What happens if you dont pay taxes on cryptocurrency?

FastChef
FastChef

they cant take it from you...

PurpleCharger
PurpleCharger

If cryptos become popular enough to threaten fiat, the government will just send you to prison. Lol, they don't even need to take your money. Cryptos can't fight tyranny unfortunately.

Stupidasole
Stupidasole

transfer cryptocurrencies to another wallet
"Sorry IRS I was donating it to a nonprofit"
????
profit

Supergrass
Supergrass

You can store billions of dollars on a chip the size of your thumbnail
cryptos can't fight tyranny

haveahappyday
haveahappyday

You can store billions of dollars on a chip the size of your thumbnail
The money is worthless if you're dead or rotting in jail, friend. That's why every crime lord has an army of criminals to protect him. Well, if you can't afford protection, you better be hiding in a tunnel.

Need_TLC
Need_TLC

Fear the almighty IRS magnet.

Boy_vs_Girl
Boy_vs_Girl

Arent they treated the same as capital gains? Ie only taxed when you convert them to dollars? If you can actually spend them as is you shouldnt need to pay tax.

Bidwell
Bidwell

They are treated as an asset. If a business receives cypto as payment, they would have to pay sales tax and relevant business tax (corporate or income tax depending upon the structure of the business). Effectively, it is taxed as if it were regular barter; you are being given an asset worth money, so pay up.

whereismyname
whereismyname

The whole point of bitcoin is to avoid bullshit like the IRS

The "Irs coming after you for your bitcoin profits" is a Reddit meme

Only Reddit retards would cuck themselves so hard as to willingly give money to the IRS, these are also the same people who keep their coins on coinbase or trust coinbase

Lunatick
Lunatick

I made about 1500 bucks from bitcoin on coinbase this year. Do I need to put that on my tax return?

I made 400 last year and didn't include it. Nothing happened.

BunnyJinx
BunnyJinx

Just pay your taxes you fucking degenerate jesus christ. It sucks but the IRS can come down on you like the mother of all ass rapings and they WILL win. It's cheaper overall to just pay and not have to deal with the worry and potential fallout.

Spamalot
Spamalot

There is literally nothing wrong with coinbase

Skullbone
Skullbone

Get a load of this cuck

RavySnake
RavySnake

Pay your fair share to society

Why yes of course, mr shekelgoldbergsteinson

CouchChiller
CouchChiller

I agree. If too many people don't pay taxes over bitcoins the feds will try to shut it down. So redditfags lie to get you to pay taxes so bitcoin isn't at risk

DeathDog
DeathDog

but they can fine you in usd

Soft_member
Soft_member

Lads take it from me, I've been in this game since before you were all born.

Pay your taxes. The richer you are the more important this is. I repeat - PAY YOUR TAXES. You ever wonder where all those really smart people you grew up with end up? I mean the top top guys, they aren't engineers or doctors, they either work for the CIA or the IRS strategic and asset development. These people have brains made up of multiples of your own and they will beat you every.single.time.

takes2long
takes2long

They will find out and you will get fucked in the ass. This isn't just some meme that gets spouted for comedic value.

mfw i get a letter TWO YEARS after filing taxes indicating that there was a discrepancy in the income reported from one of my W-2s
mfw it was $6,000 revenue that i genuinely accidentally miscounted
mfw they made me pay tax on the full $6,000 even though that was just revenue, not profit
mfw interested compounded daily on it too

Inmate
Inmate

Our very own president got away without paying taxes....

likme
likme

The IRS is the biggest baddest motherfucker of a stone cold mob boss you can imagine. You want to make them happy or not? If you pull bank off memecoins, you pay. You pay your fucking tribute and you get their blessing. Real simple.

lostmypassword
lostmypassword

Please stop regurgitating this meme. He used legal loopholes to minimize the tax he had to pay on his income. He didn't purposely evade tax law like what OP is suggesting. This whole "he didn't pay taxes thing" is retarded liberal nonsense. It's like getting mad at a college student for using the American Opportunity Tax Credit to "not pay taxes".

