/biz/ - Business & Finance

>>20703855
cashing out is meme, how would you cash out internet money?

<----------use this

>>20703855
In the U.S., every time you transfer more than $10,000 at one time, the fucking IRS is alerted to the transaction

So, not only was the IRS alerted, he made the entire matter public record by hiring legal assistance

I love how everyone ignores the "crypto" part of "cryptocurrency" and is rushing to let the government know how much profit you've made

>>20703855
NEVER SELLING
YOULL NEVER GET MY LINKIES YOU FUCKIN KIKES

I'm a bit scared of this. I am hoping to sell my crypto for gold.

>>20703917
Just deposit $9999.99 then. Are you stupid?

>>20703855
>cashing out

>>20703918
B A S E D
A
S
E
D

>>20703855

Back in the 2017 bull run era where was a madlad britbong on here would tried to cash out $400k in a single transaction despite being a NEET. As you expect he got his account frozen and he was posting screens on here of him in the online chat literally saying "GIVE ME MY SHEKELS WAGIE". He ended up going in person with papers showing his crypto purchases and said the people working there looked disgusted by him pulling out multiples of their annual salaries.

Probably can find the thread on Warosu

this is what i imagine happening when we make it. they just flag your money as suspicious then make you wait years to get it after sueing

>>20703943
>He ended up going in person with papers showing his crypto purchases

Where did he go?

>>20703935
I agree.. Just take out small amounts at a time

>>20703935
that's called structuring and they can confiscate your money

>>20703974

He was dumb as fuck cashing it out through a shitty high street bank. He went in person to the branch with evidence of his crypto purchases lol.

>>20703855
this is an amerilard meme only

>>20703943
I'm terrified of this scenario because there's no way I can prove the origin of my crypto.
It's all legal, some mined, some earned in weird schemes, but most info is completely gone, several exchanges I used no longer even exist.

>>20703943
beyond based.

>>20704067
Jesus fuck. Then there's the fact that neither the bank or the government is forced to accept some exchange's purchases as proof. Not even Coinbase is approved in my country by CNMV (the entity that regulates stuff in Spain) so this makes me paranoid. Not sure how it is in burgerica.

>>20703935
This guarantees nothing.

>>20704084
Well, then you are fvcked. If you can't prove that your coins are from licit origin, they could think it's from you selling weed on the darknet or something. I don't understand where this stupid idea of "they have to prove im not a criminal first" comes from. Assume you are a criminal by default in the eyes of the government unless you can prove where you got the money from. Even if the money is from licit activity, if you can't prove it, you can't cash out without getting in trouble. Yes its insane, but that is how things are.

I wouldn't cash out if you don't have a jewbase or kraken receipt. I don't even trust chinknance. At least these 2 are in Europe.

It's still all a bit fucked after all these years. I've got little fractional crumbs over a bunch of exchanges from mistakes/fees. Offered to pay a friend on a road trip gas money in NYC, he said he had a wallet, but laughed and mocked me. Later that day he kinda comes back on the down low asking if he can give back the cash for the bitcoin. Dude you just openly mocked me for offering you payment in form of your choice.

>>20704214
well it's not fucked, it's not like it's impossible to cash out, it just means I have to watch out and never cash out massive sums through retarded exchanges.
If I see the situation is becoming fucked I'll figure out some way to manufacture a fake legit source, but only as a last resort

>>20704324
>well it's not fucked
it's not that fucked*

>>20703855
Yeah, cashing out is still all sorts of fucked up. I think I'll try to get myself some gold bars with crypto once I made it and say I've got them from my dead grandpa, who owned a huge ass farm.

>>20703943
i think i remember that, didn't the police take his computer and shit? or am i misremembering?

>>20703855
i use Dether

>>20704214

>they have to prove I'm not a criminal first

Innocent till proven guilty. Sometimes I forget how good it is to be a US citizen.

>>20703943
Oh shit, Binance doesn't hold a log of transactions farther than 3 months.

I don't buy anything on Coinbase other than USDC or ETH to trade to Link. I'm fucked.

>>20704323

Btc not nyc

>>20704407
Yes they do. You just have to adjust search dates.

This is exactly why I didn’t buy more link, I figured that cashing out is going to be a bitch anyways so I didn’t want to get greedy

>>20704214

Just buy through coinbase and cash out through coinbase.

Surely you bought some crypto on coinbase. Just convert to that send it back and cash out.

Insist you held and didn’t exchange it. File that on your taxes, pay the gain.

I have some huge number of ETH that I’ve used as an on-ramp for any number of things and LINK.

When I cash out it will be in ETH and LINK and that will be that. There is no other trail besides that and the government will get their taxes.

Just don’t be stupid.

>>20704431
Just checked. OOOOOOHHHHHH, the timespan is 3 months range, not from the current time. Okay, I'm safe. Thank you for clearing that up.

How did I miss this?

>>20704375
>>20703943
What on earth am i supposed to search to find this thread?

