YOU MUST PAY TAXES even if you didn't cash out, but I have the solution

[Anonymous No.7256457]

I spoke with several leading tax attorney's in the industry including the very famous Tyson Cross, and this is the bottom line. You MUST PAY taxes even if you did not convert to fiat.

The problem is of course the fact that you are taxed on all crypto-to-fiat, crypto-to-crypto trades. This is completely unfair and wrong, because essentially you must pay on your crypto-to-crypto trades, even if you did not convert to fiat. It's wrong, but that is the tax law.

And since our gains far exceed any fiat holdings we have from other sources, we would be forced to liquidate our holdings to pay for the taxes. THAT is the real killer.

But I have a solution to this.

Do your taxes. Declare them. Declaring your taxes gives you an automatic leg up, since the IRS is understaffed, they just want a cut of the pie. So you're giving them their cut...but...

Don't pay immediately. Delay in paying your taxes.

WHAT?

Oh yes. Delay in paying them...wait and HODL. That is all that is required of you. By HODLING, you are essentially leveraging the massive upside potential of your holdings versus the interest and penalty rates of late payment. And this is going to work, because crypto moves extremely quickly, and like last year, we are going to have a baller year this year. Your port will most likely at minimum do a x5 sometime this year. Once it does, that is the time to cash out (or if you are really a gambler, wait even longer for your port to grow even more). By the time your port does its x5, x10, the penalties for late payment are negligible.

You have to pay, there is always a trail, and they can easily subpoena ALL exchanges if they are not based in China and Russia.

The beauty of this method is that its completely legal. This will all become moot anyway once crypto really takes off and the USD becomes absolutely worthless, especially once merchants start accepting crypto and you get the anon coins combined with the new DEX"s.

[Anonymous No.7256603]

>>7256457
>mfw i apply this strategy and btc goes to $1000 EOY

[Anonymous No.7256644]

thats sweet and all but what they gonna do if i dont like in retardland aka USA?
exactly

[Anonymous No.7256670]

>>7256603
That is the only risk, but thats just not going to happen.

[Anonymous No.7256728]

>>7256670
>willing to take the chance to be indebted to the IRS.
look at this guy and laugh with me, anons.

[Anonymous No.7256740]

>>7256457
Kill yourself you retarded cuck

HERE IS A REAL SOUTION SO LISTEN UP FAGGOTS

never sell anything on a verified exchange. Keep trading on binance, kuckcoin etc, and when you cash out next year, in 2,3,5 years just make up some fake trades for the last year that add up to the amount you're cashing out. That's it. It's just an excel sheet anyway, no names attached.

Don't be a fucking idiot
if your amount is small like <30k then don't even do that, just fucking sell all your shit on local btc/monero/whatever and keep cash at home.

If you don't want to pay ANYTHING to the filthy jews (because hnestly why wuld you?) just fucking denounce your pathetic citizenship and go to a country that is crypto tax free, Belarus, Puerto Rico, whatever, restore your wallet there, sell all your shit and live the life of a civilized man.

Thank me later

[Anonymous No.7256783]

WHAT IS THE TAX RATE ON COIN TO COIN BUYS AND SELLS?
FIAT TO COIN BUYS AND SELLS?

[Anonymous No.7256805]

Or may be just pay your fucking taxes and forget

[Anonymous No.7256827]

>>7256740
i got verified pretty much everywhere, i was thinking it will end up being this shitty, i am fucked even though i don't live in the US? can Bittrex send data to other countries' IRS?

[Anonymous No.7256859]

>>7256783
same in the US and you have to calculate it based on USD value of the coin which is retarded since they change from one exchange to another

[Anonymous No.7256869]

>>7256457
you will pay huge penalties and interest because the $ is due on apr 15th

[Anonymous No.7256943]

>>7256457
is it really coin to coin? not just on gains ?

[Anonymous No.7256945]

>>7256740
Problems with your theory:
What if the IRS needs more proof than just a spreadsheet

Also (more importantly)
Aside from needing to denounce your goddamn citizenship from the US of A and having to go to some shithole country (likely outside of the anglosphere), one of the things needed to denounce American citizenship is paying all outstanding taxes, rendering the whole thing pretty much moot

[Anonymous No.7256953]

Poor and sad Burgers

[Anonymous No.7256969]

>>7256805

>Or may be just pay your fucking taxes and forget

Lol, one guy in my country did exactly that. Being patriotic bootlicker 'muh country' nationalist n shit. You know what a state revenue service did after he paid his taxes?

THEY FUCKING SENT HIM A LETTER SAYING THAT THEY HAVE RECALCULATED THE AMOUNT OF TAX HE HAS TO PAY.

Then he paid again. Seriously. He fucking did, the madmad.
Guess what did the kikes from the revenue service?

THEY HAVE SENT A SECOND LETTER WITH THE SAME MESSAGE.
Only then he hired lawyers and now in a long and costly battle with the tax kikes. I don't think he's going to win.

They will have to skin me alive me before i declare any crypto to these whores. Fuck them all.

[Anonymous No.7257075]

I don't get how I'm supposed to pay.

I've been trading crypto since 2016 but never took anything out so I have never paid anything.

In 2017 I took out 400 for medical stuff and a grand to play with.

So I have trades on 6 exchanges and several hundred of them to go through?

Can I not just declare 1400 as secondary income and pay that? At least just for this year?

I've been tracking my trades this year in a spreadsheet.

[Anonymous No.7257082]

Yes obey and pay your taxes to the criminals who would be happy to see you dead...

[Anonymous No.7257105]

>>7256945
>What if the IRS needs more proof than just a spreadsheet
if only i could cryptographically prove i owe a given address and if only that address had amounts i held for how long to prove 100% that i bought coins on day X and sold on day Y

[Anonymous No.7257120]

>>7256805
yes, be a good cuck and get willingly comrpomised after every year (or even every quarter) by cashing out a chunk for tax purposes. Absolutely disgusting behaviour.

>>7256827
You fucked up then. But here is what I would do.
Swallow this bitter pill, report and pay what you owe so far, AND NEVER SELL ANYTHING ON A VERIFIED EXCHANGE AGAIN, (be careful, buying eth with your btc on let's say Bitstamp = selling your btc for eth, you're shooting your own foot doing that)
Only use verified echanges to PURCHAES CRYPTO WITH FIAT (they cannot tax you on that).
After you sort out your currently owed taxes, abandon your verified alt exchanges. Create new ones, trade there, keep your exchanges with FIAT gateways for the day when you really want to cash out. That's it, ver fucking simple.

Instead of paying after every year like an idiot, you'll only pay fucking once on your fake made up trades for the last year.

>>7256943
it cannot be every trade. Just gains. Imagine someone trading a $500 stack back an forth every hour, he'd be in debt real quick.

>>7256945
>Problems with your theory:
>What if the IRS needs more proof than just a spreadsheet

and what other proof can your provide currently? does binance on kucoin give your some other prood than an excel sheet? No.

>Also (more importantly)
Aside from needing to denounce your goddamn citizenship from the US of A and having to go to some shithole country (likely outside of the anglosphere), one of the things needed to denounce American citizenship is paying all outstanding taxes, rendering the whole thing pretty much moot

Like I said, if you only bought and never sold you don't owe ANYTHING. Even if you bought 100btc when it was $2k, you don't owe a goddamn cent as long as you didn't realie those gains by selling/trading it.

>>7256969
ABsolutely right. They will be torturing you back and forth until you give up all your gains for shaniqua's welfare and go back to wagecuckery like every obedient citizen.

[Anonymous No.7257861]

Taxkikes can absolutely get FUCKED. Illegals have zero issues laundering money, buying houses and cars with cash, etc. I'm white and I promise I'll find the right loopholes.

Come and fucking find me.

[Anonymous No.7257871]

Umm... no I don't, because I bought eth and (((immediately))) traded it to <lastOwnedCoin> and only made 1 trade with a profit of 0$, so I only have to pay tax when I convert back.

That's how you play this game

[Anonymous No.7257889]

>>7256457
You guys are brainlets just ask for an installment arrangement stating that as you havent cashed out you cannot afford to pay the bill. DEEErfs

[Anonymous No.7257955]

>>7256457
I don’t have to pay shit when my total earnings for 2017 salary plus crypto is under 14k

[Anonymous No.7258043]

Why not everyone decide to not pay and demand a fair law?

