BAHAHAHAHA

this shit is not done dumping especially with Soros now in this shit, he is gonna short BTC back to 1k and u will fucking capitulate

at least he got out with profit

If he actually HODL'ed than he shouldn't have to pay any taxes.

But BTC and HODL. When did he make any capital gains if he never sold?

Then I guess they've learned a good lesson. Most traders start making up their minds in december which losers they will sell to offset all their gains.

This, there are retards who really think the irs is going to hunt down their account on some chinese exchange and add up every single one of thekr trades

Why is there carry forward but no carry back on losses? Why is the amount decided at an arbitrary date?

The whole system seems arbitrary and overly complicated.

Every rule is in place to avoid a known way of scamming the system.

I hate paying taxes as much as the next guy, but the system isn't all that bad; especially compared with european countries.

Because if you trade on Bittrex or coinbase, you can get flagged by the IRS.

My friend was trading 100's of btc a day in and out of coinbase during the BCH pamp, and he was one of 13k ppl flagged by the irs.

He now owes 500k in taxes but since he took his gains from btc and bought the top on alts, he only has 200k in capital liquid. He is truly fucked.

Yes, just trade without KYC on overseas exchanges and dont cash out or send to a bank, and youre unironically fine.

most of Jow Forums believes that. The IRS wont complain when they get a decent check in the mail

>IRS face when get rich off retard Jow Forums fud

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Because he traded. Crypto to crypto is taxable as well.

but only if you realize gains

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Wrong. Cryptos are misclassified. When you have the situation that someone owes more in tax than they made then the system is obviously malfunctioning.

Americans are the ultimate brainlets.

Crypto to crypto is not a taxable event it only is if you cash out. And you could argue that even usdt is crypto. Also, dont trade in american exchanges

How are they misclassified? (other than people thinking they are).

And the case we are talking about isn't someone owing more taxes than they made.

Think about it.. I buy a stock for $10. I sell it later for $1000 and put it all into another stock that goes broke.

Did I not make a $900 profit on the first trade? Does dumping all my money into a loser later mean that I made any less on the first trade?

Yes, people are getting caught when their gains and losses are happening in different years, but crypto trades are being treated like any other legitimate trade is.

No. He should've put aside some fiat to cover taxes after he made the (taxable) trade. It's his own problem if he gambles away that money.

Jow Forums always breaks down into these stupid fucking conversations, makes my fucking head hurt. aren't you brainlets tired of going back and forth? like leave your fucking house holy shit

Only pay taxes if you cash out, the irs doesnt give a fuck about your 3 btc profit you made you man children

I know that so obviously he didn't HODL. Even if he bought BTC then bought alts right away after and then HODL'ed he woudln't owe any taxes since the BTC to alt trade would probably be a loss after fees.

youre wrong. refer to my post:

a lot of people genuinely don't understand this

glad i got jesus hint and sold everything and broke roughly even. the only thing HODL retards are holding will be a lasting pain in the ass

Yes i understand that.

What I'm saying is if you just buy BTC once and then buy a bunch of alts right after then you shouldn't owe any taxes since the price of the BTC when you sell should be about the same or less due to fees. Then you just HODL the alts until you want to cash out.

This dumb fuck bag holder deserves all the shit he gets.

Why the fuck would you waste a year doing TA in a highly price manipulated cryptocurrency market?

Trends matter jack shit in cryptocurrency markets.

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True. Fucking madness.

who here just /notpaying/ ? irs niggers will have to come kill me personally before they get a single cent lmao

2-2.5 years till we hit ATH again
source: the occult

Why would ould you trade or cash out on CB or bittrex. Just use binance or idex for trades and cex/bitfinex to cash out

Bag holding Lain (BHL) kept making bad trades as he got deeper in losses.

BHL listened to all the shills and blames THEM for HIS bad trading decisions.

FYI this is around the third time BHL has made a drama post about quitting cryptocurrency trading XDDDD

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Yet another thread on disgusting US tax laws.

Feels fucking good not being part of le 56% and not having to worry about crypto taxes at all unless I'm seriously making it - and then knowing that because (unlike US citizens) I'm not the property of my government if I want to pay lower tax or none at all I can just go for an extended holiday abroad for 6 months+1 day of the financial year.

Why can't you just pay taxes like normal countries? You know, when you actually turn your meme coins into real money.

The absolute state of America. Everyone except the exceedingly rich getting fucked by 3 letter organizations. 40+ % capital gains tax if holding less than 1 year.. what kind of fucking autism is that.

Some people just arent cut out for it

>year or two?
Brilliant, make sure to just write IOU: Bull run soon on your tax returns and tell me how that works out

>just like when you move your money from one stock to another

The difference is that when you want another stock you have to sell the one you hold into fiat and then buy the other stock. Crypto to crypto trades dont involve fiat.

