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27873666 No.27873666 [Reply] [Original]

I have like 50 transactions on etherscan from uniswap and other transactions and also swapped on like 5 different exchanges

how the fuck do I do my taxes. I don't even care if I overpay, I just don't want to get fucked over

>> No.27874573
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27874573

Just don't pay it then retard

>> No.27874670

>>27873666
Can't you get a crypto tax software to do it for you for like 100$? Seems like a small price to pay for the headache of trying to figure out crypto tax

>> No.27874714

Compile transactions into a spread sheet and start doing math boy. You can do math, right?

>> No.27874892

>>27873666
>doing taxes
Kek. I have $512k in crypto and am on unemployment.

>> No.27874930

>>27873666
>trade shitcoin 1 (worth x) to shitcoin 2 (worth y)
>sell shitcoin 2 (worth a) into shitcoin 3 (worth z)
>shitcoin 3 has now appreciated by 250% (b)
>do your taxes
yeah how about you fuck right off

>> No.27874941

>>27874714
This. Learn how to spreadsheet and just do your best with recording all trades you can find.

>> No.27874948

>>27874892
based

>> No.27875032

>>27874930
>t. no clue how capital gains taxes work

>> No.27875528

>>27873666
Koinly.io

>> No.27875809

>>27874670
I'm not paying to give my information to some untrustworthy third party

>>27874892
gl cashing out bro

>>27874714
>>27874941
Do I have to record every single transaction on every single exchange or does just knowing the general amount and then paying a bit extra work fine? Wouldn't I just get anything I overpay back on my tax return?

>> No.27875959

>>27875809
Every tx. And converts for me are entered twice. So 1 uniswap tx is both a sell (whatever you converted from) and a buy (whatever you converted to). The buy is obviously only reported when it itself is sold.

>> No.27876164

>>27875959
does the IRS really need records of every single transaction though, that's absurd.

Can't I just give the general amount of taxes + like 10% to make sure it's not under. If they audit me, do they care whether every single transaction is recorded as long as I am paying the right amount of taxes?

Previously I kept everything on coinbase pro, but recently I was using different exchanges to buy different coins and making multiple transactions (and failed transactions) on uniswap so it's a bit overwhelming

>> No.27876199

>>27875959
This is so fucking dumb and stupid. Turns the entire operation into work when I'm not trying to work I'm trying to make money. Fuck the irs fuck the cia and fuck you

>> No.27876427

>>27876164
The IRS is going has a complete shit show on their hands this year with the corona fallout. If you report the money that went into your bank account from an exchange you’ll be fine the irs is not going to go through fucking etherscan

>> No.27876495

Call your congressman every single day and ask them wtf they are doing to fix this disaster. This is horse shit.

>> No.27876586

>>27876427
Well, my question is what happens when you have x amount of money leaving coinbase pro then 3x amount of money enters coinbase pro a year later due to gains from coins held in metamask and other exchanges. Do you just report the difference as capital gains and you're good to go?

>> No.27876651

>>27876164
Download the etherscan CSV for every erc20 on every address is the only tip i can give you

>> No.27876739

>>27876586
Then you get flagged retard. Youre essentially creating an environment youll later need to launder money back into their good graces. Aka dont do it

>> No.27876789

>>27876739
why would I get flagged for that? wtf am I supposed to do then

>> No.27876821

>>27876739
Can't you just tie it the rising value of BTC?

>> No.27876873

>>27876789
If you buy btc for $5k and sell that btc later for $100k but btc only went up 2x thats the easiest flag in the world for them and then you get audited. So $90k is off the books

>> No.27877001

>>27876873
But I would already be paying capital gains tax on the difference, why would they need to audit every single uniswap and other exchange transaction?

you and >>27876427 are saying conflicting things. I'm just trying to pay my taxes, why is it so difficult

>> No.27877088

>>27877001
Because youre supposed to pay it on all the differences, not just the final difference. If you do the math youll see it comes out very different numbers. They want their theft money.

