TAX CHEATS ON SUICIDE WATCH

Nigger quit your retarded rationalizations, that's obviously not how taxes work. You only pay tax on your net profits for the year, but you do still have to track and pay tax on crypto to crypto trades or you'll get your ass widened when you try to cash out, when you get inevitably audited on the tax return where you can't account for where the crypto you sold for fiat came from

shit how do i avoid this now? do i close all of my accounts?

i'm a neet on welfare but i have 400k in crypto and never cashed out

No. Fuck niggers, fuck spics and fuck kikes.

>tfw never cashed out
>tfw NEET that never paid taxes

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>when you try to cash out
imagine ever cashing out

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this only really applies to drug dealers, money launderers, terrorists. etc...

I'm a CPA and just got out of tax reform training. Make sure you guys understand GILTI, BEAT, and FDII.

go away jew

nigger what? are you joking? do these niggers really expect us to understand this garbage?

They're important provisions.

GLOW NIGGERS GTFO MY BOARD

RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRREEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

i reported my crypto losses and got some money back. IRS btfo.

Assuming you're not larping, tell me if I'm looking at it wrong.

The IRS has now way of knowing my crypto holdings or trades if I'm using an exchange that doesn't know who I am.

The problem arises when I try to cash out. They're going to ask where the money came from and I'll have to account for it.

Can I not just asses a zero cost basis and pay the applicable income tax rate on the whole thing? I think the only thing at risk is if you want to use a capital gains rate, or you had a substantial initial investment that you want to deduct from the gains, then you'll need to account for your activity. Assuming there's no way to prove your trading history.

I understand that, in theory, if you have a bunch of gains in December, sell but don't cash out, and then lose it on the next investment in January, you'll still owe tax for the December sell on last year's return, but that's only if the IRS has any way of knowing about that. Enforcing that regulation against people who don't voluntarily comply is impossible and really symptomatic of the boomers passing laws that don't understand hwo this shit works.

>Tell me where I'm wrong

Jews can go die in nuclear fire, they are not getting my money

>giving KYC info to shitty chinese exchanges where you trade shitcoins
>not just paying capital gains tax when you cash out to fiat
>cashing out ever
jej

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It's just plain robbery. Gotta feed the niggers who can't rob you themselves!

bump

anyone?

Nothing bureaucrats do is positive

Fuck taxes

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>>not just paying capital gains tax when you cash out to fia
You're going to have to prove you held it for over a year to qualify for the capital gains rate.

Chinese exchanges will introduce nothing. If binance gets fisted then exchanges will open in non cucked jurisdictions. Think Cayman Islands, Turks and Caicos possibly Isle of Man.

They will
If they don't comply then the country gets cut off from the global economy
All countries have always complied with FATF

JUST BUY MONERO YOU FAGGOTS
BUY MONERO
>BUY MONERO
BUY MONERO
>BUY MONERO
BUY MONERO
>BUY MONERO

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This literally marks the end of Binance as we know it. Binance is literally tradeogre with overdriven wash trading.

I lie on my tax returns every single year lol IRS btfo.

Why? A moon to ath is just a 4x.

>posts in a thread about IRS and taxes
>"b-but muh moons dude"
XMR is the only truly private coin, brainlet

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>coinmarketcap.com/currencies/dether/

That shitcoin is dead as fuck

I’m .... a ..... fucking .... SLAVE!!!

And you are calling me a cheat?

Fuck you OP. Fuck you , piece of shit fucking sadistic fuck.

>confiscate crypto exchanges
>get user data
>pay taxes on crypto when converting to fiat via capital gains etc

imagine that, the hodlers will always reign supreme.

ALWAYS HODL

This is why you be a hodl-chad and not a swinging shitcoiner virgin

>hi I'm a kike bootlicker here to protect corporate interests and (((ours)))

Diaf

>imypling they won't come after you with property tax for just having cryptos

why would they know if people have cryptos?