[Anonymous No.7258113]

Or

You know

Hold XMR

[Anonymous No.7258176]

>>7256740
You cannot cash out if you dont pay taxes, that's the bottom line. That's because the IRS will come to you and ask you where you got that fancy car, that nice house, etc.

I mean, I guess if you have small holdings of less than $200k, you can get away with laundering the money. This is for people like me that have over a $1,000,000 in holdings and eventually want to cash them out and enjoy our gains.

There is absolutely nothing you can do, either pay your taxes or leave the country.

That's why the best method is to declare and then delay paying your taxes when the upside potential is much higher due to the growth of crypto. You choose when to cash out.

>>7256728
This is completely legal and a viable strategy. Yes you'll be in debt, but your debt and interest on that debt will be negligible compared to the big gains you'll see in your port.

[Anonymous No.7258193]

Taxes in the USA must have the founding fathers rolling in their fucking graves. Goes against everything the country was founded upon and amerimutts take it up the ass. This world is so rotten to the core it sickens me. If Satan exists, he definitely has a stranglehold on us. Fuck the kikes. I refuse to pay them a dime of my hard earned gains. Luckily I got the fuck away from shittrex and haven't really traded much of anything there. I'm sure we'll be able to avoid the kikes in the future- DEX's, Russians, and the Chinks combined with privacy coins will be our saving grace. They might have a record of the money we put in, but we can forge fake trades, "lose it all" and launder. It's not ogre yet.

[Anonymous No.7258300]

>>7258176
no. The best method is to fake all your trades as if they happend on during the year of cashing out.
You don't know what the penalties are going to be, you have no crystal ball about what's gonna happen to crypto by then.
Laundering 1M would be easier than what your propose.
Donate your entire portfolio to a family member and then make him/her pay taxes on a 0 cost basis, purchase land/real estate and gift that back to you or something.

>>7258193
the good thing is that the tax arbitrage is already happening, for every fucked up greedy country there will be countries willing to welcome crypto millionaires with open arms, so that they can spend their juicy gains boosting up their economies as opposed to wasting it on welfare tax for niggers and other degenerates

[Anonymous No.7258343]

>>7258193
I agree that taxes are wrong, but again this method is for people like me that have large holdings that want to enjoy our gains and stay in the country of our birth. Plus I'm verified on Bittrex anyway.

This really should be the goal of everyone on here, I'd rather pay the taxes on my millions of dollars of gains, rather than launder smaller amounts of money. I want to enjoy my gains.

Fuck the IRS, we can starve the beast but only when enough people adopt crypto. Until then, we have to pay.

[Anonymous No.7258374]

>>7256457
>kikes coming to /biz/ hourly to lie about how US taxes work have now stepped up their game and are encouraging actual tax fraud as a way to make extra shekels
The holocaust wasn't real, but it should have been. Do you kikes ever tire of lying?

[Anonymous No.7258412]

>>7258300
>You don't know what the penalties are going to be
The penalties will be the same for any kind of money laundering or auditing.

>Laundering $1M

Again, it doesnt matter whether or not you can launder the money through Monero and tumble your coins. Even if you buy your house in cash that is an automatic red flag to the IRS. Any big cash deposit into your bank account = red flag. Flag flag flag. The IRS has the dollar and all large purchases cornered.

The way of beating the IRS is if everyone uses crypto and refuses to pay taxes. Until then you must pay or else the IRS will come to you and ask you where you got your fancy Yacht. If you are a NEET, good luck explaining how you earned that yacht delivering pizzas or waiter tips.

[Anonymous No.7258417]

>>7258043
People are too stupid to do that. Look who's our president, look what happened in 2008.

[Anonymous No.7258434]

>>7258374
I'm not a kike, I'm an investor with a rather large portfolio and I spoke with the best lawyers in the industry like Tyson Cross. This is the best way.

[Anonymous No.7258518]

>>7257871
How did a NEET like you afford to buy hundreds of thousands worth of ETH?

[Anonymous No.7258588]

stop wasting your breath people dont take taxes seriously here just enjoy the shitshow

[Anonymous No.7258590]

>>7258518
I didn't. I bought (((a few))) eth and immediately traded it for some shitcoin that (((just so happened))) to blow up to worth hundreds of thousands

[Anonymous No.7258628]

>>7257861
Fucking This.

I heard mexican and other illegals live for fucking years in the us, have families, properties etc, and yet a white working man is supposed to get assraped (double assraped actually getting taxed on his regular income and then double taxing that money with crypto)
Fuck them.

>>7257871
this guy knows what's up

>>7258043
people are cucks, they will pay even a air tax, or a fucking pavement walking tax, whatever

>>7258193
That's right. They cannot tax our buys. However they sure can go fuck themselves when we leave the country with our sweet gains.

(((They))) are so butthurt because for the first time in human history you can flee a country with all your gains stored in your memory (passpharse for your wallet).

>>7258343
Just because you fucked up by selling on verified exchanges doesn't mean everyone else is also such brainlet/cuck. Don't try to drag people into your tax misery. Get fucked by the taxman on your own, lol

>>7258412
yea because laundering 1m through selling for cash etc = equals buying expensive shit like a total nigger or yet even more stupid depositing that into your bank account, lol
You can launder that cash through some friends/relatives with a good income/company/creative accounting
or just fucking use that cash for regular life expenses. They cannot arrest you for not being a wageslave and living off of your life savings.

>>7258434
no it's not. Just because you're a pussy doesn't mean everyone has to get assraped or potentially end up in jail/debt because your theory didn't work out.

Teeka is currently in Puerto Rico doing a report on their tax heaven or crypto, yet patriotic retards here will stay in their fucked up countries because muh homeland, lol

>>7258590
You're right again. Looks like we have some people with IQ higher than double digits

[Anonymous No.7258750]

>>7258628
>Just because you fucked up by selling on verified exchanges
Most people here traded on Bittrex, which can and will be subpoena'd. Even if they didnt get a verified account, there is a trail that can be tracked

>You can launder that cash through some friends/relatives with a good income/company/creative accounting

It literally doesnt matter. What day job do you have? Again, if you want to enjoy your gains, you have to report, period, end of story. No money laundering above $200k/year will save you from getting audited from the IRS. I spoke to tax lawyers about this. It's all the same deal.

Sure you can launder, but if you have gains in the millions like me, you have no choice but to either leave the country or report. You're too high profile. And you want to eventually get to this level anyway.

>Teeka is currently in Puerto Rico doing a report on their tax heaven or crypto, yet patriotic retards here will stay in their fucked up countries because muh homeland, lol

I'm not patriotic in the slightest. I hate the system. I dont want to pay, but I dont want to leave the country either, I have friends and roots here.

You can talk all the shit you want, but at the end of the day when you get the audit letter you'll pay.

[Anonymous No.7258811]

>>7258590
>>7258628
Unfortunately that story is already bust for me because I had to get verified on exchanges in order to withdraw anything more than a tiny amount of BTC a day.

Also the Peurto Rico thing is a meme. If you were a non-bona-fide Puerto Rican resident, US Citizen for ANY of the 10 years preceding the year of the gain, the gain is NOT considered to be originating from Puerto Rico and will be taxed as if you sold it in the United States. A lot of people moving to the Puerto Rico who didn't read the small print thinking they can just stay there for 6 months and immediately cash out tax free will get FUCKED. No, you'll have to stay there for 10 more consecutive years and hold the entire time. It's basically a big tarp.

https://www.irs.gov/pub/irs-pdf/p570.pdf

[Anonymous No.7258844]

>legally all those random bitcoin shitcoin forks like bitcoin diamond, gold, etc are income and you're supposed to pay taxes on them based on the opening sale price

[Anonymous No.7258846]

>>7258628
OP is right. Until more people adopt crypto and stop paying taxes, you'll have to pay if your port is above a million and you want to start enjoying your gains. If it's below a million I doubt you'll want to cash out anyway so there's no point to laundering.

It's not worth it. Pay the taxes until more people start revolting against the IRS.

If you think the IRS will look the other way because you got a $500k "gift" from a friend overseas, you're delusional. They might be understaffed but they aren't stupid.

[Anonymous No.7258951]

The interesting question is, will the IRS use blockchain records to go back and fine people for mining or trades they didn't report?

