/biz/ - Business & Finance

Dont cash out
Try to buy stuff direcly

they do at the end of the year. they also have a service to load all your info into a crypto provider. you can get your files and then take them into koinly. i know it's popular around here to not pay your taxes but you will get fucked by the IRS they have 7 years to audit your shit. you think they won't go to the early crypto adopters who will probably have a ton of money?

Yep, even if you don't cash out every single event is taxable, and they know, and they know you made this thread.
I think you should just turn yourself in now before it gets any worse

>>30101352
That's taxable
The real taxpill is to borrow against your btc in fiat denominated loans.

>>30101385
>you think they won't go to the early crypto adopters who will probably have a ton of money?

I mean, unless the service provider they use rats them out, how would the IRS know

>>30101385
these threads always have irs spooks in them.

taxes are a good thing
leech evaders get the rope

>>30101352
retard

>>30101461
coinbase needs KYC. most other exchanges in the US (assuming this is burger thread) requires you to provide KYC info.
>>30101496
rather not deal with them. if youre on a platform you had to provide some form of ID you're better off paying them. hold them for a year plus to get the long term cap gains at least

>>30101313
I’ve been printing statements from my exchange every time I buy and sell. Is that enough to prepare me for tax time?

>>30101461
>he doesn't know
all ISPs in US report all traffic on their networks to the FBI/NSA desu by law
thanks Obama

>>30101506
>crab bucketing
The real leeches are the feds.

>>30101313
Soon just holding crypto will be a taxable event if not outright illegal.

>>30101444
checked
this is legitimately fucking brilliant desu

>>30101506
>40% tax is good bro, gotta fund the corporate media and destroy the middle class =)

>>30101444
Then how do you pay it back? Unless u bring in new fiat, u still have to trigger a taxable event to pay it back?

What about Binance's Visa card? Does the tax authority get info for them?

>>30101313
With the amount of people who didn't know this I'm hoping there will be some form of amnesty, like any trades before X date, provided you declared and paid something, will just be taxed on your final cash out

Why can’t the tax new just fuck off? Don’t these leeches get enough printing money and reducing my buying power every year? Fuck I want to revolt so badly bros.

>>30101313
Not learning to track all your transactions, insurance payouts, ammunition costs and mission bonus payouts playing EVE Online for 10 years to prepare for the future... shameful.

>>30101750
Hahahahaha you think the government cares? They HOPE people fuck up their taxes cause then they own your ass. Fees, interest, wage garnishment, tax liens, seizure of your assets. They wait until you have shit they can take like a house or big bank account and then come for you.

>>30101313
Exactly why you can't and don't claim it retard. Just pay the fine if you get audited which is extremely rare for regular people.

>>30101709
>have btc
>borrow fiat against it and pay interest in fiat
>buy municipal bonds (the income is fed tax free)
If your rate on your crypto loan < the yield on these bonds you're done and take the difference as tax free income. Else you can toss it in any other investment vehicle (stocks whatever). You'll pay tax on dividends and cap gains then. The real purpose is not to spend btc. Every dollar spend of btc today is like $10 in five years.
You wouldn't even need to sell the securities bought on loan, you could just roll over the original btc collateralized loan.

I though only capital gains profits were taxable once you sell. At least that’s how it is in Australia.

>>30101496
To any IRS agents, the user posting from this IP address pays his taxes on time, and any statements made by this IP address claiming otherwise were satire.

>>30101313
Try not to cash out

if you do, try to wait a year, if you hold longer than a year you can claim it as a long term holding and pay 0% in taxes under 40k

if you want to cash out a large amount just get a CPA with a copy of all your .csv files or if you don't want the headache just follow this formula (what I do): [ (end amount - start amount)* tax bracket]

if you aren't a pussy just convert it all to monero, wait 90 days, convert it back to BTC and claim it as a long term holding when cashing out or just cash out buy buying gold/guns/art on the deepweb, I also hear NFTs are a good source for laundering

>>30101352
>Try to buy stuff direcly
I just realized that if more shit were purchasable with BTC, my employer could pay me in BTC and I wouldn't have to pay taxes since I'm being paid in tokens. And just like that we've discovered the greatest use case for crypto of all.

>>30101986
That is how it is but we consider the conversion of one crypto into another crypto to be an instantaneous sell and purchase. Thus you pay tax on the gains accrued by the crypto you had before the swap.

