2018 Crypto Taxes

Hey guys. Just wanted to know what your thoughts are about crypto taxes for 2018. How serious is the IRS about making sure you pay the right amount? The Bitcoin.tax software is severely overestimating how much I made because of the like kind rule. As long as you pay a few thou, will they really come after you? Asking for a friend.

Serious replies only please.

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who the fuck knows

I still haven't paid or filed my 2017 crypto taxes (I made 500k then lost damn near all of it). The IRS is aware of this but has yet to do anything

not like I'm in any position to pay either. 24 y/o NEET with meager savings that's been going to tuition. I need LINK to moon in the next 6 months or Tyrone will be nuts deep in my asshole

Lmfao dude. I didn't make as much as you but it was substantial. I almost think the crypto tax rule is to intimidate people into paying. If you don't report 100% accurately it would be impossible for them to know or find out... right?

I used bitcoin.tax and I think the numbers are probably pretty accurate. The real question for me is if I can use "exception 2" to just list the short term gains and tax amount in lump sum. I don't want anyone to know how much money I lost on dbc.

Accurate my ass. It's saying my income was 3x what I actually withdrew from crypto, which would fuck me up big time in taxes, because I don't even have that much.

absolutely. I fudged my numbers before preparing to pay. Then I lost even more money. If they do come after me, I will fudge them again.

blockchain is public record and they do contract a company which specializes in blockchain analysis, but transactions on a centralized exchange are inaccessible in the absence of a subpoena. Just bullshit a bunch of numbers on a defunct exchange like Liqui or Kucoin and problem solved. No way for them to prove otherwise. So long as your bill matches what you are openly sending to a bank, you're fine. Plenty of ways to spend crypto without the feds knowing. This is all assuming they are on top of things. Gov must be a goddamn mess right now if I have yet to hear anything nearly a year later.

it did that to me at first when I used csv imports. then I deleted everything and used api imports and it seems fine.

Coinbase report said I lost $1600 in 2017. Should I report this for tax loss harvesting?

Daily reminder that the IRS does not recover even 1% of uncollected tax because it is logistically impossible and only a small fraction of evaders are ever prosecuted much less put in jail.
The "pay your tax otherwise you will enjoy a cell with tyrone" is a canard perpetuated by CIA nigger / Jewish-infested media who serve at the pleasure of the state. Do what you must if you have a house or other confiscatible assets to secure, but if you are a single poor NEET, voluntary handing over your hard earned money to the IRS so it can be transferred to Shaniqua and Shlomo through regular and corporate welfare is the highest form of cuckery.

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>Paying Taxes on your Crypto-Shekels.

Your such a Good Goyim. Now go die for Isreal kike slave

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Enjoy looking over your shoulder for the rest of your life. I'm paying and I suggest everyone else does as well. It sucks but everyone will turn against you if they think you aren't paying 'your fair share'

∆This.

less than 0.01% of Crypto hodlers even pay taxes and the IRS is super salty ibecause they can't do shit about it. They don't have the resources to audit even 1% of Tax evaders. I'm sure going after Crypto-NEETS is pretty low on their priority list. Most of you faggots don't have any confiscatable wealth anyway.

top kek, IRS budget for 2018 was over $11,000,000,000.00.
They have fuck-huge office complexes in multiple places across the country. Next time you're in Kansas City just go ahead and check out how enormous their building complex is.

You guys are going to get killed by penalties.

PAY YOUR TAXES GOYIM!!!!

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Like-kind classification for crypto was unambiguously eliminated in the 2018 tax reform bill. 2017 was the last year you could claim crypto as like-kind. Thank Trump.

I see JIDF is active here to as well the Kikes must've caught on to how we're subverting their monatary system.

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you wrap yourself in this "JIDF" nonsense like it's a warm protective blanket to keep you safe.

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You prove my point with every post.

If it looks like a rat
Smells like a rat
Posts like a rat
It's pretty safe to call it a hooknosed rat

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We all know what you are doing. You're a Jew. You want to see us get rekt. You stand to make more money from penalties than if we just reported and paid.

>IRS has $11 billion budget
>JIDF JEW SHILL LOOK GUYS
>but... that's a fact
>AH HA BEHOLD THE SON OF ABRAHAM DO NOT LISTEN TO HIM

Hmmm.... really makes you think....

