This is the future that awaits you goy,it doesn't have to end like this

This is the future that awaits you goy,it doesn't have to end like this
youtu.be/z8A85cl5w3s

You are going to pay the taxes on your crypto gains right Veeky Forums?

Other urls found in this thread:

cointracking.info/tax/
google.com/search?q=bank suspicious activity
discord.gg/USV36RY
anyforums.com/
twitter.com/SFWRedditGifs

Just move to Portugal, we pay as much as BTC is really worth

Yes, I'll be paying my taxes because I've made decent gains and want to be able to sleep at night. I moved all my coins into long term holds and am praying that crypto's taxation is ammended in the near future.

Of course I am because I'm not a scumbag and have no problem contributing to maintenance of the country.

Yes, I render unto Caesar what is Caesar's. Pissing off the taxman is a good way to get fucked.

I've also educated myself on the law so I can prove LIFO to reduce short term capital gains when trading shit coins if ever audited.

>contributing to the maintenance of niggers, single mothers, and rent-seeking corporations

Buy Aeon and XMR.

Haha IRS is empty threat.

>>i forgot my,keys
>>brb i need to take a shit in belarus.

So how do you actually pay taxes?

If I only make 10k, i still need to pay taxes on that shit

15% for short term capital gains.

>Paying taxes on trading one series of numbers for another series of numbers
I wish the IRS the best of luck on taxing anyone who didn't cash out.

just say those three lovely little letters ... L.L.C.

belarus greatest country in the world
all other countries are taxed by little girls

do i have to do anything if ive never cashed out to usd and only traded shitcoins / held ?

If you think you can cash out with a few million, it's viable to eat the elavated tax upon cash out since you'll end up with a large stack regardless. However, it's cheaper to just pay proper taxes.

Yes. You're supposed to pay short term capital gains tax on every crypto trade. Shit sucks.

it doesnt just suck, its retarded

ok ok stop . So if you just pay the max amount of taxes its not enough? if you traded and always made 10% gains on shitcoins but need 15% tax you cash out 100.000 and maybe got like Nothing left?

so you start with 1000, make 100.000 out of it with 500 trades in between, whats the worst case scenario now?

nope

the IRS doesn't give a shit about Veeky Forums users making $50 on the $200 that they borrowed from mommy

15% is owed on every crypto trade. Shitcoin X goes from $1 to $10, upon trading Shitcoin X for Shitcoin Y, you owe 15% in taxes on the $9 gain ($1.35). However, trading at a loss can be used to offset the gains tax.

if i ever make it i am going to flee the country better thatn losing all my money to some irs thugs

>thinking a tax evader would get the same treatment as a violent felon.
White-collar criminals get minimum security prison. They even call it Club Fed.

but in the end you wont loose extreme amounts of money. I was expecting around 35-45 % in the worst case. So cash out 100k and you got 55k in the end

lol how are they gonna track this shit?

Taxed based on your tax bracket with a zero cost basis (assumes you paid nothing for your shit coins). This is the US law, since you are using European formatting, I'd refer you to your countries tax laws.

They can't. Especially if you wash regularly with monero.
But if you ever plan to cash out all to fiat for whatever reason, just do it in a tax haven. They cant tax a non us citizen, America will go to shit anyway once whites become a minority in a few years.

They can only track when you cash out into your bank account

It's great because it's fucking bonkers.

>Sell Crypto A for Crypto B
>Capital gain occurs
>Now must sell percentage of Crypto B to pay the capital gains on the trade
>Crypto B crashes
>Still owe taxes on the higher amount
>Only way to claim a loss is to sell Crypto B in order to reduce your taxes

It's fucking batshit.

i never met someone who can explain me the tax situation in germany with shitcoin trading ... just know that you dont have to pay taxes at all if you hold one coin above a year

You need to look up how taxes work
You write losses against gains
If you report every trade (as you are legally required to in the US), the end result will be the same as if you reported simply Start -> Finish.