>>30101313
>paying taxes

thanks goy, someones gotta do it

>>30101385
>IRS they have 7 years to audit your shit
Wait after 7 years they can’t audit you?

>>30101496
niggIRS are stupid, they can't even crack monero, pathetic

I pay them just to avoid the headache and jailtime but to every tax dodger in this thread who holds more than 500k. God bless you I hope you make the IRS kts

>>30101986
If I invest in some shitcoin and I trade it for another shitcoin I'm supposed to pay capital gains tax on the profit of the first shitcoin even though it's unrealized

>>30102009
Any and all gains declared made by me on this site are made in Minecraft through punching trees.

>>30102053
Not so fast goy! You'll pay capital gains tax whenever you purchase goods and services with crypto. And if you received them "for free" (cost basis = 0) the entire value is considered capital gains.

>>30102075
Fuck. I think I read that that’s how it works here too. This is completely retarded, why would it work like this?

>>30101903
>you could just roll over the original btc collateralized loan.
What does this mean please someone answer

Just dont sell stoopid

Buy something good and hodl

>>30102153
No kike, I don't want to work for you or your central bank. I'm going to push for decentralized adoption.

>>30101313
>every time you check the price its a taxable event

>>30102086
I doubt it, that sounds like something an IRS nigger would say to bait a tax dodger.

like pic related

>>30102186
how do you all not understand this?
>you buy 10 coin when it's worth 1$
>coin now worth 5$
>you convert 50$ of coin into another coin at current market value
>40$ of that coin was unrealized gains now turned into realized gains because you converted it

>>30102214
Sellings not the issue, trading is.

>>30102086

Typically the IRS ditches all records after 7 years. Unless there is already an ongoing investigation you have no reason to keep records dating back more than 7 years. If you run a business there is MAYBE a reason to keep them dating 10 years back, but you would have to be a pretty big business.

As far as non-corporate entities are concerned; don't bother keeping anything older than 8 years.

> I’ve been printing statements from my exchange every time I buy and sell. Is that enough to prepare me for tax time?

It'll prepare you, but you need to know how to calculate your tax. You can do it. Several years ago, brokerages didn't provide cost basis information, so even everyday stock investors had to keep good records of their stock transactions.

>>30102186
We didn't have a tax structure that worked with crypto since they are not securities and governments are reluctant to recognize them as currency. Hence, shoehorning it into the existing structure by saying well they're common securities but they're not.
>>30102193
>take a loan against your bitcoin
>get a low rate by fully collateralizing it. Means you take $50k in fiat and lock 1 btc into custody at today's prices.
>take the $50k and buy securities with it, generate income. Pay interest only
>it's time to pay off the loan
>take another loan
>pay off the original loan with the second loan
>you have the same loan terms but it's not due until (future time)
>>30102235
That's the spirit

>>30101313
They do this so they can throw anyone they want in prison for tax evasion.
You HAVE to use a service that accurately calculates how much you own in crypto if you’ve bought in the last 4 or 5 years. Otherwise if you’re on the FED’s list, one audit and they throw you in the gulags.

Also. Any questions you might have about leveraging btc properly can be answered intuitively by supposing that btc is land.
>have land
>borrow against the land, land is collateral
>etc etc
Just remember btc = land and it should come easily.

every moment in life is a taxable event

>>30101496
Why wouldn’t it? Scare tactics are the best way to squeeze money from the goys. It’s the most effective method. They are always short on manpower but this reaches more people.

>>30102437
>>it's time to pay off the loan
>>take another loan
>>pay off the original loan with the second loan
>>you have the same loan terms but it's not due until (future time)
Thank you anon ive been researching this exact issue autistically today from that Saylor clip going around, I finally understand it

>>30101986
No, governments around the world are cracking down on crypto. The Jews need to take their cut at the very minimum. If it becomes a threat to heir fiat ponzi they will shut it the fuck down.

The confiscated gold when it became a problem and took us off the gold standard temporarily. At the time you could buy machine guns via mail order and they sold dynamite at local hardware stores and cocaine in the drug stores. A few decades later they restricted the purchase of guns, then they took us off the gold standard completely. Couple decades later they banned machine guns. Now you are fired for saying nigger, blacklisted for opposing giving steroids to preteen girls, and fined for not wearing a mask.

The days of making it in crypto are numbered and we are very likely living the last of them right now.

>>30102515
The problem is btc can lose 90 percent of its value and then you get liq’d and lose the collateralized asset. How do you prevent this? This is what stops me from getting a loan against my Linkies tomorrow and buying a house and a truck.

