im hearing you cant prove the source of funds? Better bend over because the tax man is taking it all then.
Jeremiah Watson
I hate this world, fuck everyone for making it so complicated to live in peace
FUCK EVERYTHING
FUCK
Dominic Nguyen
i cash out money for you bro, in my country we do not need pay taxes for crypto
Jonathan Nguyen
i can*
Carson Anderson
>start a freelance business >have your “client” pay you daily >pay taxes on freelance income.
James Perry
I don't even want to cash out. The government wants to tax the trades I already made in the past. I never cashed out a cent and yet I owe taxes.
FUCK THIS WORLD
John Thomas
How much do you owe lmao
Jaxon Hernandez
how do they know you trade in crypto? did you cash out before?
William Watson
where are you from and how do the government even know about your trades? If they don't already know then DONT FUCKING TELL THEM
Aiden Price
This is what it means to be conquered. Thank the boomers who sold it all.
Juan Hill
I don't even know how much I owe. I haven't kept track of my trades
I never cashed out before. However, the government has started auditing people who invested in crypto. Obviously I bought using money from my bank account so it's not impossible that I'll get audited at some point
Canada They don't already know but I feel like I'm gonna get fucked if I wait until they figure out I have made crypto to crypto trades
Nolan Smith
The gubmint does not have the power to go after every delinquent crypto trader, despite what they may claim I wouldn’t worry too much unless you plan on cashing out a large sum
Daniel Cooper
I'm in same boat man what do we do
Jason Gonzalez
I don't want to ever cash out to fiat, only stable coins. But if I get audited and owe taxes i'll have to pay interest for being late and not reporting it, I may have to pay an absurd amount or go to jail if I refuse.
I just wanted a shot at a wageslave free life.
Why is it so fucking complicated
Isaiah Bailey
are you retarded OP? Never pay crypto taxes unless they force you to, if you can't calculate what you owe, neither can they.
Nathan Nguyen
which street do you shit in?
Nolan Sanchez
So should I just get all my bank statements showing deposits, download the csv files if my trading and deposit/withdrawal history on my exchanges, and take screenshots too? Should I be ok if I do all that every once in a while?
Easton Cook
Use a VPN and buy Monero?
Carter Stewart
McAfee confirmed
Gavin Baker
Just launder your coins.
Dominic Taylor
They will invariably ask where that money went all of a sudden. I don't know where you anons live but here tax evasion is a crime that can put you in jail. I don't want to take the risk of going to fucking jail, I would for sure kill myself this time
Ayden Peterson
They can't calculate what I owe but they can surely know what my wallet is and see the balance (bank -> exchange -> buy eth -> send to eth wallet). Then I'm sure they'll want a cut or all of it and if I refuse throw me in jail
Chase Bennett
does someone unironically know what to do about this. seems if you have cuckbase transaction on your bank account you are just on a damn list for audit or am I missing something
Mason Sanchez
Other Canadian here. You calculate the trade to trade changes when you cash out you fucking mongoloid.
James Russell
Bro just relax. If you’ve used foreign exchanges like Binance the chances are slim to zero that they will be able to get your trading history. Also check out this website if you want actual legal advice: bitcoin.tax/cpa
Kayden Walker
I didn't get audited as a cuckbase user.
Landon Butler
say it got hacked and you're now suicidal and need help and claim neetbucks
Noah Hall
meant for you
Josiah Sanders
This might be the way to do it.
"Technology Consultant" where I am paid a daily income from when I cash out of my linkies
Count living expenses as a "cost of living", and use it to deduct from my total profit
Angel Roberts
I report my cuckbase transactions.
Josiah Rogers
What if I never cash out to fiat? Only stablecoins e.g. DAI, then I never pay taxes?
I used binance but I first needed to go through a canadian exchange to buy ETH. Thanks for the link
If they can figure out my wallet (which I'm sure they can) that won't work
Jayden Stewart
Meant count living expenses as a "cost of business"
Zachary Nguyen
You know I bet crypto tax consulting is going to be a great business to get into.
Henry Jackson
>I can't get the full history of trades I made even if I wanted to, bunch of exchanges I used don't exist anymore The IRS will have a hard time auditing you, then. Cash out what you need to if you're forced to, but otherwise keep it in the market. Remember that losses get written off.
Connor Edwards
>I can't get the full history of trades I made even if I wanted to, bunch of exchanges I used don't exist anymore. Do the IRS have backups? How would they know?
Anthony Long
yeah not YET. that's the problem, it could just suddenly happen and boom, you're paying years of backtaxes, penalties, and interest. WTF are you supposed to do if you are in OP's position
Hunter Anderson
I'm not sure how it is over there, but typically you only pay tax on profits, and take a deductible on losses. So math up what you started with, math what you ended up with, and pay tax on the profits.
In my country you pay when you go to fiat, so it's not too bad.
Easton Adams
Worst case is you get nailed with 0 adjusted cost basis on long term gains. If you can prove that the coins have been sitting in your wallets for more than a year then you should be able to work something out where you pay short term gains.
