Fuck OFF

How the hell do we do taxes with these new clarifications? Does the ol' hat man really expect to fit his huge fucking freedom dick into my tiny boy ass over every god dam trade? WHAT THE FUCK

Other urls found in this thread:

proadvance.taxact.com/paying-taxes-cryptocurrency-bitcoin-ethereum-litecoin-ripple/
irs.gov/pub/irs-drop/n-14-21.pdf
twitter.com/SFWRedditImages

Easy, you just say you're selling bitcoin that you bought many years ago and pay the 15% long term capital gains rate. The IRS doesn't know when you bought it and can't prove otherwise.

Yfw public distributed ledger.

Its freaking me out maaan. I would be fine with paying taxes on just withdrawing to USD, If I make a fuckton of free god damn money from internet meme coins then sure have your taxes. But trying to make it taxed on every trade when you could have hundreds in a day is autistic

When you send crypto in and out of an exchange, it can't really be tracked unless they have access to their logs.

nope don't worry about anything unless cash is in hand or in your bankaccount...when you cash out over 1000$ make a note or whatever. they have trackers online you can follow that with..but don't trip ya dig...we are not all going to prison because of some miscommunication with our taxes..ok ricky

but senpai how do you know

Ya, and they do. Anything on the web that can be conveyed to you thru your monitor can be scraped by the NSA.

It seems obscure to you but they just visualize the data and the path your money takes is clear as day to them.

>buy $1000 of bitcoin on coinbase
>send it to bittrex
>trade it for ripple
>wait 6 months and trade it for $100k of bitcoin
>send it to coinbase and sell it for usd
Explain how the IRS is going to know when that bitcoin was bought? Hell, they're not even going to care if you report it as a long term capital gain, because it's a pretty likely scenario that someone could have bought bitcoin more than a year ago, held it and then sold it for a profit. As long as you report it as a long term capital gain, you're almost guaranteed to be safe, and you'll only pay 15% on it.

Stop making it hard on yourself. I transferred everything to Coinbase at 11:00 PM on the 31st and converted it to USD. On the 31st at the end of this year I will do the same. Subtract any deposits that you made and that comes exactly to your profit/loss had you done it one trade at a time. I am assuming you did not start the year's accounting in this fashion. So it's not too late. Either do that today and take a screenshot or estimate your USD value of your holdings at midnight on the 31st. You will be close enough. I prefer actual dollars all on the same exchange at midnight. That way you don't have to get into a debate about what the coin was worth on various exchanges. It is clean and simple.

I was only out of my long hold positions for about 2 hours and bought back into all of them at roughly the same prices as where I'd sold them before the transfers.

I'm trying to figure this stuff out myself.

In that scenario, the # of bitcoins you are selling has increased, not just the value per bitcoin.

You might be right, they might not care. But I will tell you this: obfuscation works only on yourself because you're not using the tools they use. I could be wrong, but I'm not.

Fuck off IRS shill, go poo in a loo

Blade went to prison for 2 years after millions in tax evasion
Taxman doesnt give a fuck about your 100k a year as long as they get a cut

Check out tax companies for more info:

proadvance.taxact.com/paying-taxes-cryptocurrency-bitcoin-ethereum-litecoin-ripple/

>Short-term gains are to be taxed equal to their federal income tax bracket percentage.
>Long-term gains from cryptocurrencies follow a different tax bracket:

>Individuals in the 10% and 15% income tax bracket pay 0% on cryptocurrencies
>Individuals in the 25%, 28%, 33% and 35% income tax bracket pay 15% on cryptocurrencies
>Individuals in the 39.6% income tax bracket pay 20% on cryptocurrencies

>>Individuals in the 10% and 15% income tax bracket pay 0% on cryptocurrencies
Wait so nobody in Veeky Forums is affected by this?

What I wonder is, if you buy retail shit online with your profits, is that a taxable event? (ignoring sales tax that you would pay anyway)

Ya poorfags might not have to pay any tax on hodls over 1 year in duration.

Nigga you dont know what kinda pull and shit blade knew on powerful people to get him a plea deal. Nigga knew about some pizza parties but didn't want to die so he paid them the ransom and took a couple years in a comfy hotel.

Ya poorfags might not have to pay any gains tax on hodls over 1 year in duration.

Please tell me you don't believe the crypto-crypto lies.
You only pay on what you convert to fiat.
If you WANT to pay on crypto-crypto trades, the tax man wouldn't mind at all.
People talking about crypto-crypto taxes are being asinine and spreading rumors for normies to fall for
I guarantee you a fuck ton of people will pay more than their fair share because they believed them.

