Don't declare crypto on taxes

>Don't declare crypto on taxes
>Get 5 years in prison when the Internal Redesign Specialists get you

>Declare crypto on taxes
>Spend 50 years in prison because it turns out one of your transactions involved ISIS

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gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

>don't pay taxes on crypto
>get 5 years for not paying taxes to IRS

>pay taxes on crypto
>get 20 years for securities fraud from SEC

can you actually avoid tax by using cards like Monaco or TenX?

All crypto is tracked. You're all fucked in every direction. I'm sorry.

>can you actually avoid tax
Are you actually rich or just pretend rich? Do you have powerful friends? Can you have people killed with a phone call?

If the answer to any of these is no, then no. No you can't. And if you failed to declare some massive cashout in years prior and they catch onto it, you're just sitting in a pile of paperwork right now.

When you spend BTC at a store, you're selling BTC for USD. So no.

is there something on Coinbase I can print out that tells me how much I owe the IRS at the end of the year? I sold nearly 100k USD worth of ETH. I'm guessing that's like 20k taxes in the USA.

>Don't declare crypto on taxes
>get 5 years for not paying taxes to IRS

>Declare crypto on taxes
>Nothing bad happens. Don't go to prison

am I declaring my gains even though I don't cash out?
if so, can i just cash out some portion of coins to pay that gain %?

so what the hell do you do when you file taxes in usa

do you print out bittrex logs or something

you pay 20% only when you cash out or what

>living in America
Theres your fucking problem. I don't know why anyone in their right mind would choose to live there.

They only tax whatever goes to fiat.

Should definitely move to a place like Iceland.

I mean. There are a lot of coins that count as securities in the eyes of the SEC. None of them are registered with the SEC. So any US person that reports them on their taxes is literally providing evidence of securities fraud, assuming they're not an accredited investor.

Yes, the companies that issue the coins are not the only ones that have to follow securities laws.

Don't start this again user. There is no official guidance on the treatment of like-kind transactions in crypto currency regarding capital gains tax.

That makes no sense. How the fuck are you gonna account for all the different transactions on alt coins from multiple exchanges?

Also see pic related.

That's wrong. You're just making assumptions you retarded fuck. It's called "batering" and it is taxable, but not as a sale to USD. It's just taxed as bartering.

Jesus christ im fucked.

Why? pic related is showing that crypto is treated as property. So swapping altcoins isn't a taxable event.

WAIT A MINUTE

>start buying crypto in 2013 to buy totally legal substances on the deep web
>only use coinbase for usd to crypto
>start investing this year
>withdraw crypto from coinbase and make substantial profits on other exchanges
>withdraw from other exchanges back to coinbase
>wire transfer back to USD

On coinbase the history is

>spend lots of money
>get less money back in 4 years

Would the IRS know I've profited? For all they can see on Coinbase I've lost money through trading. I'm close to the poverty line but I refuse to use any sort of welfare because taxation is theft. Can I get away with reporting losses?

just pay income tax on the $ amount you gained

If it was more than a year, pay capital gains

fuck the crypto to crypto taxes. delete any exchange accounts you might have and if the IRS asks how you got the ETH, just say mining or a gift

Could you explain a little more.
Sorry im wasted right now dude.

I just don't want to be fucked in the end.
I have so many trades.

For example i was up 10k+ i had 5 bitcoins.
I got scammed with shit coins got scared and sold and have .3 of a bitcoin right now.

Am i going to have to still pay taxes on those 5 bitcoins?

Thanks senpai

When do I need to start declaring crypto? Currently my crypto worth is small change, do I declare when I reach like 5-6 figure range?

unless they wanted to dig through the blockchain and track every single payment, youre fine

i wouldnt go reporting losses to save yourself a couple bucks on taxes in the short term... not worth raising attention.

Just take the welfare moron, nobody cares about your moral posturing lol

declare when you cash out

Okok thanks.

>Don't live in the USA
no fucks given

live anywhere else outside of USA, try canada or mexico senpai

By keeping track of them, dipshit. Most exchanges do it for you. This is why rich people hire accountants.
Nothing in that image implies it can be a like kind exchange. Trading one for another as values change is realizing gains.

is coinbase safe?

>don't be an amerishart
>pay cgt
>buy lambo

you can literally download your history on exchanges and print them out, why is everyone so worried about this?

So what's stopping me from leaving the US when its time to cash out?

I would say, if I get to $1 mill (a long shot), that money is worth renouncing US citizenship.

>declare when you cash out
Why would you ever "cash out"? Just hold your crypto forever. Eventually all fiat will have to "cash out" to crypto

Even if governments used crypto, they wouldnt just let you spend millions of "dollars" worth of crypto that just appeared out of thin air lol

Youd have to tell them where you got it, or launder it

>make a millie in crypto
>move to estonia and but a bunch of estonia coin
>major war breaks out
>America safe
>Russians bombing your town and kicking your door in

what could go wrong?

