How do taxes even work when trading? should i declare every single trade i made on binance, or only when i cash out?

how do taxes even work when trading? should i declare every single trade i made on binance, or only when i cash out?

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bump

You need to declare the gain/loss of every single trade.

You simply shut up and wait for the inevitable economic collapse

The easiest way is renounce from the world biggest tax police state.
Hope you enjoy being 'The freest nation in the world'

Pay your taxes and be a good goy. What the fuck do you think you are? Nobody can hide from the IRS.

wtf binance doesn’t save all trades, do they? i’m screwed

Wise words desu.

Money is a lot less fun if you spend your life looking over your shoulder and constantly worrying that the tax man will suddenly appear and fuck you up.

Do it for peace of mind and it makes the gains much more enjoyable.

Yeah you can export your full trade history from Binance. The option is in there somewhere.

>Ameriblubbers get cucked and have to pay on every trade

based UK only pay capital gains unless trading is your sole income, which its not

Wow that's SO incorrect.

If you genuinely believe this the tax man is going to fuck you good.

If you are still anonymous on binance, and didn't do kyc there, you are ok

they literally updated their advice recently and said exactly tjat

a guy had to pay 300% in taxes of all his millions in btc gains, that scares me so fucking much. how’s that even legal?

this is correct. use bitcoin.tax, you can pipe csvs of all your coinbase / binance trades and get a 1099 form for ~$30

The advice doesn't say that at all wtf?

You pay INCOME TAX if trading is your primary form of income. If it isn't, you still pay capital gains on ALL your trade-to-trade gains above the tax-free allowance.

This is one of the clearest aspects of this.

not if you have more than 100 trades then its just total gains/losses

Yes you can report total gains/losses sometimes, but to get the total you still need to calculate every single trade-to-trade gain or loss between the start and end of the tax year.

You need to complete a 8949.

OP are you fucking retarded? shut the fuck up and they wont know. i swear burgers are the biggest pussies in this world lmfao, just bend right over and spread your cheeks you faggot. grow some fucking balls.

>asking a mongolian basket weaving forum for tax advice instead of a certified accountant
Every single one of these threads are kikes.

He’s just a reddit faggpt

These tax threads got rare. 3 years ago there was one for every major western country every day.

Wait, so can't Americans just declare their capital gains for fiscal year and provide documents from broker?

you can get them under trade history instead of order history

name 1 broker providing those docs for crypto

So how does it work for taxes and crypto trading for you?

every single trade my friend, every single trade

cry more - its not their job to do your taxes dummy

you report each trade on form 8949

I've been doing it for 6 years you mouth breathing mongoloid