Consider this your warning

...

If you are a burger, your trade has to get approved and stamped as "like-kinded" by the tax men to be tax free. Unless you get every single one of your crypto-to-crypto trades manually categorized as a like kinded exchange, then you're making taxable capital gains.

i will rather shoot some cops and et executed than paying tax on my crypto

this is the one thing the government cannot take even by force

Capital gains aren’t taxable unless realized you brainlet.

Idiots like you are why the gov will outlaw crypto and make us all broke or criminals.

HAHAHAHA

>Burgerland: The land of freedom

HAHAHHAHAHAHAHA

Fuck that, no IRS here to hound me down. I’ll just report capital gains when I cash out. I feel sorry for you burgers.

I have like 800k individual trades. I hope taxmen is happy when I mail them a fucking box of docs.

Can someone explain how exactly it's calculated?

Let's say I day traded a few times between BTC and fiat and made a slight BTC profit. Surely I'm not taxed as though I made the full profit every time?

So like I sell 1 BTC for 15k, go back in at a dip now a have 1.1 BTC. Then I do it again and have 1.2 BTC, etc. They aren't expecting me to pay taxes as if I made on 30k+ capital gains?

When you trade back in to BTC it's like a cost that gets deducted again, right?

Also, what happens if you gain in fiat but lose in BTC?

Like if I had 3 BTC when I originally bought last year, and now I have 2, but my 2 BTC is worth way more fiat. Can I claim a loss of whatever 1 BTC is worth?

IRS audits like 1% of tax returns filed. They are cripplingly understaffed. Look it up.

You're wrong, stop spreading this bullshit. A realized gain is disposing of your asset that has appreciated in value in return for another asset (that asset can be money, a crypto, stocks, etc.).

Nope, they were/are going to outlaw it either way, dumb fuck. Well not outlaw, but take it over, essentially outlawing imo. Anyone with common sense would see this is the direction this is all going. They probably have many crypto themed false flag events ready to go.

This, send them a goddamn phone book of trades for a $50k tax bill, they won't even bother looking and will just take your money and be done with it.

U talking about italy? I'm deom italy too

I heard that there's 0 tax if you cash out not more than 50k at week,is it true?

>being american
HAHAHAHAH ENJOY YOUR 50% TAXES YOU STUPID POOR THIRDWORLDERS

You are right.

statute of limitations

>implying most of Veeky Forums didnt take a lose and wont be deducting all of this from their taxes

I lost my Monero wallet keys, so I'll be claiming a huge deduction

I actually do keep track of all of them, after every exchange I fill out a tax form. I do all this in hopes that the IRS declares crypto as 1031 in the future from not wanting to deal with the forms

Something tells me "I lost my keys" will be a valid excuse to most, but not the tax man.

...

Every single transaction, including coin to coin you made will be taxed, yes they will tax you for pennies on the dollar and they will require all of these pennies add up because IRS. Hope you were keeping track!

I'm trying to do the taxes properly because it's not worth the trouble of avoiding, but I
m wondering if I trade into fiat and back to BTC for a slight BTC increase, is my "gain" to be reported the value of the extra BTC I made?

You need proof you lost your keys. If you think this is absurd, well there's the IRS for you. Otherwise anyone could just say "IRS I lost 500 bitcoins due to losing my wallet key, I would like my tax compensation now :^) "

topkek

How does one even prove you lost your wallet keys?

Im Dutch. We dont have to keep track of such things. I just have to report next year what I owned on 1 jan 2017. And then they assume I made 4% profit of that.

The transaction into fiat will be taxed because you're converting coin to fiat. The gain into BTC will be taxed because you made money transferring into BTC. Everything is taxed somehow.

Screenshots of your account beforehand with exact value that you lost present in the picture and then documents proving you owned the account. Didn't think to do this? Then RIP your tax compensation.

Life sounds like hell for you burgers. Here in Europe you can just move to Hong Kong or something for 6 months, then be taxed based on Hong Kong law. Basically you take a long vacation before cashing out big time, then move back.

But here's what I'm wondering: If I have 1 BTC worth 15k, I sell into fiat and buy a dip a few hours later so I now have 1.1 BTC. Surely I'm not taxed on taxes as though my capital gains income was 15k, which would result in me paying more tax then the 0.1 BTC is worth? If this was the case nobody could ever trade at a profit?

And if I then traded again and turned my 1.1 BTC into 1.2 BTC, it surely couldn't count as another capital gains making me pay taxes on 30k+?

Burger here, it's true - like kind only applies to real estate per latest tax code. Sucks for us but whatever still cakin' boi

GET IT THROUGH YOUR RETARDED HEAD

EVERY
SINGLE
TRANSACTION
IS
TAXED

No way I'm paying taxes on every trade. I'll pay taxes on what I cashed out directly into the bank account. I mined it all and have been hodling for years, that's my story. IRS can get fucked.

All I can say to the IRS is
Good luck fuckers

You’re taxed on the profit you made form
BTC->fiat (subtract basis from BTC price when selling)

You’re not taxed when you buy at the dip, that becomes your new basis

USA entry level accountant here, trading an asset that gained value for another asset is realizing gains you knucklehead. They teach you this shit in literally accounting 101

I bought some btc back in 2014-15 and “lost it” by sending it to an incorrect address. Obviously I don’t have the info because I closed down my coinbase account. Just concerned the tax man will tax me thousands of dollars on an asset I legitamtely no longer own.

Can you be taxed on a loss? Gambled on a few shitcoins back in summer time.

