Crypto to crypto tax

[Anonymous No.14486240]

Started buying and trading crypto in 2017.

Always thought crypto to crypto tax was a meme.

Turns out it's not a meme.

I can't get the full history of trades I made even if I wanted to, bunch of exchanges I used don't exist anymore.

This is making me so anxious I might as well kill myself to stop the nightmare

[Anonymous No.14486307]

>>14486240
im hearing you cant prove the source of funds?
Better bend over because the tax man is taking it all then.

[Anonymous No.14486364]

I hate this world, fuck everyone for making it so complicated to live in peace

FUCK EVERYTHING

FUCK

[Anonymous No.14486375]

>>14486240
i cash out money for you bro, in my country we do not need pay taxes for crypto

[Anonymous No.14486408]

>>14486364
i can*

[Anonymous No.14486432]

>>14486240
>start a freelance business
>have your “client” pay you daily
>pay taxes on freelance income.

[Anonymous No.14486446]

>>14486375
I don't even want to cash out. The government wants to tax the trades I already made in the past. I never cashed out a cent and yet I owe taxes.

FUCK THIS WORLD

[Anonymous No.14486477]

>>14486446
How much do you owe lmao

[Anonymous No.14486496]

>>14486446
how do they know you trade in crypto? did you cash out before?

[Anonymous No.14486515]

>>14486446
where are you from and how do the government even know about your trades? If they don't already know then DONT FUCKING TELL THEM

[Anonymous No.14486558]

>>14486364
This is what it means to be conquered. Thank the boomers who sold it all.

[Anonymous No.14486601]

>>14486477
I don't even know how much I owe. I haven't kept track of my trades

>>14486496
I never cashed out before. However, the government has started auditing people who invested in crypto. Obviously I bought using money from my bank account so it's not impossible that I'll get audited at some point

>>14486515
Canada
They don't already know but I feel like I'm gonna get fucked if I wait until they figure out I have made crypto to crypto trades

[Anonymous No.14486658]

The gubmint does not have the power to go after every delinquent crypto trader, despite what they may claim
I wouldn’t worry too much unless you plan on cashing out a large sum

[Anonymous No.14486683]

>>14486364
I'm in same boat man what do we do

[Anonymous No.14486717]

>>14486658
I don't want to ever cash out to fiat, only stable coins. But if I get audited and owe taxes i'll have to pay interest for being late and not reporting it, I may have to pay an absurd amount or go to jail if I refuse.

I just wanted a shot at a wageslave free life.

Why is it so fucking complicated

[Anonymous No.14486718]

>>14486240
are you retarded OP? Never pay crypto taxes unless they force you to, if you can't calculate what you owe, neither can they.

[Anonymous No.14486731]

>>14486375
which street do you shit in?

[Anonymous No.14486749]

So should I just get all my bank statements showing deposits, download the csv files if my trading and deposit/withdrawal history on my exchanges, and take screenshots too? Should I be ok if I do all that every once in a while?

[Anonymous No.14486774]

>>14486717
Use a VPN and buy Monero?

[Anonymous No.14486781]

>>14486240
McAfee confirmed

[Anonymous No.14486817]

>>14486717

Just launder your coins.

[Anonymous No.14486943]

>>14486774
>>14486817
They will invariably ask where that money went all of a sudden. I don't know where you anons live but here tax evasion is a crime that can put you in jail. I don't want to take the risk of going to fucking jail, I would for sure kill myself this time

[Anonymous No.14486987]

>>14486718
They can't calculate what I owe but they can surely know what my wallet is and see the balance (bank -> exchange -> buy eth -> send to eth wallet). Then I'm sure they'll want a cut or all of it and if I refuse throw me in jail

[Anonymous No.14487010]

does someone unironically know what to do about this. seems if you have cuckbase transaction on your bank account you are just on a damn list for audit or am I missing something

[Anonymous No.14487069]

>>14486601
Other Canadian here. You calculate the trade to trade changes when you cash out you fucking mongoloid.

[Anonymous No.14487080]

>>14486943
Bro just relax. If you’ve used foreign exchanges like Binance the chances are slim to zero that they will be able to get your trading history.
Also check out this website if you want actual legal advice: bitcoin.tax/cpa

[Anonymous No.14487120]

>>14487010
I didn't get audited as a cuckbase user.

