Don't forget the taxes
It's over biz
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RIIIIGGS! I JUST THOUGHT OF MY WISH!
Use bitcoin.tax, they automatically calculate this all for you and it costs a certain amount depending on how many crypto trades you have
Warren Buffet said: if you were only allowed to make 10 trades in your entire life, you'd probably end up being a better investor because you'd think really hard about each one. Apply this to crypto
The fewer trades you make the easier things will be. How many of your trades were worth it? Buy a HODL anons, it's a free 20% in gains since you get taxed for long-term capital gains instead of short-term capital gains.
Pay all your taxes
warren buffet was born when literally everything was a good buy, and he got lucky, there's a reaosn why nearly all billionaires are fucking boomers
he's on par with some guy stumbling upon bitcorns back in 2009, bought a bunch, and thinks he's a motherfucking financial genius for doing so in retrospective
I never said to listen to all of his crypto advice, I said that his investment advice in general is good and applies universally to all investments. Crypto IS an investment still. And he's right. If you made fewer trades you'd have to think harder.
Day trading doesn't count, that's another beast entirely, but you should try to invest longterm not short-term. Don't buy and resell then buy something else then resell it then buy something else. Just choose good cryptos and hold them for a long time.
After beginning to file my crypto taxes I realized a couple things. Blockchain technology if it were not to remain anonymous will be the de facto tool to literally watch and record every step any person makes. Every transaction whether its money, text, video, you changing the color of your lightbulb (IOT chain) the RFID Chips in your coke bottle (VEN) will be watched and recorded. Literally everything around you will be on the ledger.
For example in a near possible future where anonymity does not exist in a blockchain then people will not be able to get away with anything. And failing to comply with the authority will stop you from being able to access certain things Because everything will be connected. You now see blockchains for almost every industry and or service.
Say Rick doesn’t pay his taxes or says something anti establishment on the internet. These actions will forever be on the blockchain. It will be undeniable that the person didn’t commit these actions because identities will be given via rfid chips like Walton or though companies like TKY. Then the consequences of these actions will lead into other aspects of life because everything will be interconnected On the blockchain. Certain services will be prohibited to you because you don’t qualify.
Right now China and other nations are developing a system that rates you based on your social actions. Straight black mirror. You say something bad about the president or jay walk then you get docked points and forfeit certain privileges or worse.
Blockchain has the potential to bring a whole new system of control never before seen if crypto loses its core value.
We as community in general are blinded by profits and naive to the fact that the old guard will simply step aside. Instead they will do what they best. Control.
We are in a war for freedom.
This might sound tin foil but if you look at the big picture this is possible. We are at crossroads.
That is why privacy coins are important, look up Monero.
first time babby investors just now realize they gotta pay up by april 17th
Nobody cares. Enjoy your prison planet.
Yes goys report that thing we can't trace plz
can you shitty bitcoin.tax handle fees paid in BNB for each coin?
also fuck off with this longterm BS, if they force you to use FIFO your entire strategy goes out of the window, also and if you can use lifo then what's the point of even caring if it's long term or shortterm.
Also another question
what source do you use for btc prices? cmc? bitfinex? how do you even know.
>Pay all your taxes
lol, fuck off, I will pay when the time is right (when I cash out to FIAT) not when some shitty government thinks
Look user I never said the tax situation is reasonable and okay, I just said that if you don't pay your taxes then the IRS will anally rape you with its government backed dick
Have fun with Jamal's wiener in your bunghole faggot
>We are in a war for freedom
I'm in a war for lambos my friend
>What is monero?
Warren Buffet had a fortune as a 14yo kid already compared to the average saving of other guys.
Furthermore he hates the new tech era especially crypto, why would you apply anything from him to this?
field in January, sent my trades on February, paid in march as soon as the request came in.
How is that relevant?
Thanks for your constructive insight.
Don't be a tax cheat.
but it sucks quite hard if you only did crypto trading, then you need to sell BTC for USD. that creates ANOTHER taxable event............
Ah yes very good, I was wondering what the 4k fud would be. This will do nicely once it's all over the tabloids.
Yeah paying on less than 1k and down to $200. I don't care how many trades that is. Not worth their time.
i should just kill myself
Already reported and paid mine. Paid a CPA almost $2k to take care of it, then another $10k between IRS and state. Not worried. Have fun in prison faggots.
You're right it does suck, but what is the government going to do? Just give us free reign. They're being responsible and they don't even fully understand it yet.
no just tax 30% on cashouts. That would be fair for all. I mean I don't get taxed if i sell 1 sword for 3 shields in diablo 3, regardless if I could sell them for USD later on ebay
I'm not trading on any verified exchanges so officially I don't owe them any taxes, I'll just pay everything when I cash out, and if the penalty turns out to be too big I'll just cash out somewhere else. Pretty simple
Good luck getting shaken out of your portfolio each year, and when the market finally moons you'll have little left, so the crypto you cashed out for taxes could 5-10x later
How did you transfer your funds to those exchanges? Oh yeah, through your bank which gives the IRS will access to all of your transactions. In a few years when they retroactively audit everyone involved in crypto after they get their act together, do you want to explain where you got this money and why you weren't paying taxes each year?