Faggot shut the fuck up

based

Is that foot fetish or boot fetish?

i lost enough in 2018 that i'll be filing rollover capital losses for generations :^)

You people thought the "you can't cash out" meme was just a meme? There literally is no cashing out.

On a more serious note this shit just seems like it's going to kill all exchanges? Especially places like Binance etc.

>(a) R.10 - The occasional transactions designated threshold above which VASPs are required to conduct CDD is USD/EUR 1 000.

So basically no exchange will be doing transactions over $1000? Noice.

Well good luck to you. GILTI, BEAT, and FDII are nothing to joke about.

has anyone actually reported their crypto-to-crypto trades?

>when you get inevitably audited
where's all the people who've already been "inevitably audited"? not everyone lives in fear of what if's like a fucking pussy

I did. Had to pay back 5k. Didn't selected the right boxes I guess so you know. Principal plus interest and meme time for employees.

Let me know when KYC gets to IDEX

dawg, by the time any of this matters, ill be able to buy the best damn jewish lawyer my money can get my hands on, and he will make it right.

Its not the IRS you have to worry about, its the state/county tax offices that are overzealous.

How much did you pay in prior to the audit?

If I never cash out, I never have to pay taxes faggot.

either you can pay the government now and maybe buy a boomer's house he 25x on to live in a majority white indian and chinese neighborhood and maybe get robbed anytime you step inside their containment zones (cities)
or you can go to jail, niggers will fuck you up either way they're a tool the government uses to keep the goyim in line

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exchanges will deliver the information

Is this an American problem? I trade on full KYC exchanges and have 0 intentions of paying tax if I make less than a 100k GBP. Ukfag with EU passport here, why can't I just live in dirt cheap Slovakia for a year and cash out? Never dealt with the taxman cause he takes his shit straight out of my pay.

IRS sounds scary

Dude according to that link in the OP they are planning on autistically tracking all transactions over 1000 usd.

>(a) R.10 - The occasional transactions designated threshold above which VASPs are required to conduct CDD is USD/EUR 1 000.

United States taxes their citizens no matter where they live
Smart people just pay their taxes
Jow Forums just has a lot of poorfag low IQ posters that refuse to fall into line
The nails that stick out will get hammered

The IRS is nothing to be scared of as long as you attempt to pay your correct taxes

crypto to crypto tax went into effect in 2018
the IRS is a political tool in america so you bet they'll scrutinize cryptoheads more than niggers jews and pakistani 7-11 owners
decades in jail is the threat they will ruin you if you don't pay

it's all kind of funny because the government just votes to raise the debt ceiling anyways so taxes don't really matter it's only an exercise of control

>Cashing out.
Fucking kek

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It's plenty to be scared of if you owe more than you have.

i only use coinbase and didn't make more than 300 dollars last year and only 200 this year so yea. not too worried about it.

>MFW bought lots of bitcoins in 2013 for silk road.
>Kept the deposit receipts for nostalgic value
>Turns out I had bought around 1000btc.
>Company that I bought from went broke and has no records
>I still have my deposit receipts
>Whenever I cash out I am cashing out my 2012 bitcoins that I held. It is definately not from trading Mr tax man.
>TFW keeping those receipts has saved me around 200k of taxes. And means I can cash out legit so the kike systems sees me as a high value individual and can get any credit I want (not that I would want one)

And yes I want to kms when I see how many BTC I bought and spent on weed.

And yet localmonero is still up. If you ever paid a single penny of taxes on crypto, you deserve to get raped to death by a pack of niggers.

The spread fees on local monero are about as much as tax.

Also how are you meant to buy assets?

I want to buy a house, cant just buy one with cash

So what happens if I buy 100$ worth of crypto, the crypto doubles in value, but then falls to half of its original value. At first I made a profit, but then I take a loss.

Am I supposed to pay taxes on a temporary profit that ended up as a permanent loss? That would be fucking retarded. The only thing that makes sense is reporting when I withdraw it to fiat.

