Who else is ABSOLUTELY FUCKED when it comes to their taxes?

That would make you literally more socialist than most of Europe.
I'm pretty sure there is a way to work around this otherwise the US middle class would be non existent.

How the fuck is this enforceable?! Pro-tip: don’t declare shit

i spent the entire fucking 2017 drilling this into you faggots, how are you just getting this now?

I'm kinda fucked. I will definitely have to cash out before June to pay my taxes. Then the cashing out will cost me as well when I pay for this year in 2019... It never ends.
I will dry those tears if sadness with the tens of thousands of dollars I made.

sounds like good advice - sadly that binance ceo said he'd comply 100% with the countries authorities ... which in turn might mean anything or nuffin

You do know you can file for a loss too right? You absolute fucking sperg go talk to an accountant. Fuck me the state of /biz these days.. or dyor

Even if you file for a loss this year it doesn't cancel out the gain from previous years.

You don't have to be verified on binance, dumbfuck.

I know for a fact that the majority of you in the US are in a similar situation. Short term gains throughout 2017 because crypto - crypto trading incurs capital gains. Then a majority of you probably also lost some gains this January but still have to pay for those gains from last year.

>You don't have to be verified on binance, dumbfuck.

for now

>land of the free

OH NO NO NO

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

do you pay federal taxes when you purchase an item in Wow for gold as well?

go jump on a boat and sail out of the country, just abandon that shit immediately.

you either face a decade in prison for unpaid taxes, or you take your chances abroad without a visa/passport just living life as a vagabond

Yes

purchase once crypto shitcoin e.g. ETH with your bank account > your ETH adress will be a open book > so will be the one on the exchange

What the fuck are you taking about? I don't make losses. That's why I'm 'kinda' fucked. I need to cash something out to pay for the gains I made trading.

They're working on that as well.
taxresolutioninstitute.com/taxing-world-of-warcraft-income-taxes-online-gaming-diablo-irs/

this
OP kys if either this dumb or this larper

>Gains that I don't even have now
kys

You... fucking... retarded piece of shit. BRB. I'll enter a similar scenario into bitcoin.tax for you and screen shot it because you're too retarded and lazy to know what I'm saying.

Even if in your particular case, you got cucked, It's your fault for not using one of the 1000s of ways to cash out under the radar. It's literally why crypto was invented you know

>b-but they make me pay anyway on trades
Ask them how can you pay if you haven't cashed out

>taxes are a meme
Holy fuck, after 12 fucking years with you degenerate cunts, you still make me spit my coffee

Alright here. Let's say you buy 10 BTC on January 1st and trade it back and forth with ETH throughout the year. NO "CASHING OUT" just trading between coins.

This is what your tax bill looks like. Nothing cashed out.

Then you cash out everything this year.

Do you get anything off your $371,789 tax bill from last year? Nope, you just get to report a loss this year.

Forgot pic.

>wow
>income

Nice, when the game is as good as dead and gold prices are in the shitter they have decided to tax it.

Soon even posting on Veeky Forums will be taxable as well, i guess. I cannot even imagine how high the taxes are going to be for Veeky Forums posts.

It won't work.

>It's your fault for not using one of the 1000s of ways to cash out under the radar.

Dumb faggot, you owe taxes even if you don't cash out. As I demonstrated here.

what site?

Bitcoin.tax

Cointracking.info will give you the same result.

I called several accountants and they all confirm that what I'm saying is accurate.

Every time you make a trade you realize capital gains in the fair market value of the trade in USD.

i can't shake the feeling that bitcoin.tax will feed your info to the IRS even if you don't use them to submit the return

What will the IRS do though? Will they charge you a fee or interest (and how much) or will you just have to pay like normal

if it's just like normal or not too high a fee, it's worth trying.
after all they only explicitly disallowed it in 2018

>He doesn't trade on anonymous chink exchanges
>He declares his alt trades accurately

If you're afraid that bitcoin.tax will report your info to the IRS how are you not afraid that exchanges won't eventually report your trade history to the IRS?

