Withdraw $5000 from my account a few months ago

This.

Soon enough, I'll be able to make my student loan payments with my crypto. Times are changing.

Are you joking right? Where did you get the money to buy 900000001 chips in the first place ? Explain it to your home bank lmao

>B-but some guy in mexico wanted to share his fortune with me

"Sorry boys, I lost all my crypto transactions in a tragic boating accident."

any deposits above 10k to banks are auto reported to the IRS. Enjoy getting v&

You're probably not going to report it as income so you're likely going to claim it was a series of gifts below filing requirements from family members if actually asked.

I'm confused so I can use a bit credit card and it doesn't fuck with taxes technically since it's crypto?

what happens if you make multiple deposits of $9.9k?

That's actually illegal.

hold your coins til fiat collapses and any taxes involving crypto gains are abolished due to the sheer impossibility of tracking crypto transactions

Why can't the profit just be called cryptocurrency?

Is there a part of the tax code for it?

just pay your fucking taxes you dumb fuck

Get out of here irs

Yeah, doesn't mean much though. It sends your ssn, name and job. Hardly a cause for red flags. If it happened every day and your job is "unemployed", that's a red flag

Yes, and if you hold your assets longer then a year, then no capital gains tax.

By gambling, they're not supposed to think you just straight up bought 900000001 chips you retard.

Your bank will report you to irs etc.

Ah okay.
What about trades though? Do I need to report those during the year they happened or when I cash out?

Most just kick it in and hold a gun to your head.

thats called structuring. The IRS will send agents out at that point.

theyre gonna think youre a fucking retard while they rub their hands together and fine the fuck out of and/or put you in jail

...getting on IRS' radar is never a fucking good thing

Why would you tell them how much you bought. Just say that you won in roulette or some shit. They have to prove that you are guilty, you are not obligated to testify against yourserlf.

They can't fine him if he reports it on his tax return, I think.
Though, they'll probably take half of the money from that for taxes.

I made a thread about this.

>just cut me 30% goy its because of me you live safely!

Don't know about that, but I was talking about a million services that either allow you to anonymously pay with bitcoin or use bitcoins to buy giftcards for the service.

You might not be able to pay your rent in bitcoin but you can 100% buy your food and gas in bitcoin/ ether

Don't cash out to your bank retard.

HOLD or use bitcoin atms, You can withdraw 5-6k daily I think.

5k is enough to set off an alarm with your bank to report funny business to the IRS.

You must pay 75% taxes on all your transactions, and a 15% tip.

> using Cuckbase

Lol

I thought bitcoin ATMs only allowed you to exchange fiat for btc, not vice versa. And if what you say is true, what's the markup they typically charge?

That's not going to work. and IIRC for buttcoin you have to do it in increments less than 2k.

That said, what's the proper way to slowly dump money out of crypto and into fiat if needed? If you only deposit ~1000k per month or so, is that low enough and over a long enough duration that nobody will notice?

And yes, I realize that a lot of shit can now be bought in bitcoin and you don't necessarily need to take it out anymore. But there are still things that you need USD for.

Fuck that and fuck you. Your money only gets spent on welfare niggers and to take care of """refugees""". Plus, the whole system is fucking rigged. If you lose money, then you lose it. If you gain money, then you end up having to pay like 40% of it anyway? Might as well fucking play coin slots.

If you're a legit millionaire, banks treat you very differently.

most go both ways. Most also jew the shit out of you on fee percentages though. They also tend to skew the everloving shit out of the actual value of BTC for withdrawls as opposed to deposits on top of that. I've seen it sway as much as 500 bucks both ways of the actual value, don't use BATMs unless you're really fucking desperate.

Why not buy a proper debit card from BitPay and pay with it?

Loading the debit card counts as a sale of BTC into fiat and is a taxable event.

Bitpay should be bound by AML/KYC for debit users.

I thought as much. Still, it may be worth it if you really REALLY don't want your money being seen by the banking system. Although even then, you'd be forced to keep stacks of cash under your mattress and not deposit it anyway.

Assemble a team of a lawyer, an accountant and a financial advisor.

Boom. Small price to pay for not getting fucked in the ass by Tyrone.

Are you actually from the IRS?

I'd go Bitcoin > precious metals > cash out from coin shop.

you can get a bitcoin debit card. you basically prepay a debit card with bitcoin that is translated to fiat for use of the card. you can get cards that track btc prices in real time, or cards that lock the price as soon as btc is transferred to them. you then use them at regular atms or shops.

