Every time you sold coin in 2017, you need to enter a line on this form.
You have until April 15 to complete this task.
Here is the form US citizens will need to calculate their 2017 crypto tax due
Carson Campbell
Other urls found in this thread:
Henry Turner
1. I didn't cash out
2. My "investments" are going to be worth 0 soon anyway lol
Luke Nguyen
Done.
1,050 pages. Thank you arbitrage bot!
Zachary Young
that's why you use cointracking you fucking idiots
Tyler Roberts
It's not if you cashed out. It's if you made a trade. You have to pay taxes on the value converted to dollars on every crypto to crypto trade. So even if your investment goes to 0 this year, you might still owe money for last year.
Jaxon Martin
already done. my question is do I need to attach a separate form proving my buy in prices?
Alexander Cook
jokes on you, I already did it. plus for this year to date. just gotta organize all my paperwork and file. over 100 of those babies. still not sure if i want to print everything out and send a whole box, print it out as a spreadsheet (still over 20 pages + lots of other forms), or e-file.
Don't forget guys, if you have sick gains from last year, you've gotta track all your losses this year to avoid having to pay an extra 25% in quarterly taxes (also by april 17th).
Jace Wood
>1. I didn't cash out
It doesn't matter if you left cash in your exchange or bought more coins. You still have taxable gains/losses for 2017.
>2. My "investments" are going to be worth 0 soon anyway lol
If your exchange reports your sales to IRS, the IRS will assume you paid zero for them (since you didn't provide 8949) and send you a letter saying you owe them money. It's not the IRS's job to match up your buys and sells (i.e. basis and proceeds).
Nolan Allen
no you dont faggot
saged and hidden
Isaac Fisher
Yes you do you stupid piece of shit. Everyone knows this by now.
Gabriel Jones
Ive never paid shit and I never will you faggot 3rd party agency
come to my house and make me pay
Connor Price
>paying tax
>not just waiting until you make it and flying to Asia forever with a privkey full of loot
Ian Peterson
I'm literally on my way. Fucking faggot.
Jace Garcia
>didn't cash out
funny that most europeans are more familiar to us tax laws than you mutts
your taxes in the land of the fucking free is paid annually, which means every trade, gain or loss, that you've made in 2017 has to be reported, otherwise you are literally fucking yourself over
here's a good example
>user makes 500k in 2017
>user is a retarded and decides to hodl till 2018
>user should have paid tax on the 500k he made in 2017, lets say he has to pay 40%
>user owes 200k in tax for 2017
>turns out 2018 was horrible for crypto and now user's investment is worth 50k
>user however still owes 200k in tax for 2017, but only has shitty 50k now
>user gets a massive tax debt
Matthew Ward
I’m not doing the quarterly shit. I think I’m in a small minority filing all my trades in the first place. I’ll file this years shit by next years due date.
Logan Wright
>all trading accounts unverified
Never gonna pay taxes on crypto-crypto
The day I will decide to cash out for fiat I'll jus do it in a crypto friendly country
all you faggots who traded with fiat pairs or verified your accounts on shittrex etc get fucked lmao
pay dem taxes on some magic tokens, Ahmed and Jamal don't care if you have to sell your car in order to do so
Henry Smith
I agree with you philosophically. however this isn’t how it works and if you do this legally you’ll be fleeing the country not simply moving away. Good luck.
Andrew Powell
enjoy your ban you pathetic faggot
nobodies paying shit, nobody is being asked to pay shit
crypto isnt taxable from 2017, maybe you would know that if you were actually american and not an agency shill
Grayson Harris
Who gives a shit if you flee the country they won't even know you had any crypto in the first place, just cash it out in a crypto friendly country and ez.
Robert Hall
the government won't even know I owe any taxes, I only bought with fiat, never traded anything on verified exchanges
what are they gonna do? close the borders and check everyone leaving with a lie detector lmao
Jaxon Green
I never understood what's with the influx of tax cucks. I remember back when people fucking hated taxes, now suddenly every faggot has some sort of pride in paying taxes like a shcmuck
Julian Butler
Based
this user will make it, see you somewhere out there in the future!
Cucks with verified accounts on suicide watch
Grayson Smith
misery loves company user
they paid like the good goys that they are, compromising their portfolios and future gains BIGLY and want others to do the same, nothing else
Jacob Carter
Just write a check for 40% of your ATH and make it out to Israel.
Chase Martinez
>nobody is being asked to pay their tax
>crypto isn't taxable
Easton King
Capital gains are only taxed when they're realized, retards.
