Wake up and smell the taxes!

No one is going to report every trade except boomers

Where did all the libtards come from?
We have always knew this to be the case?
Did you honestly think there were no taxes on crypto trades prior?

Ehh ill pass on the whole tax meme i went through hell for these gains and I'm not getting shook down by some thugs

a like-kind exchange is an exemption where you claim you traded one asset for a similar but different asset to avoid paying taxes. unfortunately it doesn't apply to cryptos

It's already law the tax plan just clarifies it

nope. the new bill only clarifies what isn't allowed. it's like if someone invented a voodoo doll that kills people and we signed a new law saying you're not allowed to kill people with voodoo dolls

use excemption 6920-a if ur a neet that mean u get frre digital money no taxes

hahahaha is that what you're going to tell the IRS when they pay you a visit?

big government fetishist..... gross

>Implying this wasn't always the case.
>Implying that Like Kind was ever gonna really be used for crypto.
>Implying there isn't software you can use to calculate your taxes.
>Implying that you're not some Euro retard that isn't just shitting up Veeky Forums.

I heard it's a tougher sell, but some people make it through. As long as I show my money trail, I think it's suitable. I'll still hold money for first in and out.

How scared are you bro

Can i report my losses of btc trades and deduct it from taxes?

Except that's wrong, you abject retard

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

you'd be surprise how many people don't know this. i actually just talked to a banker the other day who didn't know this

I wonder how they're going to enforce this.

already did have to if you were gonna cash out some anyway retard
and the taxes are lower now
so thanks trump

>don't file taxes
>irs calls and says they are going to audit me
>tell them ok
>give them list of all my trades
>thank them for doing your taxes for free
>pay what you owe and do the same next year

everyone just needs to do this, the irs will be up to their eyeballs with everyones paperwork, they'll have to hire more workers which means crypto traders are helping the economy after all by bringing down unemployement rates

it's a win win if you ask me, we get our taxes done for free and more people get jobs to do our taxes

this doesn't mean it's ok to do in the past. it's like if someone killed a person with a fork and we signed a law saying you can't kill people with forks. does it mean it was okay to kill people with forks before the law was signed? yeah i don't think so. who's the retard now?

How exactly will this be enforced? Whats stopping someone from simply not reporting their trade? especially if it was done on some obscure website

yes

i sold my gains bro so i'm covered

the IRS hired a company called Chainalysis to do background checks on people

do you think the IRS is just going to ask you to pay just your taxes if you get audited? nah bro. they're gonna throw you in jail LOL

My mind is blown people on here actually thought crypto was a like kind trade. Are you people fucking retarded? I already spent 20 hours setting up my tax report with over 500 trades BEFORE they even announced it.

I know right. I talked to a banker the other day who didn't know either

No one cares. They're getting taxes on the net difference between what was put in and what's cashed out. If they want more they can come audit me lol good fucking luck

I spent $30,000 on BTC when it was at 19.5k and then sold everything when it dipped to $13k

How much taxes will I need to pay?

doubt you would get jail time unless you were intentionally committing tax fraud.
the IRS understands the difference between negligence and willful tax fraud

So if they're going to tax the ever living fuck out of people for trading one crypto for another or for cashing out, what does that mean when someone tries to pay for goods with bitcoin for instance? If I buy a sandwich from Subway using bitcoin, they gonna slap Subway with a fucking capital gains tax? I mean this shit would almost certainly cripple the ability for any crypto to be used as a currency.

zero

>greatest bull market in history
>report losses

what the fuck did you do?

It's capital gains tax, not capital loss tax.

yes you must pay taxes for the bitcoin you use when you buy the subway sandwich. i'm serious

fake Bloomberg news

sticking true to the Veeky Forums strats huh?

You must pay with your life.

person who's never filed taxes here, am I supposed to file for taxes even if I haven't cashed out any crypto?

only if you traded crypto for crypto

Right but since I traded Bitcoin for a sandwich, Subway would have to pay the capital gains on that bitcoin while I would what?.. Cut off a piece of my sandwich and give it to the IRS? I mean that's what I got out of the deal, my capital gains was a sandwich. This is fucking retarded, they're trying to torpedo crypto. I just need to stay off of American exchanges from now on.