[Anonymous No.14487165]

say it got hacked and you're now suicidal and need help and claim neetbucks

[Anonymous No.14487193]

>>14486943
>>14487165
meant for you

[Anonymous No.14487250]

>>14486432
This might be the way to do it.

"Technology Consultant" where I am paid a daily income from when I cash out of my linkies

Count living expenses as a "cost of living", and use it to deduct from my total profit

[Anonymous No.14487254]

I report my cuckbase transactions.

[Anonymous No.14487284]

>>14487069
What if I never cash out to fiat? Only stablecoins e.g. DAI, then I never pay taxes?

>>14487080
I used binance but I first needed to go through a canadian exchange to buy ETH. Thanks for the link

>>14487165
If they can figure out my wallet (which I'm sure they can) that won't work

[Anonymous No.14487289]

>>14487250
Meant count living expenses as a "cost of business"

[Anonymous No.14487291]

You know I bet crypto tax consulting is going to be a great business to get into.

[Anonymous No.14487297]

>>14486240
>I can't get the full history of trades I made even if I wanted to, bunch of exchanges I used don't exist anymore
The IRS will have a hard time auditing you, then. Cash out what you need to if you're forced to, but otherwise keep it in the market. Remember that losses get written off.

[Anonymous No.14487334]

>>14486240
>I can't get the full history of trades I made even if I wanted to, bunch of exchanges I used don't exist anymore.
Do the IRS have backups? How would they know?

[Anonymous No.14487338]

>>14487120
yeah not YET. that's the problem, it could just suddenly happen and boom, you're paying years of backtaxes, penalties, and interest. WTF are you supposed to do if you are in OP's position

[Anonymous No.14487355]

>>14486240
I'm not sure how it is over there, but typically you only pay tax on profits, and take a deductible on losses. So math up what you started with, math what you ended up with, and pay tax on the profits.

In my country you pay when you go to fiat, so it's not too bad.

[Anonymous No.14487436]

>>14486240
Worst case is you get nailed with 0 adjusted cost basis on long term gains. If you can prove that the coins have been sitting in your wallets for more than a year then you should be able to work something out where you pay short term gains.

The difference should be getting taxed again on your initial.

[Anonymous No.14487461]

>>14486446
>havent cashed out
>taxed for holding
You have to be lying.

[Anonymous No.14487474]

>>14487297
>>14487334
That's fine by me that they won't know but then I'm afraid of the taxman asking how I made profits if I can't explain because I don't have all the trade history. If they consider it 'unclean' then what happens?

[Anonymous No.14487486]

I know this feel OP. Played 102k in taxes in 2018 lel. Thankfully the IRS is pretty incompetent.

[Anonymous No.14487491]

>>14487284
Talk to me in 10 years when this becomes the same thing as pirating movies

[Anonymous No.14487499]

>>14487461
He is retarded underage. Let him be.

[Anonymous No.14487512]

>>14487355
>I don't actually know how it works, but here's some advice that could land you in jail or bankruptcy

[Anonymous No.14487531]

>>14487461
>You have to be lying.

I wish for fuck sake:
>Generally, when you dispose of one type of >cryptocurrency to acquire another >cryptocurrency, the barter transaction rules >apply. You have to convert the value of the >cryptocurrency you received into Canadian >dollars. This transaction is considered a >disposition and you have to report it on your >income tax return. Report the resulting gain or >loss as either business income (or loss) or a >capital gain (or loss).

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html

[Anonymous No.14487561]

>>14487474
>If they consider it 'unclean' then what happens?
Nothing, unless you're actually earning it through drug trafficking or other illicit means. You just pay your taxes on it, and then the tax man moves on along.

[Anonymous No.14487772]

>>14487561
That's fine then

Am I an idiot who doesn't understand English?
>>14487531
Doesn't this mean I owe taxes even if I didn't cash out fiat?

[Anonymous No.14487932]

>>14486601
If you (eventually) have a large amount to cash out, why not just pay some crypto tax attorney to try to figure out how best to navigate the waters?

