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5380831 No.5380831 [Reply] [Original]

surprise! if you're an american who made any crypto-to-crypto trades this year, you must pay taxes on every single one of those trades!

what a great time to be an american :D

>> No.5380854

>>5380831
I honestly dont even see how that would be possible.

>> No.5380879

Hmmmmm i think ill pass thanks tho hehe

>> No.5380908

>>5380854
have you even tried? of course not. there's software like bitcoin.tax that will easily compile all your trades and spit out how much tax you need to pay

>> No.5380933

>>5380879
ok good luck anon! (hint you might want to allocate some of your crypto to hire a lawyer when you get audited)

>> No.5380936

>>5380831
I'll save enough money for first in first out taxes, but I'm reporting with like-kind

>> No.5380957

>>5380936
first in first out won't be enforced. like-kind however will be

>> No.5380983

>>5380957
What are like kind

>> No.5381005

What do you do if you're a NEET who's never paid taxes?

>> No.5381007

>>5380831
Wouldn't you only have to pay taxes on trades made AFTER the tax plan has passed?

>> No.5381014

>>5380933
No one is going to report every trade except boomers

>> No.5381019

>>5380831
Where did all the libtards come from?
We have always knew this to be the case?
Did you honestly think there were no taxes on crypto trades prior?

>> No.5381025

>>5380933
Ehh ill pass on the whole tax meme i went through hell for these gains and I'm not getting shook down by some thugs

>> No.5381031

>>5380983
a like-kind exchange is an exemption where you claim you traded one asset for a similar but different asset to avoid paying taxes. unfortunately it doesn't apply to cryptos

>> No.5381040

>>5381007
It's already law the tax plan just clarifies it

>> No.5381055

>>5381007
nope. the new bill only clarifies what isn't allowed. it's like if someone invented a voodoo doll that kills people and we signed a new law saying you're not allowed to kill people with voodoo dolls

>> No.5381059

>>5381005
use excemption 6920-a if ur a neet that mean u get frre digital money no taxes

>> No.5381070

>>5381014
hahahaha is that what you're going to tell the IRS when they pay you a visit?

>> No.5381076

>>5381019
big government fetishist..... gross

>> No.5381082
File: 390 KB, 770x1080, Pink Wojack Stronghodl.jpg [View same] [iqdb] [saucenao] [google]
5381082

>>5380831
>Implying this wasn't always the case.
>Implying that Like Kind was ever gonna really be used for crypto.
>Implying there isn't software you can use to calculate your taxes.
>Implying that you're not some Euro retard that isn't just shitting up /biz/.

>> No.5381094

>>5380957
I heard it's a tougher sell, but some people make it through. As long as I show my money trail, I think it's suitable. I'll still hold money for first in and out.

>> No.5381099

>>5381070
How scared are you bro

>> No.5381106

Can i report my losses of btc trades and deduct it from taxes?

>> No.5381107

>>5380831

Except that's wrong, you abject retard

https://www.bloomberg.com/news/articles/2017-12-21/tax-free-bitcoin-to-ether-trading-in-u-s-to-end-under-gop-plan

>> No.5381108

>>5381019
>>5381082
you'd be surprise how many people don't know this. i actually just talked to a banker the other day who didn't know this

>> No.5381128

I wonder how they're going to enforce this.

>> No.5381129

>>5380831
already did have to if you were gonna cash out some anyway retard
and the taxes are lower now
so thanks trump

>> No.5381136

>don't file taxes
>irs calls and says they are going to audit me
>tell them ok
>give them list of all my trades
>thank them for doing your taxes for free
>pay what you owe and do the same next year

everyone just needs to do this, the irs will be up to their eyeballs with everyones paperwork, they'll have to hire more workers which means crypto traders are helping the economy after all by bringing down unemployement rates

it's a win win if you ask me, we get our taxes done for free and more people get jobs to do our taxes

>> No.5381158

>>5381107
this doesn't mean it's ok to do in the past. it's like if someone killed a person with a fork and we signed a law saying you can't kill people with forks. does it mean it was okay to kill people with forks before the law was signed? yeah i don't think so. who's the retard now?