Methnerd
Methnerd

By why did trump keep this so secretive during the whole election? I voted for trump myself, and I wouldn't care if he did some shady deals with taxes or if it was loopholes. But why did he have to hide loopholes if it was legal?

PackManBrainlure
PackManBrainlure

The risk is if you're actually trying to cash out a large amount and you get audited or the bank submits a SAR. You'd be fined and forced to pay back taxes on the capital gains of it.

Don't say shit like "they won't know what you paid for it", because they require you by law to provide them with this information.

Trying to be a smart ass with the IRS, like will just get you more fines and possibly even jail time if the amount is large enough.

Again, we're talking about enough money to actually matter. The IRS doesn't give a shit about your $200 profit off some shitcoin.

Burnblaze
Burnblaze

I think you mean
do not profit

SniperGod
SniperGod

He didn't keep it secretive. He provided all the proper documentation to the proper people as required by law.

That's better than something like Clinton hiding her tax evasion through a fake charity and then releasing it to the public in an attempt to give the illusion of transparency

WebTool
WebTool

What if you don't live in the US? I'm in the Netherlands, surely our IRS isn't as competent as the American one, right?

StonedTime
StonedTime

capital losses
NOLs
Legal loopholes
Not even that lol

BinaryMan
BinaryMan

I have no idea what kind of kooky wonky tax enforcement the lesser nations have. Taxes are the lifeblood of a country, so they typically don't fuck around with them. I wouldn't count on many LOL's.

GoogleCat
GoogleCat

I have 6 figures worth of BTC that i've made by accepting payments as a freelancer coder for the past 6 years. I never told anybody my real name and always used proxies.

The cuckerment (or anybody else) can't never know I have that wealth unless I want to.

You can literally walk in a paradisean island tax haven with nothing but your BTC filled USB worth millions and live there for the rest of your life.

This is why bitcoin is insanely undervalued. You couldn't do this in a pre-bitcoin era.

And this is only 1 of its applications.

Fuzzy_Logic
Fuzzy_Logic

Yeah probably. Only corrupt third world countries probably have incompetent IRS'

whereismyname
whereismyname

I don't know how the netherlands collect taxes, but most countries essentially work off the honor system for reporting this stuff.

Cryptos are not like stocks, where the brokerage sends the forms to the IRS, they basically don't exist unless you report it.

In the US, you'd have to provide documentation proving where the money came from if you got audited. The IRS doesn't take bullshit answers either, so anyone saying they got a thousand dollars a month as a gift from a relative isn't going to fly.

Dreamworx
Dreamworx

You can literally walk in a paradisean island tax haven with nothing but your BTC filled USB worth millions and live there for the rest of your life.

You can do that right now without bitcoin

Fried_Sushi
Fried_Sushi

I have 6 figures worth of BTC...The cuckerment (or anybody else) can't never know I have that wealth unless I want to.

You have 1's and 0's. Tax authorities don't give a shit until you try to convert it to real currency. Coincidentally, that's the only time it's worth anything anyway.

You can literally walk in a paradisean island tax haven with nothing but your BTC filled USB worth millions and live there for the rest of your life.

So why don't you?

Need_TLC
Need_TLC

Actually, you could fly there naked, without no USB or anything, and just remember your electrum seed passphrase and generate your millionaire bitcoin wallet there.

Un-fucking-beliable. When the idiots that still don't get it click and get it, we'll see unfathomably high prices.

Crazy_Nice
Crazy_Nice

What if someone electromagnets all of your money away? Then what? KYS?

farquit
farquit

You can do that right now without bitcoin
No, you can't.

You have 1's and 0's.
And what do you think 99.99% of credit in the world is, you dumb fuck?

The difference between bitcoin and fiat is that bitcoin cannot be generated out of thin air, and it is backed by the strongest network on the planet. I can also move it around the globle in a seamless, permissionless, cheap way. I can carry it around, work for it and get paid for it, buy things, or cash out in the local fiat wether on an exchange or finding a guy that wants to do OTC exchange.

The fact that i've made tons of money working in exchange of bitcoin, and the fact that I could buy literally anything I want in exchange of bitcoin (without ever going throught the fiat system) proves I do indeed have something worth something, specifically over 1000 yellencoins if you wanted one of mine right now.

