DAFUCK?

>if YOU can't find the transaction history anyplace
>it probably wasn't reported to the IRS

just pay capital gains on what you put in and what you took out

fuck the irs

is this legal? this is exactly what i want to do, can i xchange my crypto to usd and pay capital gains on that bitch?

bitcoin.tax/

>paying taxes

I doubt they would look any further

If they want "their" money they can write me a fucking letter . Or 2 or 3 because I'll ignore them.

As long as you pay them something I doubt they'll care too much, unless you made like hundreds of thousands of dollars.

Honestly, stop day trading and make a ton of transactions. It's not hard to do if you just buy and hodl, very few transactions you have to record then.

Welcome to the club, taxation IS theft.

You think those taxes are helping your country in anyway? lmao no

OP is wrong.
Most altcoin transactions are nontaxable events because many altcoins have no direct value in USD.
Trading BTC for ETH and vice versa are taxable, but BTC for XRP and back cannot be taxed.

*goes to jail*

Wait for Trump's capital gain tax cuts stupid goy

Why would BTC and ETH be taxable but not BTC -> some shitcoin

Ethereum has direct value in USD.
For example, you can buy it on Coinbase for USD.
You cannot buy XRP with USD directly. USDT isn't USD.

What the hell is everyone talking about?

Buy bitcoin > Move to another address.

If anyone asks, you purchased/donated whatever the money.

In X months/years time if you want to withdraw money, list it as income!

Its not that hard.

i lost all my bitcoin in a tragic boating accident

>paying taxes on crypto
you wat mate

>reported

Thank you so much for recommending this, never heard of it.

Also, this is FUD

you only need to track all that shit if you want to pay something other than straight income tax, IRS is totes fine with you paying tax on net gains as Other Income

Let's say you become a millionaire... Can't you move to a country where there is no capital gains tax, open a bank account, and withdraw everything?
Am I missing something?

Wut? Why would you pay tax in income when you can pay it in capital gains for a long term asset (aka 15% for liquidating BTC one year after you purchased it)?

>money.stackexchange.com/questions/74789/do-altcoin-trades-count-as-like-kind-exchanges-deferred-capital-gains-tax

>So therefore by the IRS' own guidance, you are trading property for property. Which in some cases is privy to like-kind treatment where capital gains tax events are no longer created upon liquidation into another like property until settled in a national currency.

FYI this might change soon though.

lmao enjoy getting audited

no, they arent

you can try but no third world shithole is going to do that for you unless you are ultra rich

Because they have direct USD value. As sites like Coinbase add more coins, those too will have a USD value and become taxable.

As long as you're a US citizen you owe Uncle Sam a cut no matter where you are in the world.

Does anyone know how this works for Australians? I'd give my crypto away before I give 50% of it to clowns in parliament

>Paying taxes on crypto
Stop fucking doing this, for fuck's sake.

>Welcome to the club, taxation IS theft.
>You think those taxes are helping your country in anyway? lmao no

>what are roads
>what is the military
>what is the police
>what are firemen
>what are electricity sources
>what are laws and regulations to keep you from getting fucked

>t. someone posting from a country that doesn't even have a government

Fuck the system completely, just denounce your US citizenship

>no, they arent
Yes, they are.

Tracking is required to prove that you're actually entitled to long-term cap gains rates, if you aren't trying to claim it they won't fucking care

because documentation requirements are fucking insane for this shit

And how the fuck is the government gonna know about my trades on exchanges and between places?

you must be buying shit then, I'm not about to pay more than 30% on 80k. shit man get some standards.

by demanding to see how you, a pathetic neet made a whole 3.50 in a month

they don't have to. they'll see you as a crypto user because your cash in/cash out doesn't add up, then audit the fuck out of you.

So pretty much the only time I'll need to pay capital gains tax is when I cash out fully. I intend to stay in for a while anyways

THIS

NO

you need to pay on every transaction and they will pursue it because you'll be trying to claim 15% on long terms when a lot of your shit may be short term

F

If you think even 5% of your taxes are going to anything you listed (besides the military which takes 54% of your taxes lmao) you're just wrong.

NO YOU FUCKING IDIOTS

YOU ONLY HAVE TO PAY TAX ON PROFITS WHEN YOU CASH OUT TO USD

You can directly buy XRP at Kraken

>>/k/

what are they going to do? How are ((they)) going to have access to information that you don't have?

Nope, only when you cash out

investopedia.com/articles/00/102300.asp

"i was given x amount of btc on my coinbase amount for x job"

pay my 15% and call it a day.

no problem there. as far as the kikes know i never traded crypto just received payment.

Im so confused...So do we pay taxes when we switch to USD or do we pay taxes regardless?

Doesn't that still equal the same amount?

Say you trade 3 times, scoring 100$ of profit each time
So you pay 10% of each 100$ profit, that's 30, or you can pay 10% of the 300$ total, that's still 30

Am I missing something?

This.
IRS gives no fucks about how many meme coins you mine, exchange etc. Its only when you cash out in USD or other fiat currency will Uncle Sam come knocking at your door.

Also. /x/ tier idea, but I believe Coinbase is an arm of the IRS. Nobody has that much capital Especially after this BTC pop , and can continue to pay out like they are doing.

>get audited by IRS
>they notice undeclared income
>have to pay it with interest and fines

Maybe that's part of the solution. Cash out in a foreign country that doesn't try to kike you.

What countries are good for turning crypto back into fiat?

Every sell (even between cryptos) is a taxable event regardless of whether you "cash out". That being said, you only pay taxes on the profits, and they're negated by your net losses, so it really makes no difference how many transactions you made.

