Pay those damn taxes

The IRS is a meme. Remember: it costs money to go after tax cheats, so they're not going to care unless you owe like $100k+ in taxes.

you can "find" the key whenever you want

So what if i put in 6k and at one point it was up to 26k and then like a dumbass i didnt cash out but instead went to other alts and now valued at 7k what situation am I in for taxes im on like 4 exchanges

I have a question.

I bought BTC in Decembre and traded these BTCs for alts on the same day.

I have to show the value that these alts have on the 1.1.2018, right?

And I also bought BTC and traded them for alts in February and March of this year.

Now, I again have to show the government the value that these coins have on the 1.1.2019 and depending on how much profit was made, the taxes will be decided. (The initial investment is obviously not taxes, just the profit).

Did I get this right? Because I never had to pay taxes before on crypto so I wanna do it as good as possible.

Also, doesn't this system mean that it is best to buy in Decembre?

Because:

>buy 10 BTC on 25.12.
>price increases minimally until 1.1.
>thus I have to pay way less taxes

Is this true

>you wouldn't download a car

As soon as they make a 3d printer big enough you better believe i would.

>Implying ill EVER cash anything out into a bank account linked to my name
AHAHAHAHAHAHAHAHAHAHA. You "finance" yuppies aren't as smart as you think you are. I got into the crypto game because I like the tech. I don't care about your dollars. Will the IRS tax my XMR wallet? If not I don't give a shit because the dollar value doesn't matter much in my circles.
Maybe they shouldn't have made crypto taxes so fucking abysmal. Maybe then I would've given them some crumbs of my traceable crypto balances.

Don't let these out of touch spooks scare you. Crypto should've stayed on Jow Forums. This is a game of cat and mouse, but the mouse is lightyears ahead. Next you're going to tell me I'll get caught for pirating movies and music or some shit.

Niggers steal.

>muh tech

Not everybody is a deluded retard who thinks that crypto will do anything useful in the future.

It's a ponzi bubble that will sooner or later burst, that's why people with half a brain cash out if they can and just pay the taxes.

But have fun "le hodling" your worthless internet money for decades on end.

>convert all assets into monero and report you lost the private key. the IRS is obsolete and can't do anything to extort you out of it

The burden of proof is on you and worst case they tax you on the value of monero at the time you claim the key was lost.

And how many XMR is that? 4994tufbnKmJMjWSNFRMaZfZpqZ4SJng5drzALMpDh8f38MdNUcNTrVWbwaVe4vUMveKAzAiA4j8xgUi29TpKXpm3yNhLXN
here check my balance for me

Taxation is theft.
Why would I cash out if I don't need the money? I've already made it.
I was called delusional for thinking the internet would take off. Turns out I was ahead of the curve.
If can't see that crypto is already useful you're pretty much guaranteed braindead and I can't help you. The only possible way I can see you coming to this conclusion is that you're a masochist who loves waiting days for bank transactions to clear. Or you love using centralized servers that collect your data. Or you're a government bootlicker.
Wouldn't expect a brainlet who doesn't do any research or read any source code to know any better. You should just go back to stocks honestly cause you're gonna end up losing a key or accidentally sending WAN to your ETH wallet.

Maybe I'm just triggered but it's a little annoying seeing your community get replaced by clueless """"""investors""""""" like you.

Dude whatever

You either

>pay taxes and relax

>dodge taxes and get fucked in the future

or

>hold your worthless meme internet money for years on end because MUH ADOPTION (which will never happen)

oh yeah they're totally gonna come after me. that's why rich people never ever have offshore accounts. Because they never work so nobody ever does it ever :^)

Reminder that the US is one of the few countries who will put you in jail for tax evasion.

even if you lose cash you still have to pay taxes, they IRS is not as dumb as you

I will die in a gun fight before I give a single fucking cent to the criminal Zionist occupied "government" of the USA, and I am not the only one who feels the same way.

Taxation in the abscence of consent is theft.

this desu. The government lost the right to tax me the second they started allowing illegals across the border with impunity.

you are only taxed when you sell or barter coins for something else (including other coins). you don't get taxed on the market price of something you still own.

yeah and italy has more late model porsches in it than people who made over $100k last year

M
O
N
E
R
O

So experts. What’s it I’m a dual citizen. Us and Belize. Belize has no capital gains tax. If I open up an account as a belizian citizen and resident they will not report my account to the USA right?

I know that I am SUPPOSED to disclose foreign accounts to the USA.... but say I don’t

This seems like a legit way to avoid taxes right? Travel to Belize, take 9k cash back to USA every few months. All good right?