>>30102675
I think BlockFi arbitrages their assets and they haven’t liquidated a single person so far in their years of operation. Even after the march black swann.
Listen to the BlockFi episode of The Investment Podcast.

>>30102675
If you put the coins as collateral that’s the banks problem. They can’t take your house and truck if the agreed collateral is the coins. They can bag hold the coins, that’s their recourse. Read the contract.

>>30102634
Wealth taxes are coming. Have plans to move to other jurisdictions like Portugal. Lesser countries will be happy to take on a bunch of super rich folks, never forget that. Also buy land, real estate, other shit that is more difficult for them to take from you.

>>30101313
Crypto->monero->BTC/ETH->physical silver->Craigslist boomers->capital gains free fiat.
Physical premium and your time spent is still less than capital gains. Even if it isn't its better than funding reparations or globohomo agenda.

Whenever I see big gains I always remove 30% from my head just to see the real post tax amount, best way to deal with the blow.
If my goal is to cash out 1M out of 50k I tell myself I need to reach 1.3M at a minimum. Pay your damn taxes people, if you get audited it's on YOU to prove without a doubt that these were not ill gotten gains, they can take what they want, fine you whatever they want even if it's 10X their lost revenue. Declare everything and record all transactions every year, paying an accountant is a small price to pay for peace of mind.

>>30102774
Then if there’s a flash crash you lose the one asset that you do not want to lose. I guess you could always just buy more in a dip with the loaned money? The point is to not sell or lose your crypto bro. That’s the meal ticket.

>>30102675
If you're worried take the loan at a market low, when we have those ~3 year crabs.
You can't get liquidated on a loan that is fiat denominated. Understand what I mean. I mean you contract with someone to pay back a snapshot of your crypto value on some date (when you open the loan) and pay them back in fiat. These do exist today. You take that money and you bring it elsewhere. They can't liquidate you, at best they can sell your btc collateral. But that subtracts from the outstanding balance on the loan.

>>30102825
Cuck.
I guess some suckers have to pay the kikes to keep the fiat ponzi running.

>>30102634
Fuck, we need to revolt asap

>>30102882
The overcollateralize. Put up 3 btc and get the value of 1 btc in fiat. Many ways around this

>>30101385
Imagine believing any of that is legitimate after the absolute shitshow of an election we just have. And anyone who says anything - doesn’t even do anything, mind you - just says something, ends up labeled as a fucking domestic terrorist

>>30101313
>Coinbase
im not convinced their buy/sell history is even accurate for my account and things like Algo just wipe out all your history with small earnings

>>30102811
>trannying-out your scar
why bro

>>30103020
Are you talking about the sticker or the Rhodesian camouflage?

>>30102882
Yea if it crashes then buy more if you still believe in it. Fuck the banks, they know the risk, it’s not their money anyway.

>>30102886
I guess if it crashes I can just use some of the loaned fiat to buy back in cheaper and they can bag hold the Bitcoin?

Suppose I take a $50K loan w 1 BTC collateral now, btc crashes, they sell mine to cover their losses and I’m on the hook for $25K or whatever. Can I still refinance the loan at the end of the term if I’m paying interest or is that money due immediately?

>>30102100
>>30103006
They haven't even done last year's job. They're dragging heels because they know it's all gonna collapse so they take but won't give. People aren't getting their tax returns yet this year. Fuck the IRS

>>30103071
The default color is so aesthetic, why fuck it up?

>>30103091
Man this is tempting you guys are giving me some good food for thought. I have a lot of money sitting in LINK maybe I should make a play. Not getting any younger.

>>30102986
Where can I read about this? How did you learn this and are you doing it yourself? Are you planning to cash out at all or just perpetually take loans on loans per the Saylor strategy?

>>30103180
Ok so you have a $50k loan and it's backed by 1 btc. Btc falls to $25k and they sell your 1 btc. You now owe $25k as per the original terms.
You can still find some other lender from which to borrow, but you're going to need to collateral for a loan that big. It could be anything. You could even take a loan against whatever you bought with the first loan. The money is due when it was always due as agreed when you opened the loan.
It's like a foreclosure.

>>30101444
Transfer to wallet, use Bidali
https.giftcards.bidali.com.

Exchange for MS or Steam or whatever and resell on G2A if desperate for paypal fiat. Or choose other options. Bidali doesn't need KYC and you can use a burner email. If you get called say you got tricked into giving ETH to a scam giveaway and lost it. Also checked.

