If I have a big pile of BTC and ETH and I sold them in different amounts then the amounts I bought them in how the fuck do I report what I sold them for? They are just numbers.. Like say I bought 10 eth then 3.3 then 1.2 then I sold 7 of them. How the fuck am i supposed to calculate that?
I'm supposed to report date acquired and date sold but I have like 100 orders and don't know exactly which coins were sold at what price because they are just numbers.. How the fuck am i supposed to calculate this?
It says on the form description of property. So say I buy the ETH with fiat, then trade for BTC, then cash out the BTC for fiat. What do I put on form f8949 as the price I sold the ETH for if i traded them for BTC?
Cooper Anderson
did you deposit in bank account? Just only feed $5k a month and you should be fine
>paying taxes
fuck those guys
Benjamin Peterson
Also why does this form have like 30 columns for me to enter data when I've made hundreds of trades. Da fuck is wrong with these kikes?
Dominic Johnson
>paying taxes on cryptograins what the f*ck? just use localbitcoins and deal in cash
Gavin Hall
No, but I've been trading fiat for bitcoin on gdax the last few days and im paranoid now. I was trying to tally everything up and this shit is ridiculous. I've only made about 9k and don't understand how I'm supposed to tell them that I bought ETH and then traded it for BTC. I don't know what the value of BTC was when I sold it and I traded ETH for BTC so many times I have no idea when I traded the ETH I bought originally. I'm so confused.
Xavier Rodriguez
I have like 27k on the exchange. I'm not doing localbitcoins. People are getting arrested selling on there. This is too much money to just avoid the IRS. I'm not trying to risk going to prison.
Easton Peterson
You really think they care about your 9K ETH? Just cash it out with localbitcoin in a crowded starbucks and get over with it.
Andrew Thomas
It's 27k and like I said people are going to prison for selling on local bitcoins.
This makes me want to give up trading all together. I don't understand how it's possible to calculate this shit when you're not trading against fiat.
Isaiah Anderson
Get that shit outta the exchange nigga.
Kevin Gray
How am I supposed to make thousands of transactions a year trading different alt coins and then report them as property bought and sold??
Oliver Diaz
It's USD on GDAX. It's FDIC insured. I haven't re-bought any bitcoins because I need to figure this shit out before I dig myself into a bigger hole. I have like 20 pages of buy and sell orders from bittrex and three pages of buy and sell orders on gdax. This shit is a nightmare.
William Howard
monitoring this thread because I have the same exact concern
Levi Miller
I know the IRS considers crypto property but how do I report what I sold my ETH for when I didn't sell it. I traded it for BTC then sold the BTC for USD. HELB
Alexander Diaz
Same here. Someone here must know the answer to this..
Jeremiah Gray
Stop paying taxes.
Caleb Smith
Listen if your exchange doesn't report to the IRS, there is no way for them to believe that you are trading crypto
Sebastian Hughes
Gdax is owned by coinbase and they were ordered by a federal judge to turn over their data to the IRS. They still haven't and some republican lawmakers are trying to stop it but if they eventually do. I'd be fucked. I don't want to risk going to jail and since I've been trading BTC against USD I'm not sure if that technically counts as "cashing out".
Kayden Parker
Pretty sure they all handover everything. Coi base is complaining to let people know.
>Here is a paragraph from Utzke's affidavit that states only 802 individuals filed a bitcoin-related Form 8949 in 2015(emphasis mine): The IRS searched the MTRDB for Form 8949 data for tax years 2013 through 2015. I received the results of those searches. Those results reflect that in 2013, 807 individuals reported a transaction on Form 8949 using a property description likely related to bitcoin; in 2014, 893 individuals reported a transaction on Form 8949 using a property description likely related to bitcoin; and in 2015, 802 individuals reported a transaction on Form 8949 using a property description likely related to bitcoin.
Juan Hughes
1st one. They were running an unlawful money business and the younger one plead guilty to a narcotics distribution conspiracy charge.
