Tax Cut Bill To Require Taxation Of Cryptocurrency Trades In US

>implying he wrote the bill

Whatever you say mr. irs agent

I don't even understand this bullshit. How TF can they tax on every fucking trade. It's taking money when nothing has even been gained/lost yet.

>implying he's not going to sign it

how much did you make though

>owe $10k in crypto taxes
>cashout $10k crypto to pay the bill
>now owe tax on the $10k I just pulled out

>implying anyone else would do anything different after being shown what really happened to Kennedy

>implying every candidate wouldn't have done this

You really think any politician would look at an untapped tax source and just leave it alone?

I don't even give a fuck, I'm not paying a cent until I cash out.

Let them do their worst

We already pay a tax through transactions. Why does the government think we need to pay them?

>implying /pol/ is anarchist
>implying that believing you shouldn't be taxed at all isn't anarchist

I know, it sucks balls

I made around $500,000.

Can you imagine this happening when everyone is trying to cash out at the same time?

how's this even possible, tax is based on profit is it not? they can't take more than everything, that'd make no fucking sense....

wait, so you only have to pay 20%? That sucks, but it's not gonna ruin me. It's not like I buy shit with my crypto anyway

>tax bill has literally made crypto unprofitable

MAGA huh? Hahah you all voted for a selfish crazy rich guy and thought the result would be different

Nope, tax is based on capital gains/loss. Every time you trade for crypto or fiat is considered a taxable event. If you ended up losing your money, you wouldn't have to pay taxes.

Sane fuck all those irs all this shit is Monopoly money anyways they are not going to tax my trades

>ETH News
Wtf kind of a source is that?

Can someone explain this to me? I thought you weren't taxed until you actually converted your crypto to cash. Is that not the case?

That $500,000 was unrealized though. If everything crashed, I still owe the IRS $67,000. This is the same shit that happened in the dot com when tech employees exercised their options and were left holding the bags.

not anymore m8, all crypto transactions for any reason now are taxed, AS WELL AS when you convert crypto to cash. it is now officially a zero sum game, (((They))) have won.

>TFW all exchanges that do business in the USA like Bittrex, Gemini, or Coinbase will report all trades to the IRS like a regular broker
It's the beginning of the end

It is now, until January 1st.

Honestly our pleb trades are nothing, but those big company bots that are making thousands of trades is going to be a nightmare.

I expect some bill to change this next year.

Nobody really knows.

Further, this seems like the kind of thing to get a line-item veto.

thank u trumbf
glad i votered republicen

>Yfw you made gains but nothing significant, so the tax man is no boogeyman

How many of you normies used cuckbase?

i'm a filthy no coiner who was looking to jump in after the holidays, now i'm not.

That's call a like-kind exchange and the general consensus is that the IRS looks down upon it.

Do you really believe Hillary would not be taxing this?

She'd be taxing it MORE.

It has been like that in Germany for forever. You have to document every single trade here. And you have to convert the values to EUR, even if you're trading BTC for ETH. Then you're taxed on the current BTC value in EUR.

If you buy BTC for 1000€, then sell for ETH at a converted price of 2000€, you just made 1000€ 'gain' according to the law. That 1000€ is taxable. If you keep holding ETH and it drops to 0, you're fucked. Still have to pay taxes on the 1000€ 'gain'.

Decentralized exchanges and house purchases solely in crypto means go fuck yourself Uncle Sam.

Hi NSA!

WHATABOUT

i hope /pol/ memes donald trump into not signing that shit.

bitcoin.tax/

I use cuckbase. I don't give a fuck if they give my info to the feds. If they don't auto take out my tax from my refund, then they can go shove it.

This is what I used to calculate my taxes. It's pretty great

Democrats a pro tech dumbass. Look at net nuetrality. You been played son!

Anything you plan on holding for a long time should be taken off the exchange, put through a tumbler, and into a hardware wallet. The feds won't know it's yours then, and you can put it back on the exchange when it's time to sell.

You're a fucking retard.
Those were literally the two options presented.
Yes, that's how America works for better or worse.

B A S E D

Another question, this doesn't go into effect until Jan 1 right? And is not retroactive I hope?

Republicans are pro money. Fags are always saying how repubs are rich fatcats, so why would they want to tax such easy money? If anything dems would want to tax it to pay for free college and abortions for illegal immigrants.

I wouldn't advise this. It is a known fact that the IRS pays Chainalysis to track crypto purchases.

What do we do if we already transferred it from the exchange directly to our wallet?

You need to file 8824 forms to report Like-Kind exchanges anyway.

Wait, so the murricans who bought in at $20k and have been daytrading themselves into a hole are going to be stuck owing more taxes than their cryptos are worth?

Bitcoin's blockchain has a fucking PUBLIC history of everything. This shit cannot be any easier to law enforcement. Public ledger was a mistake.

tumble it to a different wallet.

For every trade?

that's fucking bullshittttttt.

so you're essentially forced to cash out to recover uncle sams shekels?

Jokes on them my identity's not verified on Bittrex so for all they know I've just bought and held stuff I got off of Coinbase

"pro money"

Yea pro money to the 1% you can go fuck yourself enjoy your 800$ tax break while millionaires are making 5%

You literally cucked yourself if you voted for trump.

>tfw im never cashing out

>all crypto transactions for any reason now are taxed

That's not true at all, it just means that gains on crypto-crypto transactions are taxed.

i.e. You buy $1000 of BTC, it goes up to $5000 and you trade it for ETH. You now owe taxes on the $4000 gain you made after exiting your BTC position. Now lets say you change your mind and immediately swap your $5000 ETH for LTC. You don't owe any taxes on this transaction because you didn't gain anything. And if for some reason your LTC tanks down to $3000 you can deduct the $2000 loss. Your final tax bill would be on the $2000 net gain you made trading crypto.

