Coinbase, Bankers and Government is your best friend user

Right now I am being paid in crypto for my commissions. And I have multiple locations where new coins a generated from upvotes. But I dont trade crypto to crypto unless its fairly small amounts. I also only cash out when I need it. So I hold a very minimal amount in my bank account for spending money and hodl the rest. I like to keep my spending footprint as low as possible. When I pay taxes I am reporting what I cash out and what I earned since those are the only actual trades I have made.

The only time I trade is for fiat. I only started doing this very recently. If the governerment decides what I am doing deserves 400k in taxes then I will fucking an hero, no larp. The money will vanish with me.

When you earn enough money the government will decide it deserves 400k in taxes. Why would should you receive an exemption because you went and gambled (((their))) money? Would it be OK with you if your commissions were cut off because whoever pays them bet it all on shitcoins?

You're going to end up getting fucked.

Exactly this. I got into crypto in Dec 2013 by mining. I never made over a few hundred dollars total and stopped paying attention to crypto mid to late 2014. I never paid any taxes on it. Come mid 2017 before the bull run I get back into crypto, making small gains here and there... then in late August I hit the jackpot and made $9k by dumping the deeponion airdrop at $4.25 ... the first thing I did was look into how I would have to pay taxes on it... then cashed out $3k (30%) to FIAT and put it in a savings account... then went back and amended my tax returns all the way back to 2013 to report the crypto. Cost me about $800 total. But it was worth it because I learned how to avoid fucking myself by creating a huge tax liability that I wouldn't be able to pay. Now have $65k in crypto with taxes already paid in full. Meanwhile all these faggots that didn't bother to look into how it would affect their taxes now owe more than they can afford to pay

Daily reminder to take profits and don't get greedy!

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ITT: Grown adults who don't understand basic tax law.

When was there a clear tax law for crypto present? Regulations changed over the years. Bonus: Finding a crypto knowledgeable tax expert was as good as playing lotto. So how the fuck would you expect some normie to know what's right? The only way was to luck out living in a crypto taxfree country.

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>The IRS
literally who?

It was just normal tax law, what special regulations were introduced for crypto that changed anything?

I have no idea about other countries desu but here regulations changed several times and with it taxation. It was first lawless due to not fitting anywhere wich made taxation unclear, then it got classified as risk capital investment wich limited taxation, then they changed it again with massive taxation increase for private investors and a small minimum value where it's taxfree ( ~600 bucks). If you didn't keep up with the changes your chance to get suprise fucked was high.

Exactly the response I would expect out of the subject of the article in the OP picture.

>Would it be OK with you if your commissions were cut off because whoever pays them bet it all on shitcoins?

Bad example because the commissions I get are the amount I have to work with. The IRS magically believes it will sometimes deserve more than I actually have.

>You're going to end up getting fucked.

Then nobody gets anything.

The bottom line is that taxes need to be stopped. If I get into trouble for doing absolutely nothing wrong and they come after me for peanuts while literally corporations pay zero while the next economic collapse results in bailing out rich people then its time to end taxes completely.

>you should see the laws in sweden, you can make 0 profit and still owe millions in tax
You can also rape little girls and get 0 jail time.
But only if you're muslim.

>not renouncing US citizenship and living in Vietnam

So when should i sell and when to rebuy?

Exactly this.

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Wow he turned 5k into 200k after taxes.
What a tragic story of loss and oppression

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>t. Redditor who listens to Dave Ramsey and doesn’t realize absolutely no one will get “fucked” by this
God bless retards like you.

If i trade a $700 pokemon card for an $800 one that appreciates to $1000, will I be hunted and shot by an IRS lynch mob for evading taxes on my realized unrealized gains?

>"admin"

Holy fuck get the fuck off this site please.

shoulda just turned it into monero and hodl for another 5 years

The whole point of the irs is that you pay money on income. 'income is taxable' as the law states.

Guess what, the article is a fraud by a shit crypto website that is dying cause no one cares about scam coins anymore. Your parents don't pay tax on their shitty 401k until they start cashing it out. Same deal with crypto. You don't have a capital gain; you don't get income until you trade your digital funny money for real money.

OP you can suck a dick and the mod is doing his job by purging your marketing thread.

this, this board is fucking shit filled with the absolute scum of the earth.

>your masters allowed you to keep some of your... I mean THEIR money, citizen
>BE GRATEFUL

>You don't have a capital gain; you don't get income until you trade your digital funny money for real money.
You have a capital gain whenever you sell something for more than what you paid for it.
Buy btc at 5k, it goes to 6k and you decide to trade for eth with that same btc, capital gain triggered.

>Buy btc at 5k, it goes to 6k and you decide to trade for eth with that same btc, capital gain triggered.

Same for World of Warcraft gold. Make sure to keep track of every time you gain gold for killing mobs and pay attention to the fair market value of WoW gold in China to make sure you pay your fair share.

and guess what you can claim the capital loss to nullify it when the price goes down. The article and you are fucking retards.

ETH, not even once.

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You can claim unlimited loss against gain within the same tax year, up to a maximum of 3,000 net loss, with any additional carrying over at a rate of 3,000 total loss per year. However, you cannot deduct the subsequent year's losses against a gains recognized in a prior year, which is how people like in the article ended up fucking themselves over.

