TAXES

The bill was passed in decemeber and takes effect starting january this year

The bill means it's definitely not okay going forward. But it doesn't mean we can use 1031 shit for 2017, it's still ambiguous.

That is a complete fabrication and will get you nowhere. How the f*** do you think you're going to go out and buy a house or a car if you don't declare any income do you think you're going to buy a $1000000 home when you only declare 300,000 and taxes or no taxes? F*** no your not so get f****** real and this goes for all of you and pay your f****** taxes you morons yes it sucks but so do you if your a f****** piece of s*** ruining America

And when you do pay your taxes then you can b**** about the f****** degenerate that don't pay their taxes

It fucking pisses me off uncle sam wants to get his mitts into my crypto gains. I didn't use any public infrastructure or services to make this. Fuck OFF

So apparently you're supposed to report when you buy goods online with crypto, lol.

Anyway my plan is to do just that when it's available but otherwise hodl 4 life and take out moon mission gains at ATMs. Thing is, I'm getting into this to help my family and am debating whether what I just said is the best plan, or to hold out for my end goal for them and then cash out and pay long-term gain taxes. But I don't to wait that long to move into a new place (can't now while I'm helping family).

Taxing crypto is the biggest scam.

spotted the welfare recipient

fuck off statist, continue to kiss that jackboot and give acceptance to more and more taxes being american means not accepting getting fuckedby the goverment you faggot

I waited until January 1 to cash out a substantial amount. I thought I wouldn't have to worry about the new tax rules until 2019 tax season.

Anyone with 1mil in cryptos still living in the US is retarded

please kill yourself IRS faggot

**** ** * ****** ** *** ***? **, ***'** ****** * ****** **** ** ********* ** ***. **** ***.

if you cashed out last year youd still pay capital gains, this just applies to crypto for crypto trades. Good news you dont have to worry about that tax untill next year atleast

do you even have to pay taxes if you didn't cash out

>all trading done on binance with coinbase as a gateway

I dont give a fuck, not doing crypto to crypto calculations. hodling 3.3M rn.

its gonna be a colossal clusterfuck.
no one - including tax preparers and CPAs - really know wtf to do. not really.
just hope you're not the irs's example whipping boy

no child. just your crypto to crypto trades but your a big stupid faggot if you report that.

Technically yes. For next tax season you will have to report all your trades, unless they decide not to require that. LIke htf are they going to know, anyway.

Here's my real plan guys.

The government knows they are fucked when it comes to tracking and taxing crypto. And when they audit people they're going to spend 1000s of hours going through exchange logs and shit. I think it's possible they will allow a one-time tax to allow everyone to come clean. I'm hoping that happens around the time I want to cash out. Until then I'm tracking my shit in cointracking.info but I don't really want to fuck with it every tax year.

>self censoring
>on a latvian basket weaving forum

please leave and never come back

Same here buddy

Dumb fuck, the crypto tax law takes effect THIS year. So for every motherfucker is down rn, you dont have to pay taxes on losses.... unless you panic sell and buy back. ANy of you dumb fucks who have sold at a loss this year are destined for failure and deserve the book throw at you.

I was researching crypto taxes and saw that online goods thing and it blew my mind. I have no idea how that's not more widely known. Utterly destroys the idea of using crypto as a currency.

This alone almost makes me want to hold off on paying taxes. The system is fucked and they're going to have to write actual, specific laws for crypto that will clarify what to do. At that time I bet they'll allow a one-time amnesty for people to 'come clean' and pay taxes or whatever on their gains.

You're the dumb fuck, the 1033 clause is explicitly not allowed in 2018, but they didn't say it WAS allowed in 2017. If you don't report crypto-crypto trades you're rolling the dice that they don't decide that that's tax evasion.

In the U.S capital gains tax is based off your income bracket, right? I'm a NEET that has never had an income sitting on around 350k worth of bitcoin and ETH. Would I still pay capital gains tax? I'm in the 0% tax bracket for income tax.

