Made 100k in 2017, paid my taxes like a good cuck, then put everything back into crypto at 11k.
I thought we'd be going up but it's looking pretty dim from here...
Not sure if I should take a "loss" (not really a loss cause I'm still ahead from the start) or just keep holding.
Anyone else in a similar dilemma?
>Anyone else in a similar dilemma?
no, because i'm not a fucking retard that decided to cash out just to pay taxes then buy back in
>05
lol the IRS is gonna rape you so hard
Well I owed the taxes from making coin to coin purchases, and I was curious to see what cashing out was like anyway so I did it.
He fell for the paying taxes on crypto meme.
I agree, OP you are retarded.
Not a meme bro. It's the law.
He fell for the "law" meme.
Have fun getting audited because you were dumb enough to report it, they’ll never trust your records.
Made a lot of money so I'm doing something right. You sound jelly
Yeah bring it on, I have all the records. Worst case scenario, they make you pay a zero cost basis on all your gains. Big fucking deal, that wouldn't financially ruin anyone and you would still have gains.
Getting audited is really not the end of the world.
how many memes can one person fall for
now he's about to fall for the hold meme
The law is literally a meme
Just fucking LOL @ paying taxes to give to Stacys knocked up by Chad and Tyrone
>people have no problem paying taxes for work
>somehow the money won in crypto lottery is different
I think we can be sure that the records of all your transactions are there available at any time, and the banks can see your profits. If you get caught you're absolutely fucked, so have fun worrying about that.
I trade with multiple bank accounts. And I keep the vast majority of my profit in crypto rather than in fiat. I cashed out whatever is necessary to recoup my initial investment and to pay for some expenses to fund my NEET lifestyle. The banks will know what is in my bank account. But they don't know what is in my crypto wallet. When no-coiners have asked me to sign my wallet to prove that I'm not LARPing, I've told them to fuck off since I don't want to give the feds any smoking gun evidence proving that I own such and such crypto
That's the problem with crypto, it's pseudonymous. If you at any point made a transaction that connects your personal ID to your wallet, the govt can easily track you retroactively. You need to stay in crypto and make sure you bought your initial crypto p2p or mined it, and never let an exchange know of your wallet.
yeah but I'm not trying to play the market because I know I will just fail
I still have a bit left in fiat though that I'll invest later, you can also cash out like half and wait with that instead of going all out
If it drops further yo get some stuff on discount, if it doesn't you're not missing out completely
shh don't give the feds ideas on how to track people. I've withdrawn directly to my Ledger (where I keep my life savings) from exchanges before. Probably not the smartest idea. lol. I might have to mix my coins up
>I think we can be sure that the records of all your transactions are there available at any time
every exchange i've used has deleted trade records after a month or three
What exchanges do this?
Mixing is the way to go, but it's still a shame because it means you can't really ever use your crypto for anything securely. We need to either pay taxes or hope the governments don't smite on fully private coins like XMR.
Allegedly. Do you think they wouldn't have your withdraw addresses stored? If a govt decides to use those records they can easily bust tons of people.
The exchanges I trade on have my entire trade, deposit and withdraw history. lmao. I really hope the feds aren't sniffing around on Veeky Forums. I wouldn't want them to get any ideas. If they are able to link my cold storage and hot wallet addresses (I keep most in cold) to my identity, then they know how much I have
And if you buy XMR/ZCL/Bitcoin Private, you will probably get audited immediately
I dunno, can the feds really be that incompetent? I guess they can, but seriously somebody must have informed them already.
keep holding, this ride has just begun
>i made a lot of money
>100k
Also yeah, privacy coins somewhat may work, but they can still see that you paid some cash to get into crypto, then handled x $ worth of crypto on an exchange, then bought some XMR and next claim that you lost your crypto. They aren't just gonna swallow it, hook and sink
Most burgers have negative networth
but you would have paid so much less if you only sold what you needed for the taxes
This. Who the fuck is cashing out their golden hens to pay the fuckin man. Too fuckin keen son. Show some commitment to the cause.