/biz/ - Business & Finance

>>5102166
prison

>>5102216
lol there's no way they're going to throw some dude in prison for not claiming 5-10k in taxes in a highly vague area of tax law

if they do jokes on them free room and board for a few months while my crypto continues to grow in value

Fee is 70-90% m8

>>5102216
this...and boy oh boy will the IRS and mainstream media looooove to make you an example to fellow cryptoeans
...or very very punitive fines (with penalties and interest, of course)

>>5102166
5k is nothing. you're fine

i appreciate the suggestions as i made this thread but i think you guys are retarded, just like the dudes that say to pay taxes on every trade like the irs is gonna combine my thirty trades a day from cryptopia, bittrex, and two binance accounts and convert the satoshis into the bitcoin value of the time so they can collect a few thousand dollars

i'm gonna roll the dice on this one and not pay i kinda stopped caring about life at this point anyways

>>5102166
https://www.irs.gov/taxtopics/tc409

>>5102351
I'm definitely older than you so let me splain something to you.
I've been audited several times since 2000. When you are audited, they get all your info...including bank records.
They CAN (and do) go back through 3 years of your records, even though they are (wink, wink) just here for this past year.
IRS Agent: 'Hey anon...what are these bank deposits in 2017? They are coming from an exchange clearing bank...hmmm...I don't see anything on your 1040 attachments about that...hmmmm..."
You : [uncontrolled diarrhea and bladder spasms]
Just do the right thing and sleep well at night.

>>5102166
Exactly. If, hypothetically, they detect this low level shit, and hypothetically care enough to go after you, to make a point or whatever, you'll get a letter in the mail in about a year and a half. The letter will say "pay $x or dispute". The $x they will ask will not account for your cost basis, so make sure you dispute. This takes them another year to respond to. Then just pay the final amount plus the 1% penalty or whatnot.

>>5102253
99% chance the IRS is going to throw a BTC millionaire in jail in 2018. Once they start to dig through the Coinbase records prepare your anus.

For a 5k profit? You'd better be able to pay up with penalties ASAP when the IRS sends you a letter. Otherwise they're going to put liens on your shit and try to fuck your world up.

>>5102166
>They come after me and I pay a 1% penalty or some dumb shit?

Yeah. You could actually speak to an accountant.

It would surprise you what you can write off in tax.

E.g, you use a computer, work from home, pay exchange costs, buy research and subscribe to info' resources to stay ahead of the game etc...

This can all be written down against a return.

1. Cost of using computer, mobile phone contract, home office, are all deductible.
2. Transfer of crypto into fiat, can be written down.
3. Subscription to resources for research as well, all deductible.

Chill out man.

>>5102713
this
and the one they choose will be a 20 year old 'whiz kid' white suburban dude plastered all over MSNBC and such, with pics of him in Bali or standing next to his suicide-door lambo

>>5102867
brilliant advice...actually...and it is rather simple and easy