aren't we all gonna get fucked in the ass for taxes? you're meant to file taxes for all the capital gains you made in that year. so that means you gotta file your tax forms for every crypto transaction you made every single year. a lot of people here have been at it multiple years without filing any, so they've technically already broken the law.
what are we gonna do? any tax experts here to help us out
pic unrelated
Other urls found in this thread:
en.wikipedia.org
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bitcoin-austria.at
coindesk.com
businessinsider.com
irs.gov
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How will they know retard?
ayy fucking lamo nice one fbi
I'm pretty new at this but I've literally been copy and pasting every transaction to a word document
but yeah all I know is they tax it like property I guess just put some aside when you cash out for tax payment
because it's their job to find out and they won't let a huge market of billions go untaxed.
You dont file for capital gain tax until you actually cash it out from BTC.
If the government wanted to tax crypto, it would have been accepted by sec.
not just when you cash out, you gotta pay taxes on it every year even if you didn't cash out.
Not here in the Netherlands. Get fucking cucked amerifats
>1.2% taxation on investment gains AFTER 25k euro
Laughinggirls.jpeg
we got it good in the netherlands but belgium is better 0 tax gotta move to there
no tax on bitcoin profits in Belgium
Do we (dutchies) calculate on cashout or holdings? I want to cash out 400k. How assraped am I going to get? Should I get an accountant?
Does it matter if I'm trading between crypto's? Or only when I turn it into dollars? Serious question. I need to know.
Americans are the only people who get cucked with taxes even if we don't live in our country.
Only way to escape the IRS is to kys or renounce your citizenship.
Should've been British instead
Crypto is treated like gambling so no taxes are applied unless you make a huge profit in which case there's a tiny capital gains tax
I read that long-term capital gains can be taxed up to 20-30% in the US. Is that true?
Tax is based on your holdings. You're required to indicate how much your cryptocurrency is worth on january 1st of this year (Box 3). you then have to pay 1.2% tax after 25k euro.
It'd look really fishy if you didn't file the amount of cryptocurrency you have and you suddenly cash out 400k. You can google some more info on the belastingdienst's stance on cryptocurrency. And if you're uncertain you can always talk to an accountant
Vermogensbelasting gaat volgend jaar omhoog, en flink ook. But still, nowhere near income tax levels!
lmao americucks and their ass rape worry about taxes
meanwhile no tax on crypto in my glorious european country
In Germany and austria we have a little more luck:
If you hold your coins for 1 year NOT TOUCHING AND TRADING it.
You can cash out tax free.
land of the free, right?
:^) get cucked burgers
Where can I inform myself on this? Please spoon feed me user, I don't want cctv to get me.
Das ist bei den hart schwankenden Werten der kryptos aber nicht so geil.
Optimal wäre natürlich du machst mit DGB 1 Mio € in BTC lässt es 1 Jahr liegen und BTC steigt in der Zeit um 300%
Although you're right, think of it realistically.
Even if you trade 100 of a single shitcoin, those 100 are coming from possibly up to 100 different addresses
And those 100 might be further splintered into other trees of transactions
They'd have to follow the yellow brick road all the way to a source, then come back, then compare the data to the supposed capital exchanged in that period
And that's for ONE transaction of 100 coins
A typical trader performs several dozen multi-million transactions every DAY
And that's for EVERY SINGLE PERSON
How the fuck are they going to check
I'm just reporting the gains I made in fiat by cashing out at the end of the year.
KEK AMERIKEK
this coin is dead guys get out while you can
I put a few million DGB on my core wallet already last year.
I can cash out a part whenever I want.
Just have to re-check it with my accountant that is specialized on crypto.
Wrong. (U.S. Laws)
1) You only pay when you cash out like stocks
2) In the U.S., it counts as property and is subject to capital gains. If you cash out in under a year, you're subject to short term capital gains. If you cash out in over a year, you're subject to long term capital gains (which is much lower).
You would have to wait til a DGB/EUR exchange is established then. Then you would be fine though.
>tfw got only 200k because autistic poorfag with shizoid personality disorder
falls du was ans Winterhilfswerk spenden willst :D
DTB96ReBziAjRiaEXyFyK4vfYVadiSm7hK
Source on this? I'm in Belgium and I'm interested.
There is an BTC broker in Austria, which maye also accept altcoins after a talk.
Which he certainly will because of the fee he makes.
Winterhilfswerk, musste erstmal schauen was das ist.
