Crypto to crypto is a taxable event

>transfers a million dollars of monero off KYC exchange
Der der, Mr Taxman will never find me!

Just sell and buy back right in at a loss, then get money back from the gubberment.

Only if you cash out. Of course if you constantly throw money on and off exchanges like a retard you'll get the IRS' attention.

Are you really asking this on a Bengali anime forum? How do you not already know the answer to this? gov.uk/government/publications/tax-on-cryptoassets

>He didn’t take profits in 2018
>He didn’t have his name automatically sent to the IRS by Coinbase

My plan is to not give a goddam shit about taxes until I'm ready to cash out

I made 400k in crypto in 2017. Haven't filed shit. Haven't heard a peep from the IRS. Fuck em.

Not in Eastern Europe it isn't xD

Make sure you keep track of all your trades or you’re going to have a bad time

This meme was old in 2017

Nope

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must really suck to be a burger, your government fucks you just as hard as it fucks the rest of the world

At some point my shit expires right? I don't live in the US despite being a US citizen so avoiding this is pretty easy...

You're a madlad! I know of a guy whos done several cash out tx of adding up to tens of thousands, so far same for him not audited yet.

10 years or something like that. If you cashed out and they don't catch you in 6-10 years they can't enforce the tax.

What continent?

Asia
Cashed out yeah. Ok

Needless to say they like the 30 minutes or its free pizza places will go in a frenzy if they even think you looked at crypto. Good luck and hopefully none of your tax returns or other financial information gets hit with a clerical error or identify theft and requires an audit.

thanks

>tfw europoor
>tfw no capital gains tax

America arguably has the most cucked tax system in the world. Thank god I am not born there.

do crypto to crypto taxes goy
what?!?! We should pay taxes on illegal black market art sales?!? No chance

Pay them when they ask me. No big deal.

basically these. you're absolutely 100% going to get audited and maybe even fined but you can take it to court and hire a good accountant and you'll be fine in the end.

Seriously, 100k profit short term in my city equates to something like 40k taxes, these faggots can eat my shit, I'm going to withdraw from crypto ATM's and pay with crypto cards 5-10 years from now, I'm never going to cash out.

I firmly believe that jews should rule the earth. Every jew should be given 70 slaves excluding warriors. Private property and privacy should be banned with an exception for jews. Only jews have the wisdom and mental power necessary to rule the world. We must peacefully cede control of all levers of power to the jews. Do not resist.

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im such a fucking brainlet i dont understand any of this. if i keep 90% of my linkies in cold storage and trade often with the other 10% im fucked and owe a shit load of taxes in the uk?

>basically these.
kek holy fuck, just got exposed as a pajeet

>PAYING CRYPTO TAXES
NIGGA JUST SEND YOur BTC TO YOUR WALLET AND SAY YOU LOST IT ALL LMFAO THATS THE WHOLE POINT YOU FUGGIN IDIOT

I'm not a bong and i'm not reading it for you retard. Talk to an accountant.

My plan is not being an amerifat

Cash out in Argentina, I'm not giving a fucking dime to the American government.

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Not in my country :D

how are you supposed to report trades which happened on dead exchanges and you woke up to a dead exchange and didn't save the .csv?

what about forks?

what about giveaway shitcoins?

what about rebrandings like POSW to XSN stuff?

this is insanity

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lol you are nuts. did you cash out 400k? or holding 400k worth of btc and shitcoins

Hodlers don’t pay taxes. Use USD to stuff your face with shitcoins. Then it’s lambo or bust.

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I cashed out about 150k in 2017, and wound up having to pay damn near fucking all of it as taxes on my crypto-to-crypto. But the good news is, my conscience is clear. The Empire is not going to sic its T-men on me.

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how will they ever even find out lmao. Unless you have KYC'd on an exchange and the exchange then complies with the IRS they will never know how many trades you've made or what those trades are.

Seriously. What the fuck guys. You can even just say you bought a shitcoin on something like cryptopia and lost all your gains. How will they prove you are lying...

What kind of retard pays tax on crypto.

Deduct your losses bro wtf.

>What's your plan guys
Establishing residency in Uruguay to cash out there. I need a place to flee to if the future alexandria of color gubmint comes after me for liking hitler memes anyway.

>At some point my shit expires right? I don't live in the US despite being a US citizen so avoiding this is pretty easy...

US citizens get taxed by the US gov on global income.

I fucking kev's hard my dude thank you

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So the real question is, what happens when you try and cash out. Say, you have $100,000 in crypto that you'd like to turn into cash. Let's hear how simple that is to cash out and not get "caught".

but cyrpto to fiat to crypto isn't ;)

1 crypto = 1 fiat

congress.gov/bill/115th-congress/house-bill/7356/text?format=txt

praying for this to pass

>buy crypto with fiat
>it raises 50%
>sell it for a stablecoin - taxed 50%, take home 25%
>stablecoin doesn't move
>sell it for fiat - taxed ????

The IRS is going to consider the whole as zero cost. So you'd be liable for REGULAR INCOME TAX on the whole value since you have zero records to show.

If you can launder it somehow and skirt the man, god bless, but if you're trying to live in society you're gonna have to put up with the state's bullshit or have a very bad time

You make money you pay us you lose money you pay us, you die and leave money you pay us you give a gift you pay us you want to drink you pay us you want to fuck you pay us you want fun you pay us you die you pay us you live you pay us

Stable coins have fluctuations in value. They're stable until they implode

Use all that crypto to buy yourself a fake identity.

