I'm a dependent on my Dad still as I am 18 and he's paying for my college.
Do I have to tell him/the government exactly whAT I invested in? Like if I think sexcoin, titcoin, and fucktoken are going up, do I have to tell them that I invested and profited off of them? Or can I just say "a cryptocurrency"?
just cash out with bitflur.com or something
Like I don't want to do anything illegal, I want to pay my taxes in full because I'm not fucking with the IRS, I just don't want to tell my dad/them where I made all my money... is bitflur.com illegal?
Also what if I do some coding work for an ICO so I"m technically a founder and I'm paid in their ICO tokens, will saying I was just a miner be okay or is that difference an illegal one? I just don't want my reputation as a coder to go down the drain if I'm coding the next tittiecoin.
Don't know what bitflur is, I'll look into it, assuming it's not a way to cheat my taxes.
Just withdraw small amounts over time.
You'll keep all of it with nothing major to alert your bank.
Also tits please
if you dont have a job you dont have to file
You have to file your own separate return, but you don't get to take deductions. You can just say cryptocurrency or digital assets.
You don't have to file if you have no tax liability.
How much is considered a small amount and how much is considered cashing out too much at once?
Wrong
>Do I have to tell him/the government exactly whAT I invested in?
Not at all. They don't see any of that shit on your forms; just your gains and expenditure numbers on the final worksheet. Only if you trigger an audit would they want to look at specifics, which unless you're a massive fucktard will never happen. If you have enough money to even be worried about the IRS going after you just spend the $250 and rent a jew accountant to do your books. You'll pay fewer shekels to Israel in the long run that way.
No you just have to report your earnings over the basis price
I can just imagine you having to sit in front of the tax man with your parents.
'and what coin did you put your money in'
'uhhh, tittie coin'
Thanks to both of these replies this makes sense.
But yeah if I'm paid for doing actual WORK is that different? Like if I make my own ICO and sell it or something, do I have to report things differently there? Also am I obligated to create a company or something?
I want to make my ICO anonymously because I think ideas are better when people aren't focusing on their founder, like Satoshi Nakamoto except way way less cool and also way less rich lol
Once im ready ill try like 300 or so every 4 or 5 days and see what happens
Just don't pay taxes brainlet.
> I don't want to do anything illegal
> I also don't want to pay my taxes
How dumb are you?
If you do the numbers and find out you don't have tax liability you don't have to file under these circumstances.
>But yeah if I'm paid for doing actual WORK is that different?
If you have an employer those are income from wages. Otherwise, you are probably taxing as a hobby or a business.
> Like if I make my own ICO and sell it or something, do I have to report things differently there?
Selling an asset is a capital gain, including businesses/ico. It is going to be Sold - cost = gain. The only hard part is fining the right forms, but they have software for that.
>Also am I obligated to create a company or something?
You can have it as a sole proprietorship. Most people use other business entities to protect them from potential liabilities.
No, I WANT to pay my taxes you brainlet, read what I wrote. I want to give them every penny I'm supposed to give, I just don't want them to know that SEXCOIN or titticoin is the coin that made me rich, I just want to be able to say "crypto stuff" or "made a coin once"
Obviously something more formal than that, but I'm making sure I'm not required to tell them every little detail and ruin OPSEC unless I'm audited.
This. 2-300 at a time and 500 is too much. Don't be greedy, user.
These two links should help you get started. I encourage you to do your own research.
forbes.com
irs.gov
Don't kid yourself newfag, you will never be rich
I remember being that age. Doing your taxes will be a good learning experience for you.
Lol can't believe you're getting jellymad over someone just asking about taxes, that's pathetic.
Is the fact that you clearly have 0 reading comprehension and I called you out on it getting under your skin?
Keep working your shit job, hope they don't fire you for your brainletism :) ;)
I'm fine with paying them whatever they want, I just want a bit of privacy while I'm doing it. (Or at least know ahead of time that I'm not getting any.)
I'm not going to be upset about getting skinned like the rest of the working class