Wäre mein Wallet nicht umständlich abgelegt damit ich nicht schnell dazu kann, vielleicht ;)
What is his website?
coinfinity.co in Graz
I think there is a different one in Vienna.
Brokers are taking a fee but hey, at least I can cash out in a legal way without worries.
>home of the slaves
thanks
Was noch interessant wäre für dich:
This guy knows.
Yeah I probably owed short term capital gains taxes for previous years and now I CAN'T report my gains even if I wanted to because it would reveal inconsistencies.
>make btc on the internet selling goods and services (never bought a single one)
>x1000 my BTC in altcoin trades
>government can never know because i never touched the banking system
>put my millions in a usb pendrive and fly to a tax haven in 10 years
>sell 50% and keep %50 still being a BTC mogul
>retire and live off dividends while fucking exotic hookers
Life's good.
>bought ethereum through my friends coinbase accounts
>they sent ethereum to my own coinbase account without an ID
>going to sell locally and not write up my taxes
Canada
How likely am I going to get fucked by gay man tredeau
If you're dealing with a lot of money, talk to a financial advisor about what to do. Start keeping a ledger, too (but all trading sites will keep one for you anyway)
dont worry too much
>taxes
man who cares
>put my millions in a usb pendrive
You need Trezor my friend.
Why not just report after cashing the fuck out as capital gains income?
The thing with trezor and all those devices is, you are walking with something that says "I hold bitcoins".
If you use a usb with a bitcoin core wallet.dat file encrypted inside a veracrypt hidden volume, it's impossible to prove you are holding bitcoin in case they ever look at it.
>veracrypt
Why veracrypt and not something else like truecrypt 7.1a (before the nsa took over operations)
Why not buy BTC on Ebay then trade with that then cash out on localbitcoins or bitcoin atm's in your city?
IRS cant fuck you then right?
What if you buy a product directly using crypto?
It depends on your country.
If your country decided you don't have to pay VAT on crypto transactions, you're home free.
Otherwise you pay the additional tax.
They can look at it all they want. Keep your seed memorized, written down or additionally encrypted on a usb drive and they can't do anything even if they confiscate it.
>he's not hoarding all his crypto until it's accepted by major retailers, landlords, and used in everyday transactions
HAHAHAHAHAHA
all they can do is charge sales tax
what difference will that make? it will still be subject to tax
not income tax or capital gains. retailers can only charge sales tax on a transaction
That's VAT... what about capital gains tax or income tax?
Not true. Seeing as when you do a trade, you don't get paid in fiat, you still have not realized the gains.
I think the big question is, is it subject to tax if it's in your possession or is it only subject to tax when you cash it out as fiat currency?
Let's say, for example, you bought in a coin for $100 and somehow the value is now worth $100,000 by the time the next tax season rolls around. If you decide not to cash it out, will you still be taxed 30% of that? What if you don't have the fiat money to pay that without cashing out?
why would it not be? any profit would be treated the same way as any other income or capital gains.
Cash out to fiat and see that in your bank account , and THEN worry
i dont think you'll be taxed for holding online, only if you cash out, and then it would most likely treated as capital gains tax
>How will they know retard?
Coinbase sends all your trading data to the Feds, so the IRS has records of your crypto purchases.
IRS monitors every deposit in your bank account, and files a tax return on you anyways that's 99% accurate. If you don't file one that matches, they know you're fucking around.
What are taxable events
Tax when tx occurs, not mark to market
> woops I lost my keys to my wallets
> looks like I lost all my gains
> reimburse pls
Prove I didn't.
No you don't you fucking retard, you only pay taxes when you sell.
Taxable income status on crypto in Canada is so far not established according to wikipedia. Apparently it's classified as an intangible under the PPSA. Shit's over my head, but it looks like we are safe to cash out for free up here.
Short Term = 28% (Anything held for less than 1 year)
Long Term: 15% (Anything held for over 1 year)
Any idea about Canada? Would this shit fall under income or capital gains (I've heard it could be either)?
I'll just list it as self-employment
capital gains applies for securities, which cryptocoins are not
You're still on the hook for taxes if you made those gains. IRS doesn't care if you lost your wallet. Same thing with stocks. If you don't report your trades, they assume every trade is profit and tax the fuck out of you.
>Clueless 20-Something Day Trader Finds Out He Owes $172 Million In Unpaid Taxes On Google
>Esparza did not know he was required to file a tax return during the year he was swapping stocks. But, the IRS was tracking his every move – and they assumed that Esparza made pure profit on his day trading transactions. This would have given Esparza Bofill a whopping $500 million in income.
