Crypto Taxes

I recently passed the last section of the CPA exam. However, I work in corporate tax.

welp. this is why you unironically hodl. i try to make no more than 39.5k a year from crypto b/c i pay zero tax on that.

if you don't wash losses, then you pay taxes. I elected not to wash mine so that I could enter long term status sooner for LINK

> being okay with this

Meanwhile Amazon doesn't pay any federal taxes.

You're what's wrong with this world

Kys

If I held, the $20k fiat I put in crypto would have gone down to

You could go to a country were bitcoin atms are allowed and you can cash out upto 2000USD a day without being verified.

That's what I did.

But maybe it's best to talk to a tax lawyer, then have some entities set up that you can control with the cryptocurrencies. For example nomadcapitslist.com

Over $40k got deducted from my 2018 paychecks for federal and state taxes. I think they make enough off me.

>And this doesn't take into account all the money I lost in 2018
So take it into account? Are you one of those people who try to stay in a lower tax bracket because they don't know how tax brackets work?

What country? Hong Kong?

Is it only BTC or various?

if someone got liquidated for a gorillion on bitmex, can you report those losses and deduct the 3k max this year? asking for a friend haha....

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So if I report 3k lossess, will my return be 3k more? I make 50k/yr before taxes

I think it means you only pay taxes on 47K of your income.

I'm not a fan of taxation but this is the current state of how things work. You earn money the government steals it so they can fund billionaires and bombing brown people. Looking for sympathy on a Mongolian basket weaving forum won't change this fact.

Protip: Leave whatever shit state you are in with income tax and find one that doesn't steal as much from you.

Seriously considering this, have not withdrawn anything to my bank account yet. But how likely is it the government can eventually track BTC purchases of real goods?

So I can take up a legal residence (studio apartment)in a low income state and cash out there? How long does it take to change your legal residence anyway? Sorry for begging to be spoonfed, I could look it up myself but I figured you or somebody else lurking might be more familiar.

I paid 27K last year in taxes. And will pay 7K this year in taxes. And have withdrawn $0 to my bank account.

Here’s my thought process, when BTC goes to 100K, and I buy a nice big house with my Bits, I want to showed that I paid taxes previous years so they can’t clme and take my house. I am wholeheartedly convinced this is the plan, taking assets bought with Bitcoin from people who didn’t pay. A LOT of anons are taking chances by not paying taxes. Even those with 1, 2 Bitcoins will be rich soon, it will come back to bite them in the ass. It sucks now though, I admit. I had to get a loan for 27K last year and this year am selling one of my two motorcycles to pay the tax bill.

your advice will go unnoticed. accumulated wealth of Jow Forums in btcs is like 4 bitcones lmfao they don’t care about paying $200 in taxes. get off the board faggot.

>short term
nigger we told you to hodl

I suppose on some level I don't mentally believe, even with 1 btc, I will ever "make it"... at best just enough to buy a car if things work out.

Is there good precedent for the IRS to demand further reports from Coinbase beyond the 20k they agreed to last year? Not just income but deposits.

When you send BTC to binance from say coinbase and then send from binance toi your wallet is that harder to track becuase it went through binance hot wallet or does binance generate your own btc wallet on their end that is trackable that the orginal BTC was coming from coinbase?

you literally cannot do this in the US. you only get to write off 3k a year.

from binance send to nitrogensports.eu (bitcoin sportsbetting), from nitrogensports send to your wallet.

Comments like this are the only reason I come I still come here. And the first guy replying to you taking it the way they did and throwing in some anti semitisn...this silly place

>hodl, only taking out enough for living expenses
>want to start a business or otherwise make a big purchase
>rent studio apartment in South Dakota (0% income taxes), legally change residence address/open up local bank account and dump

Obviously this would only be worth it if you were taking ou an enormous amount of money all at once but Is such a thing even possible?

Obviously there’s still federal income taxes to contend with but assuming you lived in some of these states where the state income tax rate is 10% or more this kind of a scheme could work right?

You don’t pay all of that you would pay - whatever the tax rate is on the 50k.

Part of that is called withholdings and will be credited towards your tax bill

Had 1300 in losses, wrote em off.

No one is mentioning Puerto Rico yet? Smh guys

It's like moving to a state where the IRS no longer exists and there's no long term capital gains. Maintain a residence there for 183 days and if you held your investment over a year (so it goes from short terms to long term gains) you can legally cash out and pay $0 in taxes. No one bats an eye, the IRS literally doesn't exist there, they have their own tax authority.

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lol, found one! The 3k limit is for the NET LOSS after you subtract your gains from losses.

I owe some from 2018 but I don't want to sell my linkies to cover it I'm gonna lose most of my stack. Hoping things bounce back before the April deadline.

>Meanwhile Amazon doesn't pay any federal taxes.
You could dump 100% of your Memecoin profits into "business expenses" too.
Call and friendly neighborhood jew and learn how it's done. They call you goyim. You're fucking cattle.

You wanna know the magic trick to not paying taxes with crypto?
>Inb4 not reporting at all

Buy precious metals with it (as in physical), then wait for the highs of the week and sell it for cash at a pm dealership

t. Never paid a cent to the IRS

Lads

taxdebthelp.com/blog/can-you-avoid-state-income-tax

>If you live in a state with high-income tax and you move to a state with low-income tax, you can save a lot of money. For instance, if you live in California and you have $1,500,000 in taxable income, your state income tax bill comes out to approximately $175,921. If you move to Nevada, Texas, or one of the other states without income tax, that money goes straight back into your pocket.

