HAHA MURICANS ARE FUCKED! New IRS 2018 Tax Code Screws Crypto Traders!

prove you mined it user

Wouldn't that be worse, turning all your money into capital gains?

?

the tax law was like this before you dumb duck crypto to crypto tax free was always a meme

This is so fucked. It will literally take up your whole life, demoting you to an essential wage cuck - nevermind the fact that you'll get buttfucked on taxes. Fucking burgers when will they ever learn.

...

Not if you say you had help it for like 3 years
"I threw that computer out years ago, I just have this hard wallet with a fuckton of bitcoin in it I forgot about"

You know every bitcoins transaction history is publicly available right?

they will have to accept it.
Otherwise you can just gift them to your dad and he can say he got them from someone then he can give you money.

The thing with monero and crypto in general is, it's just too disruptive and 2 steps ahead of the IRS cucks, they can literally go fuck themselves

Doesn't matter what coin it is, you could use a privacy coin like monero instead

It's everywhere. theguardian.com/technology/2017/dec/04/bitcoin-uk-eu-plan-cryptocurrency-price-traders-anonymity

Sorry officer I sent my monero to the wrong address!

damn, nice quads me

meme magic says that this is the best way to avoid burger taxes

But unless you can exchange that monero for cash on a site that won't tell the IRS, it won't do you any good.

Listen, all of my American Bros. All you have is live in Puerto Rico for 183 days and you dont get taxed. Moving to any other country doesnt matter because you still owe. But Since PR is a territory of the US that pays 0 fed taxes. You can move there. So basically, I will be seeing all my millionaire Veeky Forums bros chilling in islands rich as fuck.

escapeartist.com/blog/4-ways-pay-zero-tax-cryptocurrency-gains/

he can sell monero for bitcoins on binance or other exchange not touched by the irs cucks
and then sell btc for fiat
he can also send btc through a few different wallets just to be sure there is no direct connection with any exchanges

And wherever you sell that BTC will tell the IRS.

and what's the problem?
the crypto-fiat exchange will never be able to track your btc history further than to a previous exchange
and you can say someone probably send you that bitcoin because he liked your blog post or something

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WAIT HOW DO YOU HOLD A FUCKING CRYPTO IF YOU HAVE TO SELL AN ALTCOIN FOR ETH/LTC/BTC??????????

YOU CAN LITERALLY NEVER QUALIFY FOR LONG GAINS TAX

>escapeartist.com/blog/4-ways-pay-zero-tax-cryptocurrency-gains/
I've always wanted to take a trip to the motherland. Looks I got a reason now.

You will be forced to pay capital gains tax when you sell that bitcoin for fiat.

The only option I can see is to sell Monero directly on TOR for cash. Actual paper money too, not a deposit in some account.

No, you don't get it. I WANT to tell the IRS, I want to pay some form of taxes. I just don't want to pay fucking taxes on short term holds. If you made let's say 5million on cryptocurrencies through day trading, youll get fucked up the ass by taxes, but it's easier to accumulate a fuckton of money quicker than hodling. Now if you tell the IRS that you made all of that money hodling you will only pay a small long term capital gains tax instead of income.

nigga fuck taxes
and fuck coinbase

cash out correctly

oh, wait looks like we've been talking apples and oranges.
I'm not saying to avoid taxes, there are different methods for that.
What I said was the way to skip the crypto-crypto tax BS, tracking your entire order history like and autist etc. just pay when you cash out btc and that's it. you give the jews their 20% or whatever it is and no further hassle,

oh then yeah that should be possible. I don't think you even need Monero for that. Just trade on an exchange that won't talk to the IRS. I.E. not one in the First World.

Binance is in Singapore iirc, seems like a good choice.

Real talk, can I get a TenX or Centra card and just spend my crypto without ever paying taxes on it? Gotta use these bags of LTC for something...

You don't need to track your order history manually btw, every exchange that would report to the IRS has a tool to download your history, which you can put through bitcoin.tax.

>don't want to pay taxes
>prefer to lie to IRS instead

Nigga you dumb

You love Europe? Then don't come to Germany, this exact law has been in place here since forever. We had to convert every fucking crypto/crypto trade into EUR and pay taxes on that.

No, these crypto debit cards send the transactions to your local tax authority.

