It's over biz

[Anonymous No.8552166]

Don't forget the taxes

[Anonymous No.8552195]

>>8552166
RIIIIGGS! I JUST THOUGHT OF MY WISH!

[Anonymous No.8552349]

>>8552166
Use bitcoin.tax, they automatically calculate this all for you and it costs a certain amount depending on how many crypto trades you have

Warren Buffet said: if you were only allowed to make 10 trades in your entire life, you'd probably end up being a better investor because you'd think really hard about each one. Apply this to crypto

The fewer trades you make the easier things will be. How many of your trades were worth it? Buy a HODL anons, it's a free 20% in gains since you get taxed for long-term capital gains instead of short-term capital gains.

Pay all your taxes

[Anonymous No.8552448]

>>8552349
warren buffet was born when literally everything was a good buy, and he got lucky, there's a reaosn why nearly all billionaires are fucking boomers

he's on par with some guy stumbling upon bitcorns back in 2009, bought a bunch, and thinks he's a motherfucking financial genius for doing so in retrospective

[Anonymous No.8552501]

>>8552448
I never said to listen to all of his crypto advice, I said that his investment advice in general is good and applies universally to all investments. Crypto IS an investment still. And he's right. If you made fewer trades you'd have to think harder.

Day trading doesn't count, that's another beast entirely, but you should try to invest longterm not short-term. Don't buy and resell then buy something else then resell it then buy something else. Just choose good cryptos and hold them for a long time.

[Anonymous No.8552508]

After beginning to file my crypto taxes I realized a couple things. Blockchain technology if it were not to remain anonymous will be the de facto tool to literally watch and record every step any person makes. Every transaction whether its money, text, video, you changing the color of your lightbulb (IOT chain) the RFID Chips in your coke bottle (VEN) will be watched and recorded. Literally everything around you will be on the ledger.

For example in a near possible future where anonymity does not exist in a blockchain then people will not be able to get away with anything. And failing to comply with the authority will stop you from being able to access certain things Because everything will be connected. You now see blockchains for almost every industry and or service.

Say Rick doesn’t pay his taxes or says something anti establishment on the internet. These actions will forever be on the blockchain. It will be undeniable that the person didn’t commit these actions because identities will be given via rfid chips like Walton or though companies like TKY. Then the consequences of these actions will lead into other aspects of life because everything will be interconnected On the blockchain. Certain services will be prohibited to you because you don’t qualify.

Right now China and other nations are developing a system that rates you based on your social actions. Straight black mirror. You say something bad about the president or jay walk then you get docked points and forfeit certain privileges or worse.

Blockchain has the potential to bring a whole new system of control never before seen if crypto loses its core value.

We as community in general are blinded by profits and naive to the fact that the old guard will simply step aside. Instead they will do what they best. Control.

We are in a war for freedom.

This might sound tin foil but if you look at the big picture this is possible. We are at crossroads.

[Anonymous No.8552569]

>>8552508
That is why privacy coins are important, look up Monero.

[Anonymous No.8552575]

[Anonymous No.8552606]

>>8552166

first time babby investors just now realize they gotta pay up by april 17th

[Anonymous No.8552611]

>>8552508
Nobody cares. Enjoy your prison planet.

[Anonymous No.8552627]

Yes goys report that thing we can't trace plz

[Anonymous No.8552634]

>>8552349
can you shitty bitcoin.tax handle fees paid in BNB for each coin?

also fuck off with this longterm BS, if they force you to use FIFO your entire strategy goes out of the window, also and if you can use lifo then what's the point of even caring if it's long term or shortterm.

Also another question
what source do you use for btc prices? cmc? bitfinex? how do you even know.

>Pay all your taxes
lol, fuck off, I will pay when the time is right (when I cash out to FIAT) not when some shitty government thinks

[Anonymous No.8552659]

>>8552634
Look anon I never said the tax situation is reasonable and okay, I just said that if you don't pay your taxes then the IRS will anally rape you with its government backed dick

Have fun with Jamal's wiener in your bunghole faggot

[Anonymous No.8552663]

>>8552627
16th amendment

[Anonymous No.8552688]

>>8552508
>We are in a war for freedom
I'm in a war for lambos my friend

[Anonymous No.8552696]

>>8552508
>What is monero?

