Can't you just say that you lost all profit on shit coins? How the fuck could they track that

why isn't anyone reporting it then?

...

just pay the fucking tax man faggots. you are making out like bandits anyways.

Unknown amount of
M O N E R O
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FUCK YOU

>you are making out like bandits anyways.
exactly all these faggots claiming they are crypto rich
since everyone here is a baller and a bitcoin millionaire just pay the 39% tax and get over it

then how do you cash out

You're gonna have to prove it. If you have an upscale lifestyle they'll just throw you in jail anyway

They can't, you can just tell the coins got stolen. And unless you cash to usd, they shouldn't have the right to monitor it, after all, it's just "internet money", it has no real value.

unless the article is saying they come when you cash out. In that case, don't cash out, you're just cucking yourself.
If you have 10-20 bitcoin you can probably retire right now at the rate bitcoin grows as long as you're not a spender. You can't really show off your gains but you can still get chicks in other ways

lul

Uncle Sam wasn't there when I was shootin' in the gym.

When I lost 80% he wasn't there. But now that I'm up 1990% he wants a cut. Fuck dat bitch

Guess I'll pay tax on the amount of monero that I elect to inform the irs about

where's the police report user?

>Gets shot in the leg
>Pay your fucking taxes NOW

o shit lol

Funny thing about the blockchain - its going to be so fucking easy for the governmen to track your trades. They wont even need a warrant LOL.

This is where Monero takes over

>BTC to XMR
>XMR back to BTC
wow I'm a genius I guess

So like, what am I supposed to do if I don't really track my coins at all? All I do is buy, trade, and cash out willy-nilly whenever I get paid. I honestly have no idea how much I've made/lost over the years. How fucked am I?

You can say you just lost your private address.
That's all you have to do. I "lost it" (it's in a brain wallet).

Can't you report losses as a tax deductible?

jej

I agree but its too late. The huge gains and our trades are on the chain - before Monero.

Very fucked. Audit time bitch.

>all these people unironically saying to pay taxes

What's with the reddit invasion lately ?
Why should I pay taxes ? Does the government provide any market protections when it comes to bitcoin ? Of course not.

>b-but muh poor people
you have to go back

>living in an imaginary world where you dont partake of everything the gubmint builds and maintains, such as social services, infrastructure, defence, etc

The price of living in society is tax. Otherwise, fuck off to a remote island.

it doesn't matter if you know/remember...they know. coinbase and all the other exchanges have your info, your ip logs, and all your transactions. you really have no idea how good forensics teams are, do you?
>lost my seed
'no worries, we know how much you owe from your records...pay us now + this huge fine + a little bit of prison time for evading' (it's a felony)

you already pay income tax and a bunch of other taxes like sales tax, property tax or whatever the shit you americans have. It makes sense to pay taxes in some of these stuff because the government can protect you in some cases. No such protections in crypto. Why pay tax then ?

Hell, why don't we tax everything then ? if you want to give your friend an apple, then have the state take 1/3rd of it. It's the price of living in a "civilized" society, after all :)

>Implying that an understaffed revenue collector has the resources to go after coiners.

>Hell, why don't we tax everything then ? if you want to give your friend an apple, then have the state take 1/3rd of it. It's the price of living in a "civilized" society, after all :)

en.wikipedia.org/wiki/Gift_tax

>The price of living in society is tax

Just tell them you got JOOSTED

>bums "cleaning" your wind shields against your will is a good thing

you're a cuck

>tax man faggots. you are making out like bandits
thats why we dont pay them

Only upto 3k

Unless you are a pajeet shit coin shill Bitcoin is considered investment property.
This goes for anyone who works in crypto. If you earn money for crypto in promoting it, working on an exchange or mining it any crypto to crypto exchange is considers a trade in your business stock.
A non-crytpo example is like a jeweler trades his silver bullion to a another jeweler for gold bullion. If the value of their bullion went up between when they bought it and when they traded it they got to pay taxes on it.
You do not get taxed on the rise of bitcoins price.
You have to sell it for fiat to get taxed
You do not get taxed on any cyrpto to crytpo exchange.
Such an exchange is considered a 1031 exchange of like kind investment property and is exempt from taxes.
If you buy retail items like gift cards computer parts email services etc these are considered sales of bitcoin for fiat and are taxable. Same way barter is considered taxable i guess.
Bitcoin for gold and silver might be a 1031 exchange but risky if you are wrong. Though gold and silver are investment property the IRS might not consider them "like kind".

this

The IRS never said that crypto to crypto trades qualify for 1031 like-kind capital gains deferral. But even if they do, they don't apply by default, you still have report each transaction on Form 8824 and get it cleared by the IRS to defer gains.
irs.gov/pub/irs-access/f8824_accessible.pdf

You'd have to fill out this 2 page form for each trade. It's clearly unfeasible and not meant for it.