[Anonymous No.14488050]

>>14487932
That's what I always intended on doing, but apparently you owe tax on every crypto to crypto trade so it doesn't matter if I didn't cash out yet, taxes should be paid on the previous trades unless I'm a brainlet who doesn't understand the law
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html

[Anonymous No.14488250]

>>14488050
better off moving countries and never returning home and cashing out, wageslave abroad in like Germany or Portugal or Netherlands till u get citizenship and cash it out

[Anonymous No.14488253]

>>14488050
I probably made about 20,000 trades last year between like 10 diff exchanges. No fucking way I could calculate that. Just do it by how much you put in and then how much you cashed out. Keep it simple and pay that amount; it will be close to the correct number anyway.

[Anonymous No.14488256]

>>14486717
because the jews don't want you to retire at such a young age, that's why, the bankers and goverment faggots hate every sinlgle one of us who don't want to conform to their (((system))) where they print money from themselves while taking away from us in taxes. They want you to wageslave to support this already collapsing ponzi called world economy, add the fact that you're probably a millenial so they double hate you for that fact alone. Boomers hate us with passion even though we haven't done anything bad to them.

[Anonymous No.14488281]

>>14488253
Yeah as long as its somewhat accurate you're fine, if you made like 50'000 and wanna cash it out pay roughly like 33% in tax if you wanna be safe as long as you're paying something you'll be fine

[Anonymous No.14488282]

Fair market value is a ridiculous concept since crypto prices are inherently volatile.

Do you understand what I'm saying?

[Anonymous No.14488319]

>>14488281
This sounds good in theory, but a withdrawal to the bank of that size would likely lock your account and what do you show them to adhere to AML and shit?

[Anonymous No.14488357]

>bunch of exchanges I used don't exist anymore
Please read what you just wrote and think about it.

[Anonymous No.14488409]

How much tax do you guys have to pay on crypto gains? I think it's 33% for me.

[Anonymous No.14488442]

>>14488319
Open an account in a crypto friendly bank.

[Anonymous No.14488446]

>>14486240
Avoid taxes buy getting your crypto free! You can use my link for $5k worth of VTC
valsto.org/invite/3AW14rKySW

[Anonymous No.14488467]

>>14488250
Seriously considering it

>>14488253
That's what I want to do, but that's not how tax law works. I provided a link to the rules (each trade is a barter transaction that needs to be claimed at time of tax declaration).

Also I see a loophole with only paying tax when cashing out, what if you just use your crypto directly to pay goods and services? Then you would never pay taxes since you didn't cash out to fiat. Seems like the crypto to crypto tax rule is there to make sure the tax man gets his cut no matter what

[Anonymous No.14488480]

>>14488050
I think you will be fine anon. I get what you're saying but govt is mostly inept so you will probably be fine just reciting your big tax events across exchanges, and if you've gotta pay more later then so be it.

But honestly your situation is not at all uncommon, so I'd be willing to bet an experienced crypto tax attorney/expert would have a lot of knowledge on how to best proceed.

Best of luck, and if you've already made it congrats.

[Anonymous No.14488512]

>>14488467
I live in ireland and its the same crypto to crypto tax but this country is igh anyway so once chainlink hits 50-100$ and I finish my degree next year im moving and never looking back fuck this extortion

[Anonymous No.14488574]

>>14488442
crypto friendly, sure
but its still about anti money laundering etc?
there will be more than one hurdle in the future..
exchanges need to know where the funds came from
then the bank
then the taxman

[Anonymous No.14488592]

>>14488480
Thanks anon, feeling a bit less anxious now

[Anonymous No.14488622]

>>14488512
Hey, I'm from Ireland too. How exactly is crypto taxed here? Is it just capital gains tax that is applied?

[Anonymous No.14488642]

>>14488467
go talk to a tax attorney, no one here knows shit to really help you in a meaningful way, do it even just for your mental health alone.

I've heard about stories that people who didn't have records got their shit sorted out but you probably want someone like a tax attorney to handhold you through this process.

Like some anon said, banks would probably freeze your account

the problem with crypto is that it's a bearer instrument and there is no KYC for wallets or most echanges, so the bank or IRS could blame you for trying to launder some dirty money. Your initial fiat deposit to an exchange will surely serve as some sort of proof that at least you've been involved in crypto and didn't just buy btc on local bitcoins with drug money or something but like I said, you will need a tax attorney, I have my shit sorted out with all transactions and taxes and I'm not even thinking about cashing out anything without consulting with a tax attorney first.