>>8552349
Warren Buffet had a fortune as a 14yo kid already compared to the average saving of other guys.

Furthermore he hates the new tech era especially crypto, why would you apply anything from him to this?

[Anonymous No.8552704]

>>8552166
field in January, sent my trades on February, paid in march as soon as the request came in.

[Anonymous No.8552753]

>>8552663
How is that relevant?

[Anonymous No.8552764]

>>8552696
>t. brainlet

[Anonymous No.8552774]

>>8552764
Thanks for your constructive insight.

[Anonymous No.8552777]

>>8552753
Don't be a tax cheat.

[Anonymous No.8552796]

>>8552349
but it sucks quite hard if you only did crypto trading, then you need to sell BTC for USD. that creates ANOTHER taxable event............

[Anonymous No.8552802]

>>8552166
Ah yes very good, I was wondering what the 4k fud would be. This will do nicely once it's all over the tabloids.

[Anonymous No.8552829]

>>8552166
Yeah paying on less than 1k and down to $200. I don't care how many trades that is. Not worth their time.

[Anonymous No.8552881]

i should just kill myself

[Anonymous No.8552914]

Already reported and paid mine. Paid a CPA almost $2k to take care of it, then another $10k between IRS and state. Not worried. Have fun in prison faggots.

[Anonymous No.8552920]

>>8552796
You're right it does suck, but what is the government going to do? Just give us free reign. They're being responsible and they don't even fully understand it yet.

[Anonymous No.8552991]

>>8552920
no just tax 30% on cashouts. That would be fair for all. I mean I don't get taxed if i sell 1 sword for 3 shields in diablo 3, regardless if I could sell them for USD later on ebay

[Anonymous No.8553020]

>>8552659
I'm not trading on any verified exchanges so officially I don't owe them any taxes, I'll just pay everything when I cash out, and if the penalty turns out to be too big I'll just cash out somewhere else. Pretty simple
Good luck getting shaken out of your portfolio each year, and when the market finally moons you'll have little left, so the crypto you cashed out for taxes could 5-10x later

[Anonymous No.8553066]

>>8553020
How did you transfer your funds to those exchanges? Oh yeah, through your bank which gives the IRS will access to all of your transactions. In a few years when they retroactively audit everyone involved in crypto after they get their act together, do you want to explain where you got this money and why you weren't paying taxes each year?

[Anonymous No.8553109]

>>8553066
>what is a bitcoin ATM

>what is cash
>what is amazon gift cards

[Anonymous No.8553145]

>>8553066
>t. brainlet

He still doesn't understand what RingCT is.

[Anonymous No.8553163]

>>8552914
Did you just dump a million trades on them or what

[Anonymous No.8553171]

Filing form 8275 and claiming like kind under 1031 for 2017.

Obviously crypto-to-crypto trades are taxable for 2018.

[Anonymous No.8553188]

>>8552166
how much tax do i owe on this portfolio?

[Anonymous No.8553213]

>>8553066
ok they will find out that I bought btc and ethereum, that's all
buying is not taxable you retard, only when you trade/sell and I never sold/traded anything there.
All they can find out looking at the blockchain that I send some btc to le'ts say binance or kucoin but that's where they lose the trace, and no, having btc on binance is not taxable either.

You are a cuck shilling your shitty software with your tyrone/jamal fantasies, everyone knows you here, no need to repeat yourself.
Your shitty software doesn't even support all the exchanges, cannot deal with fees in a different coin and so forth.
Good luck paying after each year like a good cuck
I will pay everything at once with the penalties owed for previous years when I decide to.

