/biz/ - Business & Finance

>>19964022

>>19964022
I don't feel like having 12 guys with rifles kick my door in and arrest me for tax fraud.

>>19964022
only owe taxes if the real usd value of the asset is higher at the moment of trade than what you paid for it. Only degenerate coinflippers get burned by this

My taxes are pretty sloppy. I import a raw excel file from coinbase and simply input some ballpark number of what I think I made that year into Turbotax capital gains section. Hasn't failed me so far.

>>19964022
there's an automated way to do with crypto trader
every exchange has a way to export your transactons
you just feed it onto their website; they convert into a way that's acceptable for the IRS
it costs around 50$ but I filed my taxes with no compliants
took about half and hour just to do the crypto filings, and I made over 500 trades last year on like 4 exchanges

>>19964145
I read somewhere about the tolerance between expected income and reported for IRS. I think it was kind of generous so IRS doesn't waste their time investigating minor discrepancies but i don't remember what the cutoff % was.

>>19964022
i mean the big thing is when you trade for fiat on an exchange like cuckbase or gemini. crypto to crypto on something like binance you can get away with.

>>19964149
or was it cointracker?
sorry i can't remember
I used turbotax and it actually just recommended which website to use; I'm sure if you're using H&R block or whatever it will do the same. If you're making like over 1million a year trading, just get an accountant
tldr: it's actually not that difficult to do. pretty intuitive and easy actually

You actually owe no taxes on exchange coins doing trades because the only way to possess a cryptocurrency is to hold it in a wallet to which you possess an exclusive copy of a private key. On an exchange your coins are represented by an entry in a traditional relational database, which is currently unregulated and hence is not considered cryptocurrency by the IRS. This is completely different from typical regulated holding of equities by brokerages, and any comparison is invalid.

>>19964145

I just don't report anything. I've been in Bitcoin for 6 years no larp. I'm not a millionaire... But I probably owe somewhere between $50-75k in Capital Gains tax. Fuck them. It's too complicated to figure out my 10,000 trades.

>>19964022
Jokes on them I lose money every trade

>>19964257
Based.

>>19964257
based
>>19964253
incredibly based. any further reading or sources anon?

Also a friendly reminder that the total deprivation of the fruits of one's labor is slavery, and a fixed percentage cut of such fruits does not mean you are free. Additionally the reduction of value of your fiat currency through printing currency is a direct form of theft perpetrated against the American people by a collection of private bankers who collect a 6% dividend from the American Slave Plantation. To summarize, all taxation is slavery, and fiat currency is theft.

>>19964342
how do we fight it anon? i've known this information for years but have never done anything about it. even crypto friends look at me like a schizo when i bring up the federal reserve.

All of my crypto is bought and transferred to another wallet for donations equal to the purchase price :^)

mfw I just moved to Gibraltar, I live there 7 days per year just for legal reasons to claim it as my home, the rest of the time I travel the world. I pay 0% in capital gains tax.

US residents are taxed worldwide however, checkout Nomad Capitalist (google it)

>>19964022
not murrican thank god

>>19964022
Yes, i use bitcoin.tax to do the math, you should to anon

>>19964259
Most based comment in this whole thread

>>19964022
if you make money off crypto while allowing yourself to remain trapped by the system then what's the point? if anything biz should be channeling all of the chaotic energy built up by corona + blm to convince normies to revolt against all income and capital gains taxes

>>19964342
Mundo is that you???

I did hear daddy mcafee interviewed on adam corolla the other day, he makes the case to basically wash trade everything into monero and not pay taxes. He mentions of course, in his lifetime he has paid 50 million in US taxes and all he ever got for it was endless audits. Id be pretty raw about it to...

>>19964362
Join BSOV, thats how.

t.me/BitcoinSoVCommunity

>>19964257
What exchange do you use to trade?

>>19964342
Great post, anon. I'd like to also provide a daily reminder:
At the height of the Roman empire, the annual taxes were equivalent to TWO DAYS wages for the average citizen. This provided you with safety and quality of life unsurpassed by any country in the world up to that point.

Just avoid Coinbase you fucking retards. Pretty much everything is still anon if you do it right.

