Give me hard evidence that trading between cryptocurrencies is not a taxable event

Give me hard evidence that trading between cryptocurrencies is not a taxable event.

And no,
>I really wouldn't like it if that would be the case so it just can't be
is not valid evidence.

Other urls found in this thread:

en.wikipedia.org/wiki/Like-kind_exchange
twitter.com/NSFWRedditVideo

It's just trading into USD but there is a USDT coin which is stable to $1 which isn't taxable.

Everything is taxable since they took away our right to bear arms.

Wrong, all transactions that result in capital gains are taxable. Going into USDT could delay the time it takes for the IRS or whomever to detect you, but if you make profit while trading into USDT for several months and then cash out proper, you could owe back taxes.

Not a security merely a meme therefore nor regulated and not taxed

False, the SEC and IRS both treat crypto as if it were property

So I'm asking because I read online that it's taxable, but every time I talk about taxes on Veeky Forums, someone gets extremely butthurt about it.

cute

I don't understand the IRS but wouldn't come out the same if you just calculated based on the money put in and the money taken out?

I can only see tracking every transaction so you can deduct things. I can't see why it would increase the cost.

I also don't see how they can tax money you haven't cashed out. They can't tax 250K on the million you haven't cashed out.

show one example where someone been investigated by the IRS or any other authority in any country over not paying taxes when exchanging one cryptocurrency to another

you can't.

that's enough evidence for Veeky Forums

online gold/silver shills will write all kind of shit about crypto, their living is at stake, so just don't trust what they write

Taxation is theft

ayyy americucks need to pay tax for trading crypto

Corporate tax user here.

My feeling is that this is one of those self-reporting "best effort" situations that can be covered a few different ways. It is definitely taxable income of some sort in the US. As long as you report and pay what you reasonably think would be expected it shouldn't be a big deal. That said, there will probably be some court rulings that will determine the tax treatment for everybody to follow within a few years.

and you live where, third world country?

Stfu you ameriburger, god damn rest of the world is third world to you.

- England is my city

Where can I buy USDT? Seems like a good way, to buy and sell dips without going into USD and getting taxed

You WILL get taxed, and fined with late fees on top of it all for not reporting your crypto gains

I thought you only had to report gains when you go to USD? I will pay taxes but I dont want to pay them every time I sell a dip, I'd rather transfer it to tether and than to USD when I'm done trading the money in crypto

You have to report all gains. If you trade in USDT your gains may be hidden, but when you go to cash out in USD, you basically have two options
1) Report all your trades honestly, they notice you've been trading longer than the past reporting deadline, get hit with late fees
2) Lie and pretend you only began trading after the previous deadline, hope they don't audit you

Trading crypto in the UK falls under capital gains tax laws.

en.wikipedia.org/wiki/Like-kind_exchange

hard evidence delivered

So it's a gain even though it's still not technically in USD yet?

>en.wikipedia.org/wiki/Like-kind_exchange
doent cover currency, shitbird

Yes, every crypto transaction counts
This can potentially be used, just be prepared for the IRS to reject it

>is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset.
where does it say currency isn't covered?

It's a like-like exchange
/thread

except crypto isnt classified as a currency for tax purposes dumbfuck.

Crypto isn't legally considered currency anyways in the USA, so that user is just wrong

Are the tickets you win at the arcade that you can exchange for chinese garbage taxable?

wouldn't surprise me

if they're not considered like-kind imagine the fucking nightmare that's gonna be. You're going to have to keep track of the dollar value of every coin you buy and sell when you buy and sell it, except most coins don't have a dollar value, so you have to keep track of the BTC price then convert it to USD. but what about the fact that these coins have different values on different exchanges? Is it then the value of BTC on that exchange, the average value of BTC, or the value of BTC at the time which I convert my BTC to cash?

can anyone probide a quick rundown regarding taxes in europe, especially germany

The irs actually released a report saying crypto isnt currency

Further more if irs acknowledged all coins as currency that would not be in their best interest. The dollar is easier to track for them why make crypto legitimate

The point is, how would they link the account to you if you don't give them your SSN?

AFAIK, the only way the IRS identifies you is through your SSN.

It's not capital gains until you cash out proper though lad, at least in Australia, because trading coin for coin counts as a 'purchase' which, for crypto, is untaxed.

yup and I don't know about the US but in the UK you wouldn't be liable for CGT until you've realised that gain - I don't believe a BTC to ETH transaction counts, it isn't like you'll pay taxes in ETH, you've still got a position on relative to GBP... it would only be once you've converted to GBP that you'll need to report any pnl over your personal limit for capital gains tax

except its not dipshit

Old mate gets it, then when you make 100 k, you start a trust fund, make yourself a beneficiary, make a company as a sole trader, entrust the company to that trust, then cash out as an asset of the trust. Severely cuts the tax

Ausfag reporting, every trade is a tax event, can confirm nightmare, took me days with semi automation to help. Wouldn't suprise me if UK was similar, US I have no idea nothing surprises there but if it doesn't fall under like kind then chance it's the same deal.

There is no point looking back at how it's been handled in the past, there have been cases of tax investigations over bitcoins anyway, alt moonings are starting to make news, more anons are starting to 'make it'. Tax offices are aware of our scam and if it reaches the real moon anyone who has ever touched a crypto will be at risk of being looked at.

Guesses and autojustications arn't good enough, if you have large amounts in crypto you need to speak to a tax specialist and either report or get setup for laundering.

can't you just give them the bittrex order history?

Take no advice here. If your that scared you need random strangers argue, call h&r block or some other tax filer and ask them. Do it legit and your golden. But many claim the biggest fear when cashing out is being charged with "structuring".. look into that and be prepared for 20 questions if audited

If you fuck up games with the ATO what will happen is they call bullshit and you end up paying more, they can do this easily. If you want to fuck with them use a specialist, blatant wroughts will not work

Easy boys, the solution is now clearly never cash out :^)

If you only used bittrex that is what they might ask to see, giving them that alone leaves it entirely in their hands how they dollar values are to be determined which will not be a method in your favour

If you're not smart enough to keep your identity separate from your coins, you shouldn't be trading in the first place.

I for one would actually like to be able to buy shit on the moon and otherwise have full free use of the money, I consider the tax rate an acceptable price to pay for this.

>make $10 million trading crypto
>never cash out because your identity is required to do so