Well, I bit the bullet and paid taxes on my crypto. Did all crypto-crypto trades as taxable events (used bitcoin.tax), slapped an 8949 on my return, and all done. Still got more back on my return than my crypto taxes were.
All in all: pretty painless, paid my shekels and will sleep easier knowing the IRS won’t come fuck up my life when I start cashing out some day.
To everyone who didn’t pay taxes, enjoy living in fear for all time.
He fell for the meme and actually paid taxes. What a fag.
I just paid on what I cashed out and what was on coinbase/gdax
I know, feels bad. On the other hand, I’m pretty /comfy/ watching televised feed of IRS robot spiders hunting all of you down in the year 2030.
Nobody cares about your $500 portfolio you stupid fucking neet loser
This
Mine came in $700 cheaper than I estimated which was nice.
And what did you fill out the forms which ask you to detail every trade?
inb4 didn't
inb4 audit
Why the fuck would you ever pay taxes on your crypto if you're cashing out like anything below 50k? Literally "cash" out and the IRS will have no idea you even have money.
Anyone who pays taxes on cypto is boot-licker and doesn't deserve gains.
Now the IRS knows that you are into crypto and will be suspicious if you ever neglect to include them in the future.
Yeah but when I dream of riches in the future, it’s more relaxing. I won’t be scratching around with shady fucks from localbitcoin.
The reason I decided to pay is: the notaxers are going to get the JUSTing of a lifetime from the IRS within 5 years. The IRS will start salivating over *billions* in revenue, they’ll turn the screws, Coinbase and binance will squeal like pigs in hot oil, and that’s the ballgame.
Aww, cheer up buddy
You're gonna get at minimum audited.
You just called to attention that you own bitcoin in a year that the IRS started aggressively gunning for it. On top of that you filed it wrongly. You're gonna be one of the examples the IRS makes out of to ensue everyone reports crypto tax in the future. On top of that, if you had crypto on other exchanges they can now target you for fraud instead of just stupidity/naivity. What are you gonna do when you have to file all crypto/crypto taxes later on? They're gonna see that you lied about the amount you owed.
It's fucked, but it's better to not report things than reporting it wrong.
Thanks for ruining it for the rest of us, asshole.
If it were a $500 portfolio he doesn't have to pay a cent in tax
This desu, you can also use dozens of BTC atm's if you don't want to do P2P transacting.
Or you people wise up an start an overseas business and the IRS can't tax you anymore because legally you are making purchases in the name of your company thats in Lithuania.
Some people actually do this you know?
What happens if we are honest about 5000 trades across all the american + gook exchanges but lie about a handful of transactions that took place on Liqui and other basement-server exchanges? My total cap gains for 2017 is still much more than I currently have, even with a few fudged transactions thrown in
Wew, might as well just post a pic of your pay stub right now IRS nigger
>It's fucked, but it's better to not report things than reporting it wrong.
To be fair filing your return and excluding crypto entirely puts you in the same boat
The point of crypto is to avoid taxes you mongoloid
Holy shit I can't believe some people just don't fucking get it.
>he trades on centralized exchanges
Another thread gloating about paying taxes...good for you. Adding tax to my filter.
So what if I get audited? I paid on my cash withdrawals and the only account they have access to. They look at my bank and see I paid taxes on every dollar that came in. There would be nothing to audit. I have literally 0 to hide if I get audited.
Yeah if a fucking NSA cyber forensic tracks my crypto and hacks binance they'll find out about the crypto I forgot about whoops, guess I'll pay what I would have paid anyway with a small penalty.
I swear to god every faggot who posts this is meming
if you have a SINGLE exchange account linking to your identity, it's over. IRS has employed chainanalysis to analyze the blockchain and track all deposits/withdrawals to and from addresses.
Are you telling me you had the foresight to pay for your first BTC in cash and then ONLY use decentralized exchanges/fake identities? Bullshit
That doesn't really matter that much. They might contact you if they think you might owe something extra or if you really fudged something up. They would care if you continuously did it year-after-year though. People accidentally add and remove extra 0s all the time.
I'm literally telling people not to report shit you autistic fuck.
No, because you can act innocent like you didn't know. If they find out, they will at worst estimate what you owe. Reporting part shows you actually know about taxes and chose to lie.
Just remember that the government will spend more money than they would of gotten in taxes out of you, just to fuck you over.
Good boy user!
They don't need NSA cyber forensics... several exchanges hand over details to the irs if asked. Coin base hands over all your information whether you like it or not. Any retard can follow transactions on a blockchain.
>No, because you can act innocent like you didn't know. If they find out, they will at worst estimate what you owe. Reporting part shows you actually know about taxes and chose to lie.
I really wonder how he filled out from 8949 I think it is. I don't think claiming ignorance is going to work any more than reporting incorrectly, I see your point it's maybe a tiny bit better, I doubt you get thrown in jail over it either way they just want to scare you with that.
>sorry irs I didn't know I had to include this w2 thingamanigger on my tax return
Congrats on cucking yourself.
Like kind is a completely reasonably approach for 2017 I talked to several attorneys.
You fell for the IRS gonna get you meme. That’s exactly what the IRS wanted. You voluntarily paid shit you don’t need too.
You come here to brag Lmao.
Clearly you’re a fucking pussy. Don’t have the balls to make it in crypto.
uve missspelled "goy"
IRS just cut staff and spending. Trump cut their budget.
You stupid dumb shit
>not addressing a single point