Daily reminder that everytime you "Tethered Up" that is a crypto to crypto capitals gains tax for us citizens of the mighty U.S of A. I hope you have all have been keeping an accurate log of your transactions.
Although I'm also sure the bulk of you will be reporting at a loss this year, so at least you'll get some deductions!
didn't send any info to binance, not reporting, nice try FBI fuck off pig
Doesn't matter. It's your responsibility to accurately log and report your capital gains tax. Those NEETs need your taxes!
MOLAN LABE
Never move fiat out, only move it in. Problem solved and you will be rich when the local corrupt governments inevitably fold.
>signing up to an exchange with your real id
>buying crypto with your real id
>not just mining your own crypto to trade
>giving your real id away on the internet
If you did any of these things, you're retarded
you cant deduct capital loss
Never gonna pay taxes
HahahahahhahahHah
What capital gains do u incur tethering? U dont therefore you dont pay tax
Google crypto to crypto tax. It's a taxable event.
All trades are a taxable event.
ALL TRADES ARE A TAXABLE EVENT.
PAY
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TAXES
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" your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately."
I find it so funny when there is even numbers in legislation. Like the minimum wage. Motherfuckers don't even admit to inflation or try to account for it.
Binance > Monero > Random chink exchange > Monero > Kraken > Fiat
>Gee user, it says here you have a $50,000 deposit from Kraken. Care to explain how you your initial $1000 deposit to Binance turned into that $50,000?
There are literally people on this board right now who think they're smarter than the IRS and people with Ph.D's in accounting.
This. They are gonna get rekt
I'm 33, I've never filed taxes, I don't even know how you do that. I'm sure my time will come, but I'm not going to start asking questions now.
Just gotta dab on them when they get audited!
That's sad that you don't know how to perform a basic function of a grown fully functioning adult.
I will do a dab for you when you get audited and hit with 15 years of back taxes. Hope you can afford a good tax attorney!
Who will pay for Shaneequa's litter you greedy incel
WHAT ARE THEY TAXING YOU ON MORON? DO YOU KNOW WHAT CAPITAL GAINS TAX IS? FUCKING RETARDS
For every traide, you sold one crypto, therefore realized gains, on which you have to pay tax.
First of all, why are you yelling?
Secondly, a Tether is a cryptocurrency, albeit it's backed by 1 USD, it is still a crypto. Trading your BTC to Tether (Crypto - Crypto) is a triggering event.
I buy Bitcoin at 5,000. It goes to 8,000. Profit of 3,000. I foresee a dip and trade that BTC now worth 8,000 to USDT. That is a triggering event in which that 3,000 in profit is now liable for a capital gains on that 3,000.
Not that hard to comprehend you stupid fucking autistic imbecile. I dab on you.
wait what? You just never did your taxes? So when the IRS finally emails you, you're telling me that you'll be able to sell of most of your stuff into crypto, move to a different country and you'll have gotten away with never paying American taxes? If I plan on leaving the US is it better to just say fuck it and not report anythign?
Seriously how the fuck does US taxes make any sense.
If you buy and sell $10,000 of crypto 100 times, you still have $10,000... But does it count as $1million of transaction and therefore tax? Wtf
of course not, you pay tax on realized gains only, but generally you trade to sell something that has increased in value, and THAT is something you have to tax your gains on
it makes perfect sense, you are just a brainlet.
1mil of transactions doesnt mean jack shit in this context. if you made 100 transactions, with your whole stack that managed to stay at solid 10 000 usd through all those 100 transactions, you haven't made or lose a dime -> no taxes
Checked, mein Führer
You’re taxed on gains. If you trade 1000 times but at the end of the year, your 10k is 15k, then you pay tax on the gains, 5k.
I just Bitcoin.tax and enter my info and then I include it. I already paid my 2017 taxes and yes in 2018 I'm at a loss like almost everyone in crypto.
>2018
>capital gains
lel
It's alright, I live in Switzerland. I don't pay taxes on capital gains anyway.
Sage advice unless you want to go to prison and get raped.
>all these crypto kids getting ass fucked by the taxman
>Lmao what are taxes xddd
>rekt
More like raped, by bubba
Im back down to my initial investment so everything iv done has been canceled out. im killing myself anyway so it doesn't matter.
Pay up slaves.
I mean citizens. Your countrymen pablo and tyrone need your money. And those women in hr.
>not just mining....
Okay and how much have you mined? And if it's actually any sort of serious amount how much did you spend on equipment and electricity? And how much are your mined coins worth now?
>tfw NEETs will pay the NEET tax with crypto
FeelsGoodMan
This,
Pay up NEETies
when did crypto to crypto start 2018 right because that wasn't a rule until late 2017
only gains you retard, loses can be deducted from gains