>> No.5381173

How exactly will this be enforced? Whats stopping someone from simply not reporting their trade? especially if it was done on some obscure website

>> No.5381196

>>5381106
yes

>>5381099
i sold my gains bro so i'm covered

>>5381128
>>5381173
the IRS hired a company called Chainalysis to do background checks on people

>> No.5381230

>>5381136
do you think the IRS is just going to ask you to pay just your taxes if you get audited? nah bro. they're gonna throw you in jail LOL

>> No.5381265

My mind is blown people on here actually thought crypto was a like kind trade. Are you people fucking retarded? I already spent 20 hours setting up my tax report with over 500 trades BEFORE they even announced it.

>> No.5381288

>>5381265
I know right. I talked to a banker the other day who didn't know either

>> No.5381314

>>5381158

No one cares. They're getting taxes on the net difference between what was put in and what's cashed out. If they want more they can come audit me lol good fucking luck

>> No.5381362

I spent $30,000 on BTC when it was at 19.5k and then sold everything when it dipped to $13k

How much taxes will I need to pay?

>> No.5381380

>>5381230
doubt you would get jail time unless you were intentionally committing tax fraud.
the IRS understands the difference between negligence and willful tax fraud

>> No.5381383
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5381383

So if they're going to tax the ever living fuck out of people for trading one crypto for another or for cashing out, what does that mean when someone tries to pay for goods with bitcoin for instance? If I buy a sandwich from Subway using bitcoin, they gonna slap Subway with a fucking capital gains tax? I mean this shit would almost certainly cripple the ability for any crypto to be used as a currency.

>> No.5381384

>>5381362
zero

>> No.5381390

>>5381106
>greatest bull market in history
>report losses

what the fuck did you do?

>> No.5381409

>>5381362
It's capital gains tax, not capital loss tax.

>> No.5381420

>>5381383
yes you must pay taxes for the bitcoin you use when you buy the subway sandwich. i'm serious

>> No.5381426

fake Bloomberg news

>> No.5381429

>>5381362
sticking true to the /biz/ strats huh?

>> No.5381436

>>5381362
You must pay with your life.

>> No.5381450

person who's never filed taxes here, am I supposed to file for taxes even if I haven't cashed out any crypto?

>> No.5381465

>>5381450
only if you traded crypto for crypto

>> No.5381470

>>5381420
Right but since I traded Bitcoin for a sandwich, Subway would have to pay the capital gains on that bitcoin while I would what?.. Cut off a piece of my sandwich and give it to the IRS? I mean that's what I got out of the deal, my capital gains was a sandwich. This is fucking retarded, they're trying to torpedo crypto. I just need to stay off of American exchanges from now on.

>> No.5381471
File: 112 KB, 750x506, TrumpSucks.jpg [View same] [iqdb] [saucenao] [google]
5381471

There are reasons Trump is this pitifully low in the polls.

>> No.5381479

>>5381465
I have traded crypto for crypto, but how can they tax it if it hasn't been sold for USD?

>> No.5381482

>>5381450
No.

>> No.5381490

>>5381230
they aren't going to throw you in jail if you pay the taxes and the fees behind it, just say you had no clue and that you were sure they would figure it out and they did. ;)

>> No.5381506

>>5381479
because the IRS classifies crypto as property. and anytime you exchange it you must pay capital gains tax on it. same rule applies to stocks

>> No.5381509

>>5381490
dude are you fucking serious? the IRS will issue fees and penalties to anyone who does this. the fees and penalties will NOT be lenient.

>> No.5381515

>>5381471
>Bush at 86

No wonder they got away with it

>> No.5381517

It won't be in effect until idiot signs it, and then a few months down the road before it is implemented, so any transactions you do in 2017 won't count.

>> No.5381535

>>5381136
>Implying the IRS won't assess fines
>Implying the IRS won't assess interest

>> No.5381538

>>5381470
subway wouldn't accept your bitcoin. assuming you are using a middleman like bitpay, they just convert to fiat so the burden is on you to pay taxes for when that happens

>> No.5381543
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5381543

>>5380831
>mfw I've been telling /biz/ this for the past 6 months and they just call me a faggot every single time

>> No.5381552

>>5381471
I wonder why they left out Johnson.
Interesting....

>> No.5381558

>>5381471
what polls?

i seriously have never taken part in any of these fucking polls people are talking about, even right before the election the news kept talking about hillary ahead in the polls.. what polls? whos taking these fucking polls? where do i take them? are they even real?