Why not convert it in btc and cash out in a street btc atm

>>20704442
I always have buddies who were too hesitant to get into crypto because they didn't know how to cash out. My thing is it's better to have $1 million you don't know how to cash out on versus not having it at all. The former, you can go out on an adventure and go figure out how to convert it to money.

in europe it' super easy, just use crypto.com or bitwala

okay, can some oldfag please explain. hypothetically, if i sold 5000 USD worth of any shitcoin for ETH, and then sold the ETH for USD, and transferred the USD from coinbase to my bank, would this be enough to satiate the IRS? my initial investment was whatever I paid on coinbase for ETH, and my gains were the 5k - the capital?

does this make any sense? tax with crypto makes me paranoid

>>20704405
>they have to prove I'm not a criminal first
that's what the US is retard. Your tax agency is by far the most illiberal and oppressive of all western countries

>>20704501
>How did I miss this?
Autism is a powerful drug

>>20703855
Even in pajeetland the money is deposited to my bank under 20 minutes.
What sort of backwards country do you live in anon?

>>20703917
>>20703935
It's fucking free money, just pay the fucking taxes and sleep soundly at night knowing the feds aren't going to come knocking because you're not committing a felony.

Jesus it's like dealing with children on this board. What's so hard about just paying the taxes? Everybody seems so intent on trying to "get away with" something illegal, when there's a far simpler alternative.

>>20703855
If you try to cash out 20k all at once of course you're going to have a bad time. You can cash out $1000-$2000 a week and this isnt a problem

>>20704662
I heard about you guys. The IRS has agents whos sole purpose is to go online to sites such as 4chan, and their whole job is to come into threads such as these and paint the IRS as a bug scary omnipotent monster. One that if you dont pay, will devour and haunt you for eternity. This is far easier and less expensive than trying to actually track everybody.

Stop all being retarded neets. Are our countries subverted hellholes on a road to frankfurt school ruination. yes. However, buy a fucking car and motorcycle and boat and get insurance and live a happy life among the remnants of our once great civilization, stop trying to get around paying our overly burdensome fucking taxes. So you can then become a good strong man and start to fix those things. Dont fuck up and get a huge debt making thousands of shitcoin trades. Accept responsibility and do well, for yourself, and your family, whether now or the future

>>20704662
having a $500 monero slush fund I can buy mushrooms and acid with is good enough for me. Feds will never give a shit about such a measly amount

>>20704574
>My thing is it's better to have $1 million you don't know how to cash out on versus not having it at all

If you've got $1 mil sitting somewhere, you'll find a way to get it, even if it takes while.

>>20704707
Even if you alert your bank beforehand? I have a call set up with a tax attorney on Tues morning. I plan on asking him all sorts of Qs such as these. Any ither Qs anons think I should ask. Maybe I should start a thread about this.

>can cash out with 1 click
>live in Turkey
Its not worth it bros, just hodl

why would anyone want to cash out huge sums if you’re not buying a house or something, more and more services accept crypto as payment and before long we won’t need fiat to pay for most things, just spread your holdings into many stablecoins and cash out in bitcoin ATMs

>>20704601
Maybe. There's a few things to note in burgerland:
>The GUBMINT has the ability to contract crypto tracers to dig on your history if they flag your tax filing for investigation
>If you attempt to pay taxes, the worst that happens to you is you get a relatively small refiling oopsie fee and you go diving for more TX history and capital gains/losses info
>Using a legit exchange/crypto tax filing software goes a long way

>>20704662
>What's so hard about just paying the taxes?

I'd be giving money to a government that wants to kill me, i'd avoid it if I can.

>>20704805
Please fucking do

Just ask how im supposed to add up gains and losses of literally over 200 uniswap txns its fucning stupod

As an Ausfag and a link marine my first move in cashing out will be to buy a house outright. I know people will think that's dumb but fuck you, I've struggled my whole life and I do not want any Jewish debt. I will find a way to do it.

>>20704805
Yes, most banks are not used to such large deposits. If you were routing the money to a charles schwab or fidelity account you would likely not have any problems. 20k is more than most small bank branches have on hand at any given time

>>20704662
Dude, I've been saying this. Crypto attracts drug-addled neets who can't buy actual stocks and resent the concept of going legit so much they flounder in shitcoins rather than use their initial earnings to get out of this. It really is because they hate the idea of taxes too much and just lose infinitely more money in unrealized profit waiting for POO to break $0.00000008

>>20703855
Just transfer to coinbase and then convert to usdc? Then pull out what you can when you can.

>>20704805
>Maybe I should start a thread about this.
Please do.
A Tax sticky/general on biz is actually a good idea. Then we can just dump useful info, like /sci has a useful collection of maths books

>>20704878
The Eye of Sauron's already on this shit and they don't want it being a viable alternative to USD for investment funds in the shakiest market since '29. It's going to be slapped down by black fed bags until microogle release a state-backed coin project crawling top to bottom with spooks. That's going to be the next bitcoin.

>>20704865
Interest on debt can be thought of similarly to interest on an investment.
If you have a mortgage at 4%, it makes no sense to invest in paying it off if you have investment opportunities available at 14%.
That being said, being a homeowner is comfy.

