EVERY time you sold any coin in 2017 you need to add a row to this form and calculate your profit or loss for that closing (selling) trade.
No you can't just calculate your overall profit or loss from all crypto trades in 2017.
You have to break it out trade by trade.
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if you can't do this with excel you're a retard
Yea no, not doing that.
K... KEEP ME POSTED
Fuck off.
i thought 2017 had crypto with the like-kind loophole and that moving forward in 2018 we'd have to document everything.
Taxation is theft.
hahaahaha. wanna see them track my ED transactions
SHOO SHOO, IRS
Agreed.
But many idiots on Veeky Forums have no clue they even have to do this.
its real
>americucks
because it motherfucking is.
I'm not even rich and I think it is.
Though in burgerland the more rich you are the less you're taxed.
hmmmmm
That doesn't mean we should take it seriously. Don't you have somebody's wages to garnish or something?
what happens if gift crypto to a friend ?
what if you lose your private keys ?
what if you traded on DEX with no transaction logs ?
I aint givin them shit
They can suck my cock, bunch of filthy kikes
NICE TRY IRS
3301 like kind swaps was ONLY clarified to be for "real estate" in December of 2017. No, each trade is NOT needed for tax events for 2017. They sure as shit will be for 2018. Alas, for 2017 only fiat exits will be needed.
Everything I’ve read, people say you ‘shouldnt’ And ‘probably’ will be rejected. I’m waiting for some bizraelies to try it out. My question on that is if that’s the case, then how do you pay taxes on the 2017 amount if starting in 2018 there are new rules, and tax software would count is as if you already payed tax on that. Sorry if not making sense i tried.
you don't
what happens if gift crypto to a friend ?
form 709
what if you lose your private keys ?
so you can't sell? not a problem, you only have to report P&L on sales.
what if you traded on DEX with no transaction logs ?
then you need to keep your own logs of transaction prices and quantities for reporting to the IRS
This wasn’t even hard to fill out, why is everyone so worried?
The government was made to do stuff so it does so, so stop whining.
And the US doesn't harm the big guys because they run the show basically, a reality of capitalism.
LOL. I swing trade between shitcoins multiple times per day. There's no fucking way I'm going to record every transaction for every fucking coin. How would they even know anyway?
I arbitrage trade with bots. I went ahead and wrote a script to generate my 8949, and it made 73,230 pages for 2017.
IRS is about to change their mind about this.
US Exchanges report to IRS
sorry I spent on my crypto on goods and services not hodling anything
Sales price in what? Sats? Buterins?
>Though in burgerland the more rich you are the less you're taxed.
>hmmmmm
WRONG
They won't know. But on the tiny chance you get audited just make sure the capital gains you reported are good estimates of your actual gains.
>its another 3 letter agency makes a tax fud thread
fuck off, you cant prove any transactions with monero
Wouldn't the total profit loss/gain from all crypto be the same tho? Why do the extra crap for the same outcome?
the only US exchange you should be using is coinbase
Why would that matter since I don't use exchanges that require ID verification?
>Though in burgerland the more rich you are the less you're taxed.
Holy shit I can't even imagine being this fucking retarded. I hope everything crashes so dumb money like this can get BTFO.
I might not be far behind that. This might break the IRS.
One question.
How are they going to verify the data if they try and audit me?
I'd like to see them try. Every exchange not based in the US, will kindly tell them to go fuck themselves.
>How would they even know anyway?
they may try to subpoena the exchanges
Yes. And It's just FUD.
Artificial barrier to entry to businesses, oldest trick of the jews after opening borders and promoting misgeneation and antinatalism.
¯\_(ツ)_/¯ Maybe you'll get away with it. Maybe you won't. If you don't you'll get locked up for a long fucking time.
Are there even US exchanges besides coinbase?
...
I ain't gotta do shit
...
buybitcoinworldwide.com
25 US Exchanges listed here
Bittrex
Please submit this
Fuck off faggot
you get audited last my fren
I have had 260 trades since January 1st...they can eat my ass.
LOL IRS is fucked. Enjoy that.
Do you honestly think they give a fuck?
With the IRS you're guilty until proven innocent. If you get audited and can't prove to them exactly how you got the money, they will seize or freeze all your assets or send you to prison and there's not a god damn thing you can do about it.
This is the IRS.
You fucking idiots don't seem to understand who you're dealing with. The IRS does not fuck around. Period.
no they are just going to make us use brokers and only let people with over a quarter mil day trade like stocks
Even if they don't have your records from an exchange, you're going to have to find an excuse for the balance on your bank account if you actually cash out
this literally takes five minutes using bitcoin.tax
and they have several different filing methods, you can choose like kind, or lifo, fifo, or avg... seriously so ez
Yeah, the IRS is going to try and subpoena some exchange based in Hong Kong because of somebody's, crypto earnings.
Good one.
Do you have to do this shit on normal stocks?
Like bought 1k worth of intel stock at $20 per stock and shit?
Dunno how normal stocks work i'm just here to shill Bitshares
they literally have their own army
I'll just write off my losses and collect a tax credit filthy tax kike
I think its funny that even if this shit is reported to the IRS they still make you fill out a form to try to catch you fucking up or lying. Absolute dog shit organization that needs to be reformed or completely fucking abolished. Seriously, if Coinbase and Kraken are already sending my shit to them why the fuck does it matter that I have to fill this stupid shit out? YOU ALREADY HAVE THE INFO SO FUCK YOU RETARDS
Pro-tip: they only go after top earners. There were like 2000 people in the entire US who were criminally charged with tax evasion. Of all us poorfags, only 0.4% will get audited, and 99% of those will just have to pay a fine.