Wrong. As has been said so many fucking times in any of these threads. And has been said in this thread you faggot.

You could argue for like-kind exchange with the irs for previous years, but you would be fighting them to accept it. The new “law” is just them saying for certain in the future they won’t accept that. They probably won’t for years prior to that, but you might be able to fight it.

Do your fucking research and stop spouting false info.

Most of you faggots aren't answering my question:

WHAT ARE YOU, PERSONALLY, ACTUALLY DOING

1. All crypto-crypto
2. Just cash out
3. Hiding

if they could have enforced it why did they clarify it?

you can't fucking come up with new tax laws and just start enforcing them retroactively.

Short term is based on income bracket. Your 350k in crypto is income. So go figure that you are in one of the top income brackets if you cash out/report all 350k. Or whatever your gains minus losses are that is. If you threw 50k in, you owe on the 300k you earned.

tfw live in a lawless country and get cash illegally and no one gives a shit

in my country u can cash out 35k max without paying any taxes, so whatever

Just on cash out. No way they can track anything on exchanges where you didn’t put any ID.

Except it’s not a new law. You would have to prove that exchanging one crypto for another different crypto is like-kind exchange. And most likely, since the irs is the one that gets to decide if it is or not, will make you lawyer up to try to push it through.

I cash out $500 a week to maintain my NEET lifestyle so it looks like I'm just self-employed. Don't go out and buy expensive shit, just enough to pay bills, buy video games, and eat. So I just report it as self-employment income.

They aren't. The law was: you have to report capital gains, and when you trade one asset for anther you cashed out the old one, and it's a taxable event. That was always the case. What they did is clarified that like-kind is only for property, that's not the same thing as saying like-kind was ok before, just that it's absolutely not going forward.

Whether or not they can enforce it is a seperate issue.

You really think they will retroactively go after people for previous years? then your just one scared stupid pussy.

>All in on XMR
>Do one last double from the DNMs
>use a very modest sum to start a spaghetti sauce company that is actually a front to launder money

Come at me IRS im behind 7 countries

That's all I honestly want to do, but I got a family to provide for, Jesse.

I have my ID on all my exchanges :(

BUT, I am a canadian citizen and will only be in the states for another 2-5 years. Do you think it's safe to not report crypto for that long, and then cash out when I'm back in Canada? If I'm going to pay taxes I want it to be to my glorious homeland not this yankee shithole.

If you eventually cash out a sizable amount, yes they will. Big fucking surprise but the government is greedy as fuck and if they think you have a lot of money they could collect on, they will go back the 6 years they can.

yes cashing out for sure though i doubt the irs one shitty contractor company could get even close to maybe even 1 thousand people out of millions. But the Crypto to crypto trading tax is unenforcable

True it is. Until you cash out. Then they will want to know how you went from 1 btc to 25 btc. Oh what’s that? It took you 2 years to do that? How odd, they don’t have any records of taxes from you for the last two years. I wonder how that will go down.

But no, not everyone will get hit. And most times it will always be when you cash out. Then they’ll want records on how you got to cash out, and that could fuck you over unless you’ve got great accounting fuckery skills.

didnt cash out till after 2017 fiscal year ended.

>kek

Ill worry bout it later bitch. I got all year to make even more

>sooowwwwyyyyyy
P.S. there are tax haven countries.
>ushould alredykno

>when you trade one asset for anther you cashed out the old one, and it's a taxable event
I’m confused on how this can be tracked properly in crypto at all. Say I have $1000 in BTC. I move $500 into XRP and turn it into $1000. I trade that back for BTC and get taxed on the $500 I made from XRP. I now have $1500 BTC, $500 of which was taxed.