The difference should be getting taxed again on your initial.
Nicholas Long
>havent cashed out >taxed for holding You have to be lying.
Samuel Harris
That's fine by me that they won't know but then I'm afraid of the taxman asking how I made profits if I can't explain because I don't have all the trade history. If they consider it 'unclean' then what happens?
Nathaniel Bennett
I know this feel OP. Played 102k in taxes in 2018 lel. Thankfully the IRS is pretty incompetent.
Jacob Reed
Talk to me in 10 years when this becomes the same thing as pirating movies
Brayden Lewis
He is retarded underage. Let him be.
Charles Torres
>I don't actually know how it works, but here's some advice that could land you in jail or bankruptcy
Landon Baker
>You have to be lying.
I wish for fuck sake: >Generally, when you dispose of one type of >cryptocurrency to acquire another >cryptocurrency, the barter transaction rules >apply. You have to convert the value of the >cryptocurrency you received into Canadian >dollars. This transaction is considered a >disposition and you have to report it on your >income tax return. Report the resulting gain or >loss as either business income (or loss) or a >capital gain (or loss).
>If they consider it 'unclean' then what happens? Nothing, unless you're actually earning it through drug trafficking or other illicit means. You just pay your taxes on it, and then the tax man moves on along.
Luis Price
That's fine then
Am I an idiot who doesn't understand English? Doesn't this mean I owe taxes even if I didn't cash out fiat?
Bentley Young
If you (eventually) have a large amount to cash out, why not just pay some crypto tax attorney to try to figure out how best to navigate the waters?
better off moving countries and never returning home and cashing out, wageslave abroad in like Germany or Portugal or Netherlands till u get citizenship and cash it out
Jace Carter
I probably made about 20,000 trades last year between like 10 diff exchanges. No fucking way I could calculate that. Just do it by how much you put in and then how much you cashed out. Keep it simple and pay that amount; it will be close to the correct number anyway.
Cameron Lee
because the jews don't want you to retire at such a young age, that's why, the bankers and goverment faggots hate every sinlgle one of us who don't want to conform to their (((system))) where they print money from themselves while taking away from us in taxes. They want you to wageslave to support this already collapsing ponzi called world economy, add the fact that you're probably a millenial so they double hate you for that fact alone. Boomers hate us with passion even though we haven't done anything bad to them.
Adrian Allen
Yeah as long as its somewhat accurate you're fine, if you made like 50'000 and wanna cash it out pay roughly like 33% in tax if you wanna be safe as long as you're paying something you'll be fine
Joshua Butler
Fair market value is a ridiculous concept since crypto prices are inherently volatile.
Do you understand what I'm saying?
Grayson Collins
This sounds good in theory, but a withdrawal to the bank of that size would likely lock your account and what do you show them to adhere to AML and shit?
David Young
>bunch of exchanges I used don't exist anymore Please read what you just wrote and think about it.
Jordan Bell
How much tax do you guys have to pay on crypto gains? I think it's 33% for me.
Lincoln Gomez
Open an account in a crypto friendly bank.
Josiah Brown
Avoid taxes buy getting your crypto free! You can use my link for $5k worth of VTC valsto.org/invite/3AW14rKySW
Gavin Long
Seriously considering it
That's what I want to do, but that's not how tax law works. I provided a link to the rules (each trade is a barter transaction that needs to be claimed at time of tax declaration).
Also I see a loophole with only paying tax when cashing out, what if you just use your crypto directly to pay goods and services? Then you would never pay taxes since you didn't cash out to fiat. Seems like the crypto to crypto tax rule is there to make sure the tax man gets his cut no matter what
Lincoln Moore
I think you will be fine user. I get what you're saying but govt is mostly inept so you will probably be fine just reciting your big tax events across exchanges, and if you've gotta pay more later then so be it.
But honestly your situation is not at all uncommon, so I'd be willing to bet an experienced crypto tax attorney/expert would have a lot of knowledge on how to best proceed.
Best of luck, and if you've already made it congrats.
Joshua Phillips
I live in ireland and its the same crypto to crypto tax but this country is igh anyway so once chainlink hits 50-100$ and I finish my degree next year im moving and never looking back fuck this extortion
Connor Rodriguez
crypto friendly, sure but its still about anti money laundering etc? there will be more than one hurdle in the future.. exchanges need to know where the funds came from then the bank then the taxman
Leo Ward
Thanks user, feeling a bit less anxious now
Lucas Hughes
Hey, I'm from Ireland too. How exactly is crypto taxed here? Is it just capital gains tax that is applied?
Jack Stewart
go talk to a tax attorney, no one here knows shit to really help you in a meaningful way, do it even just for your mental health alone.
I've heard about stories that people who didn't have records got their shit sorted out but you probably want someone like a tax attorney to handhold you through this process.