>> No.27877351

>>27877088
These are all very short timeframe transactions where the price would be changing like 1% between them. The losses take away from capital gains, so I don't see why they would be so different. I could just pay a bit extra just to be sure and then I would get any excess back on my tax return if they audit me, right?

>> No.27877403

In my country we only have tax on crypto if your trades are considered 'speculative'. How does the prudent man-principle work in crypto? I have 10k just from long term holds, but I made like 50 bucks swapping DOGE. Is that enough to categorize me as a daytrader and tax everything to shit?

>> No.27877494

>>27873666
i dont report crypto and havent been audited or had a summons for back taxes. get it now because gov is literally always on a 10-15 year lag time on shit

>> No.27877504

I'm not a cryptofag.

How would the government even know you have it or sold it? Isn't every transaction other than ones into your bank account essentially anonymous?

>> No.27877564

>>27877504
Additional question: do the exchanges really report to the IRS?

>> No.27877687

>>27877504
See >>27876586

I just wanted to make sure I record everything or at least do my due diligence to avoid fees or whatever.

>>27877564
I would imagine if they have KYC information they probably do. I would honestly rather that though so I can just know exactly how much I owe.

>> No.27877705

>>27876427
Hire a fucking accountant fuck me dead you dumb cunt honestly.

>> No.27877768

>>27875032
if capital gains are applied in USD value then I demand a tax write-off for unrealized gains.
USD is a fucking arbitrary number at this point

>> No.27877807

Yeah I have no idea how they intend to audit any of this.

I’m happy (okay maybe not) to pay my taxes on USD income, I already do it with my job, the US government has done its work building the dollar, so I pay.

I have a BIG fucking problem with the government trying to get me to pony up for crypto-to-crypto transactions, considering the government did Jack fucking shit to build that network.

So I’ll disclose all USD income and I’ll let them audit me, I’ll be happy to serve my time behind bars and go dig up my recovery seed when I’m free.

>> No.27877818

There's a bunch of different software platforms that will automatically track your trades with an API from your exchange or a .csv record of transactions from your exchange. I use cointracking.info which is a paid service of you have high trade volume but it's <$100 a year. There are free alternatives. Just use google.

>> No.27878077

>sell $POO at $1 for a $1000 profit into $COCK at $2
>$COCK rugs you
>you now owe your fair share of capital gains on that $1000 despite having nothing to show for it
fuck you IRS shills

>> No.27878132

>>27877818

I set mine up today. Input my wallet and exchange .csvs. It took a couple of hours. As a bonus it tracks your gains in one place if your money is spread around different exchanges and wallets.

>> No.27878144

Suck shit cryptotards.

>> No.27878146

>>27878077
wouldn't that be a capital loss when you sell or swap it though?

>> No.27878368

>>27878146
Yes, only if you cash out or swap it. Not if you keep it in $COCK hoping it will make a rebound.

>> No.27878418

>>27878144
Let me know when you have a machine in your attic that mines you stocks, loser.

>> No.27878478

>>27874892
You are in an idiot, the IRS is going to seize every last dollar of that when you try to cash out.

>> No.27878669

>>27877818
I'll probably just do that then. I don't want to fuck anything up and there is probably certain provisions or whatever that would actually save me money that I wouldn't know about doing it myself.

What do I do if I forgot the login to my account on one of the exchanges though?

>> No.27878679

You only have to report if you cash out right? While it's still on exchanges or wallets, you don't file taxes or?

>> No.27878682

>>27875809
>I'm not paying to give my information to some untrustworthy third party
The IRS already has your information.

>> No.27878755

>>27878679
Selling or swapping is considered taxable so all of us have like a hundred taxable events. Feels bad

>> No.27878802

>>27877088
that's fucking retarded and an absurd amont of work for the IRS and when you account for all your losses it ends up being easier for everyone just to do a flat tax when you cash out.

>> No.27878902

>>27878802
Welcome to the Jewnited States of America.

>> No.27879485
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27879485

I REPEAT: CALL YOUR CONGRESSMAN EVERY SINGLE DAY AND DEMAND THEY FIX THIS DISASTER