So i was stupid and traded possibly hundreds of thousands of dollars and never paid taxes in the last year. Can’t pay now if I wanted to, don’t have enough. Issue is that I routed those ETH and BTC though coinbase as I was sending to binance and other exchanges (where I’m not verified). But I have my ID verified on coinbase.
In how much deep shit am I? I’m from EU but I’ll have to pay taxes eventually when I cash out and if they find out about the unpaid taxes through coinbase I will go to jail. Is there any way to delete my coinbase account with them permanently deleting all my info?
Btw $100,000 in my country is a LOT more than $100,000 in the US due to significantly lower wages. My ID is also verified on localbitcoins but I only traded like $1000 there so that’s not an issue.
Justin Scott
I used to have some of these fuckers when I was a kid. They only ate live crickets I was told. So I paid the fucking cricket masters every week to feed these guys. Then I got sick of paying the cricket tax so I started just buying dead frozen crickets in bulk, much cheaper. I would thaw them out before I fed them (its actually weird but occasionally a thawed cricket will actually survive being frozen for who knows how long and start chirping)
It took a while to train these guys to eat the thawed dead crickets. But eventually they got hungry enough to eat them. It might have fucked them up though because the frogs would start eating rocks and shit and drowning themselves. Except one actually became a cannibal and started eating other frogs. I thought he was a badass so I fed him other frogs for a while until he got loose one day. He only needed to eat a frog like once every week so it wasn't actually that much more expensive than the crickets. After he got a loose my mom found his dried up corpse flattened like a pancake in her shoes a couple weeks later. I used it as a bookmark for a while until it deteriorated too much.
If there was a bank coinbase - connection AND it was a substantial amount (speaking about at least five digits here), your lokal IRS has absolutely no problem getting information about that. If we talk about six digits upwards, you can be almost (speaking >99%) sure that your bank already reported the transaction to your local IRS.
My tip: go to your local IRS and follow their advise. You try to fuck over the IRS, they buttfuck you without lube and without mercy - no "taxes are theft"-bullshit, they are VERY touchy on such words. You are in deep shit, if you try to pull anything in this direction, it just adds a fuckton of fuel to a fire that is ALWAYS lit and will never help you when dealing with the IRS
If you try to comply to your best conscience, they almost always hand you a way out without breaking your back.
Nicholas Ross
May I ask what country specifically?
Lucas Williams
In the US you can amend past returns. It's pretty much just like saying "woopsie". See if you can do that in whatever shithole country you live in.
at least here in france we only pay taxes if we withdraw fiat. trades are not counted
Liam Clark
Never cashed out to bank, but crypto to crypto is taxed in my country Czech republic
Matthew Stewart
>Czech republic >$100,000 is a lot in my country LMAO. Go to Praha and you'll be a poorfag again.
Juan Lewis
Invest small amounts, exchange, if the worth is huge, into more stable altcoins. Cash out max. 10%. 100k as an investment is too much.
Aaron Reed
Ayy lmao that's why you use localbitcoins... Coinbase will snitch on your ass for sure.
Zachary Lopez
That’s just the taxes I owe, I had like $330k at ATH and traded a shitload. Now I have $100k but that’s still enough to buy a house. Don’t really plan to sell until my linkies make me at least $2,000,000
Christian Brown
Then you might have luck to get away with lower amounts, I do not recall them being excessively thorough.
You still need to be aware that they still have a high chance of getting to you, if you try to avoid paying at all and handle significant amounts (which is the case here). Decision is yours, but be aware that IF you try to avoid paying taxes, that this amount is big enough to jail you and impact your personal life for years to come.
Which goes well, until you sit in front of an IRS officer, who asks you about your previous trades and exchanges.
Remember: governments are not a small institution. Try to fuck with them and you will experience how a child feels with a pedo: physically inferior, sexually molested and emotionally scarred for eternity.
Henry Powell
Just chill out man, they don't have the infrastructure yet. Don't cash out to a bank account so they won't block your bank account. Don't self report. Don't delete your info on coin base either. That could be a felony: tax evasion.