Short term crypto to crypto taxes are bs. We're trying to avoid them by tumbling all your coins through a privacy coin and then cashing out in btc with the excuse "uhh yeah I mined them bitcorns like 5 years ago and then forgot about them. Guess I'm rich now and you guys can have your 20%"

>europoorean: ahahaha fuckin ameritards your country sucks fuck you hahaha i hate you enjoy not having healthcare and shit haha retards
>americhads: i don't think about you at all

Wtf way to defeat the entire purpose of decentralization

it sound nice and easy in theory
I'm sure that this magical software will get stuck like a truck in mud at one point or another. Every exchange probably uses a different formatting style etc. Also can this magical software process between-wallet-transfer, include fees, airdrops, free forks etc?
It's gonna be a cluster fuck, I can guarantee you.

and there may be a difference in the amount you owe depending if you calculate every single trade or only the final cash out-investment

>uhh yeah I mined them bitcorns like 5 years ago

>IRS:"Oh really, then show us your notarized mining logs."

exactly,
I don't mind paying 20%.
But Im sure as hell not gonna let them accuse me of tax fraud or something because my 15 pages of calculations don't add up exactly to the amount they should at the end.

like I said, just trade in a foreign exchange and tell them to pound salt.

You think the yellow monkeys over at Binance are gonna tell the IRS shit? Hell no.

>I don't have them I was a kid back then
or
>someone sent me this btc

what are they gonna do? say no to that tasty 20%?
fine then, there are many other countries who are more than happy to take it without complaining

>I don't have them I was a kid back then

>IRS:" Ok Mr user, since you can't prove that you legally obtained these coins, we must file a court order."
>*Court forces you to hand them your coins*

And if you fail to give them the coins they will put you in jail.

What if you lost the private keyes?
will they put you in jail too?
will they stop you at the airport?
will they read all the keyes and passwords from your mind?
we are talking crypto here, not hiding dead boddies

The same situation with that guy that had CP on his encrypted hard drive. The court ordered him to hand out the password and he said that he "forgot" it. He still is in Jail.

"I threw out that computer years ago."

checkmate IRS

that's science fiction but there is a solution for even your scenarios

before you sell anything for fiat, contact some hardcore crypto lawyer/accountant to see what you can expect. And if he says that mr IRS is too picky you go somewhere else

Unless you believe that the government will put in jail every person who has ever held btc in their lives lmao

You still need to prove that you have legally obtained these coins, how else are they supposed to tell that you got your coins, from let's say drug trading or other illegal ways?

>Binance is in Singapore iirc, seems like a good choice.

you my freind dont know how far the U.S will go to fuck 1 person in ass

you say you got it from one of your fans from your blog post/youtube video

>telling the IRS anything about my alt trading
Why should I? The exchanges have no legal info to trace jackshit back to me
Eziest tax evasion ever

arstechnica.com/tech-policy/2017/03/man-jailed-indefinitely-for-refusing-to-decrypt-hard-drives-loses-appeal/

That's not how courts work. If there are previous similar cases to this one (like in the link above), then the judges will 100% do it the same way.

That's money laundering, and it's 10x worse than tax evasion.

why is the IRS so gay goddamnit, I even want to fucking pay their damn taxes but I'm not gonna fucking file transferring my eth to fucking shitcoins. Why can't we be like the aussies where there's only tax when you cash out?

That is literally illigal under the constitution. You can NOT be forced to self incriminate. The judge will get sued and loose if/when it comes before the Supreme Court.

than you want to tell me that all the youtubers/blogers/paid discor groups founders will never be able to sell their coins?

wait, there's taxes on a simple exchange now? how the hell can they tax you when you havnt even gained any actual money?

The IRS doesn't only care about taxes. They need to make sure that you didn't obtain your coins in illegal ways like drug trading, weapons sales, human trafficking etc.
Just make sure that you have trading logs from exchanges.

My grandfather is Puerto Rican so it wouldn't look strange at all if I went "home".

Do these exceptions still apply if your crypto gains were attained before residing in Puerto Rico? Or could you just say you were given an unknown amount of Monero after you moved there?

Is this going to kill crypto trading in the US? Who would make a trade if the IRS immediately steals 20% of it?

No you're only taxed on gains, but if you make like $1,000 off transferring btc to eth just because you bought at 15k and it went up to 16k literally within the hour, you're still liable for the 1k, even if all your money is in eth by the time tax season rolls around

you can still buy gold with btc
sell the gold after

20% wouldn't even be that bad
good luck when they put you in a 90% tax bracket or something because they will say it's your main source of income, look how many unemployed neets are here.
Before you sell any big amount for fiat ALWAYS make sure either by yourself or some good lawyer/accountant that you're not gonna get raped by taxes.

there was a history of a dude on twitter who was unemployed I believe and even though he made like half a million or more got taxed 90% which fucking puts you back to the wageslavery trademill

>"Huh, Mr. user, where did you get all this gold from? Can you prove that you didn't recurve it through illegal means? No? Well I guess we'll have to take it for now until you can prove it's truly yours"

Fuck, @

>You can eat the shit out of my ass Mr. Taxman, just scoot on over here a lil' lemme shit in your mouth.

