>tfw you never bought into the shitcoin ponzi scheme
>tfw you kept 80% of your capital in BTC and 10% in ETH since december 2016
>tfw you get a little ragie when seeing Veeky Forums make huge gainz off shitcoins
>tfw you fucking giggle at the top of your lungs, waking all of your neighbors up when you wake up to see that shitcoin market is crashing and your BTC is plutoing
hahahahahaaha i love being smart with long term investments and not being a dumb nigger
ahahHAAHahhHAHHah Im gonna love it when all the shitcoins dry up in a year and my BTC is worth 10k
and i get to pay less capital gains tax because its a longterm investment ahahhahahahahahahhaa
ROFL irl
when bubble pops and shitcoins go away ima keep my bitcoins until 10k and everyone in Veeky Forums will be on suicidewatch whilst i'm in lamboland enjoying the summer breeze *sniff sniff* mmmm thats money i smell!
enjoy ur shitcoins while they last, OH WAIT.. HAHAHAHAHAHAHAHAHAH *checks bittrex* HAHAHAHAHAHAHAHAHAHAH HOLY SHIT!!! ROFLLL
RIP UR GAINZ AHHAAHaAaaAA shitcoins eternally BTFO LOOOOOoOoOoOOoOl
Why aren't you flipping alt coins while you also hold your long term btc? Are you a literal idiot who hates money?
Jordan Edwards
You're allowed to gloat. BTC's gains definitely outpace those of many fumble-fingered Veeky Forums gaytraders who've tried to sell peaks and buy dipz.
Lincoln Wilson
This
Have fun autistically checking Coinbase while not actively engaged in the game (that makes you more money)
Plus it's more fun. What are you a chick?
Aaron Howard
HAHAHAHAH shitcoins are gonna implode, BTC and ETH have future.
Buying and selling dips lands you a fat 15% capital gains tax HAHAHAH, NO THANX DAWG! I'd rather get the long term investment tax so schlomo doesn't take more money from me, and I don't have to pay HR&R block jews to sort my thousands of daytrades LEL.
We'll see who has more money in 2019 LOLOLOLOL *protip ITS ME*
Julian Hughes
>falling for the tax on each shitcoin transaction meme
Lucas Cruz
Children that have never made any money before crypto are so funny
Caleb Scott
Fuck you, Maimonguy
Jeremiah Murphy
Are you actually this stupid or are you trolling?
Blake Williams
>taxes
Ryder Flores
he's not wrong tho
Landon Collins
Not wrong about what? You don't pay taxes on altcoin trades.
Adrian Martinez
Literally the whole point of bitcoin is to avoid government. Why would anyone worry about taxes when there's huge criminal enterprises using it?
read what i wrote you dumb slut. altcoins != bitcoins
bitcoins trades have to be tracked. altcoin trades do not because they are treated as like-like exchanges, and since no altcoins are also fiat they are not treated as such.
bitcoin traded for fiat does have to be tracked for the exact same reason.
Samuel Reyes
all digital currencies are treated as capital assets
end of story
Tyler Martinez
I JUST had a fucking thread on this yesterday asking about it. Got the same reaction for the opposite thought. I questioned whether or not we had to report/pay taxes on alt coin trades. All of /biz proceeded to tell me how much of a noob I was because you only pay when you convert to fiat.
Which is it /biz.
John Young
you pay taxes on all the transactions
Are you going to trust the bitcoin wiki or some random anons?
Joshua Martin
The general consensus was that it was still a gray area because the IRS hasn't released any official information or legislation....
Jaxon Nelson
>Are you going to trust the bitcoin wiki or some random anons?
from the wiki:
>there are still some unresolved issues [...] do alt-coins benefit from Like-Kind Exchanges [4].
bitcoins are specifically treated as investment property, not currency, by the irs...and like-kind exchanges specifically apply to investment property (while simultaneously excluding currency)
from the pdf you posted
> For federal tax purposes, virtual currency is treated as property.
stop larping as a CPA and do some reading
Luis Murphy
Yup, better worded than I stated, but that's where everything stood. BTC and USD conversions get taxed. All the altcoin trading in between gets treated as like-kind exchanges. Report tax when BTC cashed out in USD
Noah Anderson
You realize no capital gains on trades, therefore no taxes need to be paid. Q.E.D., there's no gains, there's nothing to tax.
