answering end of year crypto tax questions

[Anonymous No.12256609]

don't be a faggot, if you think taxation is theft go to another thread. this is for people who actually want advice. USA/IRS only.

>1) i'm not a CPA but work in finance and have been filing crypto trades correctly for 5 years, so I can tell you if you need to hire a CPA (some do crypto trades wrong though)
>2) yes coin to coin trades are taxable, we are speculating and the IRS will make sure we know that
>3) no you cannot file 1031 like-kind exchanges to carry over coin to coin sales (it's law now)
>4) wash sales don't apply to property/crypto but if you're smart you won't abuse that
>5) no you can't "just export coinbase history and use that" if you did alt trading because each altcoin transaction if present will need to be taxed short vs. long term rates
>6) it's important you calculate USD values for coin to coin trades in a consistent manner vs. cherry picking exchange tickets to save money
>7) if you can't calculate it yourself, use a service
mining/forks:
>coins acquired through mining/forks will have their value at the time of acquisition added to your regular income. use the acquired price as the cost basis when you sell and treat that like normal short/long net gains. it's possible there was no markets that exist when acquired so I use zero value for those and pay full tax at sale w/o adding anything to income.

AMA

[Anonymous No.12256630]

I haven't made a single fucking gain in 2018 so at least I don't have hardly anything to report and pay taxes on lmao

[Anonymous No.12256645]

BBBBBRRRRRRRRRRRRRRAAAAAAAAAAAAAAAAAAPPPPPPPPPPPPP

[Anonymous No.12256651]

>>12256630
yeah I filed loses in the 2014-2015 bear market but have to pay estimated tax every quarter now (except q4 18) from extra gains. file everything legit now for the eventual future audit when you make it.

[Anonymous No.12256666]

>>12256609
Why would you waste your life in finance instead of working in AI?
You filthy fucking pleb

[Anonymous No.12256713]

>>12256609
another note on forks.

there's some debate over "when" you acquire forked coins if you had them in an exchange wallet. it's possible they aren't really your coins until the exchange releases them to you. this is really messy too since market opens are always crazy prices in the first few minutes. I just use my best judgment on these in terms of total value. the more value, the safer I play it. a good strategy would just be treat all forks as zero value when acquired unless it was a high profile event with special circumstances.

>>12256666
checked. I actually work in data science for a bank so my dept does build AI apps. you got me.

[Anonymous No.12256787]

>>12256609
I've been hesitating to find the answer to this because I'm suicidal these days and would rather pull the wool over my eyes. But fine

I filed an extension with turbo tax back in April. At the end of the report they asked me how much I thought I'd owe. I entered an amount.

I haven't heard anything from the gov since then and I haven't given them anything either. I lost all my money. I'm a 23 year old college student.

Coinbase never filed me a 1099 or anything. The only number the government has is that figure I entered into turbo tax during my extension. How meaningful is that number? I pulled it out of my ass at the time. Do they cling to it?

[Anonymous No.12256804]

>>12256787
how much was it and was it correct? did you sell the bottom or did you just hold to the bottom?

[Anonymous No.12256817]

>Land of the free
Top Keks

[Anonymous No.12256901]

>>12256804
I believe it was 30k. When I did my taxes with cointracking.io I had numbers ranging from 30k-70k because of my dealings on shitcoin exchanges, several of which no longer exist in their former capacity.

I've essentially held to the bottom, yes. I barely have 25k left and most of that has been going to my tuition.

[Anonymous No.12256909]

What if I only lost money all year long and don't report it because I'm lazy?

[Anonymous No.12256982]

>>12256909

This.

[Anonymous No.12256994]

>>12256901
well if you OWED 30k that means you had something like 90-120k in profit from sales? does that sound right? if so where did that money go? it shouldn't vary much at all. you need to get the correct numbers for realized gains so you can get your correct tax owed.

if you realized 100k in gains and didn't sell you'd be on the hook for all that tax, hopefully you didn't realize the gains, then you wouldn't owe tax yet. do you know for a fact it's 30k owed?

