Crypto taxes

[Anonymous No.29806884]

Anyone else on the struggle bus with figuring out capital gains when you switch your crypto back and forth between platforms and wallets a bunch. I'm actually retarded and just use H&R. The lady last year seemed to piece it all together from my CSVs plus I had very few sells and swaps, but the lady this year could not compute anything other than 1099s.

Yes I can't do my own taxes. Yes I'm actually retarded. I just listened to you faggots and you got me to 6 figures. I'm eternally grateful. Listen to /biz/ kids

[Anonymous No.29806933]

Hire a professional. Crypto is treated just like stocks so you shouldn't run into any problems.

[Anonymous No.29807409]

>>29806933
Um no. Crypto is treated nothing like stocks and just like property.

[Anonymous No.29807539]

Taxes? Whats that? Why arent you trading on coinbase with a dead grandfathers ID

[Anonymous No.29807797]

>>29806884
You dont have to pay taxes if you're like me and never sell

[Anonymous No.29808787]

>>29806933
please see
>>29807409

because he is correct. Crypto is treated like property. If you're going to know how to pay (((their))) taxes atleast be decent at paying as little as possible.

[Anonymous No.29808853]

>THIS THAT THOSE THESE ARE TAXABLE EVENTS AND I PAY LIKE THE PERFECT GOY

[Anonymous No.29808928]

>>29808853
>doesn't understand what duress is

Nobody wants to pay taxes, dingus. It's just less painful to pay them than to have the IRS crawl up your ass and treat you like you're some degenerate nigger that deserves to be raped in prison.

[Anonymous No.29808962]

Accountants literally just use koinly to calculate your taxes.
They don't even do it that well

[Anonymous No.29809199]

>>29806884
who the fuck pays taxes

[Anonymous No.29809384]

>>29809199
People who don't want to get raped by niggers in prison. The real question is "Who doesn't do their absolute best to reduce their tax liability before filing their return?"

[Anonymous No.29810509]

I filed to start a business. I just bought a house, so I'm going to purchase a big prefab garage and a truck under the name of the business. My crypto will be under the name of the business when I sell, so my capital gains will be offset by my business losses. I implore you to do this if you have a similar situation. It helps that my business venture is legitimate.

[Anonymous No.29810800]

print out all of your trades and send them to the irs with a check with what you think you owe. The sheeboons at the IRS will have their heads spinning trying to figure it out and just accept what you sent them as correct

[Anonymous No.29811496]

>>29807539
>hmm theres unusual activity on this account
>turns out the ID is of a dead man
>let’s see is it his senile widow, his schizophrenic narcissist daughter, or his basement dweller grandson who has the garden flag and an anime body pillow in his sub ground level dwelling?

[Anonymous No.29811687]

>>29809384
The average person isn't going to prison. They'll just garnish your wages or yank money from your bank account

[Anonymous No.29811764]

>>29811687
this, im becoming convinced they just jail a celebrity every now and then to spook the goyim

[Anonymous No.29811899]

I am honestly stuck. I want to realize my gains at some point but not in zionist occupied country. I wonder if CIA will really follow me to SEA and put a bullet in my head if I cash out there.

[Anonymous No.29812076]

>>29811687
>They'll just garnish your wages or yank money from your bank account

Yeah, I mean nobody wants that either.

[Anonymous No.29812101]

>>29810509
>my capital gains will be offset by my business losses
This is actually Bog's level of competence, have my respect.

[Anonymous No.29812216]

>>29811899
No they don’t care about your 4-5 figure gains lmao. Don’t think you are that important

[Anonymous No.29812242]

>>29811764
It really depends on how much money you're bringing in they don't care about a couple thousand here or there but if big money is moving they'll target you and make sure they get their cut. my dad's been audited twice and it is a huge pain in the ass.

[Anonymous No.29812282]

>>29810509
I have a sole proprietorship that was the entirety of my income for last year, and income from the sole proprietorship was filed on my taxes for the previous year.

My strategy for reducing tax liability has just been to buy the shit I need for my business, which is the entire point of business write offs -- to spur you spend that money to fuel the economy and grow your business.

