Have any anons seriously "cashed out" on here?

I only cashed out $2.5k all together in the last 6 months.
Bought a bicycle, some clothes, a nice watch and had a few days of fun at a festival. Crypto is seriously changing my life, last summer I had $0 cash to spend and now I can have fun and still have a lot to trade with. (a lot for me, ~8k now) Oh and I'm not from the US so it's worth more here.

I don't get it either.

how do you even pay taxes from crypto?

When you convert them to your local currency.

Cashed out $5k three months ago which was my initial investment, cashed out another $4.5k last week to buy a vehicle as my car kept having issues. Thanks to mediocre trading I still have more crypto(in BTC terms not just fiat) than I did before selling anything.

The debts dont even matter because I am never taking another goyim loan again. still its only 2k so I am just going to pay it off anyway so I can close my accounts

society trains people to want more than their means allow

Invested into a much more lucrative opportunity

Cashed out 100k USD of ETH on Coinbase a few months ago. Usually I go to the local H&R block to do my taxes, takes roughly 30 minutes.

I'll just print out the Coinbase tax info and give it to the accountant during tax season next year. Shouldn't be any different from reporting stock gains t b h.

False, you must report gains on every transaction.

You report gains at the end of the year.

Be aware that gifts are not always untaxed, depending on the country.

how the fuck are they going to enforce that 'each transaction' rule? Realistically aren't you only getting taxed on overall earnings?

>False, you must report gains on every transaction.

crypto is treated as property so no. Only when you cashout to fiat. Seriously, it's on the IRS website FFS.

>society trains people to want more than their means allow
I guess I'm not a weak fuck then.

Cash me outside.

its lizard user, hope you are doing well

>False, you must report gains on every transaction.
okay have fun going through my fucking bittrex log

I cashed out for a first time about 2 weeks ago so it's not a meme. I cashed out my initial investment after making good profits. I made it right before btc went to 4K so kinda regret it. I spent mostly on debts.

Not genius you are Jew

Crypto is treated as securities in burgerland. You're basically trading stocks.

Bought 2 SUVs and paid off all my debt. Still have 100s of BTC left.

Oh so you launder the money. Good to know user

...

Thanks, just picked up 100k

The securities thing only came around a few weeks ago so I doubt IRS website will update right away, point still stands though of virtually nothing changing.

Nobody's going to waste their time with this shit even if what you're saying is true. I've made about 200 trades this year, and if some lazy government worker just trying to collect a paycheck from the overworked IRS wants me to print off my Bittrex, Cryptopedia, Binance, Yobit, and Coinbase logs so they can spend a few months converting satoshi's into actual dollar value (assuming there is even a database that has a complete logs the price of Bitcoin on a minute per minute basis for the entire year) to calculate the minor difference in what I'd owe, be my fucking guest. Pro tip, they won't, and if you are paying on what you withdraw that is good enough.

STOP THIS THREAD NOW

YOU ARE ALL SELF INCRIMINATING YOURSELVES.

Moved to a different country with the machines you can cash out so much a day.

Spending it all in foreign country, never to return to my own because of my ridiculous tax laws

what documents should you provide assuming you only use Coinbase?

>this thread again

No one knows what the fuck we're suppose to report to the IRS.
They haven't updated anything in years and crypto has changed a lot in that time.
Just hold, wait for regulations to come and then cash out. Doing it before that will make you lose all your gains.

I feel like you should probably do the opposite of that. Regulations will likely make things worse.

If you don't report it, its illegal.

There are many websites already set up to assist in tax reporting.

Bitcoin.tax is one of many websites.

I was already planning on paying my taxes.

I was wondering if it was worth it cashing out. I quadrupled my $25 investment in two months.
But I honestly don't have time anymore to keep my eyes on crypto besides updating Blockfolio and reading Veeky Forums for a bit.

Should I cash out>

>withdrawing $100

user pls. Unless you are in some shithole 3rd world country where $100 is actually a decent amount of cash.

>Should I cash out>

>Should I take my money out of a every-increasing portfolio (assuming you have just BTC) and pay the government 20% of my gains?

Do you need the cash?

>Worried about a hundred fucking dollars

You might as well just throw it in a coin you think will pull through in the long run and check back in a year.

After taxes you'll make like a profit of 40 bucks, which is basically nothing.

It's not, but I'm also not feeling like loosing it because I have no time to check cryptos every day.
I'm not paying taxes when cashing out.

underrated

>I'm not paying taxes [on $100] when cashing out

We got ourselves a madman over here

Did you ever think that maybe not everyone lives in the same shitty country as you and that maybe I could even sell bitcoin to someone I know which will pay me with no taxes added?

American educational system at its best.

Did you ever think I was being sarcastic because $100 is chump change and nobody gives a fuck?

instead of cashing out into fiat which i really don't need atm or cashing out into bitcoin and worrying about bitcoin falling in value, just put profits into ICOs so you keep generating new profit. i now have several large bags with this method including zrx

cashed out my investment several times
but made such huge gains in the last months that i have to adapt my trading to the tax regulations here

Considering "cashing out" with introducing my friends to crypto. Them buying from me is cheaper for both of us.

But I'm also afraid they will fuck up and then it's my fault.

As for taxes, I will probably pay them. Don't want to risk it.

Why don't you guys just sell bitcoin in person to someone and have them pay you in cash?

Cashed out through localbitcoins. No tax because my country isn't being ridden by jews. Bought a new fridge/freezer, home brewing setup, bunch of other bits and pieces. Left a few k in to play with

Lmao the IRS doesn't do that the taxman does it you fucking mong. Have fun paying for that paperwork.

The Taxman? You mean the fucking IRS?

I mean your accountant you dunce

>100k
Fucking good job lad. Mentor me.

I cashed out 15k because had a literal brainlet moment in the coinbase interface, then I had to wait a week for money to hit my bank and another to get it back into coinbase.

It is very high on the stupid shit I've done list.

>entrepreneur course
I've always believed that if you have to take a class to learn to be an entrepreneur, you're not going to be a successful entrepreneur.
A large part is motivation, and learning by doing. That class is only going to teach you so much, there is no replacement for the real thing.

I just HODL'd after the post Bitcoin ETF failure boom

i only buy amazon gift cards sometimes
i bought my first fleshlight with my gains

>what is margin, for $300 Alex

user... YOU need to go through your bittrex log and work out the $ value on every trade.. There are a number of ways to do this so if you choose not to do it properly you can expect the taxman to do it for you in the most unfair way possible.

Whether you choose to submit them or not everybody should be staying on top of their own set of records, IF the time comes it will be to your advantage to have them. The alternative is being at the mercy of a bitter man who has had to grind through your stack of 8 decimal pajeet tier trading.

To be clear anons

>every trade must be reported by law
>dollar values for these trades must be calculated via prices from a reputable exchange
>you can APPLY for like-kind treatment, there is a 3 page form to be completed for each trade you want to apply for it on
>if you are not afforded like-kind treatment you are taxed on the $ value CG of every trade
>for people playing at home the CL you are able to claim is capped at around $3k per year
>you were the normie

Lmao you ugly fucking Bogandof

A true patrician

I honestly want to pay my taxes but who in God`s name has the wherewithal to meet these cashout requirements?

I don't have any debt

The trick is to leave your money somewhere and not spend it

so at what point do you actually receive the money if he's pulling it out of the ATM from his account?