I'm not cashing out until I've already renounced my citizenship

So I can use these without the taxman coming after me?

I've never dealt with gold/silver before, but from what I hear, the problem is that you have to file some paperwork when you buy it, as an anti-evasion measure.

Why don't you fucks just move to Nevada?

And the bitcoin debit card company doesn't give any of your info to the IRS? Interesting

Of course, you still can't go buying fancy things like a house or lambo with this, because that'd still trip a flag and the IRS would find you, but still. Good stuff.

Because Vegas is fucking garbage. Although the Tahoe/Carson area I do remember being comfy as fuck, but I haven't been over there since 15 years ago.

Huh? Nope I just researched it before.

Check more here-
help.bitpay.com/bitpay-card/what-kind-of-information-will-you-need-from-me-for-a-bitpay-card-order

Correct, but this is fucking stupid because it is a currency and you should be able to use whatever currency you like at will without getting forcefully penetrayed by the tax man.

Are you a nocoiner?

Where would you move to?

It's weird to imagine not being American anymore

Plus it would be insanely hard to cash out if you're in a 3rd world country

Don't do that you kling-klong! Then you'll actually be doing something illegal. Why are you even cashing out? What is wrong with you.

that's money laundering and you'll get completely fucked by the casino

It really is fucking bullshit. If the strength of the USD increases, is the 90001 cuckbucks I have in my account considered to be a financial gain? No, of course not. Even if I can somehow now buy twice as many cheeseburgers and hotpockets as I could previously, you still don't tax the increased "value" I now have.

...so why the fuck would bitcoin be any different? Why is it that if I have 0.5 btc a year ago and I still have 0.5 btc now, I magically have to pay tax on the relative increase in value?

I know it is stupid. The feds gotta keep that petrodollar hegemony going. Can't let gold bugs, crypto creeps, or Middle Eastern oil producers get in the way.

Nope. I have held positions for a year now. I am still learning more about it daily.

Are you faggots actually whining about paying taxes?

"The only certainties in life are death and taxes" was written hundreds of years ago and is a saying for a reason.

youi realize you have to pay taxes on casino winnings too, right? That's only useful if you're getting money from a shady business and trying to "clean" it. Bitcoin is already legit; you're just trying to avoid the tax. Which that doesn't help with.

I've held eth and alts for about a year. One thing I don't know is how bit coin atms work? Do I connect my phone and send my btc to the atm and it gives me fiat?

For once Europe has more freedom. Weird? U.S. government really hates crypto more than the EU and even China and Russia.

A man who says he is a king is no king. This country is just a authoritarian joke.

What are the euro laws on crypto? I know in the netherlands it's tax-free, but not sure about the rest

The worst part about the American tax fuckery is that even if you're a dual citizen you STILL have to pay taxes to the US no matter what.

okay memes aside how the fuck do I cash out? I don't mean big time, i mean for the little things i would need to buy with USD. What's the legal process? I don't care one bit about paying taxes, i just don't want to get fucked for some bullshit jewish structuring charge or something. Sometimes you just need cash in hand so what's the deal?

You basically give it fiat and it prints you a paper wallet that you can import on your mobile phone..

It's an asset so yes, you have to pay a tax on it. It's like buying a house for 2k, fixing it up, and selling it for $100k. Selling an appreciated asset for cash is a taxable event. If you keep your earning in the form of an asset, there is nothing to tax. So keep your money in crypto. If you need to take money out to live, do low amounts to live. Then pay a 15%-20% capital gains tax. Do that and the tax man leaves you alone.

No fucking shit. The USD is the world reserve currency. Dollars are the US's biggest export. The entire global economy is propped up by fiat funny money, for which they own the printers.

If you had a monopoly on the world's money, you'd be fucking scared as shit about an uncontrollable decentralized cryptocurrency too.

>it's an asset
it's only labeled as such so that the gov't can do this bullshit. It's not an asset, it's a currency.

> If you keep your earning in the form of an asset, there is nothing to tax. So keep your money in crypto. If you need to take money out to live, do low amounts to live
The point we're making though is that you have to pay tax even if you DON'T cash out. If I use my bitcoin to buy hotpockets and burgers, I'm supposed to pay tax on that.

It's stupid though. The US government should just make an officially-endorsed version of USDT or another dollar-pegged coin, something like that would be incredibly useful for denominating other crypto currencies, since BTC is used for that currently but fluctuates in value so much.

The government could also just simplify taxation of crypto currencies and especially focus on the operation of exchanges.