>> No.5381559

>>5381383

No it means you still have to pay VAT on that tax and Subway must pay income taxes on that transaction.

>> No.5381565

>>5381543
>I've been telling /biz/ this for the past 6 months

You're a weirdo.

>> No.5381568

>>5381509

Truth. They may eventually lock you up, too. We live in an Oligarchy. You mess with the Oligarch's loans and they will fuck you up instantly. They do this so that EVERYONE knows how bad it will hurt if you miss a payment. You can't fuck wit da tax man.

>> No.5381569

>>5381517
it was never allowed before bro. that's what people don't understand

>> No.5381581

>>5381265
You pathetic cuck

>> No.5381588

>>5381509
I've been audited before, it's not a big deal. They said I got too much back on a return from like 5 years prior and had to payback like 700 bucks. I paid them and all was well, and even if I couldn't right then and there they have payment plans. It's not like the Godfather comes to your house with some hired goons and breaks your knee caps.

>> No.5381589

>>5381568
That's what happens when you break the law, oligarchy (lol) or not.

>> No.5381596

>>5381543
it's gonna be fun when tax season comes around and everyone has to sell their crypto to foot their tax bills

>> No.5381598

>>5381565
a weirdo who no longer gives tax advice on /biz/ even when you dipshits desperately need it

>> No.5381605

>>5381558

Answer the phone when 800 numbers come in. These are real Americans, bro. Seven out of 10 of us have symbolically told Trump You are Fired. He needs to take the hint and walk away.

>> No.5381614

Forgot to claim unemployment one year.
IRS sent me a letter saying "Hey you forgot something so we did it for you."
You owe this much green sheckles.
Ok.

>> No.5381621

so how does it work exactly?
like if I have some BTC and it gains 20%, then i trade for some other alt. Do i pay taxes on that 20% gain or the entire value of the trade?

>> No.5381624

>>5381588
Nice dubs but this is completely different. If you don't report trades you will be penalized and probably jailed unless you have a good lawyer.

Ignorance of the law is no defense.

>>5381598
You gave tax advice to 4chan for 6 months straight. You're fucking stupid.

>> No.5381625

>>5381509
>dude are you fucking serious? the IRS will issue fees and penalties to anyone who does this. the fees and penalties will NOT be lenient.
if everyone does it what do you think they are going to do? fill jails with 1000s of Neets that simply didn't know how to do taxes?

be real nigger.

They just want money, give them the money you owe.. after they do your taxes for you.

i don't mind having them do my taxes for me, i don't mind handing them 1000s and 1000s of trades for them to figure out. i don't mind paying what i owe.

Bring it.

>> No.5381628

>>5381543
If you would stop sucking dick then people would stop calling you a faggot

>> No.5381629
File: 85 KB, 831x762, 1512542607895.jpg [View same] [iqdb] [saucenao] [google]
5381629

>mfw monero
Hahahaha, have fun with the tax man.

>> No.5381633

>>5381621
you pay taxes on the 20% gain

>> No.5381643

>>5381471
He tries to appeal to everyone and ends up impressing no one.

I wanted him to lower taxes so I have more to invest, not place taxes on crypto.
I wanted him to build a wall to keep out illegals, not go after the diversity lottery which has a lower percentage of criminals come from it than any other kind of immigration, even merit based immigration.
I wanted him to repeal Obamacare, not net neutrality.

>> No.5381651

>>5381625
>fill jails with 1000s of Neets that simply didn't know how to do taxes?

They will issue penalties and then garnish your wages. This isn't complicated.

>> No.5381652

>>5381596

ONLY IF YOU TAKE PROFIT. I'VE BEEN IN THIS FOR 5 YEARS AND HAVE NEVER SOLD ANYTHING. NOT A SINGLE SATOSHI. I OWE ***NOTHING*** TO THE GOVERNMENT.

>> No.5381653

>>5381559
do they have Subways in Europe, who else has VAT

>> No.5381667

>>5381652
well good for you then. everyone else probably shifted their portfolio around quite a bit. i certainly did and made some mad gains but this tax situation has done a number

>> No.5381668
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5381668

hello federale

>> No.5381670

>>5381625
> i don't mind handing them 1000s and 1000s of trades for them to figure out.

