Owe 380k in taxes, how do I kill myself?

no, just retard anons that fall for the bait.
you are only taxed on net profit.

Don't tell them about it.

Then if not larping, it's his own stupid fault for not pulling out the tax jew's cut.

My bad, just ran the numbers again. It's more like 390k...

This is what they send everyone who DEPOSITS BTC/ETH/LTC/BCH into Coinbase - THEY COUNT THIS as income and therefore all your shit in and out will be reported.

Please please please stay FAR THE FUCK AWAY from coinbase they will rat jew you out... Learn from my mistakes, it's most likely too late for me.

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Hows your spanish?

I did my crypto taxes this year with a specialist. Coinbase doesn't count moving coins into their wallet as income you retard.

You only are taxed on the net profits from taxable events, which are trading and cashing out, not moving coins around.

>cash out in Coinbase
>get fucked by Jews

Ya sounds about right

this.

t. owed 150 dollars on a few thousand in crypto to crypto trades.

I’m in the same boat but not as much. I owe 45k. Also in cuckifornia.

For the people wondering how this happens, if you make a trade in 2017, you created an event and owe if you made capital gains. But if that crashes in 2018, you still technically owe for 2017.

So OP most likely traded one shitcoin for another, which at that moment made a gain of like 6 figs, and the alts crashed in 2018.

It’s pretty fucked up but at the same time, I’ve learned since then how this all works with taxes and I’m better about it going forward. Hopefully OP, you have a cointracking or bitcoin.tax account going forward.
I’ve seen you post about offing yourself because of this and dude it’s not gonna happen. You’re not going to have to owe this. I mean you can’t even pay it. There’s a lot of people in the same boat that owe varying amounts. Just chill out.

Also, you didn’t even cash any out right? If no USD hit your bank then they won’t give a shit. Imagine owing 6 figs on shitcoins that aren’t even real money? Lmao. That’s like the government saying to pay us because you sold your Elder scrolls for XP to some other NEET in a game or something lmao.

In my case I cashed out over the 20k Coinbase limit so they sent my info over.

You need to relax dude. There are a lot of people in your boat that make no money and rode the pumps.

Worst case you’ll just claim a 3k loss for life and it’ll be another line you write.

But this is America. You know how many people are underwater on their mortgages? Or how many people don’t pay taxes at all and made millions in crypto that they’ll go after?

Crypto CPAs are telling everyone to pay so they cover their ass with their clients. Name one event in a stock boy has made close to a million and lost it all in a month and now owes the money for that? Get the fuck out of here. (I know I’m not the best example for this but also remember the burden is on us). Be smarter next time.

this. the shitty part is if they ask questions and you have to go through every transaction showing that it was indeed a deposit and not a sale or some other kind of transaction

what if ive literally cashed out at a loss every single time

This. You, , as a real physical human, does not owe any taxes ever. As a fictional legal entity you may, however. And as a federal citizen (aka: employee of the corporation called the "United States") you may. But not as a citizen of a state.

related:

youtube.com/watch?v=ME7K6P7hlko

youtube.com/watch?v=3zzokkeAmV0

youtube.com/watch?v=nt16WNyNjQs

youtube.com/watch?v=uFYKYcUUX6s

youtube.com/playlist?list=PLt9v2C3VjujpJpKCdreLHfOgfHItdjbUI

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YOU DON'T OWE ANYTHING UNTIL YOU CASH OUT. GOD FUCKING DAMMIT BIZ. WHY ARE YOU SOOO STOOPID.

Go away Mr. Snipes

I enjoy watching sovereign shitheads get their asses kicked by cops.

kek they will demand taxes on every single trade, even altcoin trades, if you lost trading history you are fucked.

that's not the case and you know it that's why youre angry. Sure they won't get your binance history and won't know what you're doing but if you ever make millions good luck explaining to them how you turned your initial 2btc into 50btc over the course of 2-3years let's say

the alternative is wait for the dollar collapse within the next 15 years then move to switzerland and pay 1 BTC for a villa with a lambo filled with Pelas tier sloots.

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only get taxed on profit. you cuck.

or wait 15 years and realize nothng's changed and you still have to use fiat but oh wait you never paied any taxes and your 100btc or whatever are worth as much as drug money now

yes, when you buy shitcoin A for $5 and then it goes up to $10 and you exchange it for shitcoin B you just realized a 100% profit, doesn't matter if you cash out to FIAT or not, technically every transaction like that has to be calculated at the end of each year and if you are in profit overall you pay if you are at a loss you claim a loss.

but you write off losses on trades genius, so in the end they tax you for net profit either way

fucking imbecil

You can only claim up to $3,000 in capital losses. But they can tax you on billions in capital gains.