>Literally thousands of trades
>Import my trades
>Send the IRS thousands of forms they have to go through
Good luck with that Tax man.
In 2003 I bought and sold about $25,000 of stocks with a small overall loss. I didn't file 8949 or Schedule D with my tax return. Scott trade reported the sales to the IRS. Then the IRS sent me a letter saying I owed taxes on $25,000 of gains, because they were not going to factor in how much I paid for the stocks. So I had to file an amended return for that year with 8949 and Sch D calculated properly.
>there is a team at the IRS paid specifically to post on Veeky Forums all day
FUCKING KEK, anons you are only taxed on Crypto to Fiat trades. Crypto to crypto is like trading pokemon cards for pokemon cards. Don't fall for the "muh taxed on crypto to crypto meme", crypto are NOT securities.
no, they send you a bill dumbass. prison only happens if they prove you did it on purpose.
Seriously, I too do not understand the concept behind each trade. I guess I am missing some piece. I hold alts and once I sell something, I buy something else. I am not keeping any BTC and ETH for long time to make significant gains on it, and because of this I guess in my case the taxable amount would be : today's total value - invested total amount
How much is the fine? This is important
Stop spouting memes, the IRS are pussies, always have been always will be.
Agree w this guy. Not sure why that meme started government doesn’t even give a F about crypto to crypto except maybe btc to eth.
I only have 800 dollars. I don't really have to do this right...
The amount of time for an audit on one persons crypto much less unknown thousands would bring the already understaffed IRS to ceasing halt. This is going to get interesting.
of course these cucks have no idea how the IRS works.. i can see the post now
> be me
> didn't file crypto taxes
> now owe more in back taxes than i ever made on crypto
> REEEEE
> irs has seized all my bank accounts
> has frozen eberything
> now i hab no money
Like you think the government know upfiring. No they don’t know shit about this space
Salt
Sounds good to me...
Based on how much you owe. If you just report your gains/losses when you cash out you'll be fine 99.9% of the time.
>we need crypto to escape banks and IRS
>IRS takes crypto too even though its supposed to be untraceable
>crypto exchanges still at the whim of government / IRS
hilarious
Nah, I'll just buy gold/silver and trade for cash.
you are correct, it is exactly like trading pokemon cards.
You ARE taxed on profits you make trading pokemon cards.
the difference is, they CAN tell you bought/sold/deposited/withdrew from exchanges/wallets, and they CAN'T tell that you traded pokemon cards with billy from school. Everything you do online is recorded, in several places.
So good luck
> If you just report your gains/losses when you cash out you'll be fine 99.9% of the time.
So if I cash out 50 grand off an initial investment of 5 thousand dollars they're going to be just fine with me not reporting any Kraken trades I made? Yeah right lmao. They see that money go off coinbase and get exchanged for another shitcoin on kraken they're going to try to catch me slipping.
I'm going to write a program to this for me, and generate a 200 lb stack of paper that I WILL mail to the IRS in a wooden crate.
Good luck faggots. Lets hope they learn their lesson by next year, because right now they don't even have the manpower to process regular paper filings.
all these rich exchanges need to spend their money lobbying congress for better tax laws.
that's how the uber wealthy get around paying taxes.
fucking greedy exchanges need to be better than this
You're missing the point also.
If you cash out, you must provide proof of how you acquired the coins to cash out with. Aka the trade history.
You can literally say it was one trade and there isn't jackshit they can do to prove you're lying.
yeah that'll totally happen in 2017
>better tax laws
Doesn't exist. Tax laws only have gotten more complicated. There has been very few cases in history where the excessively complex tax code that keeps getting more retarded and convoluted actually went in the other direction
Yeah, and if you get audited, just print it out and give it to them.
They will still ask for the trade history.
They'll see which wallet it went to and how many coins it was holding, then they'll see what transactions that wallet made and your lie won't hold up. You really think they're that dumb huh
from where did you get the thing you traded away?
are you really this stupid? Or just greedy . . .
say you made one trade and gained all your money off it
It went to an exchanges wallet.
Now what fuckface?
>using a bank account to cash out
You know you can buy metal with crypto, right?
>2017
I'm sorry I believe you mean 2018.
Do i actually have to do this till i send it to my bank account? I found a website that lets me upload all my transactions
But wouldn't the numbers be the exact same tax wise? Or do I have to pay taxes on crypto that isn't even cashed out? I'm so confused.
>and pay the penalties
>and pay interest
>and refile this years taxes anyway
they're not gonna be like "yo user could you email me that trade history? thx"
Your options are:
1. do it right
2. do it wrong, then pay a fine to get another chance to do it right
3. repeat step 2
4. jail
people got away with it for the last few years because NOBODY MADE ANY MONEY OFF CRYPTO. They watched that shit go up 100x and now they want their fucking protection money.
You're fucking with the biggest mafia on the planet. I hope you're ready.
Daily reminder that if you didn't make more than $20k in crypto the IRS don't give a fuck about your shitcoin "gains". Just don't fuck up the rest of your tax return so you don't get a human review.
They can track that you fucking idiot. Exchange wallets are uniquely generated to users
Why is this so hard?