>paying taxes for every altcoin transaction
This is a meme, right? RIGHT?
Paying taxes for every altcoin transaction
Kevin White
Other urls found in this thread:
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Nathan Powell
Are you American? If so, not a meme.
Liam Young
OP status: cucked
Logan Wright
Every transaction made with bitcoin is taxable but you can also subtract losses. The easy way to do it is just calculate your total profit from the year and then calculate it from that amount according to your tax rate. So if you made 10k and your rate was 10% you would owe 1k. It's not that difficult.
Nicholas Price
It's only that easy if you completely cash out before the end of every tax year.
Owen Taylor
The IRS wants in on the crypto action. What better way to make money off memecoins than to drain all the traders.
Easton Lopez
It doesn't matter if you "cash out" or not. Your tax is supposed to be calculated by the amount of capital gains you make during that year.
Bentley White
Actually I take it back, it's not that easy even still. Taxes compound depending on how many exchanges it took to make that profit.
Julian Ward
who dat slut
Ryan Price
I am not paying shit.
Adrian Rivera
Bullshit
Landon Russell
monroe
Jack Martinez
The advice in these threads is so shit.
Read THIS
"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."
Austin Martinez
>Hi there we have calculated that you have $200,000 worth of bitbeans therefore you owe us $30,000. Thanks! - IRS
wut? How can something be considered capital gains if I haven't actually made any actual USD gains yet?!
Robert Cooper
>why should i have to pay taxes
Because it has value in USD. Call the IRS and ask them.
Gavin Bailey
Buy $100 BTC
Wait for it to reach $300 ($200 profit, taxed 15%)
Exchange back to fiat (taxed 15%)
$200 profit becomes $144. Or
Buy $100 BTC
Exchange that to MEMECOIN
Value in MEMECOIN triples to $300 ($200 profit, taxed 15%)
Exchange back to BTC (taxed 15%)
Exchange back to fiat (taxed 15%)
So your $200 profit is now $120.
Lincoln Barnes
It's simply imposible to report all altcoin trades. Consider that cryptsy, mintpal, and an endless sea of other exchanges disappeared and so did all the data. I can't give the IRS the data if it doesn't exist.
Xavier Russell
I want this to be true so much.
Zachary James
Technically most alt coins don't have value in USD because you can't trade them directly into USD.
Josiah Davis
They have value in bitcoin and bitcoin has value in USD.
Not true. If you were a trader and making hundreds of trades a day you wouldn't even make any money. You only owe your tax rate on your capital gains at the end of the year.
Mason Jackson
The only exception is if you are holding long term.
Matthew Ross
I live with my parents I dont know fucking anything about tax whatsoever, is the government going to steal my money?
Josiah Garcia
>World of Warcraft gold also has value in USD. The IRS needs to sue Blizzard and all players for not declaring capital gains on their Auction House profits.
>Players questing has value in gold which has value in USD. Players have to declare capital gains on gold gained out of every quest to the IRS.
Lincoln James
That's pretty funny actually, I knew a guy who became a millionaire by goldselling in world of warcraft
Shows that the tax system is kinda retarded
Camden Torres
> not making the difference between a trade and a transaction.
> between a literal exchange of two objects and a fluctuation in monetary value that happens your bank account
> not realising that if TRADES were taxable high frequency trading,trading in penny stocks and other perfectly legal things in wall street would not exist
MY GOD you guys need to learn English
Owen Bell
I'm a nocoiner but that's wrong
capital gains must be realized or they aren't declared
how exactly do you think something becomes long term capital gains from short
Asher Cruz
>They have value in bitcoin and bitcoin has value in USD.
Not how it works.
If any of you people can actually provide a source on this, that would be great.
According to everything I've ever seen on the IRS taxation on cryptocurrency, altcoin transactions cannot be taxed unless it's something like ETH or LTC.
Quit posting this meme unless you can back it up.
Jack Murphy
I see a lot of talk about taxes on here lately. I honestly don't know the answer for sure but, I don't see how the IRS could ever know what you made if you didn't cash out. And you don't pay taxes on an asset if it appreciates in value. I own a business that grows in value each year. If my business is worth 100k one year and 200k the next I'm not taxed on the 100k increase. Don't see why holding a coin that goes up in value would be any different.
I also work with metals. If I buy 100k worth of aluminum at the start of the year for $1 a lb. And the value of aluminum goes up to 1.50 a lb, I don't pay taxes on the 50k I gained unless I sell it for the increased price.
Brandon Roberts
>I don't see how the IRS could ever know what you made if you didn't cash out
The moment you exchange USD for BTC through an exchange your trail starts. The IRS can see your public btc address and track to what altcoin exchange you are sending your btc and then request your entire trade history from that exchange.
>If my business is worth 100k one year and 200k
What people here are arguing is that the IRS wants to tax not only coin to fiat trades but also coin to coin trades which is retarded and they can't actually enforce imo
Lucas Carter
Can we all just agree not to cash out and form a crypto economy and never pay taxes again.
Liam Long
Yeah but if I never cash out I can't really use the money for shit I want to buy
Daniel Martinez
What do you want sempai?
bitpremier.com
Matthew Ross
I'll make some shit for you to buy and you can make some shit for someone else to buy and I'll buy some shit off them. It'll be great.
Christian Watson
bitpremier.com
buy this for me it looks nice
Levi Sanchez
Is this site legit?
Might want that range rover or this
bitpremier.com
Samuel Roberts
>bitpremier.com
Everything seems so overpriced you might be better off cashing out and paying your 15% tax.
Lincoln Clark
Kevin Lewis
>earning bitcoins
>not buying a passport to verify accounts