Quantcast
[ 3 / biz / cgl / ck / diy / fa / g / ic / jp / lit / sci / tg / vr / vt ] [ index / top / reports / report a bug ] [ 4plebs / archived.moe / rbt ]

Due to resource constraints, /g/ and /tg/ will no longer be archived or available. Other archivers continue to archive these boards.Become a Patron!

/biz/ - Business & Finance


View post   

[ Toggle deleted replies ]
File: 794 KB, 756x1747, IRS 2021.png [View same] [iqdb] [saucenao] [google] [report]
25517410 No.25517410 [Reply] [Original] [archived.moe]

You have been paying your taxes, right anon?

>> No.25517468

Never cashing out. So fuck off.

>> No.25517501

>>25517468
If you've swung, you've cashed out.

>> No.25518022

yawn. hodl + pay paltry tax was never an issue unless ur a retard. if u rly wanted to avoid the man you should've figured that out by now. this was always going in the direction of being integrated to makes taxes easier to pay(api/blockchain integration) in the long run anyway.

>> No.25518118

Imagine being a brainlet burger goy who buys crypto through Coinbase instead of other means

>> No.25518153

I'm debating whether or not I should report my UNI air drop. It was on Uniswap not a KYC exchange so doubt it could be tied back to me on the other hand if I make it in the next couple years and end up getting audited don't want to go to prison for not reporting that income, and my Eth wallet could easily be linked to me since I have sent to it from coinbase...

>> No.25518210

why are burgeroid taxes so retarded?

>> No.25518254

I do not respect the IRS

>> No.25518485 [DELETED] 

>>25517410
When did they ever educate people on crypto taxes?

>> No.25518634

>>25518485
The IRS is not for your benefit, it behooves them to keep your ass ignorant.

>> No.25518676

>>25518485
You are supposed to read their hundreds of thousands of pages or rules. It is your responsibility to know all of it and ignorance is no excuse

>> No.25518680

>>25517410
Considering I always lose money in crypto, I think I am okay.

>> No.25518728

>>25518485
they gave vague often impossible to follow provisional guidelines and sidelined the actual fruition of clarity for tax payers regarding crypto, honestly feels like a big bait and switch where the people who end up with headaches won't be people are purposefully evading / staying totally private... it will effect people who tried to faithfully comply for not correctly complying to regulations that didn't even exist at the time.

>> No.25518757

>>25517501
swinging to stablecoins doesn't count

>> No.25518763

>>25518676
This. If you call the IRS for tax assistance in putting your taxes together and you follow their advice, but still get audited the IRS isn't liable for giving you bad advice. Even IRS workers aren't expected to know the tax code because it is so bullshit and changes so often.

>> No.25518800

>>25518757
Crypto to crypto is taxable in burger land friend

>> No.25518856

>>25518757
If you buy XXX at 1USD, then swing over to XStable when XXX has appreciated to 10USD you are responsible for 9USD/coin profit regardless of what or where you swing it to. You create a tax event every time you realize profit or loss, even if you don't put those profits in your pocket.

>> No.25518868

>>25517410
Pay your taxes to a private company owned by jewish bankers or else.

>> No.25518904

>>25517501
When are they going to enforce World of Warcraft trades? Criminal scum,

>> No.25518920

>>25518856
All my events are 1041 exchanges. No taxes.

>> No.25518958

how would I compute crypto taxes this year? hire a crypto CFA seems to be the most reliable.

>> No.25518986

>>25517501
If you swung on a DEX or other non-KYC'd exchange there is no way they can say with certainty that a wallet belongs to you and that it was your wallet that sold those coins.
And if you really want to go all the way, swing in and out of XMR before selling.

>> No.25518991

>>25518800
It's such BS, I want to dump my link stack into something else, but I don't have the money for taxes. So I hold indefinitely. If you aren't earning money how do we get the money?!

>> No.25519029
File: 10 KB, 170x160, 170px-Juif.jpg [View same] [iqdb] [saucenao] [google] [report]
25519029

>>25518868
you dropped this

>> No.25519081

>>25518991
You sell for USD and pay the taxes. Of course you'll also need to pay taxes on that sale. Pay up, slave

>> No.25519104

>>25518991
Remember, you’re here forever

>> No.25519111
File: 26 KB, 1218x100, Capture.png [View same] [iqdb] [saucenao] [google] [report]
25519111

>>25518986
Did you read the article? The IRS is reaching out to exchanges and has been since 2018. Sure, there are some now that aren't KYC complaint but don't expect that to continue indefinitely.

>>25518920
Interesting.

>>25518904
I'm waiting to see how Bilzzard handles that going ahead.