I'm trying to figure out if once I cash out, I can just roll those capital gains into my business, since the crypto is purchased with my business generated income, and use what would go to capital gains tax to make purchases for my business to reduce the liability, or if the capital gains is somehow separated.

Obviously I need to talk to a CPA, but this has been on my mind because I expect a possible large cash out in the near future and I've been silently strategizing on it.

[Anonymous No.29812424]

>>29806884
Doing taxes now and have about 200 sells to report. It helps a lot to actually write it down on paper and group each asset's buys and sells in one spot

[Anonymous No.29812686]

>>29812216
what if it's 6-7 figures?

[Anonymous No.29813030]

>>29812686
Don't listen to the >>29812216 glow nigger retard.

The jews absolutely care when you fuck around with money. IRS claims they're "shifting from education to enforcement" this year.

[Anonymous No.29813112]

>>29808787
securities are property you dumb dyke

[Anonymous No.29813183]

>>29806884
>you got me to 6 figures.
and (((the IRS))) is about to make it 5, enjoy

[Anonymous No.29813248]

>>29806884
Subtract your initial investment from your portfolio, that's the taxable income, doesn't matter how many transfers or swaps you did. Just make sure you have all your transactions documented

[Anonymous No.29813701]

I am a taxable event

[Anonymous No.29813763]

>>29806884
Gains?

[Anonymous No.29813821]

>>not trading on dexes so your transactions can't be tracked

why are you even in crypto?

[Anonymous No.29813923]

I was supposed to tell the H&R block lady about it swapping between platforms and wallets?

She told me it's not taxed until I cash out...

Bros..?

[Anonymous No.29814011]

>>29813030
hypothetical situation: is it "illegal" to move to tax haven country, get citizenship then deposit from my binance account to bank account.

>>29813821
>so mr. sirgay it seems that you withdrew $69 from your account then deposited $1488 a day later, would you like to elaborate on that?

[Anonymous No.29814048]

Since you only have to pay taxes when you cash out, can’t you just trade whatever you made for tether or another stable coin, wait a year, and pay the lower long term capital gains tax on whatever you want to withdraw?

[Anonymous No.29814063]

Living in Nevada and not paying any taxes on crypto kek

[Anonymous No.29814123]

>>29814063
the feds are coming for ya

[Anonymous No.29814143]

>>29806884
https://koinly.io/

Let the computer figure it out for you.

Thank me later

[Anonymous No.29814144]

>>29814011
I honestly can't say. I just know the IRS will try to collect on you anywhere in the world. So you'd probably have to renounce your citizenship or something.

[Anonymous No.29814177]

>>29811496

Just fake it till you make it.

1.7 million dollars later and a bunch of monero. Forget it. IRS path leads to a gravestone..ill be traveling the world

[Anonymous No.29814194]

>>29814048
Crypto - > Crypto is a taxable event. So if you gain like $5k on $SHITCOIN and buy BTC with it, you have to pay taxes on that. One crypto to another crypto is considered a cashout.

[Anonymous No.29814233]

>>29806884
the reason they got fucked up this year is probably because they lost track of the cost basis of each lot/sale of coins. they probably had complete information last year, then you got lazy. i use quicken which tracks all my sales via FIFO or whatever accounting method you choose to track the cost basis of each batch of coins, then you can just export a simple tax file that has all the transactions ready to go. ez pz

[Anonymous No.29814234]

Why do you retards report your crypto when the IRS has no idea that you're trading

[Anonymous No.29814259]

>>29814048
changing to another coin is a taxable event

[Anonymous No.29814320]

>>29813821
>your transactions can't be tracked

This is the most retarded shit I've ever heard.

[Anonymous No.29814334]

>>29806933
>Hire a professional
there aren't any
>Crypto is treated just like stocks
it's not, there's some rules that apply to securities that don't apply to crypto because the IRS views it as property (capital asset sales) and the SEC views it as a security, but that don't matter one bit because the SEC has never enforced a law since like 2008

[Anonymous No.29814441]

>>29814144
this uncertainty and hate for jews kept me from cashing out. I am afraid of dying without ever cashing out at this point. I don't do C2C trading either I just buy and HODL. I hope that's not taxable event. yet.

