Good times come to an end

Careful with your trades at the start of the new year.

bloomberg.com/news/articles/2017-12-21/tax-free-bitcoin-to-ether-trading-in-u-s-to-end-under-gop-plan

Other urls found in this thread:

forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#2ec904ca26a8
nomadcapitalist.com/blog/
reddit.com
twitter.com/NSFWRedditImage

dont say we didnt tell you but SONM

> “Every time you trade one digital currency for another, one token for another, it’s going to be a taxable event.”

I already thought this was the case. Oh well.

kek so I have literally hundreds of thousands of trades with no records of them.
Wow.

RIP, sorry bud.

That's some bullshit. I can't even use this shit for much until it's fiat. Why hurt poorfags?

You should be good, it only takes into effect at the start of the year. I would keep trading to a minimum next year though if you want to be safe from the IRS.

we just can't win can we

>only 800 declared last year

I still think they’re bs’ing to buy time for full regulation. They don’t have the man power let alone the laws to tax crypto as a “security” when they’re clearly either currencies or digital real-estate like NEO.

Obviously if tons of people are making 1000's of trades a day they wont be able to keep up. However, is it worth risking the IRS ruining your life over the risk of a few gains... not for me.

Why not turn btc into gold at JM Bullion. Investment to investment is not taxable. As long as your switching less then $3000 per week you should fly under the radar. Then sell that gold for cash....profit?!?!?

Whats happening ameriburgers? Wheres your freedom? Where is your second amendment? Where is your fucking capitalism?

This shit seems worst than what socialist countries like UK, Canada, and Mexico do. Wasnt the republican party about less gov control?

Anyway, good luck to the IRS proving that your transactions, they wont be able to. I wouldnt worry.

Most countries have tax laws on crypto trading. It isn't unique to Burgerland. Some Nordic countries have a 43% CGT. Fuck that.

>“As this fledgling type of payment gets older and more adopted, more scaled, eventually it will get regulated,” Losi said in a telephone interview. “More and more people will come to accept it and agree with it, even if early on it is very speculative.”
These people are actually brain dead, they should be hooked up to life support to keep oxygen to their heads from now on.
Good luck with the IRS finding and apprehending records from every exchange, they'd have better luck shutting down Piratebay by themselves.

If there's no personal info or even and identity attached to my current gains and wallets, can they even tax me through coin conversions, or is it only on centralized exchanges that require verification?

So am I expected to bring a fucking book detailing all of my shitcoin trades with me to H&R Block? Will H&R Block even be able to handle this or will I have to go to a specialist?
t. Tax brainlet

This was always my beef. Fine, I’ll pay taxes and be a fine burger but it only makes sense when moving back into fiat. One huge pump in one and one huge dump in another could cause some serious pain with no gains to show.

That's the idea, better not lose money on those trades either otherwise you will find yourself in the negative real quick.

>voting for trump

If it crashes then you can claim a loss.
Losses can carry into the next few years.

>implying this wouldn't have happened with either side

Stop being hysterical. Just use first in first out principle.

They could get the transaction history from the sites. But other than that no, the blockchain only has the the public keys that you submit to it available, so the only way for them to know it's yours is if you submit it yourself. Which means they're essentially telling you to fuck off somewhere else if you want to cash out because they're jews.
There's no point in paying taxes when the US economy is on the verge of utter devastation as well.

every trade is a taxable event, and it's been this way since the IRS said so like 2 years ago

good goys

>"What happened to your million lambos user that you traded on December 31st at exactly 11:58:59PM on Bittrex, user"
>"Well, you see Mr. Taxman, I listened to Veeky Forums and put it all into Chainlink, so now it's all gone to 0. I'm reporting it as a loss."
>"You sure it's not in a private Monero wallet somewhere earning even more Lambos?"
>"Oh no no, not at all!"

