How the fuck do you report this shit on taxes...

Not in The US.

Let’s saay you bought eth at 300 and bought xrp with eth when it was 730, that’s a capital gain. If you had eth for over a year, that’s a long term. If not, short term.

Gotta report that, bro.

why are you pussies so worried? only report your returns when you cash out. do you really think the IRA is going to audit you because your crypto records barely match? just pay your fucking taxes.

thanks. I was searching "altcoin taxes" but didn't think it would be as simple as searching "bitcoin tax"

what

yeah, the t*x system is fucked here. they make intentionally make it complex so that if you fuck up they'll have more people to throw in prison in our for-profit imprisonment system.

No you don't, you aren't forced to file till you cash out stocks.

> Doing your own taxes

Lel, plebians.

I bet you mow your own lawn too.

I have read an article on a german site and they recommend taking note of when you acquire it and how much it was at that point in time.

I'm just reporting what I put in vs what I take out, when I take it out

>yeah, the t*x system is fucked here. they make intentionally make it complex so that if you fuck up they'll have more people to throw in prison in our for-profit imprisonment system.

This just proves how retarded the crypto sphere is. The crypto tax laws are no fucking complicated. It's the same as stocks.

You’re wrong. Any transaction made with a crypto is based on gains and losses of capital. You aren’t taxed just by cashing out.

They will shoot you mate. We all know you will buy drugs there

I'm a Chilean citizen, how the hell do I cash out in a South American country and not pay taxes? Everyone makes it sound easy but never detail how.

So if you're arbitrage trading $10k, is that 15% per fucking trade?

hi its the fbi you're under arrest

because every country has different tax laws. Why don't you try contacting your country's tax authority and ask?
Why dont you want to pay taxes? Are you a nigger?

Well in switzerland you dont have to pay tax on capital gains lal

Stocks aren't even this complicated, because you just report gains and losses. But with crypto, you're trading properties for other properties, and right now there's no exchange that provides you with an easy 1099 form or whatever, so you have to figure the USD value of each coin when you bought it and when you sold it

Cointracking.info automates all of this. Just import the trade history. It's easy.

So i bought some LTC, took some of it and bought a bunch of REQ, then i see this thread and shit myself. I thought I just show my very first initial investment and then bam after i cash out i pay tax on the cash out?

I spent about $600 in bitcoin early in December. Now I'm at 1k.

Will the government care?

>tfw 23 and legit over 1000 trades this year over 5 diff exchanges

If you bought LTC at $50 and then sold it for REQ when LTC was $100, you owe capital gains tax on the $50+ you earned holding the LTC before selling it.

yeah but don't you have to speak some irrelevant europoor language to live there

good thing I uhhhh buy and sell for shitcoins right away. holy fuck this is retarded. I have always hated libertarians but taxes are enough to make me go full ancap

ok well normiebase did a nice job of tracking that for me. yes i got into crypto through normiebase.

In communist France, your profits on coins can be taxed until 60%.

r8

fucking Americlaps are going to go to jail because they didn't record every SINGLE altcoin yobit shitcoin transaction XDDDDD
press S to spit on grave

If the IRS decided to audit cryptofags beyond what they cash out, they would be backlogged for fucking years. Theyre already short staffed. Just make sure to pay your income percentage of what you cash out. It shows good faith and will leaves them the evasionists to go after.

this. im riding this train

guess these tax rules are just the price we pay for being able to afford cars and not having like 90% of our income taxed

Do they verify your exchange trades? Why can't I just say I put my initial amount into bitcoin, then traded bitcoin for a shitcoin, shitcoin went say 10x, convert back to bitcoin, sell and pay the cgt on that amount.

I don't believe HMRC are set up to deal with this.

>How the fuck do you report this shit on taxes?