There are reasons Trump is this pitifully low in the polls.

I have traded crypto for crypto, but how can they tax it if it hasn't been sold for USD?

No.

they aren't going to throw you in jail if you pay the taxes and the fees behind it, just say you had no clue and that you were sure they would figure it out and they did. ;)

because the IRS classifies crypto as property. and anytime you exchange it you must pay capital gains tax on it. same rule applies to stocks

dude are you fucking serious? the IRS will issue fees and penalties to anyone who does this. the fees and penalties will NOT be lenient.

>Bush at 86

No wonder they got away with it

It won't be in effect until idiot signs it, and then a few months down the road before it is implemented, so any transactions you do in 2017 won't count.

>Implying the IRS won't assess fines
>Implying the IRS won't assess interest

subway wouldn't accept your bitcoin. assuming you are using a middleman like bitpay, they just convert to fiat so the burden is on you to pay taxes for when that happens

>mfw I've been telling Veeky Forums this for the past 6 months and they just call me a faggot every single time

I wonder why they left out Johnson.
Interesting....

what polls?

i seriously have never taken part in any of these fucking polls people are talking about, even right before the election the news kept talking about hillary ahead in the polls.. what polls? whos taking these fucking polls? where do i take them? are they even real?

No it means you still have to pay VAT on that tax and Subway must pay income taxes on that transaction.

>I've been telling Veeky Forums this for the past 6 months

You're a weirdo.

Truth. They may eventually lock you up, too. We live in an Oligarchy. You mess with the Oligarch's loans and they will fuck you up instantly. They do this so that EVERYONE knows how bad it will hurt if you miss a payment. You can't fuck wit da tax man.

it was never allowed before bro. that's what people don't understand

You pathetic cuck

I've been audited before, it's not a big deal. They said I got too much back on a return from like 5 years prior and had to payback like 700 bucks. I paid them and all was well, and even if I couldn't right then and there they have payment plans. It's not like the Godfather comes to your house with some hired goons and breaks your knee caps.

That's what happens when you break the law, oligarchy (lol) or not.

it's gonna be fun when tax season comes around and everyone has to sell their crypto to foot their tax bills

a weirdo who no longer gives tax advice on Veeky Forums even when you dipshits desperately need it

Answer the phone when 800 numbers come in. These are real Americans, bro. Seven out of 10 of us have symbolically told Trump You are Fired. He needs to take the hint and walk away.

Forgot to claim unemployment one year.
IRS sent me a letter saying "Hey you forgot something so we did it for you."
You owe this much green sheckles.
Ok.

so how does it work exactly?
like if I have some BTC and it gains 20%, then i trade for some other alt. Do i pay taxes on that 20% gain or the entire value of the trade?

Nice dubs but this is completely different. If you don't report trades you will be penalized and probably jailed unless you have a good lawyer.

Ignorance of the law is no defense.

You gave tax advice to Veeky Forums for 6 months straight. You're fucking stupid.

>dude are you fucking serious? the IRS will issue fees and penalties to anyone who does this. the fees and penalties will NOT be lenient.
if everyone does it what do you think they are going to do? fill jails with 1000s of Neets that simply didn't know how to do taxes?

be real nigger.

They just want money, give them the money you owe.. after they do your taxes for you.

i don't mind having them do my taxes for me, i don't mind handing them 1000s and 1000s of trades for them to figure out. i don't mind paying what i owe.

Bring it.

If you would stop sucking dick then people would stop calling you a faggot

>mfw monero
Hahahaha, have fun with the tax man.

you pay taxes on the 20% gain

He tries to appeal to everyone and ends up impressing no one.

I wanted him to lower taxes so I have more to invest, not place taxes on crypto.
I wanted him to build a wall to keep out illegals, not go after the diversity lottery which has a lower percentage of criminals come from it than any other kind of immigration, even merit based immigration.
I wanted him to repeal Obamacare, not net neutrality.

>fill jails with 1000s of Neets that simply didn't know how to do taxes?

They will issue penalties and then garnish your wages. This isn't complicated.

