle formed takes up 33 square units. The 1 unit difference is the square you see. Also i''m a brainlet, had to read it on wikipedia to understand.