Well like a good cuck I paid my taxes. Who got JUSTed harder than me?

Well like a good cuck I paid my taxes. Who got JUSTed harder than me?

>initial $15k
>ATH $80k
>current $15k
>taxes $16,749

The taxes were from capital gains. I didn't know at the time but every single shitcoin trade I made was taxable.

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why the fuck would you trade shitcoins.

>Initial $15k
>current $15k

So how do you owe any taxes?

Why the fuck would you report most of your trades, also Americans CAN go to jail for "defrauding" the gov. In Canada we fine. I'm going to wait until tax laws are reasonable. I don't care if it's 5 years or 20 years :)

holy smokes.... the absolute state of burguers.

he doesn't. he should have enough losses to counteract any gains he made via trading.

You have to sell for capital losses to take effect.

Why would you report your non-profitable tradees

>Sydney/Melbourne time
>Burgers

The absolute state of Eurotrash

1) My mate who worked for the ATO until going private does my taxes.
Concluded government has no idea what they’re looking for.
Told me not to report anything.

2) he also says you only trigger a tax event when you withdraw to your bank account. Why didn’t you just tether up or leave the cash in the system if you were on coinspot??

I guess I can see how it can happen now, not sure how australia works, but in the US if he made a trade at the ATH in dec 17, then he held till now, he would have to pay realized gains on his trade last year, but has no realized losses until the next year. Kinda fucked himself by not paying the tax when it was due the next month though (assuming australia works like US, dunno).

Realistically speaking, how high are the chances that government catches you for not paying taxes on your crypto trades?

>he actually paid taxes
what a fag

Depends. If you live in the US and coinbase sends a 1099 to the IRS then its a 100% chance they will catch you. If you deposited >$10k to your bank account there is a chance that may flag you if there isn't an income stream to account for it. Otherwise, very low. They care about people who actually made cash so they go after bank cash deposits or people who buy houses / cars without income.

Oopsie

that’s that euro nigger refuge DNA talking

Initial 10,000,000
ATH 19,000,000,000
Current 500,000,000
Cashed out 8 billion. No larp

Soros?

pretty much this. any bit coin related bank activity could trigger the audit, but they will know most people lost all their money. they will be looking for some indication there is actually real money or assets of value for them to confiscate.

obviously an early adopter with transactions dating back many years could be of interest, goys literally uploading money to cuckbase in late 2017 will be a laughing stock / cuck.

>Australian
>pays taxes
Nigga what are you doing.
Literally one flight to Bali/Jakarta, you cash out in cash, then fly back.

I just noticed its SIXTEEN THOUSAND. Not $1600, but SIXTEEN THOUSAND

You could have stayed overseas for two weeks living like a king + tickets just for 1/10th of the amount

>then fly back.
yeah fly back carrying cash and what you think will happen

lol what do you think will happen? You don't even have to declare below 10g Americunt

Best Korea's Kim's runaway brother was flying with half a million in a fucking backpack

Thank god I have a net loss in all my shitcoin trades kek

user this is retarded. it does not help OP to cash out the 15K secretly, he literally wants to report this so he can carry the loss forward and offset gains in the future. it's a bit fucked, but he can get that tax money back

Get a better accountant. Your losses should offset your gains. Also lol @ cashing out.

the problem is you cannot carry the loss back to previous years. some burgers got really fucked by this, they racked up paper profits in dec 17 and never cashed out, then their gains evaporated. i heard there are redditors who lost all their money but still owe hundreds of thousands in taxes

Sad. And funny. Mostly funny

but how does the IRS find out about this? Also very unlikely that they will prosecute

>land of the fee

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I cashed out my initial investment of 9k in March/April 2017, granted this was before big boom, I didn't declare shit and have had no gubment chasing me.

Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don't go back more than the last six years.

at least one of these redditors had literally reported still not realizing what he had done. others were starting to realize and were just generally shitting themselves asking reddit what to do.

it was full blown mania and all these genius investors were going fucking crazy just watching their cuckfolios go up and up, but unfortunately they didn't really have any idea what they were actually doing

I'm Ausfailian, the ATO is a joke compared to IRS.

So what happens when someone purchases a miniscule amount of coins on a dex for a rediculously high price, like that one time someone bought a single Satoshi of 0xBitcoin on forkdelta at a price of 500 Eth per 1 0xBitcoin and caused everyone's portfolio to rise to like $100million for a few hours? What would they do about taxes? Same shit happened in December but it happened over the course of a month. Is it because ATHs went from 2017 to 2018 and then tanked?

e.g. OP buys $15k worth of BTC. It goes up in value to $80k. He swaps that $80k worth of BTC for $80k worth of SHC (ShitCoin). SHC plunges to $16k. OP still has to pay capital gains tax on that swap from BTC to SHC - so ($80k - $15k) * his capital gains tax rate.

That's a simple example of one trade, but likely OP traded his way up from an initial 15k investment during the bull market, so he might have dozens of trades that he has to pay capital gains tax on.

basically it doesn't do anything