Anonymous

That is a dumb advice. Mowing lawn would count as employment income meaning you'd have to pay SS and medicaid taxes on top of your federal tax bracket.
You are way better off reporting it as capital gains since you are only liable for the gains and if you hold it for longer than a year, you are put in a lower ltcg tax bracket.

how do you do this user?

Also, if you want to legally pay 0% tax on your crypto, hodl for longer than a year and only take out $38600 worth of gains a year and have no other income outside of your 401k.

Or renounce!

Crypto to crypto wasn't taxed. Just put your intial investment as a btc buy and calulate the net profit as one transaction if your scared if they really want to audit you which I doubt it you made less than 10k just give them all your trades no big deal

i feel sorry for you if you live in the US and are actually trading it. The only thing you can do in the US is buy and hold it on coinbase. Otherwise its going to be a tax nightmare for you.

Because losses are taxed? That's why you say that?

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There's software that automates all your trades and you can upload to tax software, it's not difficult.

But losses are still taxed.

No they aren't.

GET AN ACCOUNTANT YOU FUCKING IDIOT. YOU SHOULD NOT BE PAYING ANYTHING AT ALL. FUCK, HOW MANY TIMES.. how can you all be so fucking stupid...

First you get the points.😂

You should be paying actually.

bitmex fucked up, form 8938 and fbar

>Get an accountant
>not pay

Who pays accountant? Who is phone?

If you get an accountant they are just going to tell you have to pay then charge you money for that advice.

RIP Harambe

Found this out yesterday. Comfy

Number one reason I avoided bitmex is taxes. You are officially fucked sir. Good luck cashing out, and trying to explain where that BTC went. Bitmex tax liability will destroy many hopes and dreams

Trust me user. Accountant will cost a few hundred and is worth every penny. We all may be experienced and have expertise is certain fields, but accountancy is witchcraft and professional accountants understand the unintuitive world of taxes. So much more to this than I can be bothered to type. But in short you should have a plan in place to operate within and be aware of the tax implications of what you are doing, so talk to a real qualified and experienced tax advisor. Or just follow the bullshit on here n think you pay tax on every trade even losses, are you fucking mad..

You can’t write off a loss from an illegal for of gambling, it’s like saying you lost 5k playing dice in the alley. You won’t ever see that money again but the irs will hold you responsible for your purchase for ever

No joke op you're probably looking at jail time, not reporting us a federal crime better lawyer up, good luck op

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This would totally work, even put capital losses on top (cost of trading: internet, computer, office space, electricity and so on) should push you to 45k per year easy. This is good advice.

They might now hunt you down now but in 10 years when you try to cash out they will point to your purchase at 3.5k price and will show a 20x gain. You will be responsible for the gains or liability of you can’t explain where the money went. I would seriously think about claiming it was lost or stolen (not a write off)

WTF, I thought they split in to races in Burger prison? That pic has more diversity than Sweden!

Wrong. A loss is a loss. You have already paid tax on the monies as you earn it. If you give money away (or loose it at a casino) that you obviously don't pay additional tax on your loss. How fucking stupid does that sound. It's common for small business to show loss for first few years to help push tax burden into year four and five when growth can absorb tax cost.

Ridiculous

You can’t write off illegal gambling as a loss, imbeciles

Screen shot this