Have $100k in crypto

so much for MAGA

Comfy as fk with bzc

>>still taxed on gains that u cant cash out on
nice FUD nocoiner

He is retarded, that's why.

If he actively traded yes he does owe taxes. Of course the can't cashing out part is retarded.

It's not fud, I think what OP is trying to say is basically imagine that you make 100k profits buying various alts, they will be short term gains so you will have to pay anywhere between 15-25% taxes. So unless you have ~15-25K in your bank account, you will have to cash out some of your crypto solely to pay your taxes on your paper gains.

Exactly my situation. I almost feel like I'm punished for making good trades. Bought LTC at $60, traded at 5x into an alt. That alt 2x'd. Traded that profit into another alt which 5x'd. Now I owe the government like $40k and I haven't even cashed anything out, don't have much fiat. Retarded.

>Long term store in BTC.
>Spend your shit at websites that accept BTC

Who is this woman on the picture

you don't owe shit cause you didnt cash out. You're a retard.

shopped pic but google cash me ousside

Except that with the new tax cut plan, every trade is taxed for capital gains. So how does that work? I'm just getting started and not sure how best to go forward without paying out the ass every time I trade.

you must not be a burger. thats how the taxes work here, the irs is gay and sees trading alt-alt as "realizing profit" even though it isn't

Precisely why I stocked up on more coins before Jan 1st. USA is an israeli run colony at this point, I'm just gonna hold and gtfo out of this kike run nigger infested shit-hole.

its not shopped

She's 14 apparently.

because boobs have a natural effect on gravity and naturally distort the arms of those around them i forgot thanks user

>2018
>being this stupid

you can though

>1 post by this ID

Delet this

I would in a heartbeat, if I'd be an American. What a horrible country to live in.

Do I need to pay gains on both trades and gains? Like lets say later on I exchange my FUN to LTC, then cash out the LTC to fiat. Am I going to have to pay taxes for both of those events?

Also, are any trades or activity I do starting now something I'll be reporting next year? It'll be my first time doing taxes with crypto, is Dec. 31 the cutoff point? I did in fact convert some LTC into FUN, how will I be reporting that on my taxes? It's not a massive amount.

Pls respond

*pay capital gains on trades and cashing out

shooped af nigger

whats the max amount you can cash out on coinbase per week? 10k? does this mean it would take OP 10 weeks to cash out?

According to what? Where has that IRS ever said that?

>Woman

You mean small child with big ass fucking tits lad

without uploading verification documents, yes 10k is the limit.

what if I upload verification documents?

Has anyone here cashed out large sums of money?

That's a pretty valid potential situation actually.

Talking to a real life person about this shit really put into perspective how bad the FUD about cashing out is here. Fuck you pieces of shit. Unless this is to scare away weak handed normies. Then by all means proceed.

>Do I need to pay gains on both trades and gains? Like lets say later on I exchange my FUN to LTC, then cash out the LTC to fiat. Am I going to have to pay taxes for both of those events?

I would also like to know this.

So if I buy BTC at $13k and use it to buy LINK, I have to pay tax on buying those links even though BTC only moved a couple hundred bucks?

They don't even know what they're asking at this point, they don't even regulate stock market exchange to this degree. It's technological illiteracy and you're all falling for the fear. They're not going to uphold this to the degree you think, and if you make even a slight effort to come out clean you'll be fine. Still, it's an absolutely bullshit law and change, and I'm not defending it.

This p much. All these tax threads are 100% fud.

Make a Steemit account. Go all in on steemit before april. Power up all of your steem up. File an extension for 6-8 months in order to be able to actually cash out for 25%-30% taxes.

By the time you actually cash out your coins will have gone up in value so you technically lose less coins when you pay.

That's what they're claiming they want, yes. They want you to pay taxes at point of trade, on whatever you made, meaning they're looking to tax you on a profit of, say, 1k, then, when you trade BACK into BTC, they want to tax you on that profit you potentially made trading back, and finally when you cash out. Thing is, they're not going to do this, it's absurd and they don't know what they're even asking for and are being purposefully vague about it in the laws. It basically comes down to being able to tax you repeatedly until you have nothing left as it's written, and they don't understand that it's nearly impossible to get a 100% accurate representation of the dollar value exchanged at each turn, considering how fast the market fluctuates.