>> No.25519134

>>25518986
dangerously based advice

>> No.25519155

>>25517501
>MUCH STABLE COINS IMAGINE USING FIAT INSTEAD OF STABLE COINS KEK
you're an absolute retard you know that? If you're a burger it doesn't matter. Every transaction is treated identically. I dont know about other countries though

>> No.25519179

>>25519111
Yeah, those are KYC'd exchanges. I specifically said DEX/non-KYC exchange. Yeah, if you swing your linkies for BTC on cuckbase, they'll report you and you're fucked. Swinging on uniswap is different.

>> No.25519187
File: 146 KB, 917x871, 7066A3F1-23C3-4AD2-995B-3BB80FD772A0.png [View same] [iqdb] [saucenao] [google] [report]
25519187

>>25517410
When did cointelegraph become a bootlicker?

>> No.25519228

>>25519111
Damn, I meant 1031 exchanges. But 1041 could also work since my wife isn't american. So I can "gift" her all my buttcorns for her birthday and have her cash them out in Grand Cayman or something.

>> No.25519272

>>25518728
Yep, that's exactly it. Frankly I probably won't even try to cash out my BTC and LINK directly into fiat, I'll convert to Monero and hold that for a few years. At some point I'll be going international anyway so it'll almost certainly wind up in court regardless of what I do unless I completely capitulate right now, and I certainly won't. Thankfully I've never sold crypto for fiat on a KYC platform so there's a hard limit on what the IRS knows about me.

>> No.25519281
File: 2.98 MB, 852x480, virtual_checkpoint.webm [View same] [iqdb] [saucenao] [google] [report]
25519281

yes let's go after the 3.2% crypto tax gap and not the 96.8% because they've got lawyers

>> No.25519283

>>25518856
What if the stable coin is valued at zero or some such, on a dark market? Or maybe you don't have information to give.

>> No.25519312

>>25517410
Why are people even filing after the absolute shitshow of the last election? The illusion of democracy has been shattered. The will of the people has not been respected. Enough is enough.

>> No.25519328
File: 36 KB, 657x527, asd.jpg [View same] [iqdb] [saucenao] [google] [report]
25519328

Hypothetically speaking, how do you even get out of taxes? What if you don't have a physical address? What if you lived in the woods out of your car and trade through your phone?

>> No.25519544

>>25519328
You still have a good goy number and they'll track you down. The only way out is to leave the country and get a completely new identity, as if you were an undercover spy. That said, the IRS goes after the softest targets, as >>25519281 alluded to. If you just remember to lawyer up in advance and get a reliable firm to guarantee your tax filing, it shouldn't be a problem. If you're really trying to launder money, your best bet with crypto is to just stay in crypto forever and don't buy flashy shit with money you haven't paid taxes on. There's not much the IRS can do if you keep all your money in Monero and wallets that only ever received money in exchange for monero and don't do any other transacting.

>> No.25519556

>>25519179
if coinbase ETH is transferred to a private wallet, and swung on Uniswap, do they pin the private wallet to you?

>> No.25519589

>>25517410
How about you suck the shit out of my asshole? I'm not selling.

>> No.25519701

>>25519556
they can't prove the wallet is yours.

>> No.25519702

>>25519556
>if coinbase ETH is transferred to a private wallet, and swung on Uniswap, do they pin the private wallet to you?
no, not really. They can guess that the external wallet is you, but they can't prove it. Here is the loophole though, if they says "anon,is this your wallet" and you say "no" that is lying to a fed which is a felony in this country. You need to be double dog careful here because money aside, this is what they get everyone with...lying.

>> No.25519751

Literally inevitable. The jew will get his shekel. Once the jew gets a taste he won't kill the tax laying goose.

>> No.25519791

>>25519701
How do you cash out though?

>> No.25519793

>>25519283
It doesn't matter what you swing into, it matters what you've swung out of. If you turn 100USD into a 10000USD and swing that 10k into a worthless asset, the only thing they care about is the 9900 you made. If you later trade out your worthless asset and can demonstrate that you lost that 10k of value you can claim a loss, but capital losses are treated differently than capital gains. Capital gains you pay all at once that year. There's a max you can claim on capital losses, so you have to spread it out over the course of years if you lose too much.

>> No.25519796

>>25519155
>If you've swung, you've cashed out.

the law is clear here for us burgers, if you made a trade, it is to be reported. thats it, no way around about it.

>> No.25519842

I can't wait for this shithole country to fall apart. I just hope not all the kikes escape to israel before that happens. I want them to perish in the bed theyve made here

>> No.25519897

>>25519793
>There's a max you can claim on capital losses

And that max is 3,000.
three thousand.
the 50 eth you lost on rugs and defi's? you can deduct 3k per year for rest of your life.

