Suicide thread

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Absolute state of Burger tax laws.

ALso grats on turning 5k to 850k even though you didn't cash out. You've got 30k so well in profit and even better situated for next bullrun, fuck off looking for sympathy when most of this board is -90%.

You would only pay those taxes if you sold at the top, used the proceeds to buy something else (that would have tanked to the value of 30k) and didn't sell by January 1.
It doesn't count as a taxable event if you don't sell. I hope this is larp.

You used goyimbase didn't you squidward?

>what is getting taxed on short term capital gains on every trade?

Are you me, user?

>invest 3k initial last year
>ATH: 450k in January
>lose it all in shitcoins this year
>current: 60k
>still owe 30k for taxes last year
>make 12$ working retail

I think your tax numbers are off, though. And even if they aren't, you can fudge them pretty easily. Most CPAs are actually only having their clients pay on what they cashed out.

depends. If he flipped one coin for another after it went up and he kept flipping shitcoins hwen his portfolio was around ATH he technically ows tax on that.

That's why you need to be careful if you deal with a lot of money. If you realized a lot of gains you should cash out at least enough to pay taxes on dec 31 st, then even if everything goes to shit in january you have taxes covered

Dont do it. Exit scam the banks and credit cards, buy a small sum of crypto (one coin, memorize main private key) and go off the grid. Build shit from your crypto bunker while in hiding.

This is also why the field is getting hit. Desperation is fueling sales at atl from crypto whales that were trading alts without realizing gains in USD. Great time to buy.

is it even posible to just leave and start over i been asking myself this for the last 3 months and suicide is the only meaning full conclusion i come up with drugs helps but not for long then life sucks even worst

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go all in on LINK and move to a non shitty country

you greedy soab

Holy shit!! There are others out there like me

Invested 10K last year
ATH 330K
Current 15K
owe 45K taxes

Also in cuckifornia

Not my CPA. I found him on bitcoin.tax and he's basically saying you have to pay on every shitcoin trade for 2017 because in a couple years eventually IRS will get Binance records and everything if they want to keep their US userbase

I only paid on what I cashed out (cashed out like 50K last year)

Also where did you see that they are only telling their clients to pay what they cashed out? Where did you get yours (maybe I should change).

I thought most crypto CPA would want their clients to pay on all shitcoin trades so that the CPA is on the safe side and representing a client who won't get penalized later

Save up, look around while you're employed. It is up to you to make this life beautiful for yourself.

I hope you take care and do well.

>>ATH: 850k in December
>>didn't cash anything out

(implying OP isn't a LARP, which it probably is):

WHY THE FUCK DIDN'T YOU CASH OUT YOU QUADRUPLE ONIONS NIGGERKEK?!

brah if anything claim a loss and dont pay tax for years

dont think ill be alive in 2 months not even meming shit go to chaotic and out of control

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Because he was greedy amateur like me. Jumping for hyped shitcoin to hyped shitcoin with nothing to lose because he came from the bottom. The problem is, we all thought it was going to keep going up. we never experienced a bear cycle and did not know the important of taking profits when the bubble starts deflating

that's what I thought but I told my dad how I lost all my money and he spoke to his personal CPA about it. The guy said he has been going to a few crypto tax conferences and his determination is that people should just pay on what they cashed out. So I'm assuming he'd sign off on it

according to cointracking I owe 50kish. I did that in Febuary when my portfolio was still worth 200k. I filed a tax extension and told the IRS I owe 30k (still not sure how that works exactly, it was through turbotax)

I still haven't paid of course. If my shitcoins moon within the next month or two I *might* pay the legitimate 50-60k.

If not, I'll either fudge my numbers a bit and pay the 30k I reported, OR work with a CPA to pay on what I cashed out, which would actually take much more work because I've been cashing out small amounts + buying drugs for the past year.

