Why are taxes on cryptocurrency even allowed?
And why the fuck is it classified as property?
How would the IRS even know you have crypto?
IRS
Chase Diaz
Nicholas Rodriguez
> How would the IRS even know you have crypto?
They wouldn't. That's why crypto exists in first place fucking retard, if you pay taxes in anything crypto-related you are a goverment fag and deserve to die
Hunter Brooks
Sure make 35m from crypto good luck spending it faggot
Jordan Carter
did you give the exchange your name and address when you signed up?
did you give them a photo of your driver's license?
did you give them your social security number?
If you gave them any of that then they've got KYC and if the government asks them to turn over customer records they will and do.
Some exchanges still resist reporting taxes to the IRS, I think Kraken might not report for example. But most do nowadays. All of the ones based in the US do.
Two things in life are certain: death and taxes. Just pay your taxes.
Joseph Stewart
it's literally as easy as:
($ value of crypto when I sold it) - ($ value of crypto when I bought it) = your profit
if you held it for less than one year, you report that amount as short-term capital gains, if you held it for more than one year you report it as long-term capital gains.
that's it.
Josiah Gonzalez
>13486809
>Sure make 35m from crypto good luck spending it faggot.
You can spend it, just not all at once. This is actually a win-win for you because it forces you to save/invest and not blow through the money like an idiot.
Angel Phillips
This. If you have 35m and can control yourself buy a $250k house and pay the crooks their dole of ~ $80k. Play the game and stay safu in your midwest lake house you bought for $250k and out of fed pen or probation.
Fuck you nipjew Hiro for all these captchas just fuck you jap fuck.
Carson Barnes
>good luck spending it faggot
Sell it to people for cash. Are you fucking retarded?
Brody Sanchez
>If you gave them any of that then they've got KYC and if the government asks them to turn over customer records they will and do.
Only if the exchange you used resides in your country's jurisdiction.
Gavin Anderson
I think he's referring to the difficulty of throwing around 35 million dollars that you got from invisible magic internet money without the government noticing that you suddenly received income because a fat NEET shouldn't be able to buy a loft property in Houston.