>earn 10 BTC from altcoins
>10 BTC for 12k
>short on BitMEX at 1x leverage
>exit 1/2 position at 6k
>move the original 10 BTC to GDAX
>sell to realize capital losses
Does that allow me to cut capital gains in half for that year since I haven't realized capital gains on the other 1/2 of my position yet?

How would a burger be able to cashout on CEX or bitfinex??

That's called tax evasion.

$DMT price:
- Mar 27, 2018: $1.46 (Coinmarketcap close price)
- Apr 6, 2018: $0.38 (current coin market price)

In fairness, $DMT did change Bag Holding Lain's "cryptoview". He's fucking off with his losses :D

I'm done laughing at the beaten man.

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How do normal countries handle capital gains taxes?

In the US it is like this:

Buy $100 of asset 1
Asset 1 appreciates to $1000
Sell all asset 1 for asset 2 (this creates $900 of capital gains)
Asset 2 is a shitty scam and goes -95%.
Sell asset 2 (this creates $950 of losses)

Assuming both transactions were on the same tax year, the person has a net loss of $50 and can claim that for a refund.

If the transactions were different tax years, then on year 1 the person owes taxes on $900 gains and then on year 2 can claim $950 losses.

>Lain
>Pays taxes
Fucking larpers I swear
at least copy some of the ethos of the character you're larping as
hope this nerd gets soul shattered

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This whole taxing your every trade is some retarded ass shit you burgers are going through literal communism. Why don't they just tax your capital gains you earn after you make the final withdrawal. So they tax 15 percent of it and get it over with instead of taxing every fucking trade for some reason

Lol no, it's 100% legal in EU. Get fucked goblinomutt.

the system is fine, all these retards fell for the "crypto to crypto trades aren't taxable" meme and they didn't cash out a single dime to pay their taxes because they are retarded.

Bartering is still taxable
irs.gov/taxtopics/tc420

wrong tax cuck
You cannot full us and our fake meme money destined to make us poor
Not cashing out, so no tax for me
And when i do cash out.... kek i'm pulling out my initial investment so i made nothing :)
No gains for me, i don't owe anything correct?

>The Tax system is fine
That alone makes you a retard.

He realized gains in 2017, and lost them in 2018.

I live in the EU as well and I'm pretty sure it's illegal.

there doesnt exist a single person worth listening to with "crypto" in their name

We comin fo dat ass
>wrong!
Lmao

>mfw they literally tax lemonade stands in America

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This seems like an unnecessary amount of steps. In the UK you literally just cash out and if you cash out more than $16k you declare your capital gains and pay 20% on any amount.

I've read about some people using those crypto gambling sites and setting their win % really high, to basically receive their money back with minimal chance of loss. Then you pay literally nothing, since gambling is tax free here. Although you could potentially get investigated and they'll decide whether you pay nothing or worst case scenario, they make you pay 20% capital gains.

>what is tax residence

yuropoor here, completely illegal in my country. if you don't sever your ties with your home country, the local IRS will chase you down the moment you come back

You simply cannot move abroad for one year just for the purpose of avoiding capital gains tax. Feel free to try it and enjoy your taxes and jail time after you come back.

haha this is actually pretty clever. if you just dca the gambling on satoshi dice you will only lose 2%.

You simply cannot move abroad for one year just for the purpose of avoiding capital gains tax. Feel free to try it and enjoy your taxes and jail time after you come back. Unfortunately it isn't that easy.

It's retarded and fucked.
>Capital gains tax goes infinitely upward
>You can only claim 3K in losses each year instead of infinitely downward

Anyone who defends this is a cuck.

>they have to cash out and pay taxes, so they can pay taxes

pretty sure thats illegal

Bong still within capital gains allowance here

>mfw going to various crypto news sites to check what communism Vitalik is up to and get the wall of IRS FUD instead on every single one

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>realizes his gains
>OWO YOU MEAN I HAVE TO PAY TAXES ON PROFITS?????????????????????????

Yes.
Yes.
Yes.
Crypto is a dead meme.

This is pure larpy FUD. Pay it no mind.

I'm really struggling to pay my crypto tax, oh wait, it's 0%.

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Lol when my crypto-tax specialist accountant told me how much I owe he was like.

>Yeah.. so it looks like you owe about $101,000 federal and $15,000 state for 2017... ahhhmm.... i-if you don't have the cash on hand to pay it right we're reaching out to the IRS to put a lot of our clients on a payment plan so you can pay over and extended period of time....

I luckily cashed out early with enough to cover taxes plus a lot of profit so I'm good but from the tone of his voice it seems like almost all of his clients are fucked and owe more than they have. It sounded like he was waiting for me to freak out. lmao

>Crypto-crypto trades trigger capital gains

Not a common sense notion, frankly.

