Well i guess i'd better fucking kill myself now

well i guess i'd better fucking kill myself now

my CPA just told me i owe over 400k in taxes for 2017 and i don't even have half that much money

my initial investment went from 40k to about 1million in 2017 but then in january/feb i'm down under around 300k with this BTC crash and losing a bunch of money in some alts due to the btc crash

i had no fucking idea short term gains tax in the US was this stupid. Veeky Forums and twitter dudes told me crypto to crypto trades wasn't a taxable event in 2017

what the fuck do i do now

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Other urls found in this thread:

twitter.com/CryptoTaxGirl
ethplorer.io/address/0x1e9a52c3a38c5f79f4a129f4fbf930a88106bae2

if cashing out crypto was your only form of income, your taxes are greatly reduced. if you're a wagecuck on top of crypto then yeah, you're fucked.

so its called capital gains tax, if you lost money then you didnt gain, are people really this fucking stupid

please explain, i've been unemployed for over 5 years

How much did you actually cash out to USD though?

how the fuck can you owe more in taxes then you even have in cryptos right now?
jesus I thought we europoors were getting fucked but Im not paying anything unless I cash out and then its tax free after one year

I think its time you flee to Germany.. Just tell them your name is Muhammed and you're a teenager. You'll be given free boarding with a Roastie and usa will not know.

i never did cash out to USD ever

That’s what you get for not killing libshits

Might as well take down some nogs while before you off yourself

So, why are you paying taxes then? Unless I'm being b8d right now

Crypto to crypto is not taxable. Stop this stupid meme

Crypto to crypto transactions are not taxable you idiot

You don't pay tax on unrealised gains. Your CPA is an idiot.

lol you didn't realize crypto was just a big meme?? Nobody is actually making money off of it retard.

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Stop larping nobody actually pays taxes on this shit unless you’re a complete retard

He gained money in 2017, but lost it in 2018. The losses are meaningless because they happened in the next tax year.

im not fucking making this up

see here, my CPA

twitter.com/CryptoTaxGirl

Not true. In the USA crypto to crypto is a taxable event. It fucking sucks but if you get caught not paying you may go to jail

How could the tax laws be so fucking retarded? People can't pay more than they made!

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Annnnd there's the b8. GG folks. I'm outchea.

She looks like a retarded potato. Don't believe her lies.

Burgers have to pay taxes on crypto/crypto trades you fucking mongs. Crypto/crypto is considered a taxable event by the IRS, especially moving forward with the new tax bill.

Only taxable for the 2018 year
Was not defined for 2017

you could try deferring your payments to the IRS and hope the bull market comes back again unless you literally just went on bitmex and lost it all. In that case it's likely you will have to work together with the IRS and come up with a unique solution to your situation. Or you could roll the dice and not report anything.

This is retarded. Don't declare anything

can you show proof of this, about to call a lawyer over this

your CPA is retarded

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well i never used bitmex before, it was just some alt i had most my money and it dumped into oblivion which was amplified when btc crashed. not saying which coin this way.

You don't pay tax if you didn't cash out to USD. You're CPA is retarded.

sage

That explains the holes in Spongebob's head... Every hole represents a failed suicide

I don't have the link. Google it

i want to fap and puke at the same time.
thank you/fuck you user

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If you are truly unsure of your taxes. Go to bitcoin.tax, it’s pretty reliable and it will break down your taxes for you by individual assets “coins/tokens”

Yes every crypto to crypto trade is a taxable event. But my accountant basically told me it’s purchases vs sells. If you didn’t sell anything then you won’t be taxed.

by sell do you mean to sell for usd?

You're both an idiot and a LARPer.

2017 crypto-to-crypto aren't taxable events, only if you cashed out did you owe taxes.

provide proof for me please im trying here, anons here are saying it is taxable

what you do is whatever it takes that involves not selling the crypto, that's what I did, I took a 100k RRSP Loan (canada fag here) to off set the 100k capital gain I had from Crypto, now I have a 100k loan over 10 years, I'll pay off the loan when crypto is in a better spot. Fuck the government, they win this fight but not the war what I mean is no fucking way I'm selling my crypto to pay taxes when I never cashed out a dime for myself

fuck the police, or whatever

Use google you dumb nigger. 2017 crypto was like-kind trades. If you didn't cash out you don't owe any money.