SO DON'T TRADE ON EXCHANGES YOU FUCKING RETARDS, IF YOU ARE BEING TAXED ON CRYPTO GAINS YOU ARE DOING IT VERY WRONG!

Has any mexican cashed outr, how do i go about this and how much am i supposed to pay?

do i have to report on trades made before jan 1st?

So the IRS will tax you on each trade and then tax you when you cash out? For some of the gains people are getting, wouldn't they need to cash out just to pay the tax on their trade, and then they'd have to pay tax again for whatever they cash out?

That just sounds retarded

Taxed twice on the same pile of money, the American Dream everyone.

t. never seen a 150cm midget with average titties

That can't be it thought, because if you hodl and those coins go down, you will have just paid more taxes than you should have.

Yes, that's what the text says right now, but as I said, they just don't get what they're actually doing. They know it's bad for crypto but there's no fucking way they're going to be able to uphold this, because it's impossible to even accurately calculate every minor transaction.

Take for instance a half filled order, calculated by the site in satoshi's. Are you going to add up every satoshi you did get from the half filled order manually, then calculate that based on whether you were trading ETH BTC or whatever? It's so much work that it completely kills the ability to trade in many cases.

When they figure this out, and they will, they'll be happier to get their 25% taxes, rather than killing people's will to trade at all.

I want to make sure I understand it all because being taxed per trade doesn’t make sense since it’s literally just an equivalent value exchange.

Hypothetical:

So I buy $200 BTC. BTC appreciates and now my $200 is worth $250.
I trade that into $250 ETH (and am taxed at $50 gain).
ETH crashes to $100 and I trade to XLM (and write that off as a $150 loss).
Then I hold XLM and I’m not taxed on that until I trade or cash out?

Does that seem right?

i nkow her bits are tuge but im bretty sure op pic is shooped slightly

>$10K BTC
>wants to buy $10K LNK
>"taxable event"
>$10K profit
>immediate $10K expense
>taxable income = $0
Literally everyone telling you otherwise is some lying kike or shabos goy spreading kike lies to FUD people out of crypto while the jews steal all the money.

You pay taxes when you cash out, if you show a profit after your EOY losses. Short-term or long-term gains taxes depending on the time it was held. Or if you're not looking to minmax, you just claim it under gambling wins, because that's what it is. You should be keeping track of all these numbers anyway. Transfering money to fiat-usable forms (Amazon gift cards, etc...) is still a cash-out that will get you fucked in the ass should the IRS notice.

Pretty much, yep. If it appreciates in any way or even fluctuates between sites as it can, you will be taxed, or be able to file a loss. You can literally be taxed by moving from one site to another if the price changes.

When does the law take effect? If I haven't sold/traded at all in 2018 and just hold what I've had since December 31st 2018, can I still claim the lower capital gains tax after a year?

So what’s to stop me from filing it as lump sum capital gains? Say I make $3000 total over the course of 20 trades. The taxation should be the same no?

*December 31st 2017 not 2018

Will Sweden take me? They seem to like immigrants.

As long as whatever you have can be cashed out directly into fiat. Otherwise, if you have to trade for a coin, that's a taxable event and you also just got the new coin, so it's no longer long term gains, it short term.

I'm sure there's loopholes or ways around it, you should read the garbage for yourself and try to figure it out. It's very vague, and I believe it's because they just don't understand it. They seem to claim it's both currency and property at the same time.

Before, you could have had the 20 trades all within crypto and then cashed out after a year and been taxed at a lower capital gains rate. Now, since each trade will really likely be within a year, you will be taxed on each of those transactions at the higher rate

how easy will it be for hrblock to calculate all this shit, i have literally lied on my past 3 taxes and ended up coming out positive 2/3 times

Lets say as of December 31st, 2017, I'm all in on lets say LTC. If I don't trade that LTC at all, will I qualify for the lower capital gains if I cash out on say January 3rd, 2019?

The retard is you, my friend. This is now the reality for burgers.

Just another reason, along with education and healthcare costs to not live in this fucked up country. Typing this right now from the airport. I'm out, good luck goys.

Who put this into the tax bill?

Probably because you were poor back then, if you get audited (which you might depending on how big your gains are), you might get screwed hard

No clue, this is the first major tax reform in 30 years or some shit is what I read. Things are changing, no one's honestly sure what's going on, and I'm betting one of two things happens.

