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19565678 No.19565678 [Reply] [Original]

I OWE $20,000 DOLARS IN TAXES

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAa

WHAT THE FUCK

WHAT THE FUUUUUUCK

>> No.19565692

Pay up wagie. Niggers and single roastie moms need that money.

>> No.19565695

>>19565678
just move to a different country bro

>> No.19565704

Don't worry, you have well over a month to pay it.

You do have $20,000, right?

>> No.19565784

>>19565704
Taxes are due on the 15th stupid

>> No.19565806

>>19565784
July 15th, moron. https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020

>> No.19565832
File: 200 KB, 361x363, 1539836720135.png [View same] [iqdb] [saucenao] [google]
19565832

>>19565678
>paying taxes
lol do you also pay credit card debt? just wait til collections gives you the final warning then settle for pennies on the dollar
>inb4 credit score

>> No.19565861

What exactly do you owe in?
Capital Gains?

You do know you can get software to do the FIFO Method

>> No.19565875

>>19565861
do i have to pay taxes if i never cashed out or made my gains realized and only hodled and traded a few coins back in like 2018 still without ever transferring it to my bank

>> No.19565890

>>19565875
Yes

>> No.19565900
File: 41 KB, 396x432, 2017 IRS Audit Rates.jpg [View same] [iqdb] [saucenao] [google]
19565900

>>19565875
Do you feel lucky?

>> No.19565956

https://cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes

also don't forget about crypto. (scroll down about halfway)

>> No.19565983

>>19565875
swapping one crypto for another is taxable

>> No.19565988

>>19565678
>1 post by id
Kek get fukt brainlet

>> No.19565993
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19565993

Google infowars and taxes.
Thank me later.

0x6b5e4fc471f714e00a102a2fdd7e45f8f411ea54

>> No.19565995
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19565995

THIS IS ON TOP OF MY REGULAR WITHOHOLDING

GOD FUCKING DAMNIT WHAT THE FUCK

FUCK THE US GOVERNEMT FUCK FUCK FUCK FUCK FUCK FUCK

I DONT HAVE $20,000 DOLLARS IM FUCKED

>> No.19566002

>>19565995
You probably did your taxes wrong

>> No.19566005

>>19565995
How much did you make in crypto this year bub

>> No.19566013

>>19565890
i pay taxes on things i haven't cashed out on? like i don't have the money to pay it because it's in the market? how does that shit work

>>19565900
checked. thanks senpai that helps a lot <3

>>19565983
yes i know that correct. but i never made my gains realized. i'd pay those gains when i cashed out correct?

>> No.19566068

>>19566013
no, you don't pay taxes unless you realize gains. There's a tax bracket in the aforemntioned link (table 1). If you short vs long (hold more than a year), the rates are different, where long tax rates are lower.

>> No.19566071

>>19566013
Correct. But its still best to have that data lying around if you can.

>> No.19566096

>>19565832
this. lol i settled $3k for $400.

>> No.19566119

>>19566096
Is it possible to learn this power?

>> No.19566124

>>19566068
Thank you can you expand a bit more? I’ve help EVERYTBING for over a year and have only purchase some new link directly fiat to link from coinbase. When I cash out I was all my trades from the platforms but if I held for over a year would I just pay capital gains for long term hold? Like I’d pay 15% on cashing out 10k worth of fiat?

>>19566071
Ya I Have all my trades that’s what you mean correct? But if I DIDNT have my trades I could still cash out and pay capital gains? Not sure how I’d prove I held over a year?

Thanks for your help bros

>> No.19566131

>>19565678
Imagine being an adult and actually paying your taxes

>> No.19566143

>>19565832
word just watch that sam hyde video bro tell them a 20 minute story its all good

>> No.19566145

>>19566124
>Not sure how I’d prove I held over a year?
D-do you realize what a blockchain is?

>> No.19566164

>>19566145
they'd ask how i got all the money tho?

>t. retard who just holding and laughing at memes and hoping for the best life with frens

>> No.19566165

>>19566131
As an adult I'm proud to say I've never paid a cent of income tax in my life.

>> No.19566175

>>19565678
>myfuckingfacewhen
https://www.youtube.com/watch?v=gsr7Jl1Ith4

>> No.19566176

>>19566124
So the link that you would purchase this year, in 2020, would be reported on your next tax returns next year. The tax returns you're filing out this year is for all purchases you made in 2019.
If you held those coins for 1 year after purchasing them, and you cash them out at 10k, which is less than 40k, you shouldn't have to pay anything. Don't quote me on that, but that's my understanding, and I'm pretty sure that's how it works.

>> No.19566192

>>19565832
Is this legit advice?

>> No.19566202

>>19566164
A blockchain is like a giant text file recording
>1 coin sent from Exchange to Anon's Wallet at block A (time B)
>1 coin sent from Anon's Wallet to Exchange at block X (time Y)

Everyone can download that "text file", including the IRS or your tax attorney during an audit.

>> No.19566217

>>19565875
You pay tax on every trade you have made profit on (capital gains tax) , doesn't matter if you transferred it into your bank or not.