Right, also keep in mind you can only deduct $3500 net losses each year. You can roll over the excess (and use it to offset future gains too), but keep this in mind.

each exchanges is only a subset of trades though, and only 1 of them has my id

nobody has even mentioned puerto rico? If you own property there 6 months of the year you cash out TAX FREE. look up act 20 and 22

TAX FREE.
I am already moving later this year, its a no brainer if youre american

>have to live in a third world country for 6 months

in east europe nobody give shit feels good

As I said multiple times, this is not about cashing out. This is about short-term gains you already incurred for last year for crypto-crypto trading. You can't go back in time to 2017 and move to puerto rico. Nothing I do in 2018 can undo the tax I owe for 2017.

YOu dont have to live their brainlet, the bank needs a certificate of residency

If you are doing even halfway decent and not a complete moron, you can get a property for around 5-10k and rent it out ..... brainlet.

HOW IS Veeky Forums NOT DOING THIS

Why TF do you think the irs has the manpower to track every trade? are you this fucking retarded listening to the fear mongering on reddit?

You only pay taxes if you cash out, dont get cucked by the every crypto trade fucking meme

>newfags

sounds like it'll get you fucked somehow otherwise everyone would be doing this

>Where did you get these coins
>uhhhh
enjoy having your assets frozen, and jail if you're unlucky

They can subpoena exchanges and put everyone's names they find that didn't report trades on a list. Since I was dealing with a 7 figure sum last year I can't afford to assume they won't pay attention to me.

same here

plus idiots on Veeky Forums don't understand that blockchain means your fucking shit is public

Not if youre not on any kyc exchnages and trade using sketchy shit, so yea, youre fucked

Thats not how it works, it is literally legal under act 20 and 22. dyor faggot

most ppl are sheep which is why theyre cucked, look around you. this is a no brainer desu, ppl are just followers

If i never convert my currency back into canadian dollars i don't need to pay taxes, right? How is the government going to know i have cryptocurrency lul?

if this worked every single person with money would own a home in PR

>peter schiff

>assuming you know every wealthy person and how they handle their money

>assuming i dont know several millionaires who have done the same

youre retarded

and what are they gonna find on the exchanges? my bunked out info? you people are clueless.
if you make millions on crypto trading nothing is stopping you from never paying taxes on it outside of you cucking. Seriously its not like they can seize your assets when you could hide them indefinitely through crypto washing.

wait, can you actually owe more money on taxes then you actually gained? is that a thing? lol, what the fuck

CAN SOMEONE PLZ ANSWER

I get in the USA that shit coin to shit coin is taxable and is the same as going shitcoin to fiat to shitcoin, but wouldn't that 'gain' from selling the first coin be canceled out by the decalred loss of reinvesting your captial into the shitcoin you bought?

Can we just address the sheer absurdity of taxing memecoin to memecoin trades? How the fuck can crypto survive if they start enforcing this shit.

If you make any money trading, you're gonna have to cash out your gains to cover the tax. Then you're back to square one. No more compound interest, no long term capital gains. Are you fuckers really going to comply with this shit?

Won't work, you need to live there, have PR ID, have no connection to mainland US, etc. etc.

Buying property only won't work.

Yeah it's a thing IF you make a gain in one year and lose some the next. If the loss is in the same year, it'll subtract out however.

It only gets cancelled out in the same tax year.

They don't have the resources to track every trade. If you go to cash out and you haven't reported anything in years the burden of proof is on you to show how you obtained those coins. If you don't have that they are going to tax you at the highest rate and fuck you in the ass on tax evasion. So go ahead believe this is just a meme and don't report anything but you better not even make a whimper when the taxman shoves his hand elbow deep up your ass with no lube checking to see if you have any buttcoins hidden up there.

Two years ago i was a diehard Bernie Sanders supporter. I volunteered for him. I shill for him online. I did everything in my power in the hopes to try and help him get elected. Just by coming to Veeky Forums the past year, i’ve become pretty counter-semitic. I hide my power levels in front of normies/friends but holy fucking shit. Veeky Forums and /pol/ are never wrong.

Is that you in the picture by chance?

here's a tip: fiat capital gains right away, or every week or something.

even if your portfolio loses value at least you still have the USD to back it up. you're still losing it either way.

