Ledditor owes 400k in taxes from crypto

I wouldnt trust binance anymore either btw.

Cant trust hardly any exchange anymore. Which is why its even more important now that you store your shit in private keys.

Only exchange I trust to trade now is bitmex srs. Thats the only one that doesnt give a fuck about KYC or the IRS.

This is why i all-in'd NEO. Free GAS is just a benefit

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>keep your funds on a exchange
what could possibly go wrong

that's the typcial reddit goyim for you

>buy my slow centralized solution
no thanks, go back to plebbit

you guys are fucking stupid
you deserve to be justed

isnt the 11k for income tax?

You don't need to pay taxes

Trump will abandon the Fed on 11/11/2018

screencap this

I guess it's too late for him now, but why not just tax loss sell after he didn't cash out high and everything crashed. There's no wash trading rules so just buy back in immeidately and continue to tax loss sell as it goes down.

Honestly I'm worried about having done too much of that to the point where I'm deducting a suspicious amount.

oh nvm i forgot capital losses are limited to 3k a year. i guess people got fucked because this happened in december. fortunately I was all in on link which mooned in january and had rather modest holdings through 2017

So you paid taxes on every crypto-to-crypto transaction for the year of 2017 already?

Bro most of us are so broke now that even if we did have taxes, we couldnt pay them srs

Whats kind of ironic though is that all the normies who bought the top, dont have to pay any taxes, they just lost money. While some of us dumb fucks didnt sell the top, and are probably going to have to use every single dollar we have left in order to not go to jail according to what you are saying.

Anyway, faggots have 3 years to pay taxes anyway. We just need one more bull run and we are un-cucked hehe

How the fuck did everyone make so much? I got in mar 2017 and only hit like 150k with 15k invested.. God im so fucking stupid it hurts

if you bought your corn before 2016 there's no CG. You can claim it as gambling, and gambling is zero rated.
Second if your corn is from afterwards, CG is 10% not 20% if your income is lower than 45k. And you only pay 10% on corn you've cashed out

>guys I beat the system by getting scammed

Can someone tell me if i did good? Was the redditor an anomaly? Please

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I never pay crypto tax.
Tax is for pussies.

All my crypto gains go to a foreign bank account and i go to my tax free haven and cash out and convert to diamonds and bring home.

millions saved from IRS cunts.

What do yo do with the diamonds, user?

My nigga. We're gonna make it. Only brainlets get fucked by stuff like this.

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You ever heard of a pawn store?

most people who have traded Crypto in the past 12 months and have not filed taxes have no idea whats in stock for them. I owed and paid off $80k in taxes while I had $20k left in Crypto.Next year I can file my losses, but yeah...so many people will be fucked from holding and trading through the bull run.

>unironically self reporting your taxes

you must be so mentally cucked to do this. its a whole different level of cuckery that i wont ever understand.

So did you do a trade in 2017 and your crypto tanked in 2018 that is why you owed more?

And how did you pay 80k while only having 20K left? you actually paid 60K out of your pocket?
Wtf dude?

Do you really think that they dont report your ass for higher sum trade ins? If you go to legit pawn shop they will report you after 5 figures upworth. and then the irs will start asking questions.
>inb4 found them in my backjard planting flowers
and if you go to some underground type of mafia guy. you will be ripped off at best - killed and raped dead at worst after them finding out how much you have.

dont be so stupid and think that is that easy. thousands of people went through this beforehand and got fucked

>paying taxes on gains you never cashed out

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Only way to protect yourself is cash out, set aside a portion of Fiat to cover tax on gains, buy back in with difference and start over. One of the big reasons swingtrading is not appealing. So easy to get yourself screwed if you don't bank some fiat.

You gotta pay tax on your GAS...

My friend cashed out and didn't pay any taxes. When I asked him about it he said that he doesn't think you have to pay taxes when you cash out for the first time.

Attorneys and fines/penalties are expensive.

lol

Don't worry user, most anons on here inflate their returns to look smart (which is stupid as it's an anonymous image board)

Lol, he didn't pay and "thinks" you may not have to. Probably get a second opinion. Just saying.

Imagine owing $400K for trading imaginary meme coins with no usage on a server in Asia that never even hit your bank account or have any record of being converted to cash

Makes you wonder if swingtrading is worth it.... but shit man, I increased my stack by 10% on that last pump.

RUN

I didn't have the heart to tell him how stupid that sounded

He's larping. No part of his story is believable.

You didn't finish user,.. you missed adding.... To the bathroom before you shit your pants.

if you had 1 dollar and bought a coin worth 49 dollars you only pay tax on that

this exact post was here on Jow Forums just a few days ago

fake!

youtube.com/watch?v=avDEZyMcmA4&has_verified=1

So the lesson is get out of coinbase?

yeah probably

Cuckbase'd

Rather makes you think how backwards and totalitarian the US is. As a Canadian - you guys make me feel terrible for you and the others who are forced into it. Taxation done for the right reasons and to serve its people is right. But what do you get out of it? Your public education gets cut, you pay out of your ass just to get a medical checkup let alone $10k just for an MRI scan to “see” if anything is wrong with you. You guys are forced to comply or are thrown into cages and are told you are the bad one while having no way to do anything. Canada makes me feel blessed to be here as our taxes are fair and more transparent - even though it’s high as fuck here in BC. Don’t you guys feel a bit helpless? Also isn’t it ironic how the government didn’t give a shit about crypto until it starting making money they weren’t getting a cut of?

It’s weird - I’ve never really had a view in a more direct stance in terms of US and taxes since I traded US stocks and options so it wasn’t that bad - but honestly - reading user’s story and seeing how fucked it is for some kid who didn’t even benefit or properly hold his quote unquote “earnings” - only to have a logical action in managing a asset not even defined by the gov - as taxable for coin to coin trades. That’s asinine.

