How is the IRS going to find all these fucking millenial bitcoin rich cucks?

you're what's wrong with the world. those once at the bottom should see the disgusting nature of the top and do whatever they can to avoid it if placed in the same position. i spit on you dog

>Congratulations, you're in the same position as some guy who is hoodrich because he's selling cocaine by the ounce.
Or you could just pay your taxes.

crypto has the potential to overthrow the entire government. slowly more and more people will transact only in cryptocoins which will starve the government of tax revenue. nothing can be traced, and there will be no money trail as there is with cash. we could very well see the collapse of the government in the millennials generation.

The IRS is getting records from be legit exchanges. That doesn't mean they know what to do with them, or even internally have the proficiency and procedures in place to properly audit someone in crypto.

...did you read the thread?

>risk everything to get to the top
>make it
>hand everything to a bunch of niggers and trailer park trash that will waste it on worthless crap that won't last
Feel free to do that, just don't expect me to do the same.

you fucking retard, the IRS has been using bitcoin tracking software for years

all those crypto cards require identity to set up, they all go thru visa or mastercard dipshit

you actually have no idea what you're talking about

pay your fucking taxes before uncle sam rapes you

Unless you are an old BTC holder from the mining days or from exchanges that don't exist anymore you should pay your taxes. I guess you could meet people irl and pay cash for bitcoin and try very hard to avoid taxes, but if you used gdax/coinbase or any exchange that has your identity you better pay your taxes.

pay your taxes, but don't freak out about "omg every trade is taxed". only people who believe that are faggot cucks.

Okay user, show me on the doll where uncle sam touched your portfolio

> nothing can be traced

> blockchain

> public ledger

is there any way to cash out that doesn't involve me identifying myself? I recently bought like 650 usd of btc through coinbase. Say I transfer this to binance and over a year or so manage to turn this into like 5k. Is there any way to cash this out to a prepaid card or something other than peer-to-peer that the IRS won't be able to trace. Then you could keep all of your money in crypto and withdraw it in small amounts to pay for rent, food, travel, etc.

Realize that you're replying to a dude who thinks that the total collapse of all governments due to insolvency would be a good thing. Reason isn't going to get you anywhere.

buy prepaid visas with it or gift cards to places you wanna spend the money

or just pussy up and sell for cash

Don't be stupid. If earn under a certain amount of money (actual earned income from a job,) you would add you gains to that. It this case $4500. If the total of your gains plus your earned income is less than $9325 in 2017 you owe 10% on your gains. In this case $450. If you earnings plus your net gains equal between $9326 and $37,950 you owe 15% on the gains.

That is not a lot of money. Really look how much you made. Just pay your taxes and you won't ever have to worry. Now you can cash out those gains any time and you never have to pay taxes on them again. Or keep track that you already paid taxes on those gains and start fresh only having to pay taxes on your gains above that $5000 next year.

pol shit aside. The net effect of gov collapse for White or Asian person would be positive.
Moar gainz

Lolwut? The systems that we depend upon to accumulate wealth would become insolvent in turn due to the lack of guarantees of credit alone. The only people this would be good for are Taliban style warlords.

So are you going to join my post-apocalyptic warband or not, pussy?

>tindr style app startup idea
>raydr
>"just looking for friends, it's not like I'm going to raid homesteaders with you or anything, tee hee"

They just state that you have to declare any BTC you own on your taxes. Failure to declare results in a forfeiture of the BTC or should they be unable to seize said BTC a tax penalty equal in value to the BTC at current market price.

Anyone cashing out will be caught and if they didn't declare they will pay the full market value of undeclared BTC.

They IRS is going to go full draconian because BTC itself is impossible to tax.

This is how we beat the IRS

earthship.org/

youtu.be/efI77fzBgvg

They still use computers with windows xp. It takes them years to send money with interest when the name mistakes. They can't do shit. I'll be a citizen of Japan by then.

I'd like to see them tax me for using btc to buy roids and coke for the last 4 years.

>earthship.org/
How is the beating the IRS? They will find you. My uncle lost his house, everything of value he owned including a very precious (to him) Model T car, as well as his entire union retirement at almost 70 years old because he didn't believe he should have to pay taxes. He and my elderly Aunt had to move into public housing and live off of nothing until they died.

Why do you think you are special and they won't find you?

That's not how you beat the IRS, but it's probably how you beat global warming.