>>30103369
Gotcha, last question on this: will the original lender still be willing to enter into another loan refi K with me at the end of the term in a scenario where my collateral gets sold off to cover a portion after a crash?

>>30103242
Because I can, and poorfags already seeth at people just owning one might as well enjoy their cope when I "ruined" something they can't even afford lol. In the end Rhodesia was a legitimate white settlement fighting communism and aesthetic as fuck. I love everything about white incursions into Africa.

>>30102009
ty fren. it's true.

>>30103203
kek the government bogged them with the stimulus shit so now they can't even steal other people's gains properly. The IRS are the niggers of government institutions

>>30102100
amen
>>30102564
this guy gets it

>>30103006
Hahahaha imagine still believing the election was rigged. Seethe loser

>>30103487
Any pistols?

>>30103617
The FBI/ATF are the niggers of govern the IRS is the kikes

>>30103362
>Where can I read about this?
I have no idea. Investopedia I guess? Finance textbook?
>How did you learn this and are you doing it yourself?
I studied economics, was a banker, and started a CFA track. It's all come from that
>doing it yourself
Not yet. But I probably will start doing it when we hit the next gigacrab season, wherever that is.
>Are you planning to cash out at all
I'm gonna cash out the tops and buy bottoms until bitcoin's volatility stabilizes. Could take over a decade to happen. Until then I wouldn't mind taking loans against it in cycle lows so I can keep my bitcoin and still make returns elsewhere while it crabs.
>>30103467
The original lender will have nothing to refinance if they've liquidated your collateral. No more collat exists, there is nothing to lend against. If you provide more they might. In an example where you provided collat in excess of the loan balance, ie. 3 btc to borrow 1 btc worth of fiat, I don't see why they wouldn't refi to extend the loan out further and get more interest. Up to them anyways. You can always find another lender.

>>30103617
It really is difficult deciding which federal agency I hate the most: the FBI, CIA, ATF or IRS. They all make me seethe like nothing else.

>>30103667
Yes officer I do have lots of pistols
Glock 40 converted to 9x25 Dillon with a 7.25" barrel shooting 65gr Lehigh Xtreme Defenders 2400fps which is about 900ft/lbs

>>30101506
The government is corrupt.

Also to be a little more clear about my endgame. It's this >>30101903
I'm expecting someday bitcoin trades like gold and just tracks inflation. If that doesn't happen, still fine, borrow on cycle lows.

IM NEVER GOING TO PAY TAXES

YOLO

just hoping I move out to another country before they can catch me

>>30101313
Donate to some tokens as a charity write off.

>>30103242
>Anon can't appreciate the pure kino of Rhodesian baby puke
ngmi

>>30103683
Thank you anon, you’ve taught me a lot this thread. I hope you’re holding some Linkies as well as the BTC. I’m torn between playing this collat loan game or just selling EOY and buying back for cheap in a couple years in the heart of the bear market. We’ll see, need to research some more

>>30101901
How does auditing work?

One more thing. I don't know why anyone would ever liquidate a fiat loan with btc collateral. It's not like margin where the collateral is actually purchased with the borrowed funds. You still hypothetically have the money you borrowed. So there are really two different kinds of collateral on these loans: The btc you put up and whatever you did with the cash.

>>30103789
Sick, mirin

>>30103883
Depends on the gun, I have a soft spot for the SCAR’s look

Is there an easy tax service that will do my uniswap trades?

>>30101313
What's taxes senpai?

>>30103659
>doesn't even win a quarter of the bellwethers
>higher vote count than Obama in the most politically divisive time in our nation's history
>votes violate Benford's law meaning that statistically they are impossible to be legitimate
you are one dumb nigger

>>30101313

>Buy $1,000 of Bitcoin and eth on Robinhood
>sell it
>report that on your taxes

Now that we have apps like Robinhood with millions of new inexperienced traders, there’s no fucking way the IRS will have the capacity to audit everyone. Anyone who says they will is fucking deluded or trying to spook you for fun.

>>30103977
Fair enough, I have a thing for Russian plum, will never paint my 74s.

>>30102437
1 flaw in the system. If bitcoin goes down alot the loan firm will liquidize your bitcoin to start paying off the loan if you dont pay it back early. From my knowledge, all crypto loan firms operate like this. Meaning to be safe(which you should be doing with loan and collateral) you would take out 50K, but lock 2btc into custody.