So why don't you?

I will in a couple of years once im inevitably a multi-millionaire, as BTC will be $10,000+. I will never cash out tho, just enough to pay minimum taxes and live off renting the numerous properties I will buy.

I was told to be crazy when I was accepting payments of something "worthless" back in the day. Now in return, I have a fortune that is totally outside the system and will do nothing but keep growing as I both make more BTC and the BTC itself going up in value.

5mileys
5mileys

There's a lottery where if you get chosen the IRS will investigate you very thoroughly. Chance you get chosen is like 1/100. If you don't get chosen they only look into you if something seems really off.

If you seem wealthy yet you don't have any legal income they would probably investigate the fuck out of you if you get chosen. And I'm pretty sure they can figure out you own bitcoins honestly

cum2soon
cum2soon

Ironic shitposting is still shitposting

Deadlyinx
Deadlyinx

And what do you think 99.99% of credit in the world is, you dumb fuck?
Further autistic sperging.

Yeah yeah it's going to change the world, etc. Fact is you're still measuring it's value against the USD, which means it's really the USD that means anything. I hope you have a lot of success with it, but I would cash in. It's a textbook bubble. Lots of folks "invested" in Beanie Babies too.

TreeEater
TreeEater

yellencoins
Underrated, 10/10 good sir.

Burnblaze
Burnblaze

and I'm pretty sure they can figure out you own bitcoins honestly

We can. We've gotten several individuals who thought they could withhold profits from us that they received from trading btc and, like we do with every other asset on this planet, we found out about it.

Emberfire
Emberfire

As soon as you convert that btc to cash and try to buy properties, your real estate broker will report it to the IRS and we'll pay you a visit friend. See you then.

TalkBomber
TalkBomber

He said he was gonna flee to some tropical paradise though. You think you can track his properties there?

RavySnake
RavySnake

I have 6 figures worth of BTC that i've made by accepting payments as a freelancer coder for the past 6 years. I never told anybody my real name and always used proxies.
Nobody gives a shit how rich you are in conversion. You can't hide from the government when you convert to fiat. Well, you can, but you better have a plane ticket out of USA. You are really naive and dumb to think BTC invented money laundering.

BlogWobbles
BlogWobbles

Nobody gives a shit how rich you are in conversion
Nobody gives a shit how rich you are on paper*

BinaryMan
BinaryMan

He said he was gonna flee to some tropical paradise though. You think you can track his properties there?
His argument that he'll avoid the IRS by moving out of the country. Think about how retarded he is for making that statement. The only way for BTC to succeed is for people to escape prison is by running away.

Do coiners just imagine some fantasy world where BTC will be mass adopted without forcing people to run away all the time or live in hiding?

Supergrass
Supergrass

He said he was gonna flee to some tropical paradise though. You think you can track his properties there?
He'll have to pay a lot of taxes to the government of the tax haven anyway when they start noticing that he has a crap load of money from thin air. Or he could face imprisonment or extradition. Either way, there's no hiding when he converts to fiat to spend money.

Nude_Bikergirl
Nude_Bikergirl

Do coiners just imagine some fantasy world where BTC will be mass adopted without forcing people to run away all the time or live in hiding?

Have you never been into a crypto thread before?

The only way they can rationalize this shit ever being more than an internet pump and dump is making up all these fantasy post apocalypse Judge Dredd Fallout 4 types of situations, where the banks and USD all fail, but somehow no other aspect of their standard of living is affected, such as ease of access to electricity and a internet.

MPmaster
MPmaster

I will also add that if you want to live nigger rich I.e. brand new car, buy expensive everything, they kikes are more likely to come after you.

That's the beauty of bitcoin for most white males. We can live extremely modestly with old cars and cheap living without having to appear rich like these subhuman nigs and spics while our bitcoins become worth more over time.

Exceptions include that darknet admin who took the hundreds of bitcoins he was receiving and bought brand new $50,000 cars, etc. Nigger deserved to get arrested.

whereismyname
whereismyname

doctors and engineers
smart

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