/biz/ - Business & Finance

I honestly dont think you have to worry about a $500 dollar transaction... especially when purchasing and holding, without transfer back to fiat... I'm personally purchasing crypto, holding and cashing out when i hit a certain dollar figure.. Could be 1-2-3 years, either way, i wont pay taxes until i actually transfer to fiat.

>>8711781

You can call it a like kind exchange and defer the taxation, so you don't have to pay anything.

That is however changing this year. Starting this year all crypto to crypto trades are taxable.

>>8711781
Yes just report the 1 trade of BTC to ETH. Also don't forget to include jewbases fees and transfer fees in your cost basis for the BTC. Basically all you need to worry about was your cost basis of the BTC and the price you sold it at for the ETH. The difference will be your capital gains/losses.

500 probably even went down in 10 days. Just report it and see what you owe. It's like 15 bucks at most.

>>8711781

Be a good goy and gib the jew his pound of flesh.

>>8711781
>>8712607
>>8712638
>>8712658
>>8712768

All of you are fucking faggots If you gib the kikes one sheckle of your earnings.

You want to live in a kike free world free of their degeneracy then stop believing in the false illusion of debt and taxation. I dunno what shithole country you fuckers live in but Murica was founded by people who refused to be slaves to the kikes and people need to wake up to that fact and stop fueling their own extinction.

>>8712860
>>8712860
But you have to if you're going to invest the money. You can't buy a house for example without paying tax on the cash, or else they'll notice that you're living outside of your means and you'll lose the house and face fines and/or prison

>>8712947
>>8712860
why is this in two separate threads or am i going insane

>>8712947

How does it feel knowing all that tax money you paying is going to tyrone jamal and achmed to get free gibs to come into our society to be degnerate subhuman filth and shit out their little niggerbabies.

Not one cent of the money you pay in taxes goes to anything that benefits you. Stop believing in jewish lies and start freeing yourself from kike slavery.

>>8712860
That was how many centuries ago?
Modern America is a shit fest.

>>8713031

there are still those of us who believe the fires of freedom will never be extinguished. only suppressed. The world is waking up to kike lies and those same fires will purge the heretics and evildoers from our lands.

>>8713020
I'm happy to evade taxes buddy but I'm telling you that you can't invest without paying tax

>>8711781
You put in such a small amount that if you avoided reporting and paying, why would you be one of the people to go after? You know the Coinbase report they released had people who made over 20k worth in crypto? Because you are in a small bracket of pocket change.

Also read another post that said you don't report anything until you cash out back into fiat even after tons of trades. It doesn't make sense to go after someone with little capital or gains.

>>8713091

Been doing it for years. If the IRS wants to create a real radical someone who is willing to dedicate his life to destroying the kike financial system come at me bro.

I know how the system works and I know how to deal immense damage to it but not like it needs any help U.S. is already in deep financial shit and sinking fast. You already have china bypassing the USD with petro yaun not to mention all the debt they're eventually gonna have to hyperinflate. If your not into cryptos or gold and silver when the shit hits the fan your gonna lose everything.

Daile remainder that everyone who traded on verified exchanges is a total brainlet and by doing so you closed yourself the doors to those beautiful opportunities:

>be able to never pay taxes and sell coins for cash if it's a small amount
>be able to make up fake trades from obscure exchanges as you please
>be able to flee the country with no tax obligations (officially) and cash out in a tax-friendly place
>be able to just play stupid and pay everything when you finally make it and cash out to FIAT

Yes my dear cucks, all those tasty opportunities are long gone if you were stupid enough to trade coins on cuckbase/bitstamp/whatever and decided to verify your bittrex/binance account on top of that (BEST GOY EVER)

>>8712658

Thanks for actually answering the question.

I actually found an example form. If I made the trade from BTC to ETH, the IRS wouldn't actually know that I got ETH from it since I'm only reporting that I sold the BTC, right? Also, I heard you had to fill out two forms with doing property taxes instead of one. Since I'm doing it online, will the program I'm using know this automatically?

