YOU MUST PAY TAXES even if you didn't cash out, but I have the solution

I spoke with several leading tax attorney's in the industry including the very famous Tyson Cross, and this is the bottom line. You MUST PAY taxes even if you did not convert to fiat.

The problem is of course the fact that you are taxed on all crypto-to-fiat, crypto-to-crypto trades. This is completely unfair and wrong, because essentially you must pay on your crypto-to-crypto trades, even if you did not convert to fiat. It's wrong, but that is the tax law.

And since our gains far exceed any fiat holdings we have from other sources, we would be forced to liquidate our holdings to pay for the taxes. THAT is the real killer.

But I have a solution to this.

Do your taxes. Declare them. Declaring your taxes gives you an automatic leg up, since the IRS is understaffed, they just want a cut of the pie. So you're giving them their cut...but...

Don't pay immediately. Delay in paying your taxes.

WHAT?

Oh yes. Delay in paying them...wait and HODL. That is all that is required of you. By HODLING, you are essentially leveraging the massive upside potential of your holdings versus the interest and penalty rates of late payment. And this is going to work, because crypto moves extremely quickly, and like last year, we are going to have a baller year this year. Your port will most likely at minimum do a x5 sometime this year. Once it does, that is the time to cash out (or if you are really a gambler, wait even longer for your port to grow even more). By the time your port does its x5, x10, the penalties for late payment are negligible.

You have to pay, there is always a trail, and they can easily subpoena ALL exchanges if they are not based in China and Russia.

The beauty of this method is that its completely legal. This will all become moot anyway once crypto really takes off and the USD becomes absolutely worthless, especially once merchants start accepting crypto and you get the user coins combined with the new DEX"s.

Other urls found in this thread:

irs.gov/pub/irs-pdf/p570.pdf
irs.gov/pub/irs-pdf/i8824.pdf
twitter.com/SFWRedditImages

>mfw i apply this strategy and btc goes to $1000 EOY

thats sweet and all but what they gonna do if i dont like in retardland aka USA?
exactly

That is the only risk, but thats just not going to happen.

>willing to take the chance to be indebted to the IRS.
look at this guy and laugh with me, anons.

Kill yourself you retarded cuck

HERE IS A REAL SOUTION SO LISTEN UP FAGGOTS

never sell anything on a verified exchange. Keep trading on binance, kuckcoin etc, and when you cash out next year, in 2,3,5 years just make up some fake trades for the last year that add up to the amount you're cashing out. That's it. It's just an excel sheet anyway, no names attached.

Don't be a fucking idiot
if your amount is small like

WHAT IS THE TAX RATE ON COIN TO COIN BUYS AND SELLS?
FIAT TO COIN BUYS AND SELLS?

Or may be just pay your fucking taxes and forget

i got verified pretty much everywhere, i was thinking it will end up being this shitty, i am fucked even though i don't live in the US? can Bittrex send data to other countries' IRS?

same in the US and you have to calculate it based on USD value of the coin which is retarded since they change from one exchange to another

you will pay huge penalties and interest because the $ is due on apr 15th

is it really coin to coin? not just on gains ?

Problems with your theory:
What if the IRS needs more proof than just a spreadsheet

Also (more importantly)
Aside from needing to denounce your goddamn citizenship from the US of A and having to go to some shithole country (likely outside of the anglosphere), one of the things needed to denounce American citizenship is paying all outstanding taxes, rendering the whole thing pretty much moot

Poor and sad Burgers

>Or may be just pay your fucking taxes and forget

Lol, one guy in my country did exactly that. Being patriotic bootlicker 'muh country' nationalist n shit. You know what a state revenue service did after he paid his taxes?

THEY FUCKING SENT HIM A LETTER SAYING THAT THEY HAVE RECALCULATED THE AMOUNT OF TAX HE HAS TO PAY.

Then he paid again. Seriously. He fucking did, the madmad.
Guess what did the kikes from the revenue service?

THEY HAVE SENT A SECOND LETTER WITH THE SAME MESSAGE.
Only then he hired lawyers and now in a long and costly battle with the tax kikes. I don't think he's going to win.

They will have to skin me alive me before i declare any crypto to these whores. Fuck them all.

I don't get how I'm supposed to pay.

