Has anyone here been fucked over for not paying taxes on crypto gains?

Trading one coin into another is considered a taxable event no?

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obviously, but crypto to crypto is a taxable event, and unless youre just buying stuff like BTC there are taxes you probably haven't paid. I'm wondering if anyone here has stories of getting fucked by the IRS or something, because at this point I wouldn't even know where to begin with paying taxes on all this shit

>rich enough to pay it off
based

crypto to crypto is a taxable event

I bought mainly ETH & BTC. I bought a few alts with my BTC that I'm still holding onto today. You're saying I have to pay taxes on buying the alt? its only like 200 bucks worth of shitcoins.

shit, how do you even report that

Nah mate. thats not a man. She might have had a masculine sharp featured looking dad that passed that gene down to her but she is 100% woman.

story?

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you don't
:^)

I feel like unless you made big gains on the alt, and then bought back into BTC, that is what they want you to report. The whole tax system regarding crypto is pretty shitty at the moment in my opinon. I bought alts with my BTC and I lost pretty much all that money, am I supposed to pay a tax on those alt coin purchases?

(Hello IRS tax man looking over these logs in the future. These statements are exclusively satire and do not represent an intent to commit tax fraud)

holy dubs

>implying anyone on this board makes any gains

for all i know if you bought bitcoin for lets say 10$ it gains 1$ and you now buy shitcoins for 11$ you have to pay tax on the 1$ profit you made. not a tax guy tho

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Yea you are. They want you to report ALL of it, no matter how much you make. There isn't some arbitrary figure like 35k that they start coming after you. And if you do make it in the future, its not unreasonable to assume the IRS is going to take a good hard look at your ass. I've seen people get fucked by the IRS, I'm terrified of them. I just dont want it to happen to me in 2034 because of some useless shit coin trading back in 2019

I filed an extension this year and still haven't paid. Kept my trades to a minimum, but the idea handing it all over to the IRS still gives me anxiety. I hope that in 10 years all of these ridiculous rules will be modernized.

why can't they just a VAT for crypto gains, seems like the market would be too volatile for individual consumers to keep records of their activity

>tfw you had to pay 35k for 2017
>another 9k for 2018
I just want to make money, fuck off and let me buy a new car

no never pay taxes..unless you making big money in the millions

gov don't care about small fish like us so don't be stupid

IRS waits 5+ years before coming because backtaxes have like 15% compounded interest per year

I think the volatility is a good defense against them, but if there is money to be had the IRS is going to go after it even if its difficult. I think most legitimate site keep some kind of records, like I know coinbase does. Its just not worth the risk to me to be the 1 in 10000 they choose to fuck in the ass

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only something like 5% of ppl paid taxes last bull run... they haven't done shit to the ppl that haven't paid

you've clearly never been pinched by the IRS.

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You seem pretty worried? I only bought at most 3 to 5 hundred bucks of alts.

sorry that’s now how it works bud

I am, and even though I'm normally paranoid I'm surprised people seem so carefree. It seems like a "I'll worry about it later" or "wont happen to me" kind of attitude about it. I wont lose sleep over it but I think about it at least a couple times a week. I guess its just me

I don't understand why the irs wants to tax crypto but then make it ilegitimate.

>bought 1400 eth at ~7 dollars
>start trading 200 ETH of it on exchanges when price hit 120
>divest into lots of shitcoins
>sell when they pump up super crazy
>have capital gains of 70k due to selling peaks
>all shitcoins die the next tax year
>have to pay capital gains on the 70k trading
>can't offset it with selling the shitcoins at a loss due to it being a different tax year

they need to bring back that law where you can average your gains/losses over a 4 year period. They had it in the 80's and it made much more sense.

But yeah, if i had held i would have had more money and no taxes. But I fell for the daytrading shitcoin memes and had to pay heavily on my taxes that year.

>the 95% of tax avoiders get away with it because the US gov has no proof they traded in coins
>the 5% that reported get audited because there is proof they traded shitcoins since it's on their IRS records

calling it now

OP, we circumvent this by opening bank accounts with the UBS

its 2019, women can have feminine benis if they want

Even the idea of paying any taxes on Crypto is so cucked.

