Has anyone here reported their crypto gains to the IRS?

do you have to disclose which exchange you traded on?

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>gains

>He fell for the IRS meme

I simply reported them all my trades, paid taxes on my gains and everything was ok.

The sodl took place early december 17. Never regretted it, even with the taxes.

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Just print out your coinbase sells and use that

>gains

Literally no one made any money this year

>>He fell for the IRS meme
This. The IRS is a non-federal agency operating domestically and thus is constitutionally insolvent.

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You mean losses? Yes, report your losses.

im at a net loss of the year anyway, Id rather not embarrass myself

guise i just want to know if on the form you have to disclose what exchange you used?!?!

Look up 'The Grace Commission' if you haven't already

>gains
>2018

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You'll probably be audited

why?

bait?

Why the fuck would anyone ever voluntarily report something to the IRS?

Even if, I am fine.
Everthing went through my tax accountant, who is liable and has sufficient insurance for mistakes on his side.

Because when you use a fiat offramp they record the sales.

lol. not surprised in the slightest fren

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Yeah, and if you meet coinbase's minimum reporting threshold ($20k in at least 200 separate transactions) the IRS will already know and you will have to pay the taxes. If you don't, why would you voluntarily offer to pay something that the IRS will never find out about?

Not wanting to cash out a high five digit number of €uro in cash with drug adicts on localbitcoin is a quite good incentive to simply go to my tax accountant, say "it is a bit more this year" and let him handle it.

>my tax accountant
Imagine being so bad at finance that you have to pay somebody else to do basic arithmetic and fill out forms for you.

>cashing out an amount of less than $20k.
Real chads use Gemini anyways.

DO YOU HAVE TO DISCLOSE THE NAME OF THE EXCHANGE OR ATM OR WHATEVER YOU USED?!?!?!??!?!?!??!?!?!?!?!??!?!?!?!

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fpbp

You can cash out $1 million with coinbase if you want and they still won't report it if it's less than 200 transactions. Obviously in that case your bank might report you if they see such a large transactions happening, but that's not what we're talking about here.

Also if you cash out less than $39k every year and you have no other source of income, that money is legally 100% tax free.

you have to report it though???

ALSO >>>>

>furiously traded Beans on Bittrex between sprouting them on POSWallet.com
h-how fucked am i

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Imagine being paid so badly, that taking the hours filling out tax forms is worth more than letting a professional doing it in 10% of the time and having free time without worrying instead.

Good luck grasping german tax law, let alone doing them, if you actually have something to report.

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also you are offloading liability

Last time I checked, if you're liable for taxes you're also liable for filing them correctly. Even if the tax accountant made a mistake, the legal liability still falls on you. This is the case in the US at least.

so do i just report what I bought and the current valuation of my portfolio? Do I have to report again on the same assets when the valuation rises next year?

You don’t report unless you sold retard

meh i guess so but it might help your case if you got bad advice from a CPA

ANYWAYS... WHO HAS ACTUALLY FILLED THE FORM!??!

DO YOU HAVE TO REPORT WHERE YOU BOUGHT OR SOLD THE COINS?!?!?!??!?!

>This is the case in the US at least.

See - I am German. I dont care how Americans cuck themselves.

i did last year
-reported 100k capital gain
-50% inclusion rate to income
-took out 50k cash loan
-invested in rrsp (canadian fag) for 50k to negate all taxes
-paying down loan all yaer
-this next tax season I will get capital loss to carry back to last year, offset gains, get refund, probably 20k refund coming
-final step will be to use the refund to negate the income tax from withdrawing 60k rrsp (stocks appreciated 10k over the year)

i do'nt fuck around

This is wrong on so many levels

how?

tell me wise man

>tfw navy issued those same boots to me
>tfw about to go on disability bucks for life

Theoretically, If I only purchased on coinbase and transferred them off the site, when I cash out can I just claim that I held the same coins that I bought the entire time? Even if I traded for alts on Binance, they can't prove that I did as long as I cash out by selling the same coins that I bought through Coinbase.

Yup. Paid my taxes. This year will be even more. I have a piece of property and use a tax preparer tho.

no you just report the name/shares sold, acquired/sale date, total cost, and net profit/loss

DO YOU HAVE TO DISCLOSE WHERE YOU SOLD AND BOUGHT YOUR COIN?!??!?!?!?!?!??!?!?!??!?!?!

If your initial buy in was total less than $20,000 and you didn't cash out you don't need to report anything. Honestly those rules are probably pretty relaxed too since the IRS is way understaffed and they're going after bigger sources anyways. I doubt they're going to waste time getting $5,000 in taxes from someone when they could easily be chasing millions on other cases of fraud. If anyone comes after me I'm saying I traded it all to a foreign exchange and lost all of it and I was too embarrassed to tell anyone.

They will audit you ask coinbase for your wallet address look on the explorer see 400 shitcoin transactions say you owe them $1m in taxes. They make you prove them otherwise.

what gains what gains this whole year has been a bear market stop talking shit before i beat you with my belt

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hey dumbfuck, download the fucking pdf form, open your goddamned eyeballs and look at the goddamned thing

>uncle sam

>move to Cayman Islands
>cash out at 0% tax rate

i did and it's still not clear as those forms aren't designed with cryptocurrency in mind and im not a boomer nad i hate boomer tier shiet

you have to report losses to supposedly?

and what is shorting?

>you don't need to report anything.

isnt the big scary rumor that you can't deduct losses so uncle same taxes you on missed gains

no

THANK YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

No

Doesn't the $20k rule only apply to taxable trades like crypto to crypto or crypto to fiat? If I transacted more than $20k but only in fiat to crypto, doesn't that not matter since fiat to crypto isn't taxed?

Even if they investigate and find out that my coins went to Binance, they can't prove that I ever traded them for other coins unless Binance provides them with my records. I can just say that I was going to but never did. The IRS will be getting their cut regardless, I feel like they wouldn't bother going that far.

Pretty much the same here. I sold about 10% of my holdings in late 2017. I used bitcoin.tax and turbo tax. The time zones that poloniex and CB use are different so I had to correct that in bitcoin.tax to get it to work right. Then I had H&R review my return; they said it was fine.

I didn't sell anything in 2018 or make any crypto to crypto trades so I don't have to bother with it this year.

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I had 30k in profit last year, yeah good for me right. reported it all and paid the taxes on it. why risk it. the IRS is a federal agency with unlimited resources and money, remember it was these guys who put away Al Capone not the FBI

If you did
Fiat
Ethereum
Monero
Move monero around 4-5 times
Sell monero on exchange with no ID linked to it
Do a bunch of shitcoin trades
Monero
Ethereum
Cash out to fiat

Would there be a way for people to track the altcoin trades? It's fair to pay when you cash out to fiat, but not for every transaction (using bots, might be thousands)

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