If I sell amazon and buy apple stock I understand the fiat conversion because there is a security to fiat trade, but in crypto, there is no such conversion.

It is only because of accounting methods (not made explicit until September of 2017) that "create" gains and losses.

Its obvious there were no bad-faith intentions to hide capital gains or acquired wealth. Just an understanding based on common sense in the absence of substantive and explicit guidance.

These people are victims of unjust and unfair taxation which will result in wrecked financial prospects for people who would otherwise be building wealth and eventually, paying taxes on fiat invested and spent in local economies.

Instead, the government is essentially stealing someone's wealth, and creating public debtors. This robs the community and destroys public trust.

But since these are minority cases, in an economic arena which is viewed with little sympathy by the public, no one is going to care. Its another example of the system destroying people financially. People ITT are perfect examples of this.

Ultimately this model will be used to effectively kill crypto without explicitly banning it or making it illegal, around the world.

Crypto people are a tiny, tiny minority of the world economic picture and by divide and conquer they will destroy it. We have no voice, no advocacy, no one to argue our position, and that is why I am out of crypto, after paying these ridiculous taxes. Too many assholes, not enough revolutionaries. The big money and government aren't going to allow it and we are not united.

Crypto is fucking dead. It will bleed out forever and flatline, Co-opted by governments and corporations.

You guys might as well start researching which companies are going to profit from blockchain tech. The list will start with banks, financial firms, tech, and so on...

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You don't even have any friend, quit lying.

Well spoken.

Are tumblers just not a viable option to annominimity?

cuck mentality

because they are retarded and didn't think it through
It will back fire on them now, don't play no fuck ass games with crypto cucks
We will rebel

Denial

>h-heh still made alot of profit
sure you did, you fell for the cuckery
And all your hard work you simply gave up to the Jews

Do Americans really have to pay taxes everytime they switch from crypto to crypto, not just when you switch from crypto to fiat?

>I'm really struggling to pay my crypto tax, oh wait, it's 0%.

I envy you but the writing is on the wall. Nations signed on to multilateral trade and banking agreements ultimately all adopt similarly compatible financial methods. It might come sooner or later. Crypto has always been a threat to the established order and countries which don't follow the conventions under these closed-door agreements will be squeezed out.

To prevent that widespread economic damage, they'll adopt similar provisions under the rubric of enforcement of financial crimes and anti-money laundering.

The difference between the taxation and monitoring of the very small minority of citizens who trade crypto and the large negative effects of economic sanctions predict very high probability that these laws will be put in place eventually, probably sooner than later.

Its not speculation. Governments have been hinting toward this all last year. If you want to bet against that, consider yourself warned.

>american """""""dream"""""""'

>It is only because of accounting methods (not made explicit until September of 2017)

It was made explicit in 2014 that taxation of crypto currencies would NOT be only upon "cash out", but for every transaction with a "fair market value".

irs.gov/pub/irs-drop/n-14-21.pdf
>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.

>If the fair market value of property received 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.

1031 Like-kind for crypto was always on shaky ground and people should have been prepared for it to be rejected.

I thought the gist of the last thread about this was to not report your crypto trades and to only pay tax on what you cash out as if it were income tax? Did Lain not get the wire?

>mfw someone owes the IRS more money than their entire net worth from trading imaginary neet tokens with no uses

I actually did. I still have high 6 figures. And I didn't work hard at all at this crypto thing, like you pink wojakers, I just bought early and sold when the bubble seemed like it was popping.

It's definitely coming, but what type of person would I be if I didn't gloat in the meantime.

>Gains realized on paper
>End of the tax year happens
Market crashes
>Sorry goy you owe us
>Capital loss? No goy that is capped by year to 3K it doesn't matter if you lost 1 Million this year you owe us for technically having it last year
>It you make a gain it's ours if you take a loss it's yours
>What is the problem goy?
They are literally creating debt slaves with this shit.

that’s why you hold

what a poor retarded faggot

Worst case is 10%, 20%cgt is for main residence property sale only

Feels good to be bong :-D

Unless the exchanges send you and the irs a 1099, how the fuck would they any one know?

Had no problem paying my taxes because I planned ahead and made sure I cashed out 30% of my profits, only idiots fell for the like kind meme

>land of the free

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>Lain poster
lol

Yes

Lucky fucker
>me
>get in late
>Constantly making trades daily pulling shit tier profits
>up a couple grand at one point from my 1k investment
>still trading to keep afloat while bubble popped
>now down like 30%
FUCK

>taxes on unrealized gains
Not in my country and it's way more socialist than USA. I guess chasing the American dream is easier here

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Really?
I think is actually is

We only have taxes on realized gains, we just count barter exchanges of property as still resulting in a realized gain.