>drug money
>worthless
pick one

Americans pay taxes on their crypto transactions. So buying, selling, moving around is all taxable. I think this law was iniated in 2017. Tons of people have been super fucked by it especially considering the huge crash crypto is going trough.

I can't comprehend how vile a human being has to be to do this to a fellow man.

yea, laundering money is so easy right

all transactions need to be calculated but only the profitable ones are taxable, people confuse those 2 things

If you want a safe exchange go Kraken. They just recently refused to publish their customer's info to the IRS. Don't see why they would as they're not even in USA jurisdiction.

I think Europeans pay pretty low taxes anyway on their crypto so even if they did publish it to the EU it wouldn't matter so much. (I pay 2% taxes)

if these are 2018 taxes then you sell enough of your crypto for a loss to perfectly offset those gains. bam - you owe zero tax. it is called tax loss harvesting. be sure not to rebuy the identical crypto for the required period... 30 days after, 30 days before. look it up. look up the rules on wash sales

Well people launder 321bn dollars worth of drug money every year so I guess it's worthless

nevermind, 2017 i see

Question /biz, I sold over $800,000 in Ether last year but I (not the IRS) never received a 1099-k from coinbase because I was under the 200 transaction threshold for them to report it, but still paid my taxes anyway. I'm just selling sub dollar ETH in bought in 2015 in large chunks at once, thus the low transaction count. I sold another $800,000 worth in January. Assuming I never get a 1099-k for 2018 next year, you think I'd be safe not paying taxes on that 2018 cashed out amount? Paying $200,000 in taxes last year made my inside hurt :(

and I'm sure a neet who got crypto rich has the know-how neccessary to do it safely lmao with no outside help multiple side business developed already etc

>killing self

>not staging your death instead

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ikr if you live in Germany, you pay 0% taxes on all capital gains if you HODL your coins for at least 365 days before you cash out.

go somewhere else.

Crypto -> Crypto trade = short term capital gains = massive tax liability at the end of December.

how would you be able to put the money into your bank account and not have it frozen without reporting it? unless you meant something else by "cashing out"

coinbase already did

Binance hands over information if they are subpoena'd. A few friends of mine stole crypto and Binance handed over their history

I use a small bank that only has a few branches. I've deposit around $1.6 million from coinbase over the last year and they haven't said a damn thing...

even if what does it do if your account wasn't verified? and I'm sure hackers or eth giveaway scammers know how to hide all the trails with tor/vpn and bitcoin mixers/monero

but surely moving such a large amount from coinbase would warrant coinbase to notify someone, wouldn't it?
also, whatever bank ur using, i need to register for it

I kinda assume someone would say something to the feds, that is why I paid the taxes. Just seems weird that if they had I would have got some kind of statement/letter from them at some point. But maybe not?

Fuckin A I love watching sovereign citizens/natural citizens/whatever in a courtroom. Buncha fucking idiots that have no idea what they’re talking about that have somehow convinced themselves they’re more knowledgeable about the law than fucking judges and attorneys.

Seriously, it’s a fucking joke. They refuse help from the public defenders and when they are called up for their arraignment or whatever they sputter and stammer until they inevitably trigger everyone’s retard alert. It’s always the same process too, this idiot says “M-m-uh sovereignty” and the judge goes oh ok sir we will deal with you last, and makes them wait until all of the other arraignments are done. This is the best part because you get to watch that nervous fucker twiddle his thumbs and practice his speed for a few hours before he’s finally called back up. So they finally get up there and inevitably these guys pull out some folded up piece of paper they printed off the internet that “informs them of their rights” and they start citing irrelevant dumb shit like an obscure transatlantic treaty from 1842 or they will go the other route of stupidity and try and claim that they are not citizens because their name is spelt with capital letters on the charging document.

Regardless, depending on the mood the judge will either outright shit on them, which is fun because he sovereign citizen gets flustered and can’t possibly comprehend why their google law degree didn’t help them out of their misdemeanor charge. Even better though is when the judge toys with them for a bit and let’s them try and argue why they are not a US citizen and the laws should not apply to them. Usually these guys are so stuck to their talking points from the folded up paper in their pocket that any confrontation by someone that’s legally trained will throw them off. Judge makes them look like a fool and we all get a good laugh when the sovvy leaves.

well if you paid the taxes then i assume that negated the need for a letter. people on here always say that you need to pay taxes but if you really cashed out that much without any letters or anything then holy fuck

I actually might be hitting the 20k limit soon on coinbase so i have a question does the 20k usd worth of transactions for coinbase to send you a 1099k include selling btc to usd+ withdrawing usd or is it just the amount of usd you withdraw? For example if I sold 1 btc at 6k and withdrew 6k usd would that count as 12k usd out of the 20k worth of transactions or only 6k?

