/biz/ - Business & Finance

>>25252280
Unironically, tax refunds are a taxable event.

Give To Caesar what is Caesar's. IYKYK

>>25252280
Of course. The entire system is designed to keep you from making progress. They want you to stay where you are and continue working forever.

I, for one, am glad it's a taxable event. Because I can deduct all of my losses and get some money back. :)

>>25252280
you can still make it if your performances are so good taxes are recovered by your future gains

How can they know you swapped crypto if it's through uniswap or something? Area they going to be going through etherscan line by line lmfao

>>25252459
This is why GRT will moon tax season :)

>>25252280
>paying taXES
good goy

boomers from tax department still dont know about buttcoins, you have like 4-5 years until they find out

You know you only pay taxes on your gains... Right?

>>25252898
wrong, even if you lose all you pay taxes on your gains you first had, or boomers will come to your house taking your tv and your computer

>>25252280
>They send checks to dead people.
>They are meticulous and will find my transaction in a sea of technology they don't even understand.

One, you get one.

I'll pay only on the part which I cash out. they can eat my dick for the rest.

>>25252994
yea if you made 10 million and then lost it all you would only be able to deduct 3k of it that year and the rest of the loss would carry forward 3k/year. But you'd still owe taxes on the 10mill that year. A lot of people killed themselves after the 2018 crash when the tax niggers decided to finally start going after people for crypto.

>>25253377
But if you never cash out? How is crypto to crypto taxable if you never realize any gains?

>>25252280
one moment of silence for our brothers on the other side of the ocean kek
how much time do you spend documenting all your trades?

>>25252994
You're being retarded on purpose. Stop it. This doom scenario you're talking about only really happens in the situation where you SELL in 2017, then reinvested it in 2018 and lost it all. And even then, you can report that as a capital loss and carry it forward for years to come.

>>25253377
You can carry over as much capital loss as you want. You can only deduct that 3k from your INCOME.

>>25253421
The IRS is America's God, do not question their ability to extract wealth from the citizenry.

>>25252994
True but also untrue. If you realized gains for example through a crypto-crypto trade you have to pay taxes on that trade but you can off set your taxes if the crypto you traded for went down and you realized a loss before the end of tax year. The way people get absolutely rekted is if they realized gains through a crypto-crypto trade for the current tax year and forget to pay and then during the next tax year their crypto they traded for went to zero. You still owe the government the realized profits made the previous year and have to wait until the end of the current year to offset it with your loses. During that time you will get raped by late filing penalties or you will have to declare bankruptcy to pay the taxes.

Best motivation to keep holding. I refuse to give tax Jews any more money than I have to.

kek kys for using public blockchain

>>25253540

It’s not that hard to imagine somebody selling at a peak, then buying back into a dip that actually turns out to be a crash. People are greedy and it happens more often than you would expect.

Hypothetically speaking if there was an IRS in Minecraft that was similar to the one in the United States how would a country in mine craft go about reducing their tax requirements without necessarily going through Congress in Minecraft

There was a bear that joked about BTC going negative like oil due to the liability of holding it. We'll see I guess ...
BTW this is why I basically own no BTC directly. Just invest in BTC mining stocks like ($BFARF, $HUT, $RIOT) to get better gains than BTC without all the hassle of actually holding it.
Once conbase releases the list of users, they will come knocking at all your doors for tax money. It will be popular with the public too because they are jealous that they missed the btc boat so no one will defend you. Also, moving to a different country is basically out of the question now since they will report to the US either way

No tax on HODL.

>>25253935
S-Corp

>>25252280
>>crypto to crypto is a taxable event
>>crypto to fiat is a taxable event
>>receiving crypto is a taxable event
>>sending crypto is a taxable event
While all of the above are true, you are still ONLY TAXED ON NET GAINS YOU FUCKING RETARDS. THE ABOVE IS THE SIMPLEST WAY TO MAKE SURE YOU DO NOT PAY MORE THAN YOU OWE.
>crypto to crypto is a taxable event
Same with stocks, when you sell, you realize the gain.
>crypto to fiat is a taxable event
When you sell the crypto for fiat or anything else you realize the gain
>receiving crypto is a taxable event
So is receiving cash, it's income, and we pay INCOME TAXES you dolt.
>sending crypto is a taxable event
Only if sending it to someone other than yourself, if you don't sell it you never realize the gain. If you send it for payment you have effectively realized the gain.
Once again, biz is retarded. Some people have more than $50 invested in the market and thus need to differentiate between long term and short term gains (and accounting for this by using the above is hands-down the best method)
Also keep in mind, since I know you're an unsuccessful child, is that NET GAINS mean you get to DEDUCT YOUR LOSSES. If you have more losses than gains (you probably do) then you will actually BENEFIT from this accounting method.
And for the extra-retarded...you can NEVER NEVER NOT EVER PAY MORE IN TAXES THAN YOU HAVE MADE IN GAINS. The ONLY way to get burned is to not know how much you owe, leave your money in the market until after the calendar year changes, and then hold during a huge market crash. That's literally the only way to fail.