I've always heard 2 conflicting stories about the dollar. One side says it's inevitable fall is any day now with social security and what not, and the media says it's all good and that the stock is at an all time high. But I suppose my frugality has sheltered me from awareness of the economic states. But if taxes only apply on cashout to fiat, that sounds fair considering there's more than one technical fiat. I'd imagine you could cash out to pounds, pesos, or yen as well. Unless fiat conversions are taxable.

Land of the free, home of the brave. Enjoy reporting your 100s/1000s of trades haha holy shit. I wonder if someone will get arrested for tax evasion for trading DOGE as a joke.

Ahh, freedom is beautiful. Too bad my country isn't free, which means I don't have to pay taxes for crypto --> crypto trades. Damn that's fucked up

Definitely wouldn't have, look how the votes are split right now.

That was horrible.

budget director mick mulvaney loves btc and cryptos in general, thank god trump won bc hillary would've never let this shit fly for long

If it was you get taxed only when you cash out to fiat I agree, that would be fair. But that’s not the case, far from it.

I meant crypto taxes fucktard

>government puts a 9% sales tax on each trade because it's not a real investment
>everyone who does not produce records of their trades gets fucked in the ass next to Shkreli for tax evasion

God, this is retarded, I'm glad I'm not a burger. They're doing their best to fuck over crypto, fucking jews, I hate them with passion.

Thank god Trump is following thru on his promises to deregulate and drain the swamp amirite?

What the fuck do we do?

don't sell

not even terrorists could fuck the US citizens more than the own government does
LOL

Does this mean I'm safe to use use the like kind exchange rules for taxes in January, and just have to keep detailed records of my trades next year?

T-trump 2020...m-make america great again..

why the fuck does the GOP think they champion a "free market" if they pull shit like this?

user..... cmon.....

because they're all fucking con artists and swindlers. Their biggest victory was getting the white majority to vote against their own interests every step of the way lmao

you think 'muh terrorism' has anything to do with keeping people safe?

you think 'muh guns' has anything to do with freedom? no user, it's about money. nothing else.

I thought the rules were already like this? Are you saying I dont have to pay taxes on all my prior trades now?

I am really confused

Fuck off shill

>he actually thinks he's voting in his own best interest when he votes republican
hyup wees gon make mrucia grate agen

Remember, if it goes through, your past transactions won't matter, only those afterwards.

because I want to keep the money I earn I am shilling?

FUCK BANKING KIKES

they cant control this, just dont use their shitty exchanges

Only if you cash out. RETARDS

Source? I think you're the retard here

So say you bought XMR at whatever price it has to have been at to get you to your current holdings when you cash out.

How the fuck is the IRS ever going to be able to check your transaction history, they cant even manage it in markets that are regulated let alone ones designed for privacy

like LOL

>"once a swapped asset is actually sold, the seller would owe capital gains taxes at a rate that depends on whether it was held for more than a year"

Wow its fucking nothing.

So for this year, will I have to pay taxes on crypto-to-crypto trades?

That's the miner's fee. What you pay to miners for keeping the system running for you. The government wants to basically add an additional fee.

If they get really shitty with this and it ends up being a massive pain in the ass I will just go all in on Steemit and powerup my coins. Now the money is locked away. No trades and I believe it changes the dynamic on how I have access to my money.

yes, crypto has never been and never will be like-kind, that was a pipe dream

idk why people thought it was, animals of different genders aren't even like kind

They're applying the same kind of rules that apply to regular stock buying/selling, except trying to tax "selling" your coins to buy other coins.

Honestly, IRS can eat my ass. until I cash out, I'm not putting any of that bullshit in my taxes unless I'm reporting capital losses on the initial investments

Ahahaha I'm not talking about the fucking miners fee genius, there was already a belief that we were being taxed on a trade by trad business and we had to report them

forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#2ec904ca26a8

This article makes it clear we were already suppose to be taxed on trades before any new tax deal

just transfer your coins to a hardware wallet that you accidentally "lose" and report a loss on your taxes

EVERY TRADE IS TAXED MEME FAGS BTFO

IT'S NOT TRUE

HAHAHHAAHHAHAHHHAHA I MEAN IT MIGHT BE TRUE SOON

BUT IT'S NOT TRUE NOW. BTFO

This is why I’m learning Spanish. Dating a pure girl with connections to some...freedom fighters...that might help me retain assets.