[Anonymous No.8553254]

>>8553213
You think it's my software? Retard lol

[Anonymous No.8553269]

>>8552777
How is he not an /asp/ meme right now

[Anonymous No.8553273]

>>8553188
propably 0

[Anonymous No.8553314]

>>8553273
>Bought some BTC
>The BTC rose 10%
>Buy some shitcoins because mark cuban meme, low market cap meme
>They all lose 75% or more
So as I understand it, I owe taxes on the 10% increase in BTC because I traded it for another coin
Yet how can I owe taxes when all I did was lose my ass? There must be a way to write these losses off against the gain

[Anonymous No.8553325]

>>8553171

Oh wait I'm a brainlet. Murrican here.
I can still use Like Kind for 2017?
I did my most trading in 2017.
I was a good goy and did Like Kind in 2016.

Did not make many trades in 2018 so far, but 2018 was my biggest cash out.

[Anonymous No.8553355]

>>8553314
it's a net-sum over the year, but imagine you make that trade in late december and in the beginning of January it takes a nosedive, you're in debt
that's how retarded it is

[Anonymous No.8553583]

>>8553355

No, you're retarded for investing taxes owed. Its no different from taking out a loan and investing it. Except if you can't pay the loan you go to jail.

[Anonymous No.8553593]

>land of the free

[Anonymous No.8553719]

>>8553583
>hurr durr you need to take cash out a portion at the end of each year and be a good cuck

That's why you don't trade on verified exchanges, so that even if your entire portfolio goes to shit no one knows you actually owe anything. And if the entire market moons thos penalties for the previous year will look like a joke compared to the cost opportunity of cashing out just to pay taxes on something that's never seen FIAT

[Anonymous No.8553762]

>>8552166
Friendly reminder this whole crash is entirely to get normies out of crypto by getting them to be upside down in taxes.

They want you to either be a criminal evading taxes or a normie in thousands of dollars of debt to the IRS and has to cash out to even pay a fraction of the debt.

The market will recover on April 18th.

[Anonymous No.8553928]

>>8553719

You were complaining about being in debt from investing taxes owed. If you are not planning on paying taxes in the first place they what is the problem?

[Anonymous No.8553999]

>>8553762
This

[Anonymous No.8554045]

>>8553762
IRS can suck my dick they can't make me pay taxes if I don't cash out.

[Anonymous No.8554127]

Paid mine. 16k. Used bitcointax. Sucked but that's how it goes.

[Anonymous No.8554129]

>>8554045
Yes they can, they can put you in jail fucktard lmfao

[Anonymous No.8554131]

Theres no capital gains tax if you're in the lowest income bracket. Nobody here makes more than 38k/year anyway you're all penny pinching neets so this hardly even applies.

[Anonymous No.8554150]

>>8552166
>income
>implying I made money

[Anonymous No.8554159]

>>8554131
Crypto gains are counted as income so not only can it put you in a higher tax bracket, if you were getting government services, like tax credits for health care, you have to pay those back.

[Anonymous No.8554181]

>>8554159
Americans btfo. Is there even a point in trading anymore? Isn't it far superior to just buy in a bear market and hold?

[Anonymous No.8554210]

>>8554181
Well if you don't work, your first 35k in gains are pretty much tax free.. so who knows.
I don't mess with the tax man, I've seen way too many people get ass raped by playing games with their taxes.

[Anonymous No.8554217]

>>8554181
Only trade if you have a lot of money to trade. I feel like I wasted my time and I was too stupid to study the charts and where btc is at. Down 80%. No job. Nothing to give.

[Anonymous No.8554249]

>>8554159

CPA here.

Crypto gains are counted as gains/losses on disposition of capital assets, not ordinary income.

[Anonymous No.8554279]

>>8554249
Does this means that gains are largely tax free if you're in the bottom income bracket, for students for example?

[Anonymous No.8554315]

>>8554249
So if you make 150,000 in crypto gains and zero dollars in income, you are still in the 0% tax bracket ? Nope because crypto is counted as income. Short terms gains anyways.

[Anonymous No.8554317]

>>8553325
If you want the truth, no you cant use like kind. You were technically never able to. Every trade is a taxable vent, and you owe taxes everytime you sold a coin for more than you bought it for.

You want a biz answer, then yes you can. Fuck the IRS! Fuck paying taxes! Crypto was made to avoid them! This is theft! Dont be a cuck! No soyboy good goy tax payers here!Muh monero super seckrit money hah!!!1

[Anonymous No.8554324]

As a unemployed student, will I ultimately have to pay taxes if I decide to cash out a large sum? How is this process handled? Does the exchange you cash out on matter?

