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11818357 No.11818357 [Reply] [Original]

Anyone who's cashing out now, how are you going to deal with the taxes?

I personally am a tax attorney and I want to get into the market of helping crypto people pay no/little taxes on their income. How would I best appeal to this market?

>> No.11818382

It's mostly 20 year old NEETs panicking about losing their allowance/birthday money.

>> No.11818487

>>11818357
there isn't quite a market for it yet, most people that use crypto are trying to evade/pay taxes to begin with

>> No.11818519

>>11818357
No one is going to pay their taxes after getting eternally fucking JUSTed in this market

>> No.11818526

>>11818382
Ya got me.
Although technically it was xmas money, and I pumped 5k into bitcoin January 14th, 2018.. So in a sense i'm a faggot that bought almost at an ath, and held until now.

I'm all in ChainLink currently, although I wonder what i'll use this year's xmas money for...

>> No.11818836

>>11818519
>hodl since 2014
>get JUSTed
>pull out
>have to pay taxes on a 5000% gain
heh

>> No.11818863

>>11818836
Lmao plus your trades. You probably owe the IRS a couple million.

>> No.11818892

>>11818357
Am I the only one who is curious how the rest of that power point presentation went?

>> No.11818916

>>11818863
BTC/altcoins would all just be like-kind trades, so that shouldn't be an issue.

>> No.11818936

>>11818892
same. I actually want to know how to smash pussy since I'm a total loser at my college inside my dorm all day.

>> No.11818940
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11818940

>>11818357
>Claims to be a tax attorney
>Thinks people have to pay taxes when they sell at a 90% loss

>> No.11818954

>>11818357
I was just going to....pay it? I've held for over a year so at least it's not short term capital gains. What other options should I look into?

>> No.11819024

>>11818916
There are unfortunately no like-kind crypto trades in the US. How long have you been a tax attorney?

>> No.11819088

>>11818954
There are a few ways. How much is the gain? I'll tell you if it's worth the time and effort.

>>11819024
About 3 years. I got my LLM a year ago. As far as I'm aware, cryptocoins aren't 'securities' for the purposes of IRC 1031.

>> No.11819202

>>11819024
>>11819088
Oh, Christ, you're right - I didn't realized TCJA amended that. An even better reason to talk to a lawyer before cashing out.

>> No.11819281

>>11819088
It's a stupid rule that I disagree with, but every trade is taxable as a gain or loss in USD. So that means if you sell your shitcoin, you have to take the Satoshi value and then convert that to dollars to figure out your gain or loss. Even more confusing, is if you say, bought the shitcoin with BTC and sold it for ETH, since you will have to make another conversion in your calculations, and there isn't much guidance as to what exchange you get the conversion prices from, what time frame, etc.
It is a fucking cluster fuck, these IRS people need to come up with a more simple way of figuring this out or just declare crypto non-taxable.

>> No.11819359

>>11819281
Frankly, I've never had to deal with the like-kind rule (particularly since TCJA) because we just sidestep the shitheap of tracking transactions and do it through a foreign country.

>> No.11819404

>>11818357

You stupid mother fucker, the people who are cashing out now most likely want to offset the gains they had earlier in the year, you glorified paralegal.

>> No.11819456

>>11819404
Yep, just wash traded my Link today for a total yearly loss of ~$3k. Pay up, IRS.

>> No.11819670

>>11818382
Does any other activity shit on people this much?

At least it's not going into an Xbox.

>> No.11819724

>>11818357

I lost all my money so I'll probably file for capital losses 3k every year

>> No.11819864

>>11818519
You're retarded
If you got JUSTed you want to document your returns because you can deduct some of your losses from you other income

>> No.11819872

>>11819864
>other income
gtfo normie. NEETs only