>They just state that you have to declare any BTC you own on your taxes. Failure to declare results in a forfeiture of the BTC or should they be unable to seize said BTC a tax penalty equal in value to the BTC at current market price.
No they don't. Stop making things up. You don't have to declare your assets, just your gain when you sell. It isn't like you have to tell the IRS every year how many BTC, NEO, LINK, etc you're holding. Where did you get that idea?

We destroy the IRS by not voluntarily participating in fiat. The best way is to get off grid (even if you stay in the neighborhood).

Crypto will evolve to simply sharing information because we wont need money where we are going! Just make a promise you will sever ties with corrupt entities as soon as you are safely able to.

Japan has income/capital gains taxes too ... idiot

Mate, I feel like you want to destroy the government just to replace it with a decentralized network of private entities.

sure, if you never cash out

but if you want to pay off student loans, buy a car, buy a house - then you're gonna have to cash out, and once that happens, they know.

t. bank fag

The point made was kind of lost, but if you don't provide a cost basis for your crypto to them, they will assume you paid nothing and made 100% profits on all trades if say Bittrex were to report your balances to the IRS.

Keep in mind that providing cost basis is YOUR responsibility. If you buy and sell stock through a brokerage firm, the will typically provide the cost basis to you every year along with your gains and losses. However, if decided to day trade stocks, nobody is going to keep track of your cost basis for your and the company your trade with will just provide the raw numbers to the IRS.

If you don't provide your cost basis for all trades and don't pay your taxes the IRS will come after you and if you can't provide it you owe taxes on the entire amount. Same with crypto.

sad but good lesson for you learn user. All these chumps who think they can beat the IRS will learn the hard way eventually

you could take a mortgage and just pay it off in less than 10k chunks could you not?

>wants to be the new jews

the 10k limit is a meme. we report anything that looks suspicious and actively look for structured transactions.

It was really sad. Even sadder was my poor Aunt who lost everything even though she didn't do anything except try to be a good wife...this was at the time that being a wife and mother was considered her career.

I keep trying to explain to them in these threads that you can't beat the IRS. They will let you sit and go after you up to ten years later and hit you with interest and penalties for all of that time.

This. I have no fucking idea why anons are having so much difficulty getting their heads around this

If you don't sell, you don't owe taxes you fucking silly channers.

...

Exactly, if you hold longer than 1 year and 1 day, when you do sell you pay taxes on long term gains which, in many cases, is zero or extremely low with a maximum of 15%. Of course there is AMT, but these jokers can't wrap their heads around having to pay taxes at all, so I am sure they must have never earned any income and AMT won't apply.

I thought that was three years to get long term capital gains instead of short term.

I like you, lets be friends

They don't want to pay so they think they don't have to!

>some autists on Veeky Forums become the new Jews
>Implying this is bad

No it is one year and one day for long term gains. This is a good link for the information.
fool.com/retirement/2016/12/16/capital-gains-tax-rate-for-2017.aspx

>how is an organization that deals with hundreds of millions of people on a yearly basis going to deal with """"millions""" (maybe a couple hundred thousand) bitcoin people?

in all honesty crypto related businesses will just sell everyone out to stay up and running the gov and make up any excuse to ban this stuff in the US.

>blockchain
user I dont think you know what you invested in, kek

I wont be suprised if they make a law where they can pursue the tax owed in crypto if its in the blockchain

This is true. If a majority of people cooperate and pay taxes, then they will not be as inclined to ban the entire crypto space.

youre talking to guys who think they can run to the cayman island or some tax haven and everything is easy to cash out

>They just state that you have to declare any BTC you own on your taxes. Failure to declare results in a forfeiture of the BTC or should they be unable to seize said BTC a tax penalty equal in value to the BTC at current market price.
Source faggot

I know. They have all the answers. Except for the questions the IRS will ask them some day.

not if you don't give them your SSN

What if my trades have gotten so convoluted and I’ve traded for others through my accounts? No clue how to approach eherdelta. I plan to report my coinbase cashouts and add maybe a grand to compensate for my shitcoin gains. Is that a good faith payment? Am I gonna get raped or will I at least look like I’m trying (which I am)?

NSA forwards the IRS all the info and they do a parallel reconstruction that holds up in court. There is no escape from the tax man.

Aww, poor boomie is mad. You can be our slave at our Swiss villas.

>get paid in bitcoin or x crypto
>buy in exchange of bitcoin or x crypto
When will you autists that this leaves fiat and hence IRS out of the picture?

