Don't declare crypto on taxes

Playboyize
Playboyize

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

Other urls found in this thread:

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

Evilember
Evilember

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

StrangeWizard
StrangeWizard

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

Lord_Tryzalot
Lord_Tryzalot

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

askme
askme

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.

Inmate
Inmate

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

Flameblow
Flameblow

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.

StonedTime
StonedTime

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

Ignoramus
Ignoramus

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 %?

Sir_Gallonhead
Sir_Gallonhead

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

w8t4u
w8t4u

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

lostmypassword
lostmypassword

They only tax whatever goes to fiat.

Poker_Star
Poker_Star

Should definitely move to a place like Iceland.

Burnblaze
Burnblaze

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.

StonedTime
StonedTime

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.

Spazyfool
Spazyfool

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.

cum2soon
cum2soon

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.

takes2long
takes2long

Jesus christ im fucked.

Techpill
Techpill

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

Methshot
Methshot

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?

TalkBomber
TalkBomber

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

FastChef
FastChef

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

New_Cliche
New_Cliche

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?

Need_TLC
Need_TLC

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.

Lunatick
Lunatick

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

viagrandad
viagrandad

declare when you cash out

takes2long
takes2long

Okok thanks.

TurtleCat
TurtleCat

Don't live in the USA
no fucks given

PurpleCharger
PurpleCharger

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

Spazyfool
Spazyfool

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.

CodeBuns
CodeBuns

is coinbase safe?

Stark_Naked
Stark_Naked

don't be an amerishart
pay cgt
buy lambo

Lord_Tryzalot
Lord_Tryzalot

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

askme
askme

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.

likme
likme

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

Evil_kitten
Evil_kitten

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

BinaryMan
BinaryMan

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?

Fried_Sushi
Fried_Sushi

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

Soft_member
Soft_member

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?

Evilember
Evilember

X M R

BunnyJinx
BunnyJinx

tfw no taxes on crypto gains in your country

PackManBrainlure
PackManBrainlure

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

Firespawn
Firespawn

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

WebTool
WebTool

This. Fuck Jews.

DeathDog
DeathDog

"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.

TechHater
TechHater

yeah, Jews suck!

Don't come to America!

Stupidasole
Stupidasole

Forgot this was a blue board.

again I'll be JAMAICA or Cuba?

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

Evilember
Evilember

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

Ignoramus
Ignoramus

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.

Spazyfool
Spazyfool

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

WebTool
WebTool

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

New_Cliche
New_Cliche

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.

King_Martha
King_Martha

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?

happy_sad
happy_sad

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

Sharpcharm
Sharpcharm

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

farquit
farquit

SHART IN THE MART

Evilember
Evilember

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.

Nude_Bikergirl
Nude_Bikergirl

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.

Methnerd
Methnerd

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

Evil_kitten
Evil_kitten

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.

Nude_Bikergirl
Nude_Bikergirl

I honestly dooub't they are tracking BitBean

CodeBuns
CodeBuns

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.

TreeEater
TreeEater

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

April 15 like all other taxes?

Soft_member
Soft_member

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

StonedTime
StonedTime

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

lol

cum2soon
cum2soon

Your crypto trades are supporting terrorists

Methnerd
Methnerd

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.

BlogWobbles
BlogWobbles

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.

DeathDog
DeathDog

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.

Stupidasole
Stupidasole

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