The big point here is that trading crypto isn't long term gains unless you help a coin without trading it for a year. You can't trade coins for a year and claim long term gains.

i'll pay taxes when i cash out

if its pretty much the same at the end....so why the fuck just say ... hey taxman i made trading on that crypto shit , here take my maximum of capital gains and fuck of bye. ? its fuckin degenerating dogshit.

what sucks is when you rarely lose, i get super lucky with coins overnight and just sell the highs next year is gonna be a shitty year for traders especially if ur winning but if u incurr some losses like the user said it eventually should even out.

I don't see how jail is a potential outcome. In any case, they would just make you pay what they owe. Unless there's a clear attempt to defraud them or lie, I don't see how you could go to jail

Because the law?
You want me to explain to you why that's the law? Even though I already stated one of the reasons being short vs long term gains which are taxed differently?

but i thought trump fixed all this

Almost impossible. I'd wager most people would fly under the radar, but getting fucked for life over an amount of money I can't retire on is not in my best interest on the off chance that I am audited. I feel I have too much crypto to fly under the radar so I'd rather play it safe and plan a long term exit strategy.

Loses are fine.
If you lost money in crypto, you can write that off against your taxes or other capital gains.
You can even carry loses over each year, since you can only write off 3000 in capital loses each year

You probably won't go to jail unless you're frauding millions, but you will get a huge ass fine and be audited for years to come. Crypto gains are perfect targets for the IRS. High amounts of money in the hands of people who don't know how to fight them or have the funds to fight them.

no dude im just sayin this law is stupid. Why not fuckin say you only made short term crypto, here take my 35-45% whatever and be happy. this would be so much easier, but thanks anyways and fuck this stupid fucktard law. I hope its not that bad in germany .... but dear god its germany here i bet its almost the same or even more shit. Fucking laws

Does anyone understand US tax law regarding crypto? It seems like if you start with 1Btc,, trade it for 40 Ltc, you have to pay tax on that? How do you pay tax on that conversion?

It's a nightmare. I've had to start keeping multiple wallets and make calculated trades in effort to not get fucked by taxman.

>i have to pay taxes if i trade 4 pears for 3 oranges

So if I just have btc in a verified bittrex account, even though I have no intention of cashing out for a very long time, I still have to pay taxes? It doesn't make any sense given that if I pay, btc could crash the next day.
I feel like it must be that you only pay taxes once you cash out to fiat. Any other method just doesn't make sense

The same way you do any commodity, you take its USD value

If you trade 1 BTC for 40 LTC, you only pay taxes on the gains made from when you bought the 1BTC until you traded it for 40LTC (at that point, you've realized profit or loss by trading it).

If BTC was $10,000 when you got it, then you traded it for 40 LTC when BTC was worth $20,000
Then you pay the taxes on $20K-$10K.
If you then sell 40 LTC for $15,000
Then you pay the taxed on $15K (your selling point) - $20K (how much you bought the LTC for), and you get to write off $5K in loses
Overall you would have made +$10K and -$5K, so you pay taxes on $5K.

The problem is that there's a bunch of edgy neets obsessed with the idea of tax evasion on Veeky Forums so they'll spam all sorts of garbage and confuse people. Then those confused people decide to believe the thing that sounds nicest to them, which isn't correct.

Depends if BTC raised in price between the time you bought it and the time you exchanged it for LTC. If BTC increased from $9000 to $12000 before the exhange, you pay ahort term capital gains taxes on the $3000 difference.

Inform yourself. Pay taxes to avoid pic related. Simple as that.

Not if your just holding it and not trading, When you sell a currency to trade it for another you realize a gain and its a taxable event, if you hold and dont sell you don trealize the gain until you sell it, rather that be for Fiat or another crypto. Even if you hold for years, you dont owe until you sell, and you pay less in tax if you hold for more than a year.

how is the irs getting my trade history from the chinks at binance?

>armstrong before finding nanomachines, son

Yes, because those things aren't worth the same amount and have fluctuating values.
When you perform the trade, you've realized some amount of value for your 4 pears. You need to pay taxes on the difference between when you bought the pears and when you traded them.
Then if you sell those oranges, you pay taxes on the difference from when you traded for the oranges and when you sold them.
Of course you can write off loses if, lets say, you sold the oranges for less than you traded for them in dollar value

fuck off ameer

you forgot how the irs is getting my trade records whoops lost my wallet id

Have fun getting audited.