>>25253949
>doesn’t even have the balls to hold BTC

Sad

>>25252280
rip nigger

>>25254183
everyone understands this you goober, it doesnt change it from being complete bullshit.

>>25254215
Don't worry about me, I held from 2013-2019. Just know that btc mining stocks outperform btc by a large magnitude. You'll see after this bullrun. Add them to your watchlist and observe. Free alpha for the intelligent /biz/inessman

>>25254349
Ty for the gem

>>25253621
Kek but true, the irs even outjews other jews thats how hardcore they are.
That trading places producer for example that alws jones interviewed.

Do Americans really?

Realistically what are the chances of the IRS finding out? Coinbase isn't issuing 1099-Ks anymore.

>>25252280

>>25254183
If I have 15k in gains and 9k in loss I can only deduct 3k, right? So I’d pay tax on 12k, right?

>>25252280
I plan on not just paying for 2-4 years (in minecraft) and then leaving for good bros. Any chance of pulling this off?

>didn't bother keeping track of my buys and sells
Am I fucked? Does Coinbase Pro keep track of this shit for me?

>>25252280
i like how kikes have it both ways. they repeatedly attempt to torpedo crypto with threats of (((regulation))) but they absolutely DEMAND every cent of tax out of you.

>>25255631
It does but it doesn't record the fiat value of the trade at the time as far as I know - so not very useful for calculating cost basis. Anybody have a better FREE solution than looking up some daily price history?

>>25255139
Incorrect. The 3k cap is only if you are reporting a net total loss. You can have 100k in gains and 99k in losses and pay tax on the net $1k in gains.

>>25252280
>receiving crypto is a taxable event
anything under $10k to family or friends can be considered a gift as i understand

>>25255765
>It does but it doesn't record the fiat value of the trade at the time as far as I know - so not very useful for calculating cost basis.
WHY would it do that? What the fuck?>

>>25252280
>Posting 'nigger" is a taxable event
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>>25252280
imagine declaring and paying taxes on bullshit like crypto to crypto trades LMAO

>>25252280
Is there a script I can load all my wallet addresses into and it calculates my total gain/loss? I don't mind paying taxes on this shit, I just don't want to spend hours and hours with excel trying to calculate thousands of trades manually.

>>25252459
they will if they decide to audit you

>>25255814
Thank you

>>25252459
These threads always devolve into "How can the IRS prove ________?" Let me offer some free tax help, the IRS doesn't have to prove shit. They make up an assertion and it's up to you to prove that it's false, or they will just start taking your stuff (houses, cars, personal belongings, paychecks, bank accounts) until they have their money.

Sending crypto from wallet to wallet isn't a taxable event you mouth breather.

>>25256177
It is if it's for a purchase/sale

>>25256048
What if all my stuff is now in foreign bank accounts of a country I am a dual citizen with?

>>25256252
They will take it. IRS has reciprocal agreements with most of the world's revenue departments. Literally death is the only way to escape the IRS.

>>25256293
So basically get it out of banks and just hold crypto, PM, and land. Surely my local sheriff won’t bend the knee and levy my possessions.

>>25256346
>Surely my local sheriff won’t bend the knee and levy my possessions.
Fucking kek. The IRS will send its agents in to throw you out. They have way more firepower than your local sheriff's dept.

The IRS doesn't need to take you to court, they just send a letter to your county's recorder's office and they own your land.

If your land, personal property, and bank accounts aren't enough to pay them off, they will simply wait and take everything you ever try to buy. Get a job? IRS garnishes 50% of your paycheck. Buy a car? IRS now owns it. Buy a piece of property? It's theirs. They have unlimited patience and there is no statute of limitations or bankrupcy discharge. Their power to ruin your life and steal from you is literally limitless.

Sorry, grizzled old boomer here who has tango'd with the IRS on multiple occasions. It's always hilarious to me to listen to young people talk about how they're going to outsmart them.

>>25256539
Yeah I know this is how they operate in the USA. But if the land and property is outside the USA in a foreign country they can’t do shit unless it’s in a bank.

>>25255139
No lmao you can only take 3K total loss on your income, meaning your final capital gain/loss number for the entire year. You would pay $6K in total gains for the year because 15-9. Don’t be so retarded

>>25256652
If the country is on agreeable terms with the US they will. but only if you get audited, and only if you're worth the hassle

>>25256539
>IRS bills you for whatever
>as a corporate entity send the IRS a bill for rendering of financial services and handling their request
>the IRS now owes you money
I cannot believe nobody has ever thought of this. I must be a genius.

>>25256690
Lol, thanks.