> Made about a 100k from crypto
> go to a CA to file my returns
>asks for 10k to audit my trades and create a balance sheet, along with 30% tax to be paid
>I will literally half my money
Dont feel like eating anymore. No motivation
PS- contacted other CAs too but everyone is acting too pricey and act in an arrogant manner. Where the hell should I go
Depressed as fuck
> Made about a 100k from crypto
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Do them yourself, it’s not hard
This. Just make a fucking excel spreadsheet with your trades.
Do your best and report honestly.
If you report honestly, the IRS will work with you if they think you fucked up.
The IRS just wants the money.
I have a total of 35k trades as I arbitrage with bots, across 5 different exchanges and bitcoin.tax won't work for me.
How the hell am I supposed to know the fiat value of every time I have made a sale/purchase order
>expect any of us to give a fuck you
get fucked faggot
land of the free and put up whit that crap
Use a crypto tax calculator. If you don’t want to publish this information write / hire a pajeet to program a simple python script to do this. Seriously this is simple shit user, don’t blow your money on scams such as CPA’s before you even get it in your hands
Bots bring liquidity to the market you fucking 50 iq subhuman.
10k for audit. INSANITY
I am using these guys. You'll need the premium package then will have to pay additional $50 per 1k transactions after the first 10k. So you're looking at about 4.5k USD
or you can do it yourself on cointracking. But I prefer the peace of mind of a CPA stamp
I will do it for 3k, OP
How about you just pay tax on the fiat that hits your bank, then delete your trading accounts you stupid fuck? What is the IRS going to do?
>durr we think you owe more!
Based on what? They have zero fucking clue where the money came from other than the exchange where you cashed out at. If you did your trading on the same fiat gateway exchange, you're an idiot. Good luck.
Tell him to fuck off. I'll do your taxes for .1 BTC
Can trading accounts be really deleted?
As if they won't fuck you indirectly if they know you purposefully deleted your exchange account
Delete your account on Binance, etc. Sure, why not?
Say you got pissed at the crash and decided to get out of crypto and cash out as a result. Didn't think to save trading records. Why does everyone assume the IRS is going to go wild trying to track every trade?
Give your records to the IRS. There's no fucking way they can accurately determine what you would owe, and the amount of time they would take to gather a few extra dollars would be much better spent finding people who didn't pay taxes whatsoever. You're not refusing to pay. You are just potentially underpaying, and there's no way anyone can easily determine that. Paying tax on the fiat is the only thing that makes sense, and the IRS knows it.
And if you cash out EVERYTHING, the end result for trading within the same year would be the exact same as tracking the trades individually. Gains/losses for each trade would amount to the same thing as cashing it all out. The only time this doesn't work is if you carry anything over into the next tax year without cashing out and paying tax on it.
it's retarded that they make you do so much work when at the end the amount you owe is the same, or almost the same. Just pay on your cash out, don't even include your crypto-crypto trades. If they ask how did you end up with more btc than you bought, tell someone gave you for fucking birthday, whatever.
This crypto-crypto shit won't be imposed for long imo. Look how many people are in debt now because they realized gains in late december, kept everything in crypto and after the crash some of them are literally in debt for tax purposes lmao
The USA is fucked in the head and the citizens are total cucks.
I would rather go to a different country than pay taxes after each year.
You will pay every year until you're left with nothing, menawhile chad crypto gods that never bothered to pay crypto-crypto will be rich as fuck once their positions moon or the entire market goes nuts, and you will be left with a pocket change at best because you were a good obedient citizen all those years
Don’t pay 10k for an audit what the fuck they’re ripping you off!! Either do it yourself or go to bitcoin.tax and call CPAs for quotes.
why dont u guys just go to another country fuck taxes
Did you guys receive 1099's from Coinbase? If not... are you just filing for good boy points?
>Delete your account on Binance, etc. Sure, why not?
You can't, they don't offer that option
>Living in "free country"
I'm not a burger and never used coinbase
I also never traded/sold anything on a verified exchange.
I will simply find a country that'll gladly take my taxes just from the cash out, without forcing me to compromise my future gains by taxing me every year when I don't even want to cash out so far
yeah, and even burgers are just self reporting right now
I've made and cashed out 8 years of my regular pay in the past 6 months. That is not going to go unnoticed. And if I were caught tax evading, I'd lose my career.
you cashed out 8 years of pay and didn't receive a 1099? how?
cucked if true
I think the us government will try to create 1 official/licensed exchange for crypto with all the tax tools, guides with different investor levels, like only few cryptos for normies, then some securities for accredited investors or some shit like that.
The question is how do they force poeple to use it, they would have to forbid all the banks to work with any other exchanges, or KYC wallets so people don't go trade shitcoins on binance kucoin etc.
but even if they try it's gonna take a long ass time
The truth is simply that none of this is enforceable right now. Worst case scenario for most Americans is that they pay short-term capital gains with a cost basis of 0 on anything they cash out. Anything else is self-reported and simply not worth the IRS's time unless you've taken in millions, and this assumes you were making very little to start. Overall it's just one giant non-issue right now.
I agree with what you're saying but then again that's simply untenable. Soon we'll have plenty of decentralized exchanges and there are plenty of ways to make things simply untraceable—Monero, mixers, private sales, accounts not attached to anything that required KYC, etc.
If they take things too far people will just evade, they can play their cards right if they're smart and it'll be great for everyone including their own bottom line
yea, they work to slow, to many different agencies fighting with eachother over who's in charge of what and so on.
But if I was a Burger I would simply not pay crypto-crypto taxes, and when the the of cashing out a large sum comes I would just say I didn't know crypto-crypto was taxable and gladly pay everything back for those years even with penalties/interest.
Getting cucked of 20-30% of your portfolio now for taxes may equal hundreds of thousands in opportunity cost if the entire market or your coins moon like hell
>But if I was a Burger I would simply not pay crypto-crypto taxes, and when the the of cashing out a large sum comes I would just say I didn't know crypto-crypto was taxable and gladly pay everything back for those years even with penalties/interest.
Well, even then, in theory you might be saving yourself money as you'd have a cost basis, otherwise it's basically just income. You're right in general, it's all very simple/straightforward right now despite how people make it seem.
if you start with a few k and end up with millions it would be way easier to make it a 0 cost basis and just pay as income/short term cgt, instead of calculating 1000s of trades, forks, all that shit and have the burden of fear that something could be miscalculated/missed.
Depends on everyone's individual situation at the end.
only exception here is if you have legitimately held something for a year in which case you get a massive tax break on that alone, although I'm not sure how much penalties and fees would add up to—might offset your tax break completely
at that point it might be time to start looking into opening up a car wash breaking bad style (lol)
>not moving to another country with your crypto assets
Don't fund the ZOG machine.
>cashing out at 100k
You are a fucking retard.
If you cash out any time before you hit fuck you money (around ~3 mil) you are a retard who deserves to be poor.
Kys faggot. Bots bring liquidity and volume. Especially arbitrage bots are a service to the community. If you are to retarded to use one don’t take it out on others.
Because I don't use Cuckbase.
would love to hear how you cashed out for my own purposes
Gemini. I wouldn't count on them hiding anything from the IRS though.