I've been trading crypto since 2016 but never took anything out so I have never paid anything.

In 2017 I took out 400 for medical stuff and a grand to play with.

So I have trades on 6 exchanges and several hundred of them to go through?

Can I not just declare 1400 as secondary income and pay that? At least just for this year?

I've been tracking my trades this year in a spreadsheet.

Yes obey and pay your taxes to the criminals who would be happy to see you dead...

>What if the IRS needs more proof than just a spreadsheet
if only i could cryptographically prove i owe a given address and if only that address had amounts i held for how long to prove 100% that i bought coins on day X and sold on day Y

yes, be a good cuck and get willingly comrpomised after every year (or even every quarter) by cashing out a chunk for tax purposes. Absolutely disgusting behaviour.

You fucked up then. But here is what I would do.
Swallow this bitter pill, report and pay what you owe so far, AND NEVER SELL ANYTHING ON A VERIFIED EXCHANGE AGAIN, (be careful, buying eth with your btc on let's say Bitstamp = selling your btc for eth, you're shooting your own foot doing that)
Only use verified echanges to PURCHAES CRYPTO WITH FIAT (they cannot tax you on that).
After you sort out your currently owed taxes, abandon your verified alt exchanges. Create new ones, trade there, keep your exchanges with FIAT gateways for the day when you really want to cash out. That's it, ver fucking simple.

Instead of paying after every year like an idiot, you'll only pay fucking once on your fake made up trades for the last year.

it cannot be every trade. Just gains. Imagine someone trading a $500 stack back an forth every hour, he'd be in debt real quick.

>Problems with your theory:
>What if the IRS needs more proof than just a spreadsheet

and what other proof can your provide currently? does binance on kucoin give your some other prood than an excel sheet? No.

>Also (more importantly)
Aside from needing to denounce your goddamn citizenship from the US of A and having to go to some shithole country (likely outside of the anglosphere), one of the things needed to denounce American citizenship is paying all outstanding taxes, rendering the whole thing pretty much moot

Like I said, if you only bought and never sold you don't owe ANYTHING. Even if you bought 100btc when it was $2k, you don't owe a goddamn cent as long as you didn't realie those gains by selling/trading it.

ABsolutely right. They will be torturing you back and forth until you give up all your gains for shaniqua's welfare and go back to wagecuckery like every obedient citizen.

Taxkikes can absolutely get FUCKED. Illegals have zero issues laundering money, buying houses and cars with cash, etc. I'm white and I promise I'll find the right loopholes.

Come and fucking find me.

Umm... no I don't, because I bought eth and (((immediately))) traded it to and only made 1 trade with a profit of 0$, so I only have to pay tax when I convert back.

That's how you play this game

You guys are brainlets just ask for an installment arrangement stating that as you havent cashed out you cannot afford to pay the bill. DEEErfs

I don’t have to pay shit when my total earnings for 2017 salary plus crypto is under 14k

Why not everyone decide to not pay and demand a fair law?

Or

You know

Hold XMR

You cannot cash out if you dont pay taxes, that's the bottom line. That's because the IRS will come to you and ask you where you got that fancy car, that nice house, etc.

I mean, I guess if you have small holdings of less than $200k, you can get away with laundering the money. This is for people like me that have over a $1,000,000 in holdings and eventually want to cash them out and enjoy our gains.

There is absolutely nothing you can do, either pay your taxes or leave the country.

That's why the best method is to declare and then delay paying your taxes when the upside potential is much higher due to the growth of crypto. You choose when to cash out.

This is completely legal and a viable strategy. Yes you'll be in debt, but your debt and interest on that debt will be negligible compared to the big gains you'll see in your port.