>> No.25519927

>>25519791
XMR wash trading. Or if you want to be fancy about things, you can convert to stablecoins on-chain and get a crypto-backed loan and use that to pay for things IRL. That doesn't count as taxable and it's basically what actual richfags do to get around tax issues.

Personally I'm not against paying taxes. What I object to is paying taxes on things that shouldn't be taxed, like flipping uniswap shitcoins without ever actually realizing any gains. That's fucking retarded. I'll just be paying tax on the net difference between ins and outs

>> No.25520053

>>25519927
You don't even need to convert to stablecoins at this point, just take out loans against your BTC holdings themselves. The more institutions get in deep with bitcoin the more banks will get comfortable with using BTC as collateral.

>> No.25520054

>>25519897
Yup. That was a kick in the balls when I first learned that.

>> No.25520160
File: 62 KB, 490x676, 1607601012527.jpg [View same] [iqdb] [saucenao] [google] [report]
25520160

>taxes
Look at me nigger, I am the central bank now.

>> No.25520240

>>25520053
So what happens when you take the loan and pay it off immediately?

>> No.25520324

>>25520240
You clearly don't understand what we're talking about. Go spend some time on google.

>> No.25520361

>>25519556
>if coinbase ETH is transferred to a private wallet, and swung on Uniswap, do they pin the private wallet to you?
btw, they theoretically could say also, well if thats not your wallet it was sent to, then its not your eth anymore, so taxed on THAT. You bought eth at 200, moved it out to metamask at 625, you pay the tax on that...because that is how it would work anyways if its a property transaction right?

>> No.25520428

>>25520053
my main concern there is volatility. Of course I won't be able to perfectly time the market, but I'm still hoping to sell near the blow-off peak and then rebuy in during the next year in the depths of the stagnant bear market. So that means using stablecoins during the interim period. I'm not just going to hold BTC/ETH/etc up through the roller coaster and all the way back down without at least trying to take advantage of the move. I'm pretty confident in the 4 year cycle and a peak occurring some time late this year or early next year

>> No.25520436

>>25520240
WTF are you talking about

>> No.25520448

>>25518800
my bad
not a burger and forgot this was an irs thread

>> No.25520521

>>25520428
Well if you're going to swing like that, at least use a mixer and try to get your BTC washed so it's a bit harder to trace back to you directly. You'll get taxed on crypto-to-crypto transactions if you swing. Worst case scenario, just pay your taxes at that point.

>> No.25520524

>>25519544
Don't give him hope. Monero is difficult to buy in secret and purchasing things in Monero are more pricey than USD.

>> No.25520596

>>25520524
Privacy has a premium, but it's basically the only option given that just about every other blockchain is public by default.

>> No.25520627

>>25517410
When have the taxes helped me?
>roads
They all break down in 5 years because of cost cutting.
>stimulus
Don't need it.
>college
Worked through school and paid it off on my own.
>welfare
Charity does more for the poor (and a better job).

Hell, the only thing they've done with my taxes is give it to the rich. The least they could do is pay the deductibles on my healthcare.

>> No.25520758
File: 24 KB, 592x78, Screenshot_20210104_223237.jpg [View same] [iqdb] [saucenao] [google] [report]
25520758

BUWUUAAHAHAHAHHAHAHAHAHAHAHHAHAHAGAGAHAGAGGAGAGAGAGAGGAGAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHHAH
IMAGINE BEING A NORMIE AND BUYING SHIT ON KEKBASE HAHAHAHAHHAHAHAHAHHAHAHHAHAHAHAHAHH

>> No.25520918

>>25518904
Thinking they dont. Whole team goes after ANYONEA who makes any money from wow

>> No.25520978

>>25520627
The only thing I can think of is - how do you pay for foreign affairs and defense against another country?

>> No.25521032
File: 50 KB, 1280x478, bigloss.jpg [View same] [iqdb] [saucenao] [google] [report]
25521032

>>25520054
>>25519897
reminded me of this fuckin guy, tell me if I am understanding this correctly or not
>>25401965 (might need to find this on an archive)
if he made $200k before the end of FY2020 (which I guess ends 2020-12-31), then he's liable for 0.15 * $200,000 (because those were all short-term options trades) = $30,000 of capital gains tax. However, he loses $199,000 of those $200,000 in early January, giving him $199,000 of capital losses he can roll, $3000 at a time, into the next ~66 fiscal years.

Did he start off 2021 with $1k in the bank and a $30k tax liability?

>> No.25521149

>>25520978
With tariffs, like how it was done before the constitution was amended to allow income taxation.

>> No.25521192

>>25521032
Since it's less than a year of holding, he owes way more than 15%. More like 35-45% PLUS state taxes.

