Wakey wakey coinfags

Paying crypto tax is easy, bitcoin.tax and even turbo tax now have all you need. It isn't hard.

When crypto bottoms out , people who lose over 100k will be carrying loses over for life

i rather not pay taxes on crypto. in my country it counts as currency and gains on currency exchange are only taxable if high frequency (withing a year) just have to hold crpyto for more than a year and no taxes.

Only if they sell or trade once it bottoms out

I paid taxes, had some big gains in 17-18. Peace of mind. There's also no statute of limitations if it's fraud, so enjoy living with uncle Sam's dick lurking around the corner at all times if you don't pay, at least if you're merican

What’s the point of getting into crypto when every time you cash out no matter the amount you have to pay income tax. At least with gold and silver you don’t have to pay tax if you made capital gains so long as it’s below $25k.

Ok so I put in 20k in sept 2017. It went up to 220k in January 2018. And then it crashed like a bitch back to 25k. Never paid tax. What to do. I bought in through coinbase but it was all transferred to bittrex and then bought a ton of Chainlink on myetherdelta and it’s sitting there to this day.

>At least with gold and silver you don’t have to pay tax if you made capital gains so long as it’s below $25k.
Wrong!

Gold and silver are even worse than crypto when it comes to taxation in the USA.
The long term capital tax rate for gold and silver is 28% because they're taxed as a collectible.

so you have to pay taxes even if you never sold ?

thank you. just payed taxes through both

muchas gracias senior

Ha! You didn't know about the bad goy tax? Maybe this will teach you to stick with fiat.

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>I put in 20k in sept 2017. It went up to 220k in January 2018. And then it crashed like a bitch back to 25k. Never paid tax.
That WOULD HAVE been ok.

>it was all transferred to bittrex and then bought a ton of Chainlink on myetherdelta
That's where you fucked up.
You realized gains when you traded one cryptocurrency for another cryptocurrency.
Time to collect records and get into compliance.

Come on how the fuck will they be able to follow it. What if I say I lost my fucking password. It’s still sitting on fordelta anyway hasn’t moved in 2 years or more so clearly I lost it.

They're transparent blockchains
IRS can just look at the bitcoin addresses that you withdrew bitcoins to from coinbase
They can see that they have been on the move ever since (because you traded them for other crypto)
You're only digging yourself a much larger hole by lying. That's called tax evasion and tax fraud.

Only 800 people in the entire country reported crypto on their taxes and the IRS is only going after the cucks who fell for the KYC meme, lmao.

>Mfw I was one of those 800
>Mfw it was to write off my losses

:)

I paid my taxes and filed extension on other things and I'm still worried even though I used software to calculate everything...

what? just because you're being prevented from evading taxes doesn't mean crypto is being under attack, lol this is completely normal

As far as I remember, you only pay taxes on what you cash out.

>multinationals avoiding tax
>i sleep
>bunch of shitcoin holders neeting it up
>REAL SHIT

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faggots like you are the reason we have to pay taxes on making money through the boomer conundrum.
go fuck yourself.

most of us poor fags will probably just get the 673 notification letter. the rest of you rich fags are in deep shit. your getting the "-A" letter for sure. You're getting audited lol.

Anytime you switch to a different asset it's a taxable event in the US. In other words, this is going to be a huge headache for anyone that KYC'd on an exchange like Coinbase.

Reminder to all that donating to charities of your choice is tax deductible for up to 60%. Better than giving your money to the shitheads in Washington.

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its taxable, but the IRS isn't going to audit a bunch of NEETS who lost everything in the crash. They're going to audit the guys who have $100k transactions to their bank accounts from coinbase.
Why would they target the tards holding erc20 bags who literally won't be able to pay them anything?

(((shitheads)))

Based and charitypilled

so each time you move XX.XX to coin X you have to pay x% of the amount moved in USD?
Yeah, if the IRS wants to come track me down for ~100, I'll just give them the cash on the spot so they leave me alone.

based and christianitypilled

the article said coinbase only gave account info from 2013 to 2015. So if we're after are we cool? I didnt get started until 2017

how we gotta pay taxes but da gubment don't recognize bitcorns as real currency?

how dey can tax me on crypta to crypta trades, but i aint even playin wit dey US dolla?

the amb 0.1 dust attack was to find out your addresses boys.
also
>sending letters
are we still in the fucking dark ages, hit me up on snapchat irs

you have to be delusional to believe this

Article said up to 10,000 letters will be sent. Coinbase says they have about 13million users

That's less than .1% of coimbase users alone

our POTUS, as much as I admire him, just had the audacity to claim something so stupid as bitcoin being backed by thin air.
i can't believe POTUS would betray user like this.

No, other people from 2017-2018 reported receiving the letter, so I don't think it's limited to those years.

but how many are chainlink holders?

I'm still desperately clinging to the narrative suggesting they're only going after the big players that were looking to hide their dirty money.
God I fucking hope that's the case.

Same thing for crypto, long term gains is 0% for under $35k plus the $7k deductible

No. You still have to pay your taxes. Failing to do so is a felony called tax evasion.

The 73 one means you're already being glownogged

>tfw there's only 10k people buying/selling crypto on goybase, rest is fake numbers

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Don't have to pay taxes if you're never selling.

when the fuck did the letters go out? i havent gotten one. what address would they use anyway, most recent? I never associated my ssn anyway bc i got in before they asked for verification and shit like that

This crossed my mind as well.

Apparently they will be going out until the end of August, or about 5 more weeks.

I'm not a mutt lmao

This is called the ‘so you think you’re too good to be a wagie?!’ Tax.

you little cocksuckers paying taxes on your crypto. fuck all of you! you are all the cancer that is going to kill crypto. Bitcoin never sent me a 1099, and they never will. maybe if you stupid fucking newfags used crypto for goods and services instead of pumping and dumping on exchanges, but alas, you have no idea why we started these networks.