>green day
>glow in the dark IRS niggers show up to remind the goyim that they owe their crypto shekels to the ZOG

Your time is done, glownigger. You will never get my crypto gains. Never ever.

I caught you you fucking Hooknosed kikerat your Talmudic logic doesn't work on me Hang yourself kikerat.

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The Kikerat diaspora shudders in terror at the thought of the Goyim managing their own finances, and denying access to the ZOGbots. It is the thing that they fear more than anything else.

The paradigm shift of humanity using automation and technology to retain individual control of their funds and investments is the worst case scenario endgame for kikerats, because it means their system of control is no longer relevant or effective.

They have two choices:

1) Shut it down - the end of crypto, massive regulations and taxation that makes it impossible or unlikely for regular men to participate without going through a (((broker))).

2) Obtain control - obtain control of crypto assets at such a scale where they can manipulate the unregulated market, forever, and reap their shekels in an endless golden ponzi.

Anything else results in the populations of the world turning on the ZOG and the kikerat overlords, as their power slips out from under their hook noses. Kikerats know what happens when kikerats lose control and become objects of ridicule. Expulsion, and there is nowhere for them to go but Israel, and they don't want to all be in one spot that can be covered in nuclear hellfire and end them for good.

Here is the truth frens. IRS is staffed by stupid glow niggers. They -quite literally- are too stupid to work private sector jobs so they work comfie govt cheese positions. It's the literal niggers of the dorky accountant world. Real accountant - gets paid $200k per year to save some company millions on taxes. IRS: fucking niggers. Reality is - if you do not receive a tax form, IRS does not receive a tax form. Other ways IRS knows about your income - banks. If the money did not reach a bank acct with your social security number and the IRS did not receive a form THEY DO NOT KNOW ABOUT YOUR MONEY THE END. Retarded fagets on reddit reporting their own gainz LMAOOOO fuckinnn retards.

Do not pay taxes on crypto. I am a tax professional and will answer any q u may havefor the next fifteen minutes if i dont forget/ (i am drunk). Fuck the Jew-S-A and nigger gibs! Gas the kikes!

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absolutely fucking based.

I submitted a tax extension with turbotax for 2017 tax year last April. It asked me how much I thought I would owe. Never filed or paid my taxes. Haven't heard shit from the IRS though.

Am I gonna make it?

You're probably going to get audited in like 3 years

>They -quite literally- are too stupid to work private sector jobs so they work comfie govt cheese positions.

Literally this. They are zogbots that pull levers and triggers, and they are not human any longer. They have permanently infringed upon the NAP against all people they subjugate with their ridiculous "laws", by putting a literal and proverbial gun to their heads if they do not pay the tithe.

Glowniggers are not just "doing their jobs", they chose to work for the ZOG, and chose to make it their business to STEAL from actual humans. They are golems, and they will not intimidate me.

Dear Glownigger Golems,

You will never get my crypto gains, and you will never find all of them even if you kill me.

I'm at a loss overall, but also made a shit ton of trades. I also don't make enough from a part time job, like less than 5k. Should I report to be safe?

>I submitted a tax extension with turbotax for 2017 tax year last April. It asked me how much I thought I would owe. Never filed or paid my taxes. Haven't heard shit from the IRS though.
always pay ur taxes on anything that goes into your bank unless its small like 10k. then it doesnt matter much because they dont pay that much attention. IRS is a business like any other. You got to pay though if it went to your bank.


Pro tips x2 EVERYONE IN THIJS THREAD READ THIS - KYC AML laws require bank to file two things...
1: suspicious activity report
fat bald retard at bank files 100 of htese every day to comply with law - they are worthless. but basically if u make $15k at burger king and you make $3000 deposit every day your bank manager will file sar every day on you. so dont be a fuken retard

2: bank secrecy act - 10k deposit law form 8300
this one is serious. when you transact 10k with a bank - jews get a cute little report. The secret is to deposit =100 dont pay taxes on crypto

gas
the
kikes

based !

Yeah I agree, fuck that. No way that amount of anxiety is worth it.