How do you intend yo cash out? The only way is selling it cheaper peer to peer on the internet (ebay or some shit) or in person. If you cash out from a bank they will always track you and youll have to explain in full detail how you won that money.

Theres 2 things certain in life. Death and taxes. Even al capone got fucked by evading taxes. Just quit trying

>cash out
you buy the lambo in BTC

uh, the dealership has to report their sales on their tax return. so there's going to be some questions to be had if the IRS says you bought a lambo with BTC from X dealership.

You are literally making money by speculating on an asset that in itself is a speculation. Let me toss this in an analogy. A child has a birthday, you bet not on the candles all being blown out but his fucking wish. Yes user, you got paid for betting his wish would be to ride a unicorn. Just pay the capital gains and quit trying to out maneuver a machine that has no prejudice

>what is cashing out abroad

All the rich do this.

Only poorfags and wagecucks believe the pay taxes meme.

Hurrr durr the government is entitled to a cut of the profits I make for my entire life, this is a fair and correct system. I will abide by it unquestionably even when I have the opportunity to avoid it, because I saw in the media something about taxman catching badman

>move in another country
>buy new passport

or just dont be born in amurrica

This is another reason why BTC is going to $1,000,000+, all the billionaires will put their wealth there instead of getting their offshore accounts leaked.

>inb4 they will use monero or some no liquidity shitcoin
kys

This is the best post I've seen on this sub all day

THIS!

Here's how a fair tax would look like:

> guy goes from $100 to $200, pays %39 tax

guy gets $61, gov gets $39

- guy loses $100, pays 39% tax (NEGATIVE gain)

guy loses $61, gov loses $31

FIXED:

Here's how a fair tax would look like:

> guy goes from $100 to $200, pays %39 tax

guy keeps $61, gov gets $39

> guy loses $100, pays 39% tax (NEGATIVE gain)

guy loses $61, gov loses $39

can't prove what you can't find just find as many losses as possible

sick opt me the fuck out

>cash out
good one user

This is called "tax evasion".

People do it all the time, in many different ways. Just hope you don't get caught when the IRS asks you how you paid for that lambo!

Quick lesson to you poor faggots from someone who was rich before crypto (not that any of you fags with your sub 1k portfolios are "rich")

The IRS doesn't give a shit about you, because you are poor. They are an entity designed to extract maximum profit from the people with their limited resources. Since they have limit resources, they only target high end tax evaders.

Anyone can get away with grotesque amounts of tax evasion easily, but things get tricky when you start trying to buy stuff... like a house, super car, vacations, etc. That's when the IRS will come down on your ass and you'll go to jail. Have fun!

I've made a boatload in crypto and my lifestyle barely changed. Went from NEET to TurboNEET. Better computer, bigger TV, more anime. Fuck the IRS.

how much time we talking about?and will it be at a country club place like that CUNT charlie shreum went to? i've done time in LA County, NOT BRAGGING , but it's like they say "if you can survive County, you can survive anywhere."

If someone gives you money, can it be taxed? What about donations?

rop jej

user we noticed you bought 25 lambos. Can you explain to me how you can afford that?

The funny thing is that it is good to pay taxes for a society that you care about. But it seems only like the poor pay taxes and rich avoid them.

Also
>make crypto gains
>hurdur I'm rich
>pays taxes
>still a wage slave
By definition

the top 1% pay for half of the federal income tax, the bottom 20% don't even make enough money to get taxed and get more in government services.

the rich do pay their taxes, some of them don't, but the vast majority do.

Why switch back? ,

*kills tax man*
*takes poison in court*

This man gets it

How about I fuck off to the future where I pay for the service I volunteered to pay for and buy and consume what I feel like and not be treated like a child. Enjoy your gibs while they last nig.

meet ups with people sellling bitcoin for cash, kindof like drug dealing but not as illegal

Bet this is in Florida lmao

ho lee fuk

you should know by now the government wants to tax money not only every time it is moved or changes hands, but also every year it is held.

>buy drugs off darknet in bulk with btc
>sell to normies for even more gains

congrats you just cashed out like a chad

>the dapp on my phone records the signature and sends 5 trig to a chainlink oracle

>The price of living in society is tax. Otherwise, fuck off to a remote island.
i *will*. once i cash out. fuck tards.
why would i want to live in society??

>GET A WARRANT YOU FAT FUCK
>slam door

Just make so much fucking money that you can a) hire a wicked awesome accountant who can set your shit up so you have businesses, investements, and can deduct your expenses, and b) Focus on making so much money that you don't have to give a shit about taxes

And pay real estate taxes in bricks and cement.

underrated