Taxes in the USA must have the founding fathers rolling in their fucking graves. Goes against everything the country was founded upon and amerimutts take it up the ass. This world is so rotten to the core it sickens me. If Satan exists, he definitely has a stranglehold on us. Fuck the kikes. I refuse to pay them a dime of my hard earned gains. Luckily I got the fuck away from shittrex and haven't really traded much of anything there. I'm sure we'll be able to avoid the kikes in the future- DEX's, Russians, and the Chinks combined with privacy coins will be our saving grace. They might have a record of the money we put in, but we can forge fake trades, "lose it all" and launder. It's not ogre yet.

no. The best method is to fake all your trades as if they happend on during the year of cashing out.
You don't know what the penalties are going to be, you have no crystal ball about what's gonna happen to crypto by then.
Laundering 1M would be easier than what your propose.
Donate your entire portfolio to a family member and then make him/her pay taxes on a 0 cost basis, purchase land/real estate and gift that back to you or something.

the good thing is that the tax arbitrage is already happening, for every fucked up greedy country there will be countries willing to welcome crypto millionaires with open arms, so that they can spend their juicy gains boosting up their economies as opposed to wasting it on welfare tax for niggers and other degenerates

I agree that taxes are wrong, but again this method is for people like me that have large holdings that want to enjoy our gains and stay in the country of our birth. Plus I'm verified on Bittrex anyway.

This really should be the goal of everyone on here, I'd rather pay the taxes on my millions of dollars of gains, rather than launder smaller amounts of money. I want to enjoy my gains.

Fuck the IRS, we can starve the beast but only when enough people adopt crypto. Until then, we have to pay.

>kikes coming to Veeky Forums hourly to lie about how US taxes work have now stepped up their game and are encouraging actual tax fraud as a way to make extra shekels
The holocaust wasn't real, but it should have been. Do you kikes ever tire of lying?

>You don't know what the penalties are going to be
The penalties will be the same for any kind of money laundering or auditing.

>Laundering $1M

Again, it doesnt matter whether or not you can launder the money through Monero and tumble your coins. Even if you buy your house in cash that is an automatic red flag to the IRS. Any big cash deposit into your bank account = red flag. Flag flag flag. The IRS has the dollar and all large purchases cornered.

The way of beating the IRS is if everyone uses crypto and refuses to pay taxes. Until then you must pay or else the IRS will come to you and ask you where you got your fancy Yacht. If you are a NEET, good luck explaining how you earned that yacht delivering pizzas or waiter tips.

People are too stupid to do that. Look who's our president, look what happened in 2008.

I'm not a kike, I'm an investor with a rather large portfolio and I spoke with the best lawyers in the industry like Tyson Cross. This is the best way.

How did a NEET like you afford to buy hundreds of thousands worth of ETH?

stop wasting your breath people dont take taxes seriously here just enjoy the shitshow

I didn't. I bought (((a few))) eth and immediately traded it for some shitcoin that (((just so happened))) to blow up to worth hundreds of thousands

Fucking This.

I heard mexican and other illegals live for fucking years in the us, have families, properties etc, and yet a white working man is supposed to get assraped (double assraped actually getting taxed on his regular income and then double taxing that money with crypto)
Fuck them.

this guy knows what's up

people are cucks, they will pay even a air tax, or a fucking pavement walking tax, whatever

That's right. They cannot tax our buys. However they sure can go fuck themselves when we leave the country with our sweet gains.

(((They))) are so butthurt because for the first time in human history you can flee a country with all your gains stored in your memory (passpharse for your wallet).

Just because you fucked up by selling on verified exchanges doesn't mean everyone else is also such brainlet/cuck. Don't try to drag people into your tax misery. Get fucked by the taxman on your own, lol

yea because laundering 1m through selling for cash etc = equals buying expensive shit like a total nigger or yet even more stupid depositing that into your bank account, lol
You can launder that cash through some friends/relatives with a good income/company/creative accounting
or just fucking use that cash for regular life expenses. They cannot arrest you for not being a wageslave and living off of your life savings.

no it's not. Just because you're a pussy doesn't mean everyone has to get assraped or potentially end up in jail/debt because your theory didn't work out.

Teeka is currently in Puerto Rico doing a report on their tax heaven or crypto, yet patriotic retards here will stay in their fucked up countries because muh homeland, lol

You're right again. Looks like we have some people with IQ higher than double digits

>Just because you fucked up by selling on verified exchanges
Most people here traded on Bittrex, which can and will be subpoena'd. Even if they didnt get a verified account, there is a trail that can be tracked

>You can launder that cash through some friends/relatives with a good income/company/creative accounting

It literally doesnt matter. What day job do you have? Again, if you want to enjoy your gains, you have to report, period, end of story. No money laundering above $200k/year will save you from getting audited from the IRS. I spoke to tax lawyers about this. It's all the same deal.