Two scenarios

1)
>"Give us all the US customers you have as per regulations, or we'll shut down the US as a customer base"
which Coinbase has done for some users already

2)
>"We see you sent $10K to coinbase and withdrew $100K from coinbase. But your trades don't match up. What's going on here? You failed to file your taxes correctly and are now being audited. You also have to pay a fine equal to X"
the more likely scenario

>put in $80 bucks
>fuck around with coins and mainly held and it grows to around $2000
How fucked am I? How the fuck does all the taxes on crypto and shit work?

Just do your best and look up prices for the days you traded. If you have times, look up times.
Some sites do it for you like cointracking.info/tax/

Just make sure everything trades out to your final result and the IRS isn't going to come after you

I would literally kill myself before going to prison. Your life is already over after you get sentenced there. You can never recover from that.

>lol how are they gonna track this shit?
They can't and they aren't. The kikes have been pushing this shit hard to scare people and hurt the market while (((Sachs))) buys in.

The IRS does not give a shit about imaginary money until it gets transfered back into fiat currency. Then they want the gains taxes paid, just like any other stock transaction. The "taxable action" buzzword the lugenpresse keeps shilling is irrelevant; if you re-invest (ie. move from one shitcoin to another) you've made no gain. Even if you break it into two transactions by assigning some at-that-moment real-world value a (coin->fiat->coin) exchange is a profit-taking followed immediately by a deductable expense. Net result of zero taxable income.

... and no new tax laws would change how 2017 taxes work regardless. You can't pass new laws on shit that happened in the past.

The jew curse means they die if they ever tell the truth to the goyim.

not an argument

>1)
>or we'll shut down the US as a customer base"
aahahahhahahhaa ahahaAHA HAHAHHAHAHA
"we'll deletet your website from the internet"
ahhhhhhhhhhhhhhh AAHAHHAHAHHAHAH

>1)
>and withdrew $100K from coinbase
i told you i'd pay taxes when i cash out. they won't have my trade history from a site in hong kong.

They wont. You'll just get taxed with a zero cost basis. You purchased BTC at $10,000? Too bad, the IRS will assume you got it for free. So now you can't subtract the $10,000 from your gains and you'll have to pay substantially more taxes than if you provided proper records of your transactions. Not to mention possibly penalties applied.

Someone answer this user. I turned $200 into ~$6500 in the past 6 months and I honestly have no fucking clue what to do with it. If I deposit $6500 from coinbase into my account will my bank report it to the IRS? I only have $500 in my account and the biggest deposit I've ever made was maybe a $700 paycheck? Fuckin made it and now I don't know what the hell to do.

They aren't. Especially on a site that doesn't require its users to submit any personal information to create an account and make trades. It's literally impossible for them to enforce. And if you trade through monero before you fun the account, there's no way they and even track the blockchain to see where the money came from.
More and more people will start to use crypto, and they will be forced to give up on income tax in a few years and switch to a sales tax if they want to collect any money at all. Cyrpto will be the death of the IRS.

>how is the irs getting my trade history from the chinks at binance?
They're not. They're getting a report of a large fiat transaction put into your bank account when you cash out. The same way they track literally every other fucking evasion, like drug deals and counterfeiting. When a shitton of money appears out of nowhere it flags. Been that way for longer than any of you have been alive.

>And if you trade through monero before you fun the account
that's exactly what i'm doing

>They're getting a report of a large fiat transaction put into your bank account when you cash out
which i will pay taxes on

I will pay my capital gains tax and that will be it. I dont have millions of dollars in shitcoins.

>"we'll deletet your website from the internet"
You mean like Bitfinex?

>i told you i'd pay taxes when i cash out.
And you told me you'd report them incorrectly. Learn to read and learn to comprehend.

