I'm filing my taxes on crypto even though I have under $5000 in it at the moment. Why? Because the IRS won't care about me now, but when LINK goes to the moon and I cash out they will. I am 95% certain that LINK is going to reach atleast $50. When that happens and the IRS asks questions about where I got the money to buy a house, I can with confidence know that I am not going to get boned in the ass by big dick IRS because I did my due diligence as an American citizen.
>muh taxation is theft >muh cuck argument >muh libertarian ideals
I agree with much of what is said here about taxes, but that doesn't change the fact that our government WILL come knocking when it smells the hot crypto gainz coming out of the oven.
Im gonna laugh so hard when the IRS has to save face from 90% of people not paying taxes and has no way pf going after them so they make an example out of the idiots dumb enough to file.
Camden Butler
So only pay taxes when cashing out?
Evan Rivera
Enjoy getting railed in the ass when you try to cash out and pay your "cash out" gains. They're going to need proof of how you made that money, and unfortunately its up to you to do that work not them. The amount of juvenile idiots on here who really think the IRS is just going to give up on finding anyone who made it and didn't pay is astounding
Colton Ward
I only have a loss of 23 dollars for 2017, should I still file?
Jason Torres
it's on the chain of blocks you fucking mong. they'll be able to see when you transferred link to your wallet just as easily as when you bought btc and sent it to your wallet on binance. pretty simple to prove when you bought link and how much it cost at the time.
Bentley Price
Not american here, I don't need to pay anything as long as I don't convert shit into fiat. I don't trade crypto to crypto. I just hold
Henry Butler
When you first bought LINK with BTC/ETH that counts as a taxable trade though doesn't it?
Thomas Ramirez
I'm in agreement with you, its very simple and would not be that difficult for the IRS to track down people evading taxes. Which is why I'm going to file because I foresee myself making money in the future and do not want a good portion of that to go to battling the IRS. I think the current laws around crypto are retarded but if they eventually get better it won't be retroactive and taxes for this year would need to be calculated based on the law at the time.
idk man I'm not a professional, just someone who wants my money to go to me and not to IRS penalties.
Hudson Hughes
Yes this is a taxable event, but your only taxed on "gains/losses" realized.
Kevin Lee
Good point, I'll probably file just for the peace of mind.
Leo Murphy
What do you use to calculate your crypto taxes?
Landon Gutierrez
math, just download your trade history from where you've traded and do the math. I only have like 200 trades though. If you have thousands it might be worth using a service
It's so fucking cozy that my Nordic socialist hell country doesn't tax crypto to crypto trades (even to tether) nor unrealized gains and there's no capital tax
So when they retroactively go back and find that I owed $3 in taxes last year and now I have 10 million in 2021, how big will the fine be?
Brody Gutierrez
+ Institutionalised Intellectual disability and escapees - Psychosis in Chief: Patient Sergey Nazarov - Bipolar shits itself and giggles at farts: 500001+ LINK - Drools and wears adult diaper: 250001-500000 LINK - Sticks finger in bum and licks it: 175001-250000 LINK - Giggles while chasing invisible friends: 125001-175000 LINK - Feeds using straw and eats crayons: 75001-125000 LINK - Rubs faeces on body: 50001-75000 LINK - Attends special needs school: 35001-50000 LINK - Work placement in wallmarts disability scheme: 25001-35000 LINK - Cannot do basic math: 20001-25000 LINK - Has never read a book cover to cover: 15001-20000 LINK XXX + Care in the community - Masturbates in public and wears safety helmet: 10001-15000 LINK - Photo sent to local schools with file: 9001-10000 LINK - Fired from McDonalds: 7501-9000 LINK - Hindu: 5001-7500 LINK - Of African descent: 3501-5000 LINK - Never graduated highschool: 1501-3500 LINK XXX + Appears normal but - Never held stable job: 501-1500 LINK - Drug addict: 1-500 LINK
Elijah Nelson
3 x how many times your money multiplied itself
Ian Roberts
everything you own plus life in prison
Carter Mitchell
Don’t warn him!
Isaac Jones
Masturbate in public with a helmet at your service
Bentley Hernandez
All these "Im not worried :)" posts are so fucking beta male self-shitting in the corner sweating sleepless zero life NEET shit.
Michael Murphy
...
Ryder Lopez
I'll just fake my own death and backpack through Asia fucking whores and eating big macs, just like my hero :)