>>12256909
>>12256982
you can claim the capital losses and you'll want a complete record when you make more money in the future.

[Anonymous No.12257055]

>>12256666
quads confirm
The thing about AI is that AI is being created to do intellectual work. This will be first developing itself and other software. Genius software developers just automated their own jawb. Congratz spergs.

[Anonymous No.12257119]

>>12257055
yeah in like 60 years, and I'll be dead by then. AI is not even close to the level of TV and movies. in reality we'll always have to babysit them to prevent them from unintentionally harming humans.

[Anonymous No.12257190]

>>12256994

What if you never plan on cashing out until BTC becomes the new reserve currency?

[Anonymous No.12257197]

>>12256994
I made a lot of money on an exchange that no longer functions. If I discard the transactions from that exchange then my tax liability is 30-35k. If I include those transactions then its closer to 70k. Again, the exchange is defunct, based in china, will probably close soon, and those trades only exist as numbers in their database, not the public blockchain ledger.

I'm not sure what you mean. I never cashed out to USD. Not more than 20k anyway. All these gains were unrealized. But they were crypto to crypto trades so apparently that is "realized" by the tax law? These were the numbers generated by cointracking.io which I entered all my trades into, so I figure it really means 30k owed

[Anonymous No.12257209]

>>12257190
then you won't owe any tax until the first sale. there's new laws on deck to exclude <$600 transactions as well.

[Anonymous No.12257232]

>>12257209
so i you sell 20k in multiples of $599 you can cash out tax free?

[Anonymous No.12257258]

>>12256609
Like like transactions are legal pre 2018 the tax reform changed it going forward. If I’ve never sold so I need to report anything?

[Anonymous No.12257259]

>>12256609
I cashed out everything I bought with usd on coinbase and then rebought different coins right away. Is that good enough for claiming losses?

[Anonymous No.12257273]

>>12257197
ok I see. at first I thought you were just confused over the numbers, but now I'm amazed you managed to end up in this situation. well you are in a real pickle. you really need tax attorney. sucks that you're a student but you don't want this following you into real life without a plan.

>>12257232
I'm sure they will add anti-transaction structuring verbiage into the laws, but if they don't, go for it.

[Anonymous No.12257293]

>>12257258
yes some people are treating it this way but most people are not and I do not advise this strategy

[Anonymous No.12257358]

>>12257119
keep believing that

[Anonymous No.12257370]

>>12257258
if you've never made a sale, coin or fiat, then no

>>12257259
well it goes by individual sale, but it was good you bought different coins so they don't tag you for trying to wash sale maliciously. you should use one of the coin tracking/tax websites to import everything and it will give you a final gain or loss number with everything combined. the IRS treats them as property sales, they don't care about exchanges, locations, what coin it is - just that it's a sale of property. they don't care where it was as long as you calculate each sale right.

[Anonymous No.12257401]

>>12257370
wash sale is either legal or it's not
>hurr durr malicious
dump and rebuy a minute later
I see cucks selling good coins just to realize losses and buy back some absolute shitcoins because muh wash selling illegal
crypto aren't securities at least in the IRS's eyes

[Anonymous No.12257418]

>>12257401
yup. it's a valid strategy and works. I just don't have the appetite for it. it's going to be illegal if everyone does it.

[Anonymous No.12257455]

>>12257418
what do you thing about trading records in general? I mean most of it is just plain excel sheets that could be faked in 1 evening of creative thinking, most exchanges won't even exist in a few years, no KYCs, only coinbase reports anything, Imo it's gonna take a good few years before they cme up with clear tax guidence

[Anonymous No.12257513]

>>12257455
you're right, the biggest probablem is probably usd values being calculated inconsistently too. it's basically been the honor system until now and will continue to be, while they go after the big fish the exchanges rat out with 1099-ks. I basically just keep good records in case of an audit, and will want to use a professional service in the future. it's a real pain but I have a really good setup because I can code and use the exchange APIs to automate the cost data.

