[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 136 KB, 998x1024, 1596060909653.jpg [View same] [iqdb] [saucenao] [google]
21158453 No.21158453 [Reply] [Original]

>Wait. You didn't calculate your capital-gains taxes based on the DOLLAR value of each crypto-crypto trade, and instead just calculated your taxes based on the dollar value of when you cashed out?

You're going to prison.

>> No.21158481

>>21158453
Oh fuck fuck fuck do people actually do this?
We all lie about this, right?

>> No.21158522

>>21158453
isn't this common sense?

>> No.21158555

>>21158453
I will sonegate millions. The only thing they can do to me is putting a bullet im my chest.

>> No.21158588
File: 33 KB, 1024x576, ED6FE843-7307-40E6-BF4B-4510FDB1AEC8.jpg [View same] [iqdb] [saucenao] [google]
21158588

>>21158453
>not living in shitistan
>not cashing out at the local tambunting tax free
>not fucking the cashier after cashing out

>> No.21158599 [DELETED] 
File: 1.82 MB, 540x960, 3242_8823498_23432.webm [View same] [iqdb] [saucenao] [google]
21158599

Yes

>> No.21158604
File: 38 KB, 500x502, 1593228840221.jpg [View same] [iqdb] [saucenao] [google]
21158604

>>21158453
1st thing I bought was a cointrachink membership. Spent a month figuring how to use it properly.

Taxas are scary if you fuck up and have to pay interests.

>> No.21158646

>>21158453
Oh shit I'm fucked! I can't even pull my logs from binance the fucking thing only goes back 3 months. How fucked am I?

>> No.21158653

>>21158453
Only if I cash out.

>> No.21158812
File: 176 KB, 850x1190, 31A94E7D-A6D2-4AA2-8801-D26E9C7E14EA.jpg [View same] [iqdb] [saucenao] [google]
21158812

>>21158453
in all seriousness, isn’t sending ETH back to coinbase and paying capital gains tax on the cash out transaction more than enough?

is the IRS really going to use etherscan to search my wallet for obscure shitcoin transactions?

>> No.21159150

>>21158812
It takes them no effort, they do it for tens of thousands of people in mere seconds, idiot

>> No.21159186

>>21158453
>You didn't calculate your capital-gains taxes based on the DOLLAR value of each crypto-crypto trade
HOW the fuck are you going to pay those taxes, with shit coins or what?

>> No.21159187

don't need to calculate taxes if you never sell and stay homeless

>> No.21159276

>I'm going to double tax you, goy!!!
Nah. No thanks. If you want to steal from me you are going to have to do it the old fashioned way.

>> No.21159400

>>21158453
>tfw illegal immigrant with 150k in investments.
What a time to be alive lads. Can't tax me if i don't even exist.

>> No.21159511

>>21159400
One of the rare occasions an illegal turns out to be based

>> No.21159542

>>21158453
>listen you kike I got all this ETH for free from my Somalian friends, I swear

>> No.21160569

>>21158453
>cashing out
wtf would i ever do that?

>> No.21160633

>>21158653
Wrong

>> No.21160725

>>21158653
Capital gains taxes are based on the dollar value of the crypto trades you made. Literally has nothing to do with cashing out, that's a separate tax

>> No.21160745

>>21160633
>>21160725
Then why haven’t they come for me yet?

>> No.21160780

>>21160725
>buy shitcoin
>dont sell it
>you have to pay taxes!!!
Lol no

>> No.21160784
File: 211 KB, 993x765, processed.jpg [View same] [iqdb] [saucenao] [google]
21160784

so if I convert some shit coin for another shitcoin I have to pay taxes if there are any gains ?

how does this fucking jewish shit work
?
its probably a few dollars at best

converted 1500$ worth of XRP to ALgo then back again once it made like 50$

>> No.21161694

>Buy coin
>Hold
>If it goes to shit you sell at a loss so you can report that and use it later
It's that easy

>> No.21162668

>>21158453
As long as you sell all crypto to FIAT before end of year - the values are the same. Unless you only reported what you cashed out and not what was in your exchange wallet in FIAT at December 31

>> No.21162852
File: 56 KB, 1024x529, IMG_20200611_115651.jpg [View same] [iqdb] [saucenao] [google]
21162852

/biz oldfag here. We saw these tax shills come out from their holes during the 2017 bullrun. They mostly operate during Israeli time and their job is to scare retail investors out of the market. The fact is that if you are a US citizen that makes under 40k (the vast majority of US citizens) you pay no capital gains taxes. Legally speaking, cryptos have been classified commodities and there should be no tax on commodity to commodity exchange (they were never classified as securities, go ask the CFTC).

That said, it's important for you to protect your money in case regulations change. Use a VPN or Tor to hide your IP when using a wallet or exchange. Use non-kyc exchanges like flame.exchange, saturn.network, logicDEX, uniswap, balancer etc. Invest in privacy projects like XMR and 0xMR...