MOST IMPORTANT THREAD

[Anonymous No.17002756]

What can really happen if I say no. C’mon how will they know? T. Only put 5K in Link. Never cashed out. Im also a dependent who made less than 20k on my w2. If Its really serious, can I just transfer the holding of a company I set up to avoid this shit in the time being? I REALLY don't want these glowkikes to get a satoshi of my linkies.

[Anonymous No.17002773]

>>17002756
They want to jew you in a year or three when you start selling and can't explain when/where you got it. You didn't get it in 19', right? It's a trap. Do you see?

[Anonymous No.17002779]

Not to hijack your thread, but what if you don't even receive a 1099 or a W2? If I haven't been asked the question, am I still expected to go out of my way to answer it?

[Anonymous No.17002784]

>>17002773
I bought this shit in march before mainnet.

[Anonymous No.17002789]

>>17002779
If you don't file, I wouldn't go doing a return just for your bags unless you cashed out over 10k this year.

[Anonymous No.17002801]

>>17002789
I'm a noob, haven't cashed out anything. I think I'll have to pay a smidgen of taxes because I did some Lyft for a couple months, but I didn't earn enough for them to send me a form, just a "summary".

[Anonymous No.17002840]

>>17002756
Mutts are so cucked
>MUH FREEST COUNTRY IN THE WORLD
Imagine not informing your overlords. Best report it or you might never be able to leave.

[Anonymous No.17002927]

>>17002840
Fuck you faggot Im getting the fuck out once I make it. SOMEONE HELP ME PLEASE!

[Anonymous No.17003026]

>>17002840
>>17002927
what are some good tax havens to cash out in bros?

[Anonymous No.17003067]

>>17003026
I know we can get estonian e-citizenship and create an estonian company to have 0% tax rate on securities (including crypto) but I wanna know if I can just say I didn't do anything.

[Anonymous No.17003201]

>>17003067
Are you shitting me?

[Anonymous No.17003374]

>>17003026
>>17003067
Taxes are based on your country of residence on the date of PURCHASE. You still owe the IRS if you leave the country to cash out, and they WILL find you. Your best bet is to cash out now, pay taxes on your meager gains, then move to a tax haven and buy back in before the golden bull run.

[Anonymous No.17003401]

>>17002756
LMAO, you fags are being taxes for the shit you buy and hodl??? or am i missing something??

someone tell me it aiint so.

[Anonymous No.17003412]

>>17003374

UNLESS, you give up citizenship and acquire new one in the tax haven.

[Anonymous No.17003439]

>>17003412
Nope. You technically still owe taxes to the US on any income you make for the rest of your life if you have ever been a US citizen. Its lower in certain cases if you renounce your citizenship, but you cannot avoid it entirely.

[Anonymous No.17003452]

>>17003439
Not fucking true dude. I know what im talking about lmao.

If you live outside of the USA and you're a dual citizen or citizen of the USA, you owe taxes, no matter where the fuck you live.

But you do not owe taxes to the USA if you give up citizenship.

what a retard

[Anonymous No.17003453]

Since I haven’t sold and do not hold more than 10k worth of crypto, do I report it?

[Anonymous No.17003454]

>>17003401
Thats what I want to know. If I press yes they’re gonna have a tab on my stack of stinkies!

[Anonymous No.17003458]

>>17003439
Depending on where you move to or reside they have fuck all way of knowing what you actually make unless you report it like a retard.

[Anonymous No.17003468]

>>17003453
My circumstance exactly.

[Anonymous No.17003469]

>>17002756
I just said no on my taxes to crypto. IDGAF.

[Anonymous No.17003484]

>>17003454
There's a 15k/person/year gift allowance. You could get your parent to give you upto 30k a year for a % and it wouldnt be taxed. More if you have friends you trust and want to make a quick buck. I'd just worry about it when you actually cash out.

[Anonymous No.17003490]

>>17003469
Im seriously considering this. Im just going to tell them that LINK is what I use to put my real world data on-chain and then sperg out and hope they stop bothering me.

[Anonymous No.17003589]

>>17003452
Google it.

[Anonymous No.17003619]

>>17003453
in the same boat i have 8k in crypto i’m not sure what to do

[Anonymous No.17003657]

>>17003619
Fuck this, lets just not report shit, they can’t find all of us can they?

[Anonymous No.17003664]

I have 265k in crypto and will never report it.

When hyperbitcoinization happens, you won't need to "cash out".

[Anonymous No.17003685]

>>17003664
Based

[Anonymous No.17003791]

>>17003657
I think I’m gonna go with your idea desu.

[Anonymous No.17003863]

>>17003657
>>17003791
excuses
>I lost my password
>I lost my keys
>I got hacked
>I sent it to the wrong address

[Anonymous No.17003879]

>>17003863
Yea but then they will know I acquired it. I would have to deny that I even know what crypto is.

[Anonymous No.17004279]

>>17003657
Deal

[Anonymous No.17004298]

>>17003469
Based and goingtojailpilled

[Anonymous No.17004315]

>>17004298
Don't care

[Anonymous No.17004347]

>>17002756
Less then 5k maybe 10k. IRS is gonna give fuck all. Better be ready though when you got 1mil and they ask questions. Set up your api and get all your buys and sells. Use Zen ledger to figure that fucked rats nest out. Right now claiming no will not get you tabbed. Only guys 20k+ are they looking at. The IRS isn’t that scary. If they come after you they are pretty lenient when it comes to payment, BUT, they. will. get. PAID! Out of like 300,000+ cases of tax fraud only 1500 got prosecuted I highly doubt they’re gonna go after a guy for his 5k in linkys

[Anonymous No.17004392]

>>17004347
what if they’re bought and stored in coinbase ? once i make it i will gladly pay my taxes but i don’t wanna deal with that now

[Anonymous No.17004401]

>>17004347
Interesting. This is the most important thread on biz right now.

