Lately I feel so fucking depressed.
It turns out I will have to pay taxes even if I'm not cashing out, that includes all transactions from fiat/crypto and crypto/crypto. That's fucking ridiculous.
Other than that damned governments and banks will introduce global cryptocurrency (pic rel) and that's even more fucked because our freedom will be taken away.
Am I wrong? Why I even involved myself in this shit.
Other urls found in this thread:
irs.gov
bitcoin.tax
fortune.com
cryptocoinsnews.com
cointelegraph.com
twitter.com
Just cash out like $5k a week and just like that you pay no taxes
That's not how it works.
You chose poorly user.
Cool more tax fud. Crypto trading isn't taxed. Kys. No I will not be audited. I will pay cap gains on the fiat profit I take out. Period.
>global cryptocurrency
ARE YOU TELLING ME DOING ALL THIS SHIT FOR NOTHING?
MY COINS WONT BE WORTH SHIT ?
REEEEEEEE
You will if you used (((Coinbase)))
Real G's only get BTC:
1) OTC
2) Produce something or offer services in exchange of BTC
That's how you are fully free.
Any other way and you are a cuck.
You will be the target of the investigation. Again bad choices will get you right into their hands.
>real G's
You are never free puppet. As soon as your mind adheres to the idea of money you instantly enslave yourself. Keep trying though.
/pol meets /biz here, but....
USA is on the verge of implosion
Who the fuck you think is going to pay these exorbitant amounts of gibs for niggas and mexicans. (protip : Its not corporations)
That is much more unsustainable then tiny crypto game we have here
US is getting fucked and you have to navigate out somehow
lol seriously so many people are gonna get raped by the tax man in the coming years its insane
Boy, does it feel good to not live in the USA
how did you find out?
some article somewhere, can find it now
not living in US
please give a source that crypto wont be treated like regular currency trading. the IRS thing i saw didn't address trading, just stuff like paying wages in crypto
Pol loves talking about gibs in regards to minorities but rarely ever mention social security that is increasing and unsustainable. Why is that?
Also OP if you’re not just fudding, you’re wrong. Pay cap gains on fiat you cash out, not on stuff in your wallet or exchanges.
And yes, endgame is a government owned operated and controlled cryptocirrency. Mr. Robot is an amazing show and they have in season 2/3 been showing the behind the scenes power struggle of a global conglomerate trying to wrestle power from bitcoin in order to enact their ‘e-coin’ which is poised to replace the US Dollar. It’s a great show and well done, I feel most people on Veeky Forums could appreciate it and relate. It deserves more credit.
Oh look, once again, more fear mongering from people providing no source saying you're taxed on fiat->crypto transactions.
Fucking KYS, all of you.
I can't believe stupid people still think the tax is only on fiat. The IRS guidance clearly says if you buy anything with crypto or trade it for any property you realize capital gains on the fair market value of the trade.
just move to some untaxable shithole, sell your crypto there for cash, walk into a gold store and buy some gold.
pretty sure you'll be able to get it backhome with no trouble, unless you're gonna carry more than 10kg of gold or something idk i'm retarded.
irs.gov
It's treated as PROPERTY trading.
In section 3 it clearly says if you use crypto to buy goods and services you owe taxes on the fair market value of the trade. So you Crypto > Goods/Services. No USD is involved in that transaction. Yet it says you owe taxes in USD. It's already debunks that you only owe taxes for trading for fiat right there.
Now the next part, Section 6 says if you trade crypto for property, again, you owe taxes based on the fair market value of the trade minus the cost basis. They already established that all cryptos are property so alt-coin trades would fall under this category and be taxed.
Also is there any services where I can provide my transaction history and they will settle an account for me?
I'm sick just thinking about this.
Yeas. Gibs in general, social security too.
Calling it "minority" would be passable decade ago. Now it is 40% of population.
Obviously, Whites and Asians are also not 100% population of productive tax payers. Which brings us to. Active workforce is minority, which needs to nourish rest of the country, while corps are offshoring taxes.
Now add blackholes like military spending.
If you tax middle class 80% still impossible to salvage the budget.
US is getting fucked
There's software that will calculate all short and long term capital gains, and calculate FMV and cost basis of each trade, yes.
Hahhahaha Americans are so cucked
>rarely ever mention social security that is increasing and unsustainable
You don't go on /pol/ much apparently, lots of people complain about boomers and social security.
how would they even know how much i have in my private wallet? i havent touched coinbase since i bought in.
I am from EU, I heard something similar, did you get a visit from tax authorities?
rules for thee but not for me
those who have the gold make the rules
What's that? I couldn't hear you over Muhammad's cock sliding down your throat.
>lol seriously so many people are gonna get raped by the tax man in the coming years its insane
The jew you mean.
Just pay your fucking taxes you cuck.
If they find that you've reported no taxes they can easily trace where your coins went after you transferred them out of coinbase. If they see a bittrex or poloniex wallet, there's nothing stopping them from subpoenaing your trade history from those exchanges. Just one unreported trade is all it will take to get you for tax evasion.
I know this is true for traditional investments, but how would the IRS even track your gains if you're not cashing out? It's not like your personal info is out on the blockchain.
Your personal info is in the fiat gateways you used to get in. From there they can use chainalysis to see what you did with your coins.
most exchanges ask for verification, so there's that.
>bitcoin.tax
thanks but I'm not the US citizen
More FUD in a sea of FUD. I ain't too worried about it yet. If you make gains, you pay tax. If you don't make gains you don't pay, in fact you can deduct losses. If you're making big money on crypto then well... pay your taxes?
But...the IRS is the one cucking us. Cucked if you do, cucked if you don't.
That's a Britain fag you retard, guess who's next after? EU you dumb Euro fag
Crypto is only classed as property in the US. everywhere else you pay taxes on capital gains (when you cash out). Anyone with sizable earnings and a brain would leave to another country or employ the best accountant.
>le 56% face
Move to new zealand where capital gains tax is 0%
I'm gonna consider moving once I have enough in the game to live comfortably until I die.
I'm a worthless sickly person who can't make friends anyways.
Fag
Wrong faggot