"Crypto to crypto tax"

[Anonymous No.28024234]

People aren't actually cucked enough to report every single shitcoin trade from uniswap, right? Lot of us have literally thousands of trades per year on absolute shitcoins, many of which rugged and don't exist anymore. I'm pretty sure the average crypto trader is just reporting their final USD cash out amount. That is the only sane way.

[Anonymous No.28024333]

nice thot
sag.ed

[Anonymous No.28024410]

>>28024234
God white people are just perfect

[Anonymous No.28024418]

I do. If the coin doesn't exist or I get rugpulled, I can just send it to a burn address and count that as realizing the loss.

[Anonymous No.28024503]

>>28024418
Yeah, nah. That's cucked. I'm pretty sure most people aren't paying until they cash out a final lump sum to their bank accounts.

[Anonymous No.28024566]

>>28024234
People confuse realizing with taxable event. Taxable event is a balance check of gain and loss. If I trade my stack of shitcoin I made profit on for USDT, I've realized gain. If I now trade USDT for fiat I've initiated a taxable event but I gained and lost nothing. There's no new tax obligation to report.

[Anonymous No.28024653]

>>28024234
No.

[Anonymous No.28024764]

>>28024234
>I'm pretty sure the average crypto trader is just reporting their final USD cash out amount.
>Reporting crypto
>Sane
Ok cuck.

[Anonymous No.28024845]

>>28024234
Had a summer job at a hotel she visited, served her water.
True story.

[Anonymous No.28024881]

Doesn't coinbase give your info to the irs?

[Anonymous No.28025414]

>>28024881
Most people on /biz/ don't use coinbase.

[Anonymous No.28026118]

What do people use if not coinbase?

[Anonymous No.28026290]

>>28024234
I live in CZ and I effectively pay zero tax on stocks and crypto, due to the local administration not caring about anything I own.

[Anonymous No.28026328]

why the fuck would i "cash" any of my crypto for worthless usd shekels

[Anonymous No.28026856]

>>28024503
I report things like when I buy 50k rubic at .10c and sell at .50c since I'm afraid that if I don't report such amounts I will get killed my an IRS agent in my sleep. I also report whenever a trade goes sour and I lose money including the gas fees since this lowers my overall tax liability

[Anonymous No.28027255]

>>28025414
I'm a mess I have shit all over the place

[Anonymous No.28027575]

>>28026290
Can you describe your cashout strategy in minecraft pls?
>t. another czechchad

[Anonymous No.28027667]

>>28024845
Did you sniff though?

[Anonymous No.28027671]

>>28024234
based
pay income rates on what you cash out and just keep DEBTMAXING and you will never get an audit
if the IRS jams you up flee the country and let the bank worry about what to do with your bags

[Anonymous No.28028069]

>>28025414
>Most people on /biz/ don't use coinbase.
Bulllllshit. What does everyone use?
Coinmetro, gemini, binance and kraken report to the IRS as well. I have an account with each of them.

[Anonymous No.28028078]

>>28027671
>DEBTMAXING
this is just unnecessary. IRS wont let you off the hook just because ure in debt

[Anonymous No.28028218]

>>28028078
They'll also come after you for backtaxes (almost) anywhere in the world even if you renounce your citizenship.

[Anonymous No.28028333]

F

[Anonymous No.28028336]

>>28027575
sell everything, transfer to Germany/Lithuania based internet banks, profit. I almost never use my CZ bank.

[Anonymous No.28028499]

>>28028069
Exchanges based in other countries and decentralized exchanges

[Anonymous No.28028517]

>>28024845
name?

[Anonymous No.28028580]

>>28028336
but how does it matter whether it's CZ or GER/LIT bank? don't they all work together and report to your country of tax residence?
for an example if I cash out 100k in LIT bank, is that really going to be unnoticed by financni urad?

[Anonymous No.28028674]

>>28024234
Oh you thought you could escape taxes? That’s cute. You do all the work, deal with all the stress and take all the risk; government takes a big chunk and gives it directly to niggers and illegals.

[Anonymous No.28028738]

>>28024503
That is right. I am not paying tax on unrealized gains. Right now I would have to pay tens of thousands of dollars on a minimum wage job.

[Anonymous No.28028866]

Americans are fucking gay.
I'm moving to Portugal this year and paying NOTHING.

[Anonymous No.28028906]

>>28028580
My broker doesn't report anything, and I cash out little by little.
These countries don't know my tax residence is in CZ. And if the tax office don't get you in 3 years, you're clean.

[Anonymous No.28028923]

>reporting your crypto
>not just trading it for USDT or another stable coin and buying everything with a crypto debit card
Haha I'm just kidding your honor this is a sarcastic post I would never not report my crypto gains to the god blessed federal government.

[Anonymous No.28029017]

>>28024234
Her ass is flatter than Texas
Do not post asses like this again

[Anonymous No.28029047]

>>28028866
behave faggot behave.

[Anonymous No.28029068]

>>28028674
don't forget tranny confirmation surgeries. Straight into the surgeons pockets.