They either do nothing differently and don't bother with it taxing this shit any differently than before.

Or

They wait for that one NEET who megamakes it and tries to cash out 10m+ and makes an example of him to everyone else by nitpicking everything to its core. They expect YOU to calculate this for them, not the other way around. Simply providing them with your transaction logs, as it is written, isn't enough.

Yeah, you'll be fine then, as long as there's no exchange of coins, period.

Someone linked him yesterday, he's an openly gay Jew in congress. Can't even meme that shit.

hold?

How do you get your money than? Just buy shit with BTC ?

That should be how it works, unfortunately the governments are making it super painful to trade crypto.

was making 40-50k with many expense write offs so yeah t.poorfag my point is shit was more lax back then, im so intersted in non taxed crypto to fiat transfers if thats even attainable now, biz needs to build its own island by now wtf

That would be "gaymer" you shitlord.

where else do you trade??? :^(

...

You make secret paper trades at local gloryholes for blowjobs in BTC

>mortgage company doesn't accept BTC
>Electric company doesn't accept BTC
>grocery store doesn't accept BTC
>car dealership doesn't accept BTC

We don't all live at mom's house dipshit.

fuck off shill

What are you even looking at?

i agree, it really will be either one of those tings, this is why we should educate one another on the practice of slowly leaking funds for tax evasion purposes, take out that one fat crypto to fiat withdrawal for your down payment on your dream home and other materialistic shit, pay taxes, hold everything else in the market/cold storage, learn to use crypto currency without having to report it to govt, shamless salt and fun plug, im faded
youtube.com/watch?v=h6t7AVQyuA0

yes my friends, this, this is inevitable decentralization.

are you black and/or muslim?

futurism.com/bitcoin-was-just-used-to-pay-for-a-new-home-in-texas/

give it 1.5 more years and every company will be accepting some form of crypto

I plan to play it as straight as possible, honestly. If the government pulls the shit they've written publicly, unrest is going to skyrocket. Normies are hitting the coin scene finally, and if they find out that what they see as an investment can lead to them losing everything for forgetting to calculate shit to the hundred millionth, they're going to wake up really quickly.

That said, I don't think we have too much to worry about in the long run. I don't think anyone should avoid taxes, especially not talking about it publicly. It's bullshit, but hey, who says you gotta cash out so quickly? I'm in crypto for the long haul, this shit's the future unless they're just setting this up to kill it, or more so, scare people away while they stockpile it.

yup it's all meant to scare away stupid people. i guess that's cool

Are you talking about Jared Polis?

Yeah, I didn't do any research to see beyond gay and Jew, but I'll stick with that narrative because it fits.

I live in a socialism-loving taxcuck country where you can pay your credit card bills with bitcoin at a website www.pague.nu

Am I missing anything?

I literally don't care as long as I'm rich. Fucking white people and your paranoia. No one gives a fuck about you, you are a nobody.

Guess youve never heard of equador.
or btc atms
or plastic cards
or youre just a stupid dumb fuck cunt shit whore

I've cashed out over $200k in crypto since July. When will this stupid meme end? I paid my capital gains, big whoop. I invested $10k and made a fuckton. Don't be a fucking idiot. Tax evasion, wire fraud, and money laundering will land you 10-20 years in prison. Give Uncle Sam his cut. If all the wallstreet faggots can make a killing and pay their gains tax, so can you.

If i sold btc on coinbase to buy back at lower price or even bought back at higher price will i be taxed more from it?

How do you pay taxes on this?

Taxation is retarded

Yeah. The number one thing I'm scared about is if I attempt to pay taxes and a single thing is wrong, they'd hit me harder and I'd actually get on their radar.

Wheras if I'm just another tax evader using crypto, I'm lost in the crowd rather that someone that sticks out trying to pay. Well now they KNOW I'm someone in crypto and making big gains, so they'll scrutinize me and hit me for everything they can.

> living in Italy
> still no taxes on cryptos
> :)

26% capital gains above 51k actually my fellow italian

When you sell btc on coinbase you pay your gains. You aren't taxed on buying back. Those coins are treated as different assets than the original coins. Consider short term capital gains and count out your acquired bitcoin FIFO.

Well, I will file here in a week or two. I always file early. I report the asset sales and pay the property tax, deduct the state from federal, and i'm done.

If you're not sure how to do things right, see a CPA.