>Cyrpto will be the death of the IRS.
-t Man arrested for tax evasion

i dont think they would report it, you could get away without paying taxes on that easily. They aren't gonna come after you for 600 bucks.

checked

Banks will often file Suspicious Activity Reports for transfers more than $5000. Rumor is the treshold is lower for crypto transfer since because of the money laundering aspect. You can cash out and pay your taxes, wait a year and cash out to get the lower long term tax rate, play audit roulette, or perform tax evasion by converting to BTC and selling locally/buying gold.

> financing drone murder of children
> not a scumbag

...

very little of the budget goes to this, even if it were true that that stuff is bad.

>Banks will often file Suspicious Activity Reports for transfers more than $5000

False

yeah he's right, that is false, cause it's automatic

coinbase only gave information to IRS on customers trading more than $20K.

i'm not even going to worry about my few hundred i put in coinbase

You good goys keep bringing this zero cost basis up like its a big deal. But it only cocost you more if you cash out all your crypto. If you have 200k in crypto, and you cash out 20k, and you have to pay zero cost basis on that 20k, thats still a lot less than being taxed on that 200k. You only cash out and pay tax when you need to buy or pay stuff off. Your money is way more valuable in crypto right now than it is in fait. And you take an immediate loss when you cash out due to tax, and an extend loss over time due to inflation.

and you thought day-trading was easy.

if you're trading a few hundred then why the fuck do you care?
I'm literally trading 10s of thousands a day

source?

fug let this be a reminder lads
render unto caesar what is caesar's

google.com/search?q=bank suspicious activity

Jesus would rather I get fucked and not support evil than do whats easiest for me.

It can be a big deal, but I agree that there are many variables to take into account and it's impact differs between each individuals trade history, performance, and financial status.

Not paying a fucking cent.

If the government wanted crypto gains they shouldve invested when it was $2 instead of laughing at my internet coins.

Officially speaking I own 0 crypto, i made 0 gains. I regulalrly visit Belarus for the women and sites, and i tend to spend money gifted to me from a belarus bank.

You,are free to keep taxing my worthless USD from my shitty dayjob because thats all the money I have.

The rest of it is just worthless internet coins ;)

mfw
i dont keep track of any of this shit
make 23k a year
i just do it for fun with an extra k i have
as a hobby
and it's on Veeky Forums and it's a nice distraction from /pol/
couldve just blockfolio-ed, but not the same rush

I don't understand. Are you saying that I trade into monero on an exchange, pull it from the exchange, then transfer it back on a different exchange I'm clear or something? How can it work if I want to hold something besides monero?

Mexican national here.

you guys are fucked lol

enjoy increasing shareholder value on those private prisons.

See ya in 2020 cock sucka

The memes are real.

DON'T THROW ME IN JAIL AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHHHHH

How can the orange cunt be both a nazi and a jew? I dont get it

Seriously fuck paying these cunts

Monero is a privacy coin, it's blockchian cant be traced. Its the currney of coice people use to by durgs on the darknet. So 10 years from now if the IRS finally figres out blockcahin and start trying to trace it, their path ends at monero. So let's so you went into BTC with fiat at coinbase thats connected to your name, then you sent that BTC to an exchange and you traded it for Monero, then you sent that monero to awallet. Then you opened another account on the same exchange or a difernt one, and you sent that monero to it, they can no longer trace that blockchain back to your coinabse account that your name is on. NAd the more you go through monero, the more impossible it si for them to trace, casue even if they somehow crack through one, theres 10 more. You can even wash through other privacy coins to make it even harder.
Crypto provides a harder to trace more secure offshore bank account to every citizen for free. Tell me how the IRS will even enforce income taxes again if everyone starts using this tech.

Disregard taxes, acquire crypto. Follow these guys, they've been killing it all week just look at their signals channel

discord.gg/USV36RY

>Tell me how the IRS will even enforce income taxes again if everyone starts using this tech.
The same way the enforce income taxes now.
With boots on the ground, guns in their hands, and bullets in their chambers

This guy gets it. These irs threads are such obvious fud.

>With boots on the ground, guns in their hands, and bullets in their chambers

Boots on the ground didn't stop the Roman Empire from collapsing and its certainly not going to stop the American-Israeli-EU Jew-Bankster Empire from collapsing either.

Crypto is the beginning of the end for them. The IRS is a dead man walking.