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>You gotta pay tax on your GAS
My god, they're taxing our farts now.

God bless the USA

What do you or anyone else recommend as an alternative?

Seriously this. Whne you are done hundreds of thousands just dont declare you sold. Irs doenst have binance records.

Hey that's exactly what I was going to ask

you are a cunt if you believe that and I work at the CRA

you are ESPECIALLY a cuck if you believe that and live in BC where your taxes fund chinese billionaires' welfare checks

why would coinbase know how many trades he did outside of coinbase.

Tfw only paid tax on my net gain in 2017 which was like 18k tax on a reported 185k gain

Why are burgers so cucked?

Play jewish games, win jewish prizes.

Wait, there are countries out there in which you have to declare and pay for transactions and/or unrealized gains?

>Pays passport fees
>Pays for constant flights to tax haven
>Pays foreign sales tax on buying diamonds
>Pays for flights back to USA from tax haven
>Risks getting busted flying into USA with thousands of dollars in undeclared diamonds
>Sells diamonds at pawn shop for a fraction of what they are worth so that pawnshop can make a profit

Yeah, fuck taxes!!

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This is retarded shit. Just buy ETH/BTC through Coinbase and send it to Binance wallet. Make your trades on Binance and move your funds to personal wallet and claim you were hacked/scammed if the boogeyman ever ends up giving a shit about our hopeless lives.

just shit burger land.
>bitcoin is not a currency
>still pays tax if you make more bitcoin through trading
KEK

How/why do you have to pay tax on unrealised gains?

Wtf kind of shithole country is that?

In burgerland if I take $1, and my friend buys it using an IOE of $1million, then the IOE suddenly loses value and is only worth $1 again, would I have to pay tax on that $1million profit I briefly made?

the IRS doesn't consider them unrealised

In short, yes. But only if it's realized. And everything is realized in the US because we're cucks.

its fucking bitcoin.
if i trade corn for suitcases and trade it back, i still have suitcases. will irs accept if i send them a few?

How can they track monero transactions? Also if you swing trade on binance, how the hell can they know? Should we have to report trades on binance, kucoin? All I have bought BTC through coinbase, sent it to other exchanges and traded there

how the fuck are you supposed to pay tax if you no longer have that money.

It should only taxable when you cash out in fiat

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This is why you trade on Binance.
Funds are safu from IRS.

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The irs will be happy to accept the usd equivalent value of the goods you traded

Is this really how it works in freedom land? Fucking lmao yall need to move to venezuela or something

Daily Reminder that our forefathers are rolling over in their fucking graves

i dont have money. i inherited suitcases, and trade them back for corn and trade them back for more suitcases. there's no taxable event. unless the irs has a special table about suitcases.

They don't give a fuck my dad rolled over real estate development gains into other developments without cashing out and then 2008 happened and they still put him on a tax treadmill. This place is unironic tyranny the forefathers would be furious.

but real estate gains are clearly defined as taxable events in every tax code in the world. suitcases for corn? nah
bitcoin for ethereum? nah
ethereum for shitcoin 7? absolutely not.

im not paying a single penny to these kike pirates on my crypto until the laws are finalized into something that actually is fair and makes sense. fuck these faggots. its my money, come and take it.

The irs must be killed

Agreed I’ll take all my cash it and hide it under my bed and sit ontop with my assault rifle - Come fucking get me you dirty kikes - everyone needs to have this mentality

>he doesn't know about 1099B

Except shitcoins are a new thing which corn isnt, they can define it however they want because it's never been defined
>inb4 its currency
IRSniggers literally don't care

What the hell is this?
Can someone explain why he owes 400k when he never cashed out?

im not from us and im reading about bartering taxes which are basically impossible to account. nobody can really price what im doing.

I wish I wasn't (((American)))

>im not from us
Yeah I can tell because you still believe people here can escape its tyranny

I'm married to a Korean girl. If I ever hit it big in crypto I'll just cash out bit by bit into her korean account and cash out at the atm.

youtube.com/watch?v=Ejs_tkHnI9w

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>paying taxes on Crypto

You have to actually be room temp iq if you end up having to pay taxes on Crypto. You fucked up somewhere along the line.

>LAND OF THE FREE
Kek, nobody pays taxes in Ukraine. It's literally full blown ancap here.

the bartering that is clearly defined in most taxe codes are real estate ones, and even that is cause tax authorities have tax patrimonial values of real estate, so you just pay over the cash difference.

i still don't understand that coinbase report in plebbit. where the fuck did those transactions come from. did that fucker decided to say he made 2000 transactions?

user, I would say you did nice. I got in many years ago and hit 1.25MM ath and thought I did pretty well

BUT then my shitty fucking country publishes every persons tax returns for the year AND I saw there was one 30yo who made fucking 25MM by getting in the same time as me except he bought the eth presale.

I also find out there was some 20yo who made like 100mm off only btc. I've been feeling absolutely pathetic that I made such a small sum when others around me, younger than me, made hundreds of millions

based

kek

This is basically me except 3 differences

1) I make 13$ an hr
2) my ATH was only 500k
3) coinbase didn't generate a 1099

but I did file a late extension with turbotax 6 months ago and said I owed 30k (it was actually 150k kek). But I hardly have 30k left. Wtf do I do

What if you buy bitcoin on coinbase every single day and withdraw and convert it to XMR on binance. Then withdraw from binance and long term hold in the official wallet?

Just do this and fucking wait for 10 years to spend ur mad XMR gains in actual XMR fags