[Anonymous No.8554356]

https://www.forbes.com/sites/greatspeculations/2018/01/12/counting-cryptocurrency-gains-and-losses-without-running-afoul-of-irs-rules/#54d50fc41a61

"gains are likely short-term capital gains (subject to ordinary income tax rates) since the cryptocurrencies were likely held less than 12 months, the IRS has good reason to be concerned."

they do affect your tax bracket.

[Anonymous No.8554390]

>>8554249
Wait. So if you have no "regular" income, putting you in the lowest bracket, and make a billion gains you still pay no taxes?? Wow this is so broken.

[Anonymous No.8554399]

>>8552166
i already filed. didnt make shit. only invested $200 and lost it all in the big crash. im not wasting my time filling out paperwork to report losses.

[Anonymous No.8554402]

>>8553213
This is what I'm doing. Considering crypto is still growing, $3000 tax now will be worth a lot more in 5 years. It's better to pay a penalty later and probably pay what is equivalent to $500 today.

[Anonymous No.8554460]

>>8552501
I found the best is to day trade between a small amount of coins n tokens.

I have link, nano and xlm which I trade between depending on pumps and dumps. All three of these coins are projects I believe are good long term holds.

I don't want to HODL through pumps tho, as I know the price will drop anyway. I just sell 1/3 and buy more of the worst performing of the 3.

>mfw .5MM XLM

[Anonymous No.8554467]

>>8554131
If you don't make 6 figures you need to get out of /biz/

[Anonymous No.8554547]

>>8554315
long term gains are only 1+ years

[Anonymous No.8554666]

>>8554547
Yeap Long term gains are positions held for more than one year.Most people traded in and out of crypto making all their gains short term gains.
If you made 0 Dollars from any other job or investments but made 300,000 in crypto gains, you still owe taxes because those 300,000 in gains put you in the 33% tax bracket.

http://www.moneychimp.com/features/tax_brackets.htm

[Anonymous No.8554679]

>>8552448
>>literally everything was a good buy
Your perspective suffers from clear survivor bias. He invested in things that survived and are still producing value today. There were just as many dubious or speculative investments available then. However, none of them continued for long.

Also, buy REQ and COLX.

[Anonymous No.8554876]

>>8554315

Yes, but your previous post implied that you would pay FICA on the gains, which is incorrect.

All income counts towards your tax bracket in some way shape or form, unless you get an inheritance or gift.

>>8554279
>>8554390

No, there are different types of income. Ordinary income gets FICA taken out (Social Security and Medicare). Crypto gains are gains/losses on disposition of capital assets.

Please, all you have to do is read 8949 to understand what to do with all your transactions. https://www.freefilefillableforms.com/data/fd/inst/fd_ins_8949.pdf

Then read the 1040 to figure out the difference between ordinary income and capital gains. https://www.freefilefillableforms.com/data/fd/inst/fd_ins_1040.pdf

[Anonymous No.8554996]

>>8554249
Short term gains are taxed and count as regular income. That probably applies to 99% of biz.

[Anonymous No.8555063]

>americans

[Anonymous No.8555072]

For long term burger gains, your income bracket is determined by the year you sell and not the year you buy correct?

[Anonymous No.8555300]

Just don't pay.

[Anonymous No.8555349]

>>8552914
Kek, you got ripped off

>t. Filed my taxes as a CPA, costed $85; $30 for bitcoin.tax, $55 for H&R software

[Anonymous No.8555409]

If you guys haven't figured it out yet - you can't use Monero. You can't use ANY privacy coins. At all. Using them creates a gap in your trading history. And therefore all of these coins have absolutely no use if you don't want to be flagged as a criminal by your government.

[Anonymous No.8555503]

So you only pay the jew's tax when you cash out? R-right, anon?

[Anonymous No.8555583]

>>8552914
Wow you got ripped off. My CPA charged me 100 bucks, I owe 3k between federal and state

[Anonymous No.8555620]

>>8554876
>All you have to do is read this mountain of confusing bullshit

I mean it's just so easy!