>>30103738
why not hate them all?

>>30101313
Every movement is not taxable. Every trade is. Do most of your trading off of coinbase on a non-kyced, vpn’ed account. For all they know, you bought btc on coinbase and then held it on binance for three years and never traded at all.

>>30104040
Based I want to get plum handguards/grip for my underfolder

>>30104040
Yep that’s another aesthetic as fuck color

>>30103918
My advice to you seriously would be don't lend against link, yet. Because it's too small and new, and too hard to identify what its macro cycle is. I would only borrow against btc because we know the economics of it well and generally what it's going to do.
I would only borrow either at a cycle low or when the value is stabilized.
>buying back for cheap in a couple years in the heart of the bear market
Here's the thing right. Let's say you do that. Now you have X many dollars locked up not making returns, just crabbing. The idea is borrow against it here and go make returns in stocks or whatever without needing to sell your coins. So say you do this and suddenly the golden bull comes back, it's no problem, you still own your coins. It's like a price lock unironically.
I fully missed link. Fs in the chat boys. Saw it shilled for years and never took it seriously.
>>30104048
Take it at a cycle low and overcollateralize, posted earlier itt. How much you put up and when is all dependent on your risk tolerance I guess.

>>30102811
someone is trying too much.
we get it. you're edgy, a trannie and a nazi and an outlaw

>>30101506
The government is simply a legalized monopoly corruption racket; Fed agents are simply their system's enforcers and hitmen, exactly like a cartel's down south or a made man in the Mafia. They are, without question, the OG criminals of organized crime. They rob wealth (in the form of taxes) from everybody to enrich themselves and their corporate handlers. Taxation is theft, and especially so when it goes to funding wars to enrich itself and kills our soldiers and innocent people abroad, in order to keep the monopoly and whole system of slavery going.

Defending having your wealth stolen from you because you honestly think it is for the benefit of the people in society (lol) is the epitome of slave morality and you're the kind of useful idiot sheep (((they))) love.

>>30104048
Read the thread bro we already walked all the way thru that issue

>>30103006
trump lost, take your meds

>>30102259
its retarded because its all unrealized gain until I have cash in hand

Lol fuck the tax man just go to Jail for a bit if you have to don't give them shit fucking Jew fucks should be changed in Minecraft

>>30104064
Oh I do fellow anon. I do. It's simply a matter of who I hate THE MOST, and that's a bit more tricky to determine. I suppose the IRS, since they are the agency that directly siphons wealth away from people every year, but it really is close.

>>30102013
Nfts are the way to go. Who gives a fuck what the artwork is. If the blockchain says it’s work 600 million it’s fucking worth 600 million.

>>30104164
>fully missed link. Fs in the chat boys. Saw it shilled for years and never took it seriously.
Not too late to pick up a small stack. Read the Citi Group report on it from a couple days ago, ridiculously bullish. I’d do everything in my power to snag 100 at this point. If you have serious money in Bitcoin I’d even consider 1K LINK. But you know what you’re doing. Wagmi bro

>>30104133
Kampfy

>>30104005
no. have fun scrolling through etherscan to piece together your transactions

>mining bitcoin is a taxable event
>value of bitcoin at the time of acquisition is used as realized capital gain even though you don't have a penny yet just some virtual coin
>somehow have to pay for that coin even though you plan to hold it
This fucking government can suck my right testicle (the bigger one.)

>>30104382
I saw it too. I have done a proper valuation on link yet but my gut says there's good growth left in it. Question is do I think it will outperform bitcoin in the next year. So I think probably I'll wait until the next crab to pick some up.
Citi's report is mega bullish, for this entire market. Their idea that it could be the currency of international trade is absurdly based and probably true. We already see this between iran, turkey, venezuela who want to get around sanctions. I think about these things like the usd - yuan beef and it just makes sense to have a one world currency :^) in which to denominate commodities. No state can manipulate it then or restrict anyone's access to markets. Network attacks withstanding
Never thought about this angle and always assumed it would take the spot of different havens (some bonds, gold, some real assets etc)
Do you have a link for what you said about the saylor strategy? I don't think I've heard about it

>>30101444
oooh checked, thanks anon

>>30104005
https://app.zerion.io/Eth wallet here/history
Download csv

*haveN'T done a valuation. Else I would share it
I have done a proper valuation of this gin today

>>30104449
Then the IRS can suck my dick

>>30104164
>Fs in the chat boys
What kind of pathetic zoomer are you.

