/biz/ - Business & Finance

i cant get taxed if im never selling dumbass

Only jewlovn fags pay taxes. Live in your car and be a homeless billionaire.

>land of the free

>>20981621
>>20981634
that only works if everything you purchase is under the table. Also how will you buy food without cashing out small amounts, the fiat will have to go into some kind of bank account right? won't the IRS notice you didn't file taxes but spent $5k on tendies over the year?

https://www.reddit.com/r/tax/comments/9tcnu8/did_i_ruin_my_life_by_trading_crypto/

>>20981698
Obviously always under the table, have you never bought a car on offerup? If you are always on the move you're fine. Why the fuck do you own a bank when there is digital wallets and gift cards? Learn how to washing money and offshore accounts. You will be ok anon.

>>20981621
You don't know how bad it is. yes you can get taxed dumbass.
https://www.irs.gov/newsroom/individuals-who-need-passports-for-imminent-travel-should-contact-irs-promptly-to-resolve-tax-debt
Imagine being stuck in that shithole

>>20981735
why couldn’t he just get a tax deferment and write off his massive loss, the 400k liability is canceled by the fact that he lost literally everything. He’d have to sell whatever worthless crap he was holding onto, but it’s not like they were gonna moon anyway

not an american but wondering if ameribros would be able to use a loophole like this:

>Use coinbase/binance to buy ETH/bitcoin/whatever
-Send to metamask wallet and trade for >uniswap shitcoins
>??????
-crazy x1000 profit
>transfer back into ETH
>transfer ETH to a different exchange connected to a foreign bank account
>withdraw into the foreign bank account
Would ameriburgers be responsible for tax in america or in the foreign country here? both? neither?

>>20981916
Look up FATCA
the answer is NO. they must pay the tax like the cucks they are

>>20981960
This

>>20981960
I just skimmed through
All banks IN THE WORLD ofUs citizens report holdings to the IRS???
What level of kikery bullshit is this?? Holy fucking shit.

>>20981606
So don't day trade and only sell things you held for at least a year.

>>20982064
It's almost like the Jews own every single Central Bank in the world or something! How are you posting on this website and you don't know that already.

>>20982118
I literally want to strangle every Jew I meet. Holy fuck this is literally evil.

>>20981826
you dont get taxed if you dont sell retard. how do i get a tax debt if im not getting taxed? fucking tax retards itt.

>>20981606
im never selling until the u.s stop being retarded with the crypto tax

>>20981606
Once Chainlink is $1000, the Chainlink Clan will begin construction of Citadel 1 in [REDACTED].

someone please explain, cgt is 25% for american, how did this end up like this?

>>20981606

Are you retarded? Long term gains are taxes 15%

>>20982180
I should add if it was not obvious - Citadel 1 will not be within the jurisdiction of the United States.

Long term capital gains is 10%. I don’t care if I have to pay 100k on 1 million considering my stack only cost me 1k

>>20982211
No but what did the government do to earn that 100k?

>>20982127
Trading 1 coin for another coin is a taxabl event.
If you trade ETH/BTC for a uniswap shitcoin and that shitcoin moons in 2020 to x1000 but then crashes and loses 99% of value in 2021 you are responsible for up to 50% of the 2020 "gains"

Ex:
>You buy 5K USD of eth
>Trade 5k eth for shitcoin on uniswap
-----THIS IS THE TAXABLE EVENT-----
>shitcoin moons x1000 and you now have 5 million
>you hodl, 2021 Comes
>shitcoin tanks and loses 99.9% of it's value, you now have $1

According to the IRS in this situation you owe over 2 million USD in taxes. If you don't pay you're going to have your wages garnished for the rest of your life or get mouthfucked by tyrell in federal prison for 30 years, your choice.

>>20982233
dat id
US GDP 1 Canadian Dollar

>>20982125
>>20982118
It's not "the jews", it's people who in sketchy sourced books seem to refer to themselves as jews. In the protocols they say there's other jews who don't know anything about them. Who knows who/what they are really.

>>20982233
what did you do to “earn” it? lmao

can we start a BLM movements to defund the IRS?