>>20704920
A few resources:
https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions
https://www.crowdfundinsider.com/2019/06/148192-j5-joint-tax-authority-group-collaborating-to-identify-cryptocurrency-tax-evaders/
https://hackernoon.com/deepdive-how-to-calculate-your-crypto-taxes-kj863ul4
https://cointracking.info/

>>20703917
>I love how everyone ignores the "crypto" part of "cryptocurrency" and is rushing to let the government know how much profit you've made
What's the problem here? If you need Fiat you need fiat. Report your earnings.

>>20704506
found this
>>/biz/thread/S10094902
>>/biz/thread/10076105#p10076258

can't find any posts about police taking his stuff so might have misremembered that part

>>20704950
True but if you have an offset your rainy day money can sit there so you don't get hit so hard on the interest.

>>20704751
Get out boomer.

If there was an exchange that was also a stock broker, could you trade coin for stock without having to pay CG since you never received any USD?

>>20704541
This, is it not this easy?

>>20705099
He's right but he doesn't get how things work. He's on that individualism shit still. Pretty blonde girls in flowery dresses living in cottages weren't "trad" it's a response to your material conditions. Biology > technology > culture.

>>20704405
No dumb fuck, you are guilty by default. Otherwise you could sell drugs on the deep web, cash out millions and not have to give any explanations when they will obviously ask, and nothing but regulated exchanged buy and sell orders are "safe".

>>20704601
Nobody really knows which is the problem. There's no solid legislation which means assume the worst.

>>20704662
Why is "get away with" in quotes. Are you implying that not paying taxes is legal? Also, go back.

>>20705171
No i agree. I just dont want anons here making their lives harder than they need to be. We're all going to have to choose which battles to fight and most here would do better to advance their lives, and thus our people, with legit gains after paying tax

>>20704662
It's not about paying taxes. Anyone that isn't stupid is paying taxes and not trying to be a smart ass. The problem here is when you cash out and the government asks for where the money came from and you got it from some random webpage faucet, mined some random shitcoin and traded it for btc on dead exchange whose you dont have any records from, and so on. Which means you don't have proof, which means you are fucked because you don't want grey areas in this matter.

I like in the UK, I only made £49k in 2017 because I was a broke student with £300 to play with. I cashed out from Coinbase to Barclays, I called their customer services team the day before and said to expect it. I then had to pay 20% tax on it (excluding the first 12k or so which was tax free). I just said I held bitcoin which isn't true, I was trading shitcoins but they never questioned it or asked to see transaction history or anything. I'm guessing if I had made 470k it would have been different.

>>20705046
Thanks

>>20705330
Exactly this is the problem. How to proof all Uniswap tx's etc. Even in 0% tax countries this is great pray for the government to fuck with you.

>>20703922
You can do that already. I paid for all my silver with BTC on Ampex

>>20705464
>Uniswap
I dont even know what the fuck that is, imagine some 55 year old boomer in the government. Just lol.

>>20704324
Soon all the banks will be using link and will only be too hungry to trade you link for fiat

>>20704601
That’s my plan at this point. I’m doing my main buying and selling of btc and eth on goybase. Using my original non KYC Binance account for key swing trades. Then sell btc and eth at the end of the bull run. I’m just gonna claim $0 cost basis and pay long term capital gains on all of it (23.8%)

>>20704751

>salute

>>20705414
Bong here, how much tax did you have to pay on the £37k in total?
Like you withdrew £49k, how much did you get in total?

Just use something like bitcoin.tax and tax software and its fairly easy.

>>20703943
show us the thread faggot

>>20705019
This is what im talking about. A cashing out general

>>20705595
Read the damn thread
>>20705046

>>20705589
It was somewhere around £41.5k in total once I paid capital gains tax, felt bad but evading tax is not easy and it's certainly not something I was in a position to do.

>>20704214
That's not true, the IRS just wants it's money. They want you to be a paypig.

>>20705514
His going to think It's some site you do private gay shows. Can't wait to see they're faces lol

>>20704375
haVE YOU GOT A LOISENCE FOR THAT BITCOIN COMPUTER M8

im afraid this bullshit will happen to me in bongistan when i cash out in a few years

>>20703855
There's no need to cash out for me, a lot of shops near my place accept btc, ltc, eth, and xrp. If there's one horror story is that OP lives in America, where almost anything crypto-related is illegal.

$0 cost basis means the entire sum is taxable.

>>20705105
Crypto is a capital asset which means every exchange is a taxable event.

>>20703917

Crypto became a consensual Ponzi around 2016. No one uses Bitcoin to buy anything, retards fork Bitcoin left and right to get their own Ponzi going, and eth ruined crypto forever by allowing any retard to copy and paste their own erc20 shitcoin that never gets a finished or functional product and only gets shilled on basket weaving forum.

To top it all off, you have actual cucks and glow niggers telling you to pay taxes and give your full identity, which defeats the entire purpose.

>>20705659
Thanks anon, will be doing something similar so useful to no. Very much appreciated.

>>20704601
Just pay for a filing from tokentax.us , that's what I've been using for the last few years

>>20705704
if i dont remember any of my hundrends of trades in 2017/18 and cash out my link this year saying my 0 cost basis was 0, will IRS investagate me?

