All crypto to crypto transactions are taxable

if you trade on binance, they do it for you automatically

I finished my taxes today. I did not do any crypto to crypto transactions for tax, but I also didn't have any that were material. I typically bought eth or litecoin to trade them for other alt coins that same day, so the values were pretty comparable.

Just be damn sure to get anything you sold on coinbase right. Because the IRS basically knows all their shit.

Wasn't the point of all this shit to specifically stay outside the system?

Yeah but obviously that didn't work as nobody selling goods would use a method of payment as volatile as bitcoin and even less altcoins.

I have a friend who has been using trading bots for over a year now, the day he decides to cash out if the tax administration asks for it he's ready to send thousands of pages of his daily transactions. Just imagine the guy who has to examine all that shit to make sure there's nothing fishy going on.

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That's basically the same thing I'm going to do. Just spam them with millions if not billions of randomly generated tiny transactions. Good luck ever having the manpower/algorithm to go through it all

Yeah let's draw attention to ourselves. Real smart. Just get the tax right and be consistent in your method. Then if the IRS comes knocking you can give a reasonable explanation and a little paperwork to back it up.

Note: they only care about totals, not your million transactions.

the less you cash out the less chance anyone will care if you declare anything at all
do it in small increments
unless you're a fag who wants his millions straight away then pay the taxes like a good goy

I'm not talking about the IRS fren, I'm french the tax administration here is insane. There's a reason tax lawyers say France is the "last communist country", they will literally take everything from you unless you made your money through wagecucking or inheritance.
As far as last year, even if you were at loss with your crypto investments every single crypto trade was a taxable events so if you cashed out then you could be in debt for millions to the state. Which is why nobody went back to fiat and the government started to work on new tax laws regarding cryptocurrency, and it's still a fucking blur even to this day.

If I ever make it I seriously consider booking it to germany or portugal.

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>register your node as a business in singapore
>pay taxes on staking yield, transfer to US account

ez

Just get a Malta citizenship and cash out there

Also an option, need to make the money first tho.

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Obviously I'm not going to go out of my way to fuck with them it's just in case they demand tax on crypto then fuck them they're already skimming my salary the greedy cunts

Caymem islands is way easier to transfer to usd bro

ah crap meant kangaroo bucks

registering for a citizenship is too much hassle best to just operate a business. Best thing about this is you just need to show your node traffic to validate your income, you can keep your stack entirely private

Fair enough just remember don't trust chinks. Find a white guy in singapore to do business

What do you mean all? Isn't it only the ones where you made gains? So when you buy bitcoin with fiat and immediately trade the bitcoin to ETH you start at a loss because of the fees but if ETH goes up 30% and you trade it to tether you made gains and that's taxable.

just do summary. if they audit, tell them to fuck off.

>tfw reported my trades
i let the jews win

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This is a bad plan. If you get audited, drown them in paperwork (this means, track your trades). They don't have time and will back down if they see you will fight.

I taxed your mom for last night because her pussy stank up the room.

The risk with that kind of plan is them going:
"Oh, you can't justify your income? I'll just take your money and tax you at the highest rate possible then."

Don't let them fuck you. Be smart, if in doubt hire professionals.

Taxes only apply to trades which net a capital gain relative to usd at the time of sale. I encourage all fellow burgers to read the frequently asked questions section of the this IRS bulletin:
irs.gov/irb/2014-16_IRB

>Q–1: How is virtual currency treated for federal tax purposes?
>A–1: For federal tax purposes, virtual currency [all crypto] is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

Just cntrl+F this for everything: SECTION 4. FREQUENTLY ASKED QUESTIONS

IRS made it pretty straightforward, simple googling of associated tax practices will answer anything the bulletin doesn't include.

>giving the jews money for white genocide and greater israel

is there an exchange for usd besides cuckbase?

OP here. Looks like congress is also telling the IRS to get their shit together.

"We write again today to strongly urge the IRS to issue updated guidance, providing additional clarity for taxpayers seeking to better understand and comply with their tax obligations when using virtual currencies."

coincenter.org/files/brady-letter-9-19-18.pdf

only realistic method of withdrawing BTC without leaving a paper trail is a BTC atm. Can't say for sure that they wouldn't have cameras in the store or spyware in the atm but it's the only viable path that isn't explicitly illegal alternative like selling on local bitcoins.

Congress is such a joke. They willingly endow regulators and the executive branch with powers they're supposed to manage themselves because they don't have the balls to face voters when they fuck inevitably fuck up.

So why report if all u have are losses? Would that invite them to audit u?

You get to establish a cost basis, deduct losses and, more importantly, claim long term capital gains when you eventually trade out.

>You get to establish a cost basis
This user knows. The best part about this particular tax law is that you can carry over capital losses from other markets such as stocks and apply them to crypto and vice versa. It's great because if you shit the bed in one asset class but do well in another you can use those losses to reduce your tax burden.

You can't claim long term capital gains if you're claiming losses.

then dont lose

checked and truepilled

I wish they would group and average all the microtrades though so its not such a long list