/biz/ - Business & Finance

[Anonymous No.4744672]

Lately I feel so fucking depressed.
It turns out I will have to pay taxes even if I'm not cashing out, that includes all transactions from fiat/crypto and crypto/crypto. That's fucking ridiculous.
Other than that damned governments and banks will introduce global cryptocurrency (pic rel) and that's even more fucked because our freedom will be taken away.

Am I wrong? Why I even involved myself in this shit.

[Anonymous No.4744723]

>>4744672
Just cash out like $5k a week and just like that you pay no taxes

[Anonymous No.4744734]

>>4744723
That's not how it works.

[Anonymous No.4744749]

>>4744672
You chose poorly anon.

[Anonymous No.4744778]

Cool more tax fud. Crypto trading isn't taxed. Kys. No I will not be audited. I will pay cap gains on the fiat profit I take out. Period.

[Anonymous No.4744797]

>global cryptocurrency

ARE YOU TELLING ME DOING ALL THIS SHIT FOR NOTHING?
MY COINS WONT BE WORTH SHIT ?
REEEEEEEE

[Anonymous No.4744821]

>>4744778
You will if you used (((Coinbase)))

Real G's only get BTC:

1) OTC
2) Produce something or offer services in exchange of BTC

That's how you are fully free.

Any other way and you are a cuck.

[Anonymous No.4744828]

>>4744778
You will be the target of the investigation. Again bad choices will get you right into their hands.

[Anonymous No.4744857]

>>4744821
>real G's

You are never free puppet. As soon as your mind adheres to the idea of money you instantly enslave yourself. Keep trying though.

[Anonymous No.4744870]

>>4744672
/pol meets /biz here, but....
USA is on the verge of implosion
Who the fuck you think is going to pay these exorbitant amounts of gibs for niggas and mexicans. (protip : Its not corporations)
That is much more unsustainable then tiny crypto game we have here
US is getting fucked and you have to navigate out somehow

[Anonymous No.4745007]

>>4744734
lol seriously so many people are gonna get raped by the tax man in the coming years its insane

[Anonymous No.4745318]

Boy, does it feel good to not live in the USA

[Anonymous No.4745358]

>>4744672
how did you find out?

[Anonymous No.4745381]

>>4745358
some article somewhere, can find it now
>>4745318
not living in US

[Anonymous No.4745405]

please give a source that crypto wont be treated like regular currency trading. the IRS thing i saw didn't address trading, just stuff like paying wages in crypto

[Anonymous No.4745437]

>>4744870
Pol loves talking about gibs in regards to minorities but rarely ever mention social security that is increasing and unsustainable. Why is that?
Also OP if you’re not just fudding, you’re wrong. Pay cap gains on fiat you cash out, not on stuff in your wallet or exchanges.
And yes, endgame is a government owned operated and controlled cryptocirrency. Mr. Robot is an amazing show and they have in season 2/3 been showing the behind the scenes power struggle of a global conglomerate trying to wrestle power from bitcoin in order to enact their ‘e-coin’ which is poised to replace the US Dollar. It’s a great show and well done, I feel most people on 4chan could appreciate it and relate. It deserves more credit.

[Anonymous No.4745453]

Oh look, once again, more fear mongering from people providing no source saying you're taxed on fiat->crypto transactions.

Fucking KYS, all of you.

[Anonymous No.4745473]

>>4744778
I can't believe stupid people still think the tax is only on fiat. The IRS guidance clearly says if you buy anything with crypto or trade it for any property you realize capital gains on the fair market value of the trade.

[Anonymous No.4745547]

just move to some untaxable shithole, sell your crypto there for cash, walk into a gold store and buy some gold.
pretty sure you'll be able to get it backhome with no trouble, unless you're gonna carry more than 10kg of gold or something idk i'm retarded.

[Anonymous No.4745584]

>>4745405
https://www.irs.gov/pub/irs-drop/n-14-21.pdf
It's treated as PROPERTY trading.

In section 3 it clearly says if you use crypto to buy goods and services you owe taxes on the fair market value of the trade. So you Crypto > Goods/Services. No USD is involved in that transaction. Yet it says you owe taxes in USD. It's already debunks that you only owe taxes for trading for fiat right there.