Binance might turn over records to IRS in few years. I'm skeptical about that. But even if they did. If you ever made a transfer to some shitcoin exchange like Liqui or KuCoin, you can fudge all numbers as necessary. Those exchanges will be bankrupt before the IRS ever gets a hold of them. Not like they'd comply anyway

Bro we're in a similar boat but your situation is definitely worse. You don't have to an hero. Seriously, this whole situation is fucked and retarded and the IRS has no clear framework for this.

I mean, are they seriously going to just say people have to be on a monthly lifetime payment plan because some shitcoins were pumped and dumped and never even converted to cash?

I'll bet you since you didn't cash out, then you won't even be looked at. Are you verified on Binance? You wouldn't trigger an SAR if no money hit your bank account

speaking of which, I JUST received a letter from the IRS

scared to open it

Honestly that sounds reasonable. The CPA I found on bitcoin tax was some younger guy (that I think does this on the side) who basically got back to me 2 days before everything was due even tho in fucking February I kept texting him every 2 weeks asking if he got to my stuff. I'll bet you if I knew the severity of it, I would have sold it all in February and not have to worry about it.

Worst off he charged me a fucking grand to put all my shit into basically cointracking and bitcoin tax. For like 30 minutes of work. Fucking jew piece of shit.

We went back and forth about this a LOT and how I basically said I will only pay on what I cashed out (which I did) and I also filed the 6 month extension. I said if I refuse to pay that, he will just give me some agreement saying we aren't working together anymore.

I'm on your dad's side. This whole situation is fucking absolutely retarded. There is no way regular joes like us should be in debt for a lifetime for some shitcoins being pumped and dumped. It's just absolutely INSANE. And my CPA doesn't give a shit about me, he just wants to make sure his jew ass is covered and has the nerve to charge me so much right after he submitted my shit he tells me the cost.

I'm also same. If they moon, I may pay it off just so I don't have to worry about it ever. (I could have done that back when we had a mini run in April, but I sadly didn't).

I was listening to this crypto podcast (the one with Laura Shin or w/e) and she had 2 on there that said they tell their clients to pay on every trade.

Do you worry that IRS will legimitately backtrack and penalize? I keep reading how they are understaffed. My gut tells me they will just take whatever they can get since they would probably go after those that made millions and haven't paid. I feel like this is all just some fear good goy bullshit, amplified by my faggot CPA

Dude open it please. We gotta figure this shit out.

>be smart enough to invest in crypto
>be dumb enough to pay taxes
how???

At least you cashed out x5 your initial investment. OP didn't cashout anything. Which is JUST unbefuckinglievable.

Might be in his favor. No cash out = no cash hitting bank account = no one is gonna care.

>turned 1k into 22k in 3 months
>bought more coins instead of selling
>spent 9k
>now worth 3.6k

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JUST

>paying taxes on unrealized gains

Lol. just Lol.

so out of the 45k you technically owe, how much have you paid?

and were you asked how much you'll owe when you filed the extension? Turbotax asked me this and I put in 30k thinking it was a conservative figure. I did not in a million years expect my portfolio to drop another 80% from there. Fell for the summer bull run meme.

Actually if I had known this is where I'd be, I never would have filed that extension in the first place. I only wanted to do it legitimately because it'd be impossible to launder the kind of money I was dealing with earlier.

the only reason I'm skeptical is because I spent a lot of time on the crypto tax subreddits during tax season and a lot of them had been assfucked and were on payment plans. Didn't seem like their CPA gave them any leniency.

I feel less worried about the IRS pouring resources into this now that the market has tanked. 90% of people in crypto are under initial investment now. But I'm also the type of guy who doesn't give a fuck what happens to me in 5 years.

k 1 minute

how did you get from 5k to 850k?

>actually paying income taxes

lol

I have an uncle that runs a mostly cash-based business averaging around $500k in annual revenue and hasn't paid a single cent in income tax since 1995. He has never seen even an IRS letter in the mail.