[Anonymous No.7259245]

>>7256457
Are we not allowed to interpret our 2017 trades using the in-kind rule, ie, only count what we cash out to fiat? They only narrowed the definition to real property for 2018.

[Anonymous No.7259262]

>>7258750
how are they gonna track it?
Even if they bust a few neets, only thing it's gonna cause is more people will be even more cautios using vpn/tor and more and more obscure exchanges with different e-mail addresses for each. Like I said, if someone didn't think about it in advance then too bad lol, you should've predicted the greed of your jew state

>It literally doesnt matter. What day job do you have? Again, if you want to enjoy your gains, you have to report, period, end of story. No money laundering above $200k/year will save you from getting audited from the IRS. I spoke to tax lawyers about this. It's all the same deal.

Sure you can launder, but if you have gains in the millions like me, you have no choice but to either leave the country or report. You're too high profile. And you want to eventually get to this level anyway.

You didn't understand what I said. If it's a big amount, you launder it through your friend's company and he gifts it back to you, either in form of cash/real estate/land. You pay tax once, not after every fucking year like you'd originally have to. Or risk getting in debt like you propse by delaying your reported taxes lol. good luck if crypto goes south.

>>7258811
thanks I'll take a closer look. But there are other opportunities too, Belarus is one and like I said other countires will be popping up like mushrooms after a good rain to scoop all those rich crypto people up to themselves and have them spend that money in their countries.

>>7258846
noone says you shouldn't pay taxes on that gift. But as yourself what's better, paying tax once on a sure thing like real estate gifted to you or get assraped and compromised after every year?

>>7258951
and how are they gonna do that lol?
You do realize that they will lose track as soon as your crypto reaches exchange's wallets where everything is mixed together?

[Anonymous No.7259275]

>>7259245
The like-kind rule never applied - it was just a myth.

[Anonymous No.7259299]

>>7259245
You can do it. But they're going to reject it. It's like a request "Plz, IRS can I defer these gains?" "Nope" And then they're going to pay special attention to you and probably audit you.

[Anonymous No.7259341]

>>7259299
>>7259245
Starting 2018 you're not even allowed to request it. That doesn't mean that your request will be approved for 2017.

[Anonymous No.7259348]

>>7259275
I feel it's gray area enough that I'm going to just count things that way for 2017 and if IRS wants to invade my ass over it, I'll claim ignorance and revise my forms at that point. I moved coins around at the end of December bull run and that's like $30k in fucking taxes I'd owe if I have to go that way (and my folio has halved since then)

[Anonymous No.7259360]

>>7257105
you can prove ownership of an eth-address by signing a message with it

[Anonymous No.7259405]

>>7259262
>how are they gonna track it?
You need a place to store your fiat, it's called a bank. Until the banks collapse you're kind of fucked if you make big purchases. Even if you pay a house in cash that sets up red flags so either way they have the system cornered until the banks go and people refuse to pay.

>it's gonna cause is more people will be even more cautios using vpn/tor and more and more obscure exchanges with different e-mail addresses for each.

>it doesn't matter. Your gains need to match up with your income. You can fudge the numbers a bit if its on a DEX that can't be subponea'd, I agree, but you still have to send some proof that makes sense to them. They aren't stupid.

> you launder it through your friend's company and he gifts it back to you,

No, you didnt understand what I said. The IRS isnt stupid. You think they are going to look the other way when your "friend" "gifts" you an estate, cash gift? You gotta be kidding me. It's not that easy, come on, you're living in fantasy land.

>You pay tax once, not after every fucking year like you'd originally have to

You can be smart and use a lending service like SALT to cash out and not get technically double taxed when you liquefy your holdings. Oh and its fucking legal so you dont have to stay up all night worrying about the audit letter they'll send you.

>good luck if crypto goes south
It won't, we are literally guaranteed gains for a while.

[Anonymous No.7259410]

No, I don't. I live in Denmark, faggot.

[Anonymous No.7259559]

>>7259245
>>7259299
>>7259341
>>7259348
The rules for instructions for reporting like-kind exchanges are actually ridiculous. 45 day written notice requirements on every exchange, you have to identify who the other party was that you exchanged with, you're required to send them SHIT TONS of information for them to verify. Where as with Schedule D and 8949 the reporting is actually extremely minimal in information. I strongly advise against attempting like-kind and so do all accountants I spoke with.

https://www.irs.gov/pub/irs-pdf/i8824.pdf

[Anonymous No.7259644]

>>7259405
If you have cash only a nigger would make big purchases like a lambo or a house, but if you already live on your own, noone is stopping you from using that crypto cash for regular life expenses. They cannot arrest you because you refuse to be a wageslave.

>No, you didnt understand what I said. The IRS isnt stupid. You think they are going to look the other way when your "friend" "gifts" you an estate, cash gift? You gotta be kidding me. It's not that easy, come on, you're living in fantasy land.
If you never sold anything on a verified exchange you can get away in multiple ways. Gifting your crypto to a relative who then pays taxes on it (with a 0 cost basis, but once, not like a retard after every year) buys real estate/land and gives it to you. What's so illegal about it hm?

>inb4 but hurr you need to prove what is this crypto coming from
you just say you got it as a donation from your yt fans, or mined it years ago. Are you gonna tell me they will turn you down and not take their cut because you have no proofs?
then I guess all the kids that mined btc in 2010 with no records are fucked as well and will nevr be able to cash out right?

[Anonymous No.7259804]

>>7259644
>refuse to be a wageslave.
No one is saying that lol. Even regular life expenses like rent can add up. Oh Mr. NEET we see you have made regular rent payments to your landlord - where did they come from? A gift? What is your relation to this person? Again, if you want to really enjoy your big gains, you have to live within the system.

>What's so illegal about it hm?
Because the IRS will claim bullshit on it and make you pay anyway. You'd have to prove the purpose of the gift, why they gave it, your relation to this person, you might have to provide other proof. If it was that easy everyone would do it. They don't. You seem a bit naive to think "Yeah, I'll just claim it as a gift the IRS surely wouldnt find it that suspicious!" No...thats not how it works bro.

>you just say you got it as a donation from your yt fans
What fans? Prove it, prove the donations, show the money trail, show that you are a yt celeb. It's not that simple.

>mined it years ago
Mining is a form of income

> Are you gonna tell me they will turn you down and not take their cut because you have no proofs?
They will turn you down if they think you are bullshitting them.

>then I guess all the kids that mined btc in 2010 with no records are fucked as well and will nevr be able to cash out right?
Not at all. If they mined BTC and held it, they will pay nothing because no taxable event occurred. They will only pay tax when they realize the gain through a taxable event, which is any kind of trade.

[Anonymous No.7259940]

>>7259804
>Oh Mr. NEET we see you have made regular rent payments to your landlord - where did they come from? A gift?
From my life savings that I accumulated over my entire life refusing to use your dirty jew banks' service
how about that huh?

>Because the IRS will claim bullshit on it and make you pay anyway. You'd have to prove the purpose of the gift, why they gave it, your relation to this person, you might have to provide other proof. If it was that easy everyone would do it. They don't. You seem a bit naive to think "Yeah, I'll just claim it as a gift the IRS surely wouldnt find it that suspicious!" No...thats not how it works bro.
close relatives tend to gift shit to eachother, lol maybe jewsa is fucked even more than I thought, tough luck then

>What fans? Prove it, prove the donations, show the money trail, show that you are a yt celeb. It's not that simple.
Well I just recorded some videos and posted my wallet address, some people decided to send coins to me. What else do you want me to prove? crypto is not a fucking bank wire lol

>Mining is a form of income
so what? it was mined when I was a kid and I have no records of that because noone thought it would end up being valuable in 2010

>They will turn you down if they think you are bullshitting them.
that's totally fine. I will just take the passphrase to my wallet in my memory and go to a country that doesn't hate money

>Not at all. If they mined BTC and held it, they will pay nothing because no taxable event occurred. They will only pay tax when they realize the gain through a taxable event, which is any kind of trade.
I never disagreed with that

[Anonymous No.7260087]

>>7259940
>From my life savings that I accumulated over my entire life refusing to use your dirty jew banks' service
how about that huh?
That's all tracked, sorry bro

>lol maybe jewsa is fucked even more than I thought, tough luck then
It is. Everything is probed. Close relatives gift stuff, but that shit is tracked. If a close relative suddenly receives a large anonymous donation they will get audited if they cant prove where it came from, why, etc.