I forgot to mention that this will take them literally less than a second to do. For every single coinbase user it might take 30 to 60 minutes. The data is all there. Do you trade on coinbase? Are you aware of who the board of directors for that company is?

>> No.5381673
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5381673

>>5381643
you forgot to include thats hes prime focus now is making sure Israel is great again instead of America

>> No.5381674

>>5381628
enjoy working with wetbacks and getting paid under the table for the rest of your life because any real paycheck you 'll get would have its wages garnished

>> No.5381676

>hating money grabbing jews
>being the biggest jew by not wanting to pay for services you recieve from the state
go and live in the wilderness with your paper wallets you fucks

you literally did nothing to get this much money

>> No.5381682

>>5381625
>if everyone does it what do you think they are going to do?
That kind of logic doesn't work, you can't just assume everyone is going to break the law, therefore don't make the law.

You could make the same argument against every law, even anti murder laws.

>> No.5381694

>>5381588
>It's not like the Godfather comes to your house with some hired goons and breaks your knee caps.
Some people in this thread sound like this is going to happen, for some reason the u.s. government has their citizens very scared at all times.

I don't mind the government, i use the roads and i went to public school, if my house catches on fire there are fireman to put it out so its always good to pay taxes, but lets be real here. the penalties aren't that bad, I have a friend that has owed the IRS 30k for the past 3 years and they haven't done anything to him....

>> No.5381717

>>5381676
what services? the opportunity to give shekelburg my money?

fuck off cuck this is plain theft

>> No.5381730

>>5381673
I've honestly stopped following politic as of late, some Im not up to scratch on how much Israeli dick he's been sucking.

...but who are we kidding, it's America, ofcourse he's going to do israels bidding

>> No.5381734

>>5381667

I only spend money I can afford to lose. I quit smoking pot, so I started to buy 50 bucks of crypto every month instead. You know, some BTC, some ETH, some LTC, some DOGE. I think you have some idea of what has happened to my net worth. Anyway, I have never sold any. I whale the fuck out of new coins I think have potential and I buy BTC. I want all the BTC. Literally ALL of it. Unattainable, yes, but it's how I feel about that coin.

>> No.5381765
File: 2.96 MB, 400x225, 1444955716697.webm [View same] [iqdb] [saucenao] [google]
5381765

>>5381734
>I quit smoking pot, so I started to buy 50 bucks of crypto every month instead.
Fucking nice. I'm happy for you bro.

>> No.5381775

>>5381643
>He tries to appeal to everyone and ends up impressing no one.
Not to sidetrack the convo, but you should look up Political Time theory by Skowronek. It's a fascinating idea of cyclical patterns within presidential politics, and he boiled it down to the prediction that Trump might end up in the same vein as Jimmy Carter (who did exactly what you said in your quote above), if not in substance than at least in style. Interesting stuff if you're into theoretical political science stuff.

>> No.5381778

Tell me why this wouldn't work.
1. Trade all crypto for ETH/BTC
2. Exchange all ETH/BTC to Monero or whichever privacy coin is top dog at the time of cashing out
3. Transfer Monero off Exchange to a private wallet
4. Transfer Monero from private wallet to a new private wallet
5. Repeat step 4 as many times as desired
6. Get somebody in your immediate family who won't steal your money, they set up a new account on an exchange, get verified, etc.
7. Send Monero to family member
8. They exchange Monero > ETH/BTC
9. They cash out and only pay 34% or whatever tax off the bat
10. No way to trace where the Monero came from.

>> No.5381787

>>5381730
You have missed a lot. He commuted the sentence of the most stereotypical jew you could think of. Dudes name is literally
>sholom rubashkins
https://www.cnbc.com/2017/12/22/why-trump-commuted-sholom-rubashkins-27-year-prison-sentence-commentary.html
>The Chasidic Jewish Rubashkin was convicted in 2009 of several crimes connected to his family's massive kosher slaughterhouse operation headquartered in Postville, Iowa. They included money laundering and financial fraud. Moreover, the financial prosecution came after federal authorities raided the Agriprocessors plant and arrested 389 illegal immigrants working there in 2008.

>> No.5381791

>>5380831
you dense loser. even if/when the bill gets signed, the government can't RETROACTIVELY enforce taxes. In retard language: no taxes this year.