>> No.25521266
File: 18 KB, 861x232, Capture.png [View same] [iqdb] [saucenao] [google] [report]
25521266

>>25521032
>then he's liable for 0.15 * $200,000 (because those were all short-term options trades) = $30,000 of capital gains tax
Short term capital gains are taxed as ordinary income, which means he adds that into whatever his regular income is. He doesn't pay a special reduced rate like he does with long-term capital gains. So if he really made 200k in profit, he owes way fucking more than 30k in taxes.

>> No.25521356
File: 64 KB, 650x637, 1606155285882.jpg [View same] [iqdb] [saucenao] [google] [report]
25521356

Never paying, IRS jannies don't deserve to be paid.

>> No.25521422

The dollar is a shitcoin anyway.
You instead be should be using real money like Bitcoin, Ethereum or Tartarus: >>25520790

>> No.25521432

>>25521192
>>25521266
you're right, I was looking at the wrong chart. If he did lose it all on a 12/31 option he's safe though, right brahs?

>> No.25521535

>>25521192
This it he main reason why I will never ever report uniswap shit to the IRS. I'm perfectly fine reporting taxes when I cash out to dollars after holding for at least a year. But according to these bullshit rules, if you swapped a couple ETH toward some shitcoins halfway through that HODL period and then flipped them back to ETH, you now have two instances of short-term gains of 6 months each rather than a single 12 month hold that would fall under long-term gains. Meaning you get completely FUCKED in taxes.

Fuck that, I'm only reporting total ins/outs and paying long-term gains when I cash out.

>> No.25521675

>>25521432
Gains and loses don't matter until actualized. So if he, hypothetically, invested 1k and it appreciated to 200k and then depreciated to 1k again without him doing anything with the asset then he's not liable for anything. If he bought in at 1k, sold or traded at 200k to get into another asset and that asset went down to 1k, then he's well and truly fucked.

>> No.25521707

I get paid in ETH every week by my employer. You’re telling me that every time I get paid and trade it for a different coin it’s a taxable event?

Land of the free

>> No.25521735

>>25521149
This but unironically

>> No.25521762

>>25517410
I have made fewer than 3000 dollars in capital gains this year and my losses are like 1000 dollars so it makes no difference to me. That's stocks and crypto.

>> No.25521791

>>25521675
He played weekly options. So that's week-long positions providing him short-term capital gains in one chunk after another up until $200,000 of capital gains, followed by a single "bad trading week" of $199,000 capital losses ending december 31st.
I think he ended 2020 with $1k of capital losses, then?

>> No.25521811

>>25518153
>my Eth wallet could easily be linked to me since I have sent to it from coinbase
...aaaaaand they already know about your uniswap tokens anon.

>> No.25521837
File: 235 KB, 540x468, 1596999091785.png [View same] [iqdb] [saucenao] [google] [report]
25521837

>>25521791
correction: $198k of capital gains followed by $199k of capital losses resulting in $1k capital loss for 2020

>> No.25521858

>>25518210
Reserve currency.

>> No.25521885

>>25518904
exactly, where does it end. wow gold has real world cash value. every purchase from a vendor or AH or sale or gift needs to be reported and capital gains calculated.

>> No.25521920

>>25519791
>How do you cash out though?
ngmi anon.
you NEVER cash out.
never.
you need to be paying attention here, collateralized loan.
eg...blockfi
lets say you had a bunch of BTC
you give a little bit to blockfi as collateral against a loan, they will give you usdc.
you do what you want with it
your loan is 1% interest
btc appreciates
refinance
take more money against.

you never made money, you took on debt that YOU are providing the backing for.

Worst comes to pass, you default on the loan and have not BTC. importantly, you never made any money so you pay no tax.
1btc = 1btc.

>> No.25521994

>>25518118
What did you use to start, genius?

>> No.25522097

>>25521791
>>25521837
Those two don't cancel each other out like that. You're responsible for all your capital gains in the year you make them, ie the 200k, but you can only deduct up to 3k of capital losses per year. He's fucked.

>> No.25522213

just wait till someone issues monero backed debit cards, probably solved.

>> No.25522432

>>25518757
yes it does, goy

>> No.25522732

how tf they expet me to pay taxes on something i havent cashed out yet?

>> No.25522800

>>25521920
Oh damn, this actually makes sense

>> No.25522903

>>25517410
This is unironically bad for Tether. No more easy mode unless shit literally goes up and stays up every January from here on out.
>>25518022
Most people track nothing or learn that they're supposed to track it months after Binance deleted their trade data. These people are on zero cost basis at best. Penalties on all the Tethering out they did since 2017 at worst. Not good.

>> No.25523018

>>25521920
>>25522800
If you ever get liquidated, you sell your collateral & realize a taxable event should you liquidate at a point where the BTC is in profit. Then you rope, because your loan was neither a profit nor a loss?

