Ask mom for help with taxes

>ask mom for help with taxes
>been working at mcdonalds full time and investing everything I save in crypto and stocks
>user you made a mistake you Didn't make 75k this year working at mcdonalds don't be silly

Other urls found in this thread:

coindesk.com/irs-summons-will-mean-coinbase-users/
support.coinbase.com/customer/portal/articles/1496488-how-do-i-report-taxes-
twitter.com/NSFWRedditGif

Are crypto profits taxed like normal capital gains?

i believe if you hold them over a year, then yes.
otherwise they're taxed as your income.

Ok. Idk capital gains rates compared to regular income. It's probably negligible for people moving the usual amounts of money.

iirc, the difference could be as high as 10-15%.

>user... no, don't do that. You mean $100, right? You can't...HE CAN'T BE DOING THAT. No, it doesn't work like that. user, you've done your research right? You didn't do that. I don't think it works like that. A lot of these kinds of things, a lot of people in this world... how much? my friends do stuff like Facebook, but you should call your bank. Tell them you made a mistake. You know supporting those big weed industries is what they want. user... that's not the real world you're plugged into I'm telling you now... user, getting rich quick... how much? You can't be doing that.

why the fuck would you tell the IRS about your crypto gains....

I was just flexing on my pleb mom desu I evade shhhh

so when you use kraken or coinbank do they take tax into account for you?
like I don't want the police coming after me because I accidentally avoided paying taxes

Because the exchanges already will

>I evade

Reported

Enjoy prison

Lol don't pay taxes on crypto you fucking dumbass. Either keep them as unrealized gains or cash out on fucking localbitcoins and then keep the cash and don't spend it.

>and stocks
what a faggot

>keep the cash and don't spend it

What the fuck is the point then? If you ever want to make a semi-big purchase you would get ass fucked by the IRS

realistically how likely is it that the tax man will hunt me down?
Where should i withdraw from to lower the chances?
i live in canada btw

also why would you still work at mcdonalds if you have 75k. go to trade school or day trade or something

What if i don't file taxes because i moved to a new country? However im sitll using my usa bank account

You still have to pay US taxes if you're living and working in another country.

How do i pay these taxes then? Is it the same way i do for my regular income?

kek

> McDonalds

i get 50% discount bruh

>He wants to spend his money

Tell me what exchange you trade on. I'm in Canada too and need a hobby.

bought bitcoin on coinbase, using poloniex exchange. Literally just got into it a month ago though, so I really have a lot to learn.

someone pls answer my question

coinbase
coindesk.com/irs-summons-will-mean-coinbase-users/

they don't charge you taxes. You're supposed to tell the IRS yourself what you have gained.

support.coinbase.com/customer/portal/articles/1496488-how-do-i-report-taxes-

but IRS isnt in canada

do you also have to report trades?

Thanks I'll look into it.

I googled Coinbase Canada but it seems they don't support CAD properly. You can purchase it, but the withdrawal sounds like it will destroy you as the only means is a wire transfer. (Says international wire and foreign exchange fees will be deducted)

How do you plan on getting your money out?

Say I'm a US citizen living as an expat, transferring to and from a non-US account.
Do I have to give a fuck about taxes on crypto gains?

the most jewish man in the world everyone