>physical capital

>le ebin screencap wall o' text narrative builder.
cringe

>>hold your worthless meme internet money for years on end because MUH ADOPTION (which will never happen)
Probably some leftygag or buttreddit raid.
sage

Tfw just paying income cause small fry and bad records. How fucked am i

Brainwashed and scared user. Have you ever paid any taxes in your life time?

>PS:Jesus fuck those daily IRS honeypots
>Pay your taxes boyos

>hold your worthless meme internet money for years on end because MUH ADOPTION (which will never happen)
You do know that you can pay bills with Litecoin in austrailia right? I know Jow Forumsbuttcoin doesn't keep you in the loop but you can buy anything directly with crypto nowadays.

>these 100k will end up in yiur bank account
>implying gains were made
>implying they were liquidated

Just pay guys. Pay now while BTC is low. I paid 30K this year and I entered in 2017. In 5-10 years of BTC gets to 100K and beyond, I'll be able to buy houses and cars without worrying about the IRS because I paid my shit now. And if you're reading this and haven't done it, it's too late now as the 17th is here soon. I do feel bad for those who didn't and had large gains like 100K+ like me. You'll be fucked.

>>pay taxes and relax

There is ZERO relaxation in this situation you fucking idiot!! If they flip out and make the shit illegal then you will be forced to turn your coin in or go to jail.

No matter what you choose to do right now there is significant risk.

>paid 30k
aahahahahaha how much crypto do you have? PLEASE tell me you have at least a million dollars in crypto to be shelling out that much. Holy fuck dude at this rate you'll need to sell ALL your shitcoins off to get a measly car.
Gotta keep the goyim on the treadmill I guess. It's too late for me dude. I tried documenting all of this shit accurately, every single trade, but I wrote trading bots and I have about 50,000+ trades to go through. I've made so much noise I wonder if the IRS will be able to tell if I'm 300 different people or just one.

Also good point, what happens if the state you live under outlaws crypto and confiscates it? Good fucking job telling them dumbass. Holy fuck NONE OF YOU FUCKING BOOTLICKING IDIOTS SHOULD BE IN CRYPTO. The entire point of crypto is to get away from the old system.

>Jow Forums doesn't even know about FBAR & FATCA penalties and fines

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That's not how capital gains tax works

>buy on coinbase with ID
>only trade on bincance with no ID
>Sell everything i have for XMR
>Sell XMR for cash in person

Can i get dicked for this? How will they know if I've sold or traded?

>be neet
>buy a bartcoin for a few dollars
>suddenly it's $16k
>decide to try trading alts
>btc bubble bursts
>lose satsoshis trying to day trade
>IRS shows up demanding $8,000
>don't have it and not going to any time soon lol
>be prison neet
>gov't paying for your tendies with wagecuck tax dollars
AHAHAHAHAHAHA SEE YOU ON THE INSIDE, BOYS

>Just pay guys. Pay now while BTC is low.

WHY DO YOU GIVE A FUCK!!!
Is it because you are butt hurt bootlicker upset that THE VAST FUCKING MAJORITY OF CRYPTO OWNERS REPORTED NOTHING?

I am so waiting to hear the number of people who reported crypto this year. That shit is going to be low as fuck....

Jamal will be inside you soon enough

literally the only value the government provides to me are roads which they crowd out

they dont even audit the big money lol

they can ask for your binance password and check your deposits/withdrawals

After the bullshit I have experienced from this and the huge amount of stress with crypto. I am starting to lean in the "I would prefer dir roads at this point" camp.

You literally cannot buy a cup of coffee without having to deal with the stress of the tax man bearing down on you. Its a constant fucking fear, even if you follow the rules. Even if you do everything perfectly, which is impossible, because they have made tax laws some fucking convoluted.

I am starting to feel like not having this stress would be better than having paved roads.

I made 130K and had 30K in taxes. That I paid. Laugh now but when I buy a mansion in 10 years mine won't get seized by the Feds.

"oy vey goy where did you get all that extra money from"

>governments can make billions in tax revenue off a virtual meme powered by chinese coal plants

Damn, how long until they start encouraging bitcoin

This

>That I paid. Laugh now but when I buy a mansion in 10 years mine won't get seized by the Feds.

that 30k of crypto made it so you will never be able to buy a mansion. in one year that 30k would have been an additional 300k.

You sold yourself out hard. You gave up millions of dollars of potential gains in 4 years. And since you did it multiple times, once for each year, you will be lucky to have anything left over if things go south for any of the coins you have.

The main thing that needs to be pointed out with these stupid fucking threads is that there is no magic bullet. Reporting and paying is just as risky as saying nothing at all.

Stop telling people what to do with their money. Reporting to the IRS is not going to be some saving grace, it can very well result you losing everything or paying when literally nobody else paid.

