Crypto transactions are taxable events

I don't know anything about protonmail, other than it is an email client that supports end to end encryption. But whatever language the client is written in has no impact on the software's security. The web app is probably built with "open source" code too, as is almost all software. It would be a complete waste of time to invent their own crypto of using open source implementations of industry standard crypto that is much more secure.

I'd imagine proton mail's transit of emails to be unhackable, but depending on how the client stores decrypted messages on disk, that may be exposed. Ideally it would store no decryped information on disk, but it will have to store it in memory so it can display it to you, which can be hacked buy only by root processes on the same machine. Whether you use a desktop app or browser app wouldn't change any of this.

This. Protonmail for the win, google is going too far

If the value of your crypto appreciates, and you trade it to another kind of crypto, that is a barter transaction legally equivalent to selling and then buying in USD at market value. If you would realize a gain in the selling step, then this is a capital gain for tax purposes. If you fail to report it and pay your taxes on it that year, it's tax fraud. If you make an honest mistake by leaving it off, and then learn the truth and don't report your error so you can pay what you owe from previous tax years, then it becomes willful tax fraud which is likely to be punished with prison time.

Note that capital losses are generally only deductable from capital gains when they occur within the same investment class (long-term vs. short-term) and in the same tax year. If you buy bitcoin for $1 years ago, then trade it at $1001 for dogecoin, which collapses so you trade it back for $1 of bitcoin, you owe taxes on $1000 of long-term capital gain, and you can't deduct your $1000 of short-term capital loss.

Lol the IRS doesn't have near enough resources for this I call bull

they wouldve done it already if they could

Had all my keys on a memory stick. Lost it in a boating accident. Shame.

Fuck. Hope the fuck not. Might just go through and delete all my fucking mail I guess.

You can't delete your mail. Google and probably every other mail provider keeps all of your mail on their servers even if you delete it.

>thinking you’re actually deleting emails from their server and that backups have not been collected and archived in your personal NSA folder

holy fuck the absolute state of Jow Forums. off yourself

All they need are your addresses where the coins are, and if they ever move the put you into prison

>holy fuck the absolute state of Jow Forums. off yourself

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The more you try to hide it, the more evidence there will be that you committed willful tax fraud.

>capital gains taxes are perpetual
>capital losses have to fit into this narrowly defined category to be applicable
The system is totally bullshit. On a more practical note, even if this is legally correct, it's such a non-issue to the vast majority of crypto "investors" who were late arrivals that mostly got completely wrecked over the past two years in absolute USD terms. This entire taxable event issue seems like it would be a problem for only a vanishingly small amount of early adopters that made a great profit and cashed out through places like Coinbase. You'd be an absolute fool to pay real money to the IRS for realized gains on these fucking shitcoins that could vanish next week or next month.

>But whatever language the client is written in has no impact on the software's security.
in theory. it does in practice. you are wrong.

How the fuck do I report buying ETH and then immediately trading it for LINK 15-30 minutes later? This used to be the only way to get LINK, you had to buy ETH on one exchange that had a FIAT onramp, then send the ETH to another exchange that had LINK, then buy LINK on that exchange using the ETH.

There's no profit here, do I still have to report it? If anything I'm taking a loss because the price of ETH hardly changes within a 15 minute period and the transactions fees I have to pay would be higher than any 15 minute positive price influx it may have gotten. It could also be a 15 minute negative price influx combining with those fees.

10x your crypto with moon3d. bonus schemes awaits

Careful. Binance will ask you for those emails if you ever need to recover or prove account ownership for any reason.

So if one of my fake internet monies goes up in value and I trade it for different fake internet monies, the gain (that was never turned into real money), is taxable? What if I cash out late and never get to realize my "gain"? You can't tax fake internet money the same as real money.

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Uh oh

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The capital gain isn't the sale value of the thing you trade away, it's the difference between the price you paid for it, and the sale value when you trade it.

Keep a record of all of your trades, and note the market price at the time of the trades. If you can't figure out your taxes yourself, take it to an accountant.

yes - must calculate and report
use cointracking.info

yes they can

>Implying I ever made any profit

IRS BTFO

>We do not accept Itchy and Scratchy dollars
>Also, buying and selling itchy and scratchy dollars is taxable

If nothing else report All profit in USD. Cash out every December and pay the tax on all profits.

You start with $1000 and cash out 10k in dec. so you tell them you have a profits of 9k. And you pay your tax.

That's wasteful, if you don't hold for at least a year you can't get the cheaper long term capital gains tax that starts at like 15% instead of the personal income tax rate which is like 30-50% depending on how much you make.

I'm a hodler myself so I just have a spreadsheet with the date and amount of all my purchases and I have a sale plan in place once we get a couple extra zeros on the BTC/USD rate. Then I'm going to hire a tax accountant, sell a certain amount of my holdings, pay the taxes, and be done with it all at once. You can get tax accountants to assume liability for these kinds of things if they make any mistakes.

Then I'm going to put $2M in the stock market with a target annual return of 5% so I can have a decent middle class income for free the rest of my life, and be an investorNEET. If anybody knows how I can hide/protect my money from a gf or spouse please let me know I don't want to get divorce raped even more than I don't want to be taxed.

>Then I'm going to put $2M in the stock market with a target annual return of 5%
Exact same goal here, I'm targeting 4% though. Anyone with $2M in crypto officially has fuck you money and is a reckless shitfuck if they're not cashing out the majority at that point.

You dont have to report anything until you cash out. Just keep track of your trades. You arent realizing any capital gains until the money hits your bank account.

Has anyone made a Taxed.com head holding meme yet?

This is good advice

>hodler
Please leave and or kys redditfag.

>I'm going to put $2M in the stock market with a target annual return of 5% so I can have a decent middle class income for free the rest of my life
For most of the 20th century, putting money in the stock market was just gambling. It was only toward the end that government decided to meddle in it, make it consistently profitable, and have everyone put their retirement savings in what should be understood as a risky option. Shortly into the 21st century, it all would have fallen apart, but for a multi-trillion-dollar bailout.

That shit can't last. Publicly traded companies are acting as retarded as Soviet subcommittees, leaning hard on the government thinking it'll be judged on economic policy by whether stocks go up or down. Something has to give, and there's a good chance that within the next decade or two, most of those investments crash.

>crash

That would hurt boomer investments, and we can't have that.

Hyperinflation is the answer baby. Own boomer assets and benefit from boomer pension bailouts.

>sheep fluoride branes getting spooked this easily

make sure to pay extra taxes, just in case hehe

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Deleting emails on your local client is meaningless. Do you really think you can scrub information that gets sent over the web?

imagine buying crypto in the current year

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Boomers are already dying off, and that's going to accelerate quickly. The oldest boomers are 73 years old. The youngest are 55.

You think you're going to coast the rest of your life on political pressure from people who are, on average, already in their mid-60s? Their political influence isn't going to last until they're all dead. Their numbers are falling, and they're retiring from positions of influence.

>silver is a good investment
with asteroid mining becoming a reality soon, there is a potentially endless supply of silver.
kys boomer faggot, silver is fucking worthless garbage

go asteroid mine some silver then faggot ill be here waiting

You do know the government has literally been wiretapping EVERYONE for at minimum the past 18 years? Lmao

Just say you lost the private keys. They can't prove you have the crypto. Then when you want to sell you suddenly have the keys and pay zero taxes because you reacquired the asset.

you asteroid faggots are mentally weaker than trannies

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This

The Jews need a few dollars, goys! We hope you understand.