>Well I just recorded some videos and posted my wallet address, some people decided to send coins to me. What else do you want me to prove?
That's not enough. Where are the donations? Where did they come from? Are you a YT celeb in real life? No? Then IRS gets you.

>so what? it was mined when I was a kid and I have no records of that because noone thought it would end up being valuable in 2010
You have to pay income tax on it on the market price the day it was mined. And then pay tax on whatever gain you get when selling it. The rest are just excuses that the IRS won't accept.

…[A]ssume you mine 1 bitcoin in 2013,” the government tax agency writes. “On the day it was mined, the market price of bitcoin was $1,000. You have $1,000 of taxable income in 2013. Going forward, your basis in the bitcoin is $1,000. If you later sell the bitcoin for $1,200, you have a taxable gain of $1,200 – $1,000 = $200.”

>I will just take the passphrase to my wallet in my memory and go to a country that doesn't hate money
Enjoy getting buttfucked by Tyrone in jail

[Anonymous No.7260182]

>>7256457
>especially once merchants start accepting crypto

This is why Request Network will succeed.

[Anonymous No.7260304]

>>7259410
Crypto is taxed in Denmark if they deem you a speculator/trader, you Danish cuck.

[Anonymous No.7260326]

>>7260087
>That's all tracked, sorry bro
what is tracked? the fact that I've been storing all I could saved under my bed over my lifetime. what are you gonna tell me? I couldn't do it without your dirty banks?

>That's not enough. Where are the donations? Where did they come from? Are you a YT celeb in real life? No? Then IRS gets you.
they came from this or that address, go check it yourself mr taxman. I don't need to be a YT celeb to get donations lol. Some random camwhores get donated a shitload of money from rich shaiks etc

You have to pay income tax on it on the market price the day it was mined. And then pay tax on whatever gain you get when selling it. The rest are just excuses that the IRS won't accept.

>…[A]ssume you mine 1 bitcoin in 2013,” the government tax agency writes. “On the day it was mined, the market price of bitcoin was $1,000. You have $1,000 of taxable income in 2013. Going forward, your basis in the bitcoin is $1,000. If you later sell the bitcoin for $1,200, you have a taxable gain of $1,200 – $1,000 = $200.”
and it was all well known in 2010? and every kid was supposed to be familiar with it at that time? I can pay it all now, or take my passpharase and go somewhere else

>Enjoy getting buttfucked by Tyrone in jail
why would I? I will be sitting comfy in a crypto friendly country, they cannot tax me on my purchases, only sales, and since there is no documented sales they can go fuck themselves even if I bought 1m$ worth of bitcoins at any time
*waves to the cucks officers at the airport with a smug face on his way to a normal country*

[Anonymous No.7260360]

>>7260182
40k REQmarine checking in. We're all gonna make it brah. $50 EOY.

[Anonymous No.7260378]

Why cant you just say that you bought crypto not as an investment but as a form of payment? For instance, you can claim you bought a party hat in RS3 or a ship in Star Citizen.

[Anonymous No.7260445]

>>7260378
Or even better. Say that you bought some service from a pajeet and they wanted crypto as payment. Like they cleaned up your pc or some shit.

[Anonymous No.7260482]

Getting taxed on crypto, and letting it happen.

You would spend more time and effort to dodge taxkikes trickery rather than standing up as a whole, saying fuck you, and fixing the problem.

>oh noes their gonna tax my digital money I better find a way to avoid this. I don't have the balls to tell them it's not theirs.

[Anonymous No.7260490]

Would they really throw a simple man 23 yo in jail for funny money

[Anonymous No.7260561]

>>7260490
Yes, because they can, because our ignorance and weak hands gives them the power.

[Anonymous No.7260575]

>make $100k in bitcoin
>have to pay $240k in taxes on it

LMAO thank god I avoided this scam. If you aren't getting rear-ended as part of the pyramid scheme then you're being absolutely assblasted by the IRS. I feel sorry for the brainlets that dumped their life savings into this crap and now have to pay triple that amount in taxes.

[Anonymous No.7260581]

>cash out in gold/silver physical
>hide it
>claim it was used to settle a personal debt
>go on tour cashing coins in around the country
Wow that was hard

[Anonymous No.7260582]

>>7260490

No

[Anonymous No.7260603]

>>7260304
you just pay income your tax when you cash out

[Anonymous No.7260609]

>>7260575

Good goy

[Anonymous No.7260615]

I put in like $500 and I am now at $300. I ain't paying shit. Especially since I am at a loss. You can write that off. You don't have to pay taxes unless you cash out early (short term capital tax) and if you hold for a year (long term capital tax). I'm waiting a year.

If you put money in January onward, you don't have to pay taxes until next year. They don't go after people who make no money.

If you put a little into this, you don't really owe much. They're gonna tax you on a couple hundred dollars? Good luck getting a lot of money. Nobody is paying that.

[Anonymous No.7260639]

>invest $15k in crypto a while back
>worth $200k, cashed out $100k in 2017
>do taxes
>have over 2000 trades on binance, make sure to calculate how much I owe on a per trade basis
>use complex equation to note the price in fiat as a variable with the price in BTC and its fluctuation at the time and the fluctuation of the fluctuation of the altcoins that I bought and sound thousands of times using a quantum calculator
>print the results of my calculations, which is about 700 pages which I will mail to the IRS to inspect
>end result: I owe $2,000,000

HOLY FUCK YOU LITEARLLY CAN'T WIN WITH CRYPTO

TAXED ON EVERY SINGLE TRADE AT THE PRICE IN USD, AT THE PRICE IN BTC, FOR EACH TOKEN OF THE ALTCOIN YOU HAVE AT THAT EXACT MINUTE OF THE DAY DOWN TO THE SECOND THAT THE TRADE WAS EXECUTED

IT'S ALL A PLOY YOU ARE GOING TO OWE THE US GOVERMENT 10x WHATEVER YOUR GAINS ARE IF YOU ARE IN ALTCOINS


NOOOOOOOOOOOO MOOOOOOOOOMMMMMMMMMYYYYYYYYYYYYYYYYYY

[Anonymous No.7260650]

>>7258750
oKaY aNoN enJoY bEiNg sExEd by BLACKS iN JaiL

[Anonymous No.7260657]

>>7260326
>what is tracked?
The money, where it comes from, how you obtained it, etc. They control the banking system.

> I don't need to be a YT celeb to get donations lol.
You just said that you could claim to get it from YT donations. You assume the IRS is stupid, they arent. There is a reason why they are feared. You need to have good proof. Those camwhores have PROOF because they actually do it for a living.

Again you need to have proof to show them. Not some bullshit "gift" that can be tracked. The money can be tracked, hell I can go on the block explorer for BTC now and track it. It's all on a public ledger. If you think you can get away with it, its just laughable.

>and it was all well known in 2010?
Doesn't matter. It doesn't matter, they owe tax on it according to the law. Now, will the IRS enforce it? No. But for 2017 if you cash out $300k? Uhh yeah, your bank is going to send flags out to the IRS. You cant cash out without alerting the IRS, bottom line.

[Anonymous No.7260749]

just don't pay

[Anonymous No.7260772]

>>7260609
I'd rather be goyim than a literal butt slave to the hook-nosed Jews at the IRS. Now you cryptonerds are going to have to deal with Tyrone wrecking your boipusy in prison when Dr. Goldberg realises you're making plans to scam him.

[Anonymous No.7260795]

Hey everyone, check it out this thread again. IRS strikes again with false info. Nice

[Anonymous No.7260814]

>>7260482
You fucking faggots, we don't live in a fucking dictatorship or China. Fight back, that's why we elective people to represent us in government. You guys are acting like people living in Cuba, under a rock.

[Anonymous No.7260819]

>>7260749
or move to Puerto Rico before you declare anything, then withhold anything before that point

>>7260772
The IRS has pulled back on their most painful punishments since the 90's. Lots of bark, little to no bite

[Anonymous No.7260836]

>>7260581
If you make gains with stock you still have to make tax payments on it even you used it on some personal debt.

[Anonymous No.7260870]

>>7258417
>hates trump

Found the soyim

[Anonymous No.7260929]

>>7256457
What if you're wrong. Then you owe interest on the mega shit you can't pay.

