IRS btfo

IRSfags just don't get it. We aren't giving you our GAINZ.

>withdrew $200 after it grew from $50

How much do I pay IRS before they throw me into the fuck me in the ass prison?

You don’t. That’s not a taxable amount.
Also white collar crime prison aint so bad

Go ahead an call me a cuck but I'm paying my taxes. The IRS WILL get access to that information eventually and you will be found guilty of tax fraud and they'll take all your shit. The IRS says very clearly that crypto is property and exchanging property is subject to capital gains taxes.

>trade on exchange that doesn't use USD.
>literally no way to judge profit/loss of individual purchases in dollar amount.
>can only know how much cash I make when I actually cash out

How the fuck am I supposed to report this shit?

I know too many people that were burned by the IRS. It's not worth it, they will fuck your entire life up.

theyre puzzled because they arent paying taxes? kek
get ready to be sharing bunk space with jamal and kneepading for tyrone

How will the gov find out about a myetherwallet address, or a local btc transaction if you aren't a complete retard with it?

And what about funds held in a smart contract or site like etherdelta? They can get fucked.

Banks only report 10k leaving account in single transaction

The best coinbase user investment.

I only have a portfolio worth $256 USD or so. Can anyone tell me if there's anything I have to do for that come tax season? Fucking IRS

because HODL

>exchanges
>blockchain
>ip adress
>social media
user theyre gonna get the records we arent talking about internet trolls here, just pray that theres a bigger fish to tax and not your 5 figure payout

Pussy

If I put in $3330 and took out $3360 do I have to report it as capital gains? I left my extra gains from ETH/ARK in my ARK wallet.

very helpful, thanks

if you sold within a year of purchase and transferred USD from an exchange to your bank account for more than you put into the exchange by whatever means, it is technically, capital gains

Any Canadians here? You report your crypto taxes before? You evade taxes before? Interested to here your stories.

that also means banning WoW gold technically

Nice

nice try, mountie

Do Americans have to report (but not necessarily pay) all capital gains, even if it falls under the tax threshold?

US Supreme Court is right wing leaning so won't ban crypto. DONT TREAD ON ME OR MY WIFES SON

>second life gets btfo

I'm okay with this.

>local suits are puzzled why obese hair men arent giving their precious pixels to the irs in the name of the guberment

when did life become a sitcom?

this guy fucks

According to the capital gains calculator I'll only be paying $1 in taxes since the difference is so small. Doesn't it seem like I don't need to report it?

Discussion on this board is officially dead.

>owe IRS $1
>don't file
>they find out you owe them $1
>$250+ fine on top of the dollar you owe them

Yes, this can actually happen.

i wouldn't if i were you

...

If I made $300k worth of BTC in bitcointalk in 2012's signature campaigns when BTC was cheap as fuck... how would I explain the origin when I want to buy a mansion in 5 year when BTC is $100k each?

you never seen someone reply - "nice try, FBI" when someone asks for dark web links or something like that. it was a joke, bro

So basically if you don't have a record of every tx and account, IRS will take everything. OK got it user!

>irs is puzzeled
>government is confused
>regulators are bamboozled

good, lets keep it that way

IRS rules currently state that every transaction is taxable. There are several free software tools to go through your trades and determine taxes owed.

>mining
assuming you can cover all the transactions you made in exchanges or used a obscure one

Why are you guys such faggots? The IRS has so many crypto tax evaders to deal with that they will be totally happy when you pay your long term gains capital tax.

You really think they will send a person to investigate the trade history of potentially a million+ crypto users?

How many people can one employee even analyze?

Come on, guys. Just pay your damn long-term gains tax and you're fine.

I'm curious, would this include exchange transactions?

Because if so, day traders are fuuuuuuuuuuuucked.

i thought we only had to report to irs if we converted bitcoin to FIAT. am i wrong?

problem is muh blockchain
they have all the time in the world
but yeah the chances of you getting caught is low if you have like 5-6 figure gains, 6 is a little iffy tho

Yes, including exchange transactions. Crypto is classified as property, not securities, and trading on crypto for another is not considered "like for like" in the US right now. So current tax law is to report your capital gain/loss for every transaction. The IRS wants its cut now that it's seen how much money is in crypto.

AHAHAHAHA

Obviously they can't catch everyone but they definitely can start picking out people randomly and making examples of them.

Next year is going to be hilarious.