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>I'm at a loss overall, but also made a shit ton of trades. I also don't make enough from a part time job, like less than 5k. Should I report to be safe?
- how much did you "cash out" to a bank account associated with your full name and social security number?
- how many transactions?
- what was most u transacted from the exchange (coinbase or other) in a 24 hour period?

misconception 100%. its 100% in the details. the IRS is not magic in fact they are very stupid in general. accountants of color (aoc) working there.

Didn't cash out any crypto, and like over 100. 2017 I hopped from shitcoin to shitcoin on binance and bitrex. From coinbase I mainly bought and sent to other exchanges. I did throw a like 50 bucks into robinhood for shits and giggles and also bought crypto with it.

>make a law
>make it against the rules to comply it in such a way that it bypasses the "spirit" of the law

FUCK. KIKES.

Correct. The TRADITIONAL audit backlog is TEN YEARS OLD and piling up every day, and these fucking FAGGOTS think they are about to start bringing in cryptoneets and waterboarding them. Dream on GLOWNIGGERS.

Over 100 trades.

if you didnt cash out and coinbase didnt send you a tax form the IRS simply does not know about your crypto. if you have huge $ in crypto and traded it from a coinbase-associated address then i speculate that they will find out in the very distant future maybe 5-10 years. this only applies to multimillionaires

100 trades - that is irrelevant. it matters if you follow a very safe interpretation of tax law but as i said above they do not have magical insight - they rely on kyc aml banking legislation compliance to get info on people

no tax form - it never existed.

how much did you transact? that information would make the answer even simpler

right now it sounds like you shouldnt even report it.

2.5k worth a crypto is when i sold at a loss and moved onto a different shitcoin.

So about 100 bucks, traded from shitcoin to shitcoin and held to 10k, crashed all down to about 2.5-2.8k before moving on to another shitcoin and then continued to trade shitcoin and went down to about 800 bucks.

These guys are spitting facts.

This is the type of faggot to vote for Trump because his pussy ass thinks a wall will keep us safe from the cartel. Brain dead fuckin sheep

I pay my taxes. It took a while last year and will this year as well.
I don't agree with the government but I know when to bend the knee.

Glad to see there are still some based anons here. Was starting to get worried for a second when Schlomo 1 and Schlomo 2 came out of the woodwork there.
Couldn't have said it better myself.

Yeah, it's true the IRS is yuuuge in terms of manpower, but at least half of the people who work there are unironically unemployable welfare cases and the rest are middling at best. The 1% of the agency with an IQ above 120 are all bogged down with at least a decade of backlogs.

The short answer to the crypto-tax question is: make sure you have something presentable to the glowniggers if you actually make it because if they ever do get a "crypto team" together, they will only go after those with a net worth of 10MM or more.

Here is the straight dope...
Binance is probably not going to tell the IRS anything ever.
Bittrex might eventually because they are US based but nobody cares about you because... 2.5k is simply an irrelevant amount. Nobody cares about you. The IRS doesn't have the time, energy or manpower to chase you for 2.5k which never even touched a bank account. They don't know it exists.

IF you get caught, they will send you a bill for what you owed plus penalties which will suck but it's small. You won't go to jail they will just send you a scary letter and a bill. Chances of that happening are almost zero.

Here is my off the record advice: the amount of time, energy and headache involved with meticulously claiming 100 trades worth 2.5k is not even close to worth it. What I'm saying is don't bother. Literally nothing will come of it. If worst case scenario happens and IRS becomes competent overnight you will simply receive a bill in the mail for 5k.

tldr - Don't report your crypto. report your income from your w2.

>Yeah, it's true the IRS is yuuuge in terms of manpower, but at least half of the people who work there are unironically unemployable welfare cases and the rest are middling at best. The 1% of the agency with an IQ above 120 are all bogged down with at least a decade of backlogs.
hahahahahah this

Ok lets say I put in more, like 1.5k more this time now. Let's say I didn't pay for that 2.5k and then a magical bull run happens again, should I even worry for that 2.5k ontop of with that 1.5k that might have blew up? Because that is what I'm afraid of.

