/biz/ - Business & Finance

>>17288385
>Guys, my accountant wants me to disclose my crypto holdings.
>Do I? Would you?
yes probably.
where do you live?

based meme

>>17288385
You should, better to pay the IRS now rather than have them find out two years from and pay a shit ton of interest on unpaid capital gains taxes

Why the fuck did you hire an accountant if you don't want to comply with tax law?

>>17288385

either dont disclose anything or disclose a fraction of what you have. do you really want to pay taxes on crypto gains for the money to go straight to muhammad and his 12 children? think about it

>>17288578
I’m in Canada.
He’s comforted me by saying as long as my gains/losses are unrealized, I don’t have to pay anything.
I don’t trust he know what’s crypto and just wants to charge me more for the services.

>>17288385
Hell no.

>>17288827
>I’m in Canada.
If you have truly massive gains in the end you can leave and realize the gains in another 0% jurisdiction like the Bahamas.

Nomad Capitalist covers tax strats
https://www.youtube.com/channel/UC3k3floOm_HtKOv0l6JU-xQ

>He’s comforted me by saying as long as my gains/losses are unrealized, I don’t have to pay anything.
He's right, no wealth tax in Canada yet.

>I don’t trust he know what’s crypto and just wants to charge me more for the services.
Yeah I found looking up the tax ruling on the website myself is useful, so take a look. But he's probably right that you should declare them and I'm sure he won't charge that much extra for adding crypto to your filing.

>>17288827
Just be warned that crypto-to-crypto trades are a taxable event in Canada.

>>17288385
2-3 years ago I would have not disclosed it, but as of right now, yes I would disclose it. Crypto will consolidate with regulations and shit that is still being implemented. Whoever argues against that is stupid. Now, that consolidation might be this year, next year, who knows. When it does, I think the IRS will hardcore try to go after poeple because they are faggots and have nothing else to do. It's true though that the IRS has taken action a few people here and there, mainly those who used Coinbase, but the IRS was only going after people who had gains of $20k+ if I remember. Once crypto is cleaned up, they will go after everyone, even if it was only a $1000 gain. Why wouldn't they? They have nothing better to do. So, yeah, I would disclose it even though it kind of sucks. You should want to avoid anything you can when it comes to the IRS. Even for something small. There is a chance that if you didn't disclose that nothing would happen, but it's just not worth it in my opinion. Who cares if he is trying to 'make more money off you'. A jew is gonna jew, but the potential of not having to deal with the IRS at anytime in the future is what you should want.