These honeypot threads are sooo good. Clueless people hanging themselves with their own rope.

Pay your taxes kids

>mfw most of you will get raped a few years down the line because you did not pay taxes now

>mfw some of you retards who think they're so smart will just "LE HODL" their shitcoins until the day they die

>mfw I have no face

"There are only 2 things that are guaranteed in life: Death, and paying taxes."

Are you willing to take the chance though? Even if everyone here just didn't pay those taxes, what if you're the one they catch?

>"There are only 2 things that are guaranteed in life: Death, and paying taxes."

That saying was from a long time ago. And it said nothing about paying ALL of your taxes. 99% of the people posting in these threads paid some kind of taxes, they just didn't pay on crypto gains.

So yeah death and taxes holds true. But "Death and paying everything you owe" was not the saying.

Yeah, you're right, I'm sure you could gain so much money from your designated shitcoin that you could build the roads, water suppliers, cleaning of said water, an electrical company and every resource required to produce electricity, police security, jail for criminals, and many more things that you use daily. Fucking anarcho-capitalists

>water suppliers, cleaning of said water
oh boy oh boy i love my government flouride

Care to elaborate whats wrong with that Jow Forums? Better stop using toothpaste too.

sure, that's what they supply. I have an idea user, you can go to the poorest village in africa and drink their water, but don't complain about "muh gomnament" or else niggers will think you're retarded, which you are.

So here is the funny thing about this.

Now that we have crypto and dapps its actually possible to fund this kind of infrastructure organically. If the government updated to utilize this new technology properly we would not need an IRS pretty much at all anymore.

You arguments around government are not valid in the face of a fully functional technocracy. Which is now possible given the current paradigm.

Yeah. the only way they can get you is if you self report. The irs will NEVER fucking know you have crypto unless Coinbase(which you shouldnt worry unless you have 100k here) or you yourself tell them.
Ok you glow in the dark nigger how much money do I have? Just BACKTRACE my IP if you're so smart. HEY IRS FAGGOTS. YEAH THIS IS A HONEYPOT. COME AT ME. IM FUCKING WAITING WITH MY AR-15. Oh wait nobody will come because you're just shitting me.
the IRS is still using fax machines. How the fuck will they ever find out about my crypto?
>LE HODL
Once again I can spend my crypto on nearly anything without sending it through my bank. I know you're a buttcoiner but come on.

I took the chance on much, MUCH worse crimes. I've broken so many laws on a computer that if I was ever caught I'd probably be banned from using them for life. Yet nobody came knocking. I watched people through their webcams before when I was a bored teenager. I didn't even fucking use a proxy and nothing happened. You can get away with anything if you're quiet enough about it. Maybe I'm getting a little overconfident but the state is such a slow and stupid machine.

BUT WHO WILL BUILD THE ROOOOOOOAAAADDSSS??? Yeah dude. Pay for people to dump lead and birth control in your fucking water. The absolute state of taxcucks.
Imagine being forced at gunpoint to pay for lead filled water. That's the mind of a statist bootlicker. The government is out of date and useless. It exists only to take from those who earn and give it to those who don't deserve.

And there we go with self regulated market
>people won't use this for evil affairs
hello zucc

And how the hell would irs even know what I have?

Not a single exchange has my id or anything.

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Bullshit. I once didn't declare $50 in interest. It wasn't over until 3 years later and cost me thousands of dollars in penalties and interest.

"Not paying taxes on crypto gains threads" are Jow Forums's new "Convince why I shouldn't engage in credit fraud" threads.

Biz is filled with poorfags.. me included
if you trade measly amounts every day, or have a portfolio worth less than 15k or so you are a small fry
They don't give a fuck about you and won't put the time of day investigating you

If you have a couple hundred K or more in crypto, i'd be cautious

crypto transforms everything into the wild west. But I cant help you if you dont see the potential government use cases for a public ledger.

Made a lot but there are so many sources of that income... proof-of-stake, buying early, some mining - I just keep collecting and never reported anything.

Sure I live in a country that is kind of lax on the rules but I'm still pretty paranoid and don't know what to do.

>It exists only to take from those who earn and give it to those who don't deserve.
And who would you say are the ones who don't deserve? Or even the ones who earn? I wanna see where this goes

If that happens I go full crypto and never look back.

never paid taxes and never will. Nobody at my doorstep. Paying taxes is normie tier gayshit.

>your country had declared crypto tax free from 2009 to end 2017 because lul internet meme money
>normie fomo
>tax offices notice
>hurrr is taxable now

>tfw took most of my gains out in 2017, thus making it legally tax-free

get cucked nigger faggots

>inb4 any smart ass comments
as it was declared tax free by the taxman, they cannot reserve the law and tax for the last 3-5 years according to state constitution

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Wouldn't people pay to have roads paved anyway so they can have goods imported and exported?