No, that's just what I'm doing personally. If they ask for my trade history they can sort it out themselves, otherwise I'm paying the difference on what was bought and taken out with fiat.
Good luck determining the precise price of "x" shitcoin at "x" moment in time in terms of Bitcoin, and then the USD value of Bitcoin at that present moment in time. Not realistic at all.

listen to this sanity

Thats another thing though
Wouldnt you have to hodl a coinbase friendly for the LCG to apply? If you hold a shitcoin for a year+day, you’d have to trade it to btc/eth/ltc to cash out in the usa
Doesnt that make the long term capital gains a joke? Nobodies going to hold eth/btc/ltc for a year ATH

Ditto. Good luck to the IRS getting the chinks at Binance to cooperate with my trading history. LOL. Not even worried because I'm not cashing out for another 18 months at my current gainz rate.

Oh man nobody knows

So if I’m in the 10-15%, converted a shit coin to under 10k of bitcoin, then cashed out, i pay nothing?

That was under last year's laws fucktards. New law began yesterday. Do you even internet?

I'm addressing the new law retard

how does the new law attempt to tax crypto-crypto gains held in crypto, i haven't seen a word

I think the first long-term hodl is 1 taxable event (which you pay 0% on cause u poor lol)

And then you have a second event, in which you held bitcoin for

irs.gov/pub/irs-drop/n-14-21.pdf

Nice job retard now you are paying short term on all of this years gains

there are websites that will bulk upload your exchange generated trade history and calculate everything for you for free

meant last year's

So the plan is to only pay capital gains to get lit okay.

>>Individuals in the 10% and 15% income tax bracket pay 0% on cryptocurrencies

Quit Math 300K job; work minimum wage job for a year. Enter in 10% bracket, Collect gains with 0% gains?

What if you dumped some coins to usd on coinbase or gemini then bought back in within a week. Are you paying that on 2017 taxes or only when you finally put it to fiat?

To clarify
>you had 10btc on CB or Gemini
> You sold them at 15k for 150k.
> You bought the dip to get 17 btc for the 150k
> no $USD was cashed out to your bank
Are you gonna pay that for 2017 or just pay when you finally ash out $USD?

To clarify even further, those 10btc were held for over a year

*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*


>contact binance
>no response for 6 months
>replied to by a bot

>EXPECTING THE IRS TO GET A HOLD OF BINANCE CHINK CUSTOMER SERVICE


..*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*


>contact binance
>no response for 6 months
>replied to by a bot

>EXPECTING THE IRS TO GET A HOLD OF BINANCE CHINK CUSTOMER SERVICE
.*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*


>contact binance
>no response for 6 months
>replied to by a bot

>EXPECTING THE IRS TO GET A HOLD OF BINANCE CHINK CUSTOMER SERVICE
,*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*


>contact binance
>no response for 6 months
>replied to by a bot

>EXPECTING THE IRS TO GET A HOLD OF BINANCE CHINK CUSTOMER SERVICE


,,*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*
*THIS WILL BE THE ONLY GOOD POST ITT*


>contact binance
>no response for 6 months
>replied to by a bot

>EXPECTING THE IRS TO GET A HOLD OF BINANCE CHINK CUSTOMER SERVICE


,,,,,

December 30th, 2018

>create random mew account
>convert all funds to eth
>send eth to that address
>write it off as a loss

So let me get this straight. lets say i intentionally kept my slave wages within the 12% tax bracket say, 35k, then make a 200k long term (1yr+) crypto gain sale. Id owe 0 taxes on that 200k sale?!

Fuck, i may quit 1 of my 2 jobs (2 ~30k/yr jobs)
and end up with more money at the end of the year.

Yes, it is taxable.

youre fucking retarded if you think the IRS will tap into that

They don't care about cashing of of your bank, since they consider all trades taxable events. That said, the act of you converting your 10 Bitcoins 150k what obligations you to pay 15% of 150 K - whatever you originally paid for the Bitcoin.

However, what I'm not sure about is if you take that 150k and reinvest it will those capital gains be negated

I don't see why it wouldn't work, honestly.

I've heard of many people passing up promotions to stay in lower tax brackets after doing the math. Not unheard of

> go all into monero
> from there, go back into your original holdings
> No one knows that you own that new wallet no matter what blockchain it is

iaintclickinthatshitnigga.jpg

Is it this bad? I was ready to start trading there, but fuck, this sounds like a nightmare

The IRS isn't dumb. They have could have access to your trading information and browsing information if needed. The methods you post here are so common that the IRS probably has a way to circumvent it secretly. You're a complete idiot if you think you can outsmart the IRS with these very simple methods.

This a straight up war declaration on crypto by the IRS. Curious too see how it all ends up

this

They are just going to tax you on the fucking money you deposit into the bank tard. They are going to say it's income and rape you on the %. Also, spoiler YOU have to prove where the money came from, not them. If you can't expect full penalties. Million $ lawyers can't beat the IRS, you fucking weebs won't either.

No. Because as soon as that money touches your bank, you are in a higher tax bracket and will pay taxes on that money. The only way around it is something like monero and only spend it through your wallet.