Taxes

[Anonymous No.14374919]

Burgers- How are you guys reporting crypto to crypto transactions, tracking moving coins around to wallets, airdrops etc..

[Anonymous No.14374948]

By reporting it so they dont come back 10 years from now and ask for millions. Why even risk it? Price taxes into your trades.

[Anonymous No.14374978]

>>14374919
im not. in actuality, they wont come after crypto to crypto trades for now, just cashing out of major exchanges. localeth or localbtc and using dexes with a vpn and wallet, they wont know. really concerned? turn your exit into privacy coins first.

[Anonymous No.14374996]

>>14374919
>crypto to crypto
Download trade history from exchange and import to bitcoin (dot) tax
>tracking moving coins to wallets
Why?
>airdrops
Use 0 cost basis after you sell

[Anonymous No.14375001]

I've got a dual citizenship so I couldn't give a fuck lmfao. this country wont see a cent of my crypto earnings, go find someone else to bleed dry for israel funds

[Anonymous No.14375019]

>>14374919
Bitcoin.tax
It's a fucking nightmare if you use a lot exchanges

[Anonymous No.14375050]

>someone stole my private keys

[Anonymous No.14375073]

>>14375001
KEK, you are still a US (((PERSON))). The Burger IRS can & will seize funds from your foreign bank account! I know a burger (that never lived there) that had this happen with his crypto gainz!
Ha Ha Ha Ha Ha
The only way for you to have freedom is to renounce, at least you're in a better position that most of the burgers!

[Anonymous No.14375087]

>>14374919
>Must be identity theft, officer! Binance doesn't allow US, so it couldn't have been me

[Anonymous No.14375088]

>>14375050
>I dont own any bitcoin :(, I have no gains


You guys paying ridiculous taxes are fucking idiots

>not pretending to be disabled

[Anonymous No.14375104]

>>14375088
>pretending
Their Burgers!

[Anonymous No.14375113]

>>14375073
this, either renounce citizenship or enjoy IRS rape

[Anonymous No.14375127]

>>14375073
the irs is years behind in regular taxes, what makes you think they'll be able to follow the trail if you trade coins thru dex's and file a shit claim of $50 taxes

[Anonymous No.14375217]

>>14374919
Keep a spreadsheet of buys/sells. Transfers between wallets don't matter. Each token is a pool table by first in, first out. Airdrops have cost basis of zero.

Shove the whole thing into bitcoin.tax then take the final capital gains numbers and feed them to your tax software or accountant.

It's not that hard, this is 6th grader math.

[Anonymous No.14375339]

>>14375127
>Doesn't know about FATCA/CRS
when you put funds into a bank account they know!

Also check out the below...Its whats bringing KYC to the exchanges.
https://www.fatf-gafi.org/countries/#FATF

[Anonymous No.14375360]

>>14375339
ok so then buy and sell locally, and trade on dex's

[Anonymous No.14375380]

>>14375339
obviously im just trying to think and dont want to pay huge taxes. The best method would be to only report the sale of eth for example rather than the shitcoin you made x100 on. they wont look into it further

[Anonymous No.14375403]

>>14375104

[Anonymous No.14375427]

>>14375217
>pay up goy

[Anonymous No.14375476]

>>14375217
Lol cap gains....

Most people are going to be able to claim losses on their shit coins when they convert it to bitcoin.

[Anonymous No.14375504]

>>14375476
can someone put together or link a guide for minimum effort but passable tax forms as well as claiming losses. i will 'play' by the rules

[Anonymous No.14375522]

>>14375504
seconded

[Anonymous No.14375565]

>>14375360
Sure! That could work, BUT lets say you want to 'buy' a house, How do you prove those funds are yours? You're making life difficult. Just renounce then you can finally live free!
>>14375380
Why don't you just renounce the Burger gov is literally the worst in the world!
Look the guy I know, didn't even know he had to file he never had before then one day the IRS seized the funds in his account! It wasn't even a huge amount £40k!
>>14375403
Drooling tard poster detected
>MUH SIGN UP WITH THE EXCHANGE THAT HAS US(((PERSONS)))
Burgers ruin literally everything!

[Anonymous No.14375603]

>>14375565
he didnt know he had to file taxes for income at all?

