Daytrading in the land of burgers

I just swing trade with a small amount, about 2k at a time. My core portfolio are fundementally strong holds that I don't touch for at least a year.

brainlet detected

there are tricks. but not really well tested how well the IRS handles those, i guess you don't want make them upset. But as long as you pay your due taxes on cashing out, there hasn't been a single case where someone actually got any penalties for trading crypto without reporting (without cashing out).

>It's fucked but that's how it works.

That's how the IRS wants it to work but when pretty much nobody pays taxes and coins gain additional functionality to hide from tax law it will turn out it didn't work that way.

burger? You already have lost.
kek

Hmm, desu, making fun of burgers may be fun (kids not safe even in school, education not dat great, patriotism like in russia or china, public transport, debt slavery, drug crisis, insurance fucked up...)

But at least burgers are fun.
When faggots from Germany post, this really triggers my gears. And I myself am german speaking. This board should really ban all german posts, oh god those plebs!!!

I understand that every trade is a taxable event, but what if they can't associate my identity with the trades or the coins?

They can't tax what they can't see.

>It's fucked but that's how it works.
If everyone had the same sad cuck mindset as you we would still be living in caves. What a sad sack of shit you are.

you're either REALLY dumb, or just a determined fudder.

-if you daytrade, there'll be trades you lose on, you can fully deduct those, in fact you can even lower your tax from other incomes (like your wagecuck job) by up to $3000 of daytrading losses.
-40% is only the highest bracket, like above $500,000 profit or so
-banks can easily mask their profit. there's no way by the end of the year there won't be a method to legally mask crypto 'profit' too, and only pay on what you actually cash out

reddit.com/r/ethtrader/comments/7xluak/how_to_enjoy_tax_free_gains_on_crypto_investments/

Kill yourself IRS shill.

Trump is president you cuck

i guess you're good if you plan on NEVER cashing out.

Buy coin on exchange goes to a wallet that can be identified. If you arnt using a privacy coin they can still connect the dots to what wallet it was sent to. Never post your wallet address as Chainanalysis is collecting meta data

unfortunately due to the pendulum swings of burger land some oprah monster leftist cuck will be in charge after him. Washington turning down the lifetime appointment was a mistake.

Good luck. Sooner or later you will have to get that money into your bank account.

Yeah sure man, I'm dumb, whatever. Best of luck to you "masking your profit."

>crypto to crypto taxable events

lol at anyone falling for this meme

Really though? You 100% sure about that? Lots of people only work for cash and they do just fine last I checked.

You seriously planning to move that much bread through local bitcoins?

Better be smart and watch your back. Hope nothing ugly happens.

Enjoy your zero cost basis

I always love how the IRS sends basically death threats on Veeky Forums like this. Like literally how is what this fucker just said not basically mafia style threat?

Enjoy being a cuck faggot

Zero cost basis isnt a bad deal. If you account for how valuable your time is and how much of a hassle it is to account for every single trade. Whats the fucking problem? Zero cost basis would be fucking fine if kept shit nice and simple.

I'm just telling anons to be careful because I know how people are especially when that much money is involved. Unless you just want to sell a little at a time and meet with a shitload of people which would take forever.

Just grow up and pay the taxes like an adult, junior.

How is it a hassle? Just port the API over the Excel, or better yet, use software that accounts your taxes for you. Easy. Fuck zero cost basis, lmao. You seriously gonna throw extra money away because you are too lazy to do the paperwork?

Cuck.

Oh I am paying my taxes. I'm not going to be paying taxes on crypto to crypto exchanges. If that were the case you would have to pay taxes every time you purchased anything with WoW gold or any virtual currency in video games.

Gotta love the IRS shills.

>all the cuck bootlickers in this thread

lel, implying I'm paying shit until it's realized in fiat. If anything, you can literally engineer your day trades to ALWAYS be at a loss since it's inpossible for them to know the price on an exchabge at any time in the past. Plus txn fees. Honestly we could all make it so they owe us money

>I'm just telling anons to be careful because I know how people are especially when that much money is involved. Unless you just want to sell a little at a time and meet with a shitload of people which would take forever.

Quit back stepping that was a fucking IRS "death threat" and you know it. You guys come on here with the goal of scaring people and basically do this shit every time. And I bet its the same two guys again.

> How is it a hassle? Just port the API over the Excel, or better yet, use software that accounts your taxes for you. Easy. Fuck zero cost basis, lmao. You seriously gonna throw extra money away because you are too lazy to do the paperwork?