Also, if you're paying taxes at all, you're an idiot.
Liam Smith
Say you turned $10,000 into $200,000 on crypto investments and now you want to convert to fiat so you can buy a house or something. How do you not pay taxes?
Charles Thompson
What asked
Andrew Morgan
And yet when shitcoins go up with BTC, I double my BTC in turn quadrupling my USD. Hmm.
Blake Taylor
>shits on "scamcoins" >invested in ETH
lmaoing
James Foster
People are getting pissed off at bitcoin. Too slow, high fees. Look at the numbers.
Yes, I was a guy like you. Now I invest in shit coins. I still have the Bitcoin I had, and now 20% more.
This market is really good for anything. As long as your alt/btc pair goes up, you still make gains in $ and get more bitcoin.
Benjamin Rogers
>he pays tax >he doesnt profit from the daily p&c >he brags about he's obvious stupidity >he thinks he's the one who knocks
holy kek confirmed >IQ80 amerifat
Wyatt Bennett
Listen retard, but shit coin for .2 btc sell it for .22 easy 10% if just let it sit in btc I can't ever get more btc.
Jaxson Bennett
You sell em bit by bit on localbitcoins, for cash
Logan Wright
this is how you know Veeky Forums are market reactors and not market makers. bunch of niggers following current trends
Kayden Bennett
> since december 2016 > Thinks temporary dip as BTC rises is the final crash.
One of these can't be true.
Joseph Hughes
The bubble will pop and reset itself, but since the Chinese throw money at cryptos who knows?
Hunter Cooper
Are you retarded, the altcoin market isn't crashing, it's dipping because BTC reached a new ATH and so it sparks people to reinvest their money from altcoins to btc, this literally happened like a week ago or so when it broke 2800 for the first time.
You've kept your money only in btc since december 2016? and ONLY 10% in eth? you're a long term cuck.
I started out with 200 pounds a month ago, now I've got 6k, you missed out on some obvious investments desu.
Just like you'll miss out when btc stabilises.
btw, not even a shitcoin holder atm, I'm 66% btc and 33% eth, since I recently just sold a shitcoin investment for 47% profit.
Luis Wood
Sure they have
The new IRS rulings in 2014 state that any "like-kind" exchange between coins, which means between two coins which are nearly the same (never happens), is treated as just a conversion, and isn't taxed. A trade between two DIFFERENT coins, at all, means you are taxed. Period. So yes, all coin trades are taxed unless you find two that have the same pricing.
Don't be a fucking idiot(not you specifically) when you play with investing and think you can just do whatever without having to bend your ass for the IRS. If your bank seea crazy amounts of gains money going into your bank when you cash out, they're gonna secretly send a suspicious activity alert to the IRS, one you can't request the info about, and the IRS will begin auditing your money situation to find out where that shit came from. If in the end they receive no tax form about your coins, and notice some weird deposits from exchanges on your bank transaction list, they're gonna end up investigating you. That money doesn't come out of thin air. So, when one day you see a special agent show up at your door who then grills you on that the fuck you're doing, and you fail to produce detailed notes on your transactions and how each one is taxed, guess what? You're essentially guilty of a felony, money laundering. Tax is tax, it doesn't matter if you 'didn't know" how the tax worked. You're expected to know since you're doing investments. Then you go to federal prison for laundering and RIP you.
So, go to BITCOIN.TAX immediately and transfer your history from coinbase and bittrex, the site has tools that autosort it for you. Update it weekly, and ensure you get your tax form sometime before tax season that you can accurately fill out. If you're 2dumb, invest some gains money in a bitcoin-specializing taxman who can jew his way into making you legal again.
Isaac Martin
>So, go to BITCOIN.TAX immediately and transfer your history from coinbase and bittrex You understand shilling/advertising is against the rules right?
Easton Cook
americucks have to pay on every transaction whereas most other places just want you to fill out a capital gains tax form.
UK even has a 11300 pounds allowance for capital gains, so I only get taxed on any amount above this lol.
Nolan Phillips
It's an extremely good idea to do this, since it's fucking free and does all the work for you. I don't give a shit about the site, I just want anons to not go to >>>jail
