Do you keep track of all of your transactions and trades ever? Including bitcoin to shitcoin or between shitcoins?
If you don't you are fucked, you can't sell these because you will not be able to prove the origin of the funds being legal.
I have lost some trading history myself in dead exchanges... now I cant never sell these coins to help me buy a house and move from my mother's basement. FUCK. I wish I never traded a single shitcoin. I did so much micro trading, like sats worth, testing things out, sending in and out of shitxchangers, mostly dead like Mintpal and Cryptsy, and I use stupid fake names like Homer Simspon and shit to boot. It's over.
>inb4 autists that have seen too many movies coming up with "just launder the money bro" "just move to X shithole bro", "the gov will not audit you if you can't provide origin of funds bro" etc
I was a clueless neet. And I was keeping track of it all or trying to, but I was unlucky, I went to sleep and when I woke up fucking exchangers disappeared.
Ayden Collins
>don‘t keep track >nobody gives a shit >can cash out how I want
Feels good to not live in the United States of Goyim
Mason Watson
>land of the free
Angel Martin
Nah. Just going to give them 30% and if they have questions they can find the information themselves cuz I ain't doing shit nigga
i thought you were just taxed on the profit when converting to usd unless you actually bought stuff with shitcoin
Levi Martinez
Just say you won it playing poker or blackjack or something and claim it as gambling winnings on your taxes. Don't take it all out at once. Take it out slowly. You'll be fine.
Nathaniel Walker
I live in the US as well. I've cashed out close to 6 figures and have no plans of ever paying taxes. IRS ain't gonna do shit.
Jackson Diaz
IRS is gonna fiddle your booty hole
how did you cash out? straight into your bank account? damn you're retarded
Logan Morgan
Nice LARP.
Jayden Scott
They'll probably try to crack down even more in the coming years but I highly doubt. No larp, friend. >pic related
how woud you cash out let's say 500k to buy a house? it's easy to be smart and smug when you have 10k with no hope for more
Dominic Green
are you retarded? see: little by little, you can't do it all at once
Angel Hill
if it was that easy why do people even try to launder money? why wouldn't all the criminals just convert their dirty money to crypto and cash out everything in Cayman Islands as if nothing happened? why would they risk getting caught in the us/europe living a life of constant stress instead of enjoying a nice beach house?
Nathan Richardson
Of course I filed taxes for my 2017 job earnings. Technically 2018 income gets filed with next year's taxes. So I have another year to think about it.
James Thompson
faggot
Joshua Wright
What's the big fucking deal just tell your case and you'll be fine. It's completely understandable given the situation.
David Nelson
yea I think OP and other people who lost records will get a pass but one day most countries will have their official recognized/regulated exchanges which will be the only ones to legay trade and using binance or whatever will be considered a black market and that money/coin will be "tainted"
Well I hope so. The question is, there is no way to guarantee that they will. What if they decide to fuck you up and confiscate your hard earned money? fuck.
Hopefully in like 10 years BTC is world reserve currency and people that has held it for 10 years get a default just like the default on the unpayable fiat debt or something.
LARP. You could be raising alarms eventually an audit would fuck you up since you already lied.
And are you aware Bitcoin is going to $1,000,000 per coin in the next decade right? have fun trying to slowly syphon in millions of shitcoins worth of BTC.
Jose Perry
>not understanding the blockchain does this for you.
Jack Nelson
you already pulled your balance from US based exchange Gemini (in NY) and deposited it into your US account
there's nothing to think about any longer, you'll go to jail or pay an absurd fine
Brayden Gray
Yeah, you cash out 500k in small chunks after literally years, you have all this 500k cash, then so fucking what?
When you buy a property the government will know you own it and they will ask where the money came from.
Is anyone above 12 years old here at all?
Pretty fucking sure these big amounts are automatically being sent to IRS or whatever equivalent in your country via algorithm the moment they hit the bank
Justin Phillips
>Mr. Taxman, I was gifted these bitcoins/I have had these bitcoins for many years >*shows random custom-made PDFs as """proof"""* >thanks Mr. Taxman
Nicholas Ward
americans have to pay taxes to the US govt. even when traveling or living abroad...
Mason Torres
No dumbass, the blockchain doesn't say who moved what.
If you send coins to Mintpal, do your trading thing, earn some BTC worth of shitcoins, then when you are done you send back your BTC + the BTC gains into your wallet, in the blockchain there's no way to know that was you trading BTC for X shitcoins in Mintpal then going back to your BTC wallet.
That's why people take screenshots of the exchange and download excel files. And that is why its a fucking problem if you didn't manage to get that data before the fucking shitcoin exchange died.
Now I have these coins withdrawn in my Bitcoin wallet and if asked I couldn't prove that they are withdrawn from my Mintpal account. Same goes for any other exchange in which you don't have track records.
Now this becomes a gamble in which they may or not fuck you up depending on the feet they woke up with.
Given this fact, looks like the only sane thing left to do is to keep it in your wallet where it's 100% safe until some clear guidance is given by then cause things are still grey area as fuck.
Evan Lewis
It doesn't matter where you are from anymore.. all banks are inter connected. Also what's the point, you go there, sell your BTC for cash and apparently they don't even ask where the money comes from there?, then put it in a cayman island account... then what the fuck do you do? you have all that money there which you can't spend, unless you permanently move there, and these places are probably expensive as fuck or shitholes with no people in.
I would rather pay my taxes like a good cuck but at least live comfortably in my country, not needing to move to some remote shithole. Im just concered about the partial loss of track records I had, that's all.
Brandon Stewart
Theres still a record of every transaction in the blockchain, so you could find out where every coin came from,
Liam Carter
are you people in crypto since yesterday? he already explained to you that the trades on centralized exchanges aren't happening on the blockchain, it's all IOUs signed to specific accounts and then once you withdraw it gets taken out of the exchange big ass wallet with everyone's coins mixed together
Juan Price
I ask you: How.
I can only prove what's on my end (the bitcoin wallet) by digitally signing that I own these addresses (I doubt the boomers in the government even know how any of that works) anyway, the problem is, what's on the exchanger's end is now dissappeared, out of context, it's just a transaction into an address with no metadata, that goes back into my wallet. And exchange withdraw transactions typically involve a fuckton of inputs so your coins will look like they are mixed. The trading history is also not in the blockchain, these are all off-chain transactions.
Asher Anderson
technically speaking screenshots or pdfs aren't a proof at all because I can fake thme however I want, actually even if you hand over your API keys to show your exchange account data with trading history the taxman can say it's not a proof either because you paid CZ to fake those trades since it's not a government-recognized exchange.
Like I said I think we will all get a pass but one day the governments will create or grandfather in some specific exchanges that will be the only kosher places to trade crypto if you want to have cean hands. There will probably be some built-in systems that calculate and deduct taxes automatically too.
RIght now the safest thing you can do is hold your shitcoins in your own wallets so if they moon 1 day you can show them that you held them since they were very cheap and that's how you made you millions