Whats your plan?

I plan on selling off all of my shit coins that I give fuck all about and counting the losses against my gains. Pay the tax-man in full and reset January 01, 2017. Don't spend the next 10 years looking over your shoulder.

Other urls found in this thread:

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2018

Send to monero, send to another monero, send to eth, cash out

let the baby boomers do what they do best.
collapse bitcoin like the penny stocks holding their retirement...
and buy the dip.. profit when they die off.

Every trade is potentially a capital gain. So you do actually have to verify it.

I dont see this working, virtually no one in crypto except the whales even care. Good luck to the IRS with that, normies barely even know what btc is, let along know how to tax it. I have a feeling, its not going to be as big a deal as everyone makes out.

Cash out.

Which I did.

Watching you guys fight for the scraps of any profit left in this thing.

Idk where to start so I won't be doing anything unless I'm spoon fed. That would be

1.bitrex compiling my prodit/loss
2.automatic import and filled out tax sheet
3. Automatically sent to whoever or where it needs to go.

just amend your past tax forms

You'll never be able to cash out then.
2018:
>Hey this is the IRS your bank is reporting some big transactions, mind explaining where this money is coming from?
>W-well I made some trades last year.
>Sir, we have no tax records of any trades last year. Are you saying you evaded taxes?
>N-no I never cashed out, they were just sh-shitcoin trades so they were like-kind, so I only have to pay when I cash out right?
>Absolutely not sir, 1031 like-kind trades have to be reported on Form 8824 on that tax year and receive approval from us to qualify for capital gains deferral. We are coming over to your house in 2 seconds with a magnifying glass, open your asshole.

I use a burner credit card to buy BTC, and then buy drugs to cash out. Sell the drugs for cash.

Could work but when you are in lambo land what do?

Now you're not just avoid taxes but money laundering.

Pay my 15-20% tax like you should

I feel like they will have so many problems surrounding this and Obamacare penalties. That they will ignore it 90% of the time, unless ur transactions are like 10 grand or more.

so i have to pay tax on every transaction, not just when i cash out! NO NO NO

This is why it wont last, basically the IRS is doing this because they are still retarded when it comes to BTC. Things will change as time goes on and people start getting a level head about it.

Of course. It's like but completely the same as someone owning a eBay store and not claiming taxes on profit made. Or trading silver to gold.

Unless you're in lambo land or bank transactions over 10k you should be ok. But if you ever get audited be ready to prove where the income came from.

bitcoin.tax

i'm not going to jail just because autists tell me i'm a cuck for paying my taxes

What are you talking about? The guideline has been out since 2014

>10 grand or more.

more like 50k or more

i just made 15k on 550 in btc i invested like 3 years ago, i forgot about them until it started reaching 9k. I figured it was like stocks, dont pay tax until you cash out. this is assinine, i have been churning over a small profit with 5k fun money ever since, now i am going to pay taxes on all those transactions too! fuuuuuuuck

Cryptocurrencies aren't stocks baby boomer.

Thing is though you have to report all your trades or don't report at all. If you report an inconsistency it'll automatically be flagged for an audit. Some people think you can just report your initial investment, and final cash out and somehow pay on your net profit. There's NO form or method that allows you to do that because rates vary depending on how long you held an asset.

If you report that you bought 1 BTC you can't report that you cashed out 2 or else that would be inconsistent. You'd have to report every step of how the 1 turned into 2 on Form 8949.

theres a site that lets you find people in the street and give them bitcoins for money.
>muh money laundering
fuck that, i'm tired of feeding all of these welfare parasites with taxes. what about me? dont i deserve help too? fukc them.

personally i havnt paid taxes in years, i dont plan on paying any until the borders are closed and when whites arent being ethnically replaced, just my 2 cents. Why pay for Socialism that doesn't benefit me, and why pay to be ethnically erased. Rather see a civil war myself.

Only people that will be butthurt and bitching you arent paying taxes are Socialists scum.

if i have to claim a profit on money that is constantly being reinvested its not worth it if i owe 10k at the end of the year but have 40k in crypto

cash out local bitcoin for stacks of cash
don't make large purchases or deposit into account for 2 yrs.
Done.

found the IRS plant.

Daily reminder that these tax threads here and on other forums are psyops courtesy of the panicking tax man.

No, shekelberg, we aren't giving you 40 percent of our gains. Now go home.

Crypto in my opinion is a currency, one that is transnational, and holds value like jewish shekels, i mean paper fiat. Crypto is a vehicle that will one day challenge fiat monopoly, it already is thats why they want to control and ruin it. Its about time their system cracks and falls, war with Iran/DPRK is right around the corner, not to mention demographic Armageddon.

I personally have always thought of crypto a tool/weapon to be used against the global order.

>No, shekelberg, we aren't giving you 40 percent of our gains. Now go home.

You better get ready for the pink wojaks next year

And what's to stop me from shoving my trezor up my ass and immigrating to Cambodia or any other country with no extradition laws?