>>20982127
I looked it up Mutts are not as cucked as I though. sorry. still cucks though with the worlds most evil tax system, they can still take your passport away.

HOLD & you're fine. trade & get fucked

>>20981824
Ths is Fbi, freeze motherfucker

>>20982272
I took out risk.

Did you guys know the IRS will give you like 20% of the proceeds of any tax evaders your report to them?

When link moons and all of the retard mutts are showing off their bags I'm going to have a field day reporting all of the posts to the IRS and laugh as I steal 20% of everyones gains

>>20982233
They pay for roads and cops and military so I can enjoy my 900k in a modestly functional and safe society...although, it isn’t looking so functional these days. Actually you raise a good point. They really don’t deserve any of my link bucks.

>>20982238
>You buy 5K USD of eth
>Trade 5k eth for shitcoin on uniswap
report that transaction, gross of $0. that means no tax. i didnt sell the shitcoin. that means no tax. get fucked retard.

>>20982312
the government risks a lot too, maybe they deserve that tax revenue for it

>>20982238
That's wrong though, the only taxable event is the trades.
If you buy 5 Eth at $100/coin (fucking god I wish but simple numbers)
Eth goes up to $120
You swap Eth for Shitcoin (taxable)
Shitcoin goes up, down, sideways, to $0,0001

Only taxable event is the $100 you made on The Etherium to Shitcoin. That's a gain. After that you didn't do anything, gain or loss, so you don't get taxed for the moon.

Now if you traded all your shitcoins back into Etherium, FOMO'ed back into the Shitcoin cause it kept going up, THEN the shitcoin tanked, then yea you're fucked royally. Never swing the whole stack.

>>20982238
this is fucking wrong you retard
you're only fucking taxed if you sell that shitcoin at 5 million. If you sell it at 1 dollar that's a taxable event and counts as a loss.
Fucking morons on biz

>>20982332
However if you bought that 5K ether at $1,000 that trade memes you gained 500% profit.

>>20982272
I had low time preference and foresight. I had discipline to hodl for years. And I lost all my friends for devoting my life to a racist cartoon frog. I earned it.

>>20982272
took the risk

>>20982332
Just goes to show you the type of morons that trade shitcoins these days.
Fucking brainlets.
Is there any surprise that these kinds of dipshits go margin short or long and then get fucking wrecked.

>>20981606
You use the profits to buy drugs sell drugs at cost price and live off that never cash out to a bank anon.

>>20982272
He earned the initial capital with his own labour and risked it on the investment. The reward is earned by the risk.
The government risks nothing by asking some cop to go to your home and put a gun to your head and demand your earnings.

>>20982354
That is incorrect. You are taxed on any gains you made not just when you sell into dollars. whatever your games were at the time of a trade that is how much you have made and it is a taxable event. Doesn't matter if you touched dollars or not.

>>20982256
lmao

>>20982404
the government makes all this gay shit possible so warlords don’t take 100% of your lunch money bro

>>20982406
That's wrong and makes no sense. So people holding Etherium right now are taxed when it goes from $250 to $400, then again when dipped to $300 then back to $400 right now? You'd be fucking stupid to report that and nobody at the IRS would have a remote way of tracking it.

>>20982406
yeah except the retard I was replying to is suggesting you are taxed on unrealized gains even after your shitcoin crashes which is FUCKING STUPID AS SHIT.

>>20982273
Now that is something I can get with.

Literally everything that is wrong with society, supporting defund the police instead of defunding the kikery.

>>20982428
the government are warlords and take 36% of my earnings already
how is that any different from paying Little Tony protection money

>>20982429
I think he's trying to say each trade between coins is taxable, which is correct.
you are not taxed on unrealized gains or losses as some morons on this thread is saying.

Trump will do away with 2020 capital gains tax. So won’t be a problem for burgers.

>>20982406
u read the post wrong dumbass. U are agreeing with him.

>>20981634
You just described me, apart from the millionaire thingy.
Only got 25k to my name.

