I'm being audited by the irs for my massive bitcoin gains. Why'd I ever get into this? I'm literally fucked...

I will never understand why you people wont just pay the fucking tax when your wealth just 10x or more

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Get you a glock 20 and roll a big fat one before you off yourself

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seriously though OP just pay it

hopefully you used a ledger so all your transactions are accounted for, right?

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*smack lips*
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Hahahha OP is a dumbfuck, I bet he didn't even record all of his transactions.
The taxman is gonna rob him blind and leave him to die in the streets hahahahhahahahaha

because taxes are theft.

what's "irs"?

Ignore them

Mufuggen bix nood

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when you sell your e$p on yobit to become rich daddy the sirs at irs comes for tax (because they also want to go lamb land)

FUCK NORMIES

use your gains to hire mercenaries and prepare for a siege, user. Don't let the commies rob you.

No one ever told me you have to keep track of shit like this, doing so seemed way too time consuming and tedious. I just started buying the coins and making money, now the IRS is knocking on my door. Will probably kill them before I off myself.

I made around 100k from selling ETH on Coinbase. But I have a bunch of other random transactions that equal to about 2-3k. Does that shit really matter? They're from other exchanges so I don't know how to get all the records for it.

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Based on where you buy, the exchange might be able to give you this info. Bittrex and Coinbase do this for a few shekels I think

They are interested in every single crypto/fiat (btc/usd) trade..not so much crypto/crypto (dgb/btc) trade. If made more than 1 withdrawal to fiat check/deposit best bet may be to get a tax attorney, lots of "claims" from people online say they got charged with "structuring" from irs. (I'm sure most is bullshit, but better be safe)

Structuring? Why would that matter when I already withdrew all the cash to my bank account? I'm talking about figuring out how much I owe them. What tool should I use on Coinbase for that?

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I was shitting my panties when I was thinking about this too, but I think you should be good if you take the csv file they give you from your full history of transactions

Yeah I downloaded everything but man they are hard to read.

As far as I know, you can probably hire a CPA to do it for you? Aside from that I'd say that there are probably a few websites out there that are probably dedicated to doing your taxes with bitcoin.

If you do find out how to actually work out this stuff with the IRS, please come back here and let us know how to deal with them.

Could you throw some at a poorfag? Shit man, I'm earning 300 bucks a month.

I second this. Im barely scrapping by. If youre gonna off yourself at least fill my wallet senpai :) 1FFL7sb29Kvei4dEKthMCuE8R7AwooqiY3

Still lurking.

beggar fags will die first

bitcoin.tax

You can thank me later.

instead of making a new thread, i thought i would ask this question here. i've been holding ethereum since i bought in at $18 but i want to try to participate in an ICO. What are the legal ramifications of participating in an ICO? from what i've gathered, it is illegal for anyone within the US to participate in an ICO. Is that really the case? and if so, who can legally participate in an ICO? do i really have to wait until after the ICO has finished and the coin gets listed on a marketplace? that could possibly be a blessing though since coins usually dump a little once they reach an exchange

Panic sold on coinbase and then bought in 24 hours later during noob crash in june

2 months later a letter to my state health authority "Federal sources say you may have other sources of income.... "

>NEET health insurance state subsidy says you must report any income

>Been plowing savings into crypto

Go into talk with rep. Tell her I was living on savings, turning savings into investment., Sold large amount, then reinvested.

No questions asked. No documents, no proof, no anything. Didn't even want to see it. Seemed glad I came in and said anything.

I kept spreadsheets of total investments and running value. But since I reinvested the money it is not income and so as far as I know I will not pay capital gains tax.

If and when I do cash out and pay taxes on the unearned income, I can easily determine a profit figure based on amount invested (total) and percentage net profit (at time of sale) on the whole thing.

If and only if they audit will I be bothered to supply the reams of transactions from all the exchanges I've ever been on and they are not going to do that since I'll have a simple spreadsheet with a plausible rationale and be paying the proper proportion on the unearned income.

I am sure they are going to flag you if your numbers don't add up or they think you are hiding something.

Because it's complicated as fuck, seriously no one just bought fucking bitcoin. They bought shitloads of alts.

The SEC determination left the door open for sanctioning your gains if you used the tokens to provide a dividend

sorry but i'm a retard, what does that mean exactly? is it better to just buy the coin once it has been listed on an exchange then? thank you for your response m8

>all these muh taxes threads lately
Is this some kind of scheme to scare away the normies?

>1 post by this id
stop bumping the thread you fucking niggers, hes larping

>giving your social security
How fucking stupid are you?

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Somebody gotta pay for el fucking muro, wero

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>hodl coin for at least 1 year
>taxfree gains

germany

No one here pays taxes on crypto. Stop shitposting.

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I really dunno what I'm talking about.

kek. at least you're honest. thanks for not giving me misinformation at least

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>But since I reinvested the money it is not income and so as far as I know I will not pay capital gains tax.

Holy fuck is Veeky Forums this retarded?

why even live

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Hey man,

Is worth paying attention to. ANYTHING you made over a per annum period is taxable, regardless of whether you reinvested it.

They treat it like any other business: If you made any money over a period, it's "capital gains", regardless of whether it's reinvested, because they see it as

>Hmm, he started with 10K now he's got 100K, that's a profit of 90K

Regardless of whether you cashed in or not.

Fuck taxation regardless.