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30052169 No.30052169 [Reply] [Original]

>> No.30052608

>>30052169
then it didnt happen

>> No.30052668

There’s usually some wiggle room

>> No.30052816

>>30052608
This,

Sage in all fields.

>> No.30052889

>>30052608
CZ better not rat me out

>> No.30053117

>>30052169
dude my taxes are a mess. just pay a professional to figure it all out for you.

>> No.30053438
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30053438

if you cant figure it out how should they?

>> No.30054351

>>30053438
>cash out large sum into bank account
>bank rats me out to authorities
>authorities ask where it came from
is the burden of proof not on me?

>> No.30054476

>>30054351

Then you get audited and the burden of proof does go onto you. For every single transaction

>> No.30054524

CoinTracker, thank me later

>> No.30054600

>>30052169
>over 350 transactions this year
>5-10x'd in like 2 months
>no idea how much I actually made in profit
>just gonna take my initial investment and multiply it by 5
I hope it works

>> No.30054649

>>30052169
>>30052889
CZ will either rat you out or you'll have pay tax on the withdrawn amount. You also get less tax if you've been holding for a longer period of time.

>> No.30054667

>>30052608
this

>> No.30054834

koinly is very easy and lets me not think about this shit so i use that

>> No.30054891

>>30054351
>cash out large sum into bank account
see, that's where you fail

>> No.30054929

>>30054600
>>30052169
why don't you niggers use koinly or a crypto transaction aggregator

>> No.30054939

All your transactions are recorded on the blockchain you fucking retard, they are recorded for you.

>> No.30055023
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30055023

>>30052169
The IRS would like a word with you.

>> No.30055065

>>30054939
>used multiple scam exchanges which have since been hacked and shutdown
irrecoverable trading history. made good profit on there too

>> No.30055133

What information is actually required?

I just notate everything I can:
>date
>exchanged coin X for coin Y, at an approximate value of $xxx.xx
>profit/loss of Z
>(etherscan transaction link if available)

Is there anything I'm missing?

>> No.30055379

>>30055133
That should be all you need, but be on the lookout for any exemptions that might apply to you

>> No.30055440

>>30054929
this

>> No.30055576

Does coinbase provide a list of crypto transactions? And if i never cash out to my bank do i have to pay taxes? All i did was buy $1500 of grt a few weeks ago havent moved it

>> No.30055703

>>30055576
Coinbase will report you if you make large enough trades. they are taxable events after all

>> No.30055874

Do I pay crypto taxes? Oh wait I’m from Nevada

>> No.30055891

>>30055703
Yea but do they provide tax forms? This shits so fucking gay

>> No.30056004

>>30053117
this. the best part is that since I'm self employed, i can go ahead and claim soooo much BS as business expenses. I would be paying 100% like a fucking sheep if I hand't hired an accountant. That's an investment that literally pays itself.

>> No.30056081

>>30052169
Don't worry, the exchanges did. They will send it all in for you. :)

>> No.30056131

>>30055576
Yes they provide a trade history and no you don't have to pay taxes if all you did was buy and hold. Any time you sell it's a taxable event. This is not tax or legal advice I am actually a retard.

>> No.30056134

>>30055891
It's up to you to self report. But because coinbase have probably already reported you, your local tax authority will likely audit you if you fail to report yourself and will likely also throw on some extra fines or launch criminal proceedings if your tax avoidance is severe enough.

>> No.30056267

>>30056081
That's really nice of them.

>> No.30056339
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30056339

HELP
I'm a leaf and I'm doing my taxes.
Is crypto only taxed when you cash out?? What if I'm just hodling??

>> No.30056493

>>30056339
How did you pay for your current holdings? With fiat or with profits from other trades? If the latter then you probably need to cash out some to pay for taxes.

>> No.30056578

>>30056493
I deposited from my bank to Shakepay

>> No.30056611

>>30056081
When they send it you get a 1099 as well. Or do you think they just send the IRS a huge list of every trade every person has made?

>> No.30056642

>>30052889
Did you KYC in Binance?
If you did, he surely will rat you out.

>> No.30056796

>>30056493
>If the latter then you probably need to cash out some to pay for taxes.
No you don't you fucking retard, you just report it when you cash out.

>> No.30056929

>>30056796
If you make a profitable trade from coin A into coin B then you need to set aside some of that profit from coin A to pay for the tax liability. But I'm guessing biz dont do this.

>> No.30056951
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30056951

My friend told me had a capital loss from leverage trading on binance. Should he report it?