>>20982447
who says little tony doesn’t deserve that money for preventing someone else from taking 100% of your cash instead? whoever you pay protection money allows you to exist at their largesse

>>20982238
you would only owe tax on the $5k transaction, no capital gains because you did not gain

>>20982449
This is correct.
I currently "sold" Link I bought at $8.39 for $7.50 to buy other shitcoins. Despite the fact that link is over $9 now and the majority of my stack was bought under $2, I had fomo'ed some coins at $8.
Those were sold at a loss to buy something else.
Link's current price doesn't matter nor the fact I still have positions. The taxable event was only when I traded it for something else and fuck you IRS, it was done at a loss.

>>20982429
Not unless there are trades. You're only text when a trade of any kind happens it doesn't matter how far it moved and what direction before or after only what the value is that the time of the trade. You can also make a trade for a loss in order to lower your taxes. It goes both ways.

>>20982515
Correct, I actually do this.
>>20982238 Was spouting some bullshit though.

>>20982313
Most people use blockfolio and any grunt at the IRS will tell you it's not evidence of anything.

>>20982502
Fifo not required?

>>20982583
You can only claim up to $3500 loss per year.

>>20982533
Yeah people need to remember this. Because if you made a trade at the top of a peak and then the market crashed you still owe taxes for that profit if you forget to make a trade at the bottom of the peak to record your loss. you could easily get yourself in a situation where you owe several thousand dollars of taxes but you're dead broke.

>>20981606
the us will collapse soon enough, make sure to withdraw while chaos rules

>>20982271
its literally the jews

>>20982634
Swinging has to be done carefully. If you're not setting aside money for the taxes you're going to get bitten someday.
However, that being said, the IRS barely can follow crypto. They're not going to track down your hardware wallet address, go through all the necessary steps to prove it's yours, figure out every small bullshit etherium swap you did, follow your other shitcoins, etc.
The easiest transactions they follow are buys and sells on exchanges. If you buy 10 etherium with fiat, xfer to a wallet, buy a shitcoin, it moons, you turn it back to etherium, move it back to the exchange, and finally sell for fiat all they'll have to work with is the entry price and the exit price. Which you absolutely should report and pay the proper cap gains tax on.
Do this and you're in the clear 99.99% of the time. People who get fucked are people who make a million dollars then try to get a tax refund cause they claim they donated $500,000 worth of designer jeans or some other dumb shit.

>>20981824
>Some LARPing faggot on an image board thinks he can dodge the IRS this way

You’d get rekt in 6 months tops being very generous.

>>20982710
Anytime you draw attention to your self you will probably get fucked.

>>20981634
Based

>>20982815
That's why its important to pay what you owe but within reason. Nobody in their right mind should be giving the IRS the tools they need to fuck you over (hardware wallet address, or times you swapped into and out of exchanges.) The exchanges don't even keep track of shit like that even if its done in house.
But if you randomly drop $500k into a regular bank account and don't account for it, the banks going to dime you out. Remember to call your bank anytime you plan on dropping more than $10k into an account. They will freeze your shit if you don't.

>>20982238
That's wrong, it's like this
>Buy 1 BTC at $5k
>BTC pumps to $10k
>Buy 1BTC worth of ETH (ie $10k worth)
You now owe a capital gains tax on $5k since you "cashed out" of BTC into ETH. The value the ETH goes to doesn't matter until you trade it. If your $10k ETH goes to 2 million, and you cash out or trade it for another coin, you owe tax on the difference

>the absolute state of /biz/ tax understanding
My sides

Sometimes I wonder if LINK was something /biz/ really deserved with how absolutely fucking dumb this board is

>>20982996
Then educate us, faggot.

>>20981882
In a sane country that would be the case, but the US only allows writing off max $3000 capital losses every year, while there is no such cap on capital gains.

>>20982493
Ahh yes the Might Makes Righr argument
Carry on then

The IRS considers taxable events as:
>Converting virtual currency to a currency like US dollars
>Trading cryptocurrency with another cryptocurrency
>Purchasing goods and services with virtual currency
>Receiving income in cryptocurrency

So unless you get an airdrop, if all you do is buy crypto and hold, you don't have to report shit until you sell.

>>20982888
If I bought let's say $15,000 worth of Chainlink on an account I can't get access to anymore, and I sell at a certain point and just report that I bought $15,000 at this price point and am now selling years later at this price point, am I fucked?

