Tax Cut Bill To Require Taxation Of Cryptocurrency Trades In US

Reminder that if you ever pay a single cent of tax on crypto, you're a faggot and should kys. The whole point of this shit is to break the system. If you don't get that, get out.

It was always like that

It has literally always worked like that in the US. If you've been in this game for a while I hope you've been paying your taxes or the IRS is going to fuck you eventually.

Is there any direction on whether we're supposed to trade our cryptos FIFO? LIFO would be better for most of us. I always refill my eth stack as soon as I buy an alt and I'd like to pretend that I'm buying alts with the "new" Eth that hasn't accumulated a gain yet.

am i missing something here? has this shit actually gone through or is it 'on its way to trump's desk'?

On it's way to trump's desk, to which he'll put a blindfold on and sign it because he's a fucking traitor.

>While tax professionals have been waiting for further guidance from the IRS on whether digital assets like bitcoin, ethereum and litecoin qualify for such swaps, a provision in the tax bill renders the question moot because it explicitly limits 1031 exchanges to real estate.

What isn't clear to me is this: If I never cash out to fiat, then I can't possibly owe anything right?

Normally I'd defend Trump and call you a faggot libtard, etc.
But you know what...I'm off the Trump train. This retard is taking America out of crypto which is putting more chains on our ability to compete with other nations in this digital economy.
I could of handled a simple taxation, that even costed some more %. Sure. Whatever we can make big gains here.
But wanting 1000 pages of shit coin trades and probably drowning in taxes from simple shitty day trades. Nah man. Fuck Trump.

IRS has been treating it as an asset since 2014. If you held it over a year its taxed at a lower rate.
"Search Results
If an asset is held for one year or less, then sold for a gain, the short-term capital gain will be taxed at ordinary income tax rates. If an asset is held for more than one year, then sold for a gain, the long-term capital gain will be taxed at a maximum rate of 20%."
obliviousinvestor.com/capital-gains-and-losses-tax-short-term-and-long-term/

People tripping balls about this now are just not paying attention.

this and not that it's the end of the year and normal taxes?

Thanks for opening your mind and seeing the truth of the situation. Overcomplicating crypto and likening it to stocks = killing crypto.

Nothing has changed. These are the same rules you were *supposed* to be following since 2014.

I'm a neet who has never played taxes I am the citizien of one eu country but live in another I have 2 foreign bank accounts that I have used to buy crypto and now I found out that I have to pay for each trade. Fuck it I'm taking out my initial investment at a loss and put it back in my bank account. Fuck that shit

That was easy. Only being taxed on what you left the game with.
All your shitcoin hustles for 1% profit or less here and there cause you were bored or changed your mind. All those. Every detail of your year of trading. If you use a bot. Oh fuck.
Trump is effectively stripping Americans of being able to compete in the future of money.
What a fucking faggot with his greedy boomer fuck friends.
Soyboys you have my axe.

>short term capital gains tax on every event
that's on the difference between the price you got it and the price you sold it.
we can hope for unique rules sooner or later. crypto taxes will be very expensive to enforce.

You owe on the marginal gain for EACH trade.

Fuck well If we're getting taxed now I expect we can report any losses on our tax return schedule d

Yes you do but the government will most likely capitulate on this anyway

hey /pol/ fags - thanks a whole lot

Ok, that is fucked up but anyways um going forward how I can buy alts on a decentralized privacy exchange?

No it will kill the gambling aspect of it. There will now be rules to the game and the government is doing it for your own good.

Im tired of seeing people make massive money on the loss of others.

Feels good to be in Monero. It will have a LOT of buyers in 2018.

I bought in 2014. I couldn't even remember my password when it hit 18k. I googled how it was taxed and based on that information have only bought more on the dips and not cashed out.
I'm long haul hodl.

Yes of course. And carry them forward

The chad nocoiner

The virgin cryptocuck

KYS
KYS
KYS
KYS
KYS

I'm in it too. Love the idea.