>>30104668
I’ve always said I’ve been kiked by supposedly non kike great america more than by the zionists themselves.

>>30104005
Try cuck.tax

>>30104741
I'm a man of culture

>>30104740
>>30104449
People that can't code their own transaction crawler on a public blockchain shouldn't be in crypto frankly.

>>30101313
They still can't find people who stormed the capital "if it even happened" So I think your safe. Plus there has to be a government to prosecute you and it isn't looking too good in DC

>>30103843
There’s a tax for leaving The country

>>30104840
No you're not. 4chan culture flows one way. Away from 4chan. We don't want to have it come back knocking after having been taking for a ride on the twitch/youtube/reddit train.

>>30102811
This shit is as söy as bing bing wahoo, just for a different audience.

>>30105077
>policing
Downvoted

>>30101385
They dont have enough agents. And tg3rt are underfunded.

>>30101313
You can literally download a pdf of all your transactions any time you want

>>30101313
REMINDER : Once you make it, the IRS will TAKE it

>>30104696
The links are in this thread. It’s the same stuff we’ve been talking about just taking loans against your appreciating assets instead of selling them:

>>/biz/thread/S28460180l

>>30101444
Coinbase is offering you 30% of your BTC balance as cash ready to be used with 8% APR.

WHY THE FUCK WOULD YOU NOT PRINT MORE MONEY USING THAT TO BUY BITCOIN?

KEK ANON STOP JERKING ON THIS RUBBISH
everyone here laughs at your rubbsih
clever dude will check just liquidity yields
my wallet is safe with juld tokens

>>30101506
Worst take ever.

this thread glows. fuck niggers and fuck taxes

>>30101313
>every movement
including those of the bowels?

>>30105620
>Coinbase is offering you 30% of your BTC balance as cash ready to be used with 8% APR.
No shit is this real? Just to park your shit on Coinbase?

>>30101313
Is this a reason to only hold DHT?

>>30105762
I just saw it today. I love crypto.
Fuck the jewish controlled banks and stocks, they just want to keep you poor.

>>30105975
Seriously this shit is so eye opening man. Like my whole life I was just on this completely bullshit path to go make someone else money and take a tiny slice.

>>30104301
I roll a D4 caltrop to decide personally

I like using the IRS as a bank, I over pay them and they leave me alone and eventually send me money on returns. Pretty comfy and I'm not short on cash so I can take the hit financially. They'll over stay their welcome and get freedomized soon enough

>>30101313
Americans. Just what the fuck.

>>30103944
When you borrow against your coin you're going long. If the lent coin drops you're getting margin called. That's how I conceptualise it anyway.

>>30105730
there are no federal agents on this thread, ignore this post. we don't even browse 4chan, it's against agency policy

>>30106165
let this be a warning to all nations, what happens when you tolerate the jews

BOBO, ARE YOU OKAY?
SO, BOBO ARE YOU OKAY? ARE YOU OKAY, BOBO?
BOBO, ARE YOU OKAY?
SO, BOBO, ARE YOU OKAY? ARE YOU OKAY, BOBO?
BOBO ARE YOU OKAY?
SO, BOBO, ARE YOU OKAY? ARE YOU OKAY, BOBO?

>>30104297
Don’t they forcefully take your wealth when they send you to gaol?

>>30104851
>Here’s 27 reasons why me being a nerd is acually cool
I’m good

Move to Dubai. They pay $0 income tax. And it’s not just for crypto.

>>30107326
They gonna torture us for our keys? Shit, they probably will.

>>30107429
More like
>Here's 27 reasons being a faggot is actually cool
Imagine paying crypto taxes. It must be so, so incredibly sad.

>>30105730
Look at those poorfag whiteboards.

>>30106348
>>30106165
all countries tax realized p&l you dumb cunts

>>30104376
and i just realized why everybody's paying $35k for pictures of twerking pepe. damn. that's smart

>>30107687
Dubai doesn’t

>>30104413
underrated

>>30101506

>>30101903
>The real purpose is not to spend btc.
I dont mean to sound retarded but whats the point of this? I thought you only had to pay capital gains if you withdraw
are you and OP saying that if youre holding crypto and it appreciates, you have to pay taxes even if you dont touch it? what if its your main income that year, would you have to withdraw whatever you owe to pay it?

