I don't know shit about how taxes work with crypto.
My money is all over the place on multiple exchanges and wallets. You're telling me that if I myself don't know how the fuck to do this shit, the IRS is gonna be able to figure out how the fuck I know? I find this really hard to believe. They can barely even get regular taxes right, and they're gonna hunt every crypto-investor down?
Maybe not now. Maybe not next year.
But in the next 9 years they'll get around to it. And statute of limitations is 10 years. If you don't pay your taxes for 9 years you will go to jail and then have to pay a hefty fine once you're out
The IRS doesnt care about your $500
its all a meme
>And statute of limitations is 10 years.
Is that only for him not declaring his gains? Or does it also include him holding an appreciating asset?
I have built a system that retrieve all my past trades from 7 exchanges (including shapeshift) + ethereum ICOs through the APIs so that I can calculate my taxes.
Everything is automated and it's beautiful. I'll enjoy my time out of jail.
I'm not sure so do more research. I believe the countdown is for the crime of tax evasion, which starts April 15th when you fail to pay taxes on this year's gains. Hell if you keep not paying your taxes then the countdown just resets every year.
>4584000 this
Do not underestimate the IRS
They have been using blockchain tracking software for years
Do your future self a favor and make a good effort to pay your taxes ever year
Then they take me to court and attempt to prove that I own bitcoin.. But I don't.. I bought some and sent it to someone who wanted the transaction done in BTC, I paid my taxes when I bought it, and instantly sent it to my friend so I have zero gains. Your going to have to talk to my friend, but I only know their online alias, its user....
same here, that's legit the only thing that allowed me to pass my audit. otherwise I'd have been in huge fucking trouble.
H-How do I pay taxes if I cant't cash out?
They don't care if you own bitcoin or not. They'll roll up in person, knock on your door, and ask how you managed to afford that new lambo in your driveway when records indicate your annual income puts you in the lower middle class... Very easy to follow the ach transfers into and out coinbase or whatever you use
This sounds like something you could sell.
Where can I buy it?
You needn't worry about taxes until 10k profits.
Tfw in my country I just need to avoid making more than 51’645€ a week and everything crypto related will be just seen as changing € with any random coin.
You can try cointracking.info, they offer this kind of services.
But in my case there were so many errors that I had to make my own things (I have 10k+ trades tho)
If you have a reasonable amount of trades if should work.
Why do you guys need to track your trades? I thought you only count fiat profits?
If I buy 1000 dollars of BTC, trade it 100 different ways, go down to 300 bucks, then I get a lucky moon mission and make it to 2000 then cash out, don't I just declare 1000 dollars in captial gains and that's that?
How do they expect us to properly fill out our taxes when there is no guidelines on how to do so?
There is no time limit on tax evasion. It's on the irs's website.
You only pay capital gains tax on crypto you convert to USD. Never withdrawal? Never pay tax.
There are loopholes like buying gift cards with crypto, and using those to buy loot that you can only buy with usd. There are giftcards for everything now: Ebay amzn paypal visa etc.
It's a system designed to keep YOU poor and (((THEM))) rich. It isn't supposed to be fair. It's supposed to incentivize wagecucking so you can line the pockets of (((them))).
>How do they expect us to properly fill out our taxes when there is no guidelines on how to do so?
Hah, that's on you for not knowing how the system works. good luck every cashing out
>me
>poor eastern eurocuck
>don't have to track trades
>only have to pay 15% tax from fiat profit
is this good I can't tell
protip: move to Slovenia, over here everything related to crypto trading (and mining as well) was declared tax-free since it's all just currencies
Fucking nice. they even have the euro over there.
bretty gud
much better than being a burger
I have no idea what the laws are in germany
Any fellow germanbros know what the tax law for crypto is here?
This is a really interesting point. Why would someone with a good working knowledge of crypto and blockchain be working for $65k as an IRS agent. It's possible they haven't issued detailed guidance on how to pay taxes because the whole issue just confuses them. Imagine trying to prosecute a jury trial.
"Wait, what is a bite coin? He did what with the Doge? It's a currency based on a photo of a Shibu Inu?"
"And then he lost it all on N-n-n-niggercoin?"
25% tax rate on income between $37,950 to $91,900. Taxes owed are $5,226.25 plus 25% of the excess over $37,950.
FUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU
If the Bitcoins are held as a capital asset, like stocks or bonds, any gain or loss from the sale or exchange of the asset is taxed as a capital gain or loss. Otherwise, the investor realizes ordinary gain or loss on an exchange
WTF DOES THIS EVEN MEAN. I MEME FOR COINS, I DON'T FILL OUT TAX FORMS.
I HAVEN'T DONE ANYTHING OTHER THAN BUY BUTTCOIN. WHAT DO I DO. I'M HAVING A PANIC ATTACK.
you have to pay taxes for every trade. best is to record them and when you cash out consult a lawyer
Please make a coin called "Fuck you IRS" and pump it, hard. Like to $1000 hard.
Then laugh in 2018 when CNN reports on it.
>Then they take me to court and attempt to prove that I own bitcoin
The burden of proof is on YOU, not them.
That's right kiddo, literally any other crime including murder and you have the presumption of innocence, EXCEPT FOR TAXES. Also, there is no statute of limitations on tax evasion.
If you don't pay your taxes they will crucify you.
Don't be a hero.
Pay your taxes.
You don't have to pay taxes if you have had your money in crypto for at least 1 year
This.
When you make your first million in Bitcoin start looking for a tax attorney for high net worth individuals.
shitcoin was invented by the IRS to back tax every man women and child
go to bitcoin.tax
> go to prison for tax evasion
> government pays for your food, clothing, housing for years
> no internet access in prison, can't check wallet or trade
> get out years later, check wallet
> profit???
fuck off you tax jew shill. you dont even know how to reply to posts
I wish I was (((THEM)))
Nobody knows who has what money and how many wallets and addresses you have or will ever have. good luck tracking individuals and all their gains................ they cannot do anything. they can only tax you on FIAT should you try to exit and fuck if i exit will a shit tonne there are other ways.
>oh yeah I mined a bunch of Bitcoin back in like 2011
>what? No I don't have the computer I used anymore, sorry
>Here take 20% as capital gains. Have a nice day