[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 44 KB, 655x643, 17344F9A-1E7A-4D30-8280-E37190B38537.jpg [View same] [iqdb] [saucenao] [google]
23274601 No.23274601 [Reply] [Original]

Crypto to crypto is a taxable event! What on earth is this faggotry

>> No.23274611

>>23274601
boomers have no idea

>> No.23274620

>"Says here sit that you dumped $5000 dollars into Memebase..."
>I lost it all lmao

BOOM! Simple as that.

>> No.23274622
File: 261 KB, 888x894, 1589557362212.jpg [View same] [iqdb] [saucenao] [google]
23274622

>trade on exchange in malta

>> No.23274628

Not paying those taxes. Nope. Pour through my transactions over the past 4 years and try to determine my cost basis, faggots.

>> No.23274635

I love how they think it's completely OK to apply a 100+ yearold law, swapping a cow for a pig, to crypto.

>> No.23274654

ITT: retards

>> No.23274669

>>23274654
welcome fren

>> No.23274673

>>23274654
Can't pay taxes if you only have losses

>> No.23274676
File: 15 KB, 645x510, BAB144C9-8954-447E-B045-8114FF8F757F.png [View same] [iqdb] [saucenao] [google]
23274676

>>23274635
Is that really what happens in the land of the free? :DD

>> No.23274688
File: 1.51 MB, 1200x797, 1602410988813.png [View same] [iqdb] [saucenao] [google]
23274688

>Guys I was worried about tax season. How do I file for the profits that I made on teletubby.finance that I then flipped onto queef.finance? Then I sold it all into Statera.
I'm pretty sure I have to pay taxes for the statera I got from my profits.
>That doesn't make sense, what do you mean it's all decentralized?
>I'm not a retard!
>Based on what?

>> No.23274704

>>23274676
yea, it's the "like kind" law. Also, at the same time, selling Bitcoin is treated as if you were selling a house/building

>> No.23274721
File: 219 KB, 828x1792, 07892AF0-ACD8-47C2-BEE5-D0D484F16665.png [View same] [iqdb] [saucenao] [google]
23274721

>>23274688
>go to IRS
>how many times have you traded cryptos
>idk I threw it in a liquidity pool on Balancer and am worth 999999999999 dollars now

>> No.23274733

>>23274673
If you ever interacted with coinbase or other comped exchanges, it's trivial to trace the transactions and determine your gains and losses. I could code that up in a week.

Pay taxes or you're fucked, don't risk it. Just humble advice.

>> No.23274756

>>23274721
always pay them 38% and figure it out from there.

>> No.23274766

>>23274733
I pay taxes on the ETH that i cash out for fiat. Fuck all that other shit.

>> No.23274779

>>23274733
i will commit suicide before you'll see a penny from me government nigger

>> No.23274819

>>23274733
I was just joking man, I don't have that many transactions.

>> No.23274849
File: 7 KB, 208x250, 938FD7B4-F930-489C-9F01-18AED3233595.jpg [View same] [iqdb] [saucenao] [google]
23274849

>>23274688
my shitcoin to shitcoin trades are taxable events

>> No.23274939

>>23274733
Sorry sir I lost all of my few thousand dollars i invested. Go send your letters to someone else's multi-million dollar account, you'll have better luck than trying to successfully tax me and get less than a grand from me (that you'll never end up seeing anyway)

>> No.23275567

>So Mr anon, I see here you have a transaction for $3000 into something called nigger.finance - can you you tell me about that?

>> No.23275585

>>23274601
Imagine being american kek
I can swing all day and pay 0 tax

>> No.23275645
File: 59 KB, 515x821, 1553035829766.png [View same] [iqdb] [saucenao] [google]
23275645

>>23275567

>> No.23275655

If I trade a hammer for a screw driver is that considered a taxable event?

>> No.23275688

>>23275655
Yes.

>> No.23275712

>>23275567
Just continuing my familial legacy of owning niggers

>> No.23275714

>>23274601
It's fucking gay as fuck that they tax you for it.

>> No.23275721

>>23275655
unironically yes. You must record the market value of both at the time of the transaction.

>> No.23275731
File: 55 KB, 743x663, 128765543849571937845758569484.jpg [View same] [iqdb] [saucenao] [google]
23275731

>>23275645
>>23275567

>> No.23275757

>>23274756
Why do high? I don't pay that normally. Also. Holding long-term gains

>> No.23275758

>trade two things with the same $ value against each other
>Make no profit from it
>Pay no taxes as i made no profit
How should this even work?

>> No.23275780

>>23275655
Technically yes at least in the US, the IRS says that every bit of gain or profit is taxable and you're supposed to account for it. While you are not likely to get audited for it, there are rules for like/kind exchanges and stock in trade and other transfers of property that could be used to circumvent tax collecting.

>> No.23275842
File: 115 KB, 768x432, untitled.png [View same] [iqdb] [saucenao] [google]
23275842

>>23275567
>>So Mr anon, I see here you have a transaction for $3000 into something called nigger.finance - can you you tell me about that?

>> No.23275878

>>23274601
>crypto is currency accept it, boomers
>wtf, your treating my crypto as currency?

>> No.23275896

>buy 1 coin at $10
>trade it for 10 coins at $1.01 but fees negate the "gain"
>make no profit
>print trade for IRS

I'm going to literally drop 500000 pages of worthless shitcoin trades on them if they audit me, it's going to be amazing. I will buy 3-ring binders on sale at Walmart and put 300 pages per binder. You get what you fucking deserve.

>> No.23275913

https://www.google.com/search?q=is+crypto+to+crypto+a+taxable+event%3F&oq=is+crypto+to+crypto+a+taxable+event%3F&aqs=chrome..69i57j0i22i30i457.4968j0j7&sourceid=chrome&ie=UTF-8


It isn't crypto to crypto if you sell it for USD first. The boomers have no fucking clue how any of this works. You don't sell ETH for FIAT and then use FIAT to buy coom.finance.

You trade ETH for RLSHIT, it's like bartering. It isn't anything like a financial transaction. It's like trading shoes or condoms for antibiotics.

>> No.23276675

>>23274601
The 2020 1040 literally has a question on the top page asking if you did any crypto transactions. If you lie that is lying on a federal document which is a felony. Do whatever just know the risk.

>> No.23276757

You only have to pay on profit though right? and if you lose money you get a tax cut?

The big problem seems to be people making a trade making good profit, and then losing it all and still being required to pay the tax on those gains.

>> No.23276843

>>23275896
Glorious

>> No.23276926

>>23275757
If you aren't holding the commodity for a year, it's not long term gains. Most people here are swing traders and only bother to look up taxes after the end of year roll over has liquidated them. They learn that they had a fat profit, failed to withhold taxes and lost uncle sam's money by February. Shit's a hard lesson for people who start out in the summer.

>> No.23276962

>>23276757
yes, that is the problem, the cut is also capped

>> No.23276987

>>23275896
If you do this in Canada, they don't process it and they fine you for sending an onerous amount of paper. You should check first or you'll get raped. Here, at least, you can submit paper for an audit but the taxes need to be electronic.

Hire an accountant or use one of the sites that can read APIs. Also a taxable event requires a sum greater than zero. If this weren't the case, you would need to file for every purchase you make with legal tender. Note that you can file losses if you exchange money for a trip then cash it back into USD. The 2+% that the money changer charges will almost always give you a loss.

>> No.23277005

>>23276987
I'm not actually being serious. I have made a total of zero (0) dollars on CEX and I am safe.

>> No.23277033

>>23274601
Money in and money out. It’s that easy