Sure you can launder, but if you have gains in the millions like me, you have no choice but to either leave the country or report. You're too high profile. And you want to eventually get to this level anyway.

>Teeka is currently in Puerto Rico doing a report on their tax heaven or crypto, yet patriotic retards here will stay in their fucked up countries because muh homeland, lol

I'm not patriotic in the slightest. I hate the system. I dont want to pay, but I dont want to leave the country either, I have friends and roots here.

You can talk all the shit you want, but at the end of the day when you get the audit letter you'll pay.

Unfortunately that story is already bust for me because I had to get verified on exchanges in order to withdraw anything more than a tiny amount of BTC a day.

Also the Peurto Rico thing is a meme. If you were a non-bona-fide Puerto Rican resident, US Citizen for ANY of the 10 years preceding the year of the gain, the gain is NOT considered to be originating from Puerto Rico and will be taxed as if you sold it in the United States. A lot of people moving to the Puerto Rico who didn't read the small print thinking they can just stay there for 6 months and immediately cash out tax free will get FUCKED. No, you'll have to stay there for 10 more consecutive years and hold the entire time. It's basically a big tarp.

irs.gov/pub/irs-pdf/p570.pdf

>legally all those random bitcoin shitcoin forks like bitcoin diamond, gold, etc are income and you're supposed to pay taxes on them based on the opening sale price

OP is right. Until more people adopt crypto and stop paying taxes, you'll have to pay if your port is above a million and you want to start enjoying your gains. If it's below a million I doubt you'll want to cash out anyway so there's no point to laundering.

It's not worth it. Pay the taxes until more people start revolting against the IRS.

If you think the IRS will look the other way because you got a $500k "gift" from a friend overseas, you're delusional. They might be understaffed but they aren't stupid.

The interesting question is, will the IRS use blockchain records to go back and fine people for mining or trades they didn't report?

Are we not allowed to interpret our 2017 trades using the in-kind rule, ie, only count what we cash out to fiat? They only narrowed the definition to real property for 2018.

how are they gonna track it?
Even if they bust a few neets, only thing it's gonna cause is more people will be even more cautios using vpn/tor and more and more obscure exchanges with different e-mail addresses for each. Like I said, if someone didn't think about it in advance then too bad lol, you should've predicted the greed of your jew state

>It literally doesnt matter. What day job do you have? Again, if you want to enjoy your gains, you have to report, period, end of story. No money laundering above $200k/year will save you from getting audited from the IRS. I spoke to tax lawyers about this. It's all the same deal.

Sure you can launder, but if you have gains in the millions like me, you have no choice but to either leave the country or report. You're too high profile. And you want to eventually get to this level anyway.

You didn't understand what I said. If it's a big amount, you launder it through your friend's company and he gifts it back to you, either in form of cash/real estate/land. You pay tax once, not after every fucking year like you'd originally have to. Or risk getting in debt like you propse by delaying your reported taxes lol. good luck if crypto goes south.

thanks I'll take a closer look. But there are other opportunities too, Belarus is one and like I said other countires will be popping up like mushrooms after a good rain to scoop all those rich crypto people up to themselves and have them spend that money in their countries.

noone says you shouldn't pay taxes on that gift. But as yourself what's better, paying tax once on a sure thing like real estate gifted to you or get assraped and compromised after every year?

and how are they gonna do that lol?
You do realize that they will lose track as soon as your crypto reaches exchange's wallets where everything is mixed together?

The like-kind rule never applied - it was just a myth.

You can do it. But they're going to reject it. It's like a request "Plz, IRS can I defer these gains?" "Nope" And then they're going to pay special attention to you and probably audit you.

Starting 2018 you're not even allowed to request it. That doesn't mean that your request will be approved for 2017.

I feel it's gray area enough that I'm going to just count things that way for 2017 and if IRS wants to invade my ass over it, I'll claim ignorance and revise my forms at that point. I moved coins around at the end of December bull run and that's like $30k in fucking taxes I'd owe if I have to go that way (and my folio has halved since then)

you can prove ownership of an eth-address by signing a message with it

>how are they gonna track it?
You need a place to store your fiat, it's called a bank. Until the banks collapse you're kind of fucked if you make big purchases. Even if you pay a house in cash that sets up red flags so either way they have the system cornered until the banks go and people refuse to pay.

