IRS Sending Warning Letters to More Than 10,000 Cryptocurrency Holders

>Thanks for those records Mr. Coinbase
>Now Mr. user, I see here you deposited X amount of BTC and assorted crypto "assets" over the past year, mind telling me where those came from and why you didn't tell us about them sooner?

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i meant just buying eth and holding it on there like a brainlet

shouldn't you already know if you filed your taxes?

>The Coinbase customers whose information was turned over bought, sold, sent or received digital currency worth $20,000 or more between 2013 and 2015.

honestly how fucking stupid do you have to be to buy $20k of crypto on coinbase and think you wouldn't have to declare it

Between this and that other thread with the french coinbase user getting a convocation from the police about sending bitcoin donations to a right wing site, I am never using cuckbase again

Or you could just pay the taxes you owe

Nah coinbase is fucked
google "coinbase hacking team"

Could coinbase be avoided for those people? Or is it a centralized point and cant get be avoided?

Da fuq?!? Source???

there was a thread on Jow Forums today claiming it, that's the only source I know. Probably still up

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I HAVE NO FUCKING MONEY. IM DOWN 20% FROM MY INITIAL INVESTMENT IN 2018 WHAT THE FUCK DO THEY WANT ME TO DO?

Pay your taxes. If you bought any crypto you're taxed.

I MADE NO FUCKING PROFIT. DONT YOU UNDERSTAND??? WHERE AM I SUPPOSED TO GET THE FUCKING MONEY FROM????

HAHA OH NO OH NO

why is this so confusing for everyone? you are only taxed on NET GAINS. if you have a NET LOSS, you can declare a loss and deduct it from your income.

there is no such thing as a wealth tax the IRS doesn't take 10% of your net worth every year.

I MADE MONEY IN 2017 AND LOST MONEY IN 2018.

on a related note, what's the cheapest and most painless way to kill yourself? just wondering for a friend (me lol)

Carbon monoxide; rig your car exchaust up to a hose or tube through the cabin window. Get fucked up on pills, turn the Ignition on in a poorly ventilated area and take a nice, relaxing nap. Money won’t matter where we’re going.

I would just transfer them to money and say oops I lost it all on crypto poker. teehee :^P
>proofs?
lol i have traumatic amnesia from losing hundreds of thousands to millions in a day. woopsie!

Feels good being Europoor for once absolutely 0 (zero) tax.

Dont listen to him. Go search on wiki ways of suicide and see the most painless/easiest rakning.
Carbon monoxide is to unpredictable you could just become a vegetable.

>>Now Mr. user, I see here you deposited X amount of BTC and assorted crypto "assets" over the past year, mind telling me where those came from and why you didn't tell us about them sooner?
That's not how it works

This, I'm a CPA (audit to private though) thats reported all trade activity since the beginning (2017 return for me). Even got some nice deductions for the loss trades thru early 2018.
>tfw it was literally bitcoin.tax, maybe three or so tweak corrections, and then throwing it in H&R block software

You burgers that keep trying to hide from mistah taxman are going to bite yourself in the ass though

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you didn't make money unless you cashed out. you didn't cash out if you lost money in 2018

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>absolutely 0 (zero) tax.
smells like communism to me. why don't you contribute to good goy taxes? don't you want to see schlomo enjoy his icing on the cake on his private cruiser?

crypto to crypto trades are a taxable event
so he made money in 2017 trading
he owes taxes
he lost money in 2018
he still owes taxes

>tfw not amerimutt

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>Have literally never made a single cent from crypto, have ALWAYS sold at a loss
>Portfolio has NEVER been worth more than $300 total

You utter fools. Can't you see that every move I made in crypto was meticulously planned from the start? My genius financial maneuvers have allowed me to avoid paying any of your silly "taxes". You buffoons. You utter dullards. You have been completely, thoroughly outwitted and outplayed. Perhaps this little lesson will teach you not to mess around with a crypto mastermind like myself.

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Bro, report your 2017 gains, and then report your 2018 loss trades, and then pay any remainder or enjoy the loss carryforward for deductions in the future. If you gotta pay something and cant, go see a tax accountant and they'll help you out. Or literally just call the IRS and sit on hold for an hour or so. They can hook you up with some kind of payment plan so you dont have to get cucked out of your bags, and it can mean not having to pay taxes til you have some income possibly (though idk just what I heard).

Just make sure you go through bitcoin.tax if you dont hsve any records to upload your exchange info. And REPORT YOUR FREAKING TRADES

Absolutely basedpilled on another level

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>invest $500
>sell at $550
>pay $18 in tax
>still have $532
What is so hard about this? You'll feel good once you pay them. It's a massive burden off your shoulders

>tfw i signed up for binance using a [email protected] email

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Have fun cashing out a real amount

Dears this has been a baddest month for us investors sirs
>animation dead
>game valve dead
>crypto holders dead
What next dead dears???

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I lost money in crypto so I’m okay lol

Trimming armor!

the normies who just bought btc on goybase and held owe nothing while biztards who made 100 trades a day with binance shitcoins get raped

pretty funny

>TO READ THE FULL STORY
>SUBSCRIBE
>SIGN IN

How about neither

Swinglinkers btfo. Ouch.

>being burger
>owning crypto

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Hold the coins you sell for over a year and the tax rate is 0% if you made under 39k that year, plus the 7k automatic deductable

nerdwallet.com/blog/taxes/capital-gains-tax-rates/

SELL SELL SELL AAAAAAAAAAAAAAAAAAAAAAAAAAA
NO MR TAXMAN I DIDNT EVEN PROFIT AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

Did you have a net gain in 2017? Happened to me. Made a lot in 2017, lost about 50% in early 2018. Everything went into paying my taxes. Ended up with nothing, but a crazy experience. At least I paid my taxes though.

you still have to pay, you also pay taxes over a loss

Those mother fuckers. Fuck this system. They want to milk you for LITERALLY everything.

Next thing you know we have to pay a breathing tax and bootlickers will be okay with it. Fuck this government. They don't even do ANYTHING useful. No ubi. No universal healthcare. No subsidized schooling.

USELESS FUCKERS

Exactly. Where the fuck is this money even going to go? No taxation without representation.

Kek

it's going to the niggers and junkies that will then go on to complain about how cruel the world is

this makes sense

you don't pay taxes for holding

you must have swingtraded nonstop

>having to pay taxes for gambling wins
lol usa

Won't have to pay taxes if all you have is losses

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can you really have losses at this point in crypto?

Soon

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Well I can't use binance
Is coin metro good?

>thinking i ever cashed out

When I can pay for a house in UND is when I will cash out. Not before.