>>20705769
Probably not since you are essentially paying a greater tax. Claiming a cost basis required evidence of that cost. At least this is what I’m banking on.

>>20705140
It is. Le can't cash out is just a biz meme however if you Didnt kyc or have accepted dirty crypto or get any critical info wrong like bank route number or have been included on terrorism watch list or been filmed throwing things at riot cops or been reported by a roastie as owing child support there might be real rations you can't cash out.

>>20704805
Definitely do

>>20705667
Ok, sell a million worth of BTC on the deep web and cash out, tell us how it goes.

>>20705812
what are we gonna be taxed? 20%?

>>20705105
You can trade bitcoin on robinhood but I don't know if you can transfer any there

>>20705046
>oy gevalt

>>20705735
Oy vey.
Could a business treat a coin with a practical function as an inventory item rather than a capital asset, and would that help with taxes at all?

>>20705855
A third of my transactions in 2017 had a zero cost basis and I had a capital gains income of 150k and I didn't get audited.

>>20703855
I don't get it, anon in your screenshot cashed out?
>>20703917
I understand the ire against the IRS but for those of us that have been holding link for three years, the pain of dealing with taxes or hiring a cpa crypto lawyer is worth the reward of a 6-7 fig pay day.

>>20703855
Why do people keep posting this meme? What’s the endgame here?

>be me at HR Block
"No problem, so what was your initial investment?"
>*pulls out stack of hundreds of etherscan transactions*
>"I have no fucking idea."

>>20705704
Most tards are hoping their 5000 turns into 10 million so that's a moot point there.

>>20705812
This is true you are probably safe for those tax years. So obviously now you understand 2020 is not safe to keep doing this. Not only is it illegal tax fraud you are literally paying an extremely high price for proper financial accounting. It will not work going forward and if they want they can come in and basically clean you out with a simple audit. You said zero cost basis when it wasn't, there is a series of questions that establishes that you are either lying or didn't make a good faith effort to figure it out, and on those grounds have the authority and ability to freeze or confiscate assets, or levy fines and fees that have no expiration date or applicability to the bankruptcy laws, that are punitive in the extreme.

Your account will be flagged if you continually submit bullshit like zero cost basis on your returns. And eventually you will audited if you keep it up.

So what happens if defi takes off and you can live off of $5000 a month staking rewards for example? Would the bank think you are structuring to cash out rather than living off staking interest, even if you plan on paying taxes it could be a year away before tax season. Would they be concerned for the 8 or so months prior to this.

>>20705953
No they are all 8949 capital assets

>>20706114
This worries me. Surely before cashing out you should have a doc prepared or the price of eth and each shitcoin at the time of trade

>>20705046
Not sure if this guy was the same guy or someone else.

https://news.bitcoin.com/funds-frozen-account-closed-uk-banks-target-cryptocurrency-owners/

His funds were taken from him by the police. Seized for up to 5 years or some shit so they have all that time to investigate whether it was drug money

>>20704857
Surely if you just declare your cash out as part of your income you'll get some amnesty? There's no way the taxman is auditing every shitcoin trade to validate whatever bullshit you'd submit. That's what I'm backing on at least

>>20703855
Still getting letters from Japan regarding Mt Gox. Gone with a heap of my btc

>>20703917
oh fuck, I completely forgot about this. God damnit. I just transferred over 10k out. Fuck. Well, I guess I'll find out what happens.

>>20706182
In my country its income tax at the time of receival, so if you don't cash out your staking rewards and the coin crashes you will have to pay taxes with money you don't have.

>>20706262
>>/biz/thread/S10639029

This guy was with natwest. I am also with natwest and they recently blocked Coinbase purchases. Fuck em. I will cash out to an exclusive Swiss bank.

Never had any problem cashing out on Coinbase.

>>20705985
>>20706114
Basically the same issue. 2017 was a special time because the tax authorities were still trying to figure out a correct guidance and enforcement was lax. Today they want their money and aren't giving any slack. The penalty rate for filing errors which would be "I don't have cost basis" of over 50% afaik which they will get by confiscation. In the meantime they can just freeze all your assets in any bank account. If you held over 10k on a centralized exchange overseas like Binance and don't report that's a liability as well. And coinbase is not going to advocate for any user vs the IRS.

Getting caught in a financial lie is easy to detect on a return. Getting audited is a probability function. More likely you'll get a letter asking you for supporting documents and/or a visit from a local auditor. Get ready to spread em in that case.

Best advice for those that can't furnish data for trades or at least the required evidence of "good faith effort"... Buy Vaseline.

Why not just trade your crypto for monero and then sell the monero for cash in person or buy prepaid visa's with it and sell that for cash.

>>20706182
The point in time your balance in an address you control changes is the point in time it's taxable as income

is buying ETH to transfer to Binance and then buying LINK with that ETH still something I have to report? Thats what I did in 2017 and the price of ETH did not change whatsever in the span of 20 minutes.

Hundreds of people cash out every day without a problem this thread is FUD.

