How are you supposed to report your taxes on crypto gains?

How are you supposed to report your taxes on crypto gains?

Nobody knows

You don't because it's impossibile to cash out.

I'll be reporting a loss because I bought in at 17k

Sadfrog.jpeg

Treat it like gambling that’s basically what it is

Hopefully you recorded your transactions.
They're reported as capital gains/loss on tax forms, and are a taxable asset.

You're getting a small spoonful; do your own work and get a CPA or google it retard.

Whatever profit you make, you owe a percentage. You can write off ur losses.

I really hope you guys didn't use your real information on any wallets. IRS is already combing through 2010-2013 transactions and they will be doing years after that next.

>tax evasion
Shit like this is going to be the main principal for them US regulating the shit out of crypto. Just pay your fair share and uncle sam won't give a shit about you.

Buy precious metals with bitcoin through jmbullion and sell to a local dealer

>Hey, uncle Sam, you forgot to fuck me in the ass today, let me remind you with this report, pretty please!
Land of the free.

use quicken, enter in all your trades in USD values, export a tax file, done.

With addendum SHT-00

if you don't report exactly the right amount you can expect a manlet to put 5 bullets in you.

This

this user isn't joking
>pic related

bitcoin.tax

I bought this but they don't allow for automatic imports of csv files from shittopia (not sure who is to blame there) so it was only partially helpful for me. Also, after all of the trades I've made it still basically suggested a taxable amount right around the normal capital gains rate if I were to cash out my entire portfolio.

I have a feeling cryptocurrencies will be taxed like stocks within a year or two based on the explosion of interest in them. It's extremely archaic that the government has suggested they be taxed like property and they have a much better chance of getting their share by just targeting fiat entry and exit points for analysis.

Yes they do. You report every single transaction and pay tax on that. Look it up

what if I bought some wine from a good friend years ago and now its some super rare 260$ per bottle wine, do I pay taxes on that shit too? what if I drank it?

this would be the right thing to do if you dont want to worry about shit.

for those of us who are are shitvestors who only have $1000-$3000 doing alt coins on the etherdelta have much less to worry about if anything at all. cashing out from bitcoin or eth would be easy enough to report.

so heres the thing. when the government wants to crack down and tax us, they are going to ask the exchanges for all their transactions. its up to the exchange to say yes or no. which, they will probs say yes. then they will find you and you will have to pay taxes even on your losses potentially.

god bless anons. i hope the tax man never gets his but as my lawyer friend says he always does.