That's exactly the point I was going to make to that user. It's not simple when it comes to cashing out, especially larger amounts and expect to NOT pay tax on that money. You will get questioned if large amounts start showing up in a bank account that normally hasn't held large balances over time. Anything that raises a red flag will get questioned.

Sure, you could break up your deposits into smaller amounts over time, but there's not only risk leaving your funds in a stable coin (tether, etc), but if you leave it in BTC over time as you cash amounts out, you could easily lose your earnings as well, with how volatile things are.

then you pay capital gains tax. Which is like 20% depends what country.

But paying on crypto->crypto trades is retarded.

it doesnt matter. Just say you bought bitcoin in 2011. Then cashed out now. the only tax you have to pay is capital gains.

I mistook what you said then user. My apologies.

The point of being rich is that you can afford taxes, instead of living as a fugitive your entire life.
Whatever. The irs will eventually get to your file and ask you for fines and unpaid quarterly estimated taxes and interest. All because you wanted to larp as a cheap scammer, because being a normal law-abiding citizen was too much for you.

holy shid we r goig t2 mak it :D :D

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>The point of being rich is that you can afford taxes
HAHAHAHAHA IMAGINE ACTUALLY THINKING THIS LMAO!!!!!!!!!

here in germany cryptos are taxed like normal income.
so if you make it big with crypto and want to cash out you have to pay nearly 50% in taxes.

needless to say i wont do this.
the bad thing is i dont have a plan yet how i could cash out taxfree or at least only 20% or lower tax.

>inb4 just hold a year and cash out taxfree
lmao yeah. sure. 1 year is a fucking long time in crypto

>The point of being rich is that you can afford taxes
lol what the fuck, live free or die bro. I hope you're not american because what you just said was a disgrace to my beautiful nation and its founding fathers.

>tfw don't have to pay shit because I gave my parents some of my gains as """donations"""

Cash out in Poland or some eastern euro country

Benefits of eu

>implying tax gain is not something that works worldwide
cash out here, we get 35% you retard goy

>the bad thing is i dont have a plan yet how i could cash out taxfree or at least only 20% or lower tax.

Find places that accept crypto directly and enjoy "free" vacations for the rest of your life.

why do you care about crypto-crypto, just learn how to be anonymous and then cash out with bitomats

Also you can move to Puerto Rico and not have to deal with capital gains tax.

Can I file my taxes in Germany if I'm Spanish? I heard they have a sweet 0% tax for long term holders

Well now I know this bullrun is legit if you faggots are spamming this crap again.

>What's your plan guys
Laugh at the Burgers!
>MUH FREEEST COUNTRY IN THE WORLD
HA HA HA HA HA HA HA

You file taxes for where you live...Do you live in Germany? If not then no

>cash out 150k
>pay 50k in taxes

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The US tax system is designed from the ground up to keep people working until they’re 65.

>all hail muh GDP
>fuck quality of life 7bh

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Imagine your blood pressure after spending 1 year in the most volatile asset in the history of mankind.

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lmao yeah fuck this shit
you have so much stress in that year you probably die 10 years earlier
so thats not an option.

“To facilitate to them the performance of their duty, it is essential that you should practically bear in mind that towards the payment of debts there must be revenue; that to have revenue there must be taxes” ...
— Washington

The Founding Fathers were not completely averse to taxes. However, the full passage admits that taxes are uncomfortable to bear. The larger point, too, in our modern rail against taxation, is that taxes are intended to provide for public good. I do not agree they are. Roads are in disrepair all around my home. Homeless fill the streets. Police are more concerned about speeding tickets than about keeping the peace. Where are our taxes going, if not to these obvious needs?

>Where are our taxes going, if not to these obvious needs?
To the MIC and pharma corps

It was 2017. No one was losing money in 2017. Unless you were a stone retard.

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>bitomats
Shit got KYC yo

7 years only if u file some taxes, if u dont it’s unlimited

In France they passed a law recently on capital crypto gains making it 30%, been looking for a solution for the past few months. Thought about making small increments here and there (been in crypto for about 6 years since I was 15 so I am still a student and this could work for a while but I need a real solution where I don't get fucked by taxes)

...pay my taxes every year like I've been doing so no one can delegitamize my wealth? I understand that the whole taxing issue is fundamentally opposed to the point of Bitcoin but, give unto Caesar etc etc

Taxation is theft

well just become a fortune 500 company and barley pay any tax at all :)

you should consider using the system before there were federal governments ensuring a smooth and functioning infrastructure platform to conduct business on.

you've engaged in this social contract and you can leave whenever you'd like.

Retards income taxes are a jewish scam. All taxation was consumption based such as levies and tariffs until the jews took control in 1913. Kill yourself

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>t. brainlet lefty

That’s terror.

my plan is to not file anything because im poor and always make less than 1k per year. lol. enjoy your taxes bourgie.

dfsffsfs

>blatantly disregards facts
well done you are a good goy :)
I would never vote lefties btw if I were amerifat I wouldn't vote trump either tho. you system is screwed beyond reparation just to let you know

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learn to do your taxes or have fun not being able to cash out you complete retard

Hold all these moneros then down the line sell some "artwork" for $100mill and pay tax.

Then you need to transfer from that wallet to a different wallet then bingo you got cover.