I owe $9k but I'm not a retarded autist like you all and I paid it in estimated payments already

they literally can't comply. it's all too complicated and unreasonable. a simple clean easy to understand tax of 15% on the way out is so obvious but nooooo. the irs doesn't want to make money thats clearly not the goal here or they would make it a lot easier. they just want to scare the shit out of you and be assholes, because they are.

i seriously doubt joe blow who barely understand crypto is going to keep the neccessary exhaustive records on every single tiny trade. millenial generation that barely understand money is going to do this? no. people barely understand whats going on so here;s what they're going to do: ignore it, tune out, its fucking complicated. fuck that noise.

what are they going to do anyways, damage my credit rating? fine me a bunch of money i have no intention of paying them and then jail me? is that how it works? is there enough room in all the jails for every crypto trader who cant be arsed to figure out this complicated tax shit storm? are there enough accountants in the world to fugure this shit out even if people did want to pay their convulted retard taxes? no.

the whole thing is a fucking shitstorm retard mess. and at this point its just easier to leave the country and never come back.

What a cuck

Warned people about this in December. Set aside what you owe. This is just a dip, in case of a real crash, you can very easily end up it the hole. The anons that claim otherwise are playing with sub 2k stacks and didn't bother to research. If you made any substantial gains, they aren't going to let it go and in they won't come for it this year, it will be 2 or 3 years from now with fines, fees and interest. That is how they do.

On Form 8949? 1099-B? There's no "estimated payments" option. They make you enter the cost basis for everything.

How would you explain the excess of BTC/ETH? If you bought 2 BTC to invest and cashed out 10 the IRS will ask questions

>muh day trading taxes
I will get my FOID card (burger here - no concealed carry unfortunately I live in a suburb 50 mins outside Chiraq) and pay a one time tax for '''long''' holds. Anyone tries to squeeze me for anymore I will take out as many agents as I can before myself.

>tfw merimutts will start to cash out en masse before April to pay taxes
>PINK WOJAK SPRING confirmed

Even if I had set aside the amount I owe, I'd still be justed by paying the amount of taxes when my portfolio was value'd at the highest Because it peaked on December and dipped in January.

Yeah I get that but then your trades throughout the year would cancel one another out every time, no? You only would not have a corresponding buy from your sell if you were selling to fiat, or if you sold at the end of one year and bought at the start of the next.

lol every thread about taxes full of convulted explanations and debate and complicated questions.

its retarded, most people dont even know what the fuck is going on. this tax plan isnt going to work. i dont think it was designed to. its just the irs being assholes nothing more.

Yes but what happens when you want to cash out?

>taxed on every single trade

and the laaaaaand of the freeee

and the hoooome

of theeee

braaaaaaaaaaaave

So what's stopping me from moving all my gainz to XMR & my ass to Belize?

Let's say your portfolio is worth $100,000 in January, $1,000,000 everything all realized because of short term trading. You sell at the end of the year like you said. You have a $900,000 short term gain. You owe like $360,000. So now you have $640,000 to reinvest at the beginning of January. You re-buy. It falls a fuckton.

See how it doesn't take away any of the JUST? If it had fallen before January it would have cancelled out and you wouldn't have parted with that high of a tax.

Estimated payments are due every quarter to avoid penalties

if they audit you, they will know you traded on there

Idiot, because they changed the rules for like kind for 2018 they created a legal precedent that 2017 alt to alt was like kind. Don't pay 2017 taxes on that. Hire a tax attorney if they come after you, it'll be cheaper.

Can I do this as a Canadian?

>Taxes laws are complicated, they can't possibly work. Ignore them.
The laws work the exact same as they always have, the confusion comes from the fact few people do it themselves, you get a 1099 as a courtesy. You decided to participate in a do-it-yourself bleeding edge investment, that means you do your own taxes, just like any other business.

no

..... If that's true then that's another whole level of JUST that I have to deal with because I knew nothing about estimated quarter payments with penalties.

give me a 15% capital gains tax when i cash out and ill pay it gladly. if i need to get an accounting degree to even comprehend the tax situation im not going to bother. majority of us wont bother. the answer is no

Until you cash out, at least. Once you do it depends on the local laws, which in many cases means income tax or similar shit applies.

Well yeah, I mean why is this surprising? That's how taxes work. If you cash out to fiat at the end of the year you should know you have to pay taxes on it for that year. Thats how stocks work too. You made it sound a lot worse desu. You're not really being taxed on shitcoin to shitcoin you are being taxed because you cashed out and didn't rebuy until the next year.

Ok, but I DIDN'T cash out, so I in fact am being taxed on my shit coin trades.

You'll be fine the first year unless you made a shit ton of money last year, but by the 2nd year of big gains you'll likely owe penalties if you don't pay in time.