>>8712860
>>8713020
>>8713084

Every time you pull more than $10,000 of your crypto into a bank they report it to the government. If you're playing with any substantial amount of money the government will figure out what you did if they look you up.

>>8713215
People verify their identities all the time and never get audited. It's like you guys love seeing people suffer for this shit. It's time to take back our finances and end the fucking fed.

>>8713150
The reason I want to report it is because I plan on "making it" down the road. I'm not investing in crypto so I can have $1,000 10 years from now. If I do "make it" the IRS is going to want to know where it's all from and I don't want to go back and do patches for tax returns from years ago. Also, if you lose money from property taxes, you can offset income tax, so I want to use some loss from my crypto from 2017 to offset my income tax.

>>8713231
You don't report cost basis until you sell the asset, so right now you're not reporting the ETH to the government.

>>8711781
For 2017 you have to find out what the fair market value was measured in dollars when you traded BTC to ETH. You report when you bought it in the "Date acquired" and "cost or other basis" section of the 8949.

>>8713258

I have over 100k in crypto but keep very little in fiat fuck the kikes. If they wanna come after I'll just transfer whatever I have into fiat back into crypto and tell them to arrest me not a damn thing they can do about it to. Not like they can force me to pay or anything,

>>8713278
The government considers trading one crypto to another identically to selling it for fiat in "Fair market value" terms. So he does have to report the cost basis when he traded BTC for ETH.

>>8713303

lol at any good goy nigger faggot that does this,

>>8713317
How much would you pay not to get assfucked in prison?

>>8712638
No you can't use like-kind ever for crypto to crypto trades, that was a myth.

>>8713270
of course I agree but it's not like you're gonna change the taxation system works. The Jews got everyone by the balls, and they will rather feed Tyrone's 9th child than fund your cancer treatment.

Imagine someone who realized those tasty gains in december by trading the winning coin for another but didn't take out any cash like a good goy should've but kept it in crypto instead and shit crashed after january, many people are now in tax-debt shitting their pants
The Unverified Masterrace doesn't have that problem, because there is no records of them actually trading anything.

NEVER VERIFY YOUR ACCOUNTS WHERE YOU TRADE

>>8713330
Where on form 8949 do you report cost basis of assets you haven't sold yet?

If I bought BTC on Jan 1 and I received the BTC on Jan 10, is my "date acquired" Jan 1 or Jan 10?

>>8713388
Jan 10. That's when you gained control over it.

>>8713356

I'd rather be assfucked in prison then gtive the kikes 1 cent>

Besides it costs several thousand dollars just to house me the system runs on money.everything has a cost. if your gonna break it learn how to cost the system as much as possible.

>>8713273
You're being lawful reporting it and that's okay. Good thing to take money off what you earned. If you make less than $10,000 per year, you're in the lowest bracket. It may catch you up to you, but usually they let it go. It's like people that make too much don't qualify for medicaid while those that don't make enough can qualify for it.

>>8713370
I know people personally who are verified and never paid anything because it wasn't a lot of money they put in.

>>8713415
But on Jan 10, the price of BTC was different than on Jan 1. Does that not matter since the price I bought it at (before it was acquired) and the price I sold it at are all that's required?

>>8713385
Section B and E. You report crypto to crypto trades identically to selling for fiat. You don't have to put which coin you got in return though, you just have to put which coin you got rid of and the FMV measured in dollars in proceeds.

>>8713346
>does this

What? Follow the law?

https://www.irs.gov/pub/irs-drop/n-14-21.pdf
>For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

>For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied.

>If the fair market value of property received in exchange for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain. The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency.

These 3 sections put together literally makes it inarguable that you have to report it that way.

Also, BTC was having a promotion at the time where you got $10 of BTC for your first BTC purchase. Since that was included as a bonus to the BTC I bought, does that count as a part of the BTC I bought? Since I received the BTC I bought and the BTC that was given to me on the same day, can I just lump them together for the amount I bought the original BTC?

>>8713385
You don't have to report the cost basis of anything you havent sold yet. Just keep your own records of it for next year.