2018 the rules have changed so that crypto to crypto trading is a taxable event. Stop larping or being retarded.

you DID file the required form for each like kind trade, right user?

This was the intended purpose of lending platforms like SALT and ethlend

Yep. Burgers and their "muh Capitalist freedumbs". Less business friendly than fucking socialist countries and with none of the perks.

>you could try deferring your payments to the IRS
This is your best bet to handle it legally. The IRS just wants the money, so you can call them and work out a payment plan that will get them the $400k (+ late penalties) eventually without bankrupting you.
Like with everything with the IRS, don't reveal your hand entirely, just lay out that you can't pay everything right now but you're willing to work with them to figure out how to get it all paid eventually.

i'm so sick of tax threads where we have people all over the world talking like they are a fucking tax auditor when they don't even know that we are all looking at different rules from different jurisdictions. Just go to your government website and figure shit out, it's what you gotta do. And yes, fuck the government and fuck paying taxes (but pay your taxes for now)

I owed a huge chunk of what I had remaining because I moved everything around in December and therefore technically "cashed out" at the peak, locked in my gains for 2017, and now I'm getting ass fucked as we all are

what is going to happen to all the normies and biztards in America who don't file crypto to crypto? all the normies used coinbase so I'm certain they're going to get buttfucked, no?

big if true

>mining is a taxable face

Goblin faced retard

>Didn't cash out at the top
You deserve it desu.

How were you not aware of that? Jesus.

my coworkers (smug reddit trash) are all blissfully unaware and took NO privacy minded obfuscation measures. when can i look forward to all of their assets being seized?

You put it all into monero via an offline wallet and pretend it never happened deleting all your accounts.

So you are supposed to owe as if you cashed out when it was at 1M?

I think he's saying he made crypto to crypto trades and hence owes taxes on the net PnL realized @ the time of these trades... which would mean he's fuck because the massive losses he incurred post-EoY aren't included to net out the prior gains

But you can't trade crypto to crypto on Coinbase

The government gets there due once Jan 1st roles around, you're basically gambling with borrowed money at that point. And just lol if you don't think they're coming after you.

I see, but is refering to sells for usd or for other crypto?

Did you ever convert to fiat or did some coins you buy just gain a lot in value?

Have you ever considered just fleeing to a third world country? Like Uruguay for instance?

never converted to fiat, just a bunch of alts i had went up a lot.

lol americans

OP I am in similar position and hired crypto tax professionals. It was roughly 1250$ for a package.

You are taxed on every trade.

What are your numbers exactly?

jesus get a good fucking professional, just lie and say you bought bitcoin on x/x/x for x/x/x and now you have x/x/x/, pay 20% capital gains, when you cash out only

simple you brainlet

up to 1m when i traded my btc for an alt in december

down to about less than 400k cause it tanked

not sure if that answers your question

who did you hire? trying to find someone

Find a new CPA because you don't owe 400k.

I used cryptotaxprep they are CPA and will do your entire return

might be worth filing an extension and gambling on the market being better. The penalties are minimal and you really just need your portfolio to be worth more than it is now sometime within the next 6 months.

I think a lot of reddit fags are in your position and the gov is going to get a lot of heat come April

the reddit fags will be the ones getting the heat brother
coinbase is sending IRS info on every US citizen who sent crypto anywhere from their coinbase wallets

HOLY SHIT GET THE FUCK OFF MY BOARD FUCKING NORMIES!!! WHY DO PEOPLE FALL FOR THESE ROLE PLAYING FAGGOTS?!?! HOLY SHIT DO NOT ENCOURAGE THEM!! REEEEEEEEEEEEEEEE!!!!!!!!!!!!!

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brainlet, you still file your taxes on time, you just ask for a payment plan. you dont have to actually pay everything when you file. or pay at all even

It is for 2018, but pre-2018 you’re good on like-kind.

>t.tax lawyer

Where are you at user, I’m a tax lawyer and can help you out.

assuming you are good on like kind for last year, I understand that every trade needs the three page like kind paperwork filed? how much $ can i save doing this?

not really comfortable posting my whereabouts, can i just get your twitter or something?