>>19964342
>Additionally the reduction of value of your fiat currency through printing currency is a direct form of theft

On the chance that you arent Mundo. I implore you to take a look at the whitepaper section where it talked about inflation being a hidden tax:
https://bsov.io/wp-content/uploads/2020/06/BitcoinSoV-BSoV_-A-Mineable-Deflationary-Store-of-Value-1.pdf

>>19964342
Most based anon in this entire thread. Buy link and stake to defeat the jew. SALUTE BROTHER

>>19964342
Imagine thinking you are free in America.

>>19964253
So why does coinbase send a 1099 to the IRS for anyone trading over 20k?

>>19964341
Fripulous fropulous hoity toity bullshit he read on the internets

>>19965183
This is actually a decent read. It’s insane the amount of power the federal reserve has. This is not talked about enough.

>>19964075
good goy

If you don't pay don't they just send you a letter in the mail or something?

You're going to have to pay taxes one way or another when you sell and convert to fiat, and goes through the banking system.

>>19965325
What about cashing out through gift cards?

>>19965325

Just pay 25 to 30 percent of whatever you cashout retard.

>>19965325
>banking system.
big oof

>>19965325
I'm just going to wait for legacy banks to collapse and reset

>>19964022
WAIT... ARE YOU GUYS ACTUALLY PAYING TAXES?????

>>19964257
based, fuck those kikes for knowing exactly how much you owe and making you guess
I often think about that guy who flew a plane into the IRS

>>19965183
Don’t put them on to bsov... not yet.

>>19965403
This is what many who are avoiding tax are thinking is going to happen, just spending bitcoin or whatever as money, but is not realistic. Governments are already developing digital currency to replace cash in the near future. You honestly think they will allow something else to replace national currencies?

>>19965479
From what I understand is that it's harder to go to jail for not paying them then it is for trying to evade them right? And I'm not talking about refusing to pay them but just being negligent, does anyone know anything about this?

>>19964149
I also used crypto trader. $50. Worked great.

Took binance, coinbase, and coinbase pro tx sheets and checked them against each other to fill in the blanks. I think the only trouble was a couple missing transactions on binance I had to input manually.

Shit works great and I'll probably use it again next year

>>19965582
What is this a fucking crypto trader shill thread?

>put ~20 eth into cuckbase
>have a couple metamasm wallets that I trade with.
>have 50eth worth of shitcoins now
>sell up to the 20 eth back thru kikebase and report that
>everything else stays in metamask and if necessary goes out some back door


am i gonna get fucked down the line for this?

I'm not reporting my uniswap for several reasons 1) it would be too tedious 2)the irs isn't going to track 100s of transactions 3) its only a few thousands dollars in gains 4) there's no way to prove I hold that money

>>19964417
Are you British, then?
Do you keep your UK passport?
Info appreciated, mate

>>19965087
thanks romebro

anyone use a tumbler like tornado and then used localcryptos to sell under the table? feel like that could be the way to siphon out some gains

>>19965515
My coworker owes 80k to the IRS, a guy I know at the flea market hadn’t paid in years and it caught up to him, but like my coworker he don’t go to jail either. They usually just buttfuck you with penalties and interest and get you on a payment plan, the only ones going to prison are really big whales they want to make an example of who outright flaunt the system.

>>19964022
I use Token Tax. Gotta pay the man or you WILL get fucked. Except my LOKI. They will never know about that.

>>19964022
I went all in DMG so taxes won't affect me much since I can live off staking in the next few years.

oh boy cant wait to report cryptokitties, etheremon, crypto alpacas, bitcoin gem ponzis, ether shrimp farms, obscure burning supply staking uniswap coins, regular mining, retarded 0xbtc mining on the ethereum chain with fees, gambling on coin casino sites, selling video game keys on crypto ebay sites, trading on over 50 degenerate exchanges that are dead by now or do not offer csv export (or only last 3 months), mining over 200 shitcoins with a single measly GPU on obscure taiwanese mining pools that no longer exist, spread out over different desktop wallets / light wallets / mobile wallets / web wallets

also can not wait to report the LBC i gained for watching LBRY video, the BAT i got from my brave browser, the triffic i got from playing pokemon go outside and presearch tokens from my web searches, idena from solving chinese indian captchaes and pi coin for installing a dataminer on my smartphone.

all the random shit tokens that got airdropped to all my other obscure coin addresses by bots

all that staking

id honestly rather they just swat me already and shoot me in the head frens

I "lost" all my cryptocurrency on a Monero "gambling" website.. What a shame