You don't until you actually own dollars in your bank account. Otherwise its just pretend money

capital gainz tax in my county is 35%. Are they fucking insane? Why do they get to keep so fucking much? I believe 20% is already usury

this just worry about your final number. Imagine the IRS trying to keep up with all this horseshit? Aint happenin

Wow
This looks complicated as fuck

price you pay for a military and some semblance of security, plus law & order, among other basic utilities to keep the society functioning

If you're really worried about it, report it as zero cost and pay the maximum tax. Or if you have enough money to actually be scared, just hire someone to do the shit for you

Yeah I'm pretty sure the IRS cuts deals with people when it would be too difficult to track everything down

more likely they'd choose to make an example of the ones they catch

>price you pay for a military and some semblance of security, plus law & order,

>America
>rational sized military
>law & order
>functioning society

he said "his country," I have no idea which one he's in but I assume he has those things.

irs.gov/payments/offer-in-compromise

You’d have to make a good bit of money on this to worry on taxes. IRS gives zero fucks on a couple grand. Their workforce has been reduced substantially. They are going after people with 100s of thousands or millions in untaxed income

Except you get taxed 52% on capital gains and don't even get free healthcare and education like socialist Europe.

aha, only 25% in extremely leftist socialist Norway

Wow Norway is such a shithole.
Let's move to America where we pay more taxes.

that's because we can actually afford our own health care. everyone in your country would die if the government didn't step in and foot the bill, but the cost is still loaded onto you anyways in the form of VAT. i bet you actually enjoy being herded onto public transportation like cattle

>Calculate tax years for US, Canada, Australia, Germany, United Kingdom
nice, works for germany too

You should be able to export withdrawal/deposit/trade histories from the exchanges.

I only use normiebase and Binance but they both allow you to export CSV files.

You can't pay tax if you lost everything on shit coins

Concur on this - had over 10000 little trades and it sucked everything in and you can even choose accounting method to reduce taxes.

Watch the first 3 minutes
youtube.com/watch?v=NV5ubkGQUes&t=327s

>triple entry accounting
>asset swaps
>smart contracts

Basically says that all the advantages that the rich had will be passed on to the average investor via cryptosphere

> move to Philippines
Pay your taxes, FBI

You can't afford your own healthcare.
Even your tv shows say so.

Renounce citizenship.

I agree with FBI. taxes are necessary for the country to work, don't be a disgusting leech
PAY UP

Like paying fucking don fannuci

In Germany if you hodl for 1 year you are not paying capital tax. Say I buy ETH, then exchange that ETH for shitcoins and after one year exchange the shitcoins for ETH (matching the amount of ETH I had) to cash out without having to pay taxes and maybe switch the rest to Monero or sth... I mean the gov probably isn't going to retrace every transaction you made amirite?

you got me, the tv shows gave it away

Brainlet here. Do you actually lose money from recording every single transaction? What difference does it even make from just adding up your net gains?

>buy $5000 worth of bitcoin to buy alts
>before you can buy alts, the bitcoin you hold appreciates to $5500
>you now have a capital gain to report before you even buy alts

I already thought about something like that too.
my only problem with this:
let's say I'm lucky and make a lot of money by trading shitcoins.
I might then not be able to buy myself a big house or a lambo or anything else that might raise questions because my initial investment in ETH which I supposedly hodled will probably not be enough to cover this.

Dont you only pay taxes on what you trade into us dollars? As long as its in cyberspace its just assets.

this

renouncing citizenship for tax reasons means you are permanently barred from the US

The exchanges can provide you a report, you might have to pay a fee

Stupid question but how do you actually pay the tax after you report it?

>cryptos are supposed to be free from gov influence, untraceable, etc
>they get taxed more than your actual income
lmao what's the point

The crypto community is pretty fucking stupid.

>be 3 weeks ago
>900 BTC on the buying side of POWR on Bittrex
>"There are only holders in this coin, no traders or flippers"

The absolute state of this place.

Unlikely but report it anyway (unless you go all Monero). iirc they won't try to take your shekels away from you if it's less than $600 profit

People aren't even treating cryptos as a currency, but as a speculative asset. So why the hell shouldn't they be taxed on that?

i am not planning on reporting or paying shit

Next year when I'm a billionaire thanks to my LINK I'll just pay some chink 10 buck to do my taxes for me
why worry?

pretty easily.
>irs.gov/newsroom/ways-to-pay-your-tax-bill

Ty

I only worry about it if it hits my coinbase or linked fiat bank account. Do you really think the IRS has any subpoena power to get access to Binance’s account info or exchanges in other countries? They don’t have nearly enough agents to look at everyone’s crypto accounts. And the more people that get into crypto, the harder it’s going to be. They’ll try to find whales that are tax cheats. It’s not worth it for people who are moving around shit under 6 figures.

Sure, but in the US the taxes go to pay a bunch of shit that wouldn’t be necessary if we were a serious country instead of clown world.

In the UK it's as simple as not withdrawing more than 11k a year.

Move to Monaco