But if I buy Monero with ETH or BTC, then don't I get taxed on that too? That is how I bought all mine

oh, are they going to try enforcing FIFO

>There will now be rules to the game and the government is doing it for your own good.

>hurr durr protecting people from themselves
kys nigger

also
>trade shitcoin A for shitcoin B
>shitcoin B goes up 1000$ in value
>pay your taxes goyim!
>shitcoin B instantly plummets after you do taxes
>you now paid taxes on something that doesn't have the same value as before

Literally fucking retarded. Crypto is far too volatile for this.

I don’t see how they are going to enforce this, it would take eons

>im tired of seeing
Have you tried killing yourself?

I'm only voting Dem and picking the worst candidates that would trigger /pol/faggots from now on.
Enjoy diversity, feminists, refugees, white genocide. I'm voting to fuck this shitty country over. Are you with me Veeky Forums bros?
Fuck it buying IOTA for the first time.

What? You will only be taxed after a transaction. Its a capital gains tax. Calm down.

You do, but you only get one tax. You can trade your shitcoins all you want 1000 trades a day and then just convert to monero and to btc and declare the tax on only that.

Or if you have a way to sell monero directly then you don’t even have to pay any crypto-crypto tax, just say you held monero since like $5.

Trump is growing the IRS. There a lot of money to be made taxing crypto just like stocks and bonds.

barterdex.supernet.org/
crypto-bridge.org/

>after a transaction

THEY ARE SAYING CRYPTO TO CRYPTO IS A TRANSACTION YOU FUCK

>$500 ticket to switzerland
>thousands in taxes to support a nation that actively wants the white race destroyed
Really activates my almonds

Yes so this will also combat the ridiculous amount of coin types. Trading coin to coin just to buy another coin is going to end.

So goodbye gambling.

Thanks! what about etherdelta? Does that serve the same goal?

fuck you nigger die

yes

fucking N O R M I E S
why are you here? go back to /r9k/

I thought about writing a response but it seems like a wasted effort. Just fuck off somewhere else

Reported

you should probably check this out too

arxiv.org/pdf/1009.4843.pdf

this literally destroys money

I thought the purpose of bitcoin was to replace the banks? A decentralized currency backed by massive electricity and block chain?

No it turns out Bitcoin was the money pot and the alt coins became a gamblers arena. You degenerates deserve it.

>what is Monero?

Any source on this? As far as I'm aware, the IRS has been lacking funding since like... 2012. To the point where they can't do much.

this. it's just gonna cause a surge in privacy coins and places that accept them

There has never been so much salt in one location before. Congratulations user, you did it.

so pretty noob but what if you have bought coins but haven't exchanged for alts and are at a loss? sorry for being noob.

10-1 I bet this bill doesn't even mention crypto specifically by name and is just a generic law closing the like-kind loophole on EVERYTHING except real estate but faggot millenials think Trump is out to get them personally when I'm sure Brony toys and Pokecrap cards or whatever other gay trading market is just as much effected.

Fake news.

I saw in the taxes thread that was archived before this one that someone mentioned buying coins on Coinbase|Gemini|Etc then sending to something like Binance or an overseas exchange.

That trick might work for a short window... but the reality is that the USA will go after those exchanges just like they did banks. I have bank accounts in Japan and they're forced to report my shit to the USA/IRS, and a lot of expats have been turned away from bank accounts just due to the headache the USA causes 'em. Shit sucks.

this

governments aren't just afraid of losing their profits, they're afraid for their lives

myself? I'll be giving up my U.S. citizenship, live somewhere else where they're friendlier to crypto, and watch from afar as citizens of this world finally wake up one day and "snap"

no, it's goodbye to microtrades and microgains. profit margins need to be larger.

Same, brother. Adios. I'm gonna find me a beach.

So coins will become just like stocks. Thats fine by me.