>> No.30057020

>>30056929
alternatively, if you used all your profit on coin B then some of your coin B holdings are owed as tax. You better hope you dont get rugged.

>> No.30057204

>>30057020
So what do I do? Use Koinly or something and report everything even if I didn't cash any of it out?
I can't even make a tax report on Koinly because I haven't cashed out.
I'm so confused

>> No.30057439

>>30056642
What it he didn't? How to cash out from a.non KYC account if he has one?

>> No.30057573

>>30057439
You cant. Withdrawals are blocked without KYC. But you can trade crypto to crypto and not report it, since there is no data about you in the exchange (only the email and ip).

>> No.30057594

>>30057204
Koinly looks good and will tell you if you currently owe anything. It's not so good if you have trading history on exchanges which no longer exist.

>> No.30057683

>>30056929
Wrong you don't need to do it in the same year, just once at the end

>> No.30057796

>>30053117
>Lose money in something that shouldn't be taxed
>Lose money paying for an accountant

Imagine being america

>> No.30057876

>>30057683
I dint say anything about timing, but yes you are correct. It's just not a good idea to risk money owed to tax authorities in new trades (especially crypto trades)

>> No.30057921

>>30054649
>You also get less tax if you've been holding for a longer period of time.
Depends on the legislature, americuck

>> No.30057976

>>30056951
Most countries have clauses so that if you have capital losses in trading it off-sets your capital gains. Some countries have a limit on how much capital loss you can benefit from, so research your own country to see how it is there.

>> No.30058034

>>30057796
Canadian but im fucking rich and don't want to spend my money on just gas and cigarettes. Paying a CPA so I don't get buttfucked by the CRA is cheap insurance you poorfag.

>> No.30058158

>>30058034
imagine not just using bitcoin.tax or some other competitive service... Btw i looked around they are the cheapest. Its alittle difficult getting it to work but once you learn it its soo easy.

>> No.30058221

>>30056339
crypto to crypto is taxed
even if you go crypto to iphone its a barter exchange and is subject to tax.
don't think you are going to outsmart the taxman. remember they are the ones collecting the tribute to Israel and against _____ you lose.

>> No.30058225

>>30057976
Oh he was just wondering that if there any repercussions in reporting it when the reason why binance stopped accepting U.S users was the SEC

>> No.30058284

>>30057796
>not making enough to be able to afford it
You don’t have to imagine anything. Congrats

>> No.30058338

>>30058225
Is he using binance or binance.us?
Binance.us is SEC compliant as far as I'm aware, which is why they're two separate branches.

>> No.30058350

>>30054351
>>cash out large sum into bank account
we don't do that here

>> No.30058375

>>30058158
Dude my income this year alone is projected to be over 260k and its not just from uniswap scam pulls. I am involved in multiple blockchains like elrond and luna. bitcoin.tax can't even handle the csv for those chains and I am not wasting my time when I can't just pay someone to do it for me.

at some point just hire the professionals geez you people are never going to make it by being cheap all the time.

>> No.30058377

>>30054834
This

>> No.30058385

>>30056004
Do you have to own an llc to be considered self employed?

>> No.30058394

is this true? will this token make me rich mr anon?
or you just try to shill people with shit
>I have already hold SWG and got rewards
>BSC will be great for system development

>> No.30058451

>>30057594
I only use Exodus, Shakepay, Coinbase Wallet, and Metamask.
Most of my transaction history is uploaded already, but it won't calculate my tax report because I haven't cashed out.

>Koinly needs your full history (fiat>crypto>crypto>fiat) to calculate

>> No.30058477

>>30056611
They send the irs nudes of your mom

>> No.30058508

>>30058375
>I can just pay someone to do it for me.

fixed because I type too fast.

>> No.30058520

>>30054351
>transfer large sum into random shitcoins and ponzis
>get rugged
>no large sums anymore
>problem solved

>> No.30058539

>>30052169
Oh no!

>> No.30058575

>>30058385
sorry, not a burger so I wouldn't know. here you don't, but you do have to be registered under the tax man.

>> No.30058591

>>30058338
Regular binance and with leverage. Does the IRS report this to the SEC?

>> No.30058608

>>30056131
>I'm actually a retard

Based

>> No.30058666

>>30052169
If you're in crypto just use koinly.io retard

>> No.30058687

>>30055874
Explain

>> No.30058709

are you swingtrading or what the fuck is wrong with you? just hold your shit and live your life if you don't want to bother with taxes. swinging and daytrading is for the rich fucks

>> No.30058909

>>30057573
>Withdrawals are blocked without KYC.
This is wrong btw.