As long as you never profited or try and claim a loss they won’t care

Crypto is monopoly money

So if I bought 1 BTC at $1000, sell at $15000, I made 14000 profit. If I buy the dip and now have 1.1 BTC, I've basically lost money because the taxes on my 14000 will be higher than what 0.1 BTC was currently worth?

Just donate to the dnc and you’ll never get audited.
The IRS is a corrupt commie infiltrated swamp that needs to be dissolved.

HAHAAHHAHAHAHA screen capped. So this is how it goes down... NEVER, EEVVVVEEERRR try to fuck the IRS son.

>you can have my link tokens when you pry them from my offline paper wallet

So the btc I lost a few years ago I just shouldn’t mention? So just leave it be and not claim a loss? The profitable transactions I had from shitcoin to shitcoin I will have to report correct?

Luckily the IRS audits less than two percent of the population. If you're less suspicious than at least 2 percent of the population you're good.

And after you submit every single trade you must sign each page individually.

bitcoin.tax/faq

That isn't a legitimate capital loss, you can't claim a deduction for it, nor will they come after you to get it.

No, you only pay taxes on money you GAIN, THAT'S THE POINT REEEEEE

This 100%, I daytraded shares and it's the same.

Plus the ATO doesn't give a shit about all the Australian neets earning less then $30,000 a year in crypto gains. (June)

Sometimes i wish I was the ruler of the earth and could enact global laws, where I can cull people like OP.

*Smart people will just use Monero

Anyway to use Monero to buy giftcards?

I could cash out 1m+ worth of crypto under an hour; I'm not going to tell you how because you fuckers are are too autistic and will some how find a way to fuck it up.

Link?

It would be easier to cash out my crypto than shares. (If you're thinking Coinbase you won't make it)

Let's say I bought btc on gdax, then turn around and sell them on local coins. I get cash by Western Union or whatever. I deposit the cash into my checking account. Even if the tax man comes knocking, can't I say the cash was a gift and I lost access to those coins? There's no tax on gifts and you don't even have to mention it in your taxes if it's under $14,000.

Lol, catch me if you can. Im behind 7 proxies.

Even bitcoin to LTC?

What do you plan on doing with that screen cap? Send it to the irs saying someone online says that they don’t want to pay taxes? Fuck off

But we all buy high and sell low. Capital lost

>Paying taxes

Lmao nigga why the fuck is you in crypto in the first place bro

Why do you assume we all live in burgeristan?

the irs cant tax you unless you literally cash out.

kys op

>tfw only 7.5k in gains to date

No one gives a fuck about us small fry, we're basically tax exempt ;^)

all exchanges offer the option to show your trading history. you can check the blockchains for actual off-exchange transactions you've made. easy peasy. if you wanna daytrade, you gotta keep track of your trades.

I will be sending the irs an invoice thus year, because I only lost money

you fuckers are retarded. Yes you need to report every trade but you are only taxed on your GAINZ. If I buy 1 btc at 14000 and sell it at 17000. I now have to pay capital gains tax on the 3000 difference. Not the full value of Bitcoin. jesus Christ Veeky Forums is the dumbest board. 80% of you don't even read or dyor, you just take whats on here as is. idiots.

Only if you're from a retarded place like murica

When do they start taxing you? Isn't it once you make over $10,000 a year?

>Thinking that if I make an actual decent amount on money I cant just move to 0% tax land?

You could do it that way if you're a retard.
Just subtract what you put in from the final output as profit. It'll cover more than you'd actually need to pay in taxes anyways and the IRS will accept it. The only reason you'd want to document every transaction is if you're a jew trying to play the tax system game.

What is Bitcoin.tax?

What is cointracking.info?

Wow this meme is good until you look up US capital gains tax. I actually fell for it

what do you mean by this?

underrated

Murica tax style. Lol.

Denmark boys. 0%0

If your cost basis is 15k and you sell 1 BTC for 16.5k then you gained 1.5k and will be taxed on the gains. You spent the 16.5k on BTC back @ 15k and n92 have 1.1 BTC with a cost basis of 16.5k and taxable annual short term gains of 1.5k.

If you resell that for 18k you made a 1.5k gain from your 16.5k cost basis and then rebuying 1.2 BTC @ 15k means your new cost basis going forward for transactions is 18k, of which 3,000 is taxable gains. Get it?

FYI I'm extra fucked this year because I started this year, traded alt coins, mined a bunch of ether, and all of my transactions have basically a 0 cost basis.

I've currently got 100k in crypto and my combined family income will be ~250k before my crypto gains...

Doesn't count because bitcoin is considered a house. You're literally buy and selling houses and you expect to pay less than 50% per flip?

Fuck no. If I had enough money that the IRS cared, I would employ book keepers to do it for me.

The fucks an IRS? I don't live in the colonies

what's the best to avoid taxe ? to cash out i need to be relied to my bank account

lets say I make 10 trades and make $10 each trade. Then I make 10 trades and lose $10 each trade.
Do I still owe money even though overall I lost? or do you still have to pay every winner even if you lost it all in the end?

don't they only chase after people with accounts worth 20k+?

This is why you buy XMR people, no taxes.

If you ever need fiat you can cash out in small amounts and never pay taxes on any.

Why should the IRS care enough to come after me if I give them something using this formula?

this is the only way to do it really.

This. Otherwise you end up with 100 pages of trades that add up to $500 anyways.
See:

think again

what if you're a poorfag who's worked off the books and never paid taxes to begin with, and isnt making much money on this? should i be expecting a party van?