People are panic selling because this is the first year people will have to pay serious taxes on bitcoin.
The IRS will be examining coinbase, but they do not have the resources to go through the millions of trades made on all the different exchanges and process that information. My accountant, who charges $350 an hour, explained that Trump's tax reforms this year are causing major headaches for the IRS and they have much bigger problems to spend their resources on. Remember that the IRS is a business- they have limited resources and want to maximize profit. They will definitely look at crypto, but not nearly as throughly as some anxious people may think.
Whales are waiting right now for the price to hit bottom. They know people are scared, especially since the IRS waited until the very last moment to release the information on whether or not trades would be considered taxable events. People will sell at lows out of despair, and buyers will scoop up crypto at incredibly low prices, and you will see the prices surge.
Yes, you SHOULD pay taxes, BUT, don't let yourself get squeezed out at the very bottom. Hold, and if you're in the US go on a tax payment plan so you can sell at an ATH. Crypto is only beginning, and you will see bitcoin break 30k within a couple of months (but after taxes are due). Extend your filing date, for sure.
Crypto is the greatest threat to the banksters that the world has ever known. Make no mistake, YOU, and collectively WE are under attack.
I hope you read this amidst all this rampant fud and shit posting.
jokes on them. I have to pay less tax because of crypto
Angel Hughes
holy fuck
Mason Robinson
If the IRS is to take this seriously they should force the exchanges to generate the 1099 forms.
Otherwise, if you want to be a serious trader crypto or otherwise, don't half ass your own bookkeeping and keep records of every trade and transfer.
Levi Murphy
>please steal from me more efficiently
Leo Powell
>The fuck state of burgers
Anons, leave. This is a fucking intervention - all that "muh freedoms" shit is a meme. Just fucking leave burgerland to the kikes, tacos and niggers - that shit is just SO fucked up. There's problems everywhere, but ffs thats low, needing insurance against your own government?
Even all those "evil socialist" europoor governments are more free enterprise friendly than burgerland now, with little difference in taxes (much friendlier on cryptos in fact), less regulation and at least they give you free gibs. And the big exit kebab is coming soon, even fucking lefties are getting the picture that sand nigger imports are bad. Or go to Asia - more actual freedom (in the real sense) than the US.
Joshua Sullivan
Omg, you're actually retarded.
Binance (for example) isn't run by Americans or located in the US. The rest of the world is NOT going to fluff your draconian kleptocracy police state bullshit.
Jace Clark
Yeah it's fucked, but you need enough to purchase a passport of another country. That's what Rodger Ver did. Even then they audit you before you leave and you need the permission of the US State department to give up your citizenship. Americans have to pay taxes no matter where they reside in the world and almost every country on earth reports US Citizens accounts to the IRS.