Now I want to trade half of my $1500 BTC for LINK. Some of that BTC was already taxed and some was not. Are they really wanting to tax your money multiple times? All the while, BTC’s price is constantly fluctuating. It seems impossible to correctly report your crypto even if you wanted to.

fuck off leaf

Do you have merrimutt citizenship? I know they'll go after dual citizen leafs even when they haven't lived in the states for a couple years

This, I don't get why retards are bitching about "muh coin to coin transactions"? What the fuck were you going to report as the cost basis when you finally sell back to fiat if you bought 1 BTC and turned into 10 through day trading? You can't just make up a number, it's up to you to prove your cost basis. If you can't, the IRS is *more* than happy to have your basis be zero and have you pay gains on the full price of the coins.

They want taxes on all realized gains minus realized losses. The fact you are using money that is technically taxed doesn’t matter. You earned 500 and owe taxes on that 500. Now if you reinvest that and earn another 500, you’ll owe taxes on 1000. But like he said, it will be difficult to enforce until you cash out anything.

>Pay taxes!
>Who's gonna pay Shaniqua's welfare for her 8th kid?
>Who's gonna pay all the military bills for Lockheed and Boeing?
>Who's gonna pay all that money for Israel?
>You're the piece of shit ruining America!

Fuck this country. Why pay taxes when they don't do shit for you? At least if I was getting free healthcare/tuition I COULD reconsider my dislike of taxes but at this point I'm just slaving away for the benefit of others.

Anybody with over 500k in crypto should leave America immediately and never come back.

found a hard drive with it on there. How would they prove otherwise as long as your not on american exchanges? Think china will give a fuck what the US gov tells them to do? Just send it to your goybase account to sell from a newly made wallet

And when I cash out I get taxed on everything again?

Wait are you telling the irs you found a hard drive with it on there? Cause if so, maybe that works. Then you sell it for fiat, and surprise you owe taxes on selling it.

And fuck no, if it’s not a USA exchange they probably won’t get shit. But as soon as you have income arriving from no where, they will want taxes on it. And how you earned that income.

If you held whatever crypto you exchanged for fiat long enough to cash out for a gain, yes. So if you sell all your alts for btc, and between that and cashing out it jumps 2k in price, you owe taxes on whatever gains you earned from that 2k jump.

Holy fuck the tards.
No you get taxed on gains. You would get taxed on the gains you made while your gains were sitting in ETH.
So you made 10k on shitcoin, you trade shitcoin to ETH, you transfer ETH to fiat in like 15 minutes and in that 15 minutes ETH goes up 10 bucks, you now owe 3 dollars in taxes from the ETH gain when you cash out.

no shit buddy no ones talking about avoiding the capital gains, if you want to do that just go to a country like italy that has no tax on cryptocurrency and cash out there.

Why not just sell the coins on localbitcoins.com? The government will think that you are still hodling those coins long after you're dead

That was fucking unreadable you retard

they do investigate high volume sellers

i spent all my profits on cryptokitties then released the cryptokitties into the wild never to be seen again

I mined them during that period, what does irs say about that?

>QUESTION?

I remember vaguely about a capital gains law that says you may use your capital gains tax free if it is going towards a first time house purchase? is that true and would that apply to crypto?

Mining them is a source of income. What did you exchange them for? K, that’s what you get taxed on, I believe same as if you’ve traded them.

What jurisdiction did the exchange take place in, faggot?
It either happens centrally where there is an entity and ends up in your bank from fiat (fair enough - it’s money, tax it)

Or

It’s in a decentralised network and is only a ledger unit excising everywhere and nowhere, with nebulous value that isn’t recognised by any government.

The value of crypto to crypto trades is always ZERO

Fixed

>implying it's easy to fucking move and find a comparable job outside the US

Seriously, boston tea party 2.0 when?

So if we don't cash out we still have to pay capital gains taxes on money we haven't actually received in reality? Is this how it works? Say I owe them $200 I have to mail them a check because of my late night monopoly money?

Why can't we just say how much money we earned and get taxed a huge percentage off of that single profit? Why does the IRS actually give a shit about our crypto transactions? Would they not receive the same amount in taxes regardless of whether or not we simplified our transaction history?