DO NOT LISTEN TO THIS GUY. This is the dumbest plan I've ever heard.

You are better off not filing.

[Anonymous No.7260935]

>>7260657
>The money, where it comes from, how you obtained it, etc. They control the banking system.
I'm sure they control all the money I got as a birthday presents while being a kid etc. Stop being a government cuck shill, what are you gonna tell me next? that if I leave like a fucking monk with my own well and solar panel/power generator they will put me to jail too for not being a dirty wageslave, keep trying

>You just said that you could claim to get it from YT donations. You assume the IRS is stupid, they arent. There is a reason why they are feared. You need to have good proof. Those camwhores have PROOF because they actually do it for a living.
by not being a YT I meant I don't have to be a fucking pewdiepie or some shit to get donations, maybe someone just liked my fishing rod review video, why not?

>Doesn't matter. It doesn't matter, they owe tax on it according to the law. Now, will the IRS enforce it? No. But for 2017 if you cash out $300k? Uhh yeah, your bank is going to send flags out to the IRS. You cant cash out without alerting the IRS, bottom line.
I will pay the tax with a 0 cost basis then. Or cash out somewhere else if that doesn't satisfy them

>>7260836
when you trade stocks you go through fiat back and forth, trading shitcoins for shitcoins is like trading sea shells for shiny rocks, try taxing that too

[Anonymous No.7260962]

>>7260819
If you don't make thousands of dollars in gains, they won't do much. The little fish don't make them money. They go after the big fish. Now they audit at random so you never know. I know people who did self employment work and went over the threshold which is $400 or something. You have to report that and pay taxes on it. Never reported it and they are okay.

[Anonymous No.7260987]

if I order a rolex from overstock.com and pay with crypto, will I get fucked? none of my exchange accounts are verified and the only personal information given up would be my shipping address

[Anonymous No.7261009]

>>7256457
You fucking retards feeding the system that's fucking you over. DONT PAY TAXES EVER UNLESS YOURE ABSOLUTELY FORCED TOO. I'm cashing out by directly buying foreign gold, even if it's a little pricy but STILL saves me more than taxes. i will never pay a dime to the US government and I will never fuck with the shitty ass constantly devaluing scam fiat money they force down or throats ever again

[Anonymous No.7261011]

>buy privacy coin high with traced crypto
>buy/sell low with secret funds, sending back to traced fund
>later sell everything high

the price difference has now been laundered, and you can even claim it as a capital loss!

[Anonymous No.7261059]

>>7260962
I'm self employed for the last 7 years, and I've gone over 400 every single year by a lot. I still haven't reported my income, and I never will.

[Anonymous No.7261069]

You guys should know that you can't deduct all your losses on crypto to crypto. There is a limit. Also, you can't deduct 2018 drop on the 2017.

We got fucked by the exchanges.
Never paying a dime again to the IRS. Suck my balls IRS.

[Anonymous No.7261076]

>>7261009
Also Im getting a place in Asia the IRS will never find me

[Anonymous No.7261096]

>>7256457
>USD becomes absolutely worthless
this will never happen.

1. people trade crypto to make more dollars

2. The whole point of this tax was to curb crypto.

.3 The US gov will never ever let the world move away from the dollar. And if they did it would be into something they control

[Anonymous No.7261099]

I bought eth at 14 bucks and am still holding. I don't owe shit. Fuck the JEW.S.A.

[Anonymous No.7261107]

>>7258750
>>but I dont want to leave the country either
>you leave murika
>you are now a puerto rican
>cash out there
>go back to USA and give someone you trust money to create a small company
>be the C level of that company
>get working visa
>stay in USA
>???
>profit

[Anonymous No.7261118]

>>7261059
>>7261069
>>7261009
>this

I will never report my income. If they come after me I'll straight up flee the country. they can't seize my crypto

[Anonymous No.7261254]

>>7261059
Don't do it. That's your money you earned. The self employment tax rate is absurd too. Unlike Trump's tax plan, it's the same % no matter what. But it has benefits if you use an office and some deductions.

[Anonymous No.7261586]

I want to know ,
if the taxmen can force me to login into my binance account and prove it to them that the excel file I sent them matches the one on binance

[Anonymous No.7261605]

>>7256457
If they want to come after me for my very very modest crypto gains, which is how I plan on pulling myself and my family out of abject poverty (just enough to finally get a used pickup and insurance) -- if they really want to go there, they can try decrypting my wallet after the shootout. Might be enough to pay for the body bags.

[Anonymous No.7261666]

>>7261605
The problem is they will not shoot you
You will be kept in an isolation chamber. You won't see any living thing for months. A walking dead

[Anonymous No.7261670]

>>7261586
I'd say the most they can do is attempt to serve a warrant at that point. You might get hit with something like "obstructing an investigation" if you refused to give them your password but that's about it.

[Anonymous No.7261723]

>>7261670
Can not be so easy. Ofcourse if I am soo scared of showing it to them, then something is fishy and I am sure they have 101 charges which they will frame

[Anonymous No.7261757]

>>7261723
Why are they even aware of your existence in the first place? That's where you went wrong

[Anonymous No.7261780]

>>7261757
Because I arbitrage from national exchange to binance

[Anonymous No.7261815]

>>7261780
and to add to that, that's how is basically earn 50% of my crypto gains from

[Anonymous No.7261819]

>>7261757
b-but the gubment is a big, efficient machine and they know everything, anon

[Anonymous No.7261880]

>>7256457
in case any of you burgers aren't reminded of your goyimhood each time you take a piss, you are surely by your state expropriator
L M A O
M
A
O

[Anonymous No.7261883]

So you reporting binance trades?

What if there is software 2-4 years that track the blockchain and all addresses you used to cash your fiat IN from coinbase/gemini. They can trace these to your shitcoin wallets.

Its not the small fish, its the ballers like me who will cash 4-10m in a year. Then they audit us and look at last 3-4 years.

What do?

Also, what about margin trading bitcoin.tax can't calculate it right.

[Anonymous No.7261900]

>>7261757
that's how it should be done in the first place
>Buy monero for cash, trade on unverified exchanges with tor/vpn
>leave the shithole that JewSA has become.
>Profit

[Anonymous No.7262060]

>>7261666
That assumes they'd have a choice.

Either way, I grew up in near complete isolation, so it wouldn't bother me too much, I have a great imagination.

[Anonymous No.7262078]

You guys know what one of the most beautiful parts about bitcoin is?
You can use it to do almost anything through the deep web. I'm 100% planning on getting a fake identity, money laundering, and exiting the country when I cash out. I will leave the USA to crash economically and burn like it deserves. There's no way my crypto funds are going to fund the murders of tens of thousands of innocent people overseas in the name of US military imperialism. If you pay taxes you lowkey are bombing children a little bit

[Anonymous No.7262138]

>>7261883
>What do?

You have to pay, you have no choice bro. Same thing for me here (hopefully soon once my port hits $3M+)

[Anonymous No.7262193]

>>7261883
bitcoin.tax is a pajeet software shilled by tax cucks. It's garbage and I'm not even gonna go into the details why.

You'd have to put all your trades from all exchanges on one unified spreadsheet, include all the forks/airdrops/icos/poolings/fees/wallet transfers etc

and now compare it to stocks where they give you everything on a golden plate prepared for you or even send it to the IRS themselves.

Those IRS cucks are retarded if they think that the crypto neets will be able to calculate all that shit properly on their own.

>>7262078
that's unironically true.
You're funding kikes' dreams by paying taxes, doesn't matter if it's funding Tyrone's welafare or funding Palsetine invasion so their fellow Nosebegrs in Israel can enjoy shooting some random mudslims at your cost

[Anonymous No.7262249]

I just realized that IRS is on our side because it makes amerimutts be so afraid that they'll never cash out
topkek

[Anonymous No.7262319]

I found a usb with coins which I then sold on coinbase...how lucky

I sold a rare item on ebay and some guy gave me 100K

I posted my wallet address on 4chan asking for a donation and some guy sent me 500K

I search landfill hard drives for crypto and came across 1 million

literally any number of scenarios where you can stumble across coins which you can plant

[Anonymous No.7262388]

>>7262078
Same here. I stopped paying taxes when I saw those pics of the kids in Syria who got kablooied

[Anonymous No.7262395]

also how will they deal with someone claiming they sent 100K to the wrong address or a lost hardware wallet or like that guy who forgot the pass to his trezor?