Nothing but plenty to stop you coming back

Tell that to the kikes that offshore

What's to stop some nigger killing you while you're there.

Or better yet living the rest of your life in Cambodia.

You have report offshore accounts because the offshore banks will report you to the IRS .
Hence why Swiss bank account are a meme now.

Ever heard of the Panama papers, or banking in Belize

Yep, your point?

If you have a Panamanian bank account. I guarantee you'll get audited.

>hurrr durrr transfer money to BCT
>transfer to exchange buy shitcoin
>transfer shitcoin to Belize bank.
>get caught

Even if you set up a shell corporation and paid yourself you still have to pay taxes on income as a us citizen regardless if the income was made overseas. FEIE only covers the first 100k

I made 90k from eth on a 7k investment using just Coinbase although I do have lots of shitcoin transactions but I haven't made profit on them.

So just print out the coinbase tax form, give it to the accountant and I'm good to go, right?

I use localbitcoin to cash out, CASH OUT

Those fuckers will never catch me.

bitcoin.tax can import from basically anywhere and trivializes it for a modest cost. And you can pick which accounting method you want to use (LIFO gave me a loss while FIFO has me paying a LOT).

complete 100% agreement brother, that is why (((they))) are trying to kill it with taxes
Cambodia is comfy as fuck, I spent a week there a few years ago.

You don't have to pay capital gains tax if you never cash out

bitcoin.tax looks like an IRS FBI CIA honey pot!!

>nomadcapitalist.com/blog/

giving up my U.S. citizenship, moving somewhere else

I recommend this to everyone in the U.S.

fuck this country

Only a lieral socialist cuck would pay taxes on crypto. Get your shit together amerifats, I thought it was a land of the free. In socialist Europe officials either don't give a shit or don't know crypto even exists.

you have millions of muslim immigrants that need food and housing...your day will come

I have a citizenship of a small central European country that mostly hates immigrants, so worst case scenario I'm fine. Regardless, I'll move to Singapore if I make it with crypto.

I'll probably "gift" some to various close relatives, have them cash out, and then give me the money.

ezpz

honestly tax would be so easy to avoid. I'm not cashing out for at least 3 years though so I'll figure it out then.

Eurocuck here. You still have to pay taxes unless it's a trivial amount. Good luck depositing 100k into your bank account.

Thiis is why I plan on moving away soon. The problem is my country still considers me a tax resident for 3 years after I leave. I don't know if I want to wait the long because I want to take some profits now, but I don't want to pay 33% capital gains tax.

You don't have to pay taxes on crypto in Denmark for example.
>Good luck depositing 100k into your bank account
If ARK delivers I won't have to. That's the plan at least.
>tax resident for 3 years after I leave
Which country? I thought it's an EU-wide thing that you pay taxes to a country in which you reside >183 days in a calendar year.

Any US citizen with a brain and a shit tonne of gains would just leave the country with their cold paper wallet and start life again. The rest of the world will only have to pay tax on the "profit" made when cashing out and only if you are over a certain tax bracket to begin with. What a stupid system you have guys.

you still owe taxes from trading to other cryptos. Why are you guys this retarded?

t. Someone with probably not even 10k in crypto

>Which country? I thought it's an EU-wide thing that you pay taxes to a country in which you reside >183 days in a calendar year.
Ireland. You're considered "ordinarily resident" for three tax years after you leave. I think what you said is true for income tax, but what I read suggests that I would still have to pay capital gains tax.

if you don't have the "ordinarily resident" shit in your country, then yeah, you can go to Denmark or wherever and cash out.

No. only in the United States will you get taxed on "unrealized" crypto gains you fucking doofus!

There is another penalty to pay if you are uninsured. If you report your short term gains to pay taxes on them, you have to add the gains to your regular income to be taxed as income. If you don't have any income, the money becomes income "on the books."

I don't know the actual dollar amount, but it is around $15,000 income per year as an individual that requires you to have Obamacare. If you didn't buy the insurance, now you owe a penalty for not having it.

Trump issued an execitive order telling the IRS to accept tax returns as complete without proof of insurance and basically not enforce the Obamacare mandate. Supreme Court is now 5:4 in favor of the mandate being unconstitutional if anyone whines about it

I'm hoping the crypto market crashes so my gains are wiped out so I dont have to pay taxes until next year.. if that works maybe I'll stop trading and hold all my assets for 1 year :)

IRS gonna beat on some of you like you were rented mules.

Yes, I am aware of that, but if you use any tax software, it will not let you complete your form without complying.

The amount of tax shill threads on Veeky Forums reaffirms my decision to never pay tax on crypto. Fucking irs get off my board REEEEEEERRREEREEEE

gizmodo.com/the-irs-has-come-knocking-at-bitcoins-door-1820877550/amp
Prepare your ass shitcoin miner

It's weird how no one pays crypto taxes but online everyone pretends to.