Remember, crypto is still a grey area and boomers hate young people making money so they will most likely try to label you as a criminal who wants to launder dirty money even if you're willin to overpay all the taxes

Al capone went to jail not because of the crimes but because he didn't (couldn't) pay taxes on his dirty money

[Anonymous No.14488671]

>>14486364
Well, your country is full of *them*.

You been played, renunce and move to another country, america is dying anyway.

[Anonymous No.14488680]

>>14488467
Sales tax is tax too. Roll it into Roth IRA to maybe avoid capital gains.

[Anonymous No.14488718]

>>14488574
Why do you think fiat exchanges have heavy KYC?

[Anonymous No.14488740]

>paying taxes

bruh just get residency in a crypto tax haven like panama and cash out there.
just make sure you're not an american though KEK

[Anonymous No.14488903]

>>14488642
>Al capone
Mentioning these dust particles to al Capone in relations to tax evasion and imprisonment.
Kys jesus fuck

[Anonymous No.14489088]

>>14488642
I will do that, thanks for the advice!

>>14488740
Perhaps if I can't sort things out. Thankfully I'm not american

[Anonymous No.14489221]

>>14488622
They said crypto to crypto with 33% capital gains (Like the US) but as long as its accurate enough they're not too bothered but same time 33% sucks ass compared to other places in europe

chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-02/02-01-03.pdf

[Anonymous No.14489261]

>>14489221
So if I was employed abroad for a year, could I just pay the tax on it there instead?

[Anonymous No.14489350]

>>14489261
I'd say give it 3 years and keep it in stablecoins after you held long term for 1 year so you can cash out 0 tax in many places in europe of your choosing, by the time you come back I'd say you should be fine after that amount of time sure apple and other coorporations never pay tax here lmao

[Anonymous No.14489354]

If we all don't pay they will be overran by paperwork so just hodl off on taxes fren

[Anonymous No.14489360]

>>14486240
Hey retard, if you can’t even get your trade history, what makes you think the IRS can? Crypto to crypto is a meme. Pay your taxes, but don’t include every .50 cent gain/loss trade you ever made if you don’t fucking want to. Nobody cares

[Anonymous No.14489405]

>>14489261
depends... you have to look at the laws. some countries don't care whether you're currently a resident elsewhere, if you earned those gains while you were a resident of your home country you theoretically have to pay them to your home country.
but if you aren't stupid, it's kind of hard for them to track this. especially if you're smart and don't go on a massive spending spree immediately. "technically" it's illegal and you're taking a risk but i really doubt anyone will ask questions if you do it smartly.

[Anonymous No.14489447]

Anyone know if theres crypto to crypto tax in the UK

[Anonymous No.14489475]

>>14489447
Yes and payments are due every quarter

[Anonymous No.14489486]

>>14489088
great thing about panama is it's super easy to get residency status (compared to other havens) and once you get it, you don't even have to live there much.
definitely would recommend it, i'm thinking of it once i plan on cashing out some of my link gains.

[Anonymous No.14489521]

>>14486987
They're not going to bother

[Anonymous No.14489564]

>>14489447

CGT tax rules apply. You should calculate tax on every trade, and report your income as part of an annual tax return. If it's less than £11.4k profit annually your fine. Anything above that is 20% tax.

[Anonymous No.14489588]

>>14489521
depends... if OP cashes out a massive sum and starts spending lavishly, there's a good chance they take the time to check his stuff out.

[Anonymous No.14489616]

>>14489350
>>14489405
Cheers lads

What countries have the most favourable laws for this type of shit?

[42069 No.14489620]

>>14486364
I think this is the most real post ever made on this website.
I wish people on Normiebook had this much awareness.
We are not a free people.

[Anonymous No.14489658]

>>14489588
Yeah that's a given. If OP is playing with the kind of money that the tax man is interested in, he has the kind of money to pay for a tax lawyer. Sub 50k is chicken shit.

[Anonymous No.14489665]

I only paid 15% on over 100k gains.