>>8712860
this

>>8713502
Yeah isn't that what OP is doing? He's asking if he should report the ETH yet.
>>8713489
Report it using the price you paid. The acquisition date doesn't matter. 1/10 is most conservative. You can probably get away with 1/1 if you have an invoice.

>>8713478
well of course, but I think all of us are planning to make it one day. I would rather trade my way to the riches peacefully without being bothered by the jews every year (or even every quarter like some crazy cucks preach)

How do you want to make it if you shoot yourself in the foot by being forced to cash out a chunk every year for previous year's taxes. The jews will keep picking the flesh off your bones until there is nothing left for when the market finally moons and all the taxes you paid so far could be worth thousands/millions in future opportunity cost.

That's what crypto was made for, to cut out the middle man. Even if I'll have to pay taxes at least I'll do it ONCE and on terms that I like, because no one knows what and how much crypto I own.

https://www.reddit.com/r/CryptoCurrency/comments/7pxx7y/irs_clearly_states_that_only_convertible_virtual/

>>8713370
>of course I agree but it's not like you're gonna change the taxation system works.

Its also not possible or fair to tax digital assets. You are literally pushing for a world where we have to report how many loot boxes we open and how much wow gold we have.

> Oh but those things don't have value

Those things do have value and are traded for every day on similar exchanges as crypto. You are full of shit or you are completely ignorant if you think otherwise.

>>8713588
Can you go to jail for not paying taxes?
Yes, there's a statute of limitations for criminal penalties: After six years, you can't go to jail for not paying taxes. But if the IRS ever discovers that you didn't file your taxes in 2008, they can still force you to pay civil penalties."

You should report your taxes. If you don't, it doesn't mean you're screwed. It's playing russian roulette. Some people never get in trouble at all. Some do.

If you bought ETH the transaction is on the blockchain. They can find this without going to an exchange verified or not. Every crypto transaction is on the blockchain.

>>8713681
I agree with you, that's why I warn everyone to not be a good soy goy and don't verify any accounts for crypto-crypto, and only buy on fiat on/off-ramps, never trade there

>>8713681
Fair is not their game. They don't want fairness. Otherwise this world would be in a different place with no imminent crash on the way when we are due for the biggest crash in history. The 2008 crash will be nothing like the one getting ready to happen.

>>8713595
If there's an exchange that let's you convert from Shitcoin > BTC > USD, they consider shitcoin as convertible.

Read closer their definitions.

http://www.fatf-gafi.org/media/fatf/documents/reports/Virtual-currency-key-definitions-and-potential-aml-cft-risks.pdf

By non-convertible virtual currencies they mean WOW gold... basically.

>Non-convertible (or closed) virtual currency is intended to be specific to a particular virtual domain or world, such as a Massively Multiplayer Online Role-Playing Game (MMORPG) or Amazon.com, and under the rules governing its use, cannot be exchanged for fiat currency. Examples include: Project Entropia Dollars; Q Coins; and World of Warcraft Gold.

>Cryptocurrency refers to a math-based, decentralised CONVERTIBLE virtual currency that is protected by cryptography.—i.e., it incorporates principles of cryptography to implement a distributed, decentralised, secure information economy. Cryptocurrency relies on public and private keys to transfer value from one person (individual or entity) to another, and must be cryptographically signed each time it is transferred.

>Altcoin refers to math-based decentralised CONVERTIBLE virtual currency other than bitcoins, the original such currency. Current examples include Ripple; PeerCoin, Lite-coin; zerocoin; anoncoin and dogecoin. One popular exchanger, Cryptsy, would reportedly exchange over 100 different virtual currencies

^ They categorize fucking dogecoin under convertible because cryptsy lets you exchange for a crypto. So they'll classify your shitcoins as convertible as well.

>>8713729
Yeah sorry I didn't intend for that to be aimed directly at you. One thing to add to you point though is that if the IRS gets uppity and starts trying to go after people then the end result next year is that its going to be harder to find people.

I sure as fuck wont be making the same mistakes I have already made.