>90% tax bracket

How fucking retarded are you? Maximum tax bracket is 39.6%.

There is no 90% tax bracket. It maxes out around 50% as short term capital gains are taxed as income.

No, you dont have to do that. All you have to do is give your capital gains when you cash out because crypto-to-crypto are unrealized gains. You dont pay taxes on unrealized gains.

>my jewish friend sold it to me

>this nigga don't know about state and local tax

maybe in the JewSA, there are some even more cucked countires in Europe that have 90% brackets
All I'm telling people to tripple check their situation before selling "life changing amounts"

>Be leaf with green card
The day they come after me is the day I buy a one way blame ticket out of this country and tell them to shove their fucking green card up their ass.

this.
Call it however you want, what Im talking about is the maximum potential percentage they can rape yoi on. And it sure as hell is more than 39

ah hahahah...

we're so fucked.

I'll just wait until every single commodity is valued in crypto and untouchable by anyone but me.

>work fulltime
>make more in crypto holding them I did at my job

Feels good man

>Europe that has 90% brackets

At this point, you just buy a citizenship from St Kitts for $250k and enjoy the tax-free status and visa-free travel for 150 countries.

don't voluntarily pay taxes on crypto you cucks, wait until you get caught and pay the penalty. you won't go to jail unless you're fucking with millions and deliberately trying to hide your tracks

I've said it here before and I'm gonna repeat it once more.

All those IRS rules/guidelines are made as fucking complicated as possible on PURPOSE. They KNOW you won't ever be able to calculate all your crypto history exactly. They fucking know it and are just waiting for your Slightly-off-reports to accuse you of tax fraud etc. They won't go after normies ith their 2k or something. They will go after every neet who is about to ecape the wageslavery for good.
Good luck doing your taxes/trade calculations, you'll spend 2 weeks on it and it's gonna be like that math/engineering project, you calculate everything like an autist for hours and at the end it's close, it's really fucking close to what it should be, but guess what, it's still off. Doesn't matter if it's 1 cent or 10k. It's off and they jews will find every excuse to not approve your report.
>inb4 hurr durr Im not a brainlet I will calculate correctly
all they need to do is show you price different to what you reported from a different source at any given point in in the past to "prove" you wrong.

if you're talking about that much money hire a tax attorney to figure it out for you. transfer the liability.

Can't believe I was in the Marines for this fucking horseshit.

yea, that's what I preached here before.
Don't cash out untill you make it out of this wageslaving hell, then hire some turbo kike lawyer to do it and enjoy your freedom on the other side

They can go fuck themselves. Like hell I'm paying taxes.

For everyone person here that says "I'm not gonna pay taxes" I'm sorry guys, but, you will. The establishment wants crypto to be adopted, and they have their chosen currencies. They control Bitcoin, Ripple, IOTA and probably others. They use tools like Chainanalysis to identify your wallets on the blockchain. They are very much prepared to tax crypto.

It will be our job to get people out of Bitcoin and into the real organic altcoins, and get people into decentralized anonymous exchanges and promote the user coins before we can start any kind of backlash against the establishment.

In the meanwhile, we are going to have to pay taxes whether we like it or not, or we'll have boots on our doorstep. Unless of course you're trading less than $10k worth.

Eh my buddy made $30k off ebay one year and never kept good records of what he bought and paid for things. He got ass raped and owed some money but they didn't throw him in jail for shoddy records.

This is a joke of legislation. They have no idea what they're writing a law for, all they know is that people are making money and they want theirs.

There is no way that they have the manpower or expertise to enforce this.

This

Can't tax me if I withdrawal off shore

hh-hahh-ahah

based drumpf...

they did it on purpose. how is the economey supposed to look good on paper when people are fucking with other currencies

Does the law even specifically address cryptocurrencies? AFAIK it's just a basic law closing the loopholes on like-kind for anything, could be magic cards or precious metals. I roll my eyes everytime people make it out to be a conspiracy against crypto.

Same old bullshit FUD. If you make profits, you pay tax on the profit. If you have losses, you can write them off. So you pay tax on your NET PROFIT. All the new law does is close some loopholes that people were using to avoid paying any tax. Any other interpretation is wrong and FUD. Period.

Lmao I pretty sure these laws were already in place in Canada. Just ignore it, pay your taxes as normal.