[Anonymous No.17004407]

>>17004392
>once i make it i will gladly pay my taxes
Bro, why? I'm genuinely curious.

[Anonymous No.17004477]

>>17004392
>coinbase
uh oh

[Anonymous No.17004529]

I have dual US UK citizenship and bought linkies in UK
Not paying jack shit

[Anonymous No.17004577]

>>17004529
Based fuck the kike IRS

[Anonymous No.17004613]

>>17004392
It’s doesn’t fucking matter. Coinbase only has to give over info on guys with 20k+ in dealings

[Anonymous No.17004627]

>>17004613
>>17004392
I’m just gonna reiterate the fact that 5k in investment is small peas to the IRS right now. Especially if you haven’t sold anything yet. Technically buying bitcoin and transferring it to another coin is a sell but it’s minimal and worth jack shit to the irs. With all the time and effort it takes to get a guy for tax fraud they’ll use their resources on bigger guys.

[Anonymous No.17004634]

>>17002756
>put 100k in crypto in 2019
>dont check box
>cash out 1mil in 2020 and pay 350k in income tax

>put 100k in crypto in 2019
>do check box
>cash out 1mil in 2020 and pay 180k in capital gains tax

goodluck claiming ignorance when you try to prove it was capital gains by an exchange receipt from 2019.
also if any of you bothered to read schedule 1 you would see there is no other question about about cryptocurrency than just that.

[Anonymous No.17004678]

>>17004634
This is true desu. But what if you transfer your profit into foreign assets, after changing your legal residency to outside of the US? If I plan to do that couldn’t I just not tell them about my stinkies?

[Anonymous No.17004735]

>>17004634
>put 100k in crypto.
Yeah because that's realistic fucking glow kike. Read the thread fag.

[Anonymous No.17004742]

>>17004634
Nice try, IRS nigger

[Anonymous No.17004763]

>>17004634
>claiming he’s done both
Wow you don’t know what the fuck you’re talking about.

[Anonymous No.17004778]

>>17004634
Go away glow nigger.

[Anonymous No.17004801]

>>17004298
You're a fed too faggot.

[Anonymous No.17004867]

>>17004678
He's a larp my guy. Be careful.

[Anonymous No.17004893]

>>17004867
Dude im just gonna say no. My linkies, they stay stinky.

[Anonymous No.17004921]

>>17004735
not everyones poor you retard, i used it as an example to get gains into the highest tax bracket for both income types. if people in this thread didnt receive a 1099 they WONT have anything to put into a tax form because there is no spot for crypto trades, value gains, transfers, ect.

the people who need to know; know.

[Anonymous No.17004924]

>>17004893
I think we should close down this thread. It's too hot. All us TRUE investors wish you luck. $1000EOY!
PS Seriously don't respond my guy.

[Anonymous No.17004943]

>>17004921
Dumb faggot read the thread.

[Anonymous No.17004956]

>>17004763
its an example of the outcome for both options. fuckin idiots on this site. just go to H&R block before you dumbasses end up in federal pound you in the ass prison because none of you can follow instructions on a 1040

[Anonymous No.17004998]

>>17004956
I AINT GON TO JAIL NIGGA!

[Anonymous No.17005041]

>>17003452
You would owe before you gave up your citizenship. You have to pay back anything that's due before renouncing it

[Anonymous No.17005530]

>>17002784
>>17002779
>>17002756
It's in your interest to tell them actually. They are asking so when you declare the income they know. If you have no income from crypto then there isnt any taxes on it anyway. If you randomly deposit millions of dollars from coinbase they will audit you.

For those who arent cashing out eventually it doesnt really matter then. They will never know where your linkie stack is hiding.

[Anonymous No.17005550]

>>17002756
Just transfer your funds from one wallet to another and then file saying you have no crypto. If they do audit you and say your coin was stolen which is why you never reported it. Cash out using a non-US bank.

[Anonymous No.17005570]

what if i bought the coins before last year and just held them?

[Anonymous No.17005612]

>>17005570
what is the definition of acquire?

[Anonymous No.17005876]

>>17004735
I remember seeing that for the first time on the simpsons when I was much younger and it scared the ever living shit out of me.

I was 10 or so I believe.

[Anonymous No.17005892]

>>17005550
Wont they do their due diligence and ask where you got that money?

[Anonymous No.17005958]

Lie to those niggers

[Anonymous No.17005981]

>>17003490
Just shit yourself during the hearing bro

[Anonymous No.17006008]

>>17002756
stop posting this thread

[Anonymous No.17006781]

>>17002756
>Trading/stock apps won't give tax docs until later in Feb
>Job will give me my w2 by the end of the week
Fuck that, I'll just amend by the end of February and let them sort it out.

[Anonymous No.17007172]

>>17002756
God damn it hurts seeing amerifags pay for software so they can get taxed.

>keep crypto on random wallets
>on random occasions load up my visa crypto card with eth by converting my shitcoins
>buy shit online
>buy groceries
>withdraw 2k limit “only” but I can live with that

[Anonymous No.17007410]

Any UK anons?

Got a stinky stack and not selling till at least £100, am I right in saying that I would *only* have to pay 20% Capital gains on what I've cashed out and then that's it? I can walk away with the 80% ?

Been accumulating since 2017 and I have no fucking idea about taxes tbqh familia

[Anonymous No.17007677]

>>17007410
20% on profit above personal allowance. capital gains tax. know any friends or family that use an accountant? see if they can help.

[Anonymous No.17007722]

>>17007677
Okay that's what I thought too. No accountacy frens but my dad's quite savvy with taxes, I'm sure he has some contacts when the time comes.