Its easier to move your money into things that are not crypto like Steem power though. Those are not taxed yet.

Cool man. Enjoy paying extra on your zero cost basis when you can't explain where profits from trading alts came from.

I'm not explaining shit.

> Cool man. Enjoy paying extra on your zero cost basis when you can't explain where profits from trading alts came from.

This is a damn good deal though! What the hell! Why are you fuckers acting like this is a problem! I will gladly do zero cost basis to avoid having to go through endless bullshit. Paying taxes for wow gold is annoying as fuck.

>it's inpossible for them to know the price on an exchabge at any time in the past.

Dude what the fuck are you talking about. The exchange has a list of everything you bought and sold and the price you did it at, which the IRS has access to.

Okay buddy, sounds like you got it all figured out. Hope it goes smoothly for you.

Another lazy motherfucker that doesn't know export APIs and would rather just pay extra to save a few points and clicks. Sad!

> Dude what the fuck are you talking about. The exchange has a list of everything you bought and sold and the price you did it at, which the IRS has access to.

first off no it doesnt.

Second off nobody knows what the USD value is. Its complete speculation and it changes every minute. Its not the same value on every exchange. And it changes every single second.

What is the value of XRB right now as of posting this response? I bet you fuck this up.

Oh it will, for me and the other thousands of people who have the balls to stand up for themselves.

What do you mean nobody knows what the USD value is? XRB was 7.91 USD at the time you posted, why wouldn't this be possible to know?

> Another lazy motherfucker that doesn't know export APIs and would rather just pay extra to save a few points and clicks. Sad!

Zero cost means I can hold my stack and continue going without paying way more. When I cash out I can cash out as small amount as possible pay what I pay upfront then keep the rest of my stack.

How exactly is that fucking paying more?

> What do you mean nobody knows what the USD value is? XRB was 7.91 USD at the time you posted, why wouldn't this be possible to know?

What exchange did you get that from? Because its different on all of them. Also did you pull from the top of the candlestick or the bottom?

>first off no it doesnt.
Hahaha okay man, sure thing.

>Second off nobody knows what the USD value is. Its complete speculation and it changes every minute. Its not the same value on every exchange. And it changes every single second.

What matters is what the asset was worth at the time you bought or sold it, on the exchange you bought or sold it on. It does not matter what the price is the next minute, or the previous minute, or elsewhere.
If you sold 500 XRP for an amount of BTC equivalent to a 1.00$ apiece on bittrex then that is the taxable event that you owe on. And yes, these transactions are saved and timestamped by the exchange. You can get a copy any time you want. Try it yourself man, go to your trade history in your account settings.

Awesome bro, very inspiring. Good luck with the revolution.

From top or bottom of candlestick? What? That depends if it closed green or red. Green = top, red = bottom since that's where it's closed and that's what matters.

Exchange depends on where you personally traded it, I took an example from Binance.

>What matters is what the asset was worth at the time you bought or sold it, on the exchange you bought or sold it on. It does not matter what the price is the next minute, or the previous minute, or elsewhere.

Top of the candlestick or the bottom? Because this matters. During a pump the top of the candlestick can be a couple hundred more dollars over the bottom. So is it the top or the bottom?

>If you sold 500 XRP for an amount of BTC equivalent to a 1.00$ apiece on bittrex then that is the taxable event that you owe on.

What if I didnt use an exchange?

> You can get a copy any time you want. Try it yourself man, go to your trade history in your account settings.

on what exchange?

> And yes, these transactions are saved and timestamped by the exchange.

I am not using an exchange like that. I do my trades on exchanges with no fiat pairing. I have no records of my transactions either.

Hahaha holy shit this proved to me there are actually IRS shills here.

Death threat too. It might be worth taking this to more social media. Should the IRS be making threats to people like this legally?

Its the same two guys again. Not sure if they are actually IRS though, they like to shill tax software.

>Top of the candlestick or the bottom?
None of that matters. The only thing that matters is how much you made when you sold it.
I can't make this any simpler for you.

>What if I didnt use an exchange?
Then where did you get it?

>on what exchange?
the exchange you made the trade on.

>I do my trades on exchanges with no fiat pairing

Does not matter. There is an equivalent fiat value of every asset. If the exchange does not provide you then you have to calculate and provide it yourself.

>I have no records of my transactions either.
That's fine, you'll just have to pay on a zero cost basis.

Okay fine, you guys got me. I work for the IRS.

We don't have the staff to audit all of you, so you little guppies with your 5k gains can keep your measly little stack, because honestly, you're not worth going after.