If you're going to withdraw more than 6 figs, and honestly, anything over 10k, just get a CPA lawyer with crypto specialization. They will deal with the IRS for you if they fuck with you and have a shit load of tools to protect you. The IRS is afraid of answering to congress which is why they stonewall us on tax law, much of which is not actually law and has no passed the regulatory legislation process in the congress/senate. A CPA crypto lawyer will also be able to include things like disclosure statements and amnesty letters on your filings.

From what I have been reading, the current tax return question that asks if you hold any crypto in a foreign account(like binance if you didn't switch to binance.us last year), if you check yes to this box and don't file an FBAR they are going to use that as an excuse to pile penalties on you and run an audit.

>>20706319
It's all probability risk. Paying some amount on some claimed income is safer than no claims. If you have trade info on 90% of your tx for cost basis and take 10% zero cost basis okay...

Just saying it's all difficult, I'll just zero cost basis for everything is going to raise your chances of an audit and not only that, you are literally paying way to much in taxes.

Something > anything > nothing

>>20706543
It's not an option because eventually to have to covert the link to something else. The cost basis comes with each trade.

>>20706621
You just have to check a box of u the value of the crypto was over 10k in a foreign centralized exchange.

>>20706452
I am not wondering about the tax implications, more like the bank being like wtf, what are these consistent $5000 a month deposits coming in every month from. Its cleary not his paycheck. Is this guy structuring, even if you fully intend to pay tax when its due. Its not like stock dividends which they can easily verify.

>>20706705
This.
You sell your ETH and calculate the difference between when you bought the ETH and sold it. This is your first taxable income.
Then you calculate the LINK as if you bought it in dollars. If you sell it that is your cost basis.

>>20703855
I had to pull out $40k back in February to pay 2019 crypto taxes, I'd never pulled out more than $2k at a time and was worried they would freeze my account if these big numbers started dumping in there. So I went to my local branch, walked up the counter, and asked very specifically if there was anything I could do, forms to sign, etc ahead of time to make sure that the transfer would go smoothly. The teller gawped at me like I was sticking up the bank using a floppy double-ended dildo. He was like, no, just move your money into the account, it's fine, now fuck off.

So I fucked off and just moved the funds in and it was fine. The end.

I got a question. Do i have to report crypto losses on my taxes? I know the IRS knows that ive put about 10k into crypto over the past 4 months.

Do they care? Or do they only care when you make money because theyre fucking jews. I know you can claim capital losses up to 5k per year in the stock market.

There has been too much violence, too much pain.
None here are without sin, but I have an honorable compromise: Just pay your taxes.
Cash out your crypto, get an accountant, print out your info from exchanges, report all your gains, and I spare your life.
Just pay your taxes. I will give you safe passage in the threads.
Just pay your taxes and there will be an end to the horror.
I await your answer. You have one more post to decide.

>>20706840
>>20706705
Well I dont know how I am supposed to get those numbers considering Binance doesnt show any of my trades from 2017 and Bittrex banned my country from using their site and I can't see those transacations.

What do?

Honestly if you can't figure out your taxes it means you aren't doing a complete financial accounting and are functionally financially illiterate.

Like anything else or seems complex but with services like bitcoin tax the fact that for reputable exchanges you can download/import all the trade data and import into tax software like taxact it's easy.

For trades on decentralized exchanges you should know how to use Etherscan. You should know there are sites where you can download all the data from a given address. Or you can just do all this stuff by keeping an excel sheet with the date and time and amount of which currency you traded. That's real financial accounting , a skill set that you SHOULD ALREADY KNOW especially if you are pretending to aspire to be rich or handle large amounts of capital.

Knowing complete financial accounting has benefits beyond just discovering how shitty a trader you are, how lazy and ignorant you can be, how much you've wasted in fees, and how much you are overpaying in taxes, how to not pay so much in tax, etc., it makes you a smarter investor and you have security against auditors.

>>20706857
Only if you realize the losses by selling off to a different crypto or to USD. If your BTC is simply worth less EOY than it was BOY but you didn't sell any of it off, that's not reportable.

Can corporations write off CG if they show expenses enough to cover it?

>>20706956
Might try connecting to trex through a VPN and see if you can access your account that way.

Not sure why Binance won't show your 2017 trades. I can see mine fine. Double check your date ranges and the token filter, and remember it can only pull 3 months of trades at a time if you're exporting to csv.

>>20706956
So you take zero cost basis for those trades. You get what data you can from Binance and you use bitcoin.tax to generate a current state of accounts. Your going to eat the zero cost basis. Your going to at least have emails to Binance and bittrex support to prove you tried to get the info. This is some insurance against an audit that helps establish you made a "good faith effort" IN CASE one should ever be audited. And going forward regularly dump all trade info into cost basis calculations.

I don't have my old Coinbase account that I bought all my LINK on how fucked am I?

>>20707130
Considering how high LINK has gone, you're probably not THAT fucked. You would have to take a zero basis on your stack, but hopefully that's only the difference between $0 and $2.00. If you bought at $4.50 it'll sting a lot more.

You lose nothing by contacting CB support and trying to regain access, and like >>20707121 points out, it creates a document trail showing a good faith effort to report correctly.

>>20704475
Now you can just use binance, get a binance card and just never cash out. Swipeeee.