>>8713721
The will lose their trace where my coins arrive to binance/kucoin, they will only see I deposited some, that's it, and that is not taxable,
ALSO, you can always launder eth on etherdelta before sending it to a centralized exchange, you can also use btc/eth mixers.

There is enoug options to get away. And when you make it one day, guess what? You take you passphrase to your ledger, moemorize it in your head, and go through the check out on the airport with a smile on your face as if nothing happened while having millions in cryptos hidden in your brain.

Then when you arrive to the crypto/tax-friendly country you cash out, pay taxes there on the net sum without crypto-crypto BS and enjoy your life knowing that not a God damn cent of your hard earned money ever was stolen from you to fund Stacy's dick removal surgery and Ahmed's welfare

Don't be stupid people, fight for what's yours with whatever means you can, see you all in the better part of the world once you make it!

>>8713184
How can I buy a house using untaxed cash? Tell me your secrets. With self employment tax it’s seriosuly 57% effective tax, fucking Jews.

As far as I know this is not possible though

>>8713785
>By non-convertible virtual currencies they mean WOW gold... basically.

What about steem power on steemit?

Steem power is not tradable. Its not technically even a crypto. It doesn't exist on exchanges ect. you can destroy steem to create steem power and you can destroy steem power to generate new steem.

This also includes merely having bits on Twitch donated right? You have to pay taxes for the bits AND when you convert them to usd too right?

You cant just hold a ton of bits as a twitch streamer and not cash out to avoid paying taxes right? So bits are technically treated like crypto, meaning that you have to double dip.

>>8713785
Yeah you have to report it. The right thing to do would be that. It doesn't matter how much if you trade $5 or $100,000. But how many people haven't reported? Gotta be millions of verified accounts on exchanges and only .1% reported their crypto. You'd see so many people getting hit, which hasn't happened. Why? Because it's still new and even the IRS is backed up with so much to go through.

Yes report everything to be 100% safe and sure. If you don't, that's the risk you're taking.

I lost a lot and will be reporting next year because I started in January. Not putting anything else in because Mt. Gox has yet to sell the rest of their coins. No way we go on a bull run after the one in late 2017. Only way it takes off real soon is if every coin is in full gear with nodes being staked and full main nets running. Until coins are depaired from btc, the crypto market will not take off.

>>8713832
I agree with fighting it. The tax system is killing mankind and putting shackles on us all. Sure it's nice if you're rich or wealthy. Signs are pointing towards a major crash. Brick and mortar stores are going out of business and once the petro dollar is gone, it's going to get ugly. But only for those not prepared. Not only should you invest in crypto, but real life items to keep you alive. We're going to be okay. You shouldn't have to fly to another country to get out tax free. It's so inconvenient and unnecessary.

Just claim a tax deduction for a cheritable donation to a synogoge and you won't get audited.

>>8713918
>It doesn't exist on exchanges ect. you can destroy steem to create steem power and you can destroy steem power to generate new steem.

An agent would be like "That sounds like converting to me!". I don't know about your examples specifically though.

>This also includes merely having bits on Twitch donated right? You have to pay taxes for the bits AND when you convert them to usd too right?

Well for crypto for example if you mined or got some coins in a fork you'd report as income the FMV at the time your received them. That would become your cost basis. You'd only pay taxes on cashing those coins out if the value increased more since that time.

>>8713929
According to a couple CPA's I've spoken to 2017 was really the first year people are starting to report taxes on crypto and going back and amending previous years to get everything straight. It's not going to be like 2016 with 800 people or whatever reporting.

>>8714087
>Well for crypto for example if you mined or got some coins in a fork you'd report as income the FMV at the time your received them. That would become your cost basis. You'd only pay taxes on cashing those coins out if the value increased more since that time.

Bits are pegged at 0.10 cents each and never changes. Does this mean that you can avoid taxes completely if you just hold on to a massive number of bits? You would just pay when you cash out.

hmm I wonder about this kind of stuff. I bet its not out of the question to figure out some clever tricks.