>> No.25523147

are capital gains made on tethering my btc, or converting my tether to usd

>> No.25523256

>>25522732
crypto-crypto is taxable anon. sole reason i'll never be a day trader despite how much i want to be

>> No.25523382

Has anyone used a service or script to file taxes with their etherscan history? I've been googling and found a python project and a service (Cointracking?) that supposedly pulls your etherscan history and prices to calculate taxes.
This seems a lot easier than doing the calculations myself but I'm not sure I can trust the math/process of these methods. Thoughts? My entire portfolio stems from ETH bought on coinbase, but none of it is stored on coinbase. My concern is that when I cash out, they ask "how did X ETH become XXX ETH?"

>> No.25523591
File: 9 KB, 211x239, goat.jpg [View same] [iqdb] [saucenao] [google] [report]
25523591

>get uniswap airdrop
>sell day of release for $3ea
>owe tax on $1,200
>fomo & buy back 1000 coins @ $8
>dumps to $4
>sell for $4,000 loss
>still owe taxes on $1,200

>> No.25523601

>>25522097
So does he have any options with the irs or are they going to take everything he owns? Bankruptcy?

>> No.25523753

>>25518757
>swinging to stablecoins doesn't count
Even switching wallets is a taxable event

>> No.25523791

Fuck. There's no way I'm going back & calculating my uniswaps from RSR to LGCY back and forths. I had hundreds of these.

>> No.25523804

>>25523753
False

>> No.25523908

my concern with this is mostly altcoins. if you keep buying coins on the main exchanges and hodling them, whatever, you're only taxed once when you cash out. but if you exchange eth for shitcoin, hold, transfer back to eth so you can cash it out, is it even worth it then? especially in terms of short term cap gains. you're getting taxed like 4 times in that case (eth - shitcoin, shitcoin - eth, eth - USD). fuck this shit, i'm sticking with the top coins from now on
>>25523791
like >>25523382 said, there are sites that have scripts to consolidate all your trades and let you calculate the shit you owe (i think one of them gives you a document you can include on your tax return if you're using turbotax or something?)
bullshit either way

>> No.25523958

>>25517410
>one american user
holy shit bros its fucking over

>> No.25523986

>>25517410
taxation is theft

I don't wan tthe government taking my money to give to low IQ people to reproduce more than me, and then demand more of my money each to continue that cycle

>> No.25524022

>>25517501
What if i just live off my coins, buying gift cards for all essentials

>> No.25524037

>>25523601
Bankruptcy doesn't do shit for the IRS. The best he can hope to do is either hide and hope they don't find him, which will be intensely painful if they ever discover him and find out he ducked out on 200k. The smart thing to do is come clean and entered into some kind of structured payment. It's going to be painful, but that's kinda what you get for playing with shit without understanding it first.

>> No.25524101

>>25524022
Buying shit with your coins means that you use your coins. Using your coins means you've realized profits, assuming you have profited, and you're now responsible for the taxes on those profits. No one cares that you're buying gift cards with them.

>> No.25524105

>>25519228
isnt a 1031 exchange only for real estate or life isnurance products?

>> No.25524116
File: 55 KB, 788x372, losses.png [View same] [iqdb] [saucenao] [google] [report]
25524116

>>25522097
Are you sure mate? According to turbotax, they settle at a net position of either capital gain or capital loss, where outstanding capital losses may carry over into the next tax season.

>> No.25524123

>>25522213
Something tells me tying a debit card to a monero wallet would de-anonymize that wallet's transactions given enough time.

>> No.25524234

>>25519312
THIS

>> No.25524358

>>25524116
I wouldn't trust Turbotax or HR Bloc. I got assfucked both both in the past, so I make a point to work with an actual accountant now. Having said that, it's been decades since I've had losses and gains in the same year so I might be wrong.

>> No.25524376

>>25519312
dangerously based

>> No.25524531

>>25517501
Just use uniswap. IRS doesn't know who the users are

>> No.25524538

I couldn't pay properly even if I wanted to - thousands of tiny trades in the last few years and I didn't really record them.

Never cashed out, when/if I do I'll just report a lump sum profit. I've no other choice.

>> No.25524571

>>25518118
It's the only option we have in New york

>> No.25524593

>>25518757
Oh no no no ahaa

>> No.25524595

>>25524358
What's the background on how you got assfucked? I thought they guaranteed your return and handled everything if there's discrepancies?

>> No.25524670

>>25518153
Don't be silly. It's a dumb token on your eth wallet. How are the govts of the world going to agree on which UNI recipient lives in which nation? There is no proof that you really are the eth address that received those things.

