Taxxssses

>paying taxes
>not just using cointracking.info to track your trades
>cucking yourself twice in a row

US people, if I dont cash out I dont need to do taxes do I?

Give some to me and I'll do your taxes for you

cointracking.info

bitcoin.tax

you're welcome

crypto to crypto trades are absolutely taxable events in US, DO NOT listen to shills telling you otherwise. This is the case now, will be the case in the future, and always has been the case

bitcoin.tax

I was done in 30 minutes, Coinbase uploaded funky and I had to fix that. Everything else was seamless, and then I had some manual uploads from some shit exchange.

Over 300 trades a month on average, btw.

Yeah I'm not claiming shit. I'll wait until they come to me. Maybe teach me how to do taxes in school instead of white guilt next time, faggots.

>sitting 4 FUCKING HOURS here trying to calculate the taxes I owe

>4 fucking hours
Spreadsheet much?
One row of formula.
Copy and paste trades.
>30 mins

>buy bitcoin and eth etfs
>broker handles automatically tax calculations end of each year to tax bear
>calculated by end year result, if no profit after trades no taxes ofc

whats so difficult?

user be thankful that there are people out there like this who buy our bags. if spreadsheet is too hard for pajeet, imagine pajeet's portfolio

You can do deferred capital gains tax (pay when you actually cash out capital). The new bill doesn't clarify this because they know most crypto traders are retards. Its the same as anything else, otherwise markets would literally never move.

Uh oh you actually used that? Rip your coins

What was the issue with Coinbase's upload on your end. When I used bitcoin.tax I was left with a BTC balance that I don't actually have.

>buy computer hardware to mine coins
>set up all accounts under aliases and throwaway
>trade like a motherfucker

Whenever I cash out I'm consolidating it all under my name and only filing one trade

So I'm a grad student, no income, do i even need to file taxes? I dont understand any of this tax shit

Do we have to put it in our taxes if we haven't cashed out?

Q: How can IRS find out whether or not I traded crypto - crypto?

Q: Can I just pay my capital gains tax and they will just leave me alone? Based on the fact I paid my taxes. Or will they still investigate?

And you can't tax it all as a whole entity? I think this is possible in Finland

Your bank when you cash out will know you traded crypto. You omitted more than 25% of your taxes. May get audited back for up to 6 yrs if did unknowingly. May get audited for fraud, no time limitation.

each country has different tax system. first you have to find out are the losses tax deductable, if they are then no problem, you simply sum end of year profits and losses and if green pay taxes on that.

if not then dont trade under your id cause it would be impossible to make profit

I am doing research on this now and everything I'm pulling up is pointing me in the direction that tax deferral is only done through Like-Kind Exchanges (clearly not allowed in crypto according to IRS memos) and tax-advantaged retirement accounts

What am I missing? Guess I should talk to a CPA after all

For 2017 you only pay capital gains taxes if you cash out to fiat. They didn't clarify the ruling until December that only real estate can do in-kind transfers, not crypto. Next year we will have to document each trade, profit or loss.

Some user claimed to have an arbitrage bot that did thousands of trades, he made a script that generated the tax reporting and it came out to 73,000+ pages.

Just hire an accountant retard

Hello fellow Anons, I used bitcoin . tax and could use the free version because less than 100 trades. Was super fucking easy. Have not used cointracking yet, but read good things about it so far.

The solution is actually very simple. Don't cashout.

Holy fuck your stupid and your a massive faggot for overexagerating how much the IRS cares about nobodies

how can you even make losses in this crazy market?

>tfw you traded at a loss because litecoin was a shitty coin
>tfw you already recouped the losses from litecoin by trading for a different coin

feels good man

fuck you litecoin, you're shit

I would say this is true beginning January 1 of this year going forward under the new tax bill, but would argue for any crypto to crypto trades prior to that it was ambiguous and the IRS provided no guidance to the contrary.

For 2017 taxes I will not be counting crypto to crypto sales as taxable. I imagine many thousands of other will not as well.

But 2018 taxes and all going forward, all sales are taxable.

