Is anyone else here underwater with their taxes owed? What the fuck are you going to do?

Is anyone else here underwater with their taxes owed? What the fuck are you going to do?

> traded shitcoin in december of 2017
> created a taxable event so I owe 60K
> shitcoin plummets 95% in 2018 (ICX for those of you wondering)
> Cashed out 50K last year
> Paid IRS 15K and still owe 45K
> 45K is from that shitcoin trade, but I paid on what I fucking cashed out though
> Filed the 6 month extension
> Crypto is currently worth 25K

So the mid October deadline is approaching soon, and I have no idea what to do. I'm reading up online about the penalities. I didn't truly understand the tax implications, and I am sure a lot of other people got fucked like me.

So, I have to call the IRS now and do a payment plan for 45K? Because of a shitcoin trade of something with no value and can't be used anywhere? I get paying for what I cashed out and paid that.

This is fucking insane. I mean, I now know how it works, but at an expensive cost. I owe more than students who got a 4 year school loan because I made a shitcoin trade on something that is worthless. Land of the free, amirite?

Anyone know what the fuck to do?

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you owe interest on 45k from April 17 btw. Doesn't matter if you file extension. Make sure you file before Oct 15. The late penalty isn't worth it. Do a payment plan if you can. Make sure you pay on time. One late payment, and you owe the full amount immediately.

pay your fair share goy
theres a lot of minorities who need more money for dem programs

This, you stupid goy. How dare you try to improve your life in a way that isn't serving a master? Stupid.

Pay your cucktax.

>in legal hot water and owe tens of thousands of dollars you can't pay
>better ask Jow Forums
Go talk to an accountant. It's worth the $200.

Thank fuck I'm a BRIT KEK

It's your fault for not researching it I guess. You obvious made a shit load off of trades that you reinvested in. You should have taken out enough to cover taxes and living expenses. What the hell were you thinking?

you probably should have hired an accountant if you had +50k to throw around

WASH TRADE rules DO NOT APPLY TO CRYPTO. if wash trade rules are applied sometime thos year by rule changes then TAX LOSS HARVESTING is another thing that exists. look this shit up faggot.

why on earth are you reporting shitcoin trading to the irs. only report when you trade bitcoin to usd. the entire point of cryptocurrency is to be separated from the fiat/jew system.

Because you cannot get away with not reporting it. If I sell bitcoin on an exchange to fiat and cash out through my bank, they will want to know how. Nothing gets passed them. The exchanges and banks will comply with the IRS. You don't understand crypto. It's not about freedom from the banks.

Are there documented cases, that the IRS knows what happens on asian exchanges? Just dont realize USD.

getting tired of this meme. nobody cares if you receive payments to your bank. have received literally millions from shady ass banks in places like bermuda from internet scams and malware back in 2006-2012 and no one wanted to know where it came from, and have cashed out bitcoin and others since then. is someone supposed to call me or something? is some man in a suit supposed to come interrogate me asking how i earn money? also satoshi said in his whitepaper that the entire point of bitcoin was because of the massive bank bailouts in 2008.

Pretty sure you don't say taxes on the total amount.

Yeah I guess i'll call them and set that up. fuck.

Honestly, I'm dumb and naive. I've since learned my lesson but yeah, it was just stupidity.
I did and he helped me file and of course charged me a hefty fee. Just wondering if there are other bizraelis in this boat and where they are at. I thought there would be a lot more people like that.
I actually already made an event this year to record my loss and did exactly that. So I am good for this year, but problem is I'm fucked for 2017.

Well, I paid what I cashed out to USD because of similar reasons you are thinking of. But the crypto accountant basically said no you will have to pay and IRS will come after you etc. I'm sure he is saying this to cover his ass to represent me, but I at same time I should have been smarter about it.

I don't know. It's all fucking crazy. There was another user on here who was like a stockboy that owes like 300K from a shitcoin trade that tanked 95%. fugg.

This I understand and is why I paid 15K on what I actually cashed out through coinbase. What I owe is a shitcoin trade that happened on Binance in December. And we all know during December, so many shitcoin trades were happening.

At the end of the day, I assume responsibility for my ignorance on tax laws. Just curious where other anons are at and if anyone else has been in this situation and knows what tends to happen.

Wait, how in the fuck? You made millions of dollars and sent to your bank? I'm sure a lot of SARs were reported. But you still paid the taxes on it though?

lol you got totally cucked by the taxman... you should not be in crypto

Answer is the same as it was last year. Dont report , dont pay you dumb cuck. Plus I havent cashed out , I'm letting my money rot in crypto. Better there then to goystein.

If you absolutely want to pay. Take some out and pay 10 percent of it , they'll be happy and fuck off.

>not leaving

>have received literally millions from shady ass banks in places like bermuda from internet scams and malware back in 2006-2012 and no one wanted to know where it came from

Bad larp. Banks live by the motto "better report 100.000 legitimate transactions, than missing to report one illegal transaction".

The moment the bank thinks, that you try to pull illegal stuff (regardless if you try to evade taxes, cash out on drug trades etc.), they:
- freeze your account
- report it to the IRS
- send you a letter
In this exact order. If you dont send/receive such amounts on a regular basis (aka "at least once a week") and were completely transparent with them, this is what happens. No discussion, no

In russia, ukraine, africa etc. you might be able to pay them, so they look the other way, yes.
But in any modern civilized country, you are almost sure to get caught, if you just try to handle dubious transactions via regular banks.

:(..but I wanted to escape wageslaving just like you goys

I have to since I cashed out from Coinbase

Bro, you only pay capital gains tax on the money made by a trade.
Not the entire amount.

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