The IRS is going to begin throwing people in jail for losing wallets and fucking up transactions... You better make sure your hard drive doesnt crash and you tripple check every wallet address or its to the clink for you pal.

anyone else getting the fuck out of this shit country?

yep. unironically no longer "our" country anymore. it's (((theirs))) completely. zog hates that white dudes are getting rich off of crypto

>The IRS is going to begin throwing people in jail for losing wallets
except the law simply doesn't work that way

You better choose wisely. Most not shitty places to live in this world have high taxes and a government who fears the internet and crypto currency.

>why hurt poorfags?
>GOP
You must be new

Two things are sure in life, death and taxes. I live in a highly taxed county and people literally want to increase taxes on themselves. These people hate money.

If we all unified under some sort of obscure currency and only traded in that currency much like bitcoin, except completely detached from crypto, could the government tax that? Like creating fiat, to replace fiat, without ever coming into contact with fiat.

am zog, can confirm. kys

Trump talked about tarifs all campaign and taxing goods coming into the US. The tax reform happened to line up with a sudden increase in popularity in crypto and it got included unfortunately.

Its going to have to.

Here's the problem jackasses.

Losing a wallet and fucking up a transaction is HIGHLY MOTHERFUCKING PLAUSIBLE.

Recovering said wallet or transaction randomly a year later is also HIGHLY MOTHERFUCKING PLAUSIBLE.

The only way the IRS is going to get around this is brute force. They cannot be forced to take your word for it because a 12 year old could make up a simple story and avoid paying millions in taxes. Then suddenly "OMG I GOT MY WALLET BACK! YAY!" a year later...

They are going to just begin throwing everyone in jail for this or they might as well just ignore it. That's the only two options here.

Let me rephrase that. We use something completely unrelated to fiat, assign a value to it through bartering, and make sure there's no way to "cash out" on it so it can never be assigned an authentic fiat value. Kind of like picking tulips to use as a currency instead of trying to redeem them for the established currency.

We need an openly antisemitic candidate

nomadcapitalist.com/blog/

Is there a source to the bill where it explicitly says anything about crypto? It has always been known that you have to tax trades ever since they acknowledged crypto as capital gains. This feels like a fear mongering article written by a boomer kike in hopes of bringing down crypto, since all the normies read kikeberg.com. And at a time when coinbase and ver are trying to kill BTC, this just goes perfect into the kike plan.

>>>reddit.com

Wouldn't losses be deductible offsets?

That blog site gives me crypto for my post? Not worth my time if not.

Most likely scenario

>Get taxed on buying crypto + transaction fees
>US law forces all exchanges to be KYC compliant tracking trades across exchanges
>FBI + IRS team up
>Math programs able to recreate your investing steps backwards on historical data so even buying xmr isn't safe
>Felony fine for lying, tax evasion, fraud, money laundering, and whatever else they can think of.

>He actually got on the Trump train
You did it ironically right..... RIGHT?

thats the point though. They want to kill crypto, make it not worth buying. Think about it, if trump wants to kick start the economy hes not going to want people fucking around in other making money doing nothing. i

If you really think about it, we could be in what is considered a monetary war right now. We have the petrodollar against bitcoin,ether, and whatever China has.

This sounds like bullshit to me. How the fuck are they supposed to enforce this?

omg shut the fuck up

who knows maybe thats who the whales are that a fucking with the market daily. How much btc do you think has been confiscated over the years? Im not even trying to troll either.

worthless article. the last sentence: "Rhind said existing rules already prohibit securities from being used in like-kind exchanges. “I don’t think it’s relevant,” he said."