>>8714143
Its going to be 1200 this time. And most of the people on /biz/ saying they did their taxes are larping,

The biggest thing I don't know how to report on my taxes are legit scams.

Say I put in $50 into GOLDC. GOLDC turned out to be a scam. The coins are worth nothing. Their website doesn't work, the wallet doesn't work, and you can't even access the coins anymore. You can't trade them, buy them, or sell them.

How do I report this as a loss on my taxes? Can I use this to offset any taxes I own for income tax? Since GOLDC is lost forever, is there anything I can do about this on my taxes?

>>8714143
No doubt at all that more will report. They've laid out the tax laws on it. Still not going be millions reporting. Another anon said they bought crypto, traded, and only reported the difference from their initial investments to their cash out balance.

>>8713016
Happens sometimes. You might be witnessing bots, shills, or one dedicated samefag.

Just pay attention to the idea they're trying to sell you and figure out for yourself what their agenda is.

>>8712860
I deposited over $50k into my bank from crypto, I'm sure this got reported to the IRS. I'm paying my taxes just so that I don't end up paying penalties on top of them.

>>8714155
>Bits are pegged at 0.10 cents each and never changes. Does this mean that you can avoid taxes completely if you just hold on to a massive number of bits? You would just pay when you cash out.

No, like I said you have to pay income tax (on the fiat worth) on them when you receive them. If they're treated the same as crypto.

>>8714205
I guess you could make the argument that you could put the date you lost access to the coins under C in 8949, Proceeds as $0, and write off the loss in H.

>>8714205
Have a friend give you $1 for it. Send to friend. Report you sold it for $1. Friend doesn't have to report anything as he couldn't sell anyways.

>>8714234
>No doubt at all that more will report. They've laid out the tax laws on it. Still not going be millions reporting. Another anon said they bought crypto, traded, and only reported the difference from their initial investments to their cash out balance.

> 1. Very few number of people report crypto taxes
> 2. IRS goes into panic mode and tries to crack down
> 3. Cracking down just makes people even less likely to report.
> 4. Government decides the best thing to do is just ban all crypto
> 5. People who did cooperate and paid taxes are now visited by the IRS to turn in ALL of their crypto.

>>8714348
So that means pay taxes on when you received them and then pay taxes again when you cash out?

>>8714355
That sounds scary in a way. They call martial law because of crypto. It's not even a civil war that causes it.

>They ban crypto and make their own blockchain
>It becomes mandatory that every citizen has a chip installed in their hand.
>Slavery comes full circle again.
>South America is invaded and a third America is born

>>8714410
Not third America, a second. American Revolution 2.0.

>>8714408
If they don't go up in value there'd be no tax to pay when you cashout as there would be no realized gain from time of receipt.

>>8711781
your 'capital gains' is the difference between that $500 and the value of the ETH. that's how capital gains(/losses, if the ETH is worth less than $500) works.

regardless if you acquire that ETH by transacting through
BTC -> LTC -> XRP -> BCC -> IOTA -> NANO -> ETH
or simply
BTC -> ETH

you pay the same amount of taxes.

>>8714410
The difference is that my scenario is going to happen. Yours is fantasy. We are already at the first stage right now where very few people are reporting taxes on crypto. When they realize they cant do anything about this its very safe to assume that a crackdown will take place. If a crackdown takes place its very safe to assume it will be like the drug war.

The only hard to predict part will be if they decide to make crypto illegal. If they do then they will confiscate it from everyone who has reported they have some.

>>8714408
No you brainlet, I told you that you only pay taxes on cashing out again if the value increased. If it decreased it's a loss you can write off, if it's the same there's no additional taxes. In the case of bits the value is static so you would just have to pay income tax upon receiving them and cashing out or not makes no difference. The only thing they care about is that you have them, they're worth something, and they're convertible.

>>8714482
So if you don't report, you will make it out alive? Okay get your paper wallets ready. Put everything into a privacy coin.

It would hard in general to ban crypto if it's ready for worldwide use. You think a coin that can scale with billions of users and trillions of transactions a day will be around? And yeah the chip in our hand idea will not fly. Only if the population is shrunk down enough and people are in such a state of poor that they will accept it.