If I trade X amount of crypto A that is worth Y amount of fiat for crypto B, crypto B is also worth Y amount of fiat at that moment, yes? So my capital gain for that trade is zero.

Have 2 million doge worth $11,280 the moment I trade it for .85 btc which is worth $11,280 at that moment where is the USD gain? There is none until I trade that btc for USD. Someone explain to me how my logic doesn't work.

Can you give up your citizenship and then buy it back later?

If not, are you still allowed to visit?

don't know, don't care

The funny part is, they'll charge you $5k to give up that citizenship...

Yeah, visiting isn't an issue, you'd just be examined more closely upon entering the country to ensure you're not trying to stay illegally. I've friends who've gone through it.

>Tfw finger biting about how you're ever going to calculate all of this shit
>Realize you downloaded blockfolio and record every buy
>Realize blockfolio actually logs everything and their loses

All that red never looked so beautiful. Still, fuck the GOP. Voting blue 2018 just to spit at them.

seemoney doesn't exist for me anymore

taxing every trade hurts my system, though

Better question is why would you visit a country that stifles progress? Usa will literally be brazil 2.0 once the debt can no longer afford to have 30% of working age citizens on gib me dats

>legend
my nigga found a loophole within the jewery

Thats fine but if he ever cashes out to fiat it will be taxed.

Good thing I'm moving out of this shithole of a country eventually. Gonna cash my gains in a better country.

I think the gain is the fact that you bought crypto A for a price less than Y. They would be taxing you for the "gains" that you made up to the point that you traded it, even though you never technically cashed out.

Theres far no better country than the USA friend. The rest of the planet is overcrowded and lawless.

embarrassing that you think any political party is good

What if I want a goddamn cheeseburger or something

Congratulations now everyone knows you are a faggot. Probably would be best for you to take your own life now faggot.

This is why you buy 10000 coins tokens shares whatever of every decentralized exchange on the crypto market today and into perpetuity provided it has a working team and products behind it blocknet kyber Network token all of these make these laws completely worthless they are scared shit list because of this reason guys if you use a decentralized trust list exchange none of this matters we can buy anything with crypto Monero zencash even the back door piece of shit zcash can work this is voluntary taxation via technology that they do not fully understand Welcome To The Future we're all going to be rich in 2 years if you aren't already now

Also if this isn't the biggest fucking advertisement for privacy coins all a XMR zencash and all the like I honestly there's no fucking helping you

90% of this board is /pol/washed

Untaxed gambling wasnt going to last. Now go back to poker stars.

user I know this is Veeky Forums and all, but like... what?

If you think that they are going to start going through all of your shitcoin trades you are absolutely a fucking retard. You will pay taxes when you cash out or actually use your crypto to buy something. It's really that simple.

So the rule is clear now. They wont enforce the coin to coin trades before Jan 01, 2018 correct?

Eastern europe, poland does not give a fuck about diversity is our strength

I would recommend New Zealand if you are seriously about leaving.

The problem with Poland is that it's full of polish people.

Just ask the polish, they'll happily tell you that. They are backstabbing bastards by nature.

Just stay away from Auckland

You can bypass all taxes by purchasing gift cards with coins as well.

I bet not even half of the global mcap in crypto is from the US. Let's fuck over the tax system for less than 300Billion.

>lawless

Why is this bad?

Yeah most trades are japanese. I wouldn't say the new rules fudge up taxes but its rather another way for the government to tax you.
I dont know man. Visit Somalia, same constitution USA has but way friendlier people.

So I buy 2 million doge in 2014 for $600 or whatever, and when I trade that for .85 btc tonight, I owe long term gains tax on the $11k that btc is worth, even though its just "on paper", and I didn't sell it for fiat? But if I just continue to hold the doge, no tax until a trade?

>meme coiners will fund drumfs wall
pottery

You'll need to provide your trades to cash out unless you want the IRS asking how $100k worth of dogecoin popped up in your bank account.