2nd one. He was running an unlicensed money service.
As long as you're legal activities and pay your capital gain taxes you won't have an issue.
Oliver Lee
Here's a bump
Lucas Long
"The IRS is seeking Coinbase user records from between 31st December, 2013 and 31st December, 2015. "
Not anything from 2016-2017. So if you just started last year you're fine.
Parker Reed
>As long as you're legal activities and pay your capital gain taxes you won't have an issue.
The whole issue is how to calculate my capital gains tax when I traded my ETH for BTC and then BTC for USD. The form 8949 tells you to list the property you bought and what you sold it for. I bougth ETH with USD then traded it back and forth for BTC many many times. Then I traded all my BTC for USD. It's not like I just bought 1 btc and then sold 1 btc. I don't understand how it's even possible to calculate this.
Cameron Hill
Until they demand this stuff again two years from now and I get fucked. They can audit you up to 5 years in the past. That's why they are asking for the records from those years. only 800 people filled out the form 8949. Which is the form I'm trying to understand how I'm supposed to fill it out. If i trade everyday I will have thousands of transactions by the end of the year. I already have a few hundred.
Hudson Allen
Why do they make this so complicated? No wonder only 800 people filed that form.
John Rodriguez
I don't know but it pisses me off. If this new bill passes people are going to get fucked hard by the IRS if they don't pay.
Lucky fuck. I don't understand how I'm supposed to tell them what I sold my ETH for when I didn't sell it and I traded it for BTC then traded my BTC for USD. Kill me
Logan Collins
Sounds strange surely if you just show profits when you cash out.
Thomas King
You faggots need to do your research. Trading BTC for altcoins is a 'like kind' transfer of similar property. You should only be paying taxes on the total capital gain when you well for USD or another national currency:
There are more detailed explanations if you google 'like kind altcoin' or something like that.
Jaxon Adams
cont'
All I plan on doing is totaling up the USD that I have put into Coinbase, then say I choose to cash out a portion of that at a later time, I'll use a ratio to figure out how much the capital gain is on that portion.
Alternately, just hold until you have enough where seeking professional help is worth it. That's my plan. Millions or bust.
Levi Morales
Very helpful but you need to report what you bought and sold them for on this form. I don't think you even read over this shit at all. I bought ETH with USD not BTC then traded it for BTC then traded BTC for USD. So what would I report I sold the ETH for since I have to report I bought it.
How does this entire board full of crypto trades not know how to pay taxes on them. Jesus christ
Sebastian Ramirez
Ok guys I figured it out!!! Well not really but I paid for bitcoin.tax premium service and you can just upload all your data onto it and it figures out the tax for you!!! YAY
>falling for the taxation jew Unless you are making 100k+ a year then don't bother
Eli Reed
This. I don't get these taxcucks. It's like they want to be poor.
Aaron Gutierrez
Hahaha, ok noobs listen up. It is as simple as 1, 2, 3.
>register offshore individual bank account >withdraw from exchange to the said bank account >use VISA tied with bank account to make payments
Durrrr
Nathaniel Foster
Ok lets say i make 100k next year.. How would I explain my earnings to the IRS?
I'd rather not go to jail and have everything I owned seized by the FEDs
Joseph Brooks
Lol jail
Colton Torres
>Ok lets say i make 100k next year.. How would I explain my earnings to the IRS? Basically the same as income tax. Just keep track of how much profit you made each month. Only if you cash it out into USD though. If it's still bitcoin then you don't have to report anything. If you want to be a faggot you can record every individual transaction.
So what im saying it lets say i make 10k this year and don't report it (sure probably nothing would happen ) but next year I make 80k. If i want to cash out I have to give a detailed report of every trade including when you bought and sold it and I would have no way to explain the extra money without lying. You'll pretty much be fucked if this happens. If you get caught lying they will put you in jail. Might as well pay the taxes desu.. They aren't much different than income tax.
