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/biz/ - Business & Finance

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8953396 No.8953396 [Reply] [Original]

You DID pay your taxes, right /biz/?

>> No.8953410

>>8953396
lol no
>pls pay taxes so we can fund bombing third world countires and mexican child support

lol no bite me

>> No.8953432
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8953432

Ain't no kakka kikkeli kike going to get my tax money

>> No.8953500

>>8953396

Have your govt overlords told you to post here? So cute.

>> No.8953502
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8953502

im trying but ive made so many trades and its so convoluted and shit that im about to say fuck it

i cant believe im wasting hours of my life trying to figure out the amount of money i owe an evil government that fucks me over at every chance possible and will use my money to fuck me over some more

>> No.8953524

US treasury department is going after African Americans for student loan debt. They are singling them out for no reason.
Also because of Starbucks the us government will shoot a innocent African American this goes back to a book on how to own slaves.
When a African American stands up for what is right the us government has one shot to keep them oppressed
Sad America is racist

>> No.8953610

US treasury department is going after African Americans for student loan debt. They are singling them out for no reason.
Also because of Starbucks the us government will shoot a innocent African American this goes back to a book on how to own slaves.
When a African American stands up for what is right the us government has one shot to keep them oppressed
Sad America is racist

>> No.8953622

>>8953396
>cashing out

>> No.8953632

>>8953622
Even if you don't cash out you still owe taxes in the USA

>> No.8953640

>>8953632
Literally false

>> No.8953646
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8953646

>>8953502
>go to bitcoin.tax,
>follow the instructions for every exchange you have used
>pay them 30 shekels to compile all your transactions
>make sure all are FIFO when you calculate gains
>download and print as a Form 8949 statement.
>make sure the columns on the spreadsheet are wide enough to fit the numbers but not so wide that they go outside the page margin
>add your net gain/loss to your tax form as short/long not reported
>wait for IRS to send request for 8949 then mail that too

>> No.8953707

>>8953640
Nope look it up

>> No.8953728

>>8953410
Hey look, an uhmerican who understands where his tax dollars go
>clap

>> No.8953987

>>8953632
>>8953707
No its false

>> No.8954003

>>8953502
>i cant believe im wasting hours of my life trying to figure out the amount of money i owe an evil government that fucks me over at every chance possible and will use my money to fuck me over some more
Life sucks and then you die. The sooner you accept how miserable your existence is, the sooner you can stop caring and enjoy what little time you have left on this planet.

>> No.8954029
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8954029

>>8953396
>paying taxes

>> No.8954067

>>8953646

I didn't this but my cost basis and proceeds are like 600k. I only made 20k

If I put a cost basis this high, I'm going to guaranteed get audited. What do?

>> No.8954079

I'm not american but to be honest it should be unconstitutional to release the tax rules AFTER people did a bunch of daytrading without knowing whether there would tax laws on BTC or not. So many people owe more than they made it's not even funny.

For once I'm glad to live in the third world where the government doesn't know what altcoins are. You only pay if you cash out more than U$ 10k a month here.

>> No.8954095

>>8953396
only chumps are paying taxes.

>> No.8954107

>>8954067
Exactly, then they are going to ask where you got the cash to get the crypto.

>> No.8954108
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8954108

>>8954029
she's not even a natural blonde. I saw a video where you could see her disgusting natural brown roots and I nearly threw up.

>> No.8954128

>>8953396
In a way yes. I filed and got money back due to losses this year.

>> No.8954135

>>8953396
https://news.bitcoin.com/irs-takes-tax-evasion-hunt-blockchain/

dont

ever

change

/biz/

>> No.8954207

>>8953640
>>8953987

Taxes are not only when you cash out stupid fucks they're for every trade.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

>In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a real-world economy transaction, has tax consequences that may result in a tax liability.
>For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.
>For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied.
>If the fair market value of property received in exchange for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain. The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency.

>> No.8954231

>>8954207
guess im moving

>> No.8954250

>>8953396
No . think i made 5k last year and my crypto is less than 400$ lmeo

>> No.8954348
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8954348

>>8954067
my cost basis is six figures too but I only made 8k. As long as all the information is there its fine. if you got a 1099-K it also lists the cost basis. That's just the total amount of money you traded, so if you trade a lot its going to be huge.

It's pretty much guaranteed that the IRS already got a copy too. they'll want to know where it comes from.

>> No.8954408

>>8954348

Never got a 1099

>> No.8954420

>>8954207

Lmao no. There is no law on how crypto is taxed. What you are quoting ist he IRS's OPINION on how crypto should be taxed. The IRS doesn't make the law. The only clear law is that you have to pay taxes on money you made. Money you cashed out from crypto is cut and dry. You owe taxes on that. If you trade some shitcoins around, many of which have no pairing to fiat, there is no law that explicitly says that's a taxable event. If the IRS wants people to pay that they are literally going to have to sue them and have a court decide, who may or may not decide in their favor.

Bottom line is, if you paid taxes on what you cashed out your fine.

>> No.8954521

>>8954408
where did you get the fiat, and where did you trade it for crypto? if your cost basis is 600k, you must have made over 200 trades with it. coinbase, gdax, and gemini send those forms to both you and the IRS. .

>> No.8954725
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8954725

>>8954420
Oh y-yeah, ph-phew i-i-i-i-i-i-it was j-j-j-just the IRS's opinion, hehh. n-n-n-n-nothing to be worried about right g-guys?.

>> No.8954782

>>8954231
good luck

https://www.cnbc.com/2016/05/17/exposing-the-hidden-tax-costs-of-renouncing-us-citizenship.html

>> No.8954927

>>8953396
yep. feels good.

>> No.8955202
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8955202

>>8954420
It's property, and property is already legislated.

Good luck.

>> No.8955250

What if I make a company that holds your profit (by donation) in an account, you take a loan out of a bank and use it to "pay" the company, company sends your profit, and you pay off the loan?

>> No.8955472

>>8955202

There is no law that says crypto is property. That is the IRS's opinion. They say its property and you need to pay but have very little to be able to back it up. You're a fucking sucker if you are reporting every crypto to crypto trade, no one is doing that.

Although if you cashed out 5+ figs to your bank without reporting that you are going to get nailed by that easy.

>> No.8955550

Stop financing kike wars