[Anonymous No.14489693]

>>14489616
Portugal and Germany are both 0 tax after 1 year and Netherlands is like 2% or something negligble on what you put in and take out so not crypto to crypto, they're probably 3 comfiest Portugal if u wanna live in the sun, Germany/Netherlands if you're a STEM head (graduating with pharmaceutical degree next year jobs are €60k over there compared to €40 at home so all works out and industry is solid there)

[Anonymous No.14489713]

>>14489475
>>14489564
what if
theoretically, you never paid this tax?

[Anonymous No.14489718]

>>14489616
depends, you have a number of options if you're in the EU like portugal and germany i believe. don't quote me on that though since i'm not from the EU and don't know how the laws work exactly.
panama is the probably one of the easiest options for non eu people.

[Anonymous No.14489736]

>>14489564
But it only counts as income when converted to fiat?

[Anonymous No.14489743]

>>14489486
Good info thanks

>>14489360
But what if you never cash out to fiat? At which point do you pay tax?

[Anonymous No.14489744]

>>14489693
I wonder what documents you provide for tax department. They won't accept your screenshots, will they? And there is no way any crypto exchange will send you paper documents about your trades.

[Anonymous No.14489764]

>>14489713
You'd likely end up in prison if they manage to sort it out

[Anonymous No.14489768]

>>14486240
Taxes are a meme
Stop being scared
This is the oldest fud in the book

[Anonymous No.14489805]

>>14489744
Yeah download csv file from an exchange and screenshot from your account is all they need, just proves you actually traded what you said and didn't get it from illegal activities , there's a sites where you can just upload csv file too and it'll automatically calculate the tax for you

[Anonymous No.14489804]

>>14489764
What if, theoretically, I was super autistic and lacked the awareness to do pay tax?

[Anonymous No.14489823]

>>14489804
Ham up the Rainman routine lel

[Anonymous No.14489828]

>>14489693
What do you mean by 0 tax after 1 year? You just don't pay anything on your profits if you've hodled for a year?

I'm studying financial maths at the moment, and have an option to do a year/semester in Germany. Might do that now. Have to learn some German though.

[Anonymous No.14489833]

>>14489768
they're definitely not a meme if you make it and want to cash out a significant amount to buy a house, car, etc..
sure, you can get away with cashing out a few grand here and there, but who gives a shit about that

[Anonymous No.14489841]

>>14489805
the problem is that a screenshot or a binance excel sheet is not a proof of anything in the legacy boomer world of taxes and finance because it tan be easily faked and exchanges aren't regulated/approved

[Anonymous No.14489907]

>>14489828
Yeah you pay 0% tax on anything you hold for longer than a year, that'd be sweet I'm currently learning it myself via duolingo and a friend lended me Rosetta Stone, me and mates are moving to Berlin followed by my girlfriend soon after going to be sweet especially if LINK gets to 50$ by then

[Anonymous No.14489934]

I'm in the same boat, but throw in a few years of mining HUNDREDS of low cap shitcoins on zimbabwean basket weaving pools, all mixed in with all those shitcoins trades on god knows how many exchanges. only the rope remains

[Anonymous No.14489944]

>>14489841
you screenshot from the actual site and have the csv file , I'm fairly sure binance can send paper documents that you can print off in the support section as a pdf if you ask but not 100% on it give it a try

[Anonymous No.14490044]

>>14489620
Normies spout this garbage all the time, and you're not spouting it with any more or any less of an "idea" behind it. You just feel normies don't recognize it because you don't see what people think, only what they do. The same way I wouldn't see you think you aren't free, I'd only see you acting as if you thought you were.

[Anonymous No.14490072]

>>14489944
I know what you're saying but I'm afraid they could simply reject that "proof" if they really wanted to fuck you over. Someone with a lof of dirty money could simply buy a shitload of btc on local bitcoins with it, then sell on coinbase withdraw that FIAT to a bank account pay taxes and the money would be clean? that would be too simple and unfortunately with all the exchanges being unreulated there is a very fine line between some neet trying to make it by trading legally crypto and someone trying to launder money. It's possible that you can get fucked even if you do everything right and declare it honestly

[Anonymous No.14490116]

>>14489713

Then if you have a large amount of money come into your bank above CGT threshold, and you haven't declared it, HMRC could fine you up to 5x what you should have paid in CGT

[Anonymous No.14490134]

>>14489944
>I'm fairly sure binance can send paper documents
Unless there is an official request from the bolice or tax department they won't send you shit. I asked tech support of many exchanges. All of them sent me to hui.