>Even on the lower end of the earning scale, you can save a significant amount. A taxpayer in California with $50,000 in taxable income pays $4,650 in state income tax. Colorado has a flat state income tax of 4.63%, and someone with $50,000 in taxable income pays $2,315. Moving to any of the states with no income tax eliminates these bills. A move like that could save you $193 to $387 per month.

No shit. Turbotax is saying I owe like $19k in tax.

yes,
>>I did

Then what? Keep it under your mattress forever?

>Land Of The Fee

Reminder that if you voted for trump you are not allowed to bitch about the hyper-wealthy not paying taxes :)

Chekt and fuck, he’s rite

how did you go about reporting that shit? i have no clue how to do margin trading

Yeah right, moving to that shit hole? No thanks, I would just stay in Alaska.
No retard, you buy some rope so you can hang yourself.

Alaskan here, livin cold and comfy.

20k tax on 50k gain... absolutely fuck this welfare/nanny state... im switching my Link gains to a privacy coin and moving out of America when I make it...

>if you voted for a presidential candidate you must have agreed with every position on every issue
>"you're not allowed to complain"

you should be banned for being underage

the blockchain is a public ledger that everyone has access to for your entire life

buying and selling preacous metals is treated the same as crypto. you need to record your purchases and sells and report them on the same tax forms as your crypto.

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>being this mad you got called out on your larp

>makes $50k in short term gains on top of income
>can't pay $20k in taxes
>"what if i was poor?"
Except you're not poor you gigantic faggot.

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Try the United States of America

>I didn't agree to get scammed
>Therefore I didn't get scammed

fucking this I made and spent a ton in 2018 and I don't wanna any of my 65k linkies

Bitcoin will be 100k+ soon, and within 10 years 1ml+... with just one or two cones, you will make it. Be sure to pay your taxes now- they will come and fuck you in the ass if you hadn’t paid. Don’t take the risk. Then just don’t trade and hodl, then you won’t owe.

Made 120k EUR in 2018/2019

only pay 13k in tax

hehehehe

> you think the IRS has technical enough people to waste time and effort tracking down alphanumerical wallets to collect their $1000 extra in taxes? lmao.

oh, dear. he doesnt know about the IRS..

I will never pay tax on crypto

the US government does absolutely jack shit to regulate/control/protect the crypto market, thus, they do not get to benefit from it

if they come for me, then I will go down shooting, it's as simple as that

i hope you don't pay any other taxes because they'll simply deduct what you owe from your return automatically

you have to be 18 to post here

then you shouldn't be posting here

I am implying you must be a stupid and very small child if you think the IRS is going to be able to get records from DEX's and weird chinese exchanges

go back to playing fortnight and jerking off to cartoons or whatever the fuck it is you retarded zoomers do

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angry incel detected

Thanks for telling us what we want to know goys. You do realize that Jow Forums is one big psy-op right?

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>arguing with holes

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> you think the IRS has technical enough people to waste time and effort tracking down alphanumerical wallets to collect their $1000 extra in taxes?
yes. rapidly expanding task force with this capability in most developed countries.

t. friend of guy whose dad works at the equivalent of the IRS in my western country

the IRS is 10 years behind on traditional audits, and you fucking retards think they are winding up to bring the hammer down on a crypto-laden millenials?

lmao

I withdrawed to bank and 0 tax notices.

Pay your taxes and be a good goy. Who the fuck will pay for the debts? Roads? Poor people?

>people parroting mediocre meme pundits like Tucker Carlson instead of being ideologically consistent and realizing that, yet again, the government is the guilty party for creating an asymmetrical market environment

Some of these successful new companies got to where they are because they were able to dodge the landmines the federal and local governments had set up for conventional businesses and exploit existing unsustainable practices by government entities like USPS which accrued a deficit of 65 billion over the past decade shipping packages for Amazon (40% of total) and Ebay users since the early 2000s. Besides being given "Free Shipping®", Amazon was not-until VERY recently-required to charge the plurality of their customers sales taxes which alone gave them a 7-10% advantage on price by default.

Taking less money from other people doesn't benefit you, directly or even indirectly, retard. Stop sucking government dick, seriously.

The proposal to increase the marginal tax rate to 70% for (((certain individuals))) would net a WHOPPING 72 billion dollars. That's 1/52nd of the federal budget, and it would likely be a one time payment, because at that very moment the united states would have far and away the highest corporate taxes of anywhere on the face of the entire planet, and it would be immediately far less inconvenient for these organizations to move completely out of the country to somewhere in eastern or even western europe and set up shop there, taking their intellectual property and key staff with them while discarding hundreds of thousands or even millions of employees at a time. The income and payroll taxes of working people contributes far and away more to your good pal ZOG than tithing rich fags, whose wealth is 90% tied up in their company's stock, ever will.

>using coinbase and other exchanges
there's your problem right there. why even bother with crypto then? defeats the whole purpose. use localbitcoins next time

>bombing brown people
you spelled importing wrong there friendo

IRS here. Thank you guys for the tips.

See ya soon.

>he doesn't know the IRS is a chainalysis client and asked the firm to track people evading tax

Fuck the state. That's what the crypto about. If they want to charge you their services, they gotta show a bill, not demand an arbitrary share of your income

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It was in Switzerland.

I cashed in BTC, but you can convert anything to BTC, so no big deal.

>create new wallet. send funds.
>i got hacked.
its ok to be a brainlet just dont go full retard.