>>20707040
That's correct but you still have to report every cost basis change in every exchange. You won't pay taxes unless there is a gain but you can't omit reporting exchanges.

Avoiding calculation or reporting of cost basis is where anons are really hurting themselves. The price of proper financial accounting can be relatively high in terms of time and effort but only if you have to reconstruct a chain of transactions. But once that is done you've effectively retained the capital you already spent. Claiming zero cost basis is basically guaranteeing you are overpaying for a false sense of confidence you won't get audited.

>>20704541
Street atms are KYC in burgerland

>>20704501
Their UI is bad at that regard. It's nearly hidden.

>>20707222
Basically I bought LINK at 3 different points, one of which being around 3.13 or so. I bought the first stack on Binance I believe at around $1. After that, I did some minor trades. I eventually folded it all into LINK and moved it to Coinbase after they started trading it.
Fuck I have to contact Binance and I don't even know if they'll let me get my account anymore because I'm American. I was planning on holding this for quite a few more years and just going based off saying that I bought on Coinbase years ago at $3.13 and have held for at least a year, which is true by this point.

>>20706654
thing is tho if youre already paying too much in taxes cuz of 0 cost basis there is no financial benefit to auditing you. why audit someone with no expectation of getting more money?

>>20707014
I have been looking for a tool to trace my transactions via initial wallet addresses but haven't had much luck. Any suggestions anons?

>>20706427
Here’s my situation, I made some decent money in 2017 but lost it all, never reported anything. I made a few trades in 2018/2019 but again never made anything more than a few grand at most. Now in 2020 I invested my trumpbux and by the miracle of god made really good money on uniswap which I have all records for these trades. Are they going to fuck me from all the money I made this year just because I can’t conjure up a few hundred dollars in shitcoin trades in the last 2 years? Most of my profit was all made this year. Can just one bad transaction taint the whole thing as “der der did you get that $200 you turned into 10 kazillion selling off the deep web anon?”

>>20703855
I once sent 150 ltc from wex to hit, never arrived till this day. but, well only 100 bucks lost

>>20707327
same here. i owe a couple grand taxes for 2017-2019 which i never paid. i think i'll have to backpay those taxes first before i cash out anything else. hopefully i dont get fucked

>>20707657
To force you to report on the future for the rest of your life. Or because they pulled you at random

>>20707826
Getting audited is a low order of probability that increases as your tax return becomes longer and more complicated and gets into the higher ranges when you submit something that has errors or omissions or contradictions like you report no income but there are a bunch of 10k bank transfers or coinbase reports high levels of transactions.

So I wouldn't worry about it if you can keep an updated reporting for the current year and years going forward and you didn't collect on a lot of capital from prior years.

>>20708110
The way this works is you submit an amended return with the amended amounts with the calculated amount of back taxes owed. If your lucky (probable most cases) they accept your amended return and you hear nothing back forever. If you're unlucky they bill you for fines or fees (there is a schedule) based on how much you owed and when you payed and the interest in the fees. It's insurance against future audits though.

>>20703916
This.

>>20707327
I can still access my binance accounts just fine. Trading is disallowed for burgers, not account access.

>>20707826
You can always contact a lawyer cpa with crypto experience if you can't figure it out yourself. Peace of mind is priceless.

>>20707794
You mean transfers or transactions

>>20708361
This can cost you a lot of money potentially. And may not be safe

>>20708279
You seem pretty knowledgeable, how do you feel about using LIFO on crypto trades. For anyone doing any amount of active trading but also holding a longterm stack, it's vastly preferable as it lets the oldest parts of the stack mature into long-term assets, vs digging the oldest part of the stack out each time and slinging it at your shitcoin play of the day.

I've read some things saying you can only use it in situations where you can document physical stock and prove that it's the 'newest' stock that's being moved back out first when you sell. With digital currency this surely doesn't apply as e.g. 1 BTC is completely ageless, shapeless, and interchangeable with any other 1 BTC that's out there. What's not clear to me is if this means it's OK to use LIFO, because you can essentially proclaim that you're always selling off your 'newest' coins and there is no way to contradict that, or if it's disallowed simply because LIFO has to involve physical product.

>>20708427
explain about not being safe please? Is it because they might want to disclose more then you want to?

>>20704725
Occam's razor: What's more likely, that someone is a IRS shill with a huge psy-op to make American taxing sound dangerous and spams mongolian basket weaving forums with pro-tax propaganda or a person who just pays taxes

>>20708501
From what I've researched, you have to have the most info possible on a trade in order to use LIFO or selective cost basis accounting (whatever the hell picking and choosing is called.)
Timestamps, exchanges, up to the minute values, TX data. The works. OFC you must be consistent and do LIFO correctly, consistently on your tax return. IMO it's a lot of work. I'd prefer tax loss harvesting from a crypto tax software service personally over doing LIFO myself

>>20703855
Just cashed out $10k last week, it was good

Let's say you sent an amount from account x to exchange y and traded and then sent out to account z. but the exchange is no longer there or the data can't be accessed. You can make something up between the in and outs on the wallets you used. Eg 1 btc out from x and 1.1 back to z can be represented by a transaction you just make up where the date of tx is during the time it was on the exchange and an approximate date and time and cost where the result is a gain of 0.1btc. It's literally fraud but technically a good faith effort which you can at least support with documentation and doesn't fuck up cost basis calculations going forward.

