Reminder that estimated tax payments on Q1 gains are due in 6 weeks!

enjoy prison

You don’t have to pay estimated taxes but it’s very fun fud never the less.

>2018
>paying taxes
lmao

Don't worry I haven't made shit

Meh fuck it I don't care anymore cryptos Have given me a reason to live. I ain't going back to being a wagefaggot.

For once I'm happy my president sucks on Merkel's big moisty megaclit, we'll probably end up with the same regulation in regards to taxation.

>Taxes must be paid as you earn or receive income during the year
Jokes on them, the SEC don't recognize crypto as currency.

Don't need to pay taxes if I use it as currency

Why do you think people's paychecks have withholding for tax?

If you didn't have to pay as you go, why wouldn't everyone just pay in April of next year?

Brainlet.

Wrong, any time you trade it you realize either a capital gain or a capital loss.

while there are cryptocurrencies that do not appear to be securities, simply calling something a “currency” or a currency-based product does not mean that it is not a security. Before launching a cryptocurrency or a product with its value tied to one or more cryptocurrencies, its promoters must either (1) be able to demonstrate that the currency or product is not a security or (2) comply with applicable registration and other requirements under our securities laws. Second, brokers, dealers and other market participants that allow for payments in cryptocurrencies, allow customers to purchase cryptocurrencies on margin, or otherwise use cryptocurrencies to facilitate securities transactions should exercise particular caution, including ensuring that their cryptocurrency activities are not undermining their anti-money laundering and know-your-customer obligations.[7] As I have stated previously, these market participants should treat payments and other transactions made in cryptocurrency as if cash were being handed from one party to the other.

sec.gov/news/public-statement/statement-clayton-2017-12-11

How do you do estimated tax during the year? What do you file? I've only put in like $400 total into this shit so far.

See you in jail.

>only put $400 total

don't do jack shit my dude you're pajeet-poor

>How not to be a burger.epub

Don't see any shit about quarterly taxes on there, that's just talking about what I've already done, capital gains taxes for 2017 to pay in April.

You don't have to file anything. you make a payment and file next april

I'm using bitcoin.tax

See the IRS link above for information on quarterly tax payments.

This is nothing unique to crypto. If you sell stocks in January 2018 you have to make estimated tax payments. It's just that brokers usually do it for you.

HAHHAHAHAHA GET FUCKED MUTTS

Realized capital gains. Your holding of crypto currency or stock is not taxed until you sell.

>If you sell stocks in January
>If you sell
>sell

What country are you from?

With only rare exception, the taxation in other 1st world countries on crypto is far worse.

Incorrect. You realize a gain or loss when you make any exchange with a coin.

If you do not report and pay, you are going to have a very bad time when you eventually cash out, as you will have to show records of where you got the coins.

those records will show that you evaded taxes leading to, at best, massive fines and at worst, jail.

Not paying shit on crypto. The laws dont even make any sense. Not giving a dime to the dirty fucking kikes and the unconstitutional, illegal racket called the IRS. It's a fucking mafia and its about time we take it down, now is our time.

Dont. Fucking. Pay. It's that simple. Dont pay.

The system is illegal. The Fed reserve and the people who run it are criminals and so are the IRS.

>See you in jail

who said anything about jail you fucktard? If they come after me, I'm getting my 12 gauge and going out in a blaze of glory. Motherfuckers.

We're not disagreeing. A crypto to crypto trade is a realized gain or loss, i know.

Please fuck off

>stop trying to help Veeky Forums avoid massive fines and possibly jail time years from now

I didn't hear about this estimated tax shit until just recently and I traded for most of 2017. Another quarter isn't going to matter now. Just going to pay the fines

Not going to happen they cant come after us. If they do, we fight to the death. Over my dead body.

We're not fucking boomers and Gen X that lie down and suck the IRS' tit. Once you trade crypto you un-cuck yourself and realize the entire system is a scam.

They will have to send people after us once we dont pay. 12 gauge, bang bang! That's how its gonna go. Over my dead body. I'll die with a big grin on my face knowing I died for a good cause. Fuck the irs, fuck the fed, fuck the illegal kike run government.

The revolution is NOW. Dont fucking pay.

COME AND TAKE IT SEE YOU IN HELL KIKES

Because 99.9% of people are so retarded they're incapable of stashing 10-30% of their income away to take of taxes at the end of the year.

>internet tough guy vs the United States Government
oh what a laugh

guess what kiddo, even if you really are an insane prepper, they just freeze all your assets and give you a court summons. If you ignore it they will put warrants out for your arrest.

What will you do when this happens?

The only way to avoid it is to never cash out.
Don't forget that local bitcoins and all other non-exchanges are full of feds and constitutes criminal tax evasion

>13 posts by this ID
why are you so obssessed with other peoples' taxes? Are you possibly just trying to spread FUD to drive prices down?

>to take care* of taxes at the end of the year.

OP April 15th is not TAX DAY.

>Freezing assets
The IRS is slow and clumsy like any government agency. By the time they catch up to it, we will already have our bank runs and there will be no bank account for them to freeze.

Yep. You say they will "freeze" my assets. Nigger, I have no assets except my small little bank account that is barely used anyway since most of my wealth is in crypto and physical assets.