>>30108966
I’m a woman trapped in a mans body though

>>30102075
ahh I think thats what I was confused about here >>30109002

>>30102009
As if IRS Agents need a reason to bash your skull in.

>>30102053
Yeah ofnyou use a coinbase card to buy stuff, for example, you have to calculate gains on each purchase. Likewise, you can also write off a loss on each purchase of the price is lower than your entry.

>>30101506
I’d have little problem paying taxes if I knew it wasn’t going to be immediately pissed away on food stamps for deadbeat nigs and on a cruise missile to kill civilians in Syria on behalf of Israel

>>30101401
Every breath you take is taxable so stop hyperventilating anon.

>>30101903
So you're hoping to net enough yield from bonds to make up the difference on your capital gains when you cash out of btc? O wonder what a realistic break even timeline for this strategy would be.

>>30103203
That's why there is a bill to give them like a billion dollars to go and rape everyone for any loose change they can find

>>30101313
>tfw holding crypto is now a taxable event
>15% tax every minute you don't sell

>>30101808
I knew my decade playing EVE would pay off some day

>>30103832
>I'm expecting someday bitcoin trades like gold and just tracks inflation
Same. I figure we're in the middle of the "exponential" part of the logistic curve.
Im 50/50 btc and rsr though, I figure that rsr is in the "slow growth" part of the curve before it reaches a critical mass. If btc will be gold, rsr will be the common means of exchange (or at least one of the main ones). My hope is that btc will reach its equilibrium before rsr, so btc will be my medium-long investment and rsr will be ultra long (obv still risky at this point, but with accordingly high potential)
while link and eth and ada are legit projects, Im pretty bearish on dapps, defi, (esp.) governance atm. Atm the only applications that dont seem immature/vaporware are monetary/stores of value. RSV is a stable coin backed by a basket of appreciating assets and stabilised by their traditional token RSR through an arbitrage mechanism. Theyre first pushing adoption of RSV in hyperinflationary/high inflation countries as an easy way of dollarizing (and theyre the only ones doing this atm)

id strongly suggest you check out the reserve project and learn how the protocol works:
reserve.org
https://youtu.be/xqHW9mcHWeM

>>30104206
I like how that’s your only argument and you turn your nose up at the fact that the media is being radicalized

I feel like the IRS couldn’t give two shits about my four figure portfolio

>>30101903
do municipal bonds even yield enough to pay down the interest? You must be loaded lol

>>30109580
I think his point is that you can just never cash out and keep borrowing against it to grow your wealth and avoid taxes

>>30111654
What’s the best place to short crypto? Binance doesn’t have shorting yet

>>30111757
shorting? what are you talking about
"borrowing against btc" means a loan collateralised by btc

>>30104181
Basado

In Germany you can buy digital bonds now. In China you can biy bonds with bitcoin. All you have to do is purchase bonds or other tax deferred vehicles directly when it becomes available. Anyone, I believe that even if you beed to cash put into USD it can be put into escrow or something in such a way that you are not taxed for moving those gains into the tax deferred bonds or whatever.
https://www.wsj.com/articles/a-big-chinese-bank-is-selling-bonds-that-can-be-bought-with-cash-or-bitcoin-11605069043

What if I'm dumb nigger who ape'd in most of the time and is currently 10k down on my initial investments.

Will I get raped if I have only losses?

>>30101717
Thats what I'm interested about too, I got mine last week, already activated it but didn't make any purchase or cash withdrawal with it. Even if daily limit is kinda low to cash out big sums(290eur cash withdrawal, 500eur for payments) I wonder if there's a way tax institutions in EU can track me.

>>30101808
The IRS is webbing, neuting, and scrambling you.

>>30102923
that’s not cucked. if you don’t it’ll limit your moves.

>>30114068
for burgers, you can write off $3k/year in losses.

>>30114068
sorry, aus anon here.

>>30105077
keked hard at pic
Seriously tho, I wanna fuck my sister so bad

>>30105620
>Coinbase is offering you 30% of your BTC balance as cash ready to be used with 8% APR.
>to be used with 8% APR
What does this mean?? Can someone answer please.

yes, every trade is taxable too. but in some countries there is a little margin of realized gains you can have, without having to tax them. that's why you can trade from USDT to other shitcoins without having to bother with taxes, because the gains are small or maybe even in the negative. BUT getting free shitcoins from coinbase earn and instantly turning it into other coins like Bitcoin will make the whole amount taxable

>>30114775
>neuting
good luck im using projectile
>scrambling
good luck im gallente
>webbing
lmao look those drones how fuck you up hardcore

>>30101506
Fuck off nigger

>>30111654
So by borrowing against it, what do you do when your monthly payment arrives? "Its ok my bitcoin went up"?

