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12552901 No.12552901 [Reply] [Original]

based coinbase facilitating small scale tax evasion

>> No.12552908

>>12552901
Absolutely based

>> No.12552913

>>12552901
Amazon, etsy, and eBay do the same thing. I wouldn't brag about not making $20k though...

>> No.12552932

>>12552913
>Coinbase is required by law to provide a Form 1099-K to customers who had gross proceeds of more than $20,000 AND more than 200 transactions on Coinbase Pro
That means you could sell $1 million in a single transaction and they still won't report it.

>> No.12553116

>>12552932
No they report on A and B. You don't need to meet both criteria; one triggers a 1099-k send. Please don't troll me plox. Look it up if you have to.

>> No.12553145

Test

>> No.12553150

>>12553116
>https://support.pro.coinbase.com/customer/portal/articles/2721660-1099-k-tax-forms-faq-for-coinbase-pro-prime-merchant

Read it yourself, it clearly states that you have to have 200+ transactions over $20k.

>> No.12553168

>>12553150
That's really weird. Ok, I apologize. Why are they different from everywhere else??? Fucking bizarre...

>> No.12553186

Wait, so I can selling 19k worth of bitcoin this year and they won't (necessarily) report it to the IRS?

>> No.12553192

>>12553186
Yeah unless you live in one of the cucked states on this list >>12553150

>> No.12553194

>>12553150
>that isn't a just a typo

>> No.12553202

Arkansas (AR) - $2,500
District of Columbia (DC) - $600
Massachusetts (MA) - $600
Mississippi (MS) - $600
Missouri (MO) - $1,200
New Jersey (NJ) - $1,000
Vermont (VT) - $600

>$600

Hahahahahahaha pay up goy!

>> No.12553228

>>12553194
I sold $35k of btc on coinbase last year and I got that email telling me they won't report.

>> No.12553247

they’re just trying to do the least amount of work possible within the law. they’re still telling you to report each transaction.

>> No.12553248
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12553248

I JUST got my email

>> No.12553261

>>12552901
sucks that i was an actually successful trader

>> No.12553263

ITT: retards who don't know what subpoenas are

>> No.12553271

>>12553192
Ah, I lived in Cuckachusetts for part of last year. Hmm.

>> No.12553278

>>12553263
It already happened and the deal they made with the IRS was to report over $20k and 200+ transactions. They're not going to go after them for anything more than that, because it's not even worth going after small scale tax evasion.

>> No.12553284
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12553284

>>12553248
I got one too. What does it mean when the gross transaction value is absurdly high compared to your gains/losses. I tried entering it on a bitcoin tax calculator site and my gains for the year are only 2% of the total transactions. It's adding every time I sent to another wallet to the total though.

>> No.12553304
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12553304

Actually... etsy says the same thing, but I always get a 1099-k. Why can't I dodge taxes? :(

>> No.12553315

>>12552901

nah, thats just the new rules.

I drive for lyft on the side and they told me the same shit.

as for my primary job however, that helps me get more money back in taxes refunds you nignogs

>> No.12553340
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12553340

btw

i looked up what tax crypto shit was available. i almost chose bear tax but those fucking faggots are charging an arm and a leg. so i went to bitcoin tax. shekled 30 bucks and had the excel spreed sheet populated so i can enter it into my turbo tax shit. bfucking easy and i didnt have to pay anything since everything is in the fucking red anyways. fuck this gay earth.

>> No.12553345

>>12552901
For a brainlet what does this mean if you didn't get one? And what of the people that did?

>> No.12553365

>>12553345
I'd still report, if I were you. I've actually had a bank account levied once (by state dor) and it's a bad time.

>> No.12553370

>>12553345
You didn't make enough on Coinbase trading (over 20k) or you didn't have enough transactions (200+). If you got one, Coinbase will send your data to the IRS so they'll be expecting you to report on it.

>> No.12553371

>>12552901
So what happens if neets don't do their taxes this year and wait til next year when it's under 20k

>> No.12553390

>>12553345
You're still liable for reporting trades and the net profits or losses for those trades. If you made money it is taxed as capital gains. If you lost money you can declare up to 3k per year as a tax deduction..meaning if you lose 9k you can declare 3k this year as a loss and roll the next 6k into the following years until you exhaust the 6k(3k/year) or make money.(if you make 10k this year then 10-6=4k you would only be taxed on.)


If you don't and you get audited you're essentially fucked and have to pay fines and other penalties maybe even prison if you have a lot to lose.