Stupid goy, it's never happening for you.

You're all idiots. OP is not talking about cryptocurrency trading. Part of the many reasons why I stopped trading stupid worthless stocks on the stock market, besides them being worthless, is the retarded shit you have to deal with, like the way you have to report your trades or you'll end up owing way more than you're supposed to. Too much bullshit, and all stocks are blatant scams anyway, why bother.

they say real time trading doesnt exist on most stock trading apps, when really theyre just calculating their profit out of your gains.

you pay the overall capital gain, dont report each and every individual trade ffs retard

i think most people know this but everyone just wants to believe so they can rage and hate on the IRS

OK makes since. I figured its was stocks, thats the same reason I left it alone.

just fucing lie whats wrong with you? your cashing out $6000 USD just divide that buy whatgever some bitcoin and ether is worth and just say u bought that many somet ime ago. its not like they are going to ask to see ur poloniex history fucking goof

The government is such a fucking mafia, they want a piece of the pie every time money changes hands

>Company gets taxed for making money
>Customers get taxed for buying their products
>Employees get taxed for getting paid
>Employees get taxed for spending their pay
>Employees get taxed for any activity they do on their own time that made them money
>Instead of using that tax money to repair roads, improve schools, give healthcare, and other things that would improve society, they waste it all on stupid shit

Some not moron please confirm this, i'm a moron.

Making 500 trades and taxing each trade at 15% should equal to making 1 trade at 15% SHOULD be the same, right?

>muh boogeyman
Oh no it's not like every white country on Earth is rich because they've robbed every black and brown country on Earth for the last 200 years please fuck me in the ass and take 20% taxman lel

rule of thumb: just send 20% of everything you make to the gubmint (capital gains tax) and youre probably fine.

I had to cut them a check for 75k last year for all my stock trading

>not understanding capital gains
Come on dude, that's beginner shit.

fuck off bernie

Incorrect...each time you sell, it's a capital gain/loss on that transaction.

Look at it another way
Buy $100 of BTC
Trade all of it for DGB
DGB value goes up to $200
Trade back to BTC
Cash out
(ignore fees, etc)

If you paid taxes on each trade, you would end up with $100 * 0.9 (BTC -> DGB) * 0.9 (DGB -> BTC) * .9 (BTC -> USD), which means your $100 profit is now only $72.90.

Of course, that's not how it really works, you're only taxed when you cash out, but if you were taxed per exchange, you could get really fucked.

Citation needed, IRS considers it a like-kind exchange last I heard

No, you pay for every transaction bought, then sold.

>you don't pay on sales tax once per year based off the total purchases made in a year, you pay sales tax each time. Capital gains is the same way.
>Have etrade account, buy x, sell x, buy y, sell y. Both transactions will have capital gains tax that needs to be paid, and it will be a short term, aka higher tax.

in the future just pay every transaction in BEANCOIN!!

so do we actually have a source on this paying only when we cash out? I've gotten pretty convinced that's not how it is

I ain't even reading through this whole thread, but no.

If it ain't in FIAT the IRS matters not.

>you don't pay on sales tax once per year based off the total purchases made in a year, you pay sales tax each time. Capital gains is the same way.
Capital gains are not the same way. Capital gains taxes apply when you turn your assets into fiat. Sales taxes aren't comparable at all.

Trump will make America great again.

Do you file yourself on steam trading cards? Do you pay on CS GO skins or rocket league trades?

Trading a coin for a coin is not a sale. It's a trade. And it's subject to your terms at the time of exchange. If you're audited you'd be smart to save a copy of your ledgers, but people saying you need to file them are idiots. It's not money.

>citation needed
have you never had a brokerage account before?

Every day that passes more and more users are buying bitcoin and making trades. Do you think the irs will have the manpower to audit even a fraction of the users? They will have to audit basecoin then compare that data to poloniex then they will have to find someone knowledgeable enough to manage all of this all the while millions upon millions of users will fill up their todo box. They are years behind the curve and i doubt they will be able to catch up. And this is assuming someone doesnt wash their coins through monero or some other service.

30% CGT or 15% if you hold for minimum 12 months

lol no, just claim you dont know shit and pay the 30% capital gains tax

>what is the military industrial complex
>what is aid to israel
>what is the federal reserve

I see what you're saying.
Honestly I don't think there's any need to worry about taxes at all until cashing out.
Plus, at the point when (if ever) it's time to cash out, the 0.001% cost of profits will not be a waste to get a professional opinion.

You missed the comparison.

When you buy and sell stocks, every transaction is line item on a tax form your broker gives you. Each line will show the capital gain/loss on it, and you pay the taxes for each transaction. This is also auto reported to the IRS, so if you don't claim it on your tax return, they buttfuck you harder than Ja'roam in the slammer.

This. I have yes to hear of a case of someone going to jail over crypto tax. So far they ross and thats about it. Also expect a bitcoin party either by next election or by 2024.

Every US based exchange will auto report to the IRS.

>what do you think the photo id verification is for

this. mfw the IRS will begin buttfucking neets for their cryptogainz in a couple years.

God i feel so sorry for those of you that live in the U.S.

Idea: Send your BTC/coin through coinbase, polo, bittrex, yobit, c-cex, livecoin, nova, etc, etc, etc
Then when eventually one of they shuts down/exit scams the paper trail disappears. No more transaction history.
(This is to humor those who think every transaction is taxable) So then you could say you lost a huge portion of your exchange history

this is fine as long as you never plan on cashing out.

burgerland. hurr muh freedums...uncle sam plz dont fuck muh bunghole anymore its already bleeding.