Swing trading Uncle Sam's money and losing most of it. I'm actually shovked someone who turned 5k into 850k wouldn't have been tether fagging and margin shorting part of their stack this whole way down. You're clearly not risk averse. Also, why not just evade and live with that risk? You're already a criminal, so how much worse could it really get if you make peace with necking yourself on the way to prison?

nvm sorry its just some college financial aid bullshit

by larping

I am friends with a guy who turned 2k into 3m. He didn't even start until September. Shilled a lot of moonshots to this board

we were on the same exact path but he dumped LINK at 50 cents pre-sibos and I held like a deluded cuck back down to 10 cents for 3 months. Missed many 10xs

yea, honestly if I ever found myself in a situation in which I owe a shitload of tax on crypto-crypto trades from unveridied exchanges I would just play stupid and never pay or report that.

I’m not sure if you actually read op’s post but inclusive of taxes he’s down ~$340k

I didn't know someone could possibly be greedier than me, congratz user. Welcome to suicide group.

At least you are not 60% down from initial

Fucking BASED

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>I am friends with a guy who turned 2k into 3m. He didn't even start until September.
fucking bullshit, that is a 1500x gain

how can you own taxes on unrealized gains or investments?

are you retarded?
the absolute state of american education.

the gain is realized on crypto-crypto trades in many countries including america

i could even link you to a thread on a forum we post where all trades have been documented from september to january.

iirc he bought iota for 10 cents early august, sold it around a dollar september

10x'd on DNT

5x'd on LINK

5x'd on metaverse ETP

5x'd on PRL (bought like 5% of the supply when it was below ICO price on ED)

think that was his last big trade. He usually goes all in to whatever he buys. I know he got into the DAG and HOLO ICO's but has been pretty passive since the market crash.

You people seriously overestimate how much it takes to retire. Don't listen to brainlet boomers pushing their 25x, 4% withdraw rate.

>using coinbase
>living in Cumfornia

I actually owed 60K. I cashed out 50K throughout 2017 from Coinbase. I paid 15K on that and filed the 6 month extension.

I should have done it through Turbotax but the crypto CPA submitted it. He was also using both bitcoin.tax and cointracking to input my trades and based it off that. (Owing 60K).

Yeah I also did not expect it to drop this far either. I didn't sell in April because I thought we were going back. My crypto was worth about 112K so I could have sold and paid it off. It's worth 15K now. But I talked to my CPA and also researched this online, every month after the 6 month penalty you don't pay is .5 - 1% penalty. So a year is a 10% penalty (not sure if there is some additional bullshit ass fine they will include). But if I owe 45K, it's better for me to wait until January 2019 and owe ~50K in the off chance that we see another run EOY.

He obviously advised against that because you know, coins getting hacked, sending to wrong addresses, w/e. But I kind of don't have a choice if the market stays like this.

>the only reason I'm skeptical is because I spent a lot of time on the crypto tax subreddits during tax season and a lot of them had been assfucked and were on payment plans. Didn't seem like their CPA gave them any leniency.

I also scoured Reddit looking at threads. Lots of mixed responses.

>I feel less worried about the IRS pouring resources into this now that the market has tanked. 90% of people in crypto are under initial investment now.

Shit I guess you are right

> But I'm also the type of guy who doesn't give a fuck what happens to me in 5 years.

I know these feels. It's a catch 22 because it's what lead us to jump hyped projects and risk our whole stacks but then not sell when we are supposed to or have proper money management lol

Life doesn’t have a reset button

well in that case he just got extremely lucky and seems to actually be retarded as fuck (going all-in every time and only buying actual shitcoins)

but sure link the forum thread because seems so unlikely I can't believe it

It's realized once its traded, mong.

I need your uncle's secrets. Or are you a nog, in that case, I know what he does.

well I'm not going to post the link here but if you email it to me I'll give it to you. It's a very long thread with a dozen or so participants but he has many screenshots along the way

[email protected]

just to clarify, is yours an extension to file or an extension to pay?