ONLY IF YOU TAKE PROFIT. I'VE BEEN IN THIS FOR 5 YEARS AND HAVE NEVER SOLD ANYTHING. NOT A SINGLE SATOSHI. I OWE ***NOTHING*** TO THE GOVERNMENT.

do they have Subways in Europe, who else has VAT

well good for you then. everyone else probably shifted their portfolio around quite a bit. i certainly did and made some mad gains but this tax situation has done a number

hello federale

> i don't mind handing them 1000s and 1000s of trades for them to figure out.

I forgot to mention that this will take them literally less than a second to do. For every single coinbase user it might take 30 to 60 minutes. The data is all there. Do you trade on coinbase? Are you aware of who the board of directors for that company is?

you forgot to include thats hes prime focus now is making sure Israel is great again instead of America

enjoy working with wetbacks and getting paid under the table for the rest of your life because any real paycheck you 'll get would have its wages garnished

>hating money grabbing jews
>being the biggest jew by not wanting to pay for services you recieve from the state
go and live in the wilderness with your paper wallets you fucks

you literally did nothing to get this much money

>if everyone does it what do you think they are going to do?
That kind of logic doesn't work, you can't just assume everyone is going to break the law, therefore don't make the law.

You could make the same argument against every law, even anti murder laws.

>It's not like the Godfather comes to your house with some hired goons and breaks your knee caps.
Some people in this thread sound like this is going to happen, for some reason the u.s. government has their citizens very scared at all times.

I don't mind the government, i use the roads and i went to public school, if my house catches on fire there are fireman to put it out so its always good to pay taxes, but lets be real here. the penalties aren't that bad, I have a friend that has owed the IRS 30k for the past 3 years and they haven't done anything to him....

what services? the opportunity to give shekelburg my money?

fuck off cuck this is plain theft

I've honestly stopped following politic as of late, some Im not up to scratch on how much Israeli dick he's been sucking.

...but who are we kidding, it's America, ofcourse he's going to do israels bidding

I only spend money I can afford to lose. I quit smoking pot, so I started to buy 50 bucks of crypto every month instead. You know, some BTC, some ETH, some LTC, some DOGE. I think you have some idea of what has happened to my net worth. Anyway, I have never sold any. I whale the fuck out of new coins I think have potential and I buy BTC. I want all the BTC. Literally ALL of it. Unattainable, yes, but it's how I feel about that coin.

>I quit smoking pot, so I started to buy 50 bucks of crypto every month instead.
Fucking nice. I'm happy for you bro.

>He tries to appeal to everyone and ends up impressing no one.
Not to sidetrack the convo, but you should look up Political Time theory by Skowronek. It's a fascinating idea of cyclical patterns within presidential politics, and he boiled it down to the prediction that Trump might end up in the same vein as Jimmy Carter (who did exactly what you said in your quote above), if not in substance than at least in style. Interesting stuff if you're into theoretical political science stuff.

Tell me why this wouldn't work.
1. Trade all crypto for ETH/BTC
2. Exchange all ETH/BTC to Monero or whichever privacy coin is top dog at the time of cashing out
3. Transfer Monero off Exchange to a private wallet
4. Transfer Monero from private wallet to a new private wallet
5. Repeat step 4 as many times as desired
6. Get somebody in your immediate family who won't steal your money, they set up a new account on an exchange, get verified, etc.
7. Send Monero to family member
8. They exchange Monero > ETH/BTC
9. They cash out and only pay 34% or whatever tax off the bat
10. No way to trace where the Monero came from.

You have missed a lot. He commuted the sentence of the most stereotypical jew you could think of. Dudes name is literally
>sholom rubashkins
cnbc.com/2017/12/22/why-trump-commuted-sholom-rubashkins-27-year-prison-sentence-commentary.html
>The Chasidic Jewish Rubashkin was convicted in 2009 of several crimes connected to his family's massive kosher slaughterhouse operation headquartered in Postville, Iowa. They included money laundering and financial fraud. Moreover, the financial prosecution came after federal authorities raided the Agriprocessors plant and arrested 389 illegal immigrants working there in 2008.

you dense loser. even if/when the bill gets signed, the government can't RETROACTIVELY enforce taxes. In retard language: no taxes this year.

Low five my friend. =)

that's what you get for meme voting.