IRS pls go
either that or you're some sort of accountant/CPA/tax-preparer faggot
every week there's some gayass post on Veeky Forums about taxes.
fuck off nigger
US Tax Payers- We're all Fucked! We're not gonna make it!!!
Benjamin Taylor
Andrew Ward
klasing-associates.com
sounds like burden of proof is actually on the tax payer.
So when shit like this happens, that's when the public blockchain matters. If you're ever audited, based on what I've read, you're gonna be fucked.
But I hope you're not, nor any other honest person trying to make it big in the cryptosphere.
Adam Collins
So...I just need to measure (fiat out - fiat in = gains)...?
Ayden Johnson
as a simple answer, yes.
we can treat your local fiat currency as the measuring stick your coin trades will be measured in.
Caleb Cook
so are only exchange trades taxable? is a trade on etherdelta/decentralized exchange or ico purchase a taxable event when the exchange takes place on the blockchain?
what happens when we get cross blockchain transactions through something like ARK or Blocknet? Is buying a coffee where you pay with one currency that gets converted to another currency a taxable event?
wat
Oliver Myers
> is a trade on etherdelta/decentralized exchange or ico purchase a taxable event when the exchange takes place on the blockchain?
if you are trading one coin for another, then that is a taxable event.
> Is buying a coffee where you pay with one currency that gets converted to another currency a taxable event?
No, the payment system operator /retailer would be responsible for that stuff.
if you paid in ARK and they decide to convert it over to BTC and then cash, that is their problem.
Adrian Robinson
Is this how you do it?
Mason Sanchez
Biz Bros I have good news for you one of your very own is going in to the Tax Business will come back here with all my findings and I may even open up a web site shortly to help out all the Crytponation so be on the look out lets see how bad uncle Sam is going to f us up also I will try to find ways around it I have many connections in that area
Parker Jones
Cool. I put $4100 in and my crypto is worth about $20,000 now, so I would pay on taxes $15,900?
Jonathan Powell
This is probably the safest way for the average user. No one cashing out under 100k a year is being looked at yet. The truth is that the IRS just wants its cut as painlessly as possible so they can move on to the next guy, and if you at least make an attempt at openness they're usually willing to work with you. If you're making millions a year from crypto, then you're better off hiring an accountant anyway.
Anyone who says you need to pay for every exchange is getting a chuckle out of the FUD. Trade more than a couple times and you'd end up owing more than you made.