Like some user said, banks would probably freeze your account
the problem with crypto is that it's a bearer instrument and there is no KYC for wallets or most echanges, so the bank or IRS could blame you for trying to launder some dirty money. Your initial fiat deposit to an exchange will surely serve as some sort of proof that at least you've been involved in crypto and didn't just buy btc on local bitcoins with drug money or something but like I said, you will need a tax attorney, I have my shit sorted out with all transactions and taxes and I'm not even thinking about cashing out anything without consulting with a tax attorney first.
Remember, crypto is still a grey area and boomers hate young people making money so they will most likely try to label you as a criminal who wants to launder dirty money even if you're willin to overpay all the taxes
Al capone went to jail not because of the crimes but because he didn't (couldn't) pay taxes on his dirty money
Nathan Roberts
Well, your country is full of *them*.
You been played, renunce and move to another country, america is dying anyway.
William Hughes
Sales tax is tax too. Roll it into Roth IRA to maybe avoid capital gains.
Jack Ward
Why do you think fiat exchanges have heavy KYC?
Blake Baker
>paying taxes
bruh just get residency in a crypto tax haven like panama and cash out there. just make sure you're not an american though KEK
>Al capone Mentioning these dust particles to al Capone in relations to tax evasion and imprisonment. Kys jesus fuck
Sebastian Hughes
I will do that, thanks for the advice!
Perhaps if I can't sort things out. Thankfully I'm not american
Cooper Richardson
They said crypto to crypto with 33% capital gains (Like the US) but as long as its accurate enough they're not too bothered but same time 33% sucks ass compared to other places in europe
So if I was employed abroad for a year, could I just pay the tax on it there instead?
Connor Brown
I'd say give it 3 years and keep it in stablecoins after you held long term for 1 year so you can cash out 0 tax in many places in europe of your choosing, by the time you come back I'd say you should be fine after that amount of time sure apple and other coorporations never pay tax here lmao
Carson Walker
If we all don't pay they will be overran by paperwork so just hodl off on taxes fren
William Peterson
Hey retard, if you can’t even get your trade history, what makes you think the IRS can? Crypto to crypto is a meme. Pay your taxes, but don’t include every .50 cent gain/loss trade you ever made if you don’t fucking want to. Nobody cares
Jaxson Price
depends... you have to look at the laws. some countries don't care whether you're currently a resident elsewhere, if you earned those gains while you were a resident of your home country you theoretically have to pay them to your home country. but if you aren't stupid, it's kind of hard for them to track this. especially if you're smart and don't go on a massive spending spree immediately. "technically" it's illegal and you're taking a risk but i really doubt anyone will ask questions if you do it smartly.
Logan Cooper
Anyone know if theres crypto to crypto tax in the UK
Josiah Foster
Yes and payments are due every quarter
Carson Wood
great thing about panama is it's super easy to get residency status (compared to other havens) and once you get it, you don't even have to live there much. definitely would recommend it, i'm thinking of it once i plan on cashing out some of my link gains.
Levi Edwards
They're not going to bother
Camden Morgan
CGT tax rules apply. You should calculate tax on every trade, and report your income as part of an annual tax return. If it's less than £11.4k profit annually your fine. Anything above that is 20% tax.
Samuel Mitchell
depends... if OP cashes out a massive sum and starts spending lavishly, there's a good chance they take the time to check his stuff out.
Chase Powell
Cheers lads
What countries have the most favourable laws for this type of shit?
Blake Clark
I think this is the most real post ever made on this website. I wish people on Normiebook had this much awareness. We are not a free people.
Yeah that's a given. If OP is playing with the kind of money that the tax man is interested in, he has the kind of money to pay for a tax lawyer. Sub 50k is chicken shit.
James Smith
I only paid 15% on over 100k gains.
Angel Green
Portugal and Germany are both 0 tax after 1 year and Netherlands is like 2% or something negligble on what you put in and take out so not crypto to crypto, they're probably 3 comfiest Portugal if u wanna live in the sun, Germany/Netherlands if you're a STEM head (graduating with pharmaceutical degree next year jobs are €60k over there compared to €40 at home so all works out and industry is solid there)
depends, you have a number of options if you're in the EU like portugal and germany i believe. don't quote me on that though since i'm not from the EU and don't know how the laws work exactly. panama is the probably one of the easiest options for non eu people.
James Young
But it only counts as income when converted to fiat?
Jackson Ward
Good info thanks
But what if you never cash out to fiat? At which point do you pay tax?
Hudson Walker
I wonder what documents you provide for tax department. They won't accept your screenshots, will they? And there is no way any crypto exchange will send you paper documents about your trades.
Christian Reed
You'd likely end up in prison if they manage to sort it out
Samuel Allen
Taxes are a meme Stop being scared This is the oldest fud in the book
Grayson Cruz
What if, theoretically, I was super autistic and lacked the awareness to do pay tax?
Cameron Myers
Yeah download csv file from an exchange and screenshot from your account is all they need, just proves you actually traded what you said and didn't get it from illegal activities , there's a sites where you can just upload csv file too and it'll automatically calculate the tax for you