[Anonymous No.12257671]

>>12257273
how are you amazed desu? I think my situation is incredible common, even just here on biz. Bought into crypto early 2017ish, did very well on trades, had huge paper gains, didn't cash out, held to the bottom. My portfolio actually hit 450k but most of that wasn't until January thankfully

[Anonymous No.12257724]

>>12257671
it's not common at all, most people would never put that kind of money on a foreign exchange, and most people just watched their shitcoins skyrocket and then fall without selling so they wouldn't see a huge tax bill. you really outdid yourself here. I hope you can come up with a good plan for it.

[Anonymous No.12257741]

>>12257671
from what I know you can carry forward 3k in losses per year so if the jews let you on some tax plan of paying 3k/year it could somewhat cancel itself out?

[Anonymous No.12257748]

>>12257724

Actually it was very common. Most people who invested prior to 2017 probably had a small amount, maybe $500 or something. The gains from 2017 could have had you gain 100k from a 500 dollar investment. No joke. That's why the taxation on it makes no fucking sense. How can you "gain" something on paper and pay on it yet you never cashed it out?

[Anonymous No.12257778]

Thank you for the instructions OP.

[Anonymous No.12257789]

>>12257748

This also adds to the problem how can you tax someone on 100k or more when that money doesn't even exist? Especially those who are NEETs who have no job? How do you expect them to pay 100k of taxes for shitcoin trades that may not even exist physically anymore (think of all the exit scams and exchanges that no longer exist!)
You are telling me a NEET with no money to his name is supposed to cough of thousands of dollars in taxes for MONEY THAT LITERALLY NEVER EXISTED? This is basically why I'm not cashing out or trading much at all unless Bitcoin becomes a new currency or some shit. Then I won't need to cash out.

[Anonymous No.12257850]

>>12256609
>mfw my country still has no tax laws regarding crypto
cheers to you amerifats

[Anonymous No.12257876]

>>12257748
it doesn't sound like you were one of those people friend because you're forgetting the multi-year bear market that was wrapping up prior to 2017. only "retards" were still putting any money in crypto after that, thankfully I was one of those retards because I found ETH.

and no, it was not common for people to buy $500 of a 1000x coin. only seasoned traders and extremely lucky morons, and most of the morons didn't sell it for profit. and XRB or other scams don't count because the profit you make never leaves the exchange, it's designed that way.

the taxation is no different than selling stocks, but cryptos do pose a unique challenge with alt coins. you just need to calculate your gains and cash out exactly how much you need to pay tax, simple as that. it's a small price to pay for tens/hundreds of thousands of dollars in profit.

>>12257789
let me put it to you this way, I was one of the fresh out of college idiots in 2013 with only a few thousand dollars to my name, and I lost most of it on LTC and shit like VTC or DGB the next few years. I knew the tax rules though and filed every trade, and always paid if I needed to. the crypto market isn't for everyone and it can crush you if you're not prepared. it's still pretty uncommon to be crush that hard though.

[Anonymous No.12257890]

>>12257789
it looks ridiculous but the same rules apply to stocks. The poblem is that it happens during 2 separate tax years, people should've checked their tax liability before dec 31st 2017 and cash out neccessary amount of fiat to cover that. It's harsh because in stocks you don't lose 90% in a year and you actually sell shares for fiat as opposed crypto-crypto but it is what it is, contact a good tax attorney and maybe the jews will let you go

[Anonymous No.12257951]

>>12257890
my only fuck up was the first year I made a nice profit, totally forgot about state tax and got a $2k bill at the end of the year because I only paid federal estimated. luckily it was the first year so I didn't have penalties.

[Anonymous No.12257974]

>>12257724
I'm not sure what you mean

I didn't put money on a foreign exchange. I started with a few thousand dollars and that snowballed over the course of the year

>most people watched their shitcoins skyrocket and then fall without selling
how is that different from what I've done

and how much does a tax attorney cost? I can't afford one. What could they possibly do for me? DESU I'm just hoping chainlink moons 2019 and I can settle my debts. It's really my only chance or I'm fucked

[Anonymous No.12258002]

>>12257974
I was referring to this:
>I made a lot of money on an exchange that no longer functions. If I discard the transactions from that exchange then my tax liability is 30-35k. If I include those transactions then its closer to 70k. Again, the exchange is defunct, based in china, will probably close soon, and those trades only exist as numbers in their database, not the public blockchain ledger.