>> No.30058941

>>30058375
Most anons here are kikes

>> No.30059074

>>30058350
I did that. I’m gonna be fucked. Hopefully they’ll leave me alone if I pay like 35% this year.

>> No.30059177

>>30058941
its amazing how retarded people on biz are. They would probably shop around for the cheapest lawyer or doctor and then go all surprised pikachu face when they get life in prison or die from a botched surgery.

Pay the pros to do it right the first time so you can actually own lambos and mansions. Or fuck around and find out how long dicked the taxman really is.

>> No.30059334

>>30058338
does Binance.US have leverage trading though?

>> No.30060673

>>30058909
They need your bank account information, what if you withdraw to someone else's bank account?
You can withdraw crypto, though.

>> No.30060706

>>30052608
>sir it says you purchased 5 eth in 2019 via coinbase but you cashout out 254 eth in 2021
>mind explaining this sir?

>> No.30060719

Fyi newfags, this thread is packed with glowniggers trying to get you to accept being taxed on every transaction which is bullshit. Only do the minimum to stay out of jail. Fuck these kikes.

>> No.30060875

>>30060706
I have no record of my transactions. I cannot explain it. But I got it through trading

>> No.30060980

>>30060875
The taxman will simply assume the worst and flattax you the max on your gains

That's the reason I log my trades in an excel and I never sell before a year is up (tax free this way)

>> No.30061007

pay 90$ and cointracker.io does it for you if you just have coinbase and binance

>> No.30061236

>>30058385
No, you'd just report yourself as an independent contractor. I've done both with and without an LLC and it files pretty much the same, with the ability to deduct the same shit.

>> No.30061553

>>30061007
I wish there was a service like this for my "europoor but not so europoor to not think twice "hmm how did anon get the money to buy this house when he's making next to nothing at his job"" country.

>> No.30061617

>>30060706
>idk my account got hacked

>> No.30061621

>>30060719
its in the fucking taxcode you dumb fuck. call it whatever you want but you are wrong and should neck yourself.

>> No.30061674

>>30052169
(amount at the end - amount started with)*tax rate

>> No.30061723
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30061723

>>30060980
> long term capital gains aren't taxable
only true if you're poor

>> No.30062019

>>30052608
/thread

>> No.30062079

>>30054929
Lol I payed for koinly and they said I had 5k in taxes when I made over 500k profit.

Fucking retards dont buy.

They cant calculate for shit.

>> No.30062140

>>30062079
What do I do then?

>> No.30062399

>>30061723
he's european

>> No.30062419

>>30061553
Balkans?

>> No.30062434

>>30062079
I dont know, i put all my wallets into cointracker.io, im just going with what it says and letting chips fall. It actually came up with a number that is roughly what i had in my head, so im going with it...

>> No.30062439

>>30062419
Czechoslovakia

>> No.30062535

>>30062439
Croatia here.
Whats the status on cashing out on your end?

>> No.30062652

>>30058451
>>Koinly needs your full history (fiat>crypto>crypto>fiat) to calculate
Lol what?

>> No.30062902

Cant you just hire a tax professional instead of these dumb ass websites

>> No.30062967

>>30062652
That's what it says, but that might be because I didn't buy a tax plan. I'm using a free account right now. I don't even know if I should buy a plan because some of my trades aren't showing up when I sync my account with Metamask. Probably because they were weird shit coins.

>> No.30063036
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30063036

>>30052169
>paying tax on crypto
Do Am*ricans really?

>> No.30063068

>>30062902
retarded bizraelis would rather go to jail for tax evasion than pay the few extra bucks to hire an accountant. Seriously this is how this morons operate.

>> No.30063233

>>30062967
I think that’s because it only shows you a year at a time.

>> No.30063325

>>30063233
It does. I'm looking at last year, 2020.
So I don't know what to do. It won't give me a tax amount and I haven't cashed anything out

>> No.30063555

For real, just ignore taxes until the man asks them of you.
If you cash out to your bank, just prove that it isn't criminal money to your bank. That's all you have to do. No one bats an eye after that.
Ofcourse, do keep what you owe in taxes seperately in case of the tax man comes around.
But if he doesn't and after a few years (depending on where you live) your taxes are discontinued, you can use that money freely.
No need to self-report yourself. Golden rule in life: only pay whenever someone asks you to pay.