[Anonymous No.7262467]

>>7259262
>and how are they gonna do that lol?
>You do realize that they will lose track as soon as your crypto reaches exchange's wallets where everything is mixed together?
Exchanges have to give them user identity and wallets

[Anonymous No.7262538]

>>7262467
I'm sure binance and kucoin have my identities
That's why I took out everything fro buttrex, I feel like those cucks will disable withdrawals for unverified users any dya

[Anonymous No.7262577]

>>7260087
>…[A]ssume you mine 1 bitcoin in 2013,” the government tax agency writes. “On the day it was mined, the market price of bitcoin was $1,000. You have $1,000 of taxable income in 2013. Going forward, your basis in the bitcoin is $1,000. If you later sell the bitcoin for $1,200, you have a taxable gain of $1,200 – $1,000 = $200.”

What are they going to do if you didn't have that bitcoin reported as income in 2013

[Anonymous No.7262584]

>not verified on any exchange
yeah i mined all these back in 2011 sir

[Anonymous No.7262611]

>>7262319
>muh mystery coinz

IRS checks the wallet address and sees this transaction was just made yesterday.

[Anonymous No.7262645]

>>7261883
Yeah they get the most money from the people with more dough obviously. Why would you audit someone who makes poverty level income? They're already living a life where it's hard to pay their bills.

[Anonymous No.7262665]

burger here. deep in unpaid taxes. a few thousand, not much, but i still get letters from the IRS and CA state tax board. i don't give a shit. if they inquire about my crypto trades, i'll reply with a pink wojak printed out.

go fuck yourselves with this whining about taxes. you sound like juvenile fags.

[Anonymous No.7262693]

>>7262584
>what wallet address anon
>uhhh
*gets assets frozen*
*gets charged with tax evasion*

[Anonymous No.7262696]

>>7260639
>>
is this real?

SOMEONE TELL ME

[Anonymous No.7262721]

>>7262696
no you colossal retard

[Anonymous No.7262775]

bois your tax moral is seriously fucked up. Just as much as your tax laws in the US. Not hard to believe why your country is so fucked up.


But on a very serious note though: Why not open a bank account in some tax evasion dump, or in Switzerland? i am sure they will lick your toes when they hear your gains are >1.000.000 $.
I am not really suggesting it, just very interested in why that wouldn't be possible. Rich dudes do it that way, company conglomerates do it that way. I mean there's gotta be a legal way to evade your fucked up tax rules.


I myself am happy to pay reasonable taxes on fiat gains. But in my country, we don't even have to (yet) on long term gains.

[Anonymous No.7262810]

Januaryfag here, got in and fumbled at the worst possible time. My 5k investment is down to 2.3kish.

Not sure what to do...does the IRS still want my money?? Or can I write it off as a loss.

I have a bad feeling about the answer

[Anonymous No.7262903]

>>7262138
I got way more than 3m.

But you reporting binance?

My tax liability is looking like 1-3m alone. I'm fucked.

Are you claiming 1031 and putting it all on the return? That's basically asking them to audit you.

[Anonymous No.7262945]

>>7262810
losses realized in 2018 cannot be used to offset gains in 2017

losses realized in 2018 can be used to offset gains in 2018

the only way you can end up owing more than you have is by making bank in 2017, not cashing anything out, and the market crashing in 2018

[Anonymous No.7262984]

These tax threads are cancer, you are all literal reptilians, enjoying each others destruction.

[Anonymous No.7262988]

>>7256740
Can any kind friends outside the US tell me what their local tax laws for crypto are for these countries:

Spain
France
Italy
Portugal
Greece

thank you in advance

[Anonymous No.7262997]

>>7262903
>But you reporting binance?
I'm reporting nearly everything that can be tracked, including Binance. I'm not fucking around. There are some exceptions, basically lost exchanges and my shut down account due to a hacking threat.

>Are you claiming 1031 and putting it all on the return? That's basically asking them to audit you.

Hell no. Like kind never applied. You wont get audited if you make a decent effort and go ahead and report on your own accord. The IRS is swamped as it is. At the end of the day they just want a cut of your profits.

if I were you I'd go to the best crypto specialists in the industry and just report, and then defer paying it for like a year. Just keep on hodling. Your crypto gains will far exceed the tax penalties.

[Anonymous No.7263046]

>>7262997
>defer paying
sounds like a good way to get audited in the future

also you're taking a big risk. tether being insolvent and the high chance of ICOs being banned and prosecuted (hearing on the 6th) could send us into a gox 2.0 market.

[Anonymous No.7263070]

SALT

thank me later goys

[Anonymous No.7263108]

>>7263046
>sounds like a good way to get audited in the future
No, a good way to get audited is for them to see a $500k deposit into your bank account from Gemini or Coinbase.

By declaring your taxes, you are making a good faith effort. You're simply telling them that you dont have the money to pay them right now, and you will pay them later. The IRS is way more lenient with people who pay later, then who never file at all (cause it could be tax evasion)

>also you're taking a big risk.
Hell no. Crypto is gonna explode. And if the whole thing tumbles down, then I'll just keep on deferring to pay taxes.

[Anonymous No.7263211]

>>7256457

Guys OP is a retard, this is a meme

>tax attorney's in the industry including the very famous Tyson Cross

kek

Learn how to use an apostrophe

You only need to pay taxes when you sell to fiat (cash)

OP has been at it for 2 days now.

[Anonymous No.7263273]

>>7263108
>No, a good way to get audited is for them to see a $500k deposit into your bank account from Gemini or Coinbase.
Only if it's without an accompanying capital gains on your tax report for that year.

[Anonymous No.7263308]

>>7263211
>You only need to pay taxes when you sell to fiat (cash)

i'm just going to hide posts from any retard that says this at this point

[Anonymous No.7263519]

>>7263211
No its not you dumb faggot. You must pay on every crypto to crypto trade that realizes a gain

>going after minor spelling errors
The absolute state of biz

[Anonymous No.7263744]

>>7263273
Honestly if you think about it, this is the best way for bigger guys to keep and use their gains legally. If my port was under a million I wouldn't bother reporting. Over a mil and if I want to use my gains for fiat, I'll have to start reporting.

This way you report to the IRS, declare how much you owe and tell them you'll get the money later. Your port stays untouched and you pay a much smaller amount in the long run because of the growth of the market.

The only issue with this strategy is that it counts on the market to continue to rise, but I have no doubt that we will see insane gains this year, so the late penalty will be absolutely worth it. Even if you owe $500k in taxes, it's max 25% and interest every month of deferral. Worth it in the long run

[Anonymous No.7263893]

>>7263744
I don't like that risk. I'm cashing out 200k for ~1.1M in capital gains

[Anonymous No.7264090]

>>7256805
cuck

[Anonymous No.7264679]

Anons it's simple.

Get a DBA ("doing business as") and register an LLC. Do your crypto trades on behalf of your company.

Then when tax time comes and you find you can't make it, the IRS will take it's tax and whatever is attached to your "company". Being an LLC, as long as you're not making too much, will seperate your company's debt from your personal debt.

The last business I had go under was repossessed by the govt and I was left holding an empty DBA. I lost some computers, desks, phones,and a conference table. No biggie, beats losing my house or car.

[Anonymous No.7265344]

What if you just have a work permit and not a citizen?

[Anonymous No.7265398]

>>7256457
Your "advice" is a felony. Doing what you propose isn't but telling others to do it is.

Hey, you tried.

[Anonymous No.7265409]

>>7263893
There is hardly any risk the crypto market is just getting warmed up. You are better off declaring what you owe on your own terms than laundering it, sweating it out at night, etc than paying off the gains immediately as it would harm your portfolio. And you dont have the IRS dicks coming to you saying "this is how much you owe, prove us wrong". You declare on your own terms and pay it off on your own terms. Everyone wins because the crypto market is growing fast and your tax penalties are minuscule compared to your gains.

[Anonymous No.7265436]

>>7265398
>Paying your taxes late is a felony
The state of biz

[Anonymous No.7265441]

>>7265409
yeah look i was around for gox

it will recover
but it may take over a year

i'm not taking that risk and having to liquidiate a bunch of coins later in the year

[Anonymous No.7265469]

>>7265441
There will not be another 2013 crash lol. The crypto market is too hot and too big. BTC is going to $100k this year.

