I started Hodling during 2017 didn’t do too much trades and hodled through the crash, never cashed out.
Barely touched crypto at all in 2018.
Never included the fact that I dabble in cryptocurrency in my tax reports since I thought I can just pay my taxes when I cash out
Then my CPA friend told me crypto to crypto is not a meme. Now it’s 2019 and I don’t even know where to start. Am I fucked o Bizraelites? I need your wisdom.
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Enjoy prison (not joking, you're fucking dead kid).
How much is it in USD?
Enough that when i cash out IRS is gonna wanna piece of the pie.
I’m willing to pay the tax but I can’t let them have everything.
Who cares there will be a ton of redit cucks who report every trade and have the IRS resources exhausted for the next ten years
dude if you pay taxes on crypto
you're a moron reddit cuck. find a way around it.
>paying tax on exchanging magic internet monies for a different magic internet monies
Just don’t report it lol
Or distribute amongst different wallets and have your funnel it through friends:family. Pay them $10 if needed.
come to mexico to trade shitcoins next time lol
Transfer everything to XMR and delete all old exchange accounts.
If you need to withdraw form overseas corp in country with few reporting laws (Malta/Caymans) if large amounts or buy easily saleable assets (gold/silver) for crypto directly online.
Won't they know who you are if you have it delivered? Previous metal dealers have strong KYCs and BSA
OH SAY CAN YOU S(R)EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
Establish housing and residence in Puerto Rico. No tax on crypto there.
Did you do nothing but trade crypto for crypto on a fucking centralized exchange like a retard?
Are you suggesting he should've used decentralized places like idex? or p2p whatever it's called. I'm also curious.
I'm afraid that if you do this they will just want you to prove where the money came from since it would be suspicious that you would just randomly find yourself with like $2 million of XMR and then cashed out. Is that not the case?
This. What the fuck are you doing even thinking about it.
I think you're right. You can't just plead the fifth and get away scot-free. Another way is needed
this is actually best legal advice for future trading. Won't help you from past trades though.
Yes, you fucking retard.
theoreticallly if i cashed out 1mil and paid all taxes due including crypto to crypto how much would i have left?
lol if you think this will save you.
>kndrck.co
what you want is a mixer. literally just launched on test net. days away from seeing SNARK implementation on main net
long term hold (over 12 months) $850,000
isnt that only 1y+ calculating capital gains tax and not crypto to crypto as well?
If you held for a year 15% USD value is taxable (the gov doesnt calculate satoshis). If less than a year its 25% the USD value. If i make a trade today and another next week c2c and the value gained 100 dollars during that trade than i pay 25. lets say coin B tanks and i lose everything, i can write off 100 leaving a net of -75 (once i sell)
Is it only for eth?
thats actually not that bad for non swing traders, but they need to fix the fucking regulations c2c tax is stupid
there are other mixers out there but you have to trust a third party. yes this is for eth and the first smart contract one ive seen
And then get scammed by the mixer, no thanks. It doesn't even solve the problem that eventually, if you want to cash out, you will have to declare where the money came from
If you really believe in crypto for crypto is a taxable event then i pretty much hope you are doing your taxes and crafting your WoW armors as well. Because creating a Lich armor with 120 Thorium bars, 25 dragons scales and 75 turtle shells would also be a taxable event by that logic.
>Am I fucked o Bizraelites? I need your wisdom.
No. Hire your CPA friend, ask him to recommend someone he trusts or use a relatives accountant to figure out a strategy.
Go to a professional and have your mind put at ease user before it bites you back in the future. Do it before the law really catches in a couple of years.
>Am I fucked o Bizraelites?
Yea, you are, you were born into the shitest English speaking nation. Renounce its the only way you will have freedom.
The question is what happens if i can't prove where the money came from?
I'll probably leave the country for 1-2 years to cash out in a no-tax country once i made it. Doesn't work for burger fags though.
Here in the UK I just sell and deposit straight into my bank account kek, still heard nothing yet
Token Taxonomy Act, user.
>Currently pending in the House
>Boomers finally letting GenXers write crypto laws.
>At the committee level in two different committees
>Second version of the bill
>Specifically classifies most crypto as a commodity. FTC has regulatory oversight, not SEC.
>Imposes IRS 1031 Like-Kind exchange status to crypto trades
That is the big one. If the Token Taxonomy Act were to pass; you'd only pay the applicable capital gains rate when you cash out to fiat. Trade back and forth between BTC and Alts all you want, and it's not taxed until you cash out.
Even better, this has a retroactive effective date of Jan 1, 2017. So, if you haven't paid taxes, you're not fucked. You wouldn't owe them, except if you cased out. If you did pay them, you're due a refund.
>Call your congressman. Tell him to vote for the Token Taxonomy Act.
>It's the most bullish move for crypto Congress can make.
americans live in a big jew prison.
there is no crypto tax. you don't even go to jail if you don't pay your taxes.
+in my country.
They have bots that go through 1099's they compare it to repostings from the American exchanges. This is why Coinbase and others kept telling their users ro make sure you pay your taxes.