Jews are neanderthals and they despise homo sapiens, that's why.

>paid taxes
>didnt get buttfucked by government or bank
lesson to be learned here folks

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>deposit around $1.6 million
>small bank that only has a few branches.

gotta love the fiat crash

Ya, I've all found it very weird. Another strange thing is I took $750,000 from the bank and gave it to a financial guy for stock/bond investments. I literally walked into the bank and had them cut me a cashier's check for $750,000 and drove to the financial guys office and handed it to him. Not one word from anyone about where the money came from, or why I was talking it out. The whole thing blows my fuckin' mind.

Capital losses can only exceed capital gains by 3,000 you brainlet.

there's no way ur in the u.s.. what fucking bank do you use? i withdraw more than 10k and i have to sign shit (chase here)

Cash out and buy house for primary residence, go bankrupt. problem solved nigger

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Yep in the US. I live in a small town in Montana. I don't want to name the bank, but there ain't too many here to pick from. We don't even have Chase here.

Its because you are doing what you are suppossed to do. Im sure at some point your account was flagged and reported but it came back clean. Banks especially small bank like holding money but ultimately its your money.

Ok guys, as someone new to crypto in 2018 (Second week of January) what should I be doing so that I don’t get ass fucked like OP? I’ve already used Coinbase (and it has been my exclusive Fiat->Crypto exchange) so what should I be doing to prepare for Uncle Sam next year?

Here’s a shortlist of potential factors
> Fiat balance is about negative $3k
> around 10 pages of shitcoin trade history
> some coins in the red some coins in the green
> various coin amount purchases (for instance I have one buy order of 10 REQ and a few weeks later I have a buy order of 1000 REQ)

I’ve tried CoinTracking but it doesn’t let me autoinput Kucoin or Idex so it can be very unweildly

12 I believe

Nice LARP, faggot. Unless you were actively trading on Coinbase/gdax, they wouldn't know about all of your capital gains. Wtf would they send you a 1099 with those amounts?

You need to start figuring out your taxes in October or November. That way you know what you owe and can sell what you need to cover them. Where people get in trouble is they had massive gains in 2017 that were followed by massive losses in 2018. IRS doesnt care about 2018 losses. They just see that you owe taxes for 2017. The losses you made in 2018 were only possible because you borrowed money from the IRS instead of paying your taxes. Traditional traders keep a tax account where they put aside taxes on their gains as they go through the year. Sometimes if you have a really large gain you should just go ahead and cut a tax check less you be tempted to lose it all. Its basic stuff really.

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maybe i need to move to montana then. consider yourself lucky if u aint bullshitting. well done dude

Thanks m8. A further question if you don’t mind. You said people got fucked for taxes because of the huge runup in late 2017 and subsequent losses early 2018. Do you mean people that cashed out, or everyone in general? For instance if I bought BTC last year for 6.4k and it shot up to 20k, and has now dropped back to my initial buying price, would I still be taxed on the gains from 13.6k “gains” I had (even if that 6.4k btc just sat in a Coinbase account or a wallet for the entire duration)

Can't you just do tax loss harvesting?

TLDR: GET A FUCKING LAWYER FRIEND.

Yo mongs and this goes to every newfag on this board, lets get down to the basics.

1. Stop asking help from biz about taxes (unironically i am helping though). Dont you get it that the IRS and FBI are watching Jow Forums? Unironically the faggots learn stuff here on how smart people avoid certain things. Never ever post how much you have gained or lost.

2. Why the fuck do you every want to report your incomes from CRYPTOCURRENCY which is a DECENTRALIZED currency system WHERE NOBODY CAN TRACK YOU as a person. Like why the fuck do you do this.

3. You only report to the taxman WHEN YOU WANT TO CASHOUT. You never report your incomes to the taxman if you dont plan on doing this.

4. If you want to take out cash then use paypal to buy useless stuff like a car, clothes or what not. YOU DONT HAVE TO REPORT THIS. Dont buy a fucking 100k Mercedes or Audi though. Your neighbour might rat on you saying to the taxman wtf how can he afford such a stuff. Buy some useless used cars nobody gives a shit about.