[Anonymous No.28029120]

is purchasing boomer rocks "paying for a good or service"? i need to know.

[Anonymous No.28029262]

>>28024881
they should. I had a coinbase account since they launched but they never asked for my legal documents. When i go to the taxes section they have no information and I have no statements. Regardless Im not cashing out with coinbase.

Crypto.com will cash me out. I will send multiple 4000 dollar deposits over a longer course of time, only sending eth to my crypto wallet when I want to cash out and hold everything on my local. Crypto.com isnt going to report shit to a foreign government.

[Anonymous No.28029365]

>>28029017
Ass is for subhumans and degenerates.

[Anonymous No.28029512]

>>28028906
SK bro here. I have read multiple times that there is a loophole in CZ regarding taxes and crypto. You can gift your crypto to your family and they can cashout without paying taxes. The profit would be only the value it would gain between the moment the gift is given and selling it.
Unfortunately it doesnt work that way here in SK. And btw. you have a 15% tax on crypto, that is quite good. We have to pay 25% + 14 % HEALTH insurance on tax. Yep, fucking zdravotné odvody from crypto. So 39% tax.

[Anonymous No.28029543]

>>28028674
God.. paying taxes sucks balls. Especially if they give it to illegals, single moms, niggers, bailots, corporate welfare.
The rich subumans avoid paying taxes and we have to pay up and fill that void.
Whole system is rigged.

[Anonymous No.28029565]

>>28029120
Yes

[Anonymous No.28029574]

>>28029047
>please stop making us aware of how shit out country is
lmao land of the free?
land of the eternally btfo more like
OH BEAUTIFUL TAXABLE EVENTS
FOR CRYPTO TO CRYPTO
YOU CAN'T EVEN LEAVE
BECAUSE IF YOU DO
THEY'LL COME AND ARREST YOU!
AMERICA, AMERICA!
THE JEW DEMANDS HIS FEE!
TO FEED THE NIGGER AND KILL WHITEY
FROM SEA TO SHINING SEA!

[Anonymous No.28029617]

>>28028906
what could be considered small cash outs that go under the radar
€1000 per month?

[Anonymous No.28029625]

>>28024410
are you kidding? she's built like a dude. weird faggot

[Anonymous No.28029647]

>>28024410
Yes we are.

[Anonymous No.28029671]

>>28028517
Hanna-Maria Seppälä. Seen her multiple times irl.

[Anonymous No.28029711]

>>28024566
This make tax real simple, track how much capital you start with every fiscal year and how much capital you add through the year.
Track everything you remove throughout the year.
That's it all there is to it. Set up back acc for trading and a tax acc. Then your set.

[Anonymous No.28029743]

>>28028517
https://en.m.wikipedia.org/wiki/Hanna-Maria_Sepp%C3%A4l%C3%A4

[Anonymous No.28029778]

>>28024566
He’s referring to something like converting ETH to LINK - a taxable event

[Anonymous No.28029834]

>>28025414
I do, most exchanges aren't available for Americans, and even if they are, they don't support ACH with instant trading.

Of course, I'm talking about coinbase pro. If you use coinbase blue, you're just a normie idiot.

[Anonymous No.28029945]

>>28028906
Is it easy to set up a bank acc in LIT? Can you do it online?
If you have a telegram or discord would you mind adding me so I could ask you about these minecraft strategies there? Thanks

[Anonymous No.28029985]

>>28026290
Lol the crypto tax is 15% in CZ. I'm just going to pay the cuck tax and have light sleep knowing that no one from bank or financial bureau will knock on my door asking about how I was able to buy a land and house.

[Anonymous No.28030080]

What happens if you move before cashing out then cash out in the foreign country? 'this is just an asset i brought with me, it's not income'

[Anonymous No.28030238]

>>28030080
Tax fraud --> Jail

[Anonymous No.28030268]

>>28029985
This. I find it funny that if you have 15% tax that you are not paying it and try to send the money to your money thinking everything will be okay.
As I mentioned in another post - here in Slovakia we have 39% tax on crypto. I am considering moving to CZ for half a year to become a tax resident in your country and cash out while just paying 15%.

[Anonymous No.28030379]

>>28030238
Tax fraud from who? the country you left or the country you entered?

[Anonymous No.28030733]

>>28030268
even paying 1% to these kikes is too much, stop living with this cuck slave mindset

[Anonymous No.28030940]

>>28030733
I agree with you but there are ways to pay 0% tax and sleep well knowing that it is all legal. So I would prefer those. Examples:
-becoming a tax resident in Slovenia/Portugal/Germany (well the last one is bit risky) and cash it out there and then move back
-using the tax loophole with giving it as a gift to your family in CZ

[Anonymous No.28031045]

>>28030080
Usually there is a certain residence time needed before you become a tax resident.
If you live in a slave colony like the USA you get get pretty fucked.
Since they tax unrealized gains from conversions, tax you on income that never touched the US, and have long painful processes to renounce citizenship that almost costs a fortune.
USA already functions like a prison run by a mafia more than a country.
It'd probably be easier to start a corporation in another country then have that entity cash in, that's already what most of the people with their hands in your pockets do.