>it's gonna cause is more people will be even more cautios using vpn/tor and more and more obscure exchanges with different e-mail addresses for each.

>it doesn't matter. Your gains need to match up with your income. You can fudge the numbers a bit if its on a DEX that can't be subponea'd, I agree, but you still have to send some proof that makes sense to them. They aren't stupid.

> you launder it through your friend's company and he gifts it back to you,

No, you didnt understand what I said. The IRS isnt stupid. You think they are going to look the other way when your "friend" "gifts" you an estate, cash gift? You gotta be kidding me. It's not that easy, come on, you're living in fantasy land.

>You pay tax once, not after every fucking year like you'd originally have to

You can be smart and use a lending service like SALT to cash out and not get technically double taxed when you liquefy your holdings. Oh and its fucking legal so you dont have to stay up all night worrying about the audit letter they'll send you.

>good luck if crypto goes south
It won't, we are literally guaranteed gains for a while.

No, I don't. I live in Denmark, faggot.

The rules for instructions for reporting like-kind exchanges are actually ridiculous. 45 day written notice requirements on every exchange, you have to identify who the other party was that you exchanged with, you're required to send them SHIT TONS of information for them to verify. Where as with Schedule D and 8949 the reporting is actually extremely minimal in information. I strongly advise against attempting like-kind and so do all accountants I spoke with.

irs.gov/pub/irs-pdf/i8824.pdf

If you have cash only a nigger would make big purchases like a lambo or a house, but if you already live on your own, noone is stopping you from using that crypto cash for regular life expenses. They cannot arrest you because you refuse to be a wageslave.

>No, you didnt understand what I said. The IRS isnt stupid. You think they are going to look the other way when your "friend" "gifts" you an estate, cash gift? You gotta be kidding me. It's not that easy, come on, you're living in fantasy land.
If you never sold anything on a verified exchange you can get away in multiple ways. Gifting your crypto to a relative who then pays taxes on it (with a 0 cost basis, but once, not like a retard after every year) buys real estate/land and gives it to you. What's so illegal about it hm?

>inb4 but hurr you need to prove what is this crypto coming from
you just say you got it as a donation from your yt fans, or mined it years ago. Are you gonna tell me they will turn you down and not take their cut because you have no proofs?
then I guess all the kids that mined btc in 2010 with no records are fucked as well and will nevr be able to cash out right?

>refuse to be a wageslave.
No one is saying that lol. Even regular life expenses like rent can add up. Oh Mr. NEET we see you have made regular rent payments to your landlord - where did they come from? A gift? What is your relation to this person? Again, if you want to really enjoy your big gains, you have to live within the system.

>What's so illegal about it hm?
Because the IRS will claim bullshit on it and make you pay anyway. You'd have to prove the purpose of the gift, why they gave it, your relation to this person, you might have to provide other proof. If it was that easy everyone would do it. They don't. You seem a bit naive to think "Yeah, I'll just claim it as a gift the IRS surely wouldnt find it that suspicious!" No...thats not how it works bro.

>you just say you got it as a donation from your yt fans
What fans? Prove it, prove the donations, show the money trail, show that you are a yt celeb. It's not that simple.

>mined it years ago
Mining is a form of income

> Are you gonna tell me they will turn you down and not take their cut because you have no proofs?
They will turn you down if they think you are bullshitting them.

>then I guess all the kids that mined btc in 2010 with no records are fucked as well and will nevr be able to cash out right?
Not at all. If they mined BTC and held it, they will pay nothing because no taxable event occurred. They will only pay tax when they realize the gain through a taxable event, which is any kind of trade.

>Oh Mr. NEET we see you have made regular rent payments to your landlord - where did they come from? A gift?
From my life savings that I accumulated over my entire life refusing to use your dirty jew banks' service
how about that huh?