Some euro countries actually have a gift tax.
Depending on who I get shit from, in Netherlandistan the first 25k is free, everything else is taxed 0% (parents once in your life up to 100k for a house), 10% from parents or siblings, up to 50% in the case it's just someone you know I believe

Taxation is theft. Convert to Monero to keep statist banding from stealing your wealth. Move to the Bahamas, Bermuda, or United Arab Emirates

>export trades to pdf
>email to accountant
Nigga what the fuck is hard about that?

fucking idiot trying to pay taxes when you dont have to

which IRS memo?

>the poor IRS fuck that has to read through that

You only pay the taxes on the final withdrawal amount you shitlord, IRS doesnt recognize digital shitcoins as stocks and whatnot

Say you made profits from exchanges that do not have ID verification. You transfer bitcoin from crypto-crypto exchange to fiat-crypto exchange (gemini, gdax). When I cash out, can I just report the capital gains tax and be done with it?

What about if you sell used hard wallets with free crypto on for cash?

i'm in germany and yes they tax you on crypto-crypto trades... this is how you pay more taxes than your portfolio consists of in the end

Good luck to paying the omission fees and penalties user.

Hopefully you are using 1031 exchanges. Those are legal for all exchanges up until 2018. You will still pay taxes later, but just not yet. So anyone out there paying taxes now, and not deferring their taxes through 1031 like-kind exchanges, is an idiot. Please don't give the IRS a free donation. Use 1031 exchanges.

What could possibly go wrong.

I have a much smaller portfolio and several thousand transactions this year...

THEY CANT IMPORT FUCKING BINANCE??? AAAHAHAAHA THANKS FOR NOTHING

Are you reporting all your 2017 trades under the Like-Kind forms?

I agree they were ambiguous - but what is NOT ambiguous is that the only way to take advantage of their ambiguity LEGALLY is to report the trades as like kind exchanges. Which will probably get you audited but good luck.

You don't just get to exchange property and make gains without reporting it to the IRS. When you eventually cash out or pay your 2018, 2019 and on taxes they will start asking questions unless you are poor

>this is how you pay more taxes than your portfolio consists of in the end

>73k pages
YOU FUCKING WOT M8
Can we try to get tax institution employees to quit their jobs from having to deal with crypto trade horseshit?

yes, you need to pay taxes on any gains USD to Crypo, Crypto to Crypto, or Crypto to USD xfers

>this is how you pay more taxes than your portfolio consists of in the end
do you really believe this? you obviously can deduct your losses

they can

you can substract loses...

not if you lose the money one year later and haven't paid taxes...

dumbass you're doing it wrong get a fucking accountant

maybe teach you how to do taxes in jail. good luck. The IRS doesn't play around man.. listen to anyone that has been audited in this forum

What happens if you buy a boat load of btc and then only buy into ICO's? How do you determine the value of said ICO purchase? Genuine question famalam, is this why so many ICO's refuse burgerbros?

how? it says i dont have a time stamp

I use cointracking.info as well. I paid for a year of it. They have an Android app for anyone that doesn't know it's actually really nice I use it in conjunction with blockfolio

they don't send you to jail for not reporting. play stupid and you're fine

>they tax you for gains between each trade, thats how you end up owing more
>being this retarded

yes

can it track trades already done?

Put it on a all on a hard wallet go outside and punch yourself in the face 5x and go to the police and say you've been mugged. Would that work?

exchanges that are US friendly (which is why bitfinex discontinued US relations) are already talking to the IRS

Oh man. You're in for a surprise. Being an idiot isn't an excuse and they will fuck you over if they can.

what are you saying? if you have 1000 trades you gonna have losses and if you are trading a class that is not tax deductable you're in trouble

I used bitcoin.tax and it tells me that I have more ether than I acutally do.
What do? I already checked all my withdrawals/deposits from all my exchanges/addresses. What the fuck?

DGB

I'm not moving to fiat.

Invest in TurboCoin which will calculate your taxes automatically through the power of BLOCKCHAIN using synergistic disruptive technologies.

I have the option to move to Spain, how would that be on the taxes side?
Just throwing that out there, maybe some user knows his shit.

you're going to jail bro

Ill never understand the constant FUD surrounding taxes here. Virtually every exchange provides you with a .csv tracking your trades. Even decentralized exchanges like ED have resources for this.