>paying taxes on your crypto
AKA following the law

>used crypto for goods and services
Still taxable. Remember ,we follow the law.

>why we started these networks
Bitcoin and crypto wasn't created to break the law.

>being american
shiggy diggy

I'm a CPA who works in corporate tax. AMA.

from my cold dead hands :)

what part of unconfiscatable do you not understand?

boot lick activated

>The law doesn't have any specific mention of cryptocurrency
>Never been tested in court.
>No one has the cash available to pay up.
>Sending pathetic scare letters

Why do we fund the govt so much? Is it to drag people down that are trying to make it? Why not go after big businesses that are sending our jobs to China.

Believable in this gay faggot market

The people who work for the IRS tend to be losers who get off on screwing people over

>The law doesn't have any specific mention of cryptocurrency

irs.gov/pub/irs-drop/n-14-21.pdf specially mentions crpyocurrency

Don't want to pay taxes? Then don't cash out to fiat. Use cryptocurrency like it was meant to be used. Use decentralized exchanges, never associate your personal identity with your crypto addresses. If you already bent over and sent coinbase your ID then you already fucked up just pay the tax. Its literally an automated system that flags you, there is no way to get around it. Learn your lesson and use decentralized exchanges from now on. And most importantly don't cash out. Any time you cash out to a US bank is obviously the place they're going to catch you like they catch all other tax evaders trying to spend money without getting taxed. Anyone acting you can just say fuck it and not pay after cashing out 5+ figures is a poorfag. Just pay the tax and move on, learn your lesson and don't use fiat.

Same user

It's always astounding to me, that you don't know how it works, but you went ahead and did it anyway.

If you're in usa this is completely wrong

If not then gg im jelly

They don't want your crypto dumbass they want your fiat. And if you can't pay you get locked in a cage.

how are you supposed to keep track of everything when you go all in a coin that is mooning every couple of days. I'm already down 80% if I have to pay more that's everything gone.

Failing to pay is not a felony. It's a civil matter, and is treated like any other debt, in civil courts.

The vast majority of people who work at the IRS are accountants and bookkeepers, and you're just a fucking crybaby.

without a jury of your peers?...
>what is a constitution
You know, it's always a joy when FEDs hang out with us in these threads.
Are you getting scared, little guy? I don't blame you.

>I didn't receive one

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I paid my taxes, 40k GAINS in 2017(350k unrealized), losses in 2018. KEK

>the irs sent 10k letters to entirely fake accounts
>they just sit at the bottom of the dead letter bin at the post office

>Thinks the Constitution has anything to do with it
Not paying taxes isn't a criminal act, retard. Go look it up on the IRS site. "Muh jury of muh peers" in a civil court - do you even know the difference, room temp IQ? No, you don't.

"B-but, you're a fed because you know how tax laws works"
You couldn't be more childish, if you tried. Grow up, manlet.

PURPOSELY failing to pay is FELONY TAX EVASION and is a CRIMINAL MATTER.

NO ITS NOT, and typing in capitals doesn't make you right, sped.

Tax evasion is hiding income. Learn the difference, you fucking mongoloid.

"Hurrr derrr, i don't know shit about actual laws, whut, why do I get letter from IRS?"

Fucking spastics, lol.

pretty sure its a felony. Wesley Snipes did like 5 years for tax evasion.

That's because he refused to pay after he got caught.

Civil courts are meaningless. Any judicial decision must be made by a jury of your peers.
>but... i grew up here all of my life. i know i'm right!
Time to learn about the real world, big boy.
>But... but I know tax laws
And not history, apparently.

>muh what is the fourth amendment
>"[t]he right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."
>but wait muh tax laws
You're fucking retarded, boomer.

Nope it's in USA if you held what you're selling for over 1 year.

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

It looks like that doesn't apply to gold and silver but crypto is taxed as property not collectibles

>Tax evasion is hiding income.
You can't possibly think only income is subject to tax.

>Punishment for TAX INVASION, which includes NOT PAYING YOUR TAXES, can result in you spending up to five years in a federal prison.

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Yep, cryptocurrency is superior to precious metals in every possible way.

Evasion isn't not paying. It's really simple:

File return. You owe $1000.
You don't pay.

You cannot go to jail for that. Period.

The things that WILL get you put in jail, is hiding income, not filing (rare, most of the time they just file for you, and then get a judgement on what they think you owe, at which point you can file an amended return), or helping someone hide income.
Once a return is filed, you cannot be put in jail for not paying - but they will take you to a civil court, to get a judgement, and that opens up collections solutions, like liens and garnishments.

Snipes did 3 years on misdemeanor charges, one year for each year he refused to file, because he was trying that sovereign citizen shit, and the judge got tired of his shit. That whole case is so far from how a normal citizen would be treated, it's not even worth bringing up in this context - but the important thing to note is he was NOT convicted of felonies in that case.
Not paying your taxes is not a felony, nor is not filing. The point felonies become a thing is when you're committing purposeful fraud.

Oh, look, foamer has more to be wrong about, lol

>You cannot go to jail for that. Period.

>what are liens
>what is wage garnishment

They're still gonna wreck your shit. With interest.

>TAX INVASION
Sure, Jan

>wait, the IRS keeping logs of all of our transactions, keeping personal files on all of us, and then executing debt retrieval was illegal all along?!
You can't possibly be this new, can you?

Yes, they will wreck your shit, which is why playing games is fucking dumb. I don't love paying taxes, but as a US citizen I have to, or I have a massive, stupid headache to deal with.

LOL. You're adorably ignorant. Keep foaming, the entertainment is the only value.