You do know you have to pay tax every time you make a trade right?

>You do know you have to pay tax every time you make a trade right?

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en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States
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Joke's on you, they were all losses.

This lmao

OP stop making these shitposts

i don't care about 10 dollar taxes, i made 5k til now

they're true for many countries though. including the US.

Won't be true for long because it's unenforceable and would fuck up the much more economically efficient multicurrency future we're headed into, but some people might be made "examples" of in the meantime.

still gotta pay, cuck :)

t. IRS

to be clear, anyone who actually tries to be a good goy and pay taxes on individual crypto trades is the biggest fucking pussy

t.american

Nope. You only have to pay on gains when you cash out in the US.

In the United States crypto is legally not currency and is not subject to taxation as a result. You only have to pay taxes on the gains once you convert it back into USD.

That argument is like saying if I trade something worth $4 with someone for something worth $10 that the $6 difference is subject to taxation. It makes absolutely no sense.

>hold X years
>all crimes expire

except it is subject to taxation because it is considered as an asset

from a technical stand point the argument you are giving is what the IRS actually states.

Why the fuck would anyone pay on every trade or even bother spreading the rumor? Do you really think we're double taxed? Once for trades and again for cashing out? Answer is no, fuck off.

problem is: how can they prove how much it was worth?
biggest problem is; just because they call it an asset, doesn't make it one.
they really fucked up on understanding what a cryptocurrency _is_

you must have really failed at math if you think its a double tax. it is to prevent people taking advantage of short-term and long-term capital gains.

i agree with you that it's clear that they have really misinterpreted how cryptocurrency works. but as of 2014, the IRS hasn't made very clear regulations of taxation. a CPA i've talk to argues that you can treat crypto-to-crypto transactions as a like-kind exchange, but if you were to be audited its unlikely that it will fly.

in addition, it's really more of the honor system here... hell, the IRS even wants people to income made through illegal drug exchanges (which no one in their right mind is going to do).

if you traded on an exchange that's dead like mintpal, you have no trading history

even if you saved it, how could they prove you didn't made it up?

its retarded

Fp,bp

FP, BP.

Haha

tfw

IRS resorting to shitposting to claw back any hold of their citizens money

Haha

Kill

>Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.
>IRS Publication 17 (2016)

The IRS wants the money you made off illegal sales of drugs so of course they also want the money you made off crypto lol but they aint getting it unless your a scared fuckboy. Common...

no, I don't, because I don't live in a shithole country

>That argument is like saying if I trade something worth $4 with someone for something worth $10 that the $6 difference is subject to taxation. It makes absolutely no sense.

That's exactly what the law is. If I trade a couch for a Ford Focus then the difference in value is considered taxable income by the IRS

Memes aside this is only for Americans right?

Americans and people who trade using USD

I’m a free inhabitant under article 4 of the confederation, I don’t have to follow any of your laws. Am I being detained?

Luckily I already bought LINK so I'll never be trading again.

>Made a bunch of trades on BTC-e.
>The FBI shut it down and called it a money laundering site for criminals.
>If I don't report my BTC-e trades I can't explain where I got my ETH from to trade at bittrex, which has my identity on it.
>If I do report it they might consider me a criminal.

How do I out of this pickle?

If I mined $148 worth of ETH and traded it,but I spent months and lots of electricity using my PC
do I have to pay tax?

Kek

t. has no idea how capital gains works

You only need to pay taxes to your country.

kek

not an accountant, but I'd say no. YOu didn't barter for the ETH or sell for USD at any point.
also the IRS isn't going to sniff around for ~$20 worth of taxes even if it was taxable.

capital gains tax is 0% unless you make more than 37k, suck a benis

>fuck the irs.

Count 1 : Conspiracy of sexually assault on a federal government employee.
The court sentences you to 10 years.

if you hold for a year. short term capital gains is 10% in USA

technically mining is supposed to be reported as self employment with self employment taxes paid both to the IRS and state. You're a total cuck if you report $150 though. Maybe once you pass a few thousands.

>hold for a year
>short term gains is

No, over a year is long term and the tax is 0% if your income is under 37k. Google it

I plan on cashing out half my investments next year, when I need to have everything on record what should I do about that extra ETH.

i did. short term holds are treated as income. so if you have no other income, you are taxed at 10%

en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States

really? doesnt the crypto count as income though when you pull it out?
Wouldnt that bump you up into a seperate tax bracket? (assuming you made a worthwhile amount in crypto)