>what is a bitcoin ATM
>what is cash
>what is amazon gift cards
He still doesn't understand what RingCT is.
Did you just dump a million trades on them or what
Filing form 8275 and claiming like kind under 1031 for 2017.
Obviously crypto-to-crypto trades are taxable for 2018.
how much tax do i owe on this portfolio?
ok they will find out that I bought btc and ethereum, that's all
buying is not taxable you retard, only when you trade/sell and I never sold/traded anything there.
All they can find out looking at the blockchain that I send some btc to le'ts say binance or kucoin but that's where they lose the trace, and no, having btc on binance is not taxable either.
You are a cuck shilling your shitty software with your tyrone/jamal fantasies, everyone knows you here, no need to repeat yourself.
Your shitty software doesn't even support all the exchanges, cannot deal with fees in a different coin and so forth.
Good luck paying after each year like a good cuck
I will pay everything at once with the penalties owed for previous years when I decide to.
You think it's my software? Retard lol
How is he not an /asp/ meme right now
>Bought some BTC
>The BTC rose 10%
>Buy some shitcoins because mark cuban meme, low market cap meme
>They all lose 75% or more
So as I understand it, I owe taxes on the 10% increase in BTC because I traded it for another coin
Yet how can I owe taxes when all I did was lose my ass? There must be a way to write these losses off against the gain
Oh wait I'm a brainlet. Murrican here.
I can still use Like Kind for 2017?
I did my most trading in 2017.
I was a good goy and did Like Kind in 2016.
Did not make many trades in 2018 so far, but 2018 was my biggest cash out.
it's a net-sum over the year, but imagine you make that trade in late december and in the beginning of January it takes a nosedive, you're in debt
that's how retarded it is
No, you're retarded for investing taxes owed. Its no different from taking out a loan and investing it. Except if you can't pay the loan you go to jail.
>land of the free
>hurr durr you need to take cash out a portion at the end of each year and be a good cuck
That's why you don't trade on verified exchanges, so that even if your entire portfolio goes to shit no one knows you actually owe anything. And if the entire market moons thos penalties for the previous year will look like a joke compared to the cost opportunity of cashing out just to pay taxes on something that's never seen FIAT
Friendly reminder this whole crash is entirely to get normies out of crypto by getting them to be upside down in taxes.
They want you to either be a criminal evading taxes or a normie in thousands of dollars of debt to the IRS and has to cash out to even pay a fraction of the debt.
The market will recover on April 18th.
You were complaining about being in debt from investing taxes owed. If you are not planning on paying taxes in the first place they what is the problem?
IRS can suck my dick they can't make me pay taxes if I don't cash out.
Paid mine. 16k. Used bitcointax. Sucked but that's how it goes.
Yes they can, they can put you in jail fucktard lmfao
Theres no capital gains tax if you're in the lowest income bracket. Nobody here makes more than 38k/year anyway you're all penny pinching neets so this hardly even applies.
>implying I made money
Crypto gains are counted as income so not only can it put you in a higher tax bracket, if you were getting government services, like tax credits for health care, you have to pay those back.
Americans btfo. Is there even a point in trading anymore? Isn't it far superior to just buy in a bear market and hold?
Well if you don't work, your first 35k in gains are pretty much tax free.. so who knows.
I don't mess with the tax man, I've seen way too many people get ass raped by playing games with their taxes.
Only trade if you have a lot of money to trade. I feel like I wasted my time and I was too stupid to study the charts and where btc is at. Down 80%. No job. Nothing to give.
Crypto gains are counted as gains/losses on disposition of capital assets, not ordinary income.
Does this means that gains are largely tax free if you're in the bottom income bracket, for students for example?
So if you make 150,000 in crypto gains and zero dollars in income, you are still in the 0% tax bracket ? Nope because crypto is counted as income. Short terms gains anyways.
If you want the truth, no you cant use like kind. You were technically never able to. Every trade is a taxable vent, and you owe taxes everytime you sold a coin for more than you bought it for.
You want a biz answer, then yes you can. Fuck the IRS! Fuck paying taxes! Crypto was made to avoid them! This is theft! Dont be a cuck! No soyboy good goy tax payers here!Muh monero super seckrit money hah!!!1
As a unemployed student, will I ultimately have to pay taxes if I decide to cash out a large sum? How is this process handled? Does the exchange you cash out on matter?