>>8714482
I think you're living in a fantasy too.

Support for the US gov right now is not even close to what it was when the (NOW VERY UNPOPULAR) drug war started. Even still, drugs have some argument to justify illegality. But what justification is there for crypto that the average person would get behind? There's trace amounts of CP on the chain if you look really hard? It COULD be used to buy drugs or fund other illegal activity (as if cash is different in this regard)?

I think they would have a really hard time selling it to the public, and despite what even the most far out there conspiracy junkies think, the government DOES need SOME level of public approval.

>>8714489
>>8714355

tracking income received in crypto won't be any harder overall than tracking income received in fiat (MAYBE with the exception of zcash or monero, but that'd only mean cracking certain kind of cryptos down).

tax agencies just need to learn to tax the people providing the services (so people paying for them pay taxes indirectly, through higher prices), and collect taxes IN THE CRYPTO-CURRENCIES the transactions were made in, not dollars.

once the IRS figures that out taxing crypto will actually be simpler and better for everyone.

as for now, due to the number of services actually being paid for by crypto being extremely low, it's literally just an extra tax-revenue for the IRS. they have no reason to crack it down even if they can't tax everything related to it, it doesn't decrease taxes collected from other sources.

if/when crypto will be significant enough to pose a risk, tax agnecies will have to adopt, which might no go so easy but still orders of magnitude easier than BANNING decentralized cryptocurrencies

>>8714585
>So if you don't report, you will make it out alive?

No you will still get fucked. Only the lucky will win this rat race.

>>8714627
>collect taxes IN THE CRYPTO-CURRENCIES the transactions were made in
Now THIS is doable. In fact, it's so doable, I'd venture to say this is the most likely scenario.

>>8714663
Not only that but have it happen automatically during the transaction and have it withheld until you do your taxes and get a tax return for the amount you gave above that amount.

sign me up.

>>8714234
>Another anon said they bought crypto, traded, and only reported the difference from their initial investments to their cash out balance.

That's literally the dumbest thing you could do because the dollar amounts wouldn't match up, you'd have to fraud somewhere on the form which is a worse crime than not reporting. You'd be on their radar and they can subpoena exchanges to see if you have unreported trades.

>>8714683
>Not only that but have it happen automatically during the transaction

won't work with decentralized currencies, they can't even implement that for fiat wire transfers.
i mean, theoretically not impossible in certain circumstances, but likely too complex for them to bother, easier to just let everyone individually figure out what they owe and fuck them up if they're wrong.

>>8714683
>Not only that but have it happen automatically during the transaction and have it withheld until you do your taxes and get a tax return for the amount you gave above that amount.
That's exactly what I was thinking. The exchanges will just work for the IRS.
The only way to tax dodge at that point will be trying to work with Decentralized exchanges... Not sure how that would work. Would they make Decentralized exchanges illegal? Could they? I have my doubts.

>>8714618
>I think they would have a really hard time selling it to the public, and despite what even the most far out there conspiracy junkies think, the government DOES need SOME level of public approval.
I think most of the public would just shrug about it and not really care. Doubt there'd be enough outcry to bother them.

>>8714717
By the time it gets to the adoption rate where they'd be seriously considering a ban?

Shit man they'll have cypto civil liberties groups. I think you're overestimating the level of sheepdom people currently are at in the US... it's not what it was back during the Obama days.

>>8714716
>Not sure how that would work. Would they make Decentralized exchanges illegal? Could they? I have my doubts.

See my previous post again. Panic > Crackdown > nuclear option to make all crypto illegal. All crypto illegal == knock knock "give us your keys or go to jail."...

>>8714714
If they work directly with the exchange to make it a "legit" exchange, the exchange will just implement the tax on transaction for them. How would it be different from exchange fees?

>>8714643
True. Every man for himself in this world.
>>8714683
That would be ideal. You could have exchanges collecting fees for this purpose. Rather high fees that stay at a set rate with the exchange getting a cut and the government getting a cut.
It's too much of a mess to report every crypto trade. How does one calculate if someone goes into tether?
>>8714697
They said they were fine. It was a few days ago in a tax thread. They said they were fine and paid a difference. That was it.