>your crypto gains won't be able to oay for roads but mine will
What?
Not only that, but we could track exactly how is all spent.

Maybe.

Thing is, with crypto you can kind of gameify it. You can keep people up to date on the state of things and create new coins as incentives to invest in infrastructure. People will spend money for roads if they have a way to know if their money is doing anything.

Kind of like the real life version of Sim City and everyone is involved and you can attain social status for contributing ect.

Fuck the IRS, if done well enough that kind of system would highly effective.

>>your crypto gains won't be able to oay for roads but mine will
who the fuck said any of that you fucking mongoloid down-syndromic retard? Can you actually not into reading?

which country?

Hey user, can you help me with pic related snd related to topic of this board? lol

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FUCKING KILL YOURSELF FAGGOT.

If you earned that money while still living and being a state resident, guess what? You still owe them in taxes.

doesnt matter now

crypto is taxable

we dont need more fucking immigrants

They WILL get you. Once crypto gets big they will retroactively be looking at all of these exchanges. Anyone suspicious will be investigated

Yeah it's bullshit but it's reality. Pay your taxes, EVERY PENNY.

Probably not, but imagine that you skip paying taxes on $2000 in cap gains in 2017. Crypto moons by 2020 and you're happy, but you can't use any of that money because you didn't declare any of it. And you'll have so much interest that it'll be much less painful to just pay it now.

Best case scenario tax dodger fags can hope for is that Uncle Sam changes the tax code to something a bit more sane and that make paying taxes in crypto allowable, making all of these changes retroactive. There's no guarantee this will happen at least in the near term, however.

I do think if there's enough people who refuse to pay taxes, the cost will be so exorbitant to the IRS that they will be forced to look at it and make some changes. This is not a guarantee.

Butt hurt boot-licker?

You think you can get away with tax evasion? You think you're better than Al Capone? That's what they put him away for. They WILL get you, don't even second guess it. It's not even hard, they build automated systems that will search through records of all exchanges they subpoena and will search through all bank records for crypto related transactions

Think you can just switch to crypto entirely and bypass banks? Think again. Get arrested for a speeding ticket and they note that you're in a lamborghini? Their automated systems will cross-reference the income you've claimed on your taxes and now you're under investigation. They WILL fuck you over, this is quite literally their "job" i.e. how they get their money. Through tax revenue. If you don't pay them they WILL find you, idiot

Maybe you saved $15k in taxes today on your baby gains, but in a few years when crypto gets big and you have big gains, they'll come for all of it because you didn't pay taxes

No, if they do business with a usa citizen they are obligated to open their books to the IRS and Fincen. That is why a lot of foreign banks refuse to do business with USA citizens.

This may be illegal, but I do not care. Is this able to happen, and not be on me. I am a US citizen living in a foreign country for studies
Right now I am in a foreign country (Germany actuslly) I have a bank account. If I transfer all my money ($100,000) which I made from the crypto market to my account and then withdrawal it all and fly back to the US with it. Will it be able to be taxed from the US?

go fuck yourself
chads dont pay taxes

There is actually a good case against the IRS for this. Has to do with contradictions in the classification in crypto. (gov changes btc category if it suits them)

We need to band together and put together a collective legal fund and lobbying group senpai

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Yes, the USA taxes it's citizens on all income, no matter where it was earned. However if you are out of the country for an extended period of time you may be able to claim a Foreign Earned Income Exclusion.
irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion

>Haha this guy doesn't pay taxes
>Let's look in the Jow Forums metadata archive we bought from that chink to try and identify him
>Here's his IP, let's go search the only house in that backwoods area of the flyover state he's in
>Hmm one young male lives here
>His room has a bunch of "Don't tread on me" posters and a Ledger Nano S. Looks like he made crypto gains
>Let's subpoena his bank records
>He bought $X worth of crypto
>Haha this kid's fucked
>Let's put him on the watch list and rape his asshole in a few years

Thank you, because I plan on paying fro school with the money I am earning on trading, so as much as I can save from taxes is more I can pay to school loans and tuition

Fuck off back to Jow Forums where they take pride in giving their money to kikes

>You think you're better than Al Capone?

Will you stop with the tired ass Al Capone meme. This isn't about tax evasion its about the IRS needing to update or its going to get slammed hard than Capone did.

Technology is a game changer. That means adapt or experience massive losses.

In fact none of this would even be a discussion if the IRS wasn't a bunch of idiots using ancient technology. They would be able to properly and effortlessly tax crypto and the topic would be over in a day.