Now the next part, Section 6 says if you trade crypto for property, again, you owe taxes based on the fair market value of the trade minus the cost basis. They already established that all cryptos are property so alt-coin trades would fall under this category and be taxed.

[Anonymous No.4745625]

Also is there any services where I can provide my transaction history and they will settle an account for me?
I'm sick just thinking about this.

[Anonymous No.4745642]

>>4745437
Yeas. Gibs in general, social security too.
Calling it "minority" would be passable decade ago. Now it is 40% of population.
Obviously, Whites and Asians are also not 100% population of productive tax payers. Which brings us to. Active workforce is minority, which needs to nourish rest of the country, while corps are offshoring taxes.
Now add blackholes like military spending.
If you tax middle class 80% still impossible to salvage the budget.
US is getting fucked

[Anonymous No.4745647]

>>4745625
There's software that will calculate all short and long term capital gains, and calculate FMV and cost basis of each trade, yes.

https://bitcoin.tax

[Anonymous No.4745653]

>>4745473

Hahhahaha Americans are so cucked

[Anonymous No.4745657]

>>4745437
>rarely ever mention social security that is increasing and unsustainable
You don't go on /pol/ much apparently, lots of people complain about boomers and social security.

[Anonymous No.4745659]

>>4745473
how would they even know how much i have in my private wallet? i havent touched coinbase since i bought in.

[Anonymous No.4745663]

>>4745381
I am from EU, I heard something similar, did you get a visit from tax authorities?

[Anonymous No.4745675]

rules for thee but not for me
those who have the gold make the rules

[Anonymous No.4745685]

>>4745653
What's that? I couldn't hear you over Muhammad's cock sliding down your throat.

[Anonymous No.4745716]

>>4745659
http://fortune.com/2017/08/22/irs-tax-cheats-bitcoin-chainalysis/

https://www.cryptocoinsnews.com/irs-tracked-bitcoin-tax-evaders-since-2015/

https://cointelegraph.com/news/irs-uses-chainalysis-to-track-down-bitcoin-tax-cheats

[Anonymous No.4745738]

>>4745007
>lol seriously so many people are gonna get raped by the tax man in the coming years its insane
The jew you mean.

[Anonymous No.4745781]

Just pay your fucking taxes you cuck.

[Anonymous No.4745785]

>>4745659
>>4745716
If they find that you've reported no taxes they can easily trace where your coins went after you transferred them out of coinbase. If they see a bittrex or poloniex wallet, there's nothing stopping them from subpoenaing your trade history from those exchanges. Just one unreported trade is all it will take to get you for tax evasion.

[Anonymous No.4745824]

I know this is true for traditional investments, but how would the IRS even track your gains if you're not cashing out? It's not like your personal info is out on the blockchain.

[Anonymous No.4745859]

>>4745824
Your personal info is in the fiat gateways you used to get in. From there they can use chainalysis to see what you did with your coins.

>>4745716

[Anonymous No.4745870]

>>4745824
most exchanges ask for verification, so there's that.

[Anonymous No.4745883]

>>4745647
>https://bitcoin.tax
thanks but I'm not the US citizen

[Anonymous No.4745907]

More FUD in a sea of FUD. I ain't too worried about it yet. If you make gains, you pay tax. If you don't make gains you don't pay, in fact you can deduct losses. If you're making big money on crypto then well... pay your taxes?

[Anonymous No.4746108]

>>4745781
But...the IRS is the one cucking us. Cucked if you do, cucked if you don't.

[Anonymous No.4746931]

>>4745318
That's a Britain fag you retard, guess who's next after? EU you dumb Euro fag

[Anonymous No.4747470]

>>4745584
Crypto is only classed as property in the US. everywhere else you pay taxes on capital gains (when you cash out). Anyone with sizable earnings and a brain would leave to another country or employ the best accountant.

[Anonymous No.4747520]

>>4745685
>le 56% face

[Anonymous No.4747562]

Move to new zealand where capital gains tax is 0%

I'm gonna consider moving once I have enough in the game to live comfortably until I die.
I'm a worthless sickly person who can't make friends anyways.

[Anonymous No.4747763]

>>4744672
Fag

[Anonymous No.4747782]

>>4745785
Wrong faggot