>make a millie in crypto
>move to a country that isnt a meme

How does it work with multiple exchanges? I've sent coins from coinbase to places like yobit and bittrex but I only bought and cashed out from Coinbase so do I just need to print my Coinbase history and I'm good?

X M R

>tfw no taxes on crypto gains in your country

Except for XMR. It can't be tracked. That's why it is going to be the next big thing.

>>move to a country that isnt a meme
AKA get snagged while trying to leave the country

This. Fuck Jews.

"accredited investor" … how does it feel to live in the land of the cucked? In Europe no such bullshit lmfao.

The rich literally just want to keep you guys poor by disallowing you to even invest.

yeah, Jews suck!

Don't come to America!

Forgot this was a blue board.

again I'll be JAMAICA or Cuba?

Mexican National I can be anywhere, enjoy your Walls Burger Fags.

What if you cash out on GDAX but not to a bank account.

>put 1k into crypto
>week later put 2k more
>Week later day trade ~$2200 of BTC and ETH on gdax
>make around $100 bucks
>transfer everything back to Bittrex to buy alts

Honestly im not too worried about government shit right now. They'll tax me when i cash out a fuckton of money. Even if most blockchains are public and even if they could ask all the exchanges ive been on for records i really doubt the government has the resources to go around following that trail.

They'll only give a fuck if you cash out significant amounts of money and dont pay anything

>Saying "fuck jews"
>While trying to bilk the country you live in out of its share and damaging the currency of the land

No, user. You are the jew.

>tfw bong
>Don't have to pay tax on crypto either
I hope the currency laws don't change when we leave the EU.

Any Canadians here cash out before? We treat it like capital gains tax right? Did you get audited? Thanks.

You are sadly mistaken
gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
My seven figure plan is new zealand. No capital gains tax there.

e.g. what if you used shapeshift.io? What about direct token conversions as allowed by some coins? What about if you used many exchanges? What about if you lost credentials/an exchange when bellyup?

Incorporate in Puerto Rico. No Capital Gains in the PR don't give up US citizenship. Still subject to local taxation, but it's less than what you have in the US. Hope it doesn't do the dumb thing and become a state. It's what Peter Schiff is doing

>work out a deal to be a informant and lurk Veeky Forums all day

SHART IN THE MART

Because they're newfags and we have this thread once every few weeks.

At least it wasn't once a day though, like when I started.

What about the fact you can apply for a digital residency in Estonia. Eventually make a trip to Estonia and open up a bank account there, withdraw crypto gains into Estonia bank and pay the small tax there for your income.

After listening to the latest JRE podcast with Peter Schiff, Puerto Rico sounds amazing.
>5% tax on all assets brought over
>No capital gains tax after that
>Cheaper overall tax rate than anywhere in the US
>Don't have to deal with the IRS
>Incredible spending power

If I were to become a crypto millionaire, I would seriously consider moving to Puerto Rico

You cant delete exchange accounts and if the government demands an audit of the exchange they will target you for tax evasion. I dont trade into usd and am hodling long term which isnt considered a taxable event until i withdraw to my bank account which i wont do for another decade. When i do eventually sell my crypto assets and withdraw to a bank account i will pay capital gains tax.

I honestly dooub't they are tracking BitBean

Reminder: If you're a US citizen and you move to another country, the IRS will still come after you regardless, and if you refuse to pay they'll extradite your ass.

How long do I have to sort all of this shit out?

April 15 like all other taxes?

Is there a stature of limitations for capital gains tax?
>buy 1 BTC when it cost only $5
>wait 30 years
>withdraw 1 BTC for $500,000
>pay no capital gains

>don't pay taxes for 30 years
>t..they expire though, right?

lol

Your crypto trades are supporting terrorists

I read that last year only 800 people nationwide declared any Crpyto gains on their tax return. Crypto exchanges don't do any reporting to the IRS the way stock brokers like E*trade do. You don't get a 1099-B from Bittrex like you would for your Schwab account. Moreover, Bittrex and other crypto exchanges don't even require an ID or an SSN to open an account and trade. Coinbase is still resisting IRS requests to hand over customer info.

Basically, even if you don't declare its highly, highly unlikely you'll be pursued for tax evasion. Unless you're cashing out into a large amount of fiat, I wouldn't worry about it. At least for the time being. Things will probably change down the road.

>Coinbase is still resisting IRS requests to hand over customer info.

This shit ends in one of two ways and neither of them is good for anyone involved in cryptocurrency.

jesus fucking christ. If you spent 10,000$ on bitcoin, then placed that on an exchange and 1 year or longer later your total amount of coins was worth 2308957203980293$ you pay taxes on 2308957203970293$ WHEN you sell those coins and collect that money in a bank account or in cash. It's very simple. Never withdraw your money into a bank account or cash, never pay taxes.

they don't require this information for a reason (a very good one). They don't accept USD, or any other currency for that matter. It's basically a loophole and I expect it will eventually be fixed. Coinbase DOES do USD and bank account stuff... thus the IRS is up their asses about it, and yes, they are fighting it