[Anonymous No.14490162]

>>14486240
Don’t worry. Just a few bot users reporting every trade they made to the boomers at the IRS will effectively be a DoS attack.

[Anonymous No.14490164]

>>14489718
In the EU it's very simple, the tax man has prove that you made the trades and that you made money, if they can't they loose. You go to a tax attorney here, that person fixes all shit for you. In the worst case you go to the main tax office bureau, you make an appointment and begin to shill out a sad story about how you were tricked into buying these shitcoins and that you have no idea what to do know, cry here and there, everyone will see you as a victim and probably in the worst case take away all your gain without fines.

[Anonymous No.14490165]

>>14489736
>>14489736

No, every single trade should be recorded and tracked. A GBP value identified at the time of the trade, and recorded for tax calculations.

I paid tax on what I'd converted to fiat after agreeing it with my accuontant, but it'll be up to you and whoever does your tax returns how risky you want to play it.

Actual guidance here:

https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals

[Anonymous No.14490192]

>>14489833
No even that; pay the fucking capital gains that is required for your state or move to a better tax state then pay the cost and that’s it? What is so hard about that you retards, to cash out 100k for example you pay the 10% tax get 90k and walk away?
I posted a thread about this months ago about how I cashed out 140k and everything was fine. I can’t find it now because I’m phone posting at the airport

[Anonymous No.14490195]

>>14489907
Noice. I hope I can make it by the time I'm done with college. Even if I could have €100k by the time I leave that would be great.

It's another 3 years for my degree, and 2 more if I want to go for a masters in actuarial science. Although I could do the masters abroad.

[Anonymous No.14490259]

>>14490164
yeah i'm a bit jealous that you guys can just easily move to somewhere like portugal for a while and cash out.
if you're not in the eu it's a bit more of a hassle to evade taxes.

>>14490192
i'm not american, capital gains are much higher in my country. like once i decide to cash out some of my link gains a year or so from now, i would probably have to pay near 30% if i stay here. fuck that.

[Anonymous No.14490289]

>>14490259
Shit sorry bro I was thinking you were a burger

[Anonymous No.14490292]

The United States has unironically fucked everyone for crypto if you want to do taxes the right way. I used fiat on cuckbase, bought litecoin, sent to various exchanges, made a bunch of trades (which are hard enough to report for inter-crypto trades), and now have cashed out a bit on cuckbase. I am going to worry about it next year, but fuck man this is wayy harder than stocks where you get neat and tidy 1099-B's issued from your broker. Fuck the govrnment for taxing crypto trades and not just money out vs money in.

[Anonymous No.14490322]

>>14490292
bitcoin.tax bruh

[Anonymous No.14490358]

>>14490292
not just taxes their kikes are clamping down on exchanges and everything crypto related

>muh freedumbs
>mfw russia and china have better crypto laws
absolute state of burgers

[Anonymous No.14490435]

You guys are cucked. You really think people are going to pay taxes on every transaction once fiat collapses and crypto takes over the global economy? Fuck these people.

[Anonymous No.14490467]

>>14490435
that's not happening in the next decade
some of us would like to make it before then

[Anonymous No.14490558]

Assuming we're talking about capital gains tax, does it even matter that every trade is taxable? Surely all of your losses and gains cancel each other out, so you would just pay tax on your current fiat value minus your initial investment, right?

[Anonymous No.14490577]

>>14486601
>a leaf

[Anonymous No.14490603]

>>14490558
In the USA there's a form they want which shows each individual trade. Might be simpler elsewhere though

[Anonymous No.14490621]

>>14486749
Just say you bought a shit ton of crystal meth with that money for gay parties like the faggot you are OP

[Anonymous No.14490637]

Doesn't matter. You need to calculate all of it. Every trade. You are not in compliance until your tax records are accurate.

Have fun in prison. You fucked up, anon.

[Anonymous No.14490642]

>>14490558
it's based on a timeframe, from start of year to end of year, many people made massive gains in 2017 trading crypto crypto, didn't cash out anything nor pay tax and then got ultra JUSTed in 2018 and may even have more tax liability than they have in crypto, I have heard many such stories

[Anonymous No.14490653]

>>14490467
That just tells me you truly don’t understand the vision of this technology then.
Take Libra, for example. How is Facebook going to hold the millions of people using it accountable for taxes on payments in their various jurisdictions? This charade will fall apart eventually.