Not when you buy it, but when you sell it. They'll finger print you too.

>Using a bank
Ever hear of a mattress faggot?

Crypto isn't illegal, there's no one to dodge unless you're trying to not pay taxes. If crypto is your only source of income, as long as it's a long term asset, you pay no taxes for earnings under $37,950. That should be enough to live off of. If you make more than that from your job, then the capital gains tax is 15% to 20% depending on your situation. If you make over $418,00 a year, you pay 20% capital gains. If you make under $418,000 a year you pay 15%. It's not bad dude. Just pay the tax.

>state law usurps federal law
kek, you know nothing of our complex legal system, britbong

>what countries does this?

Pic related.

Moscow tax police.

>Pay denbts citizen

This. I barely sleep because of the gold and silver I keep under there too, but it's worth it.

Why is it that if I have 0.5 btc a year ago and I still have 0.5 btc now, I magically have to pay tax on the relative increase in value?

See this is what doesn't make sense. You have to pay taxes on this!? What if you keep the 0.5 BTC and it becomes 2019 but its value dropped to below 2017 prices? Will the IRS give you back any money they took for the value it increased in 2018? Doubtful. Either make the laws clear or don't tax it all since it'sa confusing mess on how they want it done

forbes.com/sites/jeffreydorfman/2017/05/17/bitcoin-is-an-asset-not-a-currency/

The big problem is the fact that you have to pay tax on crypto gains that weren't cashed out, e.g. make $50k profit in crypto and cash out only $10k, you now basically have to give away all of your cash gains just for the privilege of holding onto your crypto. If the tax only applied when cashing out it wouldn't be a big deal at all, basically not much different from income tax.

>(((Dorfman)))
nice try, shlomo.

I'm not arguing that bitcoin isn't *technically* considered an asset rather than a currency by the government. I'm saying that the only reason they classify it that way is so they can jew you on it, and because they don't want to officially acknowledge a currency that would undermine the fed's monopoly on the financial system.

>If crypto is your only source of income, as long as it's a long term asset, you pay no taxes for earnings under $37,950.
are they earnings if i withdraw, or if i just hold the assets in the memeosphere? I don't care about getting jewed hard on tax rates i really don't, i want to be as clean as possible.

you dont pay a tax on the value of holding the BTC, only if you happen to sell it for FIAT.. once the property(BTC) is traded for FIAT or other property (ex, car, house, boat, etc) then you are required to claim it

>once the property(BTC) is traded for FIAT
only the traded property that went into fiat that fiscal year, or total property held?

Wrong. Every transaction between coins is taxed.

this. also if you have potential tax of more than 1k you have to file taxes quarterly.

Gains for both withdrawn and held assets are counted

You don't man. You pay capital gains on the cash out. In order to buy altcoins you have to use bitcoin or another major crypto-currency. Taxing this transference makes little to no sense because of this, So there is an exception under the IRS's legal code:

>IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange.

We are trading in assets that are like-like. So no tax has to be paid until the cash out at the end.

>only if you happen to sell it for FIAT.. once the property(BTC) is traded for FIAT or other property (ex, car, house, boat, etc)
That second part is the one I take issue with.

Let's say I have 10,000 in USD. I used to have to pay 3 bucks for a bigmac, and now bigmacs only cost 1.5. My dollars clearly rose in value, using bigmacs as a baseline. But you don't pay taxes, because you didn't actually have a numerical gain. Your 10k is still 10k.

So why would bitcoin be any different? If I have 1.0 bitcoin, and I used to be able to buy a bigmac for 10 mBTC and now a bigmac costs me 1 mBTC, the value still went up relatively to the goods I'm buying, but I still didn't actually have any numerical gaine. I had 1.0 BTC. I still have 1.0 BTC. why would I pay taxes on this? Do I also get a subsidy if the value of my bitcoin crashes and it costs more than what I started with to pay for goods?

If they treated it as a currency we would be fucked. That would mean every single trade between alt-coins and bit-coin would be subject to a tax. Then there are issues with trying to create your own currency legally. We don;t want it to be recognized as a currency, it lets us evade counterfeiting laws.

>I had 1.0 BTC. I still have 1.0 BTC. why would I pay taxes on this?
this right here confuses the fuck outta me

>You pay capital gains on the cash out.
so to ask you, capital gains on the total asset held or just on the cash out? I ask just because if i need some cash before i'm a six gorillionare

except cryptos are not considered like kind. You are free to file them as like kind, but its basically like raising a flag that says "plz audit me"