I've done this last year since i killed it and worked with my cpa and everything was fine. Guys...if you LOST a considerable amount of money do what I said and go the above route.

>> No.12553395

>>12553304
What do you sell, anon?

>> No.12553403

>>12553371
Government is shut down, no reason to pay them to not work.

>> No.12553406

>>12553370
>>12553365
>>12553390
I got cucked by going over literally a few dollars above 1k but I never really made any profits so I didn't expect any action was needed. No profits through CB and some losses on altcoin exchanges, not reporting this can get you in serious trouble?

>> No.12553407

>>12553395
Furniture and furniture accessories.

>> No.12553433

>>12553407
That awesome! Congratulations on the side hustle. :)

>> No.12553435

>>12553406
I'm not 100% how it works with actual investments, but my first year of internet sales i didn't report because i only did like $7500 of actual profit. They sent me a demand letter for a tax bill on my revenue, which was orders of magnitude higher than $7500. Was a mess.

Just get the pimp $115 turbotax, enter your profit and loss, and sleep easier.

>> No.12553454

>>12553433
Thanks dude. It's actually my full time thing though. I do another 45k off line at craft fairs and such. I'm not rich, but I'm free (so to speak).

>> No.12553466

>>12553390
I'd be more fucked if I was honest, i've bought and sold on so many defunct exchanges over the last 5 years, made and lost lots of money and now have nothing to really show for it. Never kept records of anything. I'd do better to just quietly pretend it all never happened and hope i never get audited.

>> No.12553483

>>12553278
You remember when the IRS went after waitresses over underreported tips? No amount is "too small" for these vultures.

>> No.12553493

>>12553406
If you made no profits and lost money why dont you take a tax loss like i mentioned. If you lost 2k you can declare a 2k loss which lessens your tax burden.

This is why capital gains is wonderful for the. For example.

Year 1. Rich boomer investor puts 500k into some stock. End of the year the stock value of the investment goes to 5k. Boomer sells the investment and declares 3k loss for the year. He can roll forward the loss(495k -3k=492k into the future years.)

Year 2. Rich boomer invests another 500k into a stock. Stock triples. Boomer sells it. And makes 1 million dollar's profit(1.5m - 500k = 1 mil). Boomer declares he made 1 mil on the trade but applies the 492k loss from the year earlier to it. Therefore the feds can only tax the difference which is 508,000$

I had a 30,000 loss one time trading stocks in 2016. I used that in 2017 to offset my crypto gains.

Definitely read the rules and if you have a CPA work with them. They usually will do personal taxes for 200-300. Fwiw turbo tax is 80 dollars for state +fed so you're paying someone an extra 120 dollars that will do it right and can help you save money over the long run.

>> No.12553544

>>12553493
>Boomer declares he made 1 mil on the trade but applies the 492k loss from the year earlier to it. Therefore the feds can only tax the difference which is 508,000$
This isn't true, you can only use gains and losses from the same year.
See "Tax loss harvesting".
You can carry over 3k/year, which is nothing.

>> No.12553561
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12553561

>>12552901
>tax evasion
Are we surprised?

>> No.12553569

>>12553493
Because now you just flagged them to look at your return harder. More prone to future audits.

>> No.12553599

>>12553544
you're wrong. you can carry over the full amount if it's applied towards capital gains and not "income"

>> No.12553825

>>12553544
Wrong
>>12553599
Bingo

>> No.12553898

>>12553569
So basically "forget" and stay under the limit this year

>> No.12554034

>>12553898
this imo

>> No.12554199
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12554199

>>12553278

>> No.12554260
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12554260

>>12552901

based and savaged pilled

fuck the fed

>> No.12554370

did they only send the forms to the individuals or the irs itself?

>> No.12554404

>>12554370
Both. If you got a form, that means they also sent a copy to the IRS.

>> No.12554453
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12554453

Fuck coinbase, they are SHIT. This thread is a coinbase ad.

>> No.12554460
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12554460

>>12554404

>> No.12554743

>>12552901
Delete this....

>> No.12555199

TAXATION IS THEFT

>> No.12555312

>>12552932
>whose total value is equal to or greater than $20,000

>> No.12555390

>>12553483
How many waitresses are there vs shitcoin traders?

>> No.12555582

>>12555312
wrong

>> No.12555608

>>12552901
Gemini.com is doing this too

>> No.12555641

>>12555608
and Kraken

>> No.12555661
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12555661

>>12552901
>>12553284
>>12553371
>>12553466
(you)