>Because the IRS will claim bullshit on it and make you pay anyway. You'd have to prove the purpose of the gift, why they gave it, your relation to this person, you might have to provide other proof. If it was that easy everyone would do it. They don't. You seem a bit naive to think "Yeah, I'll just claim it as a gift the IRS surely wouldnt find it that suspicious!" No...thats not how it works bro.
close relatives tend to gift shit to eachother, lol maybe jewsa is fucked even more than I thought, tough luck then

>What fans? Prove it, prove the donations, show the money trail, show that you are a yt celeb. It's not that simple.
Well I just recorded some videos and posted my wallet address, some people decided to send coins to me. What else do you want me to prove? crypto is not a fucking bank wire lol

>Mining is a form of income
so what? it was mined when I was a kid and I have no records of that because noone thought it would end up being valuable in 2010

>They will turn you down if they think you are bullshitting them.
that's totally fine. I will just take the passphrase to my wallet in my memory and go to a country that doesn't hate money

>Not at all. If they mined BTC and held it, they will pay nothing because no taxable event occurred. They will only pay tax when they realize the gain through a taxable event, which is any kind of trade.
I never disagreed with that

>From my life savings that I accumulated over my entire life refusing to use your dirty jew banks' service
how about that huh?
That's all tracked, sorry bro

>lol maybe jewsa is fucked even more than I thought, tough luck then
It is. Everything is probed. Close relatives gift stuff, but that shit is tracked. If a close relative suddenly receives a large anonymous donation they will get audited if they cant prove where it came from, why, etc.

>Well I just recorded some videos and posted my wallet address, some people decided to send coins to me. What else do you want me to prove?
That's not enough. Where are the donations? Where did they come from? Are you a YT celeb in real life? No? Then IRS gets you.

>so what? it was mined when I was a kid and I have no records of that because noone thought it would end up being valuable in 2010
You have to pay income tax on it on the market price the day it was mined. And then pay tax on whatever gain you get when selling it. The rest are just excuses that the IRS won't accept.

…[A]ssume you mine 1 bitcoin in 2013,” the government tax agency writes. “On the day it was mined, the market price of bitcoin was $1,000. You have $1,000 of taxable income in 2013. Going forward, your basis in the bitcoin is $1,000. If you later sell the bitcoin for $1,200, you have a taxable gain of $1,200 – $1,000 = $200.”

>I will just take the passphrase to my wallet in my memory and go to a country that doesn't hate money
Enjoy getting buttfucked by Tyrone in jail

>especially once merchants start accepting crypto

This is why Request Network will succeed.

Crypto is taxed in Denmark if they deem you a speculator/trader, you Danish cuck.

>That's all tracked, sorry bro
what is tracked? the fact that I've been storing all I could saved under my bed over my lifetime. what are you gonna tell me? I couldn't do it without your dirty banks?

>That's not enough. Where are the donations? Where did they come from? Are you a YT celeb in real life? No? Then IRS gets you.
they came from this or that address, go check it yourself mr taxman. I don't need to be a YT celeb to get donations lol. Some random camwhores get donated a shitload of money from rich shaiks etc

You have to pay income tax on it on the market price the day it was mined. And then pay tax on whatever gain you get when selling it. The rest are just excuses that the IRS won't accept.

>…[A]ssume you mine 1 bitcoin in 2013,” the government tax agency writes. “On the day it was mined, the market price of bitcoin was $1,000. You have $1,000 of taxable income in 2013. Going forward, your basis in the bitcoin is $1,000. If you later sell the bitcoin for $1,200, you have a taxable gain of $1,200 – $1,000 = $200.”
and it was all well known in 2010? and every kid was supposed to be familiar with it at that time? I can pay it all now, or take my passpharase and go somewhere else

>Enjoy getting buttfucked by Tyrone in jail
why would I? I will be sitting comfy in a crypto friendly country, they cannot tax me on my purchases, only sales, and since there is no documented sales they can go fuck themselves even if I bought 1m$ worth of bitcoins at any time
*waves to the cucks officers at the airport with a smug face on his way to a normal country*

40k REQmarine checking in. We're all gonna make it brah. $50 EOY.

Why cant you just say that you bought crypto not as an investment but as a form of payment? For instance, you can claim you bought a party hat in RS3 or a ship in Star Citizen.

Or even better. Say that you bought some service from a pajeet and they wanted crypto as payment. Like they cleaned up your pc or some shit.

Getting taxed on crypto, and letting it happen.