You only and ONLY report to the taxman if you want to cashout loads of money to buy a house, business etc. and then there are ways to deal with this by talking to a fucking lawyer. The amount of people getting rekt on taxes on this board is starting to make me vomit. How stupid can you fucking be. Jesus christ the saying is right "The poor and stupid dont need the money so take it from them!".

well say you had 10 bitcoins when it was 20k and u wanted to sell them to have $200,000. what exchange would you use to exchange your Bitcoin for fiat? normally u wouldnt want to leave cash or crypto for that matter on an exchange so u would want to transfer that 200k to a bank so what would you personally do? what exchange would you use? would you pay capital gains for this transaction? i want to know myself for future reference.

>Never ever post how much you have gained or lost.

This is the fucking internet, especially on this fucking anonymous mongolian horse trading card board you can larp about literally anything.

>then use paypal to buy useless stuff like a car
Yeah right because PayPal isn't AML compliant, lol

Okay lets take your example and another example of an user who is investing.

1. You have 10BTC from randomly mining back in ages. This is with no initial investments.
2. This 10BTC has value and whenever you want to sell it to FIAT you have to pay income tax. Hence the name INCOME. You just gained income by selling something. In my country which i wont disclose it is 20%. So if you have 200,000 dollars you have to pay 20% takes and the other side is yours. You will explain the taxman you mined it. Although he might ask for reference or some kind of documents so be prepared for this. I dont know about donations though. Make 2 accounts and send BTC back and forth etc. Then you just say well someone donated it to me and i dont who it is.

1. Example 2 of having 200,000 dollars and you invested in BTC and 2x. Now you have 400,000. You can always take back the 200,000 without tax because you will just disclose this as transfer of wealth. Who the fuck cares what you do with your money. So you dont have to pay tax from that initial 200k because THAT WAS YOUR MONEY FROM THE START. If you want to FIAT the other 200k you just pay 20% of income tax.

Now i know you might live in a fucked up country where you have to pay trade by trade blabla but seriously look into other countries. I kid you not there are some countries out there that if you hold stocks and crypto for 1 year you dont have to pay ANY TAX. Yes 0 tax paid. But the requirement is to show that you held that stock or crypto for 1 year without doing any trades. Then there are some countries where you just pay the % of income you gained as taxes and valua. The government is happy. Just look around a little bit. Im tired of educating under 20 year olds. Nobody helped me with this shit. Start reading books and open your eyes in the real world. Read news and read about stuff LIKE WE ARE TALKING HERE. Meet up with people and discuss these matters fuck sakes.

Nice try kike. Now go away please. I wont disclose my secrets to you. Now fuck off back to the IRS you little lapboy.

> Don’t listen to Jow Forums
> LISTEN TO ME YOU FUCKING IDIOT

jokes aside here some more memes for you
> GET A LAWYER FRIEND
I am pretty much a lawyer (will find out soon) but regardless, Lawyers =\= accountants. Legal accounting classes are electives and most lawyers I know (myself included) went to law school to avoid accounting/math intensive studies. But I’m just being a dick since it’s irrelevant to the rest of your post.

> Stop asking help from biz about taxes
I know you recognize the irony but there’s helpful advice here, yours included. There’s a difference between blindly following advice from biz, and asking for suggestions/basic advice. This is preliminary shit, obviously (and I hope anyone else reading this will too) I plan on seeing a professional to help with this, but it’s nice to get some suggestions from bizanons who’ve been there or may have helpful advice.

> why the fuck doyou want to report...
I have to report income from crypto because tax fraud is an ethics violation at the very least, and will fuck up my licensing. Further, Coinbase gives info to the irs, so they already have an idea of how much $ I’ve put in and it’s not a significant enough amount to justify jumping through hoops to hide it.

> Only report when you want to cash out
That’s one of the things i was looking for advice about. It seems like that kind of advice could have some serious consequences if you’re wrong though, and that’s what I’m trying to avoid by soliciting other suggestions/advice

> If you want to take out cash use PayPal...
Again, Coinbase already has all my shit so they know how much fiat I’ve put in. And again, it comes down to the legality of it all, since tax fraud would basically fuck me professionally for the foreseeable future

thanks i appreciate your responses. the problem with cashing out in another country is that would be seen as tax evading, wouldn't it? joos won't let u have such an easy avenue, they want their free gibs as well

>MFW I see retards like you that didn't research how much they would owe for taxes and immediately set it aside when they hit the jackpot.

Call a tax lawyer user, and don't go with a cheap one, you want the kind that's going to find a loophole for you.

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