How the fuck can you even pay taxes

how can you pay taxes if exchanges like coinbase only let you cash out like 10k pay day? if you're a whale and owe several millions in taxes (and all your money is in crypto) you won't even be able to pay shit

>taxes
>ever

You only pay on what you cash out you shit fuck

>if you're a whale. . .
you don't use coinbase.

don't be a fag about jesus Christ...what the fuck you think a fucking helicopter come buzzing over you neet fuck shut the up faggots

wrong

>how can you pay taxes if exchanges like coinbase only let you cash out like 10k pay day?

lol clearly you're not one of the big players. i can cash out 50k a day

you dont pay taxes anyway until you cash it out right?

Did you have a stroke again, Rakesh?

> (OP)
>>how can you pay taxes if exchanges like coinbase only let you cash out like 10k pay day?
>lol clearly you're not one of the big players. i can cash out 50k a day
> (OP)
>you dont pay taxes anyway until you cash it out right?

you do, that's the problem, but if you can cash out more like the other user said then that's cool

So you just take the short capital gains hit or have multiple year long holds? Im trying to figure out if day trading + eating SCG is better than gambling on eth/btc for a year

This is why I cant be bothered with the fuckin thing. Im just gonna hold onto the 20 ark grandburger gave me and call it a day.

When double you double you three rolls around, it won't matter to me.

Just hire some Jew to look over your transactions and trades. Let him take care of all that shit.

do you owe taxes on what you cash out to pay for the taxes you owe from simply hodling?

sounds pretty complicated tbqh user
who even decides how much tax you owe? how is that determined?
is it a portion of the money in the account or a portion of the growth of that money? by whose exchange rate?

if you live in the US, yes, just less taxes (if you hold for > 1 year), if you live in germany you pay no taxes after you hold for a year (even if you cash it out later I guess). Note that you still have to pay taxes on the sit you're holding if you were trading around before you decided to hold for a year (but only on profits up until your last trade).

shit's complicated

you can use services like bitcoin.tax or cointracking.info to track your trades for tax reporting purposes
if you traded on exchanges that don't exist qnymore however ... guess you're screwed then and better start planning your new life in another country

But every trade you make has no profits, you trade €1000 of bitcoin for €1000 of an alt coin, there is no profit in that, infact there is a loss because of the commission on the trades

how can you hold for a year if you need to cash out to pay taxes?

You only pay taxes if you realized gains by trading. If you traded before 1 year you already didn't hold for a year.

lemme give you an example, user

you buy 1 BTC and it's worth $100
after a while that BTC is worth $1000 and you decide to trade it for ETH
you now owe 0-40% taxes on that $900 profit (minus fees and such which u can file as capital loss) depening on which western cuck country you're from, how long you held and what your income bracket is

he's saying even if you're hodling you need to pay tax

Actually it is closer to 50% if you live in California. Land of the Free.

You can use the FIFO method in that case I guess, look it up

No it isn't, you pay short term equal to your income bracket, but it isn't income tax.
Literally no state has you in a 50% bracket you fucks

You don't. If all you did was buy bitcoin and held it and never sold it. If you traded it for another crypto, then you owe tax though, and it wouldn't qualify for long term gains anymore.

Why would you be screwed? Just don't report it. Nobody has the data, so who's gonna prove you wrong?

yes this guy is right
also notice that "long term gains" mean different things in every country
in the US you still pay tax (15% I think?) on long term gains (if you trade or cash out obviously) and in germany you pay 0%, dunno about other countries

anyway it's a moot point i aint paying shit my niggas

37% IS BASICALLY 50% FAGGOT

If coinbase steals your money then that is a capital lose so write it off.

>buy up and coming coin
>make 2x
>sell
>owe 40% of all profits to US government
>only a 1.6x now
Hope you cucks realize that you aren’t making as much money as you think. It’s going to be hilarious when you try to outsmart the IRS. Enjoy jail.

the problem arises when you actually try to use your wealth
cashed out? your bank will notify the IRS and they'll audit your ass and ask where the moeny is from
bought a lambo or a house? your neighbors might report you to the IRS, IRS audits your ass and asks you where your NEET ass got that lambo from

Don't most whales keep their shit in wallets or Chinese exchanges? Doubt they'd put it all on coinbase or even bittrex when they can report to IRS easily

It is basically 50% when you try and buy something and have to pay 9% sales tax.

>tfw just calculate my taxes
>owe about 28% of profits
>1 month of gains gone just like that

JUST

FUCK

MY

SHIT

UP