IRS thread

So here is the thing. I have transferred more than 30k in fiat this year to coinbase, bought ETH,BTC and transferred it to other exchanges to buy altcoins.I really havent traded anything except 1-2 trades here and there in binance. Mostly i am buying and holding. Havent converted anything to fiat till date and haven't done any selling in coinbase.
Will I still get a tax form from coinbase since i transferred more than 30k in fiat from bank? I want to add more fiat in this bear market and planning to transfer another 10k this year. Can i still use coinbase without any issues or do i have to go through something like gemini ?

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Yes, the limit is 20k

shu shu

Thank god I live in a country run by incompetent niggers that can't figure out how to handle crypto, but have not allowed us to use paypal due to "money laundering" possibilities.

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>Will I still get a tax form from coinbase since i transferred more than 30k in fiat from bank?
No, buying with FIAT is not a taxable event. You will only get a tax form from coinbase in the event you send something to coinbase and sell it for USD or make a trade like buying ETH with BTC.

Keep in mind the trades you have been making where you buy alts with BTC this is a taxable event. While unlikely you have created a substantial tax burden in a bear market, You need to be recording these trades so you know your cost basis in USD for when you sell them, without proof it is possible the IRS will force you to use a cost basis of zero causing you to owe more in taxes.

PAY UP CITIZEN YOUR PRIVILEGE NEEDS TO BE CHECKED
Think of the funding the schools and roads need. It's your duty.

if you didnt make a trade in reverse there's no taxes to deduct. (for example if you did USD->BTC you dont pay taxes until you go back from BTC->USD). So if you did BTC -> XRP then sold XRP -> BTC that's taxable

“I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.” - Thomas Jefferson

Enjoy prison bucko

This isn't entirely true, if you go BTC>XRP its a taxable event...

>buy 0.1 BTC @ $10,000 ($1,000.00 cost basis)
>a week later BTC at $11,000 and buy XRP, you have technically realized a $1,000.00 gain and owe the appropriate taxes

errr, I mean $100 gain, not $1,000

Yes. I have a master's in tax AMA. Also, stop fucking trying to dodge taxes. You really don't even pay that much. Taxes are what we pay to live in a free society. Ancaps need not reply.

Just be glad you aren't a swingtrader who isn't prepared to pay tax on the gains for trades. That can be a mess if you don't have fiat to cover it.

that's not taxable

Well, I cant but altcoins with fiat, so i have to buy btc and then convert it to alts. anyways, I'm down 50% in almost all alts and btc as well. even though i can write off taxes, i don't want to come into irs radar whatsoever regarding crypto

>You really don't even pay that much
Just counting taxes from my paychecks I pay more taxes each month than my rent.
>Taxes are what we pay to live in a free society.
>a free society.
Mother fucker what? The most mundane things are illegal and punished with hefty fines or even horrendous jail sentences even while trying to trap people into the punishment with honeypots and stings increasing the departments' funding.

based

it is in the good ol US of A

So bitcoin to link and havent broke even yet 75k coins @ $0.60... how fucked am I?

Wrong- you acquired BTC at a cost basis of $10,000 and then sold BTC for something else at $11,000. Taxable event. Look it up.

Like I said earlier, its unlikely you've created a substantial tax burden in a bear market. However the default inventory system is FIFO, so if you hold BTC along with all your alts, your oldest BTC is what you are using to purchase your alts, so you probably have incurred substantial losses that will be important for your future tax returns.

>bought 1 BTC @ $20,000 in January
>bought 1 BTC @ $10,000 in March 1st
>traded to buy 1 BTC worth of XRP on March 2nd
>using FIFO you would have technically sold the 1 BTC you purchased at $20,000 incurring a $10,000.00 loss

The maximum yearly loss you can deduct is $3,000 ... So you would carry forward a $7,000 loss towards the next year

Every time I learn something new about this man, the sadder I am that his outlook didn't have a greater effect on the trajectory of American society. RIP

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I have been wondering the same thing. I have been using Gemini this last month to get BTC/ETH to binance. Didnt want to take the risk of dealing with anything gay. I wonder if I can call them and ask if my account will be flagged.

>mfw a grand total of 0 burgers on biz know how taxes work in their country.

I want you all to get fucked repeatedly in the ass by the IRS.

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Don't even worry about it. Nobody is going to jail over crypto. At worst, you may have to pay a fine if you get audited.

lmao. gemini sends 1099-k, they did in 2017. don't know their threshold but it's prob 20k/200 transactions

So if i have exceed that in coinbase, can i use gemini instead to be safer?

I guess, but they will report, they were first in line to get a bitlicense. I like Gemini personally but it's probably the last place you should go if you want to avoid the IRS finding out. They will find out though once you cash out enough dollars. It's better to just accept it early or move

cashing out means into fiat , or buying btc using fiat, sending out to binance and buying alts?

who knows now that it's 2018 and like kind is firmly relegated to property and chainalysis has been around so long. maybe they do automatically monitor from the time it leaves your USD onramp. but just my opinion I doubt theyd ever come after you for sending it to binance and not reporting if the amounts are under six figures. they come after you once you have cashed out into USD on coinbase or gemini or to a bank, or to one of their agents on localbitcoins, or to your friend and then deposit that money in the bank.