Prepare your anus

make sure you do every everything by the book even when you're losing. I lost thousands every year from 2014-2016 but then everything turned around with ETH and I had to start reporting tens of thousands in gains. complete records will save you in the future.

>implying anybody is playing with more than $10,000 on this board

these are milk-money traders user most asset portfolios are below the reporting limit

enough to get in serious financial and legal trouble if I fuck it up badly or ignore it but not enough to take a permanent vacation in belize

I've honestly tried to help people here the past few years when it comes to taxes. I'm an analyst in finance so I've been filing everything properly since 2013 and am one of the "800 amercians" actually doing it right. I owe it to /biz to help the ones who will accept it, but most people just flame me and constantly say the same stupid shit about how taxation is theft. people who actually cash out decent sums have no choice but to play by the book, so most of those idiots are poorfags.

>inserted 2k over the year
>down about 60%
>just holding shitcoins
I dont have to report anything until i convert to fiat right

You have to report every single trade you fucking idiot.

i made a real tax thread. all SALES are taxable, if you didn't sell to another coin or to fiat, no tax yet.

>implying I have taxes to pay on non-existent gains

LMAO

Can you tell some more

I made a joke thread about tax evasion methods on here some months ago. The next day there was a flood of threads about paying taxes on crypto by Feds/IRS

They probably have everyone's IP here set for audit lmao

you do, they tax you thrice

>income tax
>sales tax on the transfer
>tax on each trade

every trade to USDT is a taxable event

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Yeah right. HMRC can lick my tiny pink balls.

go to the tax thread I made

I haven't paid Q4 to either IRS or state, but by my estimation after deducting the $3k max capital loss off my income I have already overpaid for the year by slightly over $1000.

Thing is I fell for the HODL meme and I've not only been not trading I've been losing. I literally refuse to trade or cash out anything unless it's "fuck you money" and I no longer have to wagekek. But I don't doubt there's probably feds on here trying to get Jow Forums to pay taxes.

technically the tax on each trade is either taxed at the regular income rate (short term) or cheaper (long term), and isn't double dipped with regular income at all. tax on each trade is literally a good thing that saves you money since it's made for rich people.

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We are unironically going down for no other reason than people needing to sell for taxes.

Kill yoursrlf

As long as you paid more estimated taxes this year than last you won't have any penalty. At least if you make less than $150k or something, there is some limit around there.

kys IRS. You get nothing from me.

Self employed. I know 1040ES all too well.

well, the jail tyrone should be getting that sweet boipucci of yours.

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gotta love the IRS

they have absolutely nothing to do with crypto yet still want your money

lmao it's like selling a character on WoW and the IRS taxing you for it

technically that's probably taxable, but the threads you see now are mainly for people with tens of thousands in profit who need to know how to handle it. everyone already knows all the stinky linkies with a $117 blockfolio aren't going to worry about it.