And you can always leave USA and abandon its cucked citizenship like Riger Ver did. Paying taxes on crypto makes u traitor of both white race and idea of crypto anarchy.

Paying tax when you cash out from crypto to fiat makes perfect sense.

Paying tax when doing a crypto to crypto trade is faggy wallstreet jew fuckery

Why did u buy on exchange with kyc, retard?
Well maybe that's good that there are such people like you. The more retards will pay taxes, the less governments will tighten laws and hunt ppl with IQ over 70 who dont pay taxes.

How do u burgers pay on crypto to crypto trades? I don't understand it. F.e. u have 100$ in eth, u trade them for btc, but still u have 100$. So for what u have to pay?
Also in extreme case u always can move to another country and abandon US citizenship like Roger Ver did. If u sell all u have in the US, u will be able to live life of the upper class in Southeast Asia, Latin America or Eastern Europe solely due to cost of living differences.

And even if u buy on exchange with kyc like cuckbase, cant u just send coins to another wallet and tell the IRS u sent them to another person?

I was dumb and thought crypto was like-in-kind exchange, and wasn't taxed.
Read up on it later, and realized I got fucked.

There's some fuckery around, where when you use coinbase's "tax estimate service" they assume all outgoing transactions from coinbase were "sales" to other people, meaning that sending coins to an exchange is considered a taxable event to them

So just send coins right after u bought them. They cant tax u if u had no gains, right?

>I feel like
the irs doesn’t care how you feel

true
for the longer holders it fucks them though, because if you move to your own private wallet off of coinbase, they consider that a sale even though you still own the coins and didn't make any money off it, but they still want their tax cut

You're at the top of the list, the more broke you are, the more power they have over you. Billionaires get away with tax fuckers for years because who's going to stop them?

Well seems pretty fair for me, its natural selection, because only very dumb person or complete noob in crypto will hold coins on jewbase.

What were easier ways to buy 3000$ worth of ETH back in January of 2017?

U could buy on jewbase and send to your wallet fast.

Can someone please explain the following to me--I am retard:

I buy btc with fiat. I buy a car on craigslist with the btc. I don't have to pay capital gains now?

It can't be this simple. I feel like I'm missing something.

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only if BTC gained or lost value during that time.

If it lost value, you don't owe taxes on the exchange.

If it gained in value, you owe taxes in the amount it gained from when you bought it.

what if you bought shitcoins and lost money, do you still owe somehow or are you just obligated to report losses? Can they fuck you for just not reporting losses?

Only ever bought coins locally for cash. My biggest fear is if I ever try to cash out some day they will seize fiat. Another concern is I have no fucking clue where the coins I bought came from, they could easily seize funds based on tracing those coins back to silk road or some sketchy shit.

if you bought and lost money, that's a capital gains loss. you can write off 3k in capital gains loss in your taxes every year.

If you don't report losses you get taxed more, so they don't give a fuck if you don't report your losses; more money for them.

For reference, these are the benchmark rates. Not sure about 2018 figures.

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Use a site like bitcoin.tax, most exchanges let you export your trades as a csv file, which you can just upload to a site that calculates stuff for you.

no one gives a shit unless you got the big stacks and/or some sort of public figure

its all about sending messages and raking in actual money,

if none of these things can be checkmarked youre not worth a damn

you should always file since the statue of limitations lets you off the hook after seven years but its a lifetime if you dont file

not me but fake toshi looks like he's getting pumped in the ass good, probably from false testimony though

>not believing in financial revolution and still thinking of cashing out
Never gonna make it

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So if you lose 300k how the fuck do you write that much off? Are you cucked into paying a 300k tax bill you can’t afford?

they want to eat their cake and have it too

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good to know. thanks

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gains?

Stop shilling your shitty jewish spyware service thanks

When I make a trade for a loss I fucking hope those control freaks wants a piece of that pie aswell
Or is it only when it's going good for me? FUCK I HATE TAXES

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most people have lost trading history due shitcoin exchangers constantly disappearing yet they want all of your tradings including between cryptos

its fucking insanity

just hold 20+BTC and retire a billionaire in 10 years somewhere

Cryptocurrency is considered property, not money. That is the law. They aren't really asking for much. What the IRS wants is just a form saying how much you originally paid for the crypto and how much you sold it for. It's the same thing as buying a house or an old painting and then realizing a gain on it.