Yea you’ll definitely need to file form 8824. I haven’t decided yet if I’m going to file just one form and then attach a schedule of transactions with the required information, or if I’m actually going to do a form for each trade to be safe. I usually deal with this in real property so the procedures are a bit different here. You definitely want to get this treatment because your trades from coin-coin will be tax free, so a lot of $$.

Sure. It’s @couch_crypto. It’s basically blank though I only use it to look up tweets

Why can't Pierre read?

> about 1million in 2017
> in january/feb i'm down under around 300k
> go to accountant and say WHAT DO

that wouldn't be very realistic for most of us. We have thousands of trades each

i have about 300 trades, i duno if this is plausible but ill probably try it

It is taxable you dumbfucks.
>hurr durr CPAs are le dumb listen to me I know what I'm talking about.
Stop giving OP shit advice if you are talking out of your ass

Yea filing a form for each trade probably isn’t feasible. I’m 99.9% sure you can just attach an excel spreadsheet with the required information (date acquired, cost, amount sold, etc.). This should be easy enough to do with the history downloads from most exchanges.

i've heard you're begging to be audited by claiming like kind on crypto

SAUCE

>crypto-to-crypto trades are taxable
the level of absolute retardation in this thread is leading me to believe at least 90% of these posts are trolls
even if it WAS taxable (it isn't) there is literally no way to prove that you did any trades to the IRS. why would it matter anyway?

What is filing for bankruptcy

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good luck!

>"Yes sir we've heard you have a lot of crypto-to-crypto trades, we're here to audit you"
>okay go ahead
>"First we'll need you to hand over your password to your coinbase account and any other exchanges"
>nah
>"Well... shit."

we know where you are

or better yet
>sorry I forgot my password /shrug/

Because this absolute fucking brainlet probably used a verified ID to buy cryptos.. laugh with me now HAHAHAHAHAHAHHAHAHAHAHAHA
ahhhhhh HAHHAHAHAHAHAHAHHA

>whole point of CRYPTOcurrency is to buy anonymously so you can fuck off the shackles of the system, expensive lesson brah

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>he doesn't know ethplorer exists
the absolute state. IRS has 7 years to figure it out. good luck.

tell me where on this page does it show you WHO made the transactions
ethplorer.io/address/0x1e9a52c3a38c5f79f4a129f4fbf930a88106bae2

>twitter.com/CryptoTaxGirl
why are you taking tax advice from a fucking eceleb roastie holy shit

you need a guy with a yarmulke or an middle-aged asian dude as your CPA, what the fuck?

jesus christ 8/10 bait

i just realised you're definitely trolling
how can you be this retarded

the IRS has already contracted chainanalyst as a countermeasure for those not reporting. I don't know what tools they have, but these guys are experts

also, my CPA seems to be in the know and says that Binance will ultimately hand over data from their trading engine to the IRS

>implying coinbase verified normies don't just send coins straight from their coinbase wallet to the exchange back into their ledger.
most don't into obfuscation bruhah. sounds like maybe you are.

It's not really that easy (or beneficial) to just file for bankruptcy anymore (at least not in America), although compared to this it's preferable...

i'm trying to decipher what you're trying to say here and i'm failing
why would it matter if they transferred the coins out? how does that have any bearing on the conversation

yeah because that's totally legal. lets just give our data to the IRS because reasons. there would be so many fucking lawsuits flying around it would make the IRS heads' spin (just like Scientology did with their lawsuits)

it's quite easy to track a coins movements between 3 wallets. especially when they are verified on coinbase.

American exchanges already have. There is a 10,000 dollar penalty for failing to declare trading on an offshore platform

>it's quite easy to track a coins movements between 3 wallets. especially when they are verified on coinbase.
i don't know why you keep saying this. the IRS has no way of knowing what your coinbase transactions are unless you give them your password (which they can't force you to give them without a warrant and even if it gets that far you could just say you forgot your password, or delete the account)
being verified doesn't even matter

which is why you just pay capital gains tax when you convert it back into USD or whatever. my point is they can't tax you on crypto-to-crypto and OP is retarded

also, you realize being verified means you're verifying your identity with coinbase right? it means you give them your ID and they say "okay". no government agency except maybe the NSA has any idea that you gave coinbase your ID.