[Anonymous No.8555641]

>>8555503
Yes,
>Don't fuck with trades on coinbase or any other outlet that gives your history to the irs, if you already traded a small amount then it should be fine
>Immediately transfer to a site like Binance that doesn't have your info
>Don't pay taxes till you're ready
>Pay the late fee when you do decide to cash out, it's like 20% of what you already owe

On top of saving money that could potentially moon later, you give the government time to develop a tax plan that isn't totally fucked.

[Anonymous No.8555679]

>>8552349
Warren Buffet is great to listen to if you wanna get rich just in time for death

[Anonymous No.8555696]

>>8552349
Cuck

[Anonymous No.8555846]

>>8552796
Dude you only get taxed on GAINS.
If you don't understand this you are the brainlet.
Your BTC didn't appreciate another 1k in the 30 minutes it took to sell your alt and transfer to coinbase did it? And if it did, congrats you made an extra 700 dollars.
Sometimes this board makes me rage about how dumb some of you guys are.

[Anonymous No.8556187]

>>8555846
No you get taxed on losses to.
ie.
>buy 1 bitcorn at $20,000
>sell it at 10,000
You owe the IRS the difference 20k-10k=10k in taxes

[Anonymous No.8556197]

>>8556187
wow makes perfect sense!!!!

[Anonymous No.8556576]

>>8556197
Happy to help!

[Anonymous No.8556717]

>>8556187
Fuck. I did not know this, I owe way more than I thought.

[Anonymous No.8556810]

Hey ive bought tons of alts and have day traded to increase my stack so lots of small trades that gain me 100-150 coins each time but i dont plan to cash out for a long ass time and im down on nearly everything anyway, how fucked am I?

[Anonymous No.8556827]

>>8556717
He's trolling, that's not how it works, at all. If you bought at 20k and sold at 10k, you can write off 3k off your taxes this year, and 3k a year until the loss is expended (3k + 3k + 3k + 1k).

[Anonymous No.8556849]

>>8552448
in 50 years kids like you will be resentful of us

[Anonymous No.8556860]

do you still have to report your "transaction" even if you made no money?

Like, do they want a record of my 1000 day trades despite me making no profit?

[Anonymous No.8556886]

LMAO americans are jew tax cattle. Keep paying those taxes, niggers need their welfare check next week.

[Anonymous No.8556898]

>>8552349
>bitcoin.tax

wow thanks anon! Couldn't have done it without you!

[Anonymous No.8556912]

>>8556886
which country isn't?

[Anonymous No.8556936]

>>8556912
East Europe in general dont pay taxes to feed niggers at least.

[Anonymous No.8556938]

>>8553254
>>8552349

[Anonymous No.8556967]

>>8556912
>>8556886
well my rich father and step mother moved to Singapore or Malaysia, crypto boom happens where I live with poloticians and business owners due to some MLM. They vacation a lot in Malaysia.

[Anonymous No.8556988]

>>8552777
TRIPS CONFIRM THAT BASED BIG DIMES IRS IS FINNA GO OVER /BIZ/RAELITES

[Anonymous No.8557007]

>>8552796
The new tax bill placed a tax on trading one coin for another, but I imagine it would be cheaper to trade coins than use USD as a middle-man.

[Anonymous No.8557018]

>>8556187
this is a joke right?

[Anonymous No.8557032]

>>8552166

If you're going to pay, troll the fuck out of the IRS and make over a million trades with bots and send them physical copies of all your trades. Also another way to fuck with this is go to HR Block to get your taxes done and tell them about your crypto to crypto bullshit. Almost none of them know about this rule, so they will file your taxes and now have to cover their asses and the IRS wastes more time.

Be compliant, but aggressive.

[Anonymous No.8557282]

You don't even need to pay until you cash out you stupid faggots

[Anonymous No.8557305]

>>8556717
>>8557018
kek I feel bad for spooking people, yes it's a joke.