They owe me money after last year

yeah but what if the exchanges are dead and you didnt save csv files because when you woke up it was all gone

what about stuff like POSW that rebranded into XSN etc

what about hardforks

what about "giveaway" coins like byteball

they are fucking nuts if they expect accurate and complete records

hodl for 10 years and move a billionaire elsewere

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this is incorrect information, each trade is a taxable event, report it how you want though and deal with the taxman later

I heard that stuff doesn't work for a lot of people with margin trades.

Who bothers reporting? Nobody.

I got completely fucked over for using a bot and owed more in taxes that what I made.

I could've used this ID for good...

You cant be fucked if you dont pull out. You can buy almost everything with crypto. Theres literally no need to pull out

First in first out
So you buy 2 BTC for $100
You buy 2 more for $120
You buy 1 more for $130 and immediately trade it for ethereum
You now owe taxes on $30 short term capital gains even though the value didnt change from when you bought that last bitcoin and immediately traded it for ethereum

So many brainlets are in for a rude awakening.
Everyone should just use one of the services like bitcoin.tax, cointracking.info, token tax, etc
It does all the work for you

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>You cant be fucked if you dont pull out. You can buy almost everything with crypto.
Thats a taxable event and you can be fucked

trading bitcoins for bitcoins isn't taxable, unless the owner of said bitcoin imposes their own tax laws. Once you use fiat to trade, you are under the fiat laws and have to pay income/capital gains tax based on the return.

No
Daily compounding interest
They want it itemized for everything. Even stocks these days. Tax calculated on every taxable event individually and then summed at the end.
You see this actually is doing it like you said. You just can't roll 100 transactions into one big p/l. Nor can you get away with a like-kind defense. IRS wants to see how you arrived at your cost basis
Crypto:crypto trades are taxable. Say you sell btc for eth. Taxable. New rule with bloompft tax bill.
Exceptions: 1. the same coin was repurchased within a certain time I think it's 3 days. E.g. buy 1 btc, sell, buy it again immediately after. No tax liability

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Coonbaae stores all transactions and knows your info

Read it again
I said
>You buy 1 more for $130 and immediately trade it for ethereum
>You now owe taxes on $30 short term capital gains

>New rule with bloompft tax bill
Its not new. The IRS clarified that like-kind only applies to real property which anyone would have already known if they read the law. They are very strict about like kind exchange.
>Exceptions: 1. the same coin was repurchased within a certain time I think it's 3 days. E.g. buy 1 btc, sell, buy it again immediately after. No tax liability
I call BS on that. Every account Ive spoken to has said to use FIFO. Yes you can use LIFO if you stick with it. So please provide a credible source.

2017 and prior is like like transactions

Fuck all that shit. Canary Islands.

And the taxes will be paid for because its included with the purchase.

False
Talk to an expert and youll find our your wrong
The rules for like kind exchange are strict and crypto does not apply, and never did
You could have fraudulently file your taxes before 2017 and hope to not get audited within 7 years but that doesnt mean it applies
The will be people fighting court battles over that
And if you filed your taxes that way youd have to have filled out form 8824 with every single trade you made

Im not talking about sales tax
When you buy something with crypto you also need to pay capital gains tax as if you sold that crypto for fiat

Im done posting in this thread
There are plenty of sites that will do the work for you
Theyre cheap
Some of you should consult a CPA that specialized in crypto

Just ask Bill Cooper how it worked out for him

yes goyim report everything and yes crypto to crypto is taxable even if it makes literally 0 sense in the future once it gets traction

imagine the smell

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Bye

Too bad, that's what 2a is for.

Fact: There is no such thing as the "Info" disappearing. There is a RECORD SOMEWHERE -> ie: Facebook, NSA, Google. etc. I'm not saying they will get you, just pointing out an absolute FACT, that if they want your records.... they are there. If you believe differently.... your a retard.