You would spend more time and effort to dodge taxkikes trickery rather than standing up as a whole, saying fuck you, and fixing the problem.

>oh noes their gonna tax my digital money I better find a way to avoid this. I don't have the balls to tell them it's not theirs.

Would they really throw a simple man 23 yo in jail for funny money

Yes, because they can, because our ignorance and weak hands gives them the power.

>make $100k in bitcoin
>have to pay $240k in taxes on it

LMAO thank god I avoided this scam. If you aren't getting rear-ended as part of the pyramid scheme then you're being absolutely assblasted by the IRS. I feel sorry for the brainlets that dumped their life savings into this crap and now have to pay triple that amount in taxes.

>cash out in gold/silver physical
>hide it
>claim it was used to settle a personal debt
>go on tour cashing coins in around the country
Wow that was hard

No

you just pay income your tax when you cash out

Good goy

I put in like $500 and I am now at $300. I ain't paying shit. Especially since I am at a loss. You can write that off. You don't have to pay taxes unless you cash out early (short term capital tax) and if you hold for a year (long term capital tax). I'm waiting a year.

If you put money in January onward, you don't have to pay taxes until next year. They don't go after people who make no money.

If you put a little into this, you don't really owe much. They're gonna tax you on a couple hundred dollars? Good luck getting a lot of money. Nobody is paying that.

>invest $15k in crypto a while back
>worth $200k, cashed out $100k in 2017
>do taxes
>have over 2000 trades on binance, make sure to calculate how much I owe on a per trade basis
>use complex equation to note the price in fiat as a variable with the price in BTC and its fluctuation at the time and the fluctuation of the fluctuation of the altcoins that I bought and sound thousands of times using a quantum calculator
>print the results of my calculations, which is about 700 pages which I will mail to the IRS to inspect
>end result: I owe $2,000,000

HOLY FUCK YOU LITEARLLY CAN'T WIN WITH CRYPTO

TAXED ON EVERY SINGLE TRADE AT THE PRICE IN USD, AT THE PRICE IN BTC, FOR EACH TOKEN OF THE ALTCOIN YOU HAVE AT THAT EXACT MINUTE OF THE DAY DOWN TO THE SECOND THAT THE TRADE WAS EXECUTED

IT'S ALL A PLOY YOU ARE GOING TO OWE THE US GOVERMENT 10x WHATEVER YOUR GAINS ARE IF YOU ARE IN ALTCOINS


NOOOOOOOOOOOO MOOOOOOOOOMMMMMMMMMYYYYYYYYYYYYYYYYYY

oKaY user enJoY bEiNg sExEd by BLACKS iN JaiL

>what is tracked?
The money, where it comes from, how you obtained it, etc. They control the banking system.

> I don't need to be a YT celeb to get donations lol.
You just said that you could claim to get it from YT donations. You assume the IRS is stupid, they arent. There is a reason why they are feared. You need to have good proof. Those camwhores have PROOF because they actually do it for a living.

Again you need to have proof to show them. Not some bullshit "gift" that can be tracked. The money can be tracked, hell I can go on the block explorer for BTC now and track it. It's all on a public ledger. If you think you can get away with it, its just laughable.

>and it was all well known in 2010?
Doesn't matter. It doesn't matter, they owe tax on it according to the law. Now, will the IRS enforce it? No. But for 2017 if you cash out $300k? Uhh yeah, your bank is going to send flags out to the IRS. You cant cash out without alerting the IRS, bottom line.

just don't pay

I'd rather be goyim than a literal butt slave to the hook-nosed Jews at the IRS. Now you cryptonerds are going to have to deal with Tyrone wrecking your boipusy in prison when Dr. Goldberg realises you're making plans to scam him.

Hey everyone, check it out this thread again. IRS strikes again with false info. Nice

You fucking faggots, we don't live in a fucking dictatorship or China. Fight back, that's why we elective people to represent us in government. You guys are acting like people living in Cuba, under a rock.

or move to Puerto Rico before you declare anything, then withhold anything before that point

The IRS has pulled back on their most painful punishments since the 90's. Lots of bark, little to no bite

If you make gains with stock you still have to make tax payments on it even you used it on some personal debt.

>hates trump

Found the soyim

What if you're wrong. Then you owe interest on the mega shit you can't pay.