>The short answer to the crypto-tax question is: make sure you have something presentable to the glowniggers if you actually make it because if they ever do get a "crypto team" together, they will only go after those with a net worth of 10MM or more.
anything with a public ledger - they will track and subpoena the exchange and get your info. worth millions? report or hide or make prep ahead of time

2.5k, lol who cares. 50/50 shot they even bother contacting u even if they find out.

if u transact >10k regularly they know.
if your bank knwos u are unemployed or work at burger king and you deposit 3k every day, the irs knows. they might not get around to it for a few years because banks file 1 million sar every day.

simple guide:
if you receive a tax form, the irs receives a copy.
if you don't receive a tax form, the irs does not receive anything.

if you transact strange or suspicious amounts, the irs receives a sar from your bank manager or fraud department.

if you transact 10k, the bank receives a form from your bank.

if you do not do any of this, they DO NOT KNOW ABOUT YOUR MONEY

DO NOT TELL THEM

fuck the reddit retards who say otherwise

The amounts you are describing are too small to be relevant. Your fears are close to 100% in your head. I would wager my entire net worth that either 1 - nothing will come of it or 2 - if something does come of it it will be minor at most. 99.99% they won't even notice you.

If it makes you feel better - millions of ppl use eBay every year. they do not claim their ebay earnings. i think under 20k and ebay doesnt even send a tax form. millions or billions over years in unpaid taxes on ebay+amazon. the SAME laws apply to these as to crypto exchanges - they literally fall under the same legislation

in other words you are just blending in with the millions of other ppl who didnt pay taxes on random shit

i would bet there are 100 waitresses who didnt claim their tips for every crypto nerd losing sleep over his tiny portfolio

no offense but you are a small fish, too small for anyone to care.

also dude... u qualify for gibs
8k part time income is nothing. no offense but you are like a college kid or something you are classified as in poverty the government owes you money lmao
federal spending exceeds 50k per capita so do you think they care about some guy with 8k in income? no

sleep tight and fear not because the irs doesnt give a single fuck about u

How can I use my money if it doesn't go to my bank account?
Are you suggesting I can just buy houses with crypto and cut out the banks.
Just buy houses straight from crypto?

If you want to buy real estate in the United States, you must pay taxes on the capital. This applies to everyone from crypto nerds to drug dealers. If you have any specific questions i am happy to answer.

unless you are talking about 2.5k like the other guy in which case dont bother reporting it. it doesnt matter.

Ok BRAINLET here.
what happens if I never pay taxes and suddenly try to purchase a house with my crypto gains.
Can I get away with it

>what happens if I never pay taxes and suddenly try to purchase a house with my crypto gains.
Hypothetical situation - you work at Wendys and you cash out in small amounts like 2k every day for a few weeks or months and now you have 200k in your bank account. congratulations now you have 10 SAR reports on file. one day maybe some bored nigger at IRS notices on a simple line item audited that shit doesnt add up now they look at your assets and wow this guy has a house purchased for 200k and the last tax bill was 5k - how the fuck does he have that when he filed an income of 10k? lets dig a bit...

alternative situation - you make 75k and you cashed out 5k in crypto. nobody gives a single fuck if they do they send you a small bill and an angry letter.

thats whyt i need details to help you. it depends on the situation

Ok bro.
Well I am Wendy's kek

I cashed out 300k on a long term gain what’s my best option for the lowest tax bill?

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>you work at Wendys and you cash out in small amounts like 2k every day for a few weeks or months and now you have 200k in your bank account
oh oiops u fucked up one time and cashed out 11k because yhou are a dumb nigger who works at Wendys. Now your bank filed form 8300

now u got 10 sars and one 8300 on file. LOL enjoy living on the side of the road when irs takes youir hgouse.

>I cashed out 300k on a long term gain what’s my best option for the lowest tax bill?
Claim long term capital gains using form 8949. Provide proof of your initial investment. your tax rate may be as low as 10%. If you cannot provide proof you will be taxed at income tax rate which is rather high.

That is the future user. This is why banks do not like crypto. It essentially puts them out of business. The rich will be the ones in the future that can lend crypto with interest rates.

Relax dude chill.
I'm doing a computer science degree at the same time.
Just needed to make a little money to invest in crypto as a side hustle.
Still though, what would you recommend to anyone on the thread who makes significant crypto gains
Like millions

u can buy a house with crypto direcftly but the jews have it on lock down - the probability of being caught eventually is too high

they will take your house.

take it from me,
i am worth 1.8 mil right now and own my own house in the jew-s-a no mortgage - pay your tax on the money u spend on your house

do not buy a house with untaxed income

Yeah
People will become their own bank
Cut out the middleman
Just like the Internet cut out journalists and TV

Please use the Jow Forums version.

