Mfw I just spent the whole day doing taxes

Pay someone to do that shit.
My tax returns run 30 pages or so, but none of that is BTC.

JC Denton: Do you have a single fact to back that up?
Leo Gold: Number one: In 1945, corporations paid 50 percent of federal taxes. Now they pay about 5 percent. Number two: in 1900, 90 percent of Americans were self-employed; now it’s about two percent.
JC Denton: So?
Leo Gold: It’s called consolidation. Strengthen governments and corporations, weaken individuals. With taxes, this can be done imperceptibly over time.
JC Denton: I guarantee you that the interrogation staff at UNATCO will not be as forbearing as I am.
Leo Gold: Yeah, the secret police. You’re just bullies for a completely illegitimate government in Washington.
Reminder that this country was founded because people didn't want to pay fucking taxes. Open your eyes.

>the cost basis of your FUN is $500
That's what her pimp said too.

because banks automatically report all large deposits (~3-10k even) so my beans are already spilled

t. bankfag

with that many trades you'll either have to pay someone to do it or automate it with scripts and accounting software. I'm a developer so I automate all the worst parts of it, but I still monitor all the end result/critical stuff.

...

so what is the point of using it if they don't do the cost basis calculations for you?

They do, when you buy your FUN you can tell the website you bought it for 0.5 ETH and it will automatically calculate what 0.5 ETH is worth based on what you bought your 1 ETH for (AFAIK).

Wow you noob didn't know about this? cointracking.info

But how do you do it when my market history on bittrex gets deleted. Is there another way of checking my trades?

>tell the website you bought it for 0.5 ETH and it will automatically calculate what 0.5 ETH is worth based on what you bought your 1 ETH for (AFAIK)
but if I bought my ETH 1 year ago that price will be severely outdated. that's what I'm saying by you don't have any idea how they are actually calculating it.

if I don't trust the site and know how it's doing all calculations 100%, I'm not going to use it

you'll probably have to pay tax on the full amounts of the trades if you lost your records and can't prove cost basis

>he’s reporting each trade

Kek my sides

>he's reporting all altcoin trades as like-kind exchanges even though they will be between different cryptos and won't even be like-kind (silver gold)
enjoy your audit and penalties

Why do you faggots even bother cashing out on places like coinbase? If you haven’t cashed out then you don’t owe taxes on anything.

Can you guys not think of any other ways to “use” your bitcoin, other than cashing out? Catch my drift?

You do. You only have to compare the report to the actual trades.

It is not money. So the exchanges are defrauding everyone. The cost basis for what you are buying could be zero (zero to zero). You cant buy goods with XRP anywhere for example. That's what I value the coins for since I think its all scam and its not legal tender.

Its nobodies business. We have sick people in control of these "coins". Sick people stealing tax money. Sick military. The USA is invaded. They are hurting people. You guys aren't doing the GOOD thing. In order to be good, you must do right for yourself first. Giving your property away to the commie USA is destroying the culture and hurting poor people.

Is it not just as simple as "pay taxes on what you cash out, when and if you cash out?"
If I trade a GPU for a CPU + RAM on craigslist, I dont have to pay taxes on that shit because no money was even used. The fuck do dollarless trades have to do with the IRS?

They don't consider crypto-crypto like-kind and because of this it triggers a tax event with EVERY trade, it doesn't make sense and it can literally make you end up owing more than you cash out with which makes me think they are trying to crash crypto with this bullshit tax regulation.

ding ding ding ding ding ding ding ding ding

>it can literally make you end up owing more than you cash out with

no...
your losses offset your gains for the year

you only pay tax on your net gain at the end of the year

Really? God I hope so, nobody knows how taxes are really going to effect us yet but all I know is that this shit reeks of boomer stupidity and kike greed.

Kek. This. I shut down my jewbase. I'm all in. If government kikes get on me, I'll say I just forgot my password while switching to xmr and moving my crypto

will having an irish passport make gaining citizenship in Portugal easier ?
us citizen here

Why would you do that when they can’t even confirm your trades?

It's an EU country so yes.

T. American who can also claim European citizenship.

Unless they decide to classify it as capital gains, in which case you'd be limited to writing off $3K in losses.

Unironically the best game ever made.

These numbers on tax rates are fixing bullshit and this game is leftist propaganda.