DO NOT LISTEN TO THIS GUY. This is the dumbest plan I've ever heard.

You are better off not filing.

>The money, where it comes from, how you obtained it, etc. They control the banking system.
I'm sure they control all the money I got as a birthday presents while being a kid etc. Stop being a government cuck shill, what are you gonna tell me next? that if I leave like a fucking monk with my own well and solar panel/power generator they will put me to jail too for not being a dirty wageslave, keep trying

>You just said that you could claim to get it from YT donations. You assume the IRS is stupid, they arent. There is a reason why they are feared. You need to have good proof. Those camwhores have PROOF because they actually do it for a living.
by not being a YT I meant I don't have to be a fucking pewdiepie or some shit to get donations, maybe someone just liked my fishing rod review video, why not?

>Doesn't matter. It doesn't matter, they owe tax on it according to the law. Now, will the IRS enforce it? No. But for 2017 if you cash out $300k? Uhh yeah, your bank is going to send flags out to the IRS. You cant cash out without alerting the IRS, bottom line.
I will pay the tax with a 0 cost basis then. Or cash out somewhere else if that doesn't satisfy them

when you trade stocks you go through fiat back and forth, trading shitcoins for shitcoins is like trading sea shells for shiny rocks, try taxing that too

If you don't make thousands of dollars in gains, they won't do much. The little fish don't make them money. They go after the big fish. Now they audit at random so you never know. I know people who did self employment work and went over the threshold which is $400 or something. You have to report that and pay taxes on it. Never reported it and they are okay.

if I order a rolex from overstock.com and pay with crypto, will I get fucked? none of my exchange accounts are verified and the only personal information given up would be my shipping address

You fucking retards feeding the system that's fucking you over. DONT PAY TAXES EVER UNLESS YOURE ABSOLUTELY FORCED TOO. I'm cashing out by directly buying foreign gold, even if it's a little pricy but STILL saves me more than taxes. i will never pay a dime to the US government and I will never fuck with the shitty ass constantly devaluing scam fiat money they force down or throats ever again

>buy privacy coin high with traced crypto
>buy/sell low with secret funds, sending back to traced fund
>later sell everything high

the price difference has now been laundered, and you can even claim it as a capital loss!

I'm self employed for the last 7 years, and I've gone over 400 every single year by a lot. I still haven't reported my income, and I never will.

You guys should know that you can't deduct all your losses on crypto to crypto. There is a limit. Also, you can't deduct 2018 drop on the 2017.

We got fucked by the exchanges.
Never paying a dime again to the IRS. Suck my balls IRS.

Also Im getting a place in Asia the IRS will never find me

>USD becomes absolutely worthless
this will never happen.

1. people trade crypto to make more dollars

2. The whole point of this tax was to curb crypto.

.3 The US gov will never ever let the world move away from the dollar. And if they did it would be into something they control

I bought eth at 14 bucks and am still holding. I don't owe shit. Fuck the JEW.S.A.

>>but I dont want to leave the country either
>you leave murika
>you are now a puerto rican
>cash out there
>go back to USA and give someone you trust money to create a small company
>be the C level of that company
>get working visa
>stay in USA
>???
>profit

>this

I will never report my income. If they come after me I'll straight up flee the country. they can't seize my crypto

Don't do it. That's your money you earned. The self employment tax rate is absurd too. Unlike Trump's tax plan, it's the same % no matter what. But it has benefits if you use an office and some deductions.

I want to know ,
if the taxmen can force me to login into my binance account and prove it to them that the excel file I sent them matches the one on binance

If they want to come after me for my very very modest crypto gains, which is how I plan on pulling myself and my family out of abject poverty (just enough to finally get a used pickup and insurance) -- if they really want to go there, they can try decrypting my wallet after the shootout. Might be enough to pay for the body bags.

The problem is they will not shoot you
You will be kept in an isolation chamber. You won't see any living thing for months. A walking dead

I'd say the most they can do is attempt to serve a warrant at that point. You might get hit with something like "obstructing an investigation" if you refused to give them your password but that's about it.

Can not be so easy. Ofcourse if I am soo scared of showing it to them, then something is fishy and I am sure they have 101 charges which they will frame