Filing amended taxes for 2017 and 2018 to report my crypto trades to IRS, I cant even fucking figure out all these shit coins i traded on yobit and some I just plain lost
Am I sabotaging myself by amending and drawing attention to myself? or should I just pay capital gains when I cash out
Fuck taxes. Report everything at a loss and when you do, just say you mined it. They don’t know shit
>willfully paying taxes on crypto
Not bad
I know but I plan to cash some out on coinbase soon, arent they going to tell big brother that i bought 2 btc 2 years ago and some how magically have 6 two years later
>crypto trades
unless you cashed out to a bank dont bother with crypto taxes
here is your chances of being audited and raped by the IRS
Your fortune: Good Luck
Never file an amended return, they'll audit you so fucking fast. If they send you a bill, pay it, but never file an amended return.
Thanks thats what I was thinking, so what do you do if you want to cash out? Just fudge the number?
buy gold with crypto using apmex or silvergoldbull.com for better prices.
just dont buy more then 10k at a time or you'll set off some flags
I hired a CPA to do all this for me. If you're gonna get fucked in the ass at least get some lube
underrated and liked
This year taxes will be a disaster but moving forward it will be easier.
Did you do the needful and buy Espers on yobit, sir?
the thing i don't get is "all crypto to crypto trades are taxable events. what if you bought $1000 in btc and immediately used that .2x btc to buy ADA or something? no gain or loss so why is it a taxable event?
Because the IRS has no fucking clue what they’re doing. The fact is the IRS can penalize you no matter how accurate you are due to the constant price fluctuations of crypto.
For example, you trade 1 BTC for 12 Ether. Just because BTC was worth $4100 on that exchange doesn’t mean a different exchange could have BTC priced at $4098. By default the IRS could consider you a liar and throw you in eternal assfuck prison for the rest of your life. Welcome to America!
Because not all taxable events actually end up costing anything. It just means its something that needs to be tracked just in case you made or lost money.
>he made a profit
Depends on how much you're cashing out. If you're cashing out 100K+, talk to a tax attorney first. If you're doing small amounts, it was already said to buy gold.
>BTC was worth $4100 on that exchange doesn’t mean a different exchange could have BTC priced at $4098. By default the IRS could consider you a liar and throw you in eternal assfuck prison for the rest of your life. Welcome to America!
Except this is not how it works, and literally nobody would care, of if somebody would all you'd have to do is pay the difference. Now if you don't report, there is no statue on limitations on how many filings they can go back, and if you are found to be evading, you will be paying big boy fines at the very least.
Same boat user. I unironically just bought one of the crypto tax programs and did it
How much (total gain) in (usd) did you make on yobit?
I have no idea if it's due to ignorance or lobbying, but irs and sec always seem to act the same way. They cast as wide of a net as possible with their ruling which restricts industry growth, plunders gains from early innovators, and creates a grey area so they have plausibility to rape the shit out of anyone deemed a bad actor. It seems that the whole point of crypto was to build p2p networks that are inherently resistant to centralized governing structures. Perhaps we are already too cucked as a society to embrace that ideal? I don't know what's going to happen. Perhaps the most important developments will be watching what happens to McAfee and people in Venezuela.
Your fortune: You will meet a dark handsome stranger
The point is how can the IRS tax you in a fluctuating number that can sometimes vary wildly depending on the exchange used? By abuse of power, the IRS can technically say anything they want and throw you in jail forever.
I bet you lost sleep for 6 months needlessly, I think Im going to take your approach. Fuck it for this year, I havent cashed out anything yet in 2 years.
Yep, bought a tax program too, says I had more gains than fiat I even put in, absurd, my balance now is about exactly the same amount of fiat I put in over the course of 2 years. are you going to file it or just on your coinbase transactions?
like 5k gains on yobit, I bought 500 dollars of html coin in 2017 and sold for x15 ish, also, I lost .2 btc on yobit because I hit the gamble button by accident, fucking bullshit, didnt even know what it was. Just saw the button and clicked it, "rolls" and takes .1, I hit it twice because I was expecting it to take me to a different website. nope it literally takes .1 fucking BTC. Its a big button on every page, anyone else do that?
i wouldn't bother. if the irs hasnt done anything to you yet they probably ain't gonna bother. it's probably a lot of trouble for them to go through all that exchange data to find people anyway.
Use CoinTracking or Bitcoin.tax and stay upto date with these things on a monthly basis. Should be easy to follow if you stay upto date. That way you can amend it so it looks believable if you want to fuck the system. Not that this financial year should matter with everyone at a loss.
You’re liable for any fuck up he makes. CPAs are a fucking meme.
Shiiiit I still haven't paid my taxes for 2017 lmao. I have no fucking clue how many ETH addresses I burned through on Etherdelta, so many thousands of unaccounted for transactions. Fuck lol it's never coming back.
So in a case where there's no gain or loss you have to just keep track or actually report it? Seems retarded to report things like "here's $1000 that i changed into a different form of $1000"
unless large $$$ amounts are involved, chances are that if you can't figure it out - neither will the IRS.
hold for 10 years and retire in cayman islands faggots
Needless to say 99% of people have lost trading history amongs the endless "hacked" and closed exchanges, dead shitcoins, etc. How the fuck are you supposed to report that.