Taxes were actually less in the 1950s

Faggot muricans should stop bitching about taxes and put their second amendment to good use. Like their forefathers and sheeeit

wrong

the $3k number is the amount of loss you can carry forward from a previous year

on THIS year you pay taxes on your NET gain for THIS year

Taxation is theft

This game is gay as fuck

while i'm caculating my own, should the cost basis be using the prices on the native exchange?

I don't understand the point of using such convoluted, dry, and redundent jargon when theh write legislation. It's as if they WANT no one to understand how to allow themselves to be robbed.

Let's say you were able to cash out 1 million dollars.

What percent of this should be taxed provided you had zero other income for the year?

It is when you realize essentially zero benefits as a citizen these days from paying taxes.

>Education system?
Lol no money goes there.

>Infrastructure?
Our roads are full of fucking potholes and it takes months for anything to get fixed, shits falling apart

>Healthcare
Americans might as well not have any, for what we're paying for it

Instead our taxes go to paying the base salaries of politicians that sell out their country for a living, wars that don't benefit the citizen and destroy other countries, welfare for people that need jobs and not handouts, and social security for people that should have been paid enough to retire without needing free money.

the 2014 IRS memo just says you have to calculate it in a consistent manner, so do whatever you like as long as it's consistent and you aren't gaming exchange prices to minimize tax exposure

How are you supposed to pay the capital gain though? Selling the coin is taxable again. You don't have enough USD lying around to pay the tax. Some of us don't have an exit point either (no coinbase)

Can you see how stupid it is?

I didn't cash out this year, Am I supposed to file? Do I even bother with records this year? OP what do you owe?

the hell, trading a single time is taxable? At this rate why not just build it into the fees the websites already fucking charge you. By what percentage?

Enjoy my dhyk.

They want us to be nickled and dimed into submission because what we're doing is "high-risk speculation". Bitches. They just opened casinos and gambling across my state, even small games of chance, sure that's find to feed people liquor and rob them in impossible games. Me making 1000s of % return a year is bad though. Fuck the IRS and the Fed, I'm not paying shit, I'll renounce my fucking citizenship, Hong Kong would love my money. Fuck the Fed in their boypussies. I think we should flood the IRS's mailboxes with dick pics.

This.

Use Salt to take a USD loan, backed by crypto, and default on the loan so they take your crypto and leave you with fiat.

Untaxable for now.

Once they eventually patch that up, just claim you traded all your crypto for 1 shitcoin in a really poor through out trade and now you have a massive capital loss instead of profits.

Just wait it out until ICOs stop being techy go-nowhere projects, and they start having ICOs for crypto corner stores, and crypto-grocery stores. Once that happens the jej dies.

jesus man, calm the fuck down.
you're starting to foam at the mouth.

I'm just irritated. I'm cool, just pissed that my money is going to subsidize the welfare state. I need a drink.

he's not wrong though

Honestly this.

Crypto is the new economy. They can fuck right off I'm not cashing out.

If they wanted crypto gains they should've invested in 2008, instead of laughing with their housing bubble credit scams.

Everyone crypto rich SHOULD 100% leave the country for a crypto friendly one. There Is NO benefit to staying. The US literally is a shithole now, it's like making 2M in Africa, the african government demanding you pay 1.8M in taxes/fees and the starving african agreeing because he loves the shithole.

Fuck it.

Newzeland, Belarus, Switzerland, even fucking Germany.

This mentality, coupled with the ability and will to make it a reality is what they fear.
Voluntary taxation is a real and highly likely outcome of cryptocurrency though its not assured nor even the most likely one

>pissed that my money is going to subsidize the welfare state
Get used to it.
In 20 years you'll have lost count of how many things you're subsidizing against your will, and you'll just be vaguely annoyed.

IRS are a bunch of brain dead morons, you really think some boomer auditor with a degree in accounting is gonna know what the fuck a crypto currency is?

just pay an irresponsibly small piece on the investing tax and drive on

after all these illegals getting away scamming billions on false tax returns i could care less about giving the IRS any money

I plan to pay what I cashed out on and if they want to audit me I will give them so much fucking paper work that they will regret fucking with me. I'm a semi poor fag as well.

Honestly I dont think it matters. They are going to try and enforce something is completely impossible to do anyway and there is just no fucking reason to give a shit. I will be pleasantly shocked if they decide to come after me for like 3k more in taxes at 5 times the effort. lol

it's the government, buddy. Even I work for it (just not there.) We have literally nothing better to do other than fuck you.

forbes.com/sites/robertwood/2017/12/28/loophole-allows-tax-free-bitcoin-exchanges-into-2018/#194b5f3a12fa

Sure, but good luck. In this case you guys get to lose the fight. I am in a position where I am being unfair.