I'm gambling on another run as well in exchange for paying 10ish% in penalties, although that was my justification 4 months ago and look at where it's landed us.

>Still owe 370k for taxes last year (live in Cückafornia)

Please, don't be true. If it is, tell them to fuck themselves.

Extension to file
irs.gov/pub/irs-pdf/f4868.pdf

And then line 7 was the 15K I paid and sent out a check for

>I'm gambling on another run as well in exchange for paying 10ish% in penalties, although that was my justification 4 months ago and look at where it's landed us.

sigh yep..Anyways just for shits and giggles what is your plan for the year? I'm pretty much going to hold til EOY, if it moons again I will fucking sell and pay off. Pay off the penalty. Basically, fingers crossed (lol)

Don't be a tard, money isn't everything. Fuck you could still by several Bitcoin and probably make it if you wait several years, don't be a faggot, just do something else.

Dude. You have no idea what December was like. We were all fucking rich. The meets were quite literally about to inherit the earth.

can you send the link straight to this email address I just made

[email protected]

idk man. I think the reason so many of us got fucked last time around is because we didn't have an exit strategy, no targets, etc...

not sure about you but I'm just a NEET and that 450k felt like monopoly money. Only after watching it bleed for 8 months have I begun to realize how much that truly would have changed my life.

I'm holding for now. Tell myself I'll sell if I even get in reach of 50% ATH, but I'm sure greed will strike again.

Nah were 100% white

He literally just didn't fill out any returns for the first couple years of his business because money was tight than got scared that if he did go legit in year 3 or 4 he would get fucked by fines. So he continued to simply not file any returns and play the audit lottery. He never heard of a tax amnesty untill I told him about it last year kek.

> idk man. I think the reason so many of us got fucked last time around is because we didn't have an exit strategy, no targets, etc...

Pretty much. The recklessness of jumping hype projects helped us but then when it came time to sell, we couldn't.

I'm actually reading this book that was recommended by an user a couple weeks ago that's opened my eyes a bit. Maybe you should check it out.

amazon.com/gp/product/1118273052/ref=oh_aui_detailpage_o02_s00?ie=UTF8&psc=1

> not sure about you but I'm just a NEET and that 450k felt like monopoly money.

I actually had a mediocre job but had my own 1 bedroom chill pad in a chill area in LA (hollywood). Thought I was going to make it and hit a million.
I'm now a NEET also living at my dad's. He hounds me to figure my career out. The fucked up part is when my crypto was worth like 330K, I showed him and he told me to sell it all. He was one of those guys that traded through the dot com boom and said he had like close to a half mil (but also unrealized and didn't cash out). I basically ignored his advice because I thought I was a financial genius and plus I wanted to hit a million. I also ignored it because he doesn't really have any money so even if he worked hard and invested in early companies after it recovered, he would still be alright. But it doesn't appear that he did. So I guess I was egotistical in that regards. But the advice to sell in hindsight obviously was good.

Now he basically thinks I'm fucking up and lets me know from time to time. But then again, he's an angry narcissist who my hardworking step mom pays for everything. He's a good guy at heart though. Anyways, I digress.

But being a NEET is pretty great. been playing a lot of Battlefield 1

>reporting your trades made on a chink exchange that will never get audited

I'll give it a look through, thanks

You and I have the same story pretty much. I just wanted that 1m target. I was set on it. I showed my father and he was immensely proud of me, even told a few people despite being a soft spoken guy. But urged me to sell at least some of it.

1) I didn't realize marginal taxes were a thing, and estimated I would have owed much more than I actual would have. So therefore I wanted more money.

2) My dad was working 70 hrs per week and I was just laying in bed getting rich off shitcoins. It made me sick to my stomach. I wanted to write him a check for 200k.

3) I became a bit attached to my coins and it was hard to part with them before the projects had really even launched. I still feel that way.