[Anonymous No.7265550]

>>7265469
please, you do realize that basically all the money that flowed into the market is now seeing this as the dot com bubble

also bitcoin is a shitcoin. the market will recover, but BTC will drop down to <20% market share

[Anonymous No.7265602]

>>7262693
>give them random address
here you go mister

[Anonymous No.7265649]

>>7265602
>sign a message proving you own it

[Anonymous No.7265651]

>>7265550
You seem awfully nervous and jaded for someone that has a multi million dollar portfolio. Believe what you want. But I'll tell you right now, the bubble hasnt really started yet. You think it has, but that is all due to your perception that $15,000 BTC is "alot" and btc is a "shitcoin". BTC to $100k, the whole crypto market is gonna do a x10.

But again...believe what you want, take my advice or leave it.

[Anonymous No.7265723]

>>7265649
oops look like my hard drive with the data failed, maybe i got one of those virus thingys. Here you go mister maybe you can have one of your guys see whats up.

[Anonymous No.7265764]

>>7265651
you weren't around for gox

the market can go to shit for a timespan measured in fucking years

[Anonymous No.7265793]

>>7265764
I was, I began trading in 2013 bro. I traded on BTCE, Cryptsy etc

Shame on you, you should know that the landscape has completely changed since then. This is a new era. That old era of crypto is long gone.

[Anonymous No.7265813]

>>7265793
>it's a new era!
>but old shitcoin tech like bitcoin will still be king

?

[Anonymous No.7265847]

>>7264679
Oh, christ, more bad advice. Learn how LLCs work, dummy.

https://www.thebalance.com/how-does-an-llc-owner-get-paid-397450

You cannot escape taxable events with an LLC. It just changes how and when you pay. If you fail to pay the tax bill, they will come after you, and pierce the corporate veil easily, and nail you with a tax bill.

Smarter people than you work at the IRS, and can figure stuff like this out. You cannot use an LLC to avoid paying taxes. You will pay them as a member of the LLC, no matter what.

[Anonymous No.7265859]

What if you have a garage full of units making automated trades thousands of times per hour, up to 3.7 billion trades per year?
How do you report that?
How do you convert all that to usd?

[Anonymous No.7265878]

>>7265859
>uncanny valley doesn't apply just to people

interesting.

[Anonymous No.7265916]

>>7265847
You can write off capital loss deductions with a business, its $3k as an individual, unlimited as a business

DBA a business does has its perks vs being an individual, sometimes quite substantial

[Anonymous No.7265938]

>>7265813
>What is brand recognition
>What is normie adoption

[Anonymous No.7265998]

>>7265764
You also didn't have 1000 coins around when Gox happened. It's a digital stock market now. Much more money invested in crypto in 2018 than 2013. A crash would not bring this down for a few years. Only a few months. Too many teams making products/digital services on the blockchain. It's the future. Fiat will see its demise.

[Anonymous No.7266099]

>>7262665
>bois your tax moral is seriously fucked up. Just as much as your tax laws in the US. Not hard to believe why your country is so fucked up.
>But on a very serious note though: Why not open a bank account in some tax evasion dump, or in Switzerland? i am sure they will lick your toes when they hear your gains are >1.000.000 $.
>I am not really suggesting it, just very interested in why that wouldn't be possible. Rich dudes do it that way, company conglomerates do it that way. I mean there's gotta be a legal way to evade your fucked up tax rules.
>I myself am happy to pay reasonable taxes on fiat gains. But in my country, we don't even have to (yet) on long term gains.

please send this one sir

[Anonymous No.7266214]

>>7263519
>paying taxes to pay taxes

isnt that illegal

[Anonymous No.7266237]

>>7265998
and like a crypto stock market, bitcoin is ask jeeves

[Anonymous No.7266299]

>>7256457
What if i want to pay my crypto taxes in ...crypto?

[Anonymous No.7266357]

>>7265847
Holy fuck learn to read.

I didn't say you could dodge tax with an LLC. I said if you couldn't pay the tax man they will instead come after your company assets instead of yours.

[Anonymous No.7266569]

>>7266214
It is, because crypto-to-crypto has no value in fiat other than speculative.

[Anonymous No.7267365]

>>7256603
That happened during the dotcom crash. A lot of dotcom founders and employees owed more money to the IRS than they actually had.

[Anonymous No.7267690]

>>7259559
It looks like the 45 day thing is just for deferred exchanges

[꧁Anonymous꧂ No.7267921]

>>7256457
that isnt how it works and you know it faggot.

>gas yourself

[Anonymous No.7267990]

>>7256805

Idiot. Stay poor forever.

[Anonymous No.7268986]

>>7256457
>YOU MUST PAY TAXES even if you didn't cash out
No you don't. You don't pay taxes on unrealized gains, you're so fucking stupid.

[Anonymous No.7269273]

>>7268986
I think officially you have to in the Land of The Free but it is retarded and you could argue that the same rule should apply to some WoW and other games items, like when you exchange a fucking lightning sword for a golden armour etc

No way the IRS will be abl to enforce that.
99% of crypto traders have no fucking clue how to even start with their taxes, let alone any willingness to go through that shit
As a result the IRS has discouraged even those who'd be ok with paying let's say 20% when they cash out.

The IRS will either wisen the fuck up or they will have to build gazillion new prisons to fit all those crypto neets in

[Anonymous No.7269351]

>>7256457
>The IRS cares where you sto' yo' shit before you give it to them
because of course a rising market NEVER falls
and a virgin anon is NEVER put in a cell with Tyrone.
Right!
Right?

[Anonymous No.7269866]

Do I pay for what I had on January 1st or now? Because I am down $20,000 profit.

[Anonymous No.7270006]

>>7256457

>be IRS

>see a billion people start hiding their money in crypto

>only option is to shame and spook people into paying taxes voluntarily

paying taxes voluntarily is like pre-emptively giving your money to burglars to appease them into not breaking into your house.

[Anonymous No.7270051]

All of the tax shit being posted here and elsewhere on the internet is literally the IRS shilling. You don't have to pay shit

[Anonymous No.7270143]

Why not just use exchanges you don't cash in/out for trades w/o identification. Ex...coinbase buy 1 eth, say moved to etherdelta, was able to snipe some fatfinger with trx on so-and-so day, go back to coinbase with 100eth cash out. Eth wallets aren't under a name or SS# and you can easily just buy your own order on some BS day using multiple wallets to fake it is all from one transaction on the day you say it happened.

[Anonymous No.7270172]

>>7256457
You know you could just ask them to prove crypto gains were effectively connected to Trade Or Business, and be off the hook when they don't respond.

[Anonymous No.7270193]

>>7256457
This worked for me last year and I will do it again and file amended return.

[Anonymous No.7270205]

>>7256457
Stupid millennials buying cryptos on exchanges, defeating the whole purpose of cryptos... when will the little faggits learn?

[Anonymous No.7270274]

>>7256457

>list your address as a random house

>dont pay any taxes

>IRS sends collection agents to random house to settle your debt

It's literally that easy.

[Anonymous No.7270323]

>>7270172
You don't want your crypto gains to be connected to Trade or Business. If it is, it falls under ordinary gain instead of capital gain and you get taxed on everything at income tax rates. If you're considered an investor however then you can at least use long-term capital gains.

[Anonymous No.7270395]

>>7266299
What if the dilldo company wants to pay the IRS with a box of dildos?

[Anonymous No.7270614]

>>7256457
Youre larping faggot. I too have spoken with tax attorneys and until you cash out the Fiat you're fine. Provided of course you've paid taxes on the fiat you used to buy crypto with.

[Anonymous No.7270667]

>>7256457
So you're saying just use binance?

[Anonymous No.7270684]

>>7265878
Why can’t you just use (total capital out - initial capital in) * capital gains rate

[Anonymous No.7270699]

>>7270614
No you haven't. I'm not OP but I contacted about 8 tax specialists and the consensus with all of them was that Like-Kind exchanges don't apply to crypto so you don't get to defer the taxes until you cash out if you've triggered taxable events through trading. The only points of disagreement were if LIFO / specific identification methods could be allowed.

[Anonymous No.7270787]

>>7270395
All tax payments must be in legal tender.

[Anonymous No.7270800]

>>7270787
That's my point.