Well, if there really are any actual IRS shills here can you guys be productive and run by the idea of enforcing exchanges to automatically deduct taxes from transactions.

Then all I fucking need to do is get my 1090 or whatever and head over to get a tax return. If this were to play out I would be very fucking happy.

It would mean no massive crackdown. The IRS threads can fucking die in a fire. And I wont need to worry about this shit anymore.

So say you bought BTC when it was $1000. You sold BTC for ETH. The amount of BTC is now worth $1500. However, you miscalculated and you actually only bought $1400 ETH for your $1500 BTC.

Even though your BTC was worth $1500, since you sold it at $1400 like a retard, you're only paying taxes on the $400 gain, right? So when you sell your crypto for crypto, you actually need to be careful to look at BOTH prices of the cryptos you traded so you can calculate what you actually sold your crypto for.

>>8714800
>That would be ideal.

Here is the problem. The government SUCKS at this kind of stuff. While it would be ideal they will never do this. The government does not hire people who can think and solve problems. They are incapable of applying logic to this situation and they will simply double down every step of the way until they decide the only option left is to pull the plug altogether.

Its going to be very interesting to see how many people reported taxes on crypto. My guess is that the scenario I am looking at is the most likely as of right now. Following the rules right now can just as easily bite you in the ass as not following the rules.

>>8715089
Ideal from our perspective as investors. They want bitcoin dead. Here's the Fed Coin whitepaper.

https://law.yale.edu/system/files/area/center/global/document/411_final_paper_-_fedcoin.pdf

Did you read the Medium article about Cartel and manipulation? It's suspended now.

https://medium.com/@super.crypto1/4th-dimension-bitcoin-manipulation-cartel-can-it-be-burnt-no-way-c53de65c166a

Fucking bastards. Too bad they couldn't stop it from being taken down from the web archive.

It’s all about money control. Financial elite has recognized that Bitcoin and Crypto in general is a threat to their existence. What do powers do when they see anything as a threat or enemy? You got it, they try to destroy the enemy (by all means). Therefore, It is extremely important for the Financial-elite to stop bitcoin’s rise so their show can continue.

What do they do to stop the RISE of Bitcoin? They first let it rise to unimaginable height (20K first stop). Then they drop it to unimaginable lows. They will do this many times. They have trillions of dollar to maintain the show going, UNTIL the RETAIL investor gives up in frustration. What you are seeing since Mid-2017 is just the 1st inning of 9 innings Bitcoin game.

Bitcoin has been placed into Geopolitical chessboard since Mid-2017. Most of the Bitcoiners have NO IDEA how big this game is. Crypto space is just a pawn on this chessboard and there are elite-fingers moving these pawns (Gold, Silver and now Bitcoin).

octoberfag here, are these evolved daytrading fud threads or where those never a thing?

>>8715701
these threads are mostly people shilling their tax software. The more scared we get the more people will try to use their stuff.

What I don't understand is why there are never threads on here about how to set up your own corporation and right everything off as business expenses so you don't have anything left to pay taxes on.

>>8715883
*write

I'm not paying taxes on my crypto-crypto trades because 1.) I haven't cashed anything out yet, and 2.) You have to report them as if each trade involved selling it for fiat. This is factually wrong however. I'm not selling the coins for fiat, I'm trading ETH for REQ.

Do you report taxes if you and your friend trade video games?

>>8713430
Met a guy in prison who was doing 18 months in super max. He got bashed and raped a bunch of times. He tried some shitty tax evasion on welfare to the tune of 45k USD.
You are right bro totally worth it. Glhf, you could probably offer a plea and pay extra penalties before it came to that but the jews always win..

>tfw cashed out in fiat several times to skim profits

I have to pay taxes no matter what, so at least do it by the book if you cashed out at the top. If you got fucked by the crash and didn't cash out into fiat, I wouldn't pay the crypto to crypto bullshit though