>> No.25524721

>>25523382
koinly.io/ I ran this on my wallet that lost me 50 eth on uniswap and it seemed right.
In previous years when I had taxable transactions I used bitcoin.tax which I just feed exchange data into.
if you did even a moderate amount, like a dozen, def use one of these, it saved my sanity...

>> No.25524806

>>25523382
>I can trust the math/process of these methods.
btw, all its doing is taking etherscan data and putting it in the right format. I mean, you should spot check things for sure, but yeah its probably trustworthy.

>> No.25524959

>>25524595
With HR Bloc, which is the last time I had my taxes done by anyone other than a pro, I walked into the office and gave all my paperwork to the person who was to prepare my taxes. She had obviously never talked to anyone who had filed anything other than a 1040EZ, because when I started talking about capital gains, losses, and the various particularities about my situation she got wide eyed and went and talked to a college. Apparently he was the one that knew how to do all that shit, but he was booked up and wouldn't / couldn't help me. So my choices, I thought, were either to file myself with pen and paper, fuck no, or use their software in their office, talking to this asshole who knew how to do it, while the person I was paying to prepare them just sat there and watched me use her machine. The best part about the whole fucking ordeal, other than the fact I paid them to do my own taxes, was as I was leaving the asshole who was in charge mentioned, after I had electronically filed, I probably should have just filed for an extension and talked to a full time tax person. Cunt.

As for Tubotax, when I got audited all I got was fucking silence from them. Zero fucking responses when I tried to contact them about what was going.

The whole thing put me off investing for years, years during a strong market, because my savings and portfolio got nuked and after the tax thing I didn't want anything to do with anything that wasn't a deposit and forget about it.

tl;dr - If you aren't working at McD's, go to a full time tax professionals office and work with them. They can do wonders based off of a conversation and minimal paperwork and they're not much more expensive than the retards I mentioned above.

>> No.25525022

>>25518153
IF you get audited.

>> No.25525056

>>25518153
Just report it. Despite what the internet tough guys say, you don't want to go to jail over a few hundred dollars. You're not going to "win" either way so its just better to pay the tax and keep your freedom.

>> No.25525070

>>25524959
Good to know, thanks. I've always used turbotax myself but I only have W-2 income and rental property income so it's very simple. I tried going to HR block once but they were assholes about my returns and charged way too much so I just bailed and did it myself again.

Once I start cashing out I'll definitely just go to a pro and get a written contract guaranteeing the return's accuracy and just write up the cost of that as a cost of doing business like the taxes themselves.

>> No.25525100

>>25517410
Fuck even the alphabet boys are transitioning?

>> No.25525158

>>25525056
>jail over pennies
yeah no

>> No.25525304

>>25525056
>you don't want to go to jail over a few hundred dollars
You wont. All that will happen is that you will get raped up the ass with kind of heavy fines relative to what you originally owed. You will be looking at jail time for high 4 figures (probably like 5k+) and up

>> No.25525326

>>25525070
Might be worth it to poke around and see if there's one in the area worth using this year. Honestly, it surprised me how cheap it was and the one I've used for the last 5 years saved me 10k the first year I used them. But regardless of whether you use one now or in the future, DYOR.

https://www.youtube.com/watch?v=JjhDUK9PDio
This guy is kinda dry and still figuring out how to do the YT thing, but he's pretty informative and a good place to start. The linked video explains the different types of tax professionals and what they can do. Best of luck, anon.

>> No.25525392

Why should they get a cut of the pie? Didn't they already collect taxes on that money when it left my employer and entered my bank account? What I do with that money after should be of no concern to them.

>> No.25525497

>>25524531
They know because Coinbase says, so and so sent to this address

>> No.25525590

>>25523753
wrong

>> No.25525609

>>25525392
Adorable.

>> No.25525621

>>25518485
You know there's an entire industry built on doing people's taxes, right? Guess which industry lobbies for tax codes to be so convoluted?

>> No.25525834

>>25518153
if you get audited you just pay what you were supposed to and a fine. you dont go to prison for it retard, unless you refuse to pay up or something niggerish. prison is for niggers and violent offenders.

>> No.25525897

>>25525326
Cool, thanks man. Same to you, good luck!

>> No.25526064

>>25521149
Reminder that the income tax is illegal and never technically passed enough votes.

>> No.25526137

>>25525834
Depends. If you deliberately lied and they can prove it you can go to prison. e.g. misdating sales of assets to pay long term capital gains, or answering no to a question about having a foreign bank account you when you in fact do have one

>> No.25526183

>>25518757
lolcope

>> No.25526244

>>25522097
that's not how it works, retard. the 3k cap is for using capital losses on something different like wagie income tax.