Sure you can fuck with me until the end of time and I will lose. But you cant get blood from stone. And if you try there will be problems.

I say you chill the fuck out. take what you get and move on. It isn't worth the trouble, Fuck with people when the cash out, at that point you are good to go. Jump down the rabbit hole of taxing every tiny penny for for fucking peanuts and at that point you are seriously wasting your damn time.

I might change my tune if I am pulling big numbers but I am not making that much.

I want to know, I mean, couldnt we just pay a taxman to do our taxes?

Surely it couldnt cost all that much. You're buying a load of stress and worry off your mind. Thats how I see it.

>Taxes were actually less in the 1950s
HAHAHAHAHAHAHAHAHA

I mean seriously wtf are you idiots going to do. You seriously start throwing people in jail for losing wallets or passwords when that shit is legit something that happened. That shit will get ugly.

Chill the fuck out on this situation man.

it's called an accountant

I would rather expect the worst and hope for the best. Governments do not have a long running history of being reasonable with their citizens and you should always be expecting an ass fucking at any moment.

Yeah, they call them taxmen here. I mean is it actually possible to not get reamed? Do they have any idea how to handle crypto without having you paying more than you need to or not declaring something properly or some shit?

This is all new to them surely.

I pay what I cashed out. If they want more they can do the leg work. Its completely fucking ridiculous to expect more from a semi poor fag. Go bother rich people you dumb asses.

fuck off IRS

its fine to do but you need guidance
discord.gg/x6xa8kg

The system is literally rigged to benefit the rich
Crypto scares the shit out of them

Why are you even in crypto if you live in burgerland? I thought the whole point was to get away from the slave system, but here you are working your ass off calculating le taxes, not to mention giving away your money to the jewish elite. You might as well just do something fucking else famalam.

Tax? For what? Crypto`s? Bahahaha..!! In what third world country do you live in?

I'm just wondering how many are actually going to report.

Do i have to tell the irs how many niggercoins i bought

If these coins continue to go up in value. God help us all the kek would be too deep. I think my head would all off if MSNBC had to start talking about NGR coins ...

...

Whatever you do, don't ask Veeky Forums for tax advice. Look at the portfolio threads. The vast majority of them have clearly never paid taxes and the IRS wouldn't care about them even if they 10x'd that year.

Brainlet here

Do I need to log my trades and stuff if I haven't cashed out anything yet?

all trades are taxable events. The math lines up where your tax on gains should be 15% (or whatever your applicable cap gains bracket would be) of your total difference. You can get taxed less if you accurately describe your costs. That said, if you don't report your cost basis on each event, you may be subject to a $0 cost. which would be devastating.

see

Everything already is logged. Every wallet you have, every exchange and coinbase all keep records of every transaction.

The problem is that the IRS is being completely retarded and they want everyone to write down super detailed records of every trade all spelled out for them. And if you fuck up at all they will toss you in jail for the rest of your life and get you butt raped to death by murderers and thieves.

And then you will get to see these moments of clarity where an unusually low number of people are reporting taxes. Basically out of fear for their fucking lives. Because the biggest sin you can commit is fucking honesty in this situation.

good luck!

I'm doing my taxes myself this year. I used to pay some accountant to do it but I want to learn how. Once I learn how the sausage is made, I can make decisions that lower my tax burden.

We can try suing them but everyone is better off just moving.

>govermnet audits cuckbase
>goy, we see you bought some coins and havent paid taxes on them care to explain?
>yeah i lost them lmao sorry

flaw?

The problem is that there is no flaw. They have to take your word for it. And any time in the future you can legitimately recover the coins. And they cannot say shit about that either.

I think they are just going to start throwing people in jail for making dumb mistakes. If you lose a wallet or fuck up a transaction, they will hit you with tax evasion.

lying to IRS is fraud user
you could go to jail for up to ten years.
you'll miss out on years of gains user!

possible 10x?!?!

>he doesnt understand welfare teehee

If you don't lie you will go to jail as well. That's the problem.

>if you do get audited, and we all have a very high chance
kys faggot with your shitty ass fear mongering

>lying to IRS is fraud user
how about half truths.

already have the password for my accounts on a secure location. now write down those passwords on a piece of paper. leave paper in pocket. send through the wash.

when asked about accounts:
>I wrote my passwords down and my wife sent through the wash without checking pockets.

god damn dude I'd rather just pay the tax

pretty sure the burden of proof is on you