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11818357 No.11818357 [Reply] [Original] [archived.moe]

Anyone who's cashing out now, how are you going to deal with the taxes?

I personally am a tax attorney and I want to get into the market of helping crypto people pay no/little taxes on their income. How would I best appeal to this market?

>> No.11818382

It's mostly 20 year old NEETs panicking about losing their allowance/birthday money.

>> No.11818487

there isn't quite a market for it yet, most people that use crypto are trying to evade/pay taxes to begin with

>> No.11818519

No one is going to pay their taxes after getting eternally fucking JUSTed in this market

>> No.11818526

Ya got me.
Although technically it was xmas money, and I pumped 5k into bitcoin January 14th, 2018.. So in a sense i'm a faggot that bought almost at an ath, and held until now.

I'm all in ChainLink currently, although I wonder what i'll use this year's xmas money for...

>> No.11818836

>hodl since 2014
>get JUSTed
>pull out
>have to pay taxes on a 5000% gain

>> No.11818863

Lmao plus your trades. You probably owe the IRS a couple million.

>> No.11818892

Am I the only one who is curious how the rest of that power point presentation went?

>> No.11818916

BTC/altcoins would all just be like-kind trades, so that shouldn't be an issue.

>> No.11818936

same. I actually want to know how to smash pussy since I'm a total loser at my college inside my dorm all day.

>> No.11818940
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>Claims to be a tax attorney
>Thinks people have to pay taxes when they sell at a 90% loss

>> No.11818954

I was just going to....pay it? I've held for over a year so at least it's not short term capital gains. What other options should I look into?

>> No.11819024

There are unfortunately no like-kind crypto trades in the US. How long have you been a tax attorney?

>> No.11819088

There are a few ways. How much is the gain? I'll tell you if it's worth the time and effort.

About 3 years. I got my LLM a year ago. As far as I'm aware, cryptocoins aren't 'securities' for the purposes of IRC 1031.

>> No.11819202

Oh, Christ, you're right - I didn't realized TCJA amended that. An even better reason to talk to a lawyer before cashing out.

>> No.11819281

It's a stupid rule that I disagree with, but every trade is taxable as a gain or loss in USD. So that means if you sell your shitcoin, you have to take the Satoshi value and then convert that to dollars to figure out your gain or loss. Even more confusing, is if you say, bought the shitcoin with BTC and sold it for ETH, since you will have to make another conversion in your calculations, and there isn't much guidance as to what exchange you get the conversion prices from, what time frame, etc.
It is a fucking cluster fuck, these IRS people need to come up with a more simple way of figuring this out or just declare crypto non-taxable.

>> No.11819359

Frankly, I've never had to deal with the like-kind rule (particularly since TCJA) because we just sidestep the shitheap of tracking transactions and do it through a foreign country.

>> No.11819404


You stupid mother fucker, the people who are cashing out now most likely want to offset the gains they had earlier in the year, you glorified paralegal.

>> No.11819456

Yep, just wash traded my Link today for a total yearly loss of ~$3k. Pay up, IRS.

>> No.11819670

Does any other activity shit on people this much?

At least it's not going into an Xbox.

>> No.11819724


I lost all my money so I'll probably file for capital losses 3k every year

>> No.11819864

You're retarded
If you got JUSTed you want to document your returns because you can deduct some of your losses from you other income

>> No.11819872

>other income
gtfo normie. NEETs only

>> No.11819872,1 [INTERNAL] 

I have been working in an auto parts factory for a long time and we have a fixed salary. However, we began to notice that over the past few months our salary has been getting smaller due to higher taxes. This situation causes discontent among employees and some have already quit. Last month, we were not given a salary at all, and they explained that the company is suffering big losses, which is why they will try to reimburse everything next month. I also have a family and I hope for this money. My friend advised me to seek the help of a lawyer to solve this problem. At the moment, we have sent an email asking for help at https://www.thorpehatcher.com/. We hope that the lawyer will be able to resolve our situation and provide us with compensation for the resulting damage.

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