Also, just move to a non cuck country.

well, they can do that. just take out enough to get a golden visa in your haven of choice, pay your taxes on the profits you took out, then renounce your citizenship while in your tax haven, then cash out the rest.

this is what Ver did and now he enjoys his lambo in Japan. Too bad he's going to lose it all on BCrash.

The majority of people who got into it have lost money, or maybe broke somewhat even. Many people have lost everything. That's the real truth about all this. So finding the ones who have made a lotta lotta money, isn't gonna be too hard.

Guise???

The issue is that when you declare capital gains for losses you much complete IRS Form 8949 and attach it to your Schedule D. The form is designed for you to write in your trades. If you have too many, you can attach a spread sheet.

If I were you, I would start right now sorting it out. Have the people that you traded for write a note for your records (in case you get audited in the future) that on whatever date they gave you $X to trade for them. On December 31st the value was $X. Now print out a spread sheet for each of them with their trades. Tell them to declare it on their taxes. Give them their crypto and stop trading for them. Otherwise you will be paying taxes on their gains. If you choose to do that, then what you give them back as profits less the taxes you paid some day becomes a gift from you and anything over the allowed amount per year that you can gift someone tax-free will be taxable to them.

no way, i had no idea that is what he did. there was a facebook guy who moved to singapore because he didn't want to fork over millions in taxes to the usa.
looks like ver bought a nevis/st kitts visa, which are going as low as 150k until march 2018.
so, let's say you've got 2 mil in long term cap gains. 15% would be a 300k tax bill and you get to live in the usa.
however, if you only cash out 200k in profits, pay $30k in cap gains, and use the rest to buy your visa at 150k, you've effectively saved 120k in taxes, but you'd lose your citizenship. worth it? meh

the money saved from not giving it all to welfare niggers can be easily used to create defenses against the mobs of nigs no longer receiving their benefits.

Shit that sounds hard. I feel I am a small fish so I’m gonna just estimate and send the IRS a couple grand, they’ll prob just take the money and next year I’ll be more diligent. Thanks for the info.

The problem is that you can't give it to them without the accompanying form. You can estimate, but you will eventually have to provide your trade information to accompany the money. This might trigger an audit. I am not trying to complicate it, but it is what it is. I have to pay a taxes and I have helped a family member as well, but fortunately I had him open separate accounts so the money is not co-mingled.

I agree, it sucks. It pisses me off, but I just can't take a chance. I have seen family and friends taken down hard and it wasn't for crypto. They are going to make examples of us. The reason I keep posting in these threads is to warn people not to play around with this. Figure it out. Next year remember what you have to do to report it and either set up a system that you keep track of it weekly or whatever, but get used to it because paying taxes on crypto gains is not optional.

Ok thanks. I don’t wanna fuck it up so I’ll try harder. But how am I supposed to remember what I did on etherdelta when I was stoned at 4am?

there's this kid named llama who has 8billion in bitcoin. he's one of those jailbreak kiddos.

find your tx history

LOL! Just compare it to sell records and guess what you think you paid. If it is reasonable and consistent they probably won't be super nitpicky, especially since you are reporting in good faith.

Try to tackle a little each day. Be sure to sell any positions at a loss that you don't care about holding before the end of the day on December 31st. Now take a look at all of your losses, too because you offset your total gains by your total losses. It is your NET gains that you have to report to be taxed.

Good advice. I have never used ED so I didn't know what to tell him.

>ITT: muh IRS is gonna audit all y'all shitcoin trades, yall's should be scurr'd and pay taxes in USD on your imaginary meme profits.
How about no.
Live free or die. I'll pay when I cash out into USD. As far as the feds are concerned I held BTC since 2012.

it's literally true. can you not read or something? how many IRS guidelines do you read every year when doing your taxes?

Unfortuately, the burden is on you. You must provide your trade information when you report. If you only report when you cash out, your trades will go back years and then you will be required to file an addendum to previous years and possibly pay penalties and fine.

It is like saying you didn't know what the law was so you can't be guilty of breaking it. It is your responsibility to read what is required so that you file your taxes correctly.

sat is a jew

Thanks based tax user
I’ve tried importing histories from exchanges into bitcoin.tax but it ends up with a million tiny txns so I think I’ll go back through my strange and twisted trade history and put them in manually
Maybe I’ll learn a lesson about my lame trading habits too.

I didn’t know it was on there, all I see is “order history” which disappears after a while. Where do I find complete history?

Power vacuum: learn what it is, then join us. BTC masterrace will dominate, become part of the elite with a small $8150 investment or cry later.