[Anonymous No.14490755]

>>14490195
Final year next year with 15k LINK (sweated my arse off between Oct 2018 - April 2019 pouring in paychecks) so I'm getting closed to 100k especially with a few other holdings (VIDT and FTM) so am lucky , we're early anyway literally 0 people i know invest in crypto and I've been begging friends since Jan to at least put in €500 lol

[Anonymous No.14490760]

>>14490653
nah you underestimate (((them)))
there's a lot they can do with fiat to keep it alive. not to mention that older generations will be less keen to adopt crypto. i do agree with you that it will collapse eventually, but regardless most anons will have stuff to purchase/cash out in the next couple of years.
we're gonna have to pay or dodge our taxes in the meantime.

[Anonymous No.14490778]

>>14490292
Of course they would do this.
Because either way it's speculation.

[Anonymous No.14490786]

>>14490637
>I should be subject to the laws of a police-state
>People who trade magic Internet money should be treated like murderers and rapists

[Anonymous No.14490823]

>>14490755
You can’t force them into crypto, it never works

[Anonymous No.14490950]

>>14486240
get an accountant.
one in a pencil skirt

[Anonymous No.14490961]

It's not that hard. I exported all my trades from cuckbase and binance then imported them into cointracking dot info. Cointracking generated a nice little filled out government tax form which I put into Turbotax when I filed. Took maybe 10 minutes.

[Anonymous No.14490985]

>>14486240
>>14490786
They're waiting OP. Better hurry up and fill out those returns 100% accurate, or you're all theirs..

[Anonymous No.14491009]

>>14490985
OP's tax situation is so unbelievably fucked it caused me to forget the image because I'm shaking my head so hard

[Anonymous No.14491022]

>>14490823
i know i mentioned it when i was drunk a few times and went on rants about LINK etc they were interested but didnt want to buy , i just keep my mouth shut now

[Anonymous No.14491066]

>>14491022
>>14490823
Told one of my co-workers about it, the only person interested in technology in any fashion. He nicely told me I was delusional back at $1.20

He probably FOMO'ed in at $4

[Anonymous No.14491116]

>>14491066
>He nicely told me I was delusional back at $1.20
>mfw

[Anonymous No.14491171]

>>14491116
God $100 will feel so surreal let alone $1K and beyond

[Anonymous No.14491296]

>>14491066
My brother who's 31 and still lives at home with me and parents despite being a full time accountant told me im an idiot for investing in crypto and im ''basically just gambling'', I'm literally going to move out before him and im 21 lmao

[Anonymous No.14491524]

>>14491066
But anon, if he holds he'll still be okay in the end.

[Anonymous No.14491587]

>>14491524
No I know, but it's the principle of it, he would have 3-4X his stack right now. Unless he didn't get in at all this weekend. Chances are he didn't buy any and is completely oblivious to the price. I don't get what it is with normal people, it's like the concept of the earlier you get in the better off you are eludes them

[Anonymous No.14491722]

>>14486240
Damn feels good being Jewish and knowing that when I make it I can take Israeli citizenship to cash out tax free.

[Anonymous No.14491768]

>>14486240
It means you have to assume zero cost basis for the trades you don't have the records for

[Anonymous No.14491869]

>>14491768
So if your initial was like $10K and you turn it into $10-100M there isn't even really a point in keeping your transaction history since it's only a 10K difference?

Assuming of course you hold the tokens for over a year on the exchange you cash out from first for long term capital gains?

[Anonymous No.14491914]

>tfw have been trading since bittrex days, haven't reported a single trade, and have no idea how to do it regardless
shits too confusing but I haven't made more than 10k anyways so maybe they don't care

[Anonymous No.14492098]

>>14491587
Well they just don't know, there's a learning curve to even just buy funds at the bank, most people don't even get how to do that or if it's a good idea, or even the condition of the market in general. Someone like that who would have to KYC with some exchange, go through their bank and send their money into something they have no understanding of is understandable in my opinion. It just means it's not streamlined yet and there is more time to buy basically every coin you want to be in on.