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19685994 No.19685994 [Reply] [Original]

Looking for experiences on this and what to expect. Taxes up to date, in long term cap gains territory. Talking $50k scenario.

How can I prepare myself for a smooth experience? Have heard a lot of horror stories.

>> No.19686016

>>19685994
huh?

>> No.19686059

Just have a record of every transaction and dont forget to pay your taxes

>> No.19686183

>>19685994
Use localbitcoin site and just sell them for gift cards that can be used as cash or cash itself. If you pay taxes you're going to hell for supporting wars against innocent people.

>> No.19686233

>>19686059
This. If you really think you're too stupid to do this seek paid advice from accountant or something

>> No.19686299

>>19685994
I realized 200k of cap gains in 2019 and needed to pay 47k in taxes. I used bitcoin.tax to sum up my trades. Had zero issues with withdrawing the 47k to my checking account or submitting my taxes.

Basically, just report all your shit like a good goy and you'll be fine.

>> No.19686352

What about quarterly taxes?

>> No.19686547

>>19686059
I need some kind of tracing software because I can't get into my original coinbase account, and went from there to binance to idex and back. It is really a daunting trail to try to cover and I have no idea how I'm supposed to find transactions from idex from years ago

>> No.19687227

>>19686547
I think if you have a starting price for what your brought your coins at and a pull out price, you should be able to calculate it with out a full paper trail.
Do you need to pay tax on each transaction in the us ?
If you do than this might be an issue for you.

>> No.19687364

>>19687227
Yes I think that is what they call in FIFO first in first out and is a viable filing method. I actually have some losses that I could claim but it is so tiresome. A good friend did claim crypto cap gains loss and got them fulfilled by IRS. They just want their money, which in the end isn't much and the alternative is getting absolutely raped or never being able to cash out. This is not discussed often enough here.

>> No.19687501

>>19687364
>Uniswap all coins to monero
> slowly swap xmr back to small amounts of btc
>withdraw cash from btc atms
Very big think

>> No.19687519

>>19687501
Lol yeah have fun doing any significant amount of money you absolute dipshit we are talking real money here

>> No.19687575

>>19685994
>cashing out now
>for USD
>the biggest shitcoin of them all

>> No.19687645

>>19687519
>lol yea I have REAL MONEY
> I NEED MY 50K NOW CUZ I ADULT WITH DA BIG LONG MONEY
You could get $200 a day or more which is absolutely fine when you don’t have to pay taxes. Brainlet fag man stays poor and retarded

>> No.19687784

>>19687575
I'm not cashing out right now retard. But I would eventually like to be able to buy real property. Anyone who isn't getting their ducks in a row for the day they decide to make a move is in for a nightmare.
>>19687645
>dude 200 dollars a day loll
>only a brainlet fag would want to be able to use his money
Yeah, I can tell you're a real player.