/biz/ - Business & Finance

[Anonymous No.19894163]

>crypto to crypto is a taxable event

[Anonymous No.19894208]

ur mum is a taxable event

[Anonymous No.19894218]

not poggers

[Anonymous No.19894237]

>>19894163
fortunately it isn't

[Anonymous No.19894246]

>crypto can open doors

[Anonymous No.19894250]

Prove it.

[Anonymous No.19894329]

just hold so niggers dont get ur money

[Anonymous No.19894459]

If I traded 1000 BRAP for 1000 JEET tokens with no established USD value how do I pay taxes on that?

[Anonymous No.19894497]

>>19894237
It is
>>19894459
If there is no FMV you can say they are both $0. But now you have a $0 cost basis for your JEET tokens.

[Anonymous No.19894532]

>>19894497
If I turned $1,000 into $1 million though who is going to complain about a 0 cost basis.

[Anonymous No.19894557]

>>19894163
Simple solution is keep a separate trading and hodl stack. Sell off the stack you trade completely by dec 31st every year and just eat the short term capital gains. You can't deduct losses from the previous years gains on the same return so this can prevent you from some serous losses.
Basically anyone trading crypto that hasn't planned for this is either a retard or swinging a small stack.

[Anonymous No.19894574]

>>19894163
Which is why you need to work out how to proceed from here on out. It isn't all too hard.

[Anonymous No.19894607]

>>19894497
no anon, it isn't.
whatever shit coin you own 0> xmr > new exchange > cash out
"i mined it all back in 2013"
crypto to crypto transactions simply do not exist.

[Anonymous No.19894627]

>>19894163
I thought that's why they're calling them swaps? you aren't really trading it your swapping it in their pool

[Anonymous No.19894710]

should i just invest in a crypto accountant? how tf am i gonna record every single crypto crypto transaction ive done

[Anonymous No.19894723]

>>19894607
Is xmr really the way to do it? I don't want it get raped by the feds but I also have no idea how to go back in time and track my trades

[Anonymous No.19894742]

itt: easy pickings for feds

[Anonymous No.19894827]

I have 100 ETH that I bought for $100
Traded them all for JeetScamCash tokens
Jeet team exit scams and all liquidity dries up so I can't even sell them. All exchanges delist jeetscamcash. No possiblity of ever selling.

I'm on the hook for ETH profits and I can't write off the jeet loss because I can't sell

[Anonymous No.19894840]

>>19894627
Swaps are still trading one asset (with a dollar cost basis) for another asset (with a dollar cost basis). This applies to houses, collectible cards, crypto and anything else. The event happens at the time of trade (or swap) for the fair market value of the asset used for the purchase. If the value of that asset has appreciated then you owe taxes on that appreciation the following year. (in dollars) The way you determine these costs is actually pretty flexible, but you do need to establish the chain of trades so you know the original cost (cost basis) and the irs knows whether you owe short or long term tax on that trade.

[Anonymous No.19894842]

>>19894163
>presse button
>TAXED
>((win(64))) lottery
>TAXED
>tfw

[Anonymous No.19894888]

I mean just HOW the FUCK NEET is this board??? I unironically take a lot of advice from this place, are you all really this retarded??? Do you really think the penalty for not understanding how to pay taxes on capital gains on an entirely unregulated sector of finance would be as destructively ludicrous as you think??? I've had buddies busted for claiming family pets as children for decades and they are given the chance to pay that debt off over the course of YEARS, including fucking FUTURE TAX RETURNS! What the fuck do you retards think is going to happen? That the literal most inept portion of our government is going to anally rape a bunch of socially retarded turbo-virgins, but allow the likes of Dan Bilzerian to somehow be 'gifted' his 8th yacht from 'bilz yacht club' to avoid taxes??? How schizo is this place?

[Anonymous No.19894952]

>>19894888
My issue is i've been trading shitcoins for years and kept no records, many with defunct exchanges so those records are gone. If I make it, is mr. taxman going to come back and claim, "oh mr. neet, thank you for this gift of 1 million in capital gains tax...but how do we know you don't owe us FIVE million!" and proceed to fuck up my life.