>>20983051
One might get the impression that the United States government was corrupt or something!

>>20983123
You can't sell it if you don't have access to it.

>>20983123
Lets say the link doubles in price. You sell it for $30,000. In this instance you made $15,000 and you would pay long term capital gains on this single transaction (you said years later) or on $15,000 only. Not on $30,000.

Or say you bought $15,000 worth of link at $1,50 back in March, which would be 10,000 Link.
If you sold it right now it's worth $96,000 (or $9.60 for 1 link). You'd pay short term capital gains (under a year) on $81,000. ($96,000 - $15,000)

Also any transaction you can deduct the fees.

>>20983180
Also this. If you can't sell it it's like it never happened. You could claim a loss at the maximum amount but I wouldn't go down that road because there's no evidence you sold.

>>20982273
I would kneel to that

>>20983180
I mean I moved it to Metamask but I don't have access to the Coinbase account I originally bought it on.
Where's it's complex is that when I bought initially I bought at below a dollar on Binance (also don't have access to that account), then a little more at $2, then finally, rounding out about a 4K stack at 3.13 on Coinbase. I eventually moved all of my LINK to Coinbase, then to Metamask.
When it hits $1,000 per LINK. I want to sell. I assume that will be years from now.
So how fucked am I?

>being american

cringe

>>20982208
>not building in space
You can construct all the land you need with an ideal environment and if earthlings fuck with you you can just drop a big rock on them.

>>20983313
You're not. Do you have the bank statement where the money left your account into coinbase? There's your entry money. So when you sell LINK, the amount you get? Thats your exit money.
All the IRS really cares about is how much you started with and how much you ended with. If the second one is higher than the first, you pay.

>>20983370
I mean I probably will but let's assume I don't and I just make a guess? How determined is the IRS?

>>20983370
So if you bought in with 5k, traded a million trillion shitcoins and came out with 20k. How fucked is that?

>>20983076
>>Trading cryptocurrency with another cryptocurrency
goddammit they're so fucking gay
better remember this during tax season

>>20983406
Lets say for argument, Link moons and you now have a 6-7 figure amount worth of Link. You want out. Link is traded on major exchanges (Coinbase/Binance) so you don't have to turn it into etherium or any extra steps. Just transfer, turn to USD, send USD to bank account. Things you need to do are.

Call your bank and inform them a large sum will be put into your account on XX date. Otherwise they will freeze your account (anything over $10k is a flag). Normies don't usually get big chunks of cash, especially from some of the randomly named chink shit the exhanges use. Don't try to do it in small intervals that attracts more attention than all at once.

Don't touch the money till you figure out what you owe in taxes (forms and how long you had the asset will figure this out. Or hire a fucking accountant)

Put the tax amount aside in a savings or escrow account.

Come next tax season, pay what they want.

Keep everything else.

Taxes suck but they're not nearly as scary as people make them out to be. IRS won't escalate if you're doing everything transparently.

>>20983313
You are risking them investigating you. Remember, there is no criminal court for tax offenders, there is tax court where you do not have constitutional rights. You don't want to be there.

>>20983442
Find someone who knows how to do it because tax law in crypto is fucking ass and the big reason I never bothered getting into it.

>>20983544
You're not going to magically go from 'paying taxes normally' to 'court with jailtime.'
99% of the time IRS just wants money. Long as you don't try to dodge them they won't even come looking for you. FFS they're not batman.

>>20983585
It's worst case scenario you pay "zero cost basis" which is just extra taxes and if you're cashing out 3 million USD 100,000 shouldn't hurt.

>>20982238
>>20982619
>>20983051
>>20981606
Ah yes, the bi-monthly retard contest.

>>20981634
my house is in that meme,lol

The only thing worse on /biz/ than TAfags or swing traders gambling are "tax experts"

>>20983612
Pretty much. Considering most crypto moons have such a minimal initial investment anyhow you're likely to do fine claiming the initial amount.
You make a million dollars in 5 months do you really think they're going to raise a fuss if you claim only $990,000 of it is gains vs the full million? You're already being way to honest as far as they're concerned and will gladly take that $394,000

>>20983668
I've been arguing against swinging because of the tax issues it creates.