Since crypto trades aren't regulated the way stock trading is, what determines the true market value of the gains and losses? There's all kinds of small shitty exchanges where coin prices fluctuate wildly due to low liquidity.

However you decide to report it as long as it's in a general ballpark of something good they get out of it. If not, then whatever the authorities determine to get them the best chunk of your bucks.

I wonder if its possible to use smart contracts to save your money in a way where it doesn't technically belong to you but its still safe. Thus you only get paid a specific amount rather than all of it at once.

>Your parents don't pay tax on their shitty 401k until they start cashing it out
Always nice to be reminded that people on Jow Forums don't have any idea what they're talking about.

What happens if I mine 1,000 new shitcoins and the price spikes briefly to $1k on the only small shitty exchange where it's traded and then drops back down to a few satoshis? Do I now owe taxes on $1,000,000 = 1,000*$1k because that was the "market price" when I mined it?

More likely that you got your pay check from a commission and the price suddenly spiked 100x as soon as the check was given. The person giving you the amount was not paying attention within that short time frame. The price then plummets back to the current value. You know owe taxes on that gain.

>They don't teach you the first thing about paying taxes in school
>But they had several sessions shilling how we *need* to go into student loan debt.

The goy doesn't have it because he fucking spent it all. The only solution to this problem that will ever happen is skimming the tax off each individual trade and forcing the goy to apply for a refund after every year.

Prices aren't based on where it was traded

Fuck u faggot fuck the government fuck taxes

Sounds much fucking easier at least. Shit Id fucking do that. Can someone set this up?

Where did that meme come from?

Why would you pay taxes if you didnt cash out? I mean i rather would move into monero, create a new binance account, send it there, and delete the old accounts alltogether

You guys are all complete fucking morons. OP got fucked cuz he traded, made gains, then traded back. You are taxed on your winnings when you trade or you deduct a loss. If you start January 1st with $1 worth of SHT coin and it spikes to a billion dollars then goes back to $1 and you never sold or traded you owe nothing. If it goes to a billion and you sell back into bitcoin or usdt or whatever then you owe taxes on a billion dollars. If you fuck around and wait until December 31st and it flips over into the next year and then the price of whatever you are in goes to zero, guess what, you still owe that tax money. The solution is obvious to anyone with a 3 digit iq. When you sell and you make all that money, set some aside for taxes. Also, and this is key. If you start January first with $1 of SHT, it goes to a billion and you sell then it goes back to $1 then as long as it is in the same tax year, you can deduct the loss so your net gain is zero meaning you owe nothing. If you let the year tick over and you let the value drop you are then fucked. Is this understood?

Doesn't this mean that its pretty easy to claim losses even if you never owned crypto?

If I haven't made money overall, should I report any of the crypto I own this year?

It's capital gains tax, do you have any gains to be taxed?

If you actually lost money you can report it as losses and get bumped to a lower tax bracket.

So guys when am I going to get a dapp that automatically deducts from each transaction into a stable coin or something? Is someone working on it? I would love to naver have to even think about this shit ever again.

That's a barter, no fucking profit was made as nothing was sold. If the government refuses to recognize crypto as currency, then any crypto-crypto transaction should not be counted as a taxable event.
If I trade 2 oranges for a banana, and there is suddenly a global banana shortage, I haven't yet decided how many dollars I even want to cash out my banana for, let alone even sell in the first place. So how have I made any profit? If any of what OP is saying is in any way true then government wants to have their cake and eat it too, which is fucking ridiculous

Newly mined coins are taxed based on their market "value" when mined. If you mine one coin and it briefly spikes to $1 million on some shitty exchange at that instant then taxes are owed on $1 million based on how the law is being interpreted. That's what I can't understand because it makes no sense.

Hm. Good point, user. I didn't read your post closely enough. I guess just hope that doesn't happen. Or cook the books.

Didn't they introduced KYC?

My defense would be to try to shift the tax liability to the mining pool since they're the ones who initially receive and distribute the coins.

it's completely broken and exploitative but our government is keeping it this way because they can

i don't think they are actually following through except for when you come back out to cash though because of if they start coming after every unreported exchange they open the door to people claiming huge unprovable losses and they don't have the man power to weed that out so they're just gonna get people on what's in front of them but also leave the arcane rules in place to discourage normies from crypto in general because the IRS doesn't like it i'm assuming

this.

>dont invest what you cannot affort to lose

what a meme...

you literally only have to pay tax on what you pull into fiat.

you have capital gains tax and the opposite is true too with capital losses. People dont know they can subtract losses as well.

bümp

Western europe user here

2018 is ending and a lot of people will soon have to file in their 2017 taxes, probably waiting for a bump before doing it to cash out for taxes they were not aware of.

I have to ask my crypto tax accountent if he knows of more cases of people who had to pay more taxes than they have in crypto and what they are going to do.
It sucks balls, that 2-3 not cashed out trades from 2017 will fuck me hard + the bear market whiping out those gains.

Yes, beause they totally want poorfags to join their elite rich person club. They'll totally allow you to keep all that money and join their club even though you broke all the rules they put in place to keep you poor and stop you from joining.

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You can use the daily average price to calculate your cost basis, if the price spike is an anomaly as you described it won't affect the tax you owe

>Dave Ramsey
What about him?

>"In the US, cryptocurrency investors are required to declare taxes using the tax form 1099-K"
jesus christ