There aint shit they can do. By the time the IRS catches up, banks will be long gone. THey are dead men walking and all you're doing is spreading fear like a good little cuck

In the event that they do come after me, like I FUCKING SAID YOU KEK - BANG BANG! No prison for me, I die with my boots on like a real man. And then I'm not reincarnating on this shitty planet again.

if you sold your crypto for cash or other crypto, yes

otherwise if you owe more than $1000 you'll have to pay interest

It's not about taxes.

This is Veeky Forums. I am correct and they are incorrect.

Also it always baits out some retarded libertarians who will some day be sharing a cell with Jamal

The US tax system is pay-as-you-go.

That means wagecucks have tax withholding that is paid every paycheck to the IRS. Investors and business owners that do not have tax withholding must pay quarterly to avoid interest penalties.

it's 5% penalty AFAIK, you won't get audited because of it either

Other countries aren't pay-as-you-go?

no clue, I live in the US

I'm sure some countries just let business owners pay at the end of the year while still cucking the wagies

You aren't correct at all though given that the IRS hasn't clarified anything.

Nobody should take financial advice from someone who posts forbes articles (lol) as irrefutable proof.

Jesus Christ stop listening to this fucker.

No one is going to treat crypto to crypto as realized gains/losses. The best the irs can hope for is paying when cashing out. They would cut themselves out of the pie if they do otherwise because a million normies aren't going to treat swapping internet funny money for different internet funny money as taxable income. You fucking irs shills are so god damn annoying

What happened to the people who traded crypto in 2014, 2015, 2016? Are they all sitting in the jail already? Fuck the IRS is fast

>Dying in a gunfight over a 15% tax

Bruh...

this

Plus the decentralized exchanges are coming out, and you have the user coins, the atomic swaps....they are fucked. The irs is fucked. They are royally fucked. It would take them ages to figure this shit out and when they do, the dollar would probably already die or close to it, there wont be any bank accounts to freeze

the irs cant do shit except do what they always do, try to scare people by going after high net worth individuals.

The IRS is very clear

You either need to owe less than $1,000 at the end of the year OR

1. Have 90% of your 2018 taxes withheld (so 10% left over is paid in April 2019)
2. Have 100% of your 2017 tax withheld

whichever is lower

in my case, I had a lot of tax in 2017 (all crypto) and I will have a lot this year so I have to pay estimated tax

I'm just telling you my understanding - like kind exchanges are specifically not allowed for securities like stocks

they're mostly for real estate

as for me, I filed my taxes for crypto income in 2016

if you made over $200,000 in crypto it's 18.8% because of NIIT (Thanks, Obama)

>its 40%, not 15%. There is no 15% even with longterm anyway esp if you live in a state with income/investment tax

>The IRS is very clear
Nah, they're really not. Noone even knows if you're supposed to file LIFO or FIFO.

Most normies will be fine if they declare a flat capital gains rate on whatever they cash out to fiat. You are an absolute spineless cuckold if you are filing capital gains on every trade.

I suggest you move from that state.

You can move, have a place in a no income tax, register to vote, get a driver's license and still visit other states.

In my case, it's cheaper to rent in Nevada than to live for free with my dad in California (LOL).

you get to choose what basis method you want

benefit of FIFO is you may get to claim your cashing out as long term capital gains if you bought more than a year ago

benefit of LIFO is you get to cash out the highest cost basis coins first thus possibly paying a lower short term gain

taxmap.irs.gov/taxmap/pubs/p538-001.htm

...

I advise not paying at all because there is nothing they can do about it and you risk getting targeted by submitting tax documents in the first place

>hurr durr enjoy going to jail

In the event that they do send agents after me, I have my 12 gauge. Will die like a man.

If you get charged some penalty and give in and pay I will be VERY disappointed

Either man up and get in the news or don't waste my time

you retarded? that would make long/short term rates basically the same. and plenty of states with no tax if you made enough for it to matter go there six months

Its fucked. You need to be a registered business to make it daytrading or mining beyond having the proper documentation and submitting the tax forms (which who knows are the right ones?). They didn't provide NEW guidelines, or clarify in a way that made it possible. They just started going after coinbases users like a bunch of FUCKING KIKES.

What is taxable or not hasn't been decided by the court. Crypto tax is still a burden that the average person can't compute. They really needed to make new guidelines or an easy way to pay. But they fucked up. Burn in Hell Kikes.

>tfw some cuck at coinbase assigned my country as Holland instead of Poland

They never gonna get me

>Sold for cash
>those pixels on gdax don't really look like paper money, do they user?

I got on to bnb and looking at my wallet from the coinbase tx checker it says it's all eth. I know most if not all alts are erc# coins, does that mean they are "subspecies" of ethereals?

>2018
>buying the btc unironically

>tfw already owe $5k in taxes for Q1
just

And now your ip can be traced back to this post for when you pretend to forget

>15 posts by this ID
go back to r*ddit

I'm not a poorfag like you, there's no hiding or forgetting for me

I have bought 1000 BTC at the beginning of the year. Oh know now they can trace me back on my IP and make me pay taxes.

Veeky Forums went south pretty fast in the last 2 months, full of retards.

where did you buy them?

I am in the same situation and was planning on paying the 5% interest penalty since crypto gains are likely to outpace that 5% penalty... but if this bear market continues, I may just pay estimated taxes in April to stop worrying about it.

I like you. Let's be friends

Don't pay the 5% penalty

Just out of principle, buy BTC futures on margin from IB on 3% just so the IRS doesn't get more money

wait, what am I saying, you don't need to pay for margin on futures, in fact you get interest on your margin balance