[Anonymous No.19895038]

>>19894952
Because no law works that way. Trust me, I'm up to date on (((their))) tactics. But luckily, and clearly for a waning time-given current circumstances we are Americans. While there is a million ways in which that detracts from our lives, one beautiful piece of paper for you and me is unironically the constitution. (((They))) can't just claim an erroneous amount of potential gains, and if even YOU can't access the record, I'm sure Todd the boomer government employee down at IRS HQ isn't going to be able to trace that shit either.

[Anonymous No.19895052]

>>19894827
This depends, were the eth still worth 100$ when you bought Jeet? If they were, then no, if they were 150$, then yes, you would owe taxes on 5000$ profit. You could probably get away with reporting a complete loss, especially if you burned them or something.
Like others have said, this is not so much a concern if you are talking 20k or less but if you are seriously trying to get rich on crypto, and who isn't, it is a very good idea to know how this works.

[Anonymous No.19895229]

>>19895038
> (they)))
https://www.youtube.com/watch?v=YDDEqgmGIVg

[Anonymous No.19895338]

Taxation is theft

[Anonymous No.19895523]

What about trading gold for silver or the other way around? Asking for a friend.

[Anonymous No.19895962]

I just called up Bitcoin Inc. and requested they delete the blockchain so the IRS can't look any of this shit up. You're welcome frens.

[Anonymous No.19896158]

>>19895962
How people still think the IRS matters whatsoever, especially to 4 billion people on this planet who aren't American. Think about it. Act like it. You pay taxes, you are dumb Anon.

[Anonymous No.19896203]

>>19895229
Keep pretending the fed isn't jewish

[Anonymous No.19896238]

>>19894827
That's what you get for doing the needful.

[Anonymous No.19896290]

Guys, why aren't you using Koinly or any other crypto tracking program for tax purposes? It really doesn't cost that much.

[Anonymous No.19896379]

>>19894208
fpbp

[Anonymous No.19896672]

>>19896203
I am not pretending anything. 60 percent of wall street is jewish. Do you think I would act differently than them? Or you would? Hell no. Profit any way you can, retire by 50 and live it up.
What else are you gonna do?
Build a shelter and defend 3 rice bags with a shotgun?
Grow up freak.

[Anonymous No.19896730]

>>19896290
I write my transactions in a notebook :)

[Anonymous No.19896752]

>>19894163
haha it isnt taxable if you do it on fake ass accounts and it isnt taxable AT ALL if you just do swaps on places like kyber or uniswap

[Anonymous No.19896783]

>>19896672
Not all of us are nihilists anon. Material desires are for plebs.

[Anonymous No.19896846]

as sad as it is to part with a few linkies, I am more comfy knowing I will make it without worrying about owing taxes. I got into like so early, I can give peanuts and live comfy off the staking dividends

[Anonymous No.19896884]

>>19894163
So with something with no KYC like Uniswap, does it even matter? I’m only fucking around with like $5K ETH. Are the gay fucking feds really going to watch a nigger like mine’s ETH wallet on etherscan? I’m not planning on reporting that shit. Fuck off while I dick around with shitcoins. I’ll probably lose it all anyway. I understand cashing out being taxable, but fucking crypto -> crypto trades being taxable is fucking horseshit. There’s no true realized gain or loss until I sell for USD. It’s not like I can exactly buy a fucking house with my BUIDL and other shitcoins.

[Anonymous No.19896957]

>>19896783
It isn't about material desires. It is about having more than the rest. Which you will, no matter what fiat does, if you are smart now.

[Anonymous No.19897004]

>>19894163
no, it is not.

[Anonymous No.19897015]

Just to give you an impression why you should listen. I am Satan. I bought a brand new Rover Defender for 90k Euros this week. Not leased. Bought. This is small change to me. Why? Because I never gamble.