I owe over $8000 in crypto taxes for 2018

I owe over $8000 in crypto taxes for 2018

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I owe around 12,000 bro. It hurts

At least you don't have to pay for healthca... oh.

Correct, my employer pays for healthcare

What do you use to calculate it? I use bitcoin.tax. Using First-In-First-Out it costs me $8,000 but using Highest-Price-First-Out it costs me just $5,000. I think that's a more obscure accounting technique that I don't know whether the website I use to file my taxes will support though so I might not use it. My reasoning is it doesn't matter overall since if I lessen 2018's tax burden from 8000 to 5000 then I'll just have to pay more the next years anyway right? Either way the rope awaits

bump for other calculation methods

Following up on this, from what I've gathered in leddit the IRS only acknowledges either LIFO or FIFO. And it doesn't matter in the longterm which method you use (LIFO, FIFO, HPFO, LPFO, etc.) your overall lifetime tax burden will always be the same. The different methods just shift the costs around to different tax years, so just nut up and take it

I haven't mentioned crypto in my taxes in 3 years. I don't plan on ever doing it. Wish me luck bros.

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>paying taxes

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who does tho? lmao. why the fuck would i go out my way to mention something like that.

Have fun getting your butthole ripped by big bubba's dick faggot

same

op fell for the filing meme

same, suggest looking into agriculture ;)

listen brother. We already live in an oppressive world. If you're not in the 1%, you're already a slave, myself included. With crypto we have a chance to unfuck the system. If it works out things are going to be so different filing taxes now won't even matter, because of how different the power dynamics in the world will be. Good luck.

I'm sure he eats that cost out his own profits.

Where else would the funds come from? Nothing in life is free

Yeah big bubba REAAAAALLLY wants to come after you for 8k lmfao you fucking brainlet

Lol. Yall don't even know.

>reporting crypto trades

ultimate boomer card. Using money you couldnt afford to lose.


>you deserve this

To all those of you who have paid taxes on gains, and I mean large gains, not pathetic gains of sub $1000, good job. These threads with the replies in it are meant to make you NOT pay taxes. They are anticipating you NOT paying taxes. The system knows full well the price of Bitcoin is going to hundreds of millions, they are going to take you to jail and come for the assets you have purchased. The lambo and house? It'll be gone. Pay your taxes, it sucks now, but in the long run, you're going to luck out. This goes for anybody with even 5+ Bitcoins.

Thank you for paying taxes

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Good post user. It's pretty retarded how these idiots simultaneously think a few thousand worth of Bitcoins isn't an amount of taxes worth going after, but also enough to get them to the moon

This $1,000 in profits you fail to pay taxes on will turn into a much larger sum once your gains you gained on those unpaid taxes are also taxed. Good luck not getting caught. The system is all automated and once the IRS gets their crypto act together they will be able to sniff out EVERYONE who used any major exchanges that failed to pay taxes, all at once, then coming after you is as simple as auditing your tax return. Good luck faggots, have fun going to jail. Pay your taxes

Have to pay $175,000 this year...Fuckin' new tax laws fucked me over with the new SALT cap of only $10,000!

>land of the free
what a joke

>OWING taxes
lmao nigga the government has to pay me for all these red candles

"With crypto we have a chance to unfuck the system" -> "WE" first of all, who the fuck is "We"? you referring to all your little pathetic frens on biz? Seriously.... how fuckin delusional do you really have to be to believe 'YOUR" going to challenge the Rothschild Dynasty from your mother's basement. Fuckin keep dreaming loser. The rope is just one knocked over chair away.

LMAO I got 150 back on federal and 100 state for reporting my crypto taxes, not happy about losing money trading but at least I wont be getting fucked by tyrone like other anons in this thread.

"The system knows full well the price of Bitcoin is going to hundreds of millions, they are going to take you to jail and come for the assets you have purchased. The lambo and house? It'll be gone" Bitcoin going to "Hundreds of Millions" -> Are you a fucking child, retarded or just so autistic you actually believe this? And as far as your make believe Cars & houses -> How is the IRS gonna take away something you will never buy in the first place? You fucking loser have'nt even figured out how to convert your imaginary space tokens into real Fiat... so keep on dreaming. The fuckin retardation is just laughable!

Good try Jew, nobody is going to sell our Bitcoins before a million a piece. Also, learn how to greentext you pathetic mongrel