[Anonymous No.14375611]

>>14375504
Burger Guide for minimum effort but passable tax
Step 1. Get Citizenship ANYWHERE ELSE (except Eritrea)
Step 2 RENOUNCE your burger Citizenship
Done

[Anonymous No.14375656]

>>14375611
i live in the usa and everyone else does. should i give up everything in my life to move to the caribbean instead of trying to find other loopholes?

[Anonymous No.14375739]

>>14375611
What benefits do you lose if you were to do this? Trying to weigh the positives and negatives of actually doing this. Less taxes going to Israel is always a good start but what else?

[Anonymous No.14375746]

>>14375504
I had to bing and do some reading to understand the rules.

IRS treats crypto tokens / coins like a physical object. Coin to coin conversions are taxable, technically.

Example with goods:

Have $5 USD.
Buy rookie trading card $5.
Pay for an $8 pizza with rookie card.
Card taxable gains are $3 ($8 pizza - $5 cost basis)

Crypto:
Buy 2 of token A for $10 each ($20)
Convert 1 token A to 0.8 token B, where token B/USD is $20.
Your token A value at the exchange was
0.8*$20=$16
Gain = $16-$10 = $6.

Loss case:
Exchange 1 token A for 0.1 Token B where toke B was $20 USD on exchange.
Token A value when “sold” = 0.1*$20 = $2.
Reported loss = $2-$10 = -$8

There is a proposal in Congress that would simply crypto taxes because this treatment is going to be a pain for everyone to enforce and track.

A good exchange should be able to give you a list of every transaction. Stock brokers isuallynjust give you a list of trades and already calculated gains / losses totals for the year. Crypto exchanges should be able to automate this tracking in a similar way eventually.

[Anonymous No.14375785]

>>14375504
>>14375522
It's pretty much already been posted but I'll summarize:
1. Download full trade history as .csv from exchanges you traded on (not all exchanges have this option).
2. Create bitcoin.tax account and follow instructions.
-import your trade history from each exchange
-if the exchange doesn't provide .csv files automatically bitcoin.tax allows you to manually enter it.
3. Once you have everything entered bitcoin.tax will create the gains/loss file needed for your 8949 form
4. Use form8949.com or something else and export the bitcoin.tax file there, they will create the 8949 file
5. Use other tax software to do your taxes as usual, upload 8949 file where it says to. Usually you can just enter the total in/out/amount owed in a summary section and attach the spreadsheet. Make sure the tax software you use accommodates 8949s

Total cost will be around 50-100$ depending on how many trades you did.

[Anonymous No.14375810]

>>14375565
Best place to live after renouncing?

[Anonymous No.14375814]

>>14375746
god damn man and people suggest to pay higher taxes for social programs but they dont realize the usa taxes every step of the way on everything and taxes globally. fuck man

[Anonymous No.14375854]

>>14374919
>paying taxes kek

[Anonymous No.14375894]

>>14375603
No, He was born there, but left when he was 2 (or something). Lots of Burgers around the world are ignorant of the tax situation they are in.
Burgers must have seen the transaction as it was over 10k (guessing)

>>14375656
You should seriously consider it!
>instead of trying to find other loopholes
Have a look into the IRS, its not set up the way you think its set up! It only takes taxes from US (((PERSONS)))...

>>14375739
>What benefits do you lose if you were to do this?
None except you can't live there any more...
>What do you gain?
real FREEDOM

>>14375810
The whole world, no one place is the best, this a questions boomers would ask

[Anonymous No.14375959]

>people ITT unironically don't know the taxes go to whichever country you spend the money in

[Anonymous No.14375979]

>>14375814
Yeah.
I don’t think the US government will kill crypto like the Chinese are trying to do.
The US government will setup a regulatory environment so they can extract taxes from the crypto market.
There will be new laws I think to simplify the taxation of crypto and facility it’s adoption to grow a new taxable industry.

Just realize these are tax laws that were around before the internet from like the 40s or something.

Check this:
https://www.accountingtoday.com/opinion/token-taxonomy-act-20-cooking-low-and-cooking-slow
>Reinstatement of IRC Section 1031 like-kind exchange treatment for the exchange of one virtual currency for another.
>Elimination from taxation for gains on the sale or exchange of virtual currency $600 or less in value.

[Anonymous No.14376009]

Burger here I'm just not paying it no mind if I have to deal with it later in then so be it but ill let redit swamp them with reports