Crypto is double taxed

>the government is on the winning side of every trade in history

>the government is in astronomical debt

How is it even possible?

>reddit.com/r/Butcoin/comments/suprfagotronOP/i_am_a_gigantic_faggot_how_do_I_stop_sucking_cock_every_hour_of_the_day/

That’s not double taxed you idiot, you just can’t defer your taxes

What’s the best way to get Fiat into crypto without getting cucked?

If you cash out to pay taxes, you'll need to cash out again the next year to pay the taxes on this year's cash-out, then again the next year, and so on.

If you only cash out what you need to pay taxes each year and no more, the amount you'll owe in taxes each year should drop significantly and will eventually reach essentially zero.

But it's still pretty ridiculous.

horizonstate.com/

[ ] - I'm a bootlicker!
[ ] - ban the IRS

wow it's really that simple

you. just. fucking. say. no.

pay cash in hand to the seller

Damn, I've probably invested 12,000 on there, I should probably stop and lay low

your federal taxes goes to the IRS, not the government
The money made by the IRS goes to the hands of (((them))) so they can use it to fuck you over some more.

So how are the people who got scammed on Bitconnect gonna pay taxes? I had wondered about how they treat people who got scammed and lost all their money into the next year. Do they really have to pay taxes for money that doesn't exist anymore? LOL

I used to work at subway when I was 16, left after two weeks, never came back or got paid. A few months later got a letter from the government telling me they were entitled to tax from my earnings there.

God bless America.

>this FUD again
Here's how it really goes
>calculate the taxes you owe in transactions from 1/1/17-12/21/17
>cash out money to pay those taxes between 1/1/18-4/15/18
>don't have to pay taxes on that cashout until 1/4/19
Yeah it's shitty jewry but you don't get caught in an endless cycle like some on Veeky Forums think.

Entitlements.

Here's the taxes based on income brackets. Add in another 10% for state tax.

wew

Honestly I already cashed out for taxes on the 31st like a smart person, the only people who got fucked didn't cash out. The best they can hope for is the market goes up again before the taxes are due.

Government isn't for the people, but for (((them))) since (((they))) own the government through the central bank (((they))) installed in the country. What we did in 1776 was destroyed when the Federal Reserve system replaced the system before it in 1913.

Keep letting people know whatsup.

No, because the cost basis gets moved up with every trade.

The taxes are FMV - Costbasis

So if you bought a bitcoin for $1,000 and then traded it for $10,000 worth of eth your capital gains are $10,000 - $1,000 = $9,000. If you sell the eth right a way for cash with no price change the FMV would be $10,000 and the cost basis would also be $10,000, cancelling it out. So your net gain would still be $9,000.

>state income tax

Texan?

Yes

no idea what you're talking about OP. just cahsed out today and didn't pay any taxes.

>there are people on this board who will actually pay the IRS with 0 net profit

DECEMBER FAGS BTFO

I’m not declaring shit - the rewards vastly outweight the risks.

You don't have to pay a tax for every individual transactions. You literally just ad up all your gains and losses and pay taxes on the amount you profit as if it were income tax. The IRS just wants to see proof that you made the trades.

Do people not see this?

It's fucking retarded, we basically giving away ALL the money. If you get hacked you'll need knee pads to pay the taxes.

Is it easy to avoid taxes on crypto in DR?
Father lives there and got citizenship.

it's not double taxed retard if you increase your basis in a trade you only pay taxes if the basis at the time you cash out is higher than the basis when you traded

shit if it's down you get the money tax free AND write the capital losses off against your capital gains

dipshit

>living in a literally African nation
>living in a nation that the president of the united states calls a shithole

It's smart to have debt as long as you run a surplus with it. You yourself can add to the debt if you purchase a US savings bond. The US is taking the money from that purchase and promising to pay you back later on it. Furthermore, in a weird sort of way a very large percentage of the government's debt is held by the government as funds need to be shifted around. The US has been running a deficit for years so it is growing faster than it should but people who make a giant deal out of it as if it's the end of the world are either people who are scared of big numbers or people who don't understand any economics (or politicians who do understand but would like to use it as an arguing point to people who don't understand)

...the absolute state of American culture.

what happens if he takes the cash and doesnt transfer the coins? Like he just runs away

>WE WUZ SPANISH N SHIT
>people willing visit a Haitian larpers

If you knew how to read you'd know that I'm not there, not from there I just want to know how to avoid paying taxes on crypto gains when I cash out, but since you have no clues about this shit you're focusing on useless shit and not on the subject at hand.

Yeah it's funny because when you faggots were shilling crypto back in November/early December you were boasting about how it was tax free income. As if you didn't see this coming.

Veeky Forumstards cannot understand these concepts

they actually think that your taxes increase just because you have to show to IRS every crypto-to-crypto trade made.

they actually think 5% of 100 is different from 5% of (100/32)*32

That was Haiti that he called a shithole.

god damnit what the fuck are people doing about coins they bought from gox

i can prove easily with my wallet that i owned them long term for long term capital gains rates but god damnit

Kek

It better be this otherwise I’ll owe more in tax than I actually have.

then your fucked, but that's true if a counter-party cheats you in any format/forum

the only way you can get fucked is if you owe, say, 100,000$ in taxes due to trades (capital gains) in 2017 and then in 2018 the market crashes so much that you don't have 100,000$

If you owe 100,000$ in taxes due to capital gains in 2018 and the market crashes, when you sell your losses offset those gains.

DEX can't come soon enough.

not an argument

AT THE RATE I'M GOING, THERE WON'T BE ANYTHING LEFT FOR THE IRS TO TAKE!

Only way you'd owe the gains in 2017 would be if you realized them.

I'm getting out of crpyto because this shit is confusing and retarded.

Trading is realizing.

XLM to save us all