Roger Ver was a genius in renouncing his US citizenship.

nope

This. I don't mind paying tax, but why does it have to be so fucking hard.

THEYRE GONNA SHUT DOWN THE EXCHANGES BROS

ITS GONNA BE MT. GOX BUT WITH NUCLEAR IRS MISSILES

ITS NOT FAIR BROOS I JUST JUMPED ON THE CRYPTO TRAIN

IM GONNA MISS OUT BROS ITS NO FAIR BROOOOOS

AAAAAAAAAAAAAAAAAAAAAAAAAAAAA

Hardly. I'd say two of the "right wing" people are actually moderates. All of the left-wing judges are hardline leftist kikes.
>four hardcore literal kikes
>three hardline conservatives
>two moderates
That's almost left-leaning for me.

the two moderates will just go with whatever the banking establishment wants.

In other words, we're fucked.

Yeah burgers are fucked. You need to renounce citizenship or you will always be watching your back. I will never use cuckbase. I will never get us citizenship. Guns are the only thing worth having there but that's it.

Coinbase is absolutely fucked, because
1) It is target #1 for IRS, they will get lots of raids by Feds.
2) I bet they sold off all their BCH and are desperately trying to win it back by Jan 1 when they "promised to give people back their BCH".

Coinbase dead by Christmas.

And this is where SALT comes in handy. Can't wait for the release.

> Tfw not an American

>Guns are the only thing worth having there but that's it.
Come to Canada dude, we have fuckloads of loopholes in our gun laws.

Pic related is a tactical bullpup shotgun that falls in the 'non-restricted' category: the lowest level of gun license. Gun license is really easy to get. Next level up in license is required for handguns. Only problems are we have small mag limits and no legal carry.

Here are some more at that level tacticalimports.ca/nonrestricted-firearms-c-1.html

Move to a tax haven and cash out soon boi.
Take the certain money and make certain money with it. For you, holding now is unnecessarily risky. You're betting all that you've earned that it will keep going up but as we've seen this week, bitcoin is not invincible.

All the IRS has is threats, they actually have no legal standing, there is no laws on the books for crypto, just their fuzzy interpretation of it as property which could be challenged easily in court by a skilled attorney. Ask yourself why they havent gone after these shitcoin exchanges already.

tactical bullpup with 3 round capacity**

wow is for manchildren desu if you invest your savings in it your a goof

you're right, but once they decide to go after someone, they don't stop. do you have more money than the government to spend on skilled lawyers?

crypto is either taxable or illegal, there is no other possibility

What's stopping an angry room of baby boomer Congressmen demanding these illegal-crypto-hacker types pay taxes and passing legislation for it?

From their perspective, crypto is another one of those 'loopholes' that super-elite billionaires exploit to avoid taxes, and it's in their interest to close it

I never used my coinbase account. Nor am I American.

You guys are complicating the situation.

If Coinbase sends out a tax document to every user in February like Robinhood does, then you have to file each trade.

If not, then FUK it who cares stop being a pussy.

>implying a PnD makes bitcoin unstable
>implying bitcoin doesn't have dips all the time before it moons
>implying normies have any clue what went on this week
>implying btc wont hit an ATH before december
>implying btc is not kangz

basically this. its a massive hrey area atm. still taxable from legal perspective tho

The only reason why anyone here would use a coinbase is to transfer into Fiat.

It doesn't need to be complicated though - when you cash out your shit and turn it into USD just pay the taxes on that. The gov will know when you deposit the money into your bank and they don't get a cut. If you want to do small amounts on local bitcoins then do that but keep it in cash - the minute it goes into your bank you're on the hook.

>coinbase is to transfer into Fiat

and to buy in with fiat, then to transfer off coinbase to whatever exchange

Dumbass. Know this. No matter how much you make, a cut will be shared with society. From the penniless to the greed mongers. The tax man ALWAYS wins. Don't fuck with the IRS. They will strip your fucking life. Not one joke I said. That fucking blockchain/ledger is a goldmine for them. Now they have all the time time on the world to mine back from the miners, a rabbit hole built for the infinitely inched dick of the law.

Kek’d hard

Veeky Forums should be happy the IRS is investigating. Realized losses are tax deductible, you know.

I have shitty leaf passport but won't be getting that shitty gun.

Ahahahah. Nuclear IRS missiles. Holy fuck too funny.

buy gold directly with bitcoin.

hold it for a while, then sell it to gold traders.