As >>8556827 pointed out you can write off 3k worth of losses and carry it over year to year.
Besides the time and money spent completing the paperwork, and assuming you owe at least 3k in taxes, people are crazy not to gamble with 3k of their money every year on shitcoins.
If you win you win big, if you lose it's no money lost (maybe $50 for bitcoin.tax and whatever TaxAct costs because turbotax sucks and can't handle crypto trades.)

[Anonymous No.8557755]

>>8557305
>if you lose it's no money lost
I think capital losses are only a tax deduction, so it is money lost. It just lets you reduce your taxable income by up to $3k per year.

[Anonymous No.8558063]

You can write off any amount of losses.
You can only carry forward $3000

[Anonymous No.8558148]

Localmonero.

[Anonymous No.8558211]

>>8552166
what if i dont have a job?

[Anonymous No.8558395]

>>8558063
No this is wrong. The 3k is an allowance for the cuck to offset the capital against income, beyond the 3k the net capital loss is what can be carried forward against future capital gains. This doesn't not lose you any money, if you put 10k into our ponzi last year and lost it all you are net -10k, maybe you had some stocks that you sell this year and gained 10k, you can pay zero capital gains tax, that's all it does.

[Anonymous No.8558487]

>>8557755
you can simply use the $3k in losses to offset taxes on capital gains from other investments, and use this to increase your cost basis.

You do have other investments besides crypto, right anon?

[Anonymous No.8558512]

P-pls report or were g-gonna audit you!!!!!
All they're saying by repeatedly asking is that they can't track this on their own worth shit
Hey hey ho ho the IRS has got to go

[Anonymous No.8558545]

>>8558395
You're limited to deducting a maximum of $3,000 of your losses per year, or $1,500 each if you're married but file separate returns. However, the limit is for (NET LOSSES), which means that you first use your losses to offset any gains for the year. For example, say you had $15,000 in stock gains for the year and $25,000 in losses. You first offset your $15,000 of gains with $15,000 of losses, leaving you a net loss of $10,000. Then, because of the limit, you can only claim a $3,000 deduction against your other income.
I doubt anyone had all losses and no gains for the past year in crypto.

[Anonymous No.8558631]

>>8552569
monero requires you to download the entire blockchain to use
that isn't sustainable for users especially with flexible blocksize

[Anonymous No.8558651]

For the smart people this is just a waiting game of not cashing out until the IRS suffers enough lost revenue to give in and put forth something that doesn't stink to high heaven.

[Anonymous No.8558653]

>>8558545
Yes this, but in your scenario the remaining 7k of net capital loss can still be carried forward against capital gain say this year.

I also doubt there are too many net losses last year, the problem for most of the investment geniuses is they realized all these gains all year, left all the money in the pyramid and owe a large amount of tax vs what they actually have on hand now. Unfortunately nothing can be done about this, which is what fucking happens

[Anonymous No.8558659]

>>8558631
No it doesn't you can point to a full node that somebody else runs.

[Anonymous No.8558662]

>>8552166

Guys don't fall for this shit.

https://www.reddit.com/r/CryptoCurrency/comments/7pxx7y/irs_clearly_states_that_only_convertible_virtual/

[Anonymous No.8558667]

>>8552606
>realizing ur gains

lmao, who does this?

[Anonymous No.8558677]

>>8558651
>but crypto is different!
lol

[Anonymous No.8558687]

>>8558545
Had quite a bit of losses. Lots of panic selling. Didn't earn income past 10k. $800 total in crypto. $200 and going lower. It's been such a dumb ride. January 2016 onwards was the time to be invested.

[Anonymous No.8558701]

>>8558687
You don't need to pay any tax anyway then

[Anonymous No.8558702]

>>8558677
umm it would be quite easy to argue it's a currency do you get taxed on your dollars because of inflation/deflation sweetie

[Anonymous No.8558716]

>>8552575
kek. poor burgers

[Anonymous No.8558727]

I'm not paying shit. Let them come audit this mess

[Anonymous No.8558743]

>>8558702
yes you get taxed on forex gains anon

[Anonymous No.8558745]

>>8558659
>that somebody else runs.
If that's true you're sacrificing security, and why isn't there any hardware wallets for monero?

