Been trying to figure out how this whole taxing shit works for crypto. Ive read that IRS will be taxing based on each crypto trade transaction. Does anyone have any idea how much the tax will be and when you will find out how much you owe? Seems ridiculous to me and I am wondering how they will be able to track.
TAXES ON CRYPTO TRANSACTION?
Noah Sullivan
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Nathan Morales
its super scary thought.
the IRS will ask every exchange for their transaction records. itll be up to the exchange if they want to give that info up or not. which they prolly will.
the tax man always gets his boys. were gonna be in for it someday.
Henry Brooks
>mfw another fucking thread abut retarded tax laws
Bentley Peterson
you can just summarize it you know that right? current total - previous total * tax rate = your taxes
Chase Turner
Nothing has really changed, like kind exchanges have just been clearly defined now, and they don't apply to crypto. And it was a grey area before, it was never clearly defined if like kind trades applied to crypto or not. Nothing has really changed, it's still impossible for the IRS to regulate.
Thousands of people making trades in currencys they can track, on exchanges in countries they have no legal right in. Crypto is the BitTorrent of taxation, yeah its not legal, but its impossible to enforce.
Chase Sullivan
THIS IS THE END
THREAD THEME ; youtu.be
Jose Wilson
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Josiah Cruz
That's how I'm approaching it, they will not be able to determine anything else
Zachary Torres
nibba u forgot parenthesis so now ur math is gonna be wrong REEE
Jack Williams
yes, and the truth is nothing has changed it's just in writing now. stop fucking crying about it, this is what happens when people become their own banks.
all the poor NEETs here don't plan on paying taxes and that's fine because they are pieces of shit, but once that money hits your bank account then you need to either pay or live like a drug dealer, the choice is yours.
Benjamin Taylor
Holy shit, the level of autism. You will have to buy software to compile your taxes. There will be sales tax on every. Single. Transaction. Say it took you 900 transaction to get all of your 10K in to verge. There will be 900 separate sales taxes. Do you now realize how fucked you are?
Camden Wright
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Elijah Edwards
it's absolutely no use wasting time on these people. they are not going to change. the amounts they list on from 8949 will not tie out (or they will just lie about them) so just let them get audited and get fucked, there's nothing we can do to change it.
Chase Sullivan
but how do I cash out without these faggots stealing my money?
Henry Nguyen
do they take crypto
Cameron Young
There is always a way. I have to tell you 4 minutes apart.
Jordan Morales
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Aiden Rodriguez
Short term capital gains on any trade with a coin you've held for less than a year, assuming you made money on the trade. You'll ultimately be taxed on NET GAINS. That is, gains minus losses, at the end of the year.
Short term gains are based on your income tax bracket, so 15-33% depending on how much you normally earn.
Dominic Fisher
are you retarded? sales taxes is a state tax. do you live in new york and use gdax or what? you absolutely can summarize your taxes. that's what people who trade stocks do.
Brody Flores
Seattle and use Bittrex.
Sebastian Myers
Summarize your taxes? Elaborate please.
Jayden Hill
So what's the trick, you just cash out for gold then sell the gold? Wouldn't you still have to pay gains on the gold?
Jack Foster
Sell the gold on "Megs' List". for green leaves.. A friend does it that way.