Wait, wait, wait hold on a minute

literally have to pay 99% on all crypto profits.

You're gonna need one and at least 3 bullets when you end up doing your taxes

around 25-33% for short term gains, 15-20% for long term

>Sending your gains to a (((real bank))) so (((they))) can track your profits
>Ever

You deserve to pay if you're this stupid. Even drug dealers are smart enough to get away with it.

what country lad

>drug dealers
>smart

I don't mind paying 1.3% taxes. Hope you Americans have a plan though

Salute

Netherlands

freedom isn't free

You don't have to pay any capital gains or income tax on cashed out earnings?

I know you have the 1.4% tax on net worth every year

well said

I'm sure they will user, I'm sure they will

that only works if you bought btc and never touched it, if you played with alts then t doesn't apply.

this man knows what's up, of course like I said, unemployed neets additionally taxed x10 on top of those 99%

everything in crypto is short term. Even if you held an altcoin or 3 years you need to sell it for btc first and then sell that btc for fiat but guess what, you just bought that btc, 1 year rule doesn't apply hahahah

yeah well I bought my ETH stack in 2016, so no, I don't need to sell it to btc first. the majority of my gains are long term friendo.

then you're good
but 99% of people making serious gainz now are doing so through alts with no fiat pairs

remember neets, 99% tax on all your gains and losses
roasties and normie wagecucks only 10% because mr shekelberg appreciates their (((hard work)))

Are you seriously telling me they expect you yanks to transfer alts to btc then again to fiat just to pay them in their shitty dying currency?

I dont think so.

What if I make a bunch of money off of crypto, and decide to donate it all to my mother who is not a US citizen?

real question

that's exactly how it is sir.
even if you don't intend to sell anything good 'ol IRS won't give 2 fucks, you either go begging on the streets or sell a good chunk of your portfolio every year (compromising your sweet ass gainz BIGLY) to be a good, obidient citizen

>cashing out before the western collapse

Lucky Im not a yank then, but whoever actually does this is a dumbass.

I am in Germany and I paid zero taxes on all of my cashouts

you still have to report like kind transactions

Dude its like 49%

that's absolutely right
this user also knows what's up
T A X A B L E
E V E N T
there is no proper guidelines as to how to to it exactly but hey, it's your problem. Worst case scenario a year down the road you'll hear some loud knocking on your door because the good 'ol IRS decided your tax report wan't correct. All assets seized. Life sentence on top of that

Is that all mr Goy? are you sure you included all the federal, state, local taxes? the breathing-air-tax? the white male privilege tax and so on?

and it's more work than reporting an actual gain kek. and the IRS has to approve each one.

That's now how is works buddy. The IRS doesn't have to approve shit beforehand.

Honestly, burgers just buy shit at Cryptonize.it, you can buy all sorts of gift cards

beforehand? kek
>he doesn't know they are going to look at every like kind exchange case by case and make sure it qualifies for a like kind exchange (they won't qualify btw)

but they can audit you / reject the like kind and make you pay with extra fees

That makes no sense. "Approval" implies they can block or prevent the transaction if they don't approve. Are you sure you know what approve means? Do you really think the IRS has the bandwidth to do that?

that's absolutely correct user, glad to see so many aware citzens!

The IRS won't go through your entire history now. They will do it let's say a year from now and only to neets how are about to escape the slavery. Like I said, roasties and normie wagecucks will be free to go with their gain, with a tap on their backs!
But every unemployed early-retirement enthusiast will be woken up in a year from now with loud knocking on his mansion's door.
Simple: all assets seized, Back to wageslavery like EVERY OBIDIENT CITIZEN ABSOLUTELY SHOULD!

>he knows he's wrong so he goes after the definition of a word

Fpbp

you used the word user. Perhaps you are only pretending to be retarded?

They say anyone making over 20k, but there's no way they're going to have the resources for that. It's very worrying, it almost seems pointless to even try now, because there's a very good chance if you actually make it they will take everything from you if it's as severe as the internet is making it out to be.

>that only works if you bought btc and never touched it, if you played with alts then t doesn't apply.
Not exactly. Even with the new tax rules.

True, if you bought BTC and never touched it, it applies.

It also applies if you bought BTC, then traded it for an ALT at a loss. It not only applies, but you get to count your loss on your taxes.

It also applies if you bought BTC and immediately sold it for ALTs. Unless you made profit in the 3 fucking hours it takes to BTC to confirm.

And although not technically, it applies if you did your trades on a chink exchange or decentralized exchange. Good luck to the IRS tracking down all those trades. Maybe they will figure it out in the years to come, but not yet.

brb liquidating $20k worth of ETH into Papa John's gift cards

no, the way I used it is valid for people who understand taxes

...

If you're not a normie and have been in longer than a year, you pay absolutely no more or less. It's just the gold rush faggots who got fucked. All I have to do is copy and paste my trade histories into a spreadsheet and import it into a calculator. Literally takes 5 minutes a year to do the taxes. Big fucking deal.

About 25% here

it's not about going from btc to alts, it's about going back to fiat with your alt.
Let's say you've been holding some shitcoin for 3 years and it grew 99999x, now you need to sell it for some coin with fiat pairing to cash out, but guess what mr IRS will ask,
>hmmmmm mr Goy, you just bought that btc/eth a few days ago, how is that 1 year?
inb4 they won't be able to check your binance history
that's right, but they will be able to check your btc blockexplorer and they will se there was activity going on.
Now we get to a problem of whether moving your btc between your own wallets clasify as a trade/transaction.
It technically shouldn't if you'll be able to provide those records and prove those were your wallets and not a wallets addresses coming from let's say binance

T A X A B L E
E V E N T

you won't ever escape this system, be a good obidient citizen and pay 99% taxes (10x like I said for unemployed neets).

>Not knowing the %56 meme