[Anonymous No.7270866]

>>7256457
I don't get it, why do we have to pay taxes on trading from one crypto currency to another?
We do not have any "gains" from trading from one to another, so how the fuck is that fair?

[Anonymous No.7270921]

do you faggots call the government and report yourself for everything you illegally download too?

[Anonymous No.7271012]

>>7270866
Because all cryptos are classified as property. The only thing that holds the fiat / taxation system in place is the fact that you're FORCED to use it to pay taxes even if you're just bartering. Without that rule that opens up a huge loophole and a secondary economy would arise that would destroy the fiat / taxation system because people would bypass taxation by never converting to fiat.

[Anonymous No.7271042]

>>7256457
This is fucking stupid. I'm all for paying my taxes when I cash out but if you do this then the IRS is going to fuck you in the ass every year you don't pay.
If you declare your million in crypto they'll want the money, they're not just going to shrug about it.
Only declare when you cash out. If you cash out everything and there's five years between you buying and selling you're still only taxed the tax bracket on that whole amount.
If you only cash out partially then they know the other half of your hand and are going to ask for taxes on that.
When you do cash out print out your 5800 pages of transactions, bubble envelope it to them, and give them a check for the whole tax bracket amount since that's what it's going to be making a million trades to your profit or three trades.
Even better: get H&R Block or one of those Jew companies to do it and pay the $20or $50 so they deal with any issues on the tax forms and you don't get butt fucked over a forgotten period in the 5800 pages because your printer decided to run a little low on ink.

[Anonymous No.7271113]

>>7270684
to make things more complicated and discourage average joes from becoming fincancially independent

[Anonymous No.7271135]

I'm not gonna give a fuck. My accountant said that until the IRS has actually created regulations for crypto that I shouldn't worry.

I have no problem with paying taxes but I'm not doing this crypto to crypto cuck shit. If anyone does, it's because they're a emotional and irrational pussy that treats the IRS like an omniscient boogieman.

Unless I see news reports of people getting fucked over for not paying crypto to crypto, I'm not doing shit.

[Anonymous No.7271163]

>>7271042

[Anonymous No.7271173]

>>7271012
ironically that secondary loophole already exists, all that people have to do is adopt crypto and stop paying taxes

[Anonymous No.7271221]

im a literal neet. If i buy shitcoins with eth or btc i pay? Or if say I sell some of my shitcoin high and rebuy a few days later when it dips?

I have to pay taxes for this shit? It sounds like a crazy hassle. Why cant i just pay tax when I cash out into fiat?

[Anonymous No.7271251]

>>7271012
that's exactly how it works
those greedy fucking kikes take their cut whenever money is moved from one hands to another. To make sure people keep it getting eaten by (((inflation))) or pay a chunk wheneve they want to do something useful with their money
As if that robbery wasn't enough for them they also feel the need to print a shitload of new money

DOUBLE FUCKRY
when will people wake the fuck up, seriously, probably never because the average normie is entertained enough by his new iphone or some other crap

[Anonymous No.7271297]

>>7270866
You're not thinking this through well enough. You DO have gains trading from one currency to another IF the cash value of the currency you are trading away is greater than the cash value you paid for it, because now it's worth more and you're taking advantage of that extra worth to buy something else. You also might have losses, if the cash value of the currency you are trading away is less than the cash value you paid for it.

This holds true for almost any type of property exchange, btw, not just cryptocurrency. For example, if you paid $400 for beanie babies in 1993 and traded them for $600 worth of Pokemon cards in 1998, even though you didn't sell to fiat, you recognized a capital gain of $200 by making the trade; that $200 worth gain of value that you recognized by trading the beanie babies is taxable. Only things the IRS has ruled to be "like-kind" are exempt, which basically just applies to real estate.

[Anonymous No.7271582]

>>7271297
when they start taxing WoW items or pokemon cards the same way they want to tax crypto I won't say anything. unless there is some consistency in their actions I'm not paying a fucking dime.

People will just stop using fiat gateways and trade for cash IRL, the IRS is creatng a grey area by their own retardation

also why the fuck doesn't legacy captcha work anymore?

[TaxLoli !UFUFU77EPY No.7271671]

>>7271582
They already do. The IRS is using its existing rules for property transactions and applying them to cryptocurrencies. And whether you think they're being consistent or not won't help you in court. So I suggest you stop whining.

Also, legacy CAPTCHA is gone because Google phased it out.

[Anonymous No.7271680]

Sometimes I don't get all the buttmad in these cash out threads.

>sell coins on localshitcoins and hope you don't get raped by FBI/IRS agents
>people like getting coins on there exactly for anonymity
>people will generally use any rate if it's not absurd
>use a coin ATM
>fees I've seen are generally 10-15% for selling which may be lower than your taxes
>cash out intermittently with an exchange and report nothing :^)

So many ways you can launder shitcoins. Take some notes from criminals if you really have a lot of coins.

[Anonymous No.7271844]

meh I'm not paying shit except my income and realized capital gains tax, if I cash anything out (I won't)

when they retards get less than a 1% reporting rate for 2017, they will change the law, and make it retroactive in order to scrap up anything they can

if they audit me then whatever, its just an audit, I'll play along

if they try to put out a warrant for my arrest, then I will start shooting and I won't stop till I am dead

[Anonymous No.7271853]

>>7271671
I suggest you stop being a cuck and anime-whores-posting-degenerate

I will either pay at the end when I decide to cash out or just cash out everything on locak bitcoins or in a different country

[Anonymous No.7271854]

>>7270684
That is exactly what it is actually. 15% on 1000 is still 150 whether you traded 5 or 500 times to get there, just seeing $50 in taxes for each transaction seems worse than seeing $0.5 cents each transaction.

See:
>>7271042

[Anonymous No.7271910]

I'm going to leave burgerland. Srs. It was nice while it lasted.

[Anonymous No.7271916]

>>7271854
I fucked up my math.
150/5 is 30
150/500 is 0.3

[Anonymous No.7271948]

>>7271844
absolutely this.
I said that many times, they were already bitching that almost nobody reported any taxes for 2016 (idiots don't realize many people just hodl because who the fuck would sell apple shares for penauts knowing it's gonna get huge, but whatever) but they will quickly wisen up if people just don't sell/report anything or start simpy fleeing retarded countries for better ones
I already have like 20 scenarios to get away with only paying when I cash out or not at all but if the day ever comes that some intense looking gentlemen knock on my door I will unironically pull Tony Montana's last Scarface scene, I will at least take some of them with me

[TaxLoli !UFUFU77EPY No.7272169]

>>7271853
>>7271948
Quit LARPing, and quit being a massive faggot. They're tax collectors, not Stasi agents.

[Anonymous No.7272205]

>>7272169

Except they will call the stasi agents if you don't pay them. BTW, bootlickers get shot too.

Live free, or die. Valhalla awaits.

[Anonymous No.7272248]

>>7272169
says the degenerate posting anime whores from movies for transvestites
I think you have to go back

[TaxLoli !UFUFU77EPY No.7272447]

>>7272205
>>7272248
>Don't wanna pay for the roads, bridges, police, and schools that I've benefited from
>So let's throw a manchild-size temper tantrum and kill some civil servants because I can't handle being an adult in a civilized society
Jesus Christ, are you *trying* to insult everyone who has ever lived and died under genuine tyranny, or are you just succeeding?

[Anonymous No.7272637]

>>7272447
you're fucked in the head if you believe what you just wrote.
First of all I pay taxes on my everyday job
then I use that already taxed money to purchase crypto which is supposed to be taxed agaian, tell me more about morality, I'm waiting

>Don't wanna pay for the roads, bridges, police, and schools that I've benefited from
firs of all your roads and bridges (depending on country of course) are funded from tax thant is already put on oil/gas prices.
School and police, like I said I already pay taxes from my day job, why do you think I should contribute more to funding schools or police than other people?
And let's be honest, tak off yur pink glasses, a lot ot taxes are wasted on wlfare for lazy niggers, paying for Stacy dick removal surgery, or funding wars in Palestine so the kikes from Israel can have some fun shooting random mudslims using tax payers money.

[TaxLoli !UFUFU77EPY No.7272739]

>>7272637
If you make money from trading cryptos, then you pay taxes on it. That's really the end of it. If you want to carry on about some ethnic group or another, do it on >>>/pol/ instead of shitting up threads here with bullshit. Beyond that, I'm done arguing with you.