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I can prove it money came in and out from same bank account to coinbase


How do I get down to 10% with 8949? Isn’t that a standard form?

I don't have any questions, just want to say thx anons like you are why I keep coming back here

>Still though, what would you recommend to anyone on the thread who makes significant crypto gains
>Like millions

want to invest the money in real estate traditional financial instruments etc - pay your taxes.
anything else - dont even report it.

If you want to turn millions into cash u got 3 options - gold, cash, or pound of flesh.
apmex or jmbullion always buy non-reportable bullion
jmbullion.com/reportable-bullion-transactions-infographic/
^

however u might get stuck with millions in cash - now what do you do? nothing and your money rots due to the magical hebrew invention known as inflation

SO you got 2 options really - pay tax or pay cash and bottom line is wht i said earlier

u wanna invest? pay tax
want to just buy a nice TV eat at fancy restaurants or buy real estate outside of the usa? dont pay tax
>How do I get down to 10% with 8949?
it actually could be 15% depends on the threshold - i think the brackets are 38k, 400k, something close to that.

yes 8949 is just a standard form

theres a section for "sales and other dispositions of capital assets" and also when you file a 1040 you want schedule D "capital gains and losses" which allows u to summarize.

basically

IRS wants you to pay your max liability - so worst case is income tax rate

with 300k i suggest consulting multiple tax lawyers, accountants, asking very general questions or simply paying them to prepare your taxes. it's up to you. their job is saving u the most money

tax law is ambiguous and the job of a good accountant is to pay as little as possible with the lowest chance of blowback.

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ya i just did a quick search and 15% is correct but only if u exceed 400k. if you can definitively prove long term you pay 0% I think.

the standard of proof is fairly high so you need a lot of shit - as much as you can muster. even block chain transaction print outs would help but dont self incriminate. its an art form - prove it without giving them ammo.

if it's legit then you'll probably be fine.

hire a tax lawyer if it's legit youll pay a small chunk but he will do all the work and youll sleep better

im really trying to remember why i thought it was 10% - there is a good reason i think ... - but i drank a whole bottle of kentucky bourbon so im prolby gonna go to sleep lol

good luck anons and dont break the law if you are a dumbass , the irs might be full of niggers but at least half of all niggers are smarter than 20% of white people ... never forget that

good niguht !

Bitcoin.tax is perfect if you put in all your trades. I’m a tax lawyer and looked through it make sure everything was up to snuff and it was perfect on gains.

You know crypto to crypto is not a like-kind exchange right?

>Serious replies only please.
Here was mine last years.

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Some anons in here are legit. When Bitcoin hits 200k+, most of us will want to buy property to live in with our waifus... however if you didn’t pay tax now on those gains, your house will be taken, IF you even get to the point of getting the deed. Real estate has a lot of hoops to jump through you can’t just fork over 600k and get the keys to a property. Same with the cars, all very easy to be taken. Pay your taxes now so when we actually do make it, and believe me, we’re going to make it, you get to keep your quality of life. Don’t struggle trading and checking charts all these years to be fucked by the kikes’ IRS penalties. We are within 5 years of this future, so I recommend considering what I’m saying. I care about my Jow Forumsbros

What happens when you cash out

My bitcoin.tax total was like 0.2% less than the 1099 gross transaction value Coinbase sent me. I have no idea if it's a rounding error or what. Do you you think that's a big deal or should I not worry about it?

Does binance report a tax form to the irs on you?

kikerat I will NEVER give you a dime of my crypto gains, you do not deserve them

Why the fuck you have to pay taxes each year even if you don't cash out?
Is that an American only rule?

Governments are known for leniency in cases where they demand assets that they did not help create.

there was literally an article yesterday about how a guy got almost a million dollars back in a tax refund despite being a min wage worker, literally lied on his tax form, nobody checked it and it still got through the automated system that in theory should "flag' these things

if that shit is going on I have very low confidence the clowns over there can track everything crypto related people are doing.... the biggest things are probably bank deposits...