[Anonymous No.8558770]

>>8558653
Yes I learned a lesson. I will definitively sell at a loss at the end of the year to offset some of my gains.

[Anonymous No.8558800]

>>8558727
This

[Anonymous No.8558832]

>>8558770
Do it now, you have the long term discount to consider

[Anonymous No.8558838]

>>8558727
a bunch of neets going to jail would be like an autism summer camp
our lives wouldn't be much different than they were a few years ago
and everyone involved in crypto would flee this oppressive regime making the country poor as fuck

[Anonymous No.8558846]

You're probably more likely to get audited if you send them millions of trades on your shitcoins than if you did fiat in and fiat out at zero cost basis.

[Anonymous No.8558859]

>>8558832
Some of them are very close to being 1 year old.
So complicated.

[Anonymous No.8558923]

>>8558859
You shouldn't be at a loss on anything that old, anyway just focus on making the money first, closer to year end understand your tax liability and make sure you cash out enough to have that covered and you won't have any problems. If you have a large hodlings speak to a professional ASAP

[Anonymous No.8558992]

>>8558923
It was pretty straight forward with bitcoin.tax and taxact. Thank God I made all my money from crypto this year. I would have gotten raped if I was working. Hoping this year will be a great year as well.
I saw my father get audited year after year. He got a tax attorney and the audits stopped after that. Next year I might get a tax attorney if I get a double or two on my portfolio. Not playing the no paying my taxes game. Fuck that. Seen too many people destroyed for not paying proper taxes.

[Anonymous No.8559015]

>>8558992

https://www.reddit.com/r/CryptoCurrency/comments/7pxx7y/irs_clearly_states_that_only_convertible_virtual/

You just made a fatal mistake and gave the IRS money for no reason, especially if you traded on Kucoin. Congrats.

[Anonymous No.8559022]

>>8558727

LOL i feel ya

[Anonymous No.8559064]

>>8559015
You think a fucking reddit post will win you this argument against (((them)))?

[Anonymous No.8559086]

>>8559015
I read that. Their whole argument hinges on "Convertible" currency. Try arguing that in court. The IRS already determined that crypto is collectively NOT currency but property.
Try paying the attorneys after the fact.. No thanks. 16k may be alot but in the scheme of things it's alot less than an audit and court over my personal interpretation of the word, "convertible"

[Anonymous No.8559097]

>>8552659
>I just said that if you don't pay your taxes then the IRS will anally rape you with its government backed dick

This FUD is not working. Its going to make even fewer people pay. You are causing people to panic and they will just opt out entirely. Its better to wait a couple years and see how things turn out anyway.

[Anonymous No.8559280]

Cash out a couple million to sue the IRS for damages. Imagine going all out just to make shit really nasty. Take note of specific employees rather than the IRS itself. Massive lawsuit where you just burn tons of money with the goal of burning tons of money in the process. Lawyers would make bank for sure and the IRS would be mostly unhinged but the people working for the IRS would have to consider the fact that they themselves could be singled out for very expensive lawsuits at any moment.

Would be funny to see, but I doubt it will ever happen. Thing is, crypto generates wealth practically from thin air. So its essentially like an infinite wheel of money that can be generated and burned for no other reason than to grind down the gears of a larger entity. Guerrilla lawsuits. Go for the little ones first.

[Anonymous No.8559310]

>>8556187
Lying nigger detected, your capital losses can be deducted up to $3k for a single person so long as those losses are more than your gains. https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know

[Anonymous No.8559357]

>>8559280
What the hell are you even talking about. You're mentally disabled

[Anonymous No.8559368]

>>8559064

They made the rules. Use their own rules against them for profit.

[Anonymous No.8559380]

Do IRS niggers glow in the dark?

[Anonymous No.8559442]

>>8559368
How much are you going to pay the Tax attorney to argue this in court for you ?

[Anonymous No.8559558]

>>8559280
Sue the IRS? For what? Because you don't want to pay taxes? You'd have to sue the Congress for that, and last time I checked, you can't. Congress writes tax law, dummy. IRS just enforces it. It would be like suing the cops for having drunk driving laws. And, the best you can do is sue the IRS for negligent behavior, or if you dispute your final bill, and you have to pay up and sue for a refund.