>using but not contributing towards shared resources
>calling other people niggers

delicious irony

I didn't know that feeding spics and niggers was a resource. Fuck off schlomo you're not getting my shekels

tax dollars fund roads, infrastructure, emergency services, plus a fuckton of other things you free loading parasite

>Can I not just asses a zero cost basis and pay the applicable income tax rate on the whole thing?
Yeah you can just do that.
I didn't pay crypto taxes for 2016 despite having trades, so I just ended up paying capital gains tax with zero cost basis for 2017 and the IRS didn't give a shit, probably because it's more profitable for the government for people to do this.

>>>
>hes not hodling in hardware wallet

KEK

>And yes I want to kms when I see how many BTC I bought and spent on weed.
~1000 btc x ~100$ = 100,000 in 2013 on weed. $273 everyday, 365 days, on weed. Bro you can smoke for 2 decades on 100k

Bullshit they do, most of it gets embezzled by corrupt city officials and “low bid” contractors who spend 2 years re-paving a city block.

Yep. Call me a cuck but I paid over $5k in 2017 to cover my gains. Lost it all in 2018 and have $3,000 in capital losses to roll over for the next 10+ years.

Sucks ass but if I ever get audited I wont have to worry about going to jail

I actually think this would work and the IRS would be happy just because you're paying income tax versus trying to pay capital gains

I don’t think most of the cpas working for the IRS even knows how to handle this crypto shit. If someone sends in a check for 50 grand owed on taxes for crypto, they’ll take it and not make a fuss because thet know how many aren’t even filing and they are understaffed as it is.

Thread confirmed for being glow in the dark niggers.

>the brainlet isn’t intelligent enough to buy BTC over the counter (cash for BTC with no KYC)
>he does KYC when he’s using an exchange hehehe.
>he isn’t smart enough to cash out his BTC gains in gift cards (food, gas, hotels, flights cards)
>he doesn’t store his wealth in stable coins, outside the reach of greedy (((kikes)))
>he doesn’t cash out BTC for gold (no KYC, no reporting)
>he doesn’t buy a house with stable coins
>he doesn’t hide his wealth in anonymous offshore bank accounts outside the reach of greedy kikes (an account can be purchased for $7000, no ID required)

People who say “you’re going to get your ass fucked in jail if you don’t pay $1000 in tax” are literally IRS shills meant to spread FUD.

Enjoy your monopoly money
I didn't make the rules, just telling you what they are. You can try to break them or not as you like
No
Retard, not getting into pointless trouble with your country's tax collectors has nothing to do with being a pussy.
>hurr durr I'm gonna break the law in the one and only area the governments are absolutely incentivized to take with deadly seriousness no matter what

This

Do your research on crypto reporting. Know the repercussions of not reporting and if you are okay with that go ahead and do nothing. But if there’s any doubt then dig deeper.

>they think you can cash out of crypto
Top kek

>monopoly money
you know stablecoins exist right?
why ever use a bank if I can use metamask?

thats literally possible easy. Jsut send them your wallet adress...since you know blockchain is an public order book?

Guys during the mainnet presentation I thethered up approximately 2k linkies on binance and buyed back after like 1 hour
I have to pay taxes on this event?
What would you do?

AHAHAHAHAHAHAA
LITERAL PLAY MONEY

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Can someone rationally explain to me how the government forcing me to give them money under threat of imprisonment is not theft?

I only have 25 bucks in crypto

Yes, you have to pay taxes

>tl;dr nobodys cashing out without the tax man breaking out the spiked strap on
If you cant cash out, shouldn't people be focused on making a coin that, I dont know... works as an actual fucking currency and isn't slow as shit?

>Slovakia
Nigger, you're going to pay over 30% on crypto. Just use ATM to cash out.

Good thing I used all my crypto gains to buy a semi automatic ar-15.
Any IRS niggers try to ruin my peace and tranquility will be executed on sight. I'm not going back to poverty to pay for niggers on welfare to deal drugs and fuck white whores with my taxes.

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You realize you're posting in a honeypot? I hope you're using VPN.

stay poor. also, have sex