[Anonymous No.29814489]

>>29814011
It doesn't matter because even if you claim ignorence and just say i guess somone sent it to me sometimes i post my adress online. You still have to pay taxes on large gifts. This is why unless you're gunna go ballls to the wall and just move to some country that wont extridite and live in humble means its just better to give them what they want especially if you will still have more than enough to live comfortably. And if you get a good tax expert you can do all kinds of stuff like buying "farmland" and all kinds of shit to reduce that burden.
Tldr its easier to try to pay a little as legally possible then not pay especially if you are rich anyways.

[Anonymous No.29814573]

>>29806884
Just buy physical metals with your crypto from jmbullion and sell them for cash. Less than taxes

[Anonymous No.29814584]

>>29814441
Yeah, same for me until I got into shitcoins this year. I still haven't moved my original investments, but I'm dabbling on various Dex's.

Until you realize a gain by accepting those profits through a trade of some sort, it's not a taxable event.

[Anonymous No.29814680]

>>29814489
Exactly. Taxation is theft, but we're all under duress. So I just figure if I'm in a situation where I'm paying taxes, I'm making money. The best thing you can do is to exploit the legal 'loopholes' the jews set up for themselves and reduce your burden as much as possible.

Like Amazon paying $0 in taxes, take a page out of their book.

[Anonymous No.29815034]

>>29806884
If yr planning on cashing out a lot it def makes sense to hire a CPA to plan the taxes for you. Theres a million little tricks they know that u dont, and crypto is not different to the IRS than a stock or other capital gain

[Anonymous No.29815085]

>>29814234
Because if you fuck up and slip and you owe a lot they are going to fuck you hard, as Wesley Snipes

[Anonymous No.29815095]

just use koinly

[Anonymous No.29815118]

>>29815034
>and crypto is not different to the IRS than a stock or other capital gain

This is false. Stocks fall under securities code, not property code, and you can't even claim 1031 like kind exchanges for crypto like you can for real estate to real estate transactions.

[Anonymous No.29815160]

>>29806884
I've given up, just send me to prison already.

[Anonymous No.29815199]

>>29814489
>country that wont extridite
wonder if that's a real thing.

[Anonymous No.29815313]

>>29815199
Russia doesn't have an extradition treaty with the US, but I'm not sure if its worth it.

[Anonymous No.29815332]

>>29815118
All the more reason to pay someone to do it. I didnt know that, a CPA would. Its like installing electric work yrself, yeah, you MIGHT do it right, but ehy not just pay someone whos def gonna do it right.

[Anonymous No.29815379]

>>29815313
Map related.

[Anonymous No.29815478]

>>29814143
>Let the computer figure it out
>Computer says you made $1M

[Anonymous No.29815486]

>>29815332
Yeah, it's a tangled mess of bullshit. I'm stoked to hire a CPA this year to learn what I can and figure out if I could feasibly manage things on my own. If I'm making enough money, then it's just the cost of doing business and whatever I'm paying is hopefully minor in comparison to my gains.

It's good to have someone in your corner who knows how to work the jew games in your favor.

[Anonymous No.29815514]

>>29815313
I think russians would threaten you to pay them not to be extradited and by extradite I mean tying you up and leaving next to a CIA building.
I remember reading about a japanese formula 1 driver who renounced his japanese citizenship in favor of swiss citizen to avoid paying taxes.

[Anonymous No.29816030]

OK I have a question. so I have a hardware wallet and I want to transfer my bitcoin from exchange to my hardware wallet. I read it's not taxable, but how? how does IRS can tell apart from a bitcoin address from another, I might as well have sent it to a different exchange's bitcoin address and gotten cash for it, right?

[Anonymous No.29816253]

There is got to be a Federal Government on April 15 to pay taxes to.

[Anonymous No.29816324]

>>29806884
Taxes are easy, just hodl and you don't owe anything until you sell. Swapping between coins is for people who aren't confident in their investments.

[Anonymous No.29816609]

>>29814320

Who the hell is gonna know wallet 0x758gguhj8tfvy54 belongs to you unless youre on KYC exchange?