Wyatt Ramirez
>crypto isnt taxable from 2017,
Get a load of this retarded faggot LMAO
Noah Gonzalez
thats right dumbass, its not
Carson Stewart
>murican
>have to report income to murica even if live and work abroad, only way to pass is to resign citizenship
>fucked by insurance industry
>fucked by education bubble and forced to take ridiculous debts
>have to report fucking shitcoins :D
>get shot at school
>police might shoot you anytime
what next
Kayden Hall
yes when you cash out, but you still have to pay capital tax on your annual gain / loss
otherwise everyone would just keep their money in stocks forever
brainlet
Levi Kelly
not according to irs guidelines that have been out since 2014. Gee I hope they don’t figure out how to use ethplorer in the next 7 years. I hope you’ve been using a tumbler user.
Nathaniel Watson
They are realized when you trade between currencies.
Levi Wilson
Tax preparer here. You only report the final gains on your taxes, this would be for personal use.
Ryan Kelly
>paying taxes
>not being an euro in 2k+18
Jacob Howard
The law is for 2018 faggot
It's a like kind trade form for 2017
Leo Nelson
>yes when you cash out, but you still have to pay capital tax on your annual gain / loss
>otherwise everyone would just keep their money in stocks forever
You don't pay taxes on stocks just because they went up, that is called an unrealized gain. You aren't taxed on crypto if you don't trade or sell. But once you trade on currency for another that is the same as selling, you need to pay taxes on the profit.
Kevin Gonzalez
Asplain this to me though:
You buy a coin in 2017 (let's even say you don't trade or cash out)
The coin goes up to 19k or whatever on the last day of the year.
You then have to pay short term capital gains taxes on it, based on it's worth, right at that exact moment.
If this is all true, how is it literally at all possible to get long term capital gains applied????
Since even if you keep holding, you still have to cash out some and pay taxes??????
Charles Fisher
You kid, but I ended up with over 250k transactions. I hope the IRS has a good pdf converter.
Chase Kelly
irs.gov
>If the fair market value of PROPERTY RECIEVED IN EXCHANGE for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain. The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency.
>For federal tax purposes, virtual currency is treated as PROPERTY. General tax principles applicable to property transactions APPLY TO TRANSACTIONS using virtual currency
>For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied.
Ur done, son. Also like-kind doesn't apply and never applied.
Adrian Wood
gains on "convertible virtual currencies" , which obviously includes bitcoin but does not obviously include shitcoins which only have markets in btc
Eli Anderson
I'm all set with 2017 taxes, but my tax accountant says I have to make quarterly payments this year as well. Since crypto is fucked atm, I'd rather not. What's the worst that could happen if I don't make these payments? I'm fine with paying some interest next year if the market recovers.
Jack Morales
if you bought and didn't trade there's nothing for you to fill out until you cash out at your long term cap gains point
Thomas Allen
>Whole thread literally proves you wrong
>Not setting up an AIF offshore to trade
Lmao stay fucking poor.
Adam Foster
soon you'll have to pay monthly all your gains, leveraged 100x just to you know, (((fuel the economy)))
be a good citizen and pay, don't try to scam those poor souls on welfare!
Nathan Turner
Checked
Hmmm thinky thinky
Do you really have to provide any proof of these buys/sells or can you just write them down and have the IRS trust you unless they call your bluff?
I would be happy to just say I bought some of X coin and took it out at the exact price that I cashed out at, just to make everything easier.
Oliver Hill
>be a member of the race responsible for everything good in the world
>watch it all twisted beyond recognition
>daughter fucking a different species
Evan Perry
I'm aware, land of the free my ass. I also wagecuck and I'm so sick of paying for everyone else. The roads and schools around me are shit, where the fuck is my money going?
Ayden Wright
You don't have to.
I did this. I literally have 70 pages of this form. 1109 trades in 2017.
Took it all to my CPA, that nigger just looked at my grand total and typed it into his TurboTax software and charged me 100 bucks. Didn't look through my shit at all. I asked him doesn't he need my 70 pages, doesn't he have to send that to the irs? He said no. If I get audited, then we'll show them the 70 paged
Brody Perry
Done
Cameron Cook
This
When can we get back to unironically being the land of the free again?
Before the Fed, we still had roads, schools, military, asf.