I'm not sure, I've never needed one, but you'll probably need to work out a payment plan. they probably can give you a consultation and quote you, and maybe take a cut as their pay, or you can borrow from family to pay for it. you don't want this to snowball though or it'll only get worse.

[Anonymous No.12258007]

>>12256609
How is stock gift taxed once sold? Say I receive 1000 shares of X at $14 as a gift. Is my profit the different between $14 price I received it at and the price it is today (say $20)? So a profit of $6 per share sold?

[Anonymous No.12258033]

Ya ok mr Jew
>pay me, don’t trust bitcoin.tax

Fuck off. Use bitcoin tax and upload that shit into turbo tax.

[Anonymous No.12258035]

>>12258007
not sure anon I'm not a CPA, just an expert in crypto rules.

https://www.gainskeeper.com/webhelp/Taxable_Gains_on_Inherited_or_Gifted_Stocks.htm
it appears to go by value but stocks have a lot more rules so you should ask a CPA

[Anonymous No.12258090]

>>12258002
I'd rather bail on my entire life and move to a third world shit hole than submit to this. I was going to pay my dad's retirement in January. And now I need him to bail me out? Fuck no.

Chainlink moons in 6 months or I'm fleeing

[Anonymous No.12258138]

What if I put in $80 bucks and traded around up to like i think $1k then stopped and at some point it shot up to $10k and didn't sell until it was about like 2.5kish and then now it's even lower but still up in sats?

[Anonymous No.12258147]

>>12258090
yeah it's a bad situation but 30-70k is not worth ruining your life, and your parents lives over. the IRS would rather you pay even if it takes a long time, so you have nothing to lose and everything to gain by trying to work it out. I wouldn't ask your dad to pay it for you, just suggested if you need money for an attorney (I would avoid a CPA unless absolutely necessary, there's no attorney client privilege), I'd want to handle it myself though. maybe he could give you advice too though, but he would definitely try to make you quit cryptos forever.

just think of it like an overbearing car loan, you'll work something out then life will go on.

[Anonymous No.12258166]

Question boys: so I made a bunch of crypto to crypto trades last year and didn't file anything on US taxes. My brothers CPA told him to only file for what he cashed out, not on crypto to crypto bc it wasn't clarified yet, so I went on that.

This year they clarified it, so I plan to file. Pretty much everything I have is capital losses to claim this year, do I have to go back and file all my fucking trades from 2017 to explain where I got this crypto from or can I just start from where I was Jan 1? Amerifag here

[Anonymous No.12258173]

Answer my question op.

I can use bitcoin.tax and upload it directly to turbo tax. All of my trades are right there. Why should anybody pay you to do the same? Your not gonna protect anybody in the case of an audit beside showing the bitcoin.tax print out.

[Anonymous No.12258177]

>>12256609
I used shapeshift to give them BTC then I got Ripple XRP. It’s like like right? I never sold

[Anonymous No.12258180]

>>12256609
What if I didn't file anything regarding crypto in 2017 but I only went from $2,000 initially to ~$12,000 ?

(I'm a collegefag so I'm poor and hoping I was under some kind of cutoff for capital gains, but I can't find any good source saying so)

[Anonymous No.12258187]

>>12258138
the biggest tax will be around the 1k to 2.5k gain sale, but that's not a whole lot of money depending on your tax bracket, a few hundred bucks. and sats don't matter, even slightly. you have to work out the USD values of each side of each sale for every transaction. just use a coin/tax tracking service where you can upload your stuff.

[Anonymous No.12258188]

>>12258166
They clarified it?