That are my conclusions after researching the whole tax situation for like a month and also meeting up with a tax lawyer etc. I wasted too much time on it, I was paranoid. t. autist with 168k link
Ryan Parker
>Don’t really plan to sell until my linkies make me at least $2,000,000
In this case, you will never sell. Not because link might or might not reach these levels, but because you are afraid to cash out the correct time. If all exits are closed, you wont be the one sitting outside, but one of those who scream to get out.
Jose Thompson
This, report when you cash out, that's it.
Anthony Watson
>they don't have the infrastructure yet. You are in for a baaaaaaad time, buddy.
Kek. Let someone in an office figure out my 3000+ trades, across 7 exchanges.
I did it myself for the tax lawyer and it took me about two weeks until I figured it all out.
It's not like they have thousands of people working for them and that you are so special, user. There are thousands of people earning money and the stock market also had a big bull-run. And they don't like paying taxes either.
Jaxson Wood
Say I’ll have like couple million in few years and leave the country, could they go after me even if I never cash out?
James James
is that a Sofitel or something?
Daniel Nelson
Nothing will happen. Dont even pay tax when you cash out too, go to a tax haven, cash out, transfer all the money to a family member go back to your country and have that family member transfer it to you.
This is what ive done with 200k+ and a year and a half later no one has not only said anything to me but im also on welfare
Daniel Rivera
I thought you didn't have to pay taxes if you don't cash out.
David Powell
"go to a tax haven, cash out" you mean "move to a tax haven, live there for 2/3th of a year, etc. then cash out". Not that easy. + moving to a tax haven is expensive
Jaxon Robinson
if the government isn't a total retard, they'll need to have new laws in a few years. they won't want their new big capital boys leaving the country.
James Davis
No, I thought too but crypto-crypto is taxed unfortunately.
Easton Hughes
Become resident of Latvia - no crypto tax
Mason Morgan
What if I never convert my crypto to fiat? What if I use it to buy shit online whenever I want, if I want cash then I buy some expensive ass piece of tech then sell it for cash to somebody. Surely that's untraceable?
Benjamin Mitchell
>Czech republic
Since you are living in a 3rd world country, just bribe your tax agency if shits hits the fan.
Levi Baker
sucks to pay 2/3 in taxes knowing 99% of it go to parasites, though cash out in switzerland or nothing, frogbros. the place is so much cleaner, and it's only a few hours drive to go see family
this has been happening for generations. the elites squeeze the middle class, but millionaires have been relocating to avoid taxes since before your dad was born governments can either adopt realistic tax rates (20% and under) or watch their infrastructure crumble under the weight of a worse worker/parasite ratio. given that the first scenario has immediate negative political repercussions while the second scenario can take decades, you can fully expect elected officials to keep going straight for the cliff no matter how close we get incidentally this is why you should keep some money in crypto. barring massive technologic disruption, local economic collapse is not a question of "if" but "when"
Adrian Davis
Guys, the answer is we don't know yet whether the IRS will tax crypto-to-crypto trades. It comes down to whether or not they define crypto-assets as "like-kind," a class of assets that are similar in nature which are exempted from capital gains taxes until they're exchanged for a different property class (such as fiat). For tax filing purposes, it depends on your risk tolerance. As the IRS has issued no guidance whatsoever, you can be a cuck and report all your crypto-to-crypto gains, which will protect you in the offchance that they rule later on that such trades are taxable events, or you can assume that they'll define crypto as like-kind or just plead ignorance if they don't. Imagine the hell they'd unleash if they suddenly declared crypto wasn't like-kind. The vast majority of holders would be fucked. I don't see it happening.
Leo Baker
What if I was 17 when I did most of those trades and a student? I didn’t report any taxes but I’m now 18 and studying, can they fuck over my parents in couple years if they find out even if my parents have nothing to do with it and everything is on my ID and in my hands?
Mason Flores
Godspeed user. Can you provide me with literature or sources of information to read more about these matters?
Gabriel Brooks
bump
Ethan Anderson
Most European countries "recommend" to declare your crypto to crypto movements but our local IRS don't have the means yet to investigate blockchain related stuff, they are focusing in money laundery issues right now. If you never cashed out don't worry, you will be fine. Ask an specialized lawyer/consultant though
Daniel Ross
I know people from many european countries who work for their local IRS and when I asked them about crypto related stuff they answered me back >cr-crypto... What? Not even kidding, they are just not ready. It may be different for burgers, but here we have a lot of blatant incompetents