Bitcoin.tax aggregates all this data and provides the USD conversion automatically. You literally do nothing except upload these files

Track your ICO contributions manually, and you're fucking finished

If people didn't wait till the last minute to calculate their exposure, you'd recognize you don't owe nearly as much as you think, and you need to do far less work than you realize to report it

Wrong. Like kind-exchanges apply to all types of property pre-2018. Crypto most closely relates to gold and silver so it will follow the rules related to precious metals like-kind exchanges. There are four basic rules for like-kind exchanges with precious metals. Firstly the metals must have similar use-cases, for example an industrial metal is not like-kind with an investment metal. This first rule does not apply to crypto because all of cypto is investment property other than a few edge cases no one really owns. The next rule is that you cannot define a property as legal tender and then get like-kind transfers with other legal tender, so this only applies to things like Tether and GoldMoney which are pegged to the value of the dollar and precious metals respectively, but they are used as cryptos. This means even trades to Tether and GoldMoney are like kind exchanges. The third rule is that specific gold content of coins used in like-kind exchanges don't matter so long as the coins are valued for their gold. This means that specific algorithms used for blockchain based crypto-currencies don't matter so long as they are valued for their blockchain. The fourth and final rule is that selling for numismatics (rare collectibles) is not like-kind. This means if you ever bought a physical Bitcoin at a jacked up price this is not a like-kind transfer.

There are more indicators like the way they changed the definition in2018 of crypto from "property" to "intangible property" and then required all 1031 exchanges to be done with "real property" which now disqualifies crypto from like-kind exchanges, but they wouldn't have changed this if like-kind exchanges were already illegal. Also some of the lawyers working on the tax bill specifically said it closes a crypto loophole for like-kind exchanges, so if they are closing a loophole that means the loophole exists. If you want to give the IRS a free donation go ahead. I'm going to legally keep my money.

good luck moving your crypto with that low limit because of lack of validation.. some exchanges won't let you make any withdraw without a verification or will be moving to this soon

You don't go to jail for legally deferring your taxes you bootlicking retard.

>what are decentralized exchanges

Or you could just put it all on a hard wallet and hand it over to Mohammed and his 12 kids down the road, because that's where it's all gonna go anyway.

This is retarded, you don't pay tax on the runescape gold you've made picking fucking flax, and that shits was easier to actually transfer into real money

you don't go to jail because they simply confiscate the taxes themselves if you don't pay

Does this bullshit actually work in america

they don't care about hypotheticals you cuck, they will see that boatload of btc and when you bought it (that price at that time) and wonder where all that money went.. good luck proving it as losses.. they aren't friendly and going to show you what you did wrong or prove you wrong.. they are going to send you a bill tacked on with fees and an IRS court date

Then why does this article say the 2018 law closed a loophole. Why would they change the tax code to close a loophole if that loophole doesn't exist? Are you retarded? Have fun paying extra taxes this year so you can pay the welfare for Daquans fifteen children to different mothers.

Being culturally enriched doesn't come cheap, pay your fucking taxes!

Thank you user. I'm not going to blindly trust you but I'll run this through a CPA.

you must be some young entitled cuck that thinks you can play "stupid" becuase you have shitty parents that let you get away with shit because you played "stupid".. IRS DOESNT CARE HOW RETARDED OR STUPID OR CLUELESS YOU ARE. THEY CARE ABOUT GETTING PAID. THEY PAY MORE MONEY IN PRIVATE COLLECTORS THAN WHAT THEY GET IN RETURN FROM THOSE SAID COLLECTORS.. thats how little they care about you, and if you think you will just get a "warning" and then just pay what you owe then.. you are dead fucking wrong. I'm just trying to help you

Bro, good luck with that. unless it's under 5k worth of trades IRS is gonna audit and add blast you...

I love how the IRS is above constitutional law. Americans use to literally murder people and start revolutions over less.

Because of the tax mess i would avoid any broker that requires your real id currently. Secondly, if you want make things even more clear trade crypto etfs/eth that are listed and taxed completely similarly as traditional stocks or etfs in every country

Can any one of you faggots explain to me why you want to willingly pay taxes on anonymous currency? You realize that taxation is theft, that you can safely hide your cryptocurrency from the thieves, and that it was in fact designed to do so?

Pay30 buck for the crypto accountant program.