[Anonymous No.12258197]

>>12258173
most people are cucks who want to feel safe because someone's holding their hands but I agree, any accountant will throw you under the bus to save his ass. Just get cointracking/bitcoin tax, spend 2 days to figure everything out and you will do a better job than some lazy cuckcountant

[Anonymous No.12258208]

>>12258188
Yeah allegedly crypto to crypto isn't a like kind trade this year, right? I wish they would pass that bill and just have us pay what we cash out, fuck off with all this crypto to crypto shit. I don't mind paying the man, but that's ridiculous

[Anonymous No.12258213]

>>12258197
Exactly. Fucking guys. You cpas are no better than an attorney “anon, I’ll get your case expunged for 3k usd”
>you can literally do it your self for almost free.

[Anonymous No.12258215]

>>12258197
Don’t forget you can use lifo and fifo to get the most advantageous basis

[Anonymous No.12258218]

>>12258166
well your brother's CPA was a moron unfortunately, but luckily the blame will somewhat fall on him if you get tagged for it. you should talk to a CPA on how to handle last year.

>>12258177
that's a sell, maybe you could "sell" it as a like-kind exchange if it wasn't XRP, but that would never fly with XRP.

>>12258188
>>12258208
yes, with the 1031 like-kind exchange rule

[Anonymous No.12258219]

>>12258147
>>12258147
I have only acquired LINK on abundance after purchasing ETH/BTC on Gemini and haven’t cashed anything out, what should I be filing?

[Anonymous No.12258235]

So let’s say I
>buy eth on coinbase
>send to binance
>trade for link
>hodl link
Do I have to pay taxes on the link purchases? I’m not selling any link in the foreseeable future

[Anonymous No.12258254]

>>12258187
Fuck you don't know how many trades I made from like 80 bucks to 1k. Also when I sold for 2.5kish i resumed with a bunch of trades to try to make some more back but everything crashed even more. I have to report every single one of them? Some of them were even on shitty exchanges that I don't want to even log onto them anymore.

[Anonymous No.12258257]

>>12258215
Based as fuck. Great info for anybody using bitcoin.tax or similar. I try to keep my trades updated every 2/3 months, so come jan all I gotta do is generate the report and upload it.

[Anonymous No.12258259]

>>12258235
you have to report the act of selling that eth for link, if eth appreciated in the meantime between when you bought and sold for link you pay tax on that, or you have a loss

[Anonymous No.12258264]

>>12258218
Yeah but crypto to crypto trades were literally not specified as taxable until 2018, it was still ambiguously covered under like kind exchanges

[Anonymous No.12258268]

>>12258173
bro I said in the first post I'm not a CPA, I self file just like you but I do all the calculations myself

>>12258180
I think the cutoff is usually 10k for not owing tax, you probably owe something though and should work out the exact figures. I would personally see a CPA about that since I don't know the rules about back taxes.

>>12258219
yes, you sold eth/btc to buy link, those were taxable sales. if you did it in quick succession the price probably didn't move much at all so you probably only have a few dollars of capital gain or loss

[Anonymous No.12258275]

>>12258147
my life is already ruined. My parents told me to cash out near the top too. And they still nag me about it. My dad didn't realize it was for him.

I'm fucked. Maybe if I had foreseeable income I could manage, but I have another 2 years of college. I can hardly pay for that as it is. I'm also accruing some student loans. I don't even wanna know how much the penalties are on my taxes so far. Fuck this life. Dammit all to hell

[Anonymous No.12258283]

>>12258254
and that was in 2017, i never reported anything in 2017.

[Anonymous No.12258284]

sick looks like im all in the clear! 90% down from initial

[Anonymous No.12258290]

>>12258264
incorrect, they came out with a 2014 memo after the 2013 alt boom
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

the conservative approach is to not attempt like-kind exchanges, you can at your own risk but I would not do it without a tax attorney

[Anonymous No.12258291]

Thanks for the answer, I will look into it

[Anonymous No.12258314]

>>12258268
Thanks for the answer, I will look into it

[Anonymous No.12258332]

>>12258254
if you can't prove when or for how much you bought something, you'll probably have to pay full rate tax on the whole sale, instead of just the net gain like normal. I haven't had to report something I've lost records on, so you can ask a CPA, but full tax is really the worst that can happen. you'll have some decisions to make about 2017.