>businessinsider.com
Coin to coin flips are taxable in the US. Buying goods with coins are taxable events. Pay the taxman or be Jamal's boyfriend
What about other countries? Specifically EU and Australia/NZ. Do they work differently?
I've been filing every year, claimed every dollar. although I'm really going to owe this year.
all transactions (USA)
ahem irs.gov
is this a new meme? not paying your taxes?
t. developer that automated everything
why would you declare it ?
fuck this is gay I fucking hate america. So I'm guessing I gotta keep all my logs and actually track my real earnings and shit?
If you want to actually buy something with fiat...
So lets say 30% capital gains tax.
If I buy $100 worth of BTC, trade that for $100 worth of DGB, DGB doubles and makes me $200, then I trade that back for $200 worth of BTC and cash the $200 out, I pay 30% of that gain of $100, or $30 in taxes?
Just want to understand this shit. I'm going to keep a log of my transactions to be safe, but hopefully that's the gist of what reality will actually dictate.
yes, but it gets easier the more money you make, and you get better at it. using FIFO i've been slowly selling and replacing my cheapest eth (~$10 cost) that's rolled over to long term so I'm only paying 15% now on a few thousand in gains here and there, instead of on ten thousand here and there a year or two from now. reducing my tax exposure exponentially.
What exactly is taxed? Should taxation not just be me selling BTC/ETH/LTC from coinbase into my bank account?
Why would every DGB trade be taxed if there is no way to cash out into a direct fiat market?
this guy is correct
who's going to know (or care) about your coin trading? do you think the government keeps track of your virtual weapons trading in online games?
it only matters when you make a deposit in your bank
If I understand you correctly. You've been able to organize and stagger your withdraws so that each one has >1 year of age so you can pay less on it? How have you set this up user? Are you using a program or have you personally created some sort of spreadsheet?
WTF What about africa IS THIS SHIT TAXABLE IN AFRICA ??
dont worry, these are just bootlickers who were "that kid" in class who would suck the teachers dick
if youre making real real profits on a coin just take the coin off the exchange and put it in your wallet
they cant tax you until you cash out to fiat
no, just renounce your american citizenship and fly to a tax haven
I'm getting really tired of explaining this, but I'll do it anyways.
when it comes to property and capital gains in the USA, you can do what is called a like-kind exchange where you'd carry the acquired date and cost basis of the first transaction (fiat --> coin) onto the like-kind transactions (coin --> coin) and pay taxes later on when you are converting to something that isn't like-kind (coin --> fiat).
so even if you wanted to do this, you'd need to file like-kind exchanges for all those middle transactions.
the problem is, if you are in the business of trading cryptos, it would NOT qualify as a like-kind exchange. the IRS isn't stupid. you're trading to make money and they know it.
so that's why you have to log every transaction if you're a normal trader.
I created a double ledger database that automates price and cost calculations and then import the data into quicken, which organizes all the tax shit. I haven't converted anything to fiat, but am buying new ETH to trade for different alts. when I sell the new ETH for the new alt, it takes out my oldest lots because of FIFO. my new eth has a cost basis of the current market price.
yes and if it becomes as widely accepted as fiat they'll just slap a VAT tax on it too.
Yeah, if is correct then there are no worries. Capital gains tax on property is rather fair anyway.
I know that transactions between something like gold and silver are taxed because those have a direct connection to the fiat market, but I can't sell most altcoins for USD, thus it cannot be taxed.
im not american i live in africa
You are one fucking smart user. I've got some basic javascript and dev ops skills but don't know if I could pull some shit like this. Did you end up hooking into the api's for the sites you're trading off of and what they were when you traded them and what they're currently worth?
you should consider creating a product out of this. It's got a big potential. Want to talk about turning it into a sellable product user?
yes, I have python scripts pulling from the ticker APIs, which puts the data into a postgresql database. I don't trade enough to automate actually pulling the trade data via api, so I just manually enter trade date, coin, price into a front end which queries the database and does the rest. only takes a minute or two per trade.
I've thought about it but my day job is good and stable. my day job is the reason I knew how to do it. plus there's already some big websites that offer this service.
we are fucked, a-are weee?
>mfw holding 300k dgb
taxes are for losers
stop drawing meaningless lines!
> t. high school student
dumb line poster
whales have way too much invested in this let it go south
Everytime time this happens in the last week, I woke up with +100-200 Sat ATH from the last time.
See ya tomorrow @1000 Sat