>>30101506
>simping for a government that hates you
Nah fuck that shit. Fuck the gov.

>>30103006
Biden is illegitimate guys like you and me know

If they know all my crypto information and are just waiting to arrest me for not reporting it properly, why don't they just include the tax automatically in each transaction and save me the fucking trouble of calculating all this bullshit by hand?

>>30103006

>>30101313
I've never cashed out but can't you just transfer all your holdings to Crypto.com and get that credit card and basically just live your life off or that, maybe make some small withdrawals into fiat when you need to?

>>30103006

>>30101496
>POV: you are an IRS agent

>>30117745
If you understood how us taxes work you would understand why this isn't practicsl or even possible

>>30118417
I never claimed to understand crypto. I just buy coins and pray that they moon.

>>30105620
>>30115398
>/biz/ is literally too dumb to understand interest payments

>>30103738
Are you forgetting about the NSA and DEA?

Can someone explain why taking out a loan is better than just paying capital gains tax in this situation:
I take out a fiat loan from Nexo and get an LTV of 35% for my Linkies.
Right after this Chainlink takes a huge dump and most of my collateral is liquidated.
Now I'm left with only around 35% of my initial collateral value in fiat and my Linkies have been liquidated.

If I would have sold all my Link and paid 30% in taxes I'd still have 70% of my initial value.

I'm not aware of any "tax deferred vehicles" in my country. So why should I take the loan, am I missing something?

>>30101444
Then pay the taxes back anyways when you repay the loan

Taxation is theft we here don't support criminals.

>>30104005
>>30104740
tokentax

>>30104005
Question. If it's difficult for you to do it, how would the IRS do it?

>>30120995
it's extremely easy, he's just retarded. tokentax calculated all my shit in like 2 minutes, thousands of trades. there are a ton of other services too

>>30114775
Lol, imagine not running t3 with dicnullifification and 3 warp core stabs. Pathetic

>>30101506
You have to go back

>>30121100
Yes but how would the IRS know if you didn’t file your uniswap transactions?

>>30119303
so that's what it is
thanks anon

>>30101313
>the canadian government only cares about a lump sum and won't lift a finger as long as you pay an amount of money
feels good being a leaf bros

>>30104070
This. Imagine swapping on anything but a dex.

>>30101672
Is this loss?

>>30102934
Patriotfront.us

Its our best bet right now. Check out their december 2020 pro life march on bitchute

>>30104021
Dangerously Based

>>30101667
So glad you missed those trips

>>30101606
Yes, then you can calculate everything manually or pay a service to do it for you

How much money do you have to make/earn through crypto for them to even care?

Also If you have more losses than earnings will you still get taxed?

Like if I put in 10k, gain like 2k
Then lose 7k?

>the year is 2025
>be a white man living in the USA
>breathing is now a taxable event
>forgot to count breaths while sleeping for the past 5 years
>tax owed + penalty is more than my entire salary
>thrown in maximum security prison
>house is repossessed and giving away to some immigrant mexican family

>>30122576
What does this even mean? How does it work in Canada?

>>30124158
no of course not, and thats my favorite part. I once wasted the IRS time by making it appear I had completed an obscene amount of capital gains with over 1,000 trades. I only profited a measly $350 dollars and I wasted a month of their resources lmfao. I didnt even get taxed

>>30101313
>>30101444
this.

also, xBTC. few.

>>30105975
US only??

>>30105620
8%? Fucking robbery lmao. Try with defi and actually getting paid to park it.

>>30101313
the movement I had this morning is taxable?

>>30103617
>The IRS are the niggers of government institutions
That'd be the ATF.

When I had first started making a couple bucks I got worried about the IRS. Here in the US they just do not fuck around. After hearing all the horror stories i just signed up for an online Crypto tracker.

I personally use cointracking.info for my crypto gains and tracking. The API works with binance, coinbase, etc and can track all my transactions for me for like $100 a year or something.

>>30109353
kek

>>30105077
Is the point here that the 16 year old boy gives no reason to suspect that he's gay but the 60 year old Jewish man writing under the name "Thelma" tries to push homosexuality onto him?

Why the fuck don't people cash out in Hong Kong even mexico or something if you got family that lives there?