[Anonymous No.28031119]

>>28029778
If you make capital gains from trans Deering ETH - LINK that is a taxable event. However cashing out isn't. Transferring back to your countries Fiat, doesn't generate anything because it is the measuring stick they use.

[Anonymous No.28031215]

>>28030940
Well we're luckily not from the US and the scary stories about tax agencies hunting you down like a dog are mostly about IRS.
Here in SK or CZ if you don't pay taxes the worst you can get is a small fee or an interest, but as long as you pay that you're fine.
I agree with you that getting a tax residency in tax haven is a better plan though but it's not always worth it unless your networth is 7 figures or so imo.
>-using the tax loophole with giving it as a gift to your family in CZ
Isn't this just up to some amount though?

[Anonymous No.28031332]

>>28024410
Totally.

[Anonymous No.28031348]

>>28024234

[Anonymous No.28031417]

>>28031215
ATO, in Australia hunts people down.
Due to our tax system, it's even easier than in the US that said our tax system is pretty much automated at every level.
Pretty easy to hunt down people on a automatically generated report.

[Anonymous No.28031453]

>>28024234
I'm thinking about just making thousands of 1$ trades back and forth and reporting them all. Automate it all, one trade per hour. Process that you fuvksing shitbags

[Anonymous No.28031477]

>>28024566
hey dummy.
>EVERY SINGLE TRADE IS A TAXABLE EVENT.
>EVERY SINGLE PURCHASE IS A TAXABLE EVENT
you have to calculate the gain/loss on every trade, every purchase. different countries have different rules but for the US, this is the case. there is no grey area here. the IRS is also tracking wallets now and using firms that try to tie wallets to people's identities. you will get assfucked if you do not comply. The path forward is to uncuck the tax laws. Support Wyoming as they're fighting the hardest for this. Also, the Cardano foundation has a lobbying group that is lobbying US lawmakers to create more reasonable (favorable) tax laws, so you can look into that lobbying group and maybe contribute something.

[Anonymous No.28031594]

>>28024410
>Sees one slightly above average girl
>"White ppl r perfect"

[Anonymous No.28031733]

>>28031215
>Isn't this just up to some amount though?
I think it is up to 5 million CZK but you can use it multiple/infinity number of times. But better check it if you wanna use it, I have just read about it once.
But yeah, I agree with you. All depends on the amount of money we are talking about. Few hundreds or just a couple thousands? I wouldnt worry at all about it. Tens of thousands or lower 6 figure? That one is the worst but still there are options. 7 figure - change tax residency to a country with 0% tax and be done with it. This is probably universal for any EU bro.

[Anonymous No.28031768]

>>28031594
Shes a perfect human female fuckwit. Find a single flaw

[Anonymous No.28031845]

>>28031417
Well I dont know much about other legal systems aside from US and Europe, I was mostly commenting on those.

[Anonymous No.28031888]

>>28031417
But US citizens are taxed even if they live abroad (above 100k) and this is not the case in Australia, or is it? I know it is really pricey and hard to manage, but if you would have 7 figures then you could change your tax residency by living somewhere else and cashout, then come back to Australia.

[Anonymous No.28031906]

>>28024410
>that
>white
She's orange.

[Anonymous No.28031911]

What about gas costs? Do you write those off immediately or roll them into your cost basis? Does it matter whether or not Ethereum is a component of the swap?

[Anonymous No.28032019]

>>28031768
>God white people are just perfect

[Anonymous No.28032140]

im not reporting anything. i'll pay the taxes on my gains when i decide to go into fiat and that's that.

[Anonymous No.28032180]

>>28031477
>tying an identity to a wallet without any sort of kyc when monero is a thing and linuz distributions dedicated solely to lurking the internet encrypted and invisible
>only pay chump change to hackers to figure out monero and they haven't made any progress for a year
Okay dumbass.

[Anonymous No.28032798]

>>28032180
okay leet hacker guy, good for you. meanwhile 99.999% of the rest of burgerland has to pay their taxes.

[Anonymous No.28032963]

>>28028069
If you're using an exchange that reports to US authorities, there is literally no point in what you're doing. Just day trade penny stocks.

[Anonymous No.28033222]

>>28032798
You're on a board that gripes about taxes and old fags telling stories how how they evade them and you're talking to anons here like they're a bunch of normalfag boomers who use internet explorer and google search engine.

[Anonymous No.28034271]

>>28029365
CHECK YOUR T LEVELS, SOIBOI

[Anonymous No.28035862]

What about this?
>cash out $200 a week from your savings account
>spend it on all your bills like food, petrol etc so no trail
>slowly buy silver direct through bitcoin
>cash up your silver and if the taxman asks where you got the silver tell them that you had been stockpiling it with that 200/week and you were living off rice/beans and walking everywhere

[Anonymous No.28036118]

>>28035862

I like this idea