>> No.25526283

>>25526137
yeah but not correctly calculating CGT on 1,000 shitcoin transactions is NOT gonna result in jail.

>> No.25526329

>>25518210
Unironically Jews.

>> No.25526604

>>25526064
Yeah and Biden stole the election and shouldn't be sworn in. It's fucking clown world anon.

>> No.25526760

>>25526604
It is all coming down soon. I am going to dance on the ashes of this world and masturbate vigorously.

>> No.25526979

>>25526760
I fucking wish. Empires take a depressingly long time to collapse after they reach dead husk stage.

>> No.25527011

Okay so I'm a NEET and own crypto through trading. Does this mean as long as I cash out less than 40k a year I dont have to pay capital gains tax?

>> No.25527021

>>25521422
Even if you pay for something in BTC, you have to pay taxes like you cashed out ON TOP OF any sales tax.

>> No.25527053

>>25521920
So i could do this anytime i want to buy something expesive then not pay back a dime and forfeit the btc but avoid taxes? Based

>> No.25527132
File: 69 KB, 688x684, namesand.jpg [View same] [iqdb] [saucenao] [google] [report]
25527132

>>25519312
Based

>> No.25527183
File: 110 KB, 398x400, 1604769840943.png [View same] [iqdb] [saucenao] [google] [report]
25527183

>>25520758
>starts with coinbase
gg

>> No.25527210

>>25517410
Fuck around and find out.

>> No.25527286

>>25517410
Seems like a good place to ask. I may or may not know someone who operates a delivery truck as an LLC and neglected to save back money to pay his income taxes. Hypothetically, could anyone who was aware of this fact use it against that person for the whistleblower award from the IRS? I would think at some point they'd have to do something wrong, and not just stupid right? Like if they just don't pay, or try to under report?

>> No.25527325

>>25526979
No, friendo. This is the new world. We do everything fast now. We drink fast. We fuck fast. Our empires decline fast. We are Americans. We collapse better than anybody. Nobody collapses like America. We are teh best at collapsing. We have the best collapsers. Believe me.

>> No.25527403

>>25527286
You should not rat on them because that would make you an evil fucking scumbag. You should strongly consider suicide for even shortly contemplating fucking over an acquaintance to the shitty, corrupt third world government.

>> No.25527419

>>25525326
Good video

Those comments lmao
>I strongly believe you were sent to us (XRP community) by the crypto Gods. My wife & I will definitely reach out to you if you’re accepting new clients...

>> No.25527420

>>25518991
could you just buy someone's account from a different country? I'm from croatia and the government is 20 years behind when it comes to technology. I'd be willing to make fake accounts on friends and family and give them to my spastic friends on biz. what say you?

>> No.25527429

>>25527403
That driver may or may not be me

>> No.25527567

>>25527325
If you're implying that Trump is a sign of accelerating collapse I think you've got it wrong. He was the last gasp of the republic, and the dems are Caesar crossing the rubicon in this metaphor.

>> No.25527598

>>25525056
nobody goes to jail over a few hundred dollars, asshole. seriously nobody should be listening to ANYONE here about taxes

>> No.25527607

>>25519179
Does exchanging on a private wallet like Exodus count? Sorry if it's been asked before but exodus seems like a pretty common wallet nowadays so I thought I'd ask.

>> No.25527834

>>25527286
Just not paying is unironically probably not as bad as filing and lying. The lying is the criminal part, thats the part that fugs up rest of your life.

>> No.25527927

>>25527607
Gonna second this.

>> No.25528066

>>25524721
Thanks for this nugget. I was doing that shit by hand previously.

>> No.25528118

>>25527419
Yeah, I love the YT comments section.

>> No.25528134

>>25517410
wait murricans own the entire market cap?

>> No.25528360
File: 1.80 MB, 500x288, 1608603974683.gif [View same] [iqdb] [saucenao] [google] [report]
25528360

>>25527927
>Gonna second this.
Its a crypto to crypto transaction, legally you have to report. The fact that that its a wallet under your total control with no link to you foes not change whag is happening when you do the swap...

>> No.25528481
File: 37 KB, 505x567, 4.jpg [View same] [iqdb] [saucenao] [google] [report]
25528481

>>25521422
one of those 3 is not like the other, Retartarus

>> No.25528717
File: 53 KB, 720x720, IMG_6076.jpg [View same] [iqdb] [saucenao] [google] [report]
25528717

Any of you guys know about the german tax situation?

I've been trading for years and so far nothing.

