What will you guys be using to compile or manage your transactions for tax season?

What will you guys be using to compile or manage your transactions for tax season?

I've never cashed out so nothing.

paying taxes on crypto lmao

There's a section on taxes for "gains from investment" on tax sites. Just enter your annual gains there.

>giving your gains to the govt

This.

Throw everything in Monero. You're good.

srsly wtf r u doin op
stob :DDD beinb such a retard XDD :DDD

Honest question for this thread though, what's the enforcement on crypto gains by the IRS ... from last i heard the IRS's suit against Coinbase users was limited to only transactions of 20K USD and up, so like whats the point of reporting anything under (unless I'm missing something)

Don't have to pay taxes on 80% losses... r-right guys?! Heh

You can do whatever you want, but if your bank sees you ever withdraw large sums of money with no explanation into your bank account, there's around a 70% chance they'll send a private signal to the IRS that you're doing weird shit with no trace to your funds or notice, in order to prevent crime.
The IRS will then freeze your bank account and send a friendly fellow to your door inquiring as to where you got all this money. By that time I sure hope you have detailed transactions lists of every single one you've made including like-kind conversions, because if you don't, guess who's a felon. You.
You really think the fucking US government is going to allow your average Joe to make handy profits without requesting their shekels legally?
If none of you are doing your tax form on your earnings then I at the very least hope you understand the consequences of performing virtual laundering (which is what it looks like when money appears out of thin air in your accounts) and of tax evasion. Otherwise, has any company put forth tools for doing so?

negative income tax kek

what would be considered a large sum, realistically enough to trigger banks

probably anything above 25K

Its actually above 10k

Even if you don't withdraw large funds, every single cryptocurrency transaction is taxable.

hmm. What would a bank think if there were multiple transactions of fractions of 10K spread apart. Enough to skirt the watchful eye of the govt?

>every single cryptocurrency transaction is taxable
no it isnt

Big time money launderers did just that in the 90s so its probably a red flag

You may want to think about that again. Check the IRS PDF on bitcoin taxation in 2014.

Fucking jews, man, piss the fuck off.

I think taxing this shit is absolute shekelgrabbing too, user, and it is directly against the current system of fractional reserve thin-air Federal Reserve money printing banking being done to keep everyone in debt forever, but I just want to know if other anons are at the very least attempting to do things legally before tax evaders give crypto a bad name and diminish the chances of tax-free crypto further.
Nevada, however, does not support taxes on crypto already.

I'm not, no, but relatively new. I know it's smart to keep track of every trade you do, though. Ultimately, I'm going to try my best to not pay a dime, whatever it takes to do that. If that's as easy as not depositing more than 10k a month, into a single bank account, no problem.

You brought up the Fed. Does anyone around here know about TDA accounts? That shit is spooky.

nope
youd be reported for what the IRS calls "structuring"

Im not American so I dont have to do anything.

that's structuring and they watch for it. banks are supposed to analyze transaction history for certain patterns and fill out suspicious activity reports if they fit a profile. get more creative and spread things out more

All right, so multiple banks and random amounts for starters?

Yer playin' with fire, sonny boy

You pay your crypto taxes?

I am a patriot, I am glad to pay my taxes to support the good ol' US of A.

GnuCash all day everyday.

Nice bait. No real patriot would pay taxes to this government.