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18504458 No.18504458 [Reply] [Original]

>Bought like $50K worth of ETH off Gemini throughout 2019
>Sent to Kraken and converted to LINK in 2020
>Gemini is linked to my identity/bank account, but Kraken is not yet (burger here)

Now I am trying to withdraw my LINK to cold storage, but Kraken only allows $5K worth per day unless you verify identity. Should I go ahead complete ID verification on Kraken? The way I see it, I will have to do it at some point anyway if I am going to cash out my linkies, right? IRS will want to know where I got my stinkies, right? Advise me, brothers.

>> No.18504467

>>18504458
sergay betrayed us all, we were supposed to be all in this together

>> No.18504468
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18504468

Also, post any of your tax questions here for other anons to answer.

>> No.18504703

>>18504458
Bumperino

>> No.18505201

>>18504458
I'm not an expert on this, but talking to my accountant during the 2019 filing...it is my understanding for the 2020 filing year holdings will need to be declared the same as any other investment. It won't matter if you were holding, buying, or selling. They will want to know. And if they want to get super picky, they can at minimum look at outgoing banking transactions to exchanges, though I doubt that will be widely implemented...mostly just for whales.

>> No.18505418

>>18504458
Pay the taxes you owe.
It's way easier than trying to evade the IRS.

>> No.18505560

>>18505201
You have to declare it, but don't have to pay taxes until you sell for fiat, right?

>> No.18505576

>>18504458
Do it legit. Unless your gonna buy nigger shit like Louis V sunglasses and handbags. Then your already a nigger and can’t be saved

>> No.18505634

>>18504458
Just sell your linkies for eth on dexes like uniswap or kyberswap and sell this eth then on gemini when you want to cash out. Problem solved. Just be carefull to not sell more eth than you bougth

>> No.18505685

Been living off crypto investments for years with no income & haven’t filed. I am looking to buy a property outside of the country. How do I go about paying what I owe to IRS?

>> No.18505730

>>18504458
I want to sniff Belle’s heavenly armpits

>> No.18507498

>>18505730
Same

>> No.18507613

Pay taxes only when you cash out

>> No.18507670

>>18505685
You gotta show them everything fren, then apply for a 1st time forgiveness.

>> No.18507676

>>18505418
what a cuck answer. dont listen to this square. crypto is not backtraceable. you will be fine if you don't pay taxes on it

>> No.18507761

Kraken verification is a strugle. Toke me days to send them the right papers. And my camera on my phone wasnt the best back then so i send them like 10 different selfies with this stupid paper in my child looking Handwritting.

I think they laughed about me. Now they still do because my small pathetic link stack.

>> No.18507826

>>18507676
Should you split your bank transfers to multiple transactions under 10k so you don’t catch an audit?