Jordan Johnson
Jamal and d'ondres 40s at the liquor duh
John Evans
Welfare. The immigration act of 1965 is where it all started going wrong
Luis Rodriguez
lol print it out in cursive handwriting on light blue paper with darker blue ink, OCR will fail and theyll have to manually review each and every one.
Jacob Nguyen
They will just reject it.
Asher Morris
Fire him. You do send 8949 as an electronic attachment to 1040 Schedule D if you report just the total. It even says on the form that you have to list your transactions on 8949. Also he made no effort to try and save you any money by looking at different accounting methods.
Christopher Young
Everyone that says they reported their crypto gains is a liar.
Adam Martinez
it sounds like you think there's some special category for people that haven't paid capital gains taxes before?
we're lucky there's exemptions for 2017 quarterly tax penalties . . . honestly if you use annualized installment method you probably won't owe anything Q1 2018 anyway, but you're not going to get anywhere good by thinking that you deserve concessions for following (part of) the law.
Nathaniel Wood
>paying taxes with that pocket change
the definition of a good goy, my fucking sides lmao
>roads
that shit isn't supposed to be funded from the tax included in gas prices already? at least that's how it works in Europe (mostly)
don't delude yourself, the taxes will be adjusted to keep the average work time around 45 years.
If the productivity level suddenly went up and you could get by working 3 days/week, they would just start telling you that they need more taxes for x/y/z to keep you wageslaving
yea, mostly bitcoin.(t)cucks software shills + a few accountants + some cucks who actually do it.
What's even the point of reporting an calculating 1000s of trades when they come from some shitty exchanges like kucoin etc, even if you want ot be a decent goy just make that sht up fitting you're portfolio like this user says
Matthew Taylor
>being a US citizen
Unlucky.
Hudson Roberts
>1776
No taxes without representation!
>2018
Pay taxes user. You bad, taxes good. Gubment needs gibs. Gibs pay for put little kids in school under authority of fat stupid bitches. Only way now. Eat a dick user, Freedumb isn't free, BEST CUNTRY ON ERATH, one dumb ass nation under a God or Allah
Matthew Jones
exactly, no taxation WITHOUT representation
America has plenty of representation in the form of tax loving spics and Jews
Jayden Campbell
Eli Rogers
>where the fuck is my money going?
Exactly. So bleed the system for all its worth. Why work when you too can just collect EBT and possibly disability? I'm sure most people here could qualify for autism bucks.
Brandon Davis
Looks like the Land of the Free™ strikes again. Cough up the cash or face jail time.
Parker Parker
Pay your taxes if you think you have to, but stop making up bullshit.
>Paying for unrealized gains
Lmao
Justin Wright
Guess what you get to deduct if you're a boomer?
>$500,000 in real estate profits tax-free
>Deduct your RV as "Second home" if it has a toilet and a shower
>Afford the services of a CPA / Tax attorney to find you extra loopholes
>Be the only demographic politicians give a shit about
Why the president always a lawyer? (Except this year, hes a real estate agent.)
>Remember this faggot, he ran for president.
A flat tax
>How many people in the tax prep industry would be out of "work"?
Cooper Nguyen
are we due for a revolution yet? asking for a friend, don't put me on a list pls (but im ready)
Dylan Gutierrez
>They will make crypto illegal
they don't have to, just make the tax structure so burdensome it drains the wealth back into the government while destroying its use case
>Craigslist ad
"Now hiring investigators in your area. Must have own car. Must be willing to do slow drivebys. Able to take pictures and upload to internet on mobile phone. Qualifications: a masters degree in law, accounting, or finance."
Mason Clark
They are called goyim
Jaxon Price
All the proof is right there. Property for property exchanges triggers a taxable gain if the fair market value measured in dollars at the time of trade is greater than when you bought it.
Here's what Cross Law Group, one of the most experienced firms in crypto taxation in the country says about it:
>"Every single exchange of virtual currency is a taxable event — whether to buy a cup of coffee or exchange one type of virtual currency for another. Not just transactions where it’s sold for fiat,"
Grayson Watson
happened to me one year, I stopped botting after that.
what do you guys use to store and transfer the trade data and calculate cost basis (especially for coin to coin trades)?
I keep a SQL database with ticker data and use that for cost basis. can you get your trade history through APIs?
Wyatt Davis
>can you get your trade history through APIs?
It's how I do it. I use cointracking to generate it all. Expensive as fuck for my trade volume, but I made a lot so it doesn't matter too much.
Carter Perez
Already paid my burger taxes and got money back, unironically
Juan Price
how much does it cost you?