But mark my words, if you made more than twenty thousand dollars profit since last year, you will be hearing from us. The banks are on our side.

Also local bitcoins is an FBI honeypot.

>None of that matters. The only thing that matters is how much you made when you sold it.
>I can't make this any simpler for you.

We cant determine how much I made if there is no value assigned to the asset. So top of the candlestick or bottom?

> Does not matter. There is an equivalent fiat value of every asset.

By what standard? Is there an exchange the IRS holds to be the standard for when I do my transactions?

What if I do my trades with people over discord or other social media?

> If the exchange does not provide you then you have to calculate and provide it yourself.

Ok walk me through the steps of calculating the value of 6.24576643 BCH on Friday at 4:13 PM CST for 34281.34058245 XRP.

What exchange is the standard for the USD? Top of the candlestick or the bottom? should be used for the USD value?

How much USD in taxes do I owe if I held half of my BCH for 2 weeks and the other half for 3 months?

Motherfucker zero cost basis is the only sane option, just typing this shit made me want to fucking an hero.

>Also local bitcoins is an FBI honeypot.

The FBI let a kids murder 17 people on public property with gigantic rifle. Glad they are cracking down on NEETS with a little too much money.

You pay taxes on PROFIT.
God I can't believe how dumb you all are.

I don't know why you want this to be so hard man.
I don't know what exchange you use, but on Bittrex and some other exchanges, you can export your whole trade history via API. Then you can plug it into the software here: bitcoin.tax/ and they do all the math for you... it costs like 30 bucks a year if you have less than 10k trades, 100bucks if you have more than that.

Call me a shill if you want but you are going to lose a lot more than what the service costs by paying zero cost basis. But it seems like you have your heart set on it so go right ahead man, I won't try to help you anymore. I just hate to see anons throwing their profits away.

>I don't know why you want this to be so hard man.

Because it is. I just explained I am not using exchanges for the brunt of my transactions.

> bitcoin.tax/

Nice shill. This is why I dont think these guys are actually IRS. They shill stuff like this. Its two of them and the come into threads like this and make "death threats" and then act like everything is super simple. My favorite is when they act like they paid taxes themselves already and it was ultra simple. They will never admit what coins they hold ect. They are nocoiners.

> Call me a shill if you want but you are going to lose a lot more than what the service costs by paying zero cost basis.

Zero cost basis is by far the cheapest because its the least bullshit. "Here is my money, here is your cut" DONE.

> I just hate to see anons throwing their profits away.

Seriously, go fuck yourself. You guys come on here cause all kinds of FUD for your own personal gain then you have the gal to say shit like this.

>I'm just telling anons to be careful
>I just hate to see anons throwing their profits away
>enjoy jail time

gotta love the IRS shills

Hahahaha, okay man, have it your way. To me 30 bucks is pretty cheap. I paid turbotax 40 this year just to file my normal taxes. I haven't used the bitcoin tax thing yet but I plan too when I cash out later this year. My buddy used it and didn't have any problems.

How is zero cost basis cheaper? You are literally throwing away thousands in cost deductions depending on your portfolio size because you don't want to pay for some tax software. How does that make sense?

I hold 2000 Ark, 5 NEO, 1 ETH, 1 LTC, 4000 DGB, 60 STEEM, 600 ADA, 10 FCT, 2 ZCL and about .5 BTC and have already bought and sold a lot.

Are they forcing you to keep talking?....

Dude, just give up alright. Zero cost is cheaper because you can half a million BTC sitting on the sidelines and cash out smaller amounts and still pay your taxes.

Just because you defer paying until later doesn't mean it's cheaper.

If it keeps going up in value the cost is cheaper and cheaper. Honestly not paying until I cash out is pretty fucking fair. The advantage is I just cash out the smallest amounts I want possible when I need to. Hold the rest while it continuous to go up.

Its easy to do, it don't fuck up my stack. I still pay taxes. Its fucking perfect!

It actually gets more and more expensive the more your profits grow in the coins you traded your BTC for.

CPA here. Crypto is essentially the easiest way to cash out with increased fiat but not have to pay as high of tax as you might think. Essentially the buy high sell low theme biz has is useful. Buy alts when eth is high. Wait until both go up and sell for more eth BUT the amount in fiat you report use coinmarket cap for the high and low values. It’s too long to type out but and self respecting cpa could pull this off

Pay when you cash out at zero cost. 90% of my stack is untouched. Its cheaper.