You're a fucking waterhead. "Me sue IRS for being meanyheads, herrr durrrrrr." Jesus jumping fucking christ, just when you think 4chan has hit bedrock retardation, a drooling mongoloid like you comes along and goes a mile deeper.

[Anonymous No.8559564]

>>8559442

If I were a millionaire I'd do it. I don't have enough to fight it though, but I'd hope crypto millionaires would band together to either fight it or they'll just leave the country (more likely).

[Anonymous No.8559584]

>Inside
>Rectum
>Syndicate

OH SAY CAN I FEE
YOUR VIRTUAL CURRENCY

[Anonymous No.8559586]

>>8552166
About $100k gains here and I'm not paying taxes on a single cent. Posting this from a public wifi hotspot so I'll never get found out.
HAHAHAHA FUCK YOU IRS

[Anonymous No.8559606]

>>8559558
Rand Paul tried to get an 'Audit the Fed' bill, but of course Democrats voted against it. Either Trump is playing mind games with Israel or he's one of them.

[Anonymous No.8559609]

>>8559558
No you would have to sue employees for various bullshit reasons. The idea is stupid. But it would be weird to see.

[Anonymous No.8559622]

>>8559564
Leaving the country won't help you. It'll just get you on interpols list. Americans have to pay taxes outside of the country. Wanna give up your citizenship? Auto in depth audit by the IRS. I worked out of the country and in 3 years there were two arrests at my job for taxes. The foreign government handed over American citizens to the IRS.
These guys don't play around. Pay your taxes like everyone else and be happy that you live in the US.
The IRS WILL fuck your shit up. They will just empty your bank account without consulting you first.

[Anonymous No.8559662]

>>8559622

>be happy that you live in the US

Um no sweetie, the first thing I'm doing after paying the exit tax is moving to a crypto haven and living off the gains

[Anonymous No.8559674]

>>8559662
There isn't anything wrong with that, where do you have in mind?

[Anonymous No.8559687]

>>8559609
It would never get pat the initial filing, any judge would throw it out for lack of merit. You can't sue IRS agents for doing their job. They have to break some pretty serious fucking rules for that, otherwise the IRS would be spending billions fending off bullshit lawsuits every year, especially from those sovereign citizen whackjobs.

Go ask Wesley Snipes how well that shit works.

[Anonymous No.8559721]

>>8559662
Don't count on there being too many of those left.
Look at Rodger Ver. Gave up his US citizenship and got a St, Kitts Passport. He can never come back into the US. He's barred. How long will Japan allow him to live there? Who knows.

[Anonymous No.8559726]

>>8558487
The point is that it makes no sense to take a loss unless you have to because you are still losing money. If you take $3k in losses and your tax rate is 30%, then you get $900 off your tax bill for the $3k you lost trading.

[Anonymous No.8559762]

>>8559721

Every first world country will probably be off the table, so that leaves shit holes. However this could be a good thing, crypto millionaires could help build new infrastructure and reform these countries if they all formed a community. Nothing is impossible.

[Anonymous No.8559765]

>>8559662
On top of that, even even you give up you citizenship and go through your audit; You still are on the hook for taxes for 10 years. No shit..

[Anonymous No.8559795]

>>8559762
Have you ever lived in a shit hole ?
I've lived in the 5 3rd world countries. If you show AT ALL that you have money. You're dead meat.
You have to be REALLY low key OR you have to pay to live in gated communities which are WAY more expensive than living in the US.

[Anonymous No.8559865]

>>8552448
Just buy at the beginning of every alt bull market and sell at the end. You get to do the same thing as him but much faster.

[Anonymous No.8559873]

>>8556187

holy fuck biz is so retarded. you do not get taxed on losses you fucking brainlet. if your investment goes down and you sell you are now at a loss and can report it as such, up to 3k per year. why is this so fucking difficult? every thread on taxes here you niggers can't get your heads around this.

[Anonymous No.8560708]

>>8552777
can't be a cheat if you aren't playin' the game nigga