/biz/ - Business & Finance

just explain to them you sent your crypto to an anonymous e-girl's wallet for fetish nudes

>>25149251
>>25149224
good luck though it will be incredibly difficult to cash out

>>25149224
crypto to crypto is a taxable event

>>25149224
tumble your coins and say you got rugged/robbed if they snoop around

>>25149251
Yeah but will they dig through the blockchain until they find my uniswap and binance trades? I know they could technically find these transactions, but how far will they really go?

>>25149292
Print out a 5k page tax return of complete mumbo jumbo and find out what happens. protip: nobody will look at it.

>>25149273
honk honk

>>25149352
>he thought the jews won't take their cut of his profits.

>>25149224
>reporting anything other than your main income if you make under 200k

ISHYGDDT

Protip: Fill out a paper tax return. It makes it harder for them track down things. Filling out your returns electronically is basically cucking yourself. Wealthy people submit paper returns for this exact reason

>>25149224
>>25149292

its a calculated risk. no they probably wont do anything this year, but next year there will be enough people trading crypto on uniswap for them to bother

>>25149313
>lashiqua wont even read it...

>>25149292
The IRS (and most other large tax collection agencies around the world) have tools that automatically track blockchain movements. All they have to do is click a button and your transactions will be tracked. Assuming you didn't use a privacy coin or tumbled. If you used a privacy coin and it's large amounts of money it will raise red flags and you will be watched closely.

No legit, how does one even pay taxes on this shit? Can I just print all my shit from Coinbase / binance, pay what I cashed out to my bank account and call it a day?

>>25149606
pretty much unless you get audited
where did the money come from in the first place?

>>25149606
You have to pay taxes on every single trade.

>>25149596
>lashiqua is going to click a button

>>25149626
Holy shit. How the hell does one even do that? Can accountants deal with this shit? More importantly, how many on this board actually do any of this shit?

>>25149686
crypto tax attorney is going to become a very lucrative profession soon

Put all your funds in a wallet and tell them you fell for a scam and all your crypto was sent to a scammer.

>>25149635
I'm not American but I know for a fact that the IRS has (and uses) these tools. It's very easy to track blockchain transfers/ trades.
>>25149686
Same way people report their stock/ bond/ FX/ PM trades. By keeping track of all your trades and reporting them. The IRS doesn't give a fuck about how cumbersome it is for you.

I had to report like 100 trades (stocks and crypto) last year. Spent an entire day on it just to make sure everything was 100% correct. If you make a mistake in my country you can get a massive fine. Don't know if it's the same in the US..

>>25150122
>It's very easy to track blockchain transfers/ trades.
those tools can absolutely show transactions flows. none of that legally proves custody.

I currently invoice a few euro clients in crypto for general IT services. They've paid using bitcoin in past and now stablecoins. Looking at txn flows would tell a very wrong story compared to the reality. The reality is:

Get paid -> Move directly to Coinbase -> Sell -> Bank account

>>25150213
If a tax agency can track your crypto and knows that you have made a lot of money trading, then it will raise a big red flag if you claim to have lost the money. Everyone has thought of telling tax authorities that they have lost their crypto. Tax authorities have heard this LARP many times before, they won't believe you. If you claim to have lost, say $300k in crypto then tax authorities will be watching your every move for (at least) the next 10-20 years.

>>25149718
Until we automate the process with a single app that does your taxes in real time. You can literally see how much taxes you will owe before doing the transaction.

Lucrative my ass. If we go more into crypto then taxes will be fucking automated to hell and back.

>>25149224
One of the first things I did before getting into crypto was looking up the fucking tax laws.

>will binance and coinbase pass my tax info to the government

Why the fuck do you think they give you a little tax sheet for every transaction, retard? It should be obvious that stocks/metals/gambling/crypto all have different and applicable tax laws. This board is full of idiots holy shit.

>>25149224
Pull the "I lost all of my crypto in a boating accident"