>> No.19566222

>>19566176
kinda makes sense but i wouldn't cash anything out. i'd have to report my link i purchased this year on next years taxes even though it's still in LINK and i didn't cash out(what's gonna happen realistically)

but thank you for your help and clarification

>>19566217
how are people supposed to pay the taxes when they're all in like i am? i've been spending what little money i have every year and putting it into crypto

damn that's fucked?

>> No.19566223
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19566223

>>19565678
See this is exactly why I suggested not paying taxes

>> No.19566225

>>19566217

No one is doing this shit, nigger. How's the IRS going to tax me for DEX trades?

>> No.19566244

>>19565695
This just get on a plane and go bro or tell the government no. They legally cannot take your money without your consent

>> No.19566252

>>19566225
Enjoy getting reamed by the IRS

>> No.19566259

>>19566222
Stop swinging and hold to reduce your tax exposure
swingies get the IR(ope)S

>> No.19566287
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19566287

>>19565678
>>19565875
>>19565900
>>19565995
>>19566225
Jesus Christ my sides are in orbit

>> No.19566325

>>19566287
explain

>> No.19566799

Pay for an Accountant to lower your taxes as much as possible. I recommend opening an S-Corp if you live in the States. Can put alot of shit to expense.

>> No.19566807

>>19555555
>>15555555
>>18555555

>> No.19566830

Open an S Corp in Wyoming and quit being a little bitch.

I hired a CPA for $11,000 and saved over $30k. Learn to swing your dick.

>> No.19567572

op here
been drinking

should I kill myself

>> No.19567599

>>19565832
>Just don't breathe
>inb4 oxygen
That's what you sound like.

>> No.19567604

>>19567572
Not unless you suicide yourself in an interesting way.

Otherwise, shit, the IRS works out payment plans for deadbeats all the time and $20k is peanuts long term.

>> No.19567613

>>19565995
If you owe 20k you should have generated at least $90k. How do you not have 20k?

>> No.19567618

>>19567572
Im gonna let you in on a secret. Keep it on the down low.

Ive been trading stocks for 4 years, i made roughly 60k up until this year of course. Im at 85k right now. I only trade on robinhood and have NEVER done taxes. I started with money i got from a silly but unrecorded income.

Its been 4 years.

>> No.19567664

>>19567618
Your fine will be as big as your tax obligation if you’re caught. It’s a game of Russian roulette. I hope you save a fuck ton of it.

>> No.19567698

>>19567613
So what happens when you have a couple successful trades but end up losing more on unsuccessful ones? It cancels each other out, right?

>> No.19567720

the US government cant even handle some coon riots, and you think they are going to find out about your shitcoins?

please, get a grip

>> No.19567735

>>19567698
Yes

>> No.19567797

>>19565678
Literally just pay the capital gains its only 15 percent, hopefully you accounted for that with your realized gains?

>> No.19567807

>>19565678
LMAO that's hwat you get for acting da'micky

>> No.19567847

>>19567572
You should live to see the comeback of bitcoin
in all its glory

>> No.19567920

>>19567572
I don't get it. You owe 20k assumedly off of BTC you must have made like 100K off that shit. How do you not have any money

>> No.19567951

>>19567720
The system doesn't care about coon riots. it's a chance to send them against their enemies and consolidate capital. the system wants its middle class white wagies in line and will literally die with its hands wrapped around their throats.

>> No.19567968

>>19567797
So capital gains (on assets held over 1yr) is only 15% of what you make off with after selling? That's it?

|I thought OP was saying somethingl ike "the IRS said my bitcoin was worth 200k in such and so year, and are taxing me based on that, but I sold my portfolio after tanking to 25k I'm broke" or something

>> No.19567970

>>19565995
well lets just hope trump does another tax cut.

>> No.19567978
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19567978

>>19565678
Non meme answers, if you make significant money on investments/bullshitting on here what can you do to pay as little tax as possible

>> No.19567984

>>19567951
Wrong. Less than .02% of "middle class" tax payments are audited, and less than a third of those result in an action.

>> No.19567992

>>19567984
He said the IRS already has him.

>> No.19568004

>>19567992
no he said was doing his taxes and determined that he thinks he owes 20k, not that he was being audited

>> No.19568014
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19568014

>>19565678

Do it like ifinex. Never get audited.

>> No.19568043

ok so ive been in crypto since 2017 but never really cashed out any profit until this year, but have made a lot of moves since then. i plan to call a tax lawyer this year after some big gains. am i fucking for waiting this long? or will i just have to pay some itnerest/penalties?

>> No.19568054

>>19567618
Shouldn’t Robinhood send you the tax form every year?

>> No.19568070

>>19565678
kek, suck shit cunt. However, I am assuming you can pay that shit off over time, installments, if you can prove you can't drop the lump sum on them. Shouldn't be too hard.

>> No.19568180

>>19565678
Tell em you're a nog and that your life matters.
Then a bunch of retards will make sure you don't have to pay.