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/biz/ - Business & Finance

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8572476 No.8572476 [Reply] [Original]

Any whales here who made 6-7 figures in realized gains in 2017 planning on filing?

I myself haven't converted to fiat at all. With the current downside of the market I still sit high 6 figure range. (2.2m at the peak). I'm curious if others are in the same sticky situation as me.

Do I be a good little boy and liquidate enough money to just pay good old Sam, or do I just say fuck it.

Most CPA'S I talk to don't involve in such a grey area. I'm literally stuck at making a situation. Anyone else in a situation as I myself?

I don't want to hear (He fell for the hodl meme), (He didn't cash out at 19k). I believe in the technology, however I would hate to liquidate a huge chunk of my portfolio for it to skyrocket in the upcoming months. Decisions decisions.....

>> No.8572491

>be a good goy and dont go to jail
>be a BAD goy and go to jail

hmm... decisions decisions...

>> No.8572493

>>8572476
>should I pay taxes on six-figure gains

jesus christ. please be a larp.

>> No.8572511

Not a whale but how will they actually know anything unless you cashed out to fiat?

They seriously cannot track every single shitcoin trade for thousands and thousands of shitcoin traders. I just don't see how that is logistically possible.

>> No.8572554

>>8572476
Pay up big boy!

How else is Quan'trell and Sha'Neesa going to get their $6k tax "return" check?

>> No.8572560

>>8572476
What you need in your situation is time. Get a CPA to file an extension for you. You will gain time. However theres no guarantee the market will recover this year. Also, have then set up a payment plan with the tax people if extension deadline wasn't enough time. You will gain more time. Up to you.

>> No.8572589

>>8572476
If you made 6 figures then definitely do your taxes. You're the type of person the IRS is gonna spend their money to track down.

>> No.8572629
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8572629

If you traded on unverified exchanges like binance then i wouldnt pay. I traded on my verified bittrex account like a dumbass so i have to claim my shit so when i cashout in August i can prove the longterm capgains. If you ever want to cashout using longterm then you have to pay. If you dont mind paying short term and can avoid verified exchanges id say fuck it and not pay

>> No.8572749

>>8572560
A payment is required with the extension. I don't have 269k in my bank account that is the issue.

>> No.8572779

>>8572629
Traded on Bittrex all of 2017. Switched over to Binance beginning of the year also.

>> No.8572784

>>8572749
I don't believe it's required. They're just asking for some, basically. I put zero all three times I filed for an extension and have gotten it approved.

The worst they can say is no.

>> No.8572829

Made about $120k gains during the bull run and didn't file said gains. IRS has no idea lmao fuck them. Also posting from a public wifi so they can't find the owner of this post

>> No.8572831

>>8572476

Cultural enrichment doesn't come cheap motherfucker. Pay up!

>> No.8572964

>>8572476
No larp brother, pay those fucking things. They're going to come after you as soon as you start cashing out.

>> No.8573332

pay your fucking taxes amerifats. You have no idea how bad life will become if you do not pay your taxes.