Fake and gay. your country can't cuck you like that.

lmfaoooo

The tax laws need to fucking change. Nobody making 12 dollars an hour should be on the hook for 380k kek

FUCKING WHAT?
There is a certain point where you might as well just run up owing a billion dollars or something then have them take you to court to make a huge headlines and die a martyr of wtf.

Go out with a bang.

>what is crypto
How would they know kek

Bullshit. If you didn't cash out, you wouldn't owe taxes.

Nice try, but try again, but this time use a scenario that could actually happen.

Does anyone know of a way artificially run up how much you owe in taxes using crypto? It would be amazing to be the first american to owe one zillion dollars in taxes or something.

Please tell me this is possible. This will be the best way to suicide fucking ever.

>realized
>no cash in your bank account at any point

Lol, just Lol.

Cover your initial crypto investment retroactively with your Roth IRA. Voila. No capital gains taxes.

How do you know? A shotgun trigger could be the secret portal to a new life, hardcoded into the human simulation game we are all living.

Only the truly mad men can experience it

>Be me
>Cash out in December
>Buy the "dip" in January
>Fucking lose it all
>Still owe hundreds of thousands in taxes
Just finish me senpai

why didn't you set aside whatever was needed to cover the taxes? you basicly gambled "government's" money, like taking a loan and burning it all in a casino

Damn, this one hits hard. A whole year of bull, bear, bull, bear, bull - then suddenly just ENDLESS MEGA BEAR OF DEATH to wipe out everyone

We thought history would repeat, but it seems the bulls have gone on hunger strike for a year

Luckily my shitcoins hit in January, and I owed a fuckton in taxes. I recently sold for BTC to take the tax loss. I'll buy back into the same shitcoin again after 30 days. Odds are I'll only increase my stack, but I have a net loss now, so I owe nothing (unless there's a penalty for not paying in Q1)

It's going to be increasingly difficult to run from the tax man. Look up CRS, many non-shitty countries are going to adhere to IRS standards and this information will shared amongst them. There's literally no escape.

Just sell your alts at a loss so you won't owe taxes dude. You can always buy them back

fuck me you must have done just about everything right all year except cash out

me actually doing best financially ever and finally getting to be competent trader
but... becoming so tired of being perpetually sick...

every year me lose body part, every day in some sort of pain, its hard for breath....

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>next bullrun
>implying there will ever be another real bullrun aside from maybe a tiny bump from etc going on normiebase
Come on user stay real

>How would they know kek
realize some gains
declare taxes on these gains
please provide us with detailed trading history of how you got these gains t. taxman

it would be possible in Finland
they have the same tax rules as US, except you can't deduct losses. So if you gain and lose the same amount over and over you can run up your tax liability to infinity

almost like they postponed the crash until 2018 just to fuck everyone up with taxes
but yea that really sucks user

>you basicly gambled "government's" money
fuck the government, they should not be entitled to a single penny from crypto gains

btw thanks for the link, was reading and posting on the first crypto threads in bb misc, but had not seen that one.

that guy really fucking hit all the right moon missions, do you know how much he managed to cash out before the crash?

>it would be possible in Finland
>they have the same tax rules as US, except you can't deduct losses. So if you gain and lose the same amount over and over you can run up your tax liability to infinity

HAHA!!
SO there is no fucking way to do it in the USA though? I need to know this just in case I want to KMS. There has got to be a way to run up an zillion dollars of taxes in the USA.

Just dip the fuck out and move to Germany, go to college for free, or Solvenia, same deal. Fuck bitches. Join the French Foreign Legion, just escape America.

>invested $500 exactly 1 year ago
>$1,090,000 at ATH
Current $30,000

I think he cashed out 90% of his stack which was around 2m at the time

put 200k into HOLO ico which is now worth like 2-3x that I think

also has some money in DAG

How would the government even react if someone owed a zillion dollars in taxes? That would be one of the most amazing events ever. The entire deficit would hang in the balance!