[Anonymous No.12258348]

>>12258259
Thanks

[Anonymous No.12258357]

>>12258332
How much would I really have to pay? I've been out of work this year and haven't made shit.

[Anonymous No.12258372]

>>12258275
Ur fine just do like kind

[Anonymous No.12258384]

>>12258268
Thanks anon, appreciate the clarification here

[Anonymous No.12258397]

>>12258290
Well when you have mainstream sources saying you can do like kind exchange up until 2017 and all the IRS has is some faggy memo that's four years old, it seems the burden is on them for not making it clear. I KNOW THATS NOT THE WAY THE LAW WORKS, but I feel like if you made a good effort to square things up this year then the IRS won't try to butt fuck you. Ill just call a CPA

[Anonymous No.12258412]

>>12258357
it depends how big the swings were from 80-1000 but I would guess between $400-700 owed depending on the losses you took after the 2500 sale. you really need to work it out for all transactions. could be lower or higher.

>>12258275
since your income is so low as a student that should help with negotiations. whatever you do think very very carefully on it. in like 10 years it won't feel like much money at all.

[Anonymous No.12258424]

>>12258397
yeah all I'm saying is it's risky and asking for an audit, I personally wouldn't do it without a tax attorney signing off on it. my advice is tailored for the average /biz user who should try to file low risk.

[Anonymous No.12258425]

>>12258290
That says it’s property and property can be like like exchanged

[Anonymous No.12258436]

>>12258412
Well I'm at like 700 now.

[Anonymous No.12258445]

>>12258425
yes, which is why they changed that law recently to exclude cryptos from being like kind exchanged. conservative filers never attempted but the window is closed in 2018 now.

[Anonymous No.12258469]

>>12258425
and no one ever tried to file the 1031 docs, they just magically exported their coinbase history and went with that pretending their altcoin trades didn't exist. everyone talks about it but they never actually did it. every trade would still have to be filed to carry over the acquired dates and costs.

[Anonymous No.12258470]

>>12258445
Agreed. So glad 3/4 of my gains were like like in 2017 and I never sold the xrp I exchanged my BTC for

[Anonymous No.12258514]

>>12258469
>>12258436
>>12258424
Do I have to report non taxable transactions? Like my like likes in 2017?

[Anonymous No.12258515]

>>12256609
I invested 1500 and am at 1400. I'm too much of a minnow (plus I lost money) to have to do anything, right?

[Anonymous No.12258554]

>>12258514
the whole point of the like-kind exchange is to carry the acquired date and cost into a new sale and simply carry the gain realization over/delay when it will be paid. so once you sell the new property you use the date and cost from the original sale to calculate your gain (and people wanted to do this to get the long term rate of 15-20%), so yes, every single coin to coin transaction would have to be filed as a like kind exchange so you have the dates/costs/correct tax rate. it's honestly more work than just filing every trade unless you're a whale who will save a shitton of money.

[Anonymous No.12258581]

>>12258515
you get taxed on any sale regardless of what it was or how much. buying a cup of coffee or a VPN subscription with crypto is a taxable sale too, so yes, those do all need to be filed. you'll owe almost nothing in tax though. just use bitcoin.tax or excel, and punch them into turbo tax, it's very easy.

[Anonymous No.12258671]

>>12258554
Last question what form needs to be filed for like like crypto from 2017? And is there a chance they’ll audit my shit or not accept the like like status? I mean if they had to clarify the tax code going forward then that’s enough proof I’d think for me to claim it as like like in 2017z

[Anonymous No.12258678]

>>12258581
I didn't buy anything with crypto. Just threw in 1500 bucks and lost 100.

[Anonymous No.12258705]

>>12258671
That's what I'm saying bro. It's a form 1031, I'm gonna find a CPA who's willing to put his name on my shit to legitimize it. There are CPAs out there willing to do it

[Anonymous No.12258706]

I’m either just gonna say I lost 40k or nothing at all

[Anonymous No.12258709]

>>12258678
you're good then, if you don't sell any of it for a year you'll pay the reduced long term gain tax rate when you do end up selling.