>>20703855
>You Can't Cash Out
>posts a story about an anon who eventually managed to cash out
Just do it through an exchange that doesn't have a reputation for stealing people's money (cuckbase). Or just sell your wallet address to an exchange for one lump sum.

>>20708576
The fact is there is just no way doing this shit by hand if you did any large amount of trades.

I'm not paying shit.

>>20703943
kek I remember this

So I just started crypto trading, I've got a list of my trades in my Metamask wallet and I intended to pay my taxes just to avoid the nightmare of headaches. I'm solely using the crypto gifted to me by Coinbase as seed money (so obviously I have very little right now). If I somehow make it with all that in mind and I keep my papers in order from day one, am I still going to be fucked come cashout time?

>>20704751
>become a strong man and pay your taxes goyim
nah I don't think I will. IRS doesn't do shit.

There's.plenty of ways to avoid taxes on crypto gains
If you have over 500 k don't be a cuckstain and learn them
As for cashing out don't use (((American banks)))
Swiss banks are usually very up to date with crypto and know how to handle large amounts
Though I have no clue why you would need to cash out a large amount of crypto into USD that's in a bank account besides a down payment on a house. But even that isn't much really and very easy to pay no taxes on it (legally of course)

>>20703917
Who cares, I just want to get rich

>>20708555
CPA's don't actually have any liability of your taxes turn out to have errors or are filled incorrectly. It's not insurance against being audited. I remember in 2017 reading about some who would send in returns without following the strict law of reporting each transactions... Basically a version of what many anons are saying they did. Lawyers are different and more likely that they will then need to do a complete accounting which is high fees with long hours. Either way the liability remains with the taxpayer. They will take your money and file whatever they can sell you knowing there is a low chance of audit and the IRS is not going to come after them. The best will sit down and tell you to do a full financial accounting which they will offer to do which will be many more billable hours for them.

>>20708576
>>20708645
I use btc.tax and have all my exchange trade data imported into it. I've never fucked around with shady dexes that can't export spreadsheets or whatever. I've been using FIFO, you guys are making it sound like I could actually be using LIFO. But then the problem is even if I can, I know can't just randomly switch whenever it suits me.

It would actually have been to my advantage to use LIFO in 2019 and 2018 (the year I began crypto trades). Would it make sense to file amended returns for those years switching to LIFO and continue using it hereon out? Or would that be a spread-eagled invitation to the IRS to gape me?

>>20708691
No, you will have nothing more complicated than formatting your trades info in excel and uploading it to a site like bitcoin.tax which generates the 8949 reporting form you include with the tax return

>>20708872
In bitcoin.tax there is a asset by asset option after the cost basis for everything is calculated where you can self select the method that is cheapest for each asset if you want (the cheapest is usually the default selection afaik)

>>20708780
This is terrible advice. So you've tied to hide your assets in a foreign account, guess you'll be failing to submit the FBAR on that... Think you are safe now? You're even worse off and way more likely to have your shit frozen or confiscated. I know people who know people who have had this very thing happen in Swiss accounts and the standard deal the IRS offers is 50% to get your account access back.

>>20708691
You won't make it with that little capital

>>20703943
>"GIVE ME MY SHEKELS WAGIE"

top kek

>>20708867
You're right, CPA's don't know shit about your crypto taxes and will simply sign off their accountability for that aspect and push your papers through, results be damned.

https://cryptocpa.tax/crypto-cpa/clinton-donnelly-2/

Guys like this are offering tax return "insurance" for $99 a year and if you actually need to work with them in person to exit a large holding safely it isn't going to cost you an arm and a leg - this interview with him is recent and I found it pretty helpful in easing my anxiety.

https://www.youtube.com/watch?v=nVslTTE7nPw

disclaimer: I'm not currently subscribed to his 99/yr service. Just legit spent all day yesterday having a panic attack. Hope it helps someone.

Why not just cash out enough for monthly expenses?

>>20706343
It doesn't matter. Coinbase is working tightly with the IRS, you should assume 0 privacy.

https://www.investopedia.com/news/bitcoin-tax-looms-irs-orders-coinbase-turn-over-user-data/

This is why I never got involved in this crypto bullshit. Now im considering buying BTC and im considering not even ever getting the coins out of the exchange because I've seen cases where transacting the coins out, then back into the wallet, alerted some bullshit systems they have (see chainalysis). But then again, having the coins inside an exchanges it's also a risk, so pick your poison.

PS: Any regulated exchange (as in, exchange that will not disappear randomly) is using chainalysis.

>>20706621
So if you buy coin in a foreign exchange (in your case, outside of US) and then send it to your own wallet, you are not holding anymore outside of the US. So you wouldn't require to file that?

>>20706759
>was

So "was" means even if for 5 minutes you had more than 10k in chinknance?