>> No.30063751

>>30062967
No koinly sucks massive cock it doesn’t calculate anything right. I don’t know why it gets shilled here. Anyone who’s tried to use it know it is unusable.

>> No.30063795

>>30062535
Crypto is unfortunately/fortunately not treated same way as stocks, ETF, etc. nor it is treated as a currency. A lot of sources say different stories, but apparently general idea is 15 % of gains (cashed_out_fiat - costs), but you're obviously supposed to calculate the costs including the transfers between cryptocurrencies, even though in the end you literally just put two big numbers in two fields: "Profit" "Costs" and only when the Czech IRS asks you to show you the story behind those two numbers, you need the whole story. I'm fucking retarded @ taxes, so hopefully I will eventually make as much as to not give a fuck about paying a good accountant that has experience with crypto taxing here.

>> No.30063899

So let me get this straight. In the land of the free you can only deduct up to $3,000 in capital losses. If I were to 1000x some shit coin and turn $100 into $100,000, then exchange that to some other shitcoin and lose everything back to $100, I would still need to pay tax on $96,000?

>> No.30063908

>>30060706
Someone accidentally sent their crypto to my wallet instead of their own, lucky break for me eh?

>> No.30063984

>>30063899
$96,900, I mean. Even though I wouldn't have any bit of that money anymore?

>> No.30064060

>>30063984
No you fucking idiot. You can only deduct net capital losses up to $3k

>> No.30064466

>>30064060
Well if I didn't sell the second coin wouldn't it just look like I made $99,900 on paper?

>> No.30064785

>>30063795
In slovakia is around 40%, you pay health insurance when cashing out, shits makes no sense and makes me hodl yes or yes

>> No.30064827

>>30064785
Isn't that only when you have no other profits?

>> No.30065055

>>30054351
>>30054891
I would never steal from great burgerland. I always pay my taxes. Plus im poor... Ive heard it can be hard to for burger authorities to track crypto to giftcard. Visa giftcards are a thing. Although, Im telling you that you should not do it. Also Monero

>> No.30065169

>>30064060
But if you lose 12k you can deduct that 12k at a rate of 3k each year

>> No.30065322

>>30063899

No

Capital gains - capital losses = 3k cap carryover

You make 100k. You lose 120k that year. You have 20k in losses, but can only carryover 3k of those

>> No.30065422

>>30052608
based af

>> No.30065732

thats why you dont day trade, you put in money and hold for a year at least

>> No.30065975

>>30054476
I don't understand that, don't they have to verify everything? Otherwise I could just bullshit some transactions for 5 minutes, and then THEY have to spend days trawling through all my trades trying to figure out what the fuck I actually owe. I'm not wasting my time doing that, they can

>> No.30065997

>>30060706
kek

>> No.30066183
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30066183

>>30052169
let me SPRINT to go pay that

>> No.30066264

>>30057594
This. It's fucking useless if you actually day traded across some of the shittier exchanges, which is what a lot of degenerates here did. There has to be some level of amnesty provided you pay your taxes and don't try to avoid them. I just declared what I cashed out as income, if they audit me I'm just sending my trade history in CSV files, they can sort out the rest and tell me 3 years later once they figure it out whether I overpaid or underpaid

>> No.30068498

just pay short term capital gains tax and if they come after your ass just say your new to it and dont understand it and tried your best

>> No.30069664
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30069664

>>30059074

>> No.30070336

>>30066264
>figure it out whether I overpaid or underpaid
Anons need to be careful with this strategy. A lot of people here will cash out life changing amounts of money that might normally take 10/20 years of savings. If you get audited in years to come and are deemed to have underpaid, that tax liability could be huge relative to your normal income.

>> No.30071065

why do you guys act like its so hard to track trades?
>write down purchase price
>write down sale price
>input into HR Block tax software
thats literally it, can just us blockfolio.

>> No.30071763

>>30052169
Do you guys intentionally lose some money before tax season to write off? $3,000 max write off per year.

>> No.30073034

>>30071763
Why would you realize a loss to create a tiny offset, when the coin could potentially moon and make way more than $3000?

>> No.30073963

Old fag here. I know I am doing it wrong but I currently have 875k in crypto holdings. I quit my job some years back, I pull 40k out every January 1st to live off of. I ate the tax on a 275k withdrawal for a modest house. I didn't properly pay my taxes and I still am probably not. The irs evil meme is a meme. They were very nice and saved me money by taking less than what I owed even though I had the capital. All in all the experience was great 8/10.