I'm about to submit this shit to the IRS, but I'm having second thoughts.
Even though I only made 30k, bitcoin.tax says I have over a million in buys and sells. What the fuck.
I'm going to get audited as soon as these cucks see that.
I never got a 1099 from Coinbase or GAX either and I don't want to not match if they actually send something later.
I hate living in America. The Government always makes you feel like you're doing something wrong. Big brother is always watching.
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This is a JUST thread now
fuck my shit up senpai
You can request for an extension online and then file the forms later after an accountant verifies if you want
Do you guys literally wait a couple hours before the deadline to do them or are you just larping?
Don't pay if Coinbase didn't send you a 1099 cuck, you're immune to any repercussions if they didn't send it to you, that's their mistake.
dude,
I have over 700k in buys and sells and only 23k in capital gains because I'm a fucking idiot
anyway, use bitcoin.tax to generate an 8949 and use that to file, you can probably use taxactfree to file your return for free, either upload or mail in the 8949 (make sure to fill out an 8453 form if you are mailing in the physical documents)
there are no exchanges that I know of that actually generate a 1099, and even if they do bitcoin.tax already did your accounting so it won't be a problem
you won't get audited based on the volume of your transactions, only on the reported gains
the IRS will just see the numbers and understand that you're just another idiot larping as a super-smart-bitcoin-trader.TM and understand that you made lots of shit trades resulting in the massive volume compared to your capital gains,
>Absolute madman
Zero cost basis
And stop using coinbase like a retard
w-we're just larping, nobody would really do that
This. Zero cost basis for your gains is the most good faith argument that can be made
Is seriously no one hoping to be catergorized or file as a Mark A Market trader? Thats kinda been my plan all along as I generally have only scalped shit.
Jesus christ, that is fucking retarded
Fucking moron, stop sponsoring wars with your hard earned crypto. Give them nothing. There are plenty of ways OP
Is this true?
Dude I’ve literally been depressed these past 2 days because according to bitcoin tax and cointracking I owe over 60k and I only have 28k in my bank account.
I’m fucked. I got a CPA who specializes in crypto who filed an extension for me for 6 months.
I’m hoping the market goes back and I can sell and pay off.
I paid the IRS 15k for now which is based on the cashed out amount not all the trades (had over 1500 trades).
I’m fucking depressed and losing my shit. I guess worst case is I have to go on a payment plan and pay 45k for the next three years if my current holdings go to 0. It’s not so bad r-r-right goys?
And they said hodl was a meme.......
No. The IRS will fuck you at any opportunity they get. It's your responsibility to know what you owe taxes on and pay it. If you don't get the 1099 then you request it. They aren't stupid
So did you think all the people who were warning about this for months every single day were just fudding or...?
Pay your bitcoin taxes goy. It's your civic duty.
Yes, basically.
Also just an fyi, crypto-crypto taxes are for 2018 not 2017. I have no clue what all you dumbasses are doing now, just pay the tax on what you cashed out.
>I hate living in America. The Government always makes you feel like you're doing something wrong. Big brother is always watching
Not to mention they literally will JAIL you over petty nuisance fees and occasional drug use. Seriously considering renouncing my citizenship at this point but I still have the tiniest sliver of hope that some sort of libertarian renaissance will occur but I highly doubt it. Not like the EU is much better either at this point. Shit's fucked
Also the principles that the country was founded on are the closest to my own and americana/libertine culture will always be dear to my heart
Not true. Let's see your like-kind 8824 forms then.
You will get audited by the way if you fill out thousands of these things and try to claim like-kind deferral for crypto.
A few things are moving in that direction but overall it's only becoming more of a locked-down security state since 9/11 and advancing technology made it doable.
My profit: trade volume ratio is pretty low too (not that low too) because I do a lot of trading on localbitcoins. I don't just day trade on Binance and then cash out periodically like most people here probably do. I cash out often.
Honestly just don't pay your taxes. Fuck them. If you didn't get a 1099 Form then you're scot-free. If Coinbase issues you a 1099, I'm assuming they also issue a copy to the IRS. So you have no choice but to pay the Jew if they give you a 1099
Also if you are an actual DAY TRADER, you know the guys looking at 15min candlestick charts and meme lines all day, 3% profit/sale volume is actually pretty damn good. If you buy an asset and then flip it for a 3% profit the same day and you were to do this daily, this would actually be great by day trading strandards. A lot of day traders lose money or barely scrape by.
Swing traders tend to be less trades and aim for higher margin profits.
Retail investors (probably most of Jow Forums) tend not to trade very often. And they wait awhile until they take profit.
I've never paid taxes in my life for anything. Nobody cares. My government barely knows I exist.
