So now that we've all made it...

Can I just say I held and never traded? Obviously cant cash out more than I ever bought then but I can leave that in crypto.

My grandma has dual US and Italian citizenship.
If I transfer BTC to a wallet she has and she withdraws to an Italian bank account would it be illegal to not pay taxes on it if she wires it to a US bank account I hold?

yes. how the fuck are they to know.
only problem is if there is only record of you buying btc for example but you all of a sudden have eth and bunch of other shitcoins you trying to sell.

thats called money laundering.
depending on the $$$ amount, you risk your grandma's bank suspending her account and asking where the money came from if she traditionally doesnt transact large amounts, and the same can happen to you once she wires it to you.

if italy has low crypto tax rates, you should just go yourself and sell it via an italian exchange.

The whole idea behind crypto is that it's 100% trackable, in theory all the way back to its creation.

Not that the IRS has the resources to dig through that yet, unless you're raking in millions of gains in crypto.

It'll work until it doesn't. The IRS will eventually be able to track all crypto with close to 100% efficiency, and will actually probably make it easier for them to tax people once the infrastructure is in place.

Is it easy to set up a bank account in a foreign country toliquidate crypto into? Will not when I send it back to Canada they tax me then? How can I do this?

Yeah but would bringing that money back across the border not be laundering?
Fuck everything. Taxation is theft.

>only withdraw $5000 - $9000 at a time to not attract attention
that's called structuring you idiot

you will get FUCKED hard from AML by your bank if you do that

im a brainlet. and the only thing i can think of is opening a local bank account for yourself initaly and getting an italian credit card issued. bring the card home and use it and just pay it off via online banking from your italian bank account.

I've done trades on etherdelta and other DEXs as well as exchanges that dont exist anymore (coinsmarkets lmao). Even with centralized exchanges like Binance, can tax agencies demand my info and have it handed to them?

Got in to crypto a month ago. I know you have to pay taxes on crypto to crypto trades. The only crypto to crypto trading I've done is buying ETH with USD and then buying LINK with ETH and holding the LINK.

At what point do I have to pay taxes on the ETH>LINK trades, the end of the year? And those are all one time taxes right? And once those taxes are paid I don't pay taxes again until I cash out the LINK?

If your bank receives X amount of dollars (usually somewhere between $2000-$10000+), they're obligated by law to report it to the IRS. Does that mean the IRS will actually act on it if you don't report it? Probably not, but they'd be entirely within their rights to do so, and when you get audited, simply saying, "I don't know how I got it." isn't going to be good enough for them. And when they start dropping words 'tax evasion' and 'fraud' in your interview, you better be able to come up with an answer.

Use cointracker.io - it does all the heavy lifting for you.

Why the fuck do I have to pay taxes on my crypto gains? Crypto is actual currency. I can go buy stuff with my coins. It’s not like a fucking stock that’s absolutely useless outside of its investment value. The government is outrageous with their shithole knucklehead antiquated scumbag laws.

"i invested $100k in btc but made a loss so its down to $80k now, im just withdrawing from that $80k"

IRS BTFO

>It’s not like a fucking stock

According to the US Government, it's a security, and we have to play by Uncle Sam's rules, whether we like it or not.

Nigga, cap gains is based on brackets. Paying on every trade you make is completely irrelevant, stop saying this like it's some kind of gotcha.

when do you have to pay on the trades you made? End of year?

I'm going to stake and live from it

yeah, like every other tax thing that isnt a payroll tax. talk to your accountant.

if you pull out more than 10k you better pay the tax man. Any exchange is going to snitch you out, dont be fucking stupid

lol. imagine nice covert shilling

My tax avoidance plan is to make zero trades for over a year so when I cash out it counts as long-term capital gains which has a lower tax rate.

>Cashing out

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>evading taxes

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Never cashing out
Society will either progress to amend these antiquated policies or become so authoritarian that crypto is necessary for the preservation of individual liberties
I’m leaning towards the latter as it’s already happening
And I’m not even factoring in things like ecological collapse and the disintegration of societal order
Don’t be afraid to speak up against these bullshit forms of oppression because of “muh IRS boogeyman.” Ideas aren’t illegal