>>20983643
Where is it

Realistically what actually happens if I deposit $500,000 from coinbase into my bank account and then just go on about my life as if it never happened, and never pay any taxes?

Alternatively, what if I just open up like 15 different checking accounts all with different banks, and then just deposit $5000 - $10,000 in each one?

Don't forget about the state. Remember to move to a state with no capital gains tax & income tax before cashing out.

>>20983758
You would get FUCKED in the ASS and would have your shit frozen.

>>20983629
Yes, it is very retarded to tell the truth

R.E.T.A.R.D.
Stop posting if you've never done crypto taxes you fucking mongrel.
>>20983835
>If your capital losses exceed your capital gains, the
>amount of the excess loss that you can claim to
>lower your income is the lesser of $3,000 ($1,500 if
>married filing separately) or your total net loss
>shown on line 21 ofSchedule D (Form 1040 or
>1040-SR) (PDF).

>>20983905
So basically you just proved me right. Learn to read.

>>20983758
Coinbase and your bank both report to the IRS
You do this and fail to report it you get audited

>>20981634
extremely based

What if i bought bitcoin in 2018 on Coinbase, sent it to an exchange, traded it for another token, and I no longer have access to that exchange and didn’t report the conversion. If the new token moons, When I cash out how do I report this? Convert back to btc? My exit amount of btc will be more than I reported buying from Coinbase.

>>20982238
Never post here again.

>>20984069
How fucked am I?

What if you bought some BTC and then transferred it to a private wallet, waited for it to moon, then atomic swapped it for USDT, then slowly transfer small bits of money to your account as you need it? Can I hang onto the bull reward tax free until I decide to take out a large amount or will the boogeymen somehow know i atomic swapped it

>>20983076
Ahhh but LINK isn't a currency but Runescape GP is.

>>20981698
>won't the IRS notice you didn't file taxes but spent $5k on tendies over the year?
If you have your links in a wallet and spend directly from there they wouldnt ever really know what you are spending it on unless they followed you around. Which the IRS doesnt care enough to do when they can easily track companies making errors on their tax returns and make millions.

>>20982329
No they fucking don’t. And if you lost everyone you have by gambling with shitcoins, would the government do a fucking thing for you? No. They’d just tax your salary.

>>20982271
Another 'Its not the Jews, it's the Jesuits!' shoutout

>>20982619
Only short term dumb nigger.

>>20983442
That's pretty fucked up. If crypto is "money', then every time you convert it you have to pay a tax on it?

>you must pay income tax when you spend internet money

It isn't that way with stocks, why crypto? If I trade gold for silver do they get to steal some of it?

>>20982329
>They pay for roads and cops and military
NOPE, you've been lied to
look up 'The Grace Commission'

>what are tax returns

>>20985031
>If you have your *money* in a wallet and spend directly from there they wouldnt ever really know what you are spending it on unless they followed you around.

Say that out loud. What world are we living in?

Short term capital gains is the most jewish tax ever invented. Unironically fucking people up the ass for making smart investments

>>20983796
Coinbase is still going to report your ass.
The US government and the IRS fucked crypto trading hard.

>>20981916
coinbase is selling transaction monitering software to the feds

>>20983542
or i could get a passport to euro or some other country with sups lax tax laws

IRS won’t exist by the time I spend my crypto.

>>20981606
Tax at 35% on gains. I profit 55% on every Link I sell after giving our Lord 10% so you clearly understate profits per Link. Kek.

>>20986320
IF you're ant American taxes are fixed to your citizenship.

That form only shows your gross transactions. I freaked when coinbase sent me a 1099 in 2018 cuz i only put in 3k and was at 27k ath but had like 150k worth of transactions. I ended up being -18k net loss so it worked out. OP is a drooling retard faggot

>>20982491
25k Link? If so you will be a billionaire

>>20983074
might does make right, even if its not

>>20983751
In that meme.

>>20982125
Hitler tried stopping this

Check out "the greatest story never told" its on bitchute

>>20987444
Checked

And theyre pocketing most of the burger stimulus as well

>>20987444
Checked for trips of truth

Hitler was a good guy