"gains are likely short-term capital gains (subject to ordinary income tax rates) since the cryptocurrencies were likely held less than 12 months, the IRS has good reason to be concerned."
they do affect your tax bracket.
Wait. So if you have no "regular" income, putting you in the lowest bracket, and make a billion gains you still pay no taxes?? Wow this is so broken.
i already filed. didnt make shit. only invested $200 and lost it all in the big crash. im not wasting my time filling out paperwork to report losses.
This is what I'm doing. Considering crypto is still growing, $3000 tax now will be worth a lot more in 5 years. It's better to pay a penalty later and probably pay what is equivalent to $500 today.
I found the best is to day trade between a small amount of coins n tokens.
I have link, nano and xlm which I trade between depending on pumps and dumps. All three of these coins are projects I believe are good long term holds.
I don't want to HODL through pumps tho, as I know the price will drop anyway. I just sell 1/3 and buy more of the worst performing of the 3.
>mfw .5MM XLM
If you don't make 6 figures you need to get out of Veeky Forums
long term gains are only 1+ years
Yeap Long term gains are positions held for more than one year.Most people traded in and out of crypto making all their gains short term gains.
If you made 0 Dollars from any other job or investments but made 300,000 in crypto gains, you still owe taxes because those 300,000 in gains put you in the 33% tax bracket.
>>literally everything was a good buy
Your perspective suffers from clear survivor bias. He invested in things that survived and are still producing value today. There were just as many dubious or speculative investments available then. However, none of them continued for long.
Also, buy REQ and COLX.
Yes, but your previous post implied that you would pay FICA on the gains, which is incorrect.
All income counts towards your tax bracket in some way shape or form, unless you get an inheritance or gift.
No, there are different types of income. Ordinary income gets FICA taken out (Social Security and Medicare). Crypto gains are gains/losses on disposition of capital assets.
Please, all you have to do is read 8949 to understand what to do with all your transactions. freefilefillableforms.com
Then read the 1040 to figure out the difference between ordinary income and capital gains. freefilefillableforms.com
Short term gains are taxed and count as regular income. That probably applies to 99% of biz.
For long term burger gains, your income bracket is determined by the year you sell and not the year you buy correct?
Just don't pay.
Kek, you got ripped off
>t. Filed my taxes as a CPA, costed $85; $30 for bitcoin.tax, $55 for H&R software
If you guys haven't figured it out yet - you can't use Monero. You can't use ANY privacy coins. At all. Using them creates a gap in your trading history. And therefore all of these coins have absolutely no use if you don't want to be flagged as a criminal by your government.
So you only pay the jew's tax when you cash out? R-right, user?
Wow you got ripped off. My CPA charged me 100 bucks, I owe 3k between federal and state
>All you have to do is read this mountain of confusing bullshit
I mean it's just so easy!
>Don't fuck with trades on coinbase or any other outlet that gives your history to the irs, if you already traded a small amount then it should be fine
>Immediately transfer to a site like Binance that doesn't have your info
>Don't pay taxes till you're ready
>Pay the late fee when you do decide to cash out, it's like 20% of what you already owe
On top of saving money that could potentially moon later, you give the government time to develop a tax plan that isn't totally fucked.
Warren Buffet is great to listen to if you wanna get rich just in time for death
Dude you only get taxed on GAINS.
If you don't understand this you are the brainlet.
Your BTC didn't appreciate another 1k in the 30 minutes it took to sell your alt and transfer to coinbase did it? And if it did, congrats you made an extra 700 dollars.
Sometimes this board makes me rage about how dumb some of you guys are.
No you get taxed on losses to.
>buy 1 bitcorn at $20,000
>sell it at 10,000
You owe the IRS the difference 20k-10k=10k in taxes
wow makes perfect sense!!!!
Happy to help!
Fuck. I did not know this, I owe way more than I thought.
Hey ive bought tons of alts and have day traded to increase my stack so lots of small trades that gain me 100-150 coins each time but i dont plan to cash out for a long ass time and im down on nearly everything anyway, how fucked am I?
He's trolling, that's not how it works, at all. If you bought at 20k and sold at 10k, you can write off 3k off your taxes this year, and 3k a year until the loss is expended (3k + 3k + 3k + 1k).
in 50 years kids like you will be resentful of us
do you still have to report your "transaction" even if you made no money?
Like, do they want a record of my 1000 day trades despite me making no profit?
LMAO americans are jew tax cattle. Keep paying those taxes, niggers need their welfare check next week.
wow thanks user! Couldn't have done it without you!
which country isn't?
East Europe in general dont pay taxes to feed niggers at least.
well my rich father and step mother moved to Singapore or Malaysia, crypto boom happens where I live with poloticians and business owners due to some MLM. They vacation a lot in Malaysia.
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