>> No.25528780

>>25518757
wrooooooooooooooooong

>> No.25528826

The recent ruling that allows banks to hold tokens may be the end of this. There were a number of tax lawyers that were able to argue that coin swaps should be treated as “like-kind” trades, and shouldn’t be treated as a taxable event until they are actually exchanged for fiat. Those cocksuckers in Congress then change the rules to only allow like-kind for real estate, likely cause that’s what they hold. Now, however, if crypto keeps exploding and they start holding, there will be incentive to return coin swaps to like-kind status. Until then, any move other than just hodling is taxable on gains

>> No.25528898

>>25527607
Any coin swap is taxable. The IRS is relentless and will track you down if there is any bread crumbs.

>> No.25528925

If the IRS comes to my door asking for MY MONEY that I worked for I'm defending myaelf from those thieves as IS MY RIGHT TO BEAR ARMS

>> No.25529603

>>25528925
No you won't

>> No.25529758

>>25517410
>dont work
>Cash out 40k capital gains tax free every year
>sell yr losses dec 30th every year buy back Feb 1st now tax man subsidizes yr losses with only a one month risk of moon window

>> No.25529811

>>25517410
Send IRS 300 pages of gibberish, make trades just to complicate things
>document everything
IRS ignores you because they cut staffing and do t have the manpower

>> No.25530011

>>25522903
>Most people track nothing or learn that they're supposed to track it months after Binance deleted their trade data.

This.
This is why proper bookkeeping is a life skill.

>> No.25530203

>>25520053
>just take out loans against your BTC bro
i fucking hate that idiots keep parroting this line. HOW are you taking out loans and HOW are you paying them back without cashing out some BTC and then having to pay taxes anyway? be very specific.

>> No.25530283

So my bitcoin core wallet that has never been linked to any exchange is good?

>> No.25530408
File: 156 KB, 1415x245, 1743.jpg [View same] [iqdb] [saucenao] [google] [report]
25530408

This irritated me.

>> No.25530445

Wew lad, thought this was about the vaccine for a second I shat me self

>> No.25530682

>>25528898
>The IRS is relentless and will track you down if there is any bread crumbs.
Fucking kek. No they won't. Many people have made low thousands and without paying taxes without getting audited. They aren't omniscient and they can only pursue or pay attention to so much.

Higher dollar amount guys should worry more.

>> No.25530703

>>25518757
get ready for jamal to gape your asshole

>> No.25530786

>>25521885
are you retarded
do you go and buy wow gold on a fucking brokerage or exchange?
i didn't think so faggot

>> No.25530909

so how much are tax lawyers/accountants then?

>> No.25530953

>>25517410
phew. I guess this is one small benefit of losing all my cryptos to that hacker

>> No.25531011

>>25529758
>>sell yr losses dec 30th every year buy back Feb 1st now tax man subsidizes yr losses with only a one month risk of moon window
Why even wait 1 month? Wash trading rules don't apply to crypto if that's your reasoning.

>> No.25531053

>>25522097
no, they roll over retard, and you can only claim 3k each year. if you lost 200k you'd claim 3k now, then 3k next year, and so on, but if you realized 200k of gains in that second year you wouldn't have losses to claim anymore

>> No.25531091
File: 36 KB, 400x396, 1603180560754.jpg [View same] [iqdb] [saucenao] [google] [report]
25531091

>>25517410
How do you cash in/out 10k+? You can't pay for anything using crypto, the digital currency use case is a meme.

>> No.25531093

>>25524959
>because my savings and portfolio got nuked and after the tax thing I didn't want anything to do with anything that wasn't a deposit and forget about it.
what? then how did you owe taxes? or were you a fag like most crypto investors now, swung shit into a shitty www bubble company, and lost it all and then owed taxes on your swings?
kek, that's exactly how many of us got fucked in 2018

>> No.25531187
File: 12 KB, 500x236, 125639.jpg [View same] [iqdb] [saucenao] [google] [report]
25531187

>>25531091
Cash out normally and tax your taxes.

>> No.25531218

>>25523753
>Even switching wallets is a taxable event
Nope. Crypto to other crypto is because there's an actual gain potentially from the difference. Wallet to wallet doesn't create a taxable event if it's bitcoin staying as bitcoin. And cashing out of course is a taxable event.

>> No.25531332

>>25519312
Delete this anon its anti semitic

>> No.25531431

>>25519312
>Why are people even filing after the absolute shitshow of the last election?
Nobody files out of patriotic duty you retard. Look up what happened to Peter Schiff's dad. They put you in federal prison if you're caught evading taxes. There's no debtors' prison in the US anymore but tax evasion still gets you federal charges because the crime is hiding what you owed instead of just not affording it.

>> No.25531521

>>25520524
Metamask purchase USDC, go to kucoin. ETH/USDC then XMR/ETH.

Looking at about a 2 - 4% fee.

>>
Name (leave empty)
Comment (leave empty)
Name
E-mail
Subject
Comment
Password [?]Password used for file deletion.
Captcha
Action