uneducated poverty scum you fucking finally get an opportunity to rub two pennies together and you decide to taunt the IRS.
Fuck with the CIA, Homeland Sec, FBI, DEA, White House, NSA but NEVER EVER fuck with the IRS.
>Stay poor
>enjoy Chad's herpes and semen in your rectum when you both land in jail
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>be burger
>get cucked by kikes on a daily basis
kek, life must suck for you
Pay your capital gains taxes you fucking queers.
lmaooo do u really pay taxes on ur crypto gains
>The very definition of a cuck
I've been developing a few strategies for getting around this IRS problem.
I'll compile them eventually, but another one I'm playing with is claiming your cash outs are gifts.
I don't think you have to pay on gifts up to a certain amount.
They can't trace the origin of the money, just that it comes out of coin base.
Just say your bro gave you 5k and your dad 5k, and pajeet down the street gave you 5k.
Fuck, just realized you could gift yourself from an address and claim it was your buddy pajeet if they wanted more proof.
>ye my buddy pajeet sent me some monero from pajeetstan for my birthday here is the transaction
Fuck the IRS
>tfw when your swiss
What the fuck, gift givers can give 14k a year and ~5M lifetime without being taxed? Why not just gift all your BTC to your mom.
ITT: People who dont understand taxes.
Pay your capital gains tax. If you receive a gift you have to pay taxes. You cannot outsmart the IRS, they've been around longer than your Grandfather's Grandfather.
Just pay your taxes and youll be fine. Or dont, and risk never getting a loan approved or going to jail
What happens if you fuck with the IRS?
t. IRS
>doesn't afraid of CIA or other big brother entities
>afraid of unlawful organization with no real power/legal authority.
reeeee youre the reason toblerone fucking sucks now
I've lost so much I don't even bother. Only been in crypto for 6 months so I'm under a year. I don't think anybody will come knocking to take away the fucking bags.
nothing, someone comes asks and wants to audit you, but IRS doesn't even real
Ausfag here, I literally don't even know how to declare all this shit.
My grandfather was born in 1912. The IRS wasn't even around then.
I've lost money so fuck you.
Keep records of every transaction (whether thats trading one shitcoin to another, or cashing in and out of fiat)
Then go see an accountant with all your records and let them sort your shit out for you. The ATO website is as clear as mud.
Without seeing an accountant I'm fucked though right?
>All that shit.
No.
>14k a year and
>~5M lifetime
You should leave crypto and start selling health & longevity tips
XD
If you have made more than the tax threshold and they catch you - then yeah.
Seriously see an accountant who knows his shit about Crypto - it's their job to help you pay as little tax as legally possible. As long as you're paying up some kind of tax, you should be fine.
I don't mind paying taxes, or rather, I'll pay them because I don't want to be raped, but what if I'm in the red and don't want to pay an accountant :((
I haven't made more than a tax threshold, I'm just thinking ahead.
just tell the gubmint that you lost money on the market and they'll give you a stern warning and wag their finger at you
First accountant visit is usually free - but try to get some cash together for accountant purposes so you're not in a bind come tax time if you make over the threshold.
You people have no understanding of taxes.
Let me explain just two things. One the IRS always gets their money. Don't pay then go to jail and guess what when you get out you still owe that tax money with interest and penalty. Yeah jail does not reduce your tax bill!
Second thing there seems to be a misunderstanding of how gifts work. Here is how it works. I make money, it gets taxed, I can then send some of it as a gift to someone else with no taxes, but above a certain amount I get taxed again! Double taxation for gifts above the yearly limit. Also you have to document who you gave it to with things like name address and sometimes their social security number!
So don't think you can gift your money before you pay taxes cause you are missing a step!
What if I never cash out though? What if I just pay for everything with crypto?
Depending on your country, if you directly trade coin A for coin B, you have made capital gains if coin A went up in value from when you originally acquired it.
I hope they're prepared to accept BTC because I'm not about to cash anything out
I think technically it's on you to "cash out" a percentage of your crypto that you plan to trade for tax paying purposes, and then you can then trade the rest. The whole thing is really foggy and unclear though.
>there are people who think their precious shitcoins will never ever be taxed
either the exchanges are shutdown and seized or crypto is taxed
also lmao if you think your miniscule crypto-tax-haven country is free from a complete market collapse as a result of this
In the US you don't have to claim a capital gain on something you didn't sell. However (and I'm sure this will be the rule like similar stuff treatment of other assets) by using your bitcoin you effectively sold it and need to claim capital gains.
Example.
>buy 10 bitcoin for $100
>that is $10 per coin
>bitcoin price goes up to $20
>i use one bitcoin to buy a $20 amazon purchase
>you now have a capital gain of ten dollars!
This gets complicated quickly with a lot of purchasing
I've got an uncle that works in the IRS
i'm not even memeing
get fukt OP
For tax purposes it's effectively
>Buy 0.003 BTC at $10
>Later, have 0.003 BTC at $20
>Exchange 0.003 BTC to 20 USD
>Have 20 USD
>Exchange 20 USD for services for 10 USD capital gain
In this case as soon as you transferred to dollars you have a capital gain. You don't have to exchange for services.
Could you give me a short explanation of how crypto taxes work here? I’ve considered applying for a permit to stay, but I’m afraid of taxes.
god that's so fucking cancer
>It's a New Style™ goyim!
lol been trading crypto since litecoin came out. never declared shit and never will made over $200k
fuck them
I used this to calculate my CGT last year.
cointracking.info
My account had no fucking idea what I was talking about so I just calculated it beforehand. Next year I'm doing my tax
Why would anyone pay tax on crypto lmao
IRS can't find a fucking paper wallet, retard.
>buy eth wherever
>send to exchange and buy Alt coin
>send Alt coin to mew, print paper wallet and hide
IRS is counting on foreign exchanges to give up all records of their customers. Not gonna happen. Binance and others don't even make you give personal info if you keep withdrawals below 2 btc per day. Well 2 btc per day can add up fast and they don't know who you are.
Get fucked, IRS, we ain't paying shit
And the best part is that good dex aren't even really out yet
Also imagine the IRS trying to collect taxes based on etherdelta. Lmao. Fucking boomer fags
ausfag here.. how you american convert your coins to cash? you need a local exchange right?
Toblerone always sucked.
same here user, Zug checkin in
next few years are going to be fucking hilarious watching you pajeet tier evaders being slammed into reality, this is literally why you never had money
Why? Just use SALT when you need fiat.
immediately V&
Fuck that though
we know he works for custodial engineering in the street-shitting pajeet department
Toblerone is just chocolate in a meme shape desu
Well you have to cash it out first.
They don't tax you just because it went up in value. They only tax you when you cash it out. So if you bought bitcoin.
Since you traded a coin for a coin. Technically they can't tax you?? Unless you trade it for cash???
Shit it is confusing if you use coins to buy everything.
cpa here. im having a good laugh at how retarded you are. the irs untangles massive corporate shell games everyday. you think you can trick them with this?
they will get you if you try to cash out. have fun paying rent in monero
>paying taxes on crypto
reminder than you are communist niggers and I hate you
Fugg I made 200 in litecoin this year
Am I going to jail?
Happy I don't live in Burgerstan and dont have to worry about these greedy IRS niggers knocking on my humble door.
Non-American btw, but do the IRS actually track down small fish? especially with funds that are hard to track
>afraid of the IRS
fucking pussies
what if my chinese national waifu gives the gift?
what about those bitcoin atms?
can you cash out with those?
only a matter of time before you can cash out with out a bank, then the IRS is truly fucked.