>> No.5381794

>>5381765

Low five my friend. =)

>> No.5381799

>>5380831
that's what you get for meme voting.

>> No.5381800

I love this post
hur durr bitcoin gonna free us from the banks
hur durr im still going to pay out the ass in taxes and exchange fees no matter how many thousands of fiat dollars I throw at it.
hur dur this is freedom from the jews!

>> No.5381805

>>5381734
You have to pay taxes on every trade when you bought that Doge with bitcoin

>> No.5381811

So much FUD in here it hurts.

>> No.5381824

>>5381614
similar for me, i forgot to claim a sale of bonds
6-10 months after tax season, they just mailed me what i owed

>> No.5381826

Another thing I want to know is how are they going to calculate what the profit was? I'm sure many of us hopped in and out of various coins over time via BTC. I trade BTC for shitcoin, shitcoin makes me money, I trade for BTC. So they're going to have to calculate what the price of bitcoin was precisely at that moment when we traded in and out of another coin. How do they assess the value of BTC at that time? What exchange do they use as the gold standard for pricing? I mean that is just fucking nuts. On November 5th at 8:37 am you exchanged 0.46331025 BTC for 637 Shitcoin and on November 7th 11:12 pm you exchanged it 637 Shitcoin for 0.56138547 BTC. According to X exchange the price at the time was approximately X and on the 5th it was Y. I mean the shitcoins price goes up and down wildly and so does BTC's, I may have still netted a profit but could have came out with less bitcoin than the original trade if BTC went high enough. This is going to be one serious cluster fuck for anyone trying to calculate this shit.

>> No.5381829

>>5381031
It does for crypto traded before January 1, 2018

>> No.5381844

>>5381717
actually that bridge is paid for from these taxes
>eradicating deadly diseases
>upholding law and order so that niggers don't come into your house and torture you to get your wallet keys
>not letting Russkies invade your shitty country
>firemen risking lives in forest fires
>providing help in case of natural disasters
>free basic medical help (in burgerland), free medical insurance everywhere else
>roads for your shitty cars
>free education for you and your shitty kids
the least you can do is pay off your debts to the society

>> No.5381852

>>5381778
here's what the IRS is going to see:

1) you sending a ton of money into a black hole
2) your family member getting a ton of money from a black hole.

>> No.5381856

>>5381826
Bank statements fucko
Feel free to gather all the coins you want
Good luck cashing out under the ever watching glare of uncle sam.

>> No.5381864

>>5381605
>Answer the phone when 800 numbers come in.
>answer phone
>hear a bunch of high pitched speakers in background
>say hello
>indian accent starts speaking
hi, yes, sir, this is raymond with the crypto-network, we are calling because you have been selected for our new ICO we. This brand new coin will only be available to a select few individuals, this coin will have lightening fast transactions and low fees. we offer this coin at a discount but you have to buy right now! If you could please just tell me the key to your wallet we can get started!

>> No.5381876

>>5381829
>>5381791
tax laws ARE retroactive. nice try lmao

>> No.5381877

>>5381805

Nope. I bought it with a debit card. I have been with Wells Fargo since the 80's and I use my standard, average, everyday checking account on Bittrex and Coinbase to buy. Period. Ihave never swapped coin for coin or spent coin or given coin or sold coin. I have zero dollars in my USD wallet. I only buy coin. I never sell it ever again. Ever. I owe NOTHING.

>> No.5381883

>>5381651
>They will issue penalties and then garnish your wages.
>garnish wages
>neets
>garnish wages
>neets

hmm

>> No.5381893

>>5381852

Doesn't matter if they can't find any evidence.

>> No.5381894

>>5381775
Thanks for the recommendation. I wonder how far back you can trace the cycle through American presidents, and if the same this is observable with European monarchs

In return I'll recommend a book called Political Animals by Rick Shenkman, it's about how human primal instincts influence voters (eg shark attacks making people in New Jersey vote again WW in 1916)

>> No.5381906

>>5381362
you can claim a $3k/year exemption against regular income for your capital tax loss that you incurred by being a pajeet

>> No.5381907

>>5381877
I didn't know you could buy with fiat on bittrex

>> No.5381908

>>5381844
I already pay my taxes through other avenues , theres no reason why this should be spreading to crypto.