In Spain we have the "model 720" where we have to file this if we have more than 50k outside of a Spanish account. However, its not clear to me at all if we need to do this if we send the coins into a local wallet.

As far as I understand it's 50k by December or the average of the 3 last months being above 50k.

Is anyone here from spain or everyone is a burger?

>>20703917
Hiding crypto from fed is easy and not the problem. Real problem is you appear on the grid next week spending hundreds of thousands of dollars you didn't earn from a job. That's what tips the fed off. Unless you want to learn to wash money by setting up some fake laundry mat that lies abour your profits do you can spend your crypto earnings, just lay your taxes. Fed will think your a drug dealer.

>>20709975
This
I'm not understanding, aside from a down payment on a house. Do you really need to cash out a full 6 figures? Why just withdraw to a stable coin, or buy gold/silver coins?

>>20704067
where would you have gone?

Also there are 9 states that have no capital gains tax. If I move there, and establish residency and then cash out what then?

>>20710603
you still pay federal capital gains tax

>>20710373
>laundry mat

>>20703855
Yes. I bought TRX a month before it mooned. On the way out, I sent it to the wrong address. I threw up in my toilet.

>>20710041
well shit. guess I'm gonna be fucked if LINK ever hits 100

>>20705698
what cuntry?

>>20710214
Those technicalities may be important. The us law is if "at any time" the aggregate value was over 10k

>>20703917
>In the U.S., every time you transfer more than $10,000 at one time, the fucking IRS is alerted to the transaction
WRONG WRONG WRONG WRONG WRONG

ITS ONLY IF ITS 10K CASH

I didn't have a problem with Kraken. I tested it to make sure. My withdrawal was in my bank account the same business day.

>>20704506
First day on 4channel.org?

>>20711860
Was it 6 figs or more? 5 seems to be ok, not sure if more is an issue

>>20704805
Please do brother. Thank you

>>20704662
FUCK YOU JEW
INCOME TAX IS A DIRECT TAX AND UNCONSTITUTIONAL
PROPERTY TAX IS A DIRECT TAX
MAKE IT ALL GO AWAY REEEEEEEEEEEEEEE
FUCK THE FRAUDULENT RESERVE
MAKE GOLD AND SILVER GREAT AGAIN

>>20703855
Cash out from where? Coinbase?

What about the prospect of doing everything proper, only to have the boys in your tax authority sell you out to the mafia?

>>20704084

How have you been filing taxes? If you haven't been filing taxes then thoughts & prayers.

>>20704857

Go on etherscan and click the 'internal TX' tab. It will show you all your uniswap trades that you've made through that ETH address.

This is why I bought ETH back in 2017 and have been holding ever since. Long term capital gains is going to be extra comfy once I decide to cash out.

"Cash out" using a crypto loan
https://modernconsensus.com/people/innovators/brock-pierce-amsterdam-house-mortgage-crypto-loan-nexo/

https://www.coindesk.com/mastercard-co-brands-xrp-capital-backed-nexos-crypto-card
>>20707227
You still have to sell your crypto to top up the card which is a taxable event

>>20710800
That wasn't even the stupidest part of the post

is this thread for real? Do you honestly thinking some 60 year old tax boomer working at IRS Nebraska is going to ask you to provide all 300 uniswap trade oyu did?

Or do you think, that if you say "I earned 30k, i pay 7k tax" they just are happy that they got 7k?

Seriously feels like no one here really dealed with authorities and their asks before and just sit around memeing

>>20713322
We're just scared fren

>>20703916
FUCK OFF RAJESH

>>20704662
based fatherly anon

>>20704775
where the fuck do you find a high tech cyber drug dealer at? all the guys i know to buy shrooms from just wander around indian reservations with no cellphone

>>20713322
Retard

>>20703917
>demand letters are public record
>a nastygram is a lawsuit
zoomer brainlet detected

>>20713575
for what? Just do some normal reporting and they won't hunt you down for missing out 3k

>>20713919
Go to do a dark net market. How new are you?
I've used it to buy weed, LSD, MDMA powder/capsules, and ecstasy pills since 2016 with no issues.

i know a guy that sold near the top last run and tried to cash out over 1 million dollars but bank denied it.

Also did you guys file an extension because the deadline for that was a couple weeks ago

>>20706857
Unless you're retarded, you should be eager to report losses since you get a deduction for your future gains.

>>20707014
Or I can just pay a wagecuck CPA to do my taxes for me like actual rich people. You are rich...right?

>>20703917
A lot of people don't care about the ideology behind crypto, they care about making money.

>>20714100
why would the bank deny it?

>>20704405
want to know how I know you're retarded?
>he doesn't know what civil forfeiture is
cops, feds, basically any law enforcement agency can just steal your shit if they "suspect" it's from illicit sources. no charges necessary.

>https://en.wikipedia.org/wiki/Civil_forfeiture_in_the_United_States?wprov=sfla1

>>20714399
Well ya im obviously going to report my stock losses i want to know if they same goes for crypto? Probably not since its not their currency?

>>20715105
>obviously not retarded
yet you don't seem to realize he just told you that you can claim crypto losses like you normally would a stock loss

>>20703855
16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.