>>12258671
probably depends on how much you would owe. if you aren't in the 100k-200k+ income range you probably won't be worth auditing even if they flagged you for it. my rule of thumb is to file as if I'll be a millionaire in 5 years, so I am always trying to follow the rules while it's still easy to actually do that. if you filed everything right they might ignore it for now because they have bigger fish to fry, but I'd expect an audit if you do "make it."

[Anonymous No.12258724]

>>12258424
I get what you're saying but I'd be on the hook for a shit ton of trades last year, I'm willing to see what happens with the 1031 last year and I'll treat them as taxable this year.

[Anonymous No.12258740]

>>12256609

[Anonymous No.12258748]

[Anonymous No.12258855]

>>12258705
But why do you need a CPA? Just file it yourself

[Anonymous No.12258866]

>>12258855
I’ve been getting magnificent and glorious dubs today. Many such cases!

[Anonymous No.12258878]

>>12258855
1031s are a massive red flag for audit, especially when you're doing them when you shouldn't be

[Anonymous No.12258880]

I think I may have overpaid my federal taxes by about 10k, is there any method to get that back or am I just fucked

[Anonymous No.12258893]

>>12258855
Well if I'm gonna amend my 2017 to put the 1031 on there I figure it'd look good if a CPA did it? Idk I've never used in before, I agree with what op said about filing as if I'm a millionaire. I just don't want them coming back and fucking with me in a few years when I hopefully cash out big

[Anonymous No.12258905]

>>12258893
But if it’s a legitimate claim then it’s legitimate. Fuck IRS this is why BTC was made in the first place.

[Anonymous No.12258940]

>>12258905
Yeah dude bc they had to come out and specifically say you can't do like kind in 2018 implies they didn't do a good fucking job and it should be cool to do a 1031 prior to that. They can fucking suck a dick but I'm planning on cashing out a lot one day. If it was just a few grand I'd say fuck it

[Anonymous No.12258963]

>>12258940
I’m gonna keep doing my own research. What are you holding? XRP here

[Anonymous No.12258991]

>>12258963
Moonshots that I basically got for free trading last year by mainly riding eth and antshares pumps. Link, neo, omg, req, knc, coss, etc

[Anonymous No.12259012]

It makes me sad to think about how fucking juicy the link/eth ratio was at one point on etherdelta. They were fucking giving it away

[Anonymous No.12259031]

>>12259012
Not shilling but honestly look into xrp. Everything else is just science fair moonshots. They’re working with central banks.

[Anonymous No.12259032]

Whole purpose of crypto is to destroy the state and people seriously want to pay taxes
kek
you deserve 10 years of bear market, faggots

[Anonymous No.12259071]

>>12259032
That’s the purpose of anarco-crypto. I’m not holding monero or BTC bc the state will fuck them with the most diamond erection.

[Anonymous No.12259084]

>>12256609
I live in california but have a LLC registered in Nevada. I made about 40k this year with that LLC. Do I have to pay california taxes on my Nevada LLC? Can I get in trouble for this?

[Anonymous No.12259103]

>>12259084
It depends. What industry is the LLC active in

[Anonymous No.12259105]

>>12259031
>they are working with central banks
They aren't and never have, they literally never have worked with any bank, they are not government approved, they are some assholes out there just like all the rest, banks don't know them and literally 0 banks in the world ever used XRP

[Anonymous No.12259148]

>paying taxes on crypto

[Anonymous No.12259177]

>>12259105
Just three off the top of my head are the federal reserve, Bank of England, and monetary authority of Saudi Arabia and UAE. They’re working with the Siam bank in Thailand and SBI consortium of 60 banks in Japan. Also western union money gram and many more. BTFO ignorant one.

[Anonymous No.12259309]

>>12259103
Ad revenue from a website.

[Anonymous No.12259387]

>>12259105
Never seen so much bs in my life.