DARPA Net

So if you're in the owest income bracket you don't have to pay anything? Cool.

Nani?

not even filing taxes lmao

Christ some of you guys are dense and don't deserve to have money. There's no way for the IRS to track your crypto money, nor would they ever spend the resources on you trying to work out what you're doing. Just pay the capital gains tax when you cash out. If you think the IRS would pursue you because it's not enough, you are fucking stupid.

It's poorly thought out. They won't be tracking your crypto to crypto exchanges
Just pay take on the cash out.

What if I just trade crypto for cash to another guy?

If you’re trading on Binance disregard everything and just pay when u cash out.
If you a coinbase gdax nigger prepare to get raped.

Don't know, but it's not traceable so I wouldn't worry. Don't declare. If you sold a PlayStation in cash would you declare?

google.com/amp/s/techcrunch.com/2017/11/29/coinbase-internal-revenue-service-taxation/amp/#ampshare=https://techcrunch.com/2017/11/29/coinbase-internal-revenue-service-taxation/

explain what you mean to a financial brainlet please.

Are you saying that instead of admitting to and filing for thousands of shitcoin trades, we just pretend that we bought bitcoin at x price 8 months ago and held it?

If you've moved money through coinbase or any american exchange, they know you're in crypto. So what's your explanation?

>How many of you are just ignoring that, and planning to pay when you cash out?
There is no form that allows you to do this.
You can only file a Schedule D and associated form 8949 with trade-by-trade accounting.

A DEAD MAN CAN'T PAY TAXES OR CHILD SUPPORT CAN HE? FUCK YOU AFTON!!!!!!!!!!

w**t t*e fuck a*e y*u t****n to s*a nigger jesus fucking christ w**t is w***g w**h y*o g*t o*f t**s b***r y*u s****d deg******e

THIS IS WHAT YOU DO TO ME AFTON AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH *BOOM*

Everyone say it with me:

FUCK THE IRS

You from Hampton Roads my dude? I know a slut named Afton.

at least you will be able to afford a tax accountant and a tax lawyer.

You can buy citizenship in some countries for less than that. Should be easy.

Ok guys listen the fuck up.

The law is poorly written. We all know that. But I'be got a friend who is a CPA and shes one of the best I know. She also trades crypto. From what she has told me is you will never pay more than what you actually make. So lets go over an example: You buy Coin a at 1$. Coin a moons to 2$. You trade coin a for coin b which is 1$. Now the way the tax is written yes you would pay tax on that 1$ profit, but if coin b were to tank to literally 0 and you lost all your money in that transaction, you wouldnt be expected to pay the IRS for that 1$ profit because you lost money trading or investing. Ive gone back and forth with her over different scenarios and she has always told me you cannot get fucked into the position where you suddenly owe more money to the IRS than what you hold in value for your coins. Regardless if you make 1 million in profit in 2018 then tanked back down to your initial investment on the last day of 2018. Now if it tanked Jan 1 2019, I'm assuming youd be liable in some way for that huge profit, but then again if you fucking explain your situation to the IRS they arent going to throw you in a fucking jail cell because you are "liable" for a poorly written law that ignores logic like the shit we are discussing. Yes we all know its scary and uncertain, but think about it logically. Is the IRS really gonna try to force you to pay 150k on 1million profit that was lost, especially with evidence that your port tanked? Fuck no. They will realize you got lucky then got fucked and wouldnt even be able to pay. My advice is find a savvy CPA and have them explain to you what the law is, and bring up your own scenarios so you understand.

tl;dr You cannot be taxed more than what you make, if you leave the market in the green, you will pay taxes, if you leave in the red or break even you will pay no taxes or next to no taxes, because you didnt make profit.

Cash out. I don’t know how to do it any other way.

>$1M+ in crypto
>Needing to find a job
Pick one, dumbass.

if you lose money you can actually claim capital losses and write it off your taxes