Move to Dubai or some other wealthy city outside the U.S

thanks user. Didn’t make a lot in the bullrun only have 4btc but I paid. I was 2nd guessing myself for a while on paying even though it was only 3k I had to get a discover loan didn’t want to sell

He's gonna get so fucked when the IRS actually spots the mistake.

Honestly if you make it move outside the U.S to a more friendly jurisdiction.

I think in Germany im taxfree if i hold one year.

Got 8k Link in a paper wallet, if i deposit some extra into there, does that reset the timer or should i just make a seperate one

*Note* if you held BTC or anything for longer that a year it is considered a long term capital gain and thus will be taxed a different but power rate than at ordinary income.

How do rich business owners avoid paying taxes? They hide their funds in other countries overseas and the us government lets it slide?

If you make millions in long term capital gains its a 20% tax rate right?

Bought 8k worth of ether on coinbase 2018. Sent to binance. Bought xyz token with that ether. Still hold xyz token haven’t cashed out. Do I file taxes or only when cashing out to my bank account? Non pajeet asking.

Did ether gain value before you bought yoir xyz token with it? If ether gained value you pay taxes on it based on the realized gwin when you bought xyz token with it. If xyz token gaines value you only pay taxes on that gain when you sell it.

It doesn't reset the timer. biallo.de/geldanlage/news/bitcoin-fifo-fuers-finanzamt/
Also you can always prove when your transactions were made

How likely is it that sometime in the future, coinbase reports deposits of over 10k? From December 2017 till end of 2018 I've wired about 11.5k USD, most went to Binance - Ive never withdrawn anything back to my bank. I have so many trades (thousands) it will cost quite a bit to use crypto tax software.

In the event real gains are made - conceivably one could buy large amounts of gold, split between different online vendors, and keep a large chunk in crypto/stablecoins for direct purchasing.

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Ive sent about 50k slowely in continuous 5k depisits through coinbase to binance. I don't think coinbase knows ive been sending my money to binance. Are they telling the irs? I haven't cashed out more than i've deposited

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this is wrong - pay tax later if at all

>What happens when you cash out

coinbase reports total trades exceeding 200 and 20k total volume - it must be both
in the future the irs may get your data on >10k but it's less likely and it doesnt mean they will pursue you for it

dont worry about it especially if 10k is a lot of money to u

If you fucks are stupid enough to pay taxes on your Bitcoins, you deserve to be shot on spot.
I was one of the very first to adopt to bitcoin and made a huge bunch of them (mined them on my laptop in the fucking thousands back in the "old" days").
When Bitcoin peaked for about two years ago, i started to open up an anonymous company in a tax haven and registered one of my wallets to this company's bank account so i could take out money from the wallet in real money.
No tax paying here. And the credit card of my cayman island company's bank account gives me the opportunity to cash out at every ATM in almost every country. Not showing you as the real owner.
Seriously, you fucks discuss e-Coins and how to tumble and invest them, but don't know the very basics on how to disguise your savings as NOT YOURS.

Why do you fucking idiots think almost ALL politicians and economical powerful/infuent people have foundations and tax haven companies?
They get fucking paid on these cayman companies buckets of money to fuck your life up with even more regulating laws and rules, while making politics for the richest 1%.
Do it as they do.

^This goy gets it.

Anyone who pays taxes on their cryptoshekels is a good goy kike slave.

Can I buy a house using this method sir?

I lost my keys and lost 99% of my portfolio am I really supposed to report my "unrealized gains" on something I will never be able to sell?

Na user the fuckers wait 3 years before letting you know you fucked up. Cause they tack on hella interest n fees.

When you ask what they notified you, they claim they did.

Honestly it's unfair to tax crypto on a yearly basis.
Is didn't pay in 2018 . Although I'd argue I wasn't holding a full year by 2018. Any tips guys?

Can you avoid higher taxes by putting fiat into USDcoin and trickling it out at just under the second lowest bracket over time?

Yeah..
That I know

If you report instead of shutting the fuck up, you are a brainlet and deserve to be poor.

yup cause if you traded bitcoin gold for bitcoin diamond it is a completely different.asset class and USisraelA need to feed Laquondas kids and bring in 14k nigger somalians to take every job in your neighborhood but dont worry you can write off up to 2k in losses yearly for the rest of your life!