No, the people who lost money day trading won't have to pay taxes. The people who are going to get royally screwed over at the ones who are doing really well right now. Because when the tax man comes around, they might not have enough money to pay taxes if the crypto market has crashed or dipped significantly.

no, gov gives you gibs up to 3k

so if you have 3k to gamble with thats a safe principal

How does taxing crypto help the 1%?

Will you shitheads take the political shit to pol for fuck sake I got real life questions that gotta be answered here

Only if you're day trading and doing well

there's a deduction cap but there's no gains cap :)

This is all EOY right? Like with your income taxes?

Bittrex is based in the USA so they'll 100% likely will enforce ID by next year to comply.

Finally someone that's not a retard.

This is not fun anymore. I’m going to arrange my portfolio as best as I can on dec 31st and not touch it for all 2018. Wish me luck boys.

why the fuck do they need every transaction, it'll be the same fucking thing when you get back to fiat.

what if you dont have cash to cover it, and what happens when you're selling a fraction of your ltc for other stuff and back again, does it just track in sequential order pegged to usd profits? can you have hodle stacks and trading stacks of the same coin where different entry points are months apart?

fpbp

>uh oh people are making money with new technology..
>we cant have that!

>implying this bill doesn't directly fuck anyone that isn't in the 1%
>implying this bill isn't a horrible idea for the emerging cryptospace
>implying taxing crypto to crypto is a good idea in the first place

Taxing crypto isn't about helping the 1%, it's to keep the 99% in the 99% you fucking thick retard.

Can't go ahead and make too much money now goyim, we control the world, you cucked yourself. Dems would've left the tech untouched because they're progressive.

>but muh republican values, taxation is theft
>yfw republicans actually vote for more taxes

government 101

are you sure it's not retroactive though? what if when the bill is released in Jan it details that this is also based upon past trades? this is what i am wondering

how does this affect canada

my knowledge of taxes is just about thin as my knowledge of stocks

That's called an Ex Post Facto law and is super illegal.

>he thinks that
Burgerstani cryptofaggots passing dogecoin around now having access to the same tax code that billionaire hedge fund kike traders use is a bad thing

They're going to be treating it like any other stock. It's a "taxable event" any time your shares change form, too. Which means all of dick, fuck, and shit until you add it all up at the end. You get to write off any losses. Throwing the bulk of your gainz into a stable holding investment means you pay a lower tax rate than your gardener when you finally cash out.

This is why children that can't even figure out the 1040EZ from their Starcucks wages need to stop talking about "muh fair tax codes."

The new rules wouldn't affect any transactions from before 2018.

>Dems would've taxed crypto into the ground to fund free college for sub-100IQ niggers and free abortions for illegal immigrants because they're progressive.
ftfy

oh goddddddd, iirc tax laws are retroactive

why the fuck is this being allowed to happen I thought we elected our representatives... to represent

From what I have read it’s just new rules that take effect Jan 1st. I’ve read a few different articles and haven’t seen it mentioned anywhere about retroactively going after crypto trades. Everywhere says you can use like kind exchange until jan1st. I haven’t cashed anything out so I’m not reporting anything in my taxes.

it doesn't directly. It hurts the crypto market, but you don't have to pay the IRS.

>MUH WHATABOUTISM
Nope. They would've never touched the cryptospace. It would've never passed congress.

YOU LITERALLY FUCKED YOURSELF AND EVERYONE ELSE IF YOU VOTED RED

okay thank goodness. i'm just gonna become a holder then. thanks for the response my dude. Do you think it's worth closing my exchange accounts that have trade history if i don't plan on using them anymore? or would there be any point to doing that?

But it is offset by the 2000 loss, no?

can we confirm this, accountants and old rich fags have kept saying every trade was taxable in burgerland

was it all a meme?

>why the fuck do they need every transaction, it'll be the same fucking thing when you get back to fiat.

It's crypto*currency* yeah? If a point in the future comes where you can use it without ever needing to xfer to fiat the government wants to make sure they get their cut.

>what if you dont have cash to cover it, and what happens when you're selling a fraction of your ltc for other stuff and back again, does it just track in sequential order pegged to usd profits? can you have hodle stacks and trading stacks of the same coin where different entry points are months apart?

Then you either cash out more crypto, or ignore it and hope the IRS doesn't assrape you. As for your other question, yes partial and conversions back follow the same principal. If you have more value than you did originally, you owe taxes. You can probably fudge the numbers a bit since the price is pretty flexible from exchange to exchange. As for the HODLing stacks, as long as you don't cash or exchange it for anything - you won't owe taxes regardless of price movement.

Can't we just sue with crypto gains?

nope that user is wrong. most ppl filing taxes for bitcoin don't use the like-kind exemption because they know it won't hold up in an audit

I get the premise, but its doesn't make sense. Say, you trade stock x for $10 (USD). you then invest this 10 into stock Y. you dont have to go through all the bullshit of capital gains yet because you haven't cashed out. its been stuck on an exchange.

THIS is why this shit doesn't make sense. the exchange is an intermediary until you pull your cash out. capital gains are only on money you have "in hand".

withdraw your hodl coins from amerifag exchanges

rip bittrex, we binance now

If you're trying to hide some crypto, don't use any wallets you have previously sent to from those exchanges. I doubt closing the accounts would save you, they almost certainly keep records even after you quit.

cant you just make another trade to offset the loss?