One of the main benefits of Crypto will be lost if this passes , they win this therex no telling what they will do next

>> No.5381915

>>5381876
''If Trump signs the bill, the "like-kind exchanges" exemption would explicitly stop applying to cryptocurrencies beginning on January 1, 2018.''

why aren't you reading the shit you post about?

>> No.5381926

>>5381893
If you get audited they will see your entire bank statements, deposits and everything. If your income is more than what you made from a job then you have to prove where you got it. If you cant, you're getting fucked. End of story.

>> No.5381945

>>5381907

You can fund from any US national bank's debit card on Bittrex and Coinbase and they love it when you do.

>> No.5381950

What if you trade coins outside USA? Could sell in a non retard country and buy something that hold a value bing it back and sell?

>> No.5381953

>>5381915
what's the difference between "explicitly stop applying" and "stop applying"? the answer is none

>> No.5381954

>>5381926
It was a gift from an anonymous internet stranger ;)

>> No.5381976

>>5381950
Because customs see's what you have entering the country and if you didnt declare it when you left you pay taxes at the border.

>> No.5381979

>>5381926
This is why Bitcoin ATM's need to become more of a thing. I'll just horde cash or send it to an offshore account.

>> No.5381995

You can work out payment plans with the IRS that won't kill you. They can only lien up to 50% of your income. I know. Trust me. I know.

>> No.5381996

>>5381954
Gift tax.
Learn it.

>> No.5382019

well if you don't like it you can always invest in anonymous DEXs, decentralized oracles that encrypt data, and distributed dark markets.

>> No.5382020

>>5381945
Good to know

>> No.5382040

>>5381950

No, citizen. You are a Social Security # and any funds that you move into or out of any bank in the US is well known by the powers that be. You would have to move away and change citizenship to escape the IRS.

>> No.5382048

>>5381996
Easier and simpler than tracking every single trade you've ever made, especially if those exchanges don't exist anymore.
An easy out for people who didn't keep records.

>> No.5382057

just pay your taxes you idiots.

If you don't know what you are doing than don't do your taxes and let them contact you and talk to them about it.

This isn't hard guys, if you owe them money they'll contact you.

>> No.5382059

>>5381894
Thanks anon! I'll give that one a look as well. As for Skowronek, IIRC he demonstrates the pattern as coming into effect as far back as John Adams, overlooking Washington because of how apolitical he was compared to later presidents, as well as the fact that the office was so new as to ensure that any behavior patterns had yet to develop around it.

>> No.5382060

>>5381908
>make 100$ in mcdonalds, pay 20$ tax
>real wealth is 100k in crypto
how is this different from rich people offshoring all their money to panama (which is almost illegal in most countries and universally frowned upon) except even then they pay more taxes than you would
I get you don't want to part with your money but at least acknowledge that it is right to tax crypto. Most anons at /biz/ act like fucking heroes fighting the greedy system while in fact it is a perfectly normal thing to pay taxes. We as a society agreed that taxes are a good thing and everyone should play by the rules.

>> No.5382077

>>5381070
>thinking the IRS has enough time to research everyones transaction history
crypto to fiat will be the only thing that will be actively monitored and enforced. anyone taxing crypto to crytpto is a bluepill cuck. crypto to fiat is the only thing you need to really tax to avoid penalties and or jailtime.

also, anyone thinking the IRS is going to throw you in jail is a dumbass. get a job that pays income tax and report your crypto to fiat, you'll pay enough to to uncle sam to fly under the radar.

>> No.5382079

>>5381070
"hey i moved to puerto rico for 6 months and am now a resident of this US territory, also we have 0% capital gains, eat my ass tax man"
>job done

>> No.5382086

>>5381799
dont pretend any other option was any better. The system is rigged in the first place

>> No.5382090

>>5382048

You can always export the .csv files from your brokerage and upload them to the tax service you use. I am with H&R block and they accept them. It's odd, but a 4 kilobyte .csv file can denote gains of billions of $$$.....

>> No.5382096

>>5381908
I think it already passed and it applies to past trades also for your April report

>> No.5382102

>>5381158
Do you know how American law works? If something was legal and then made illegal everything before it was made illegal can’t be used to criminalize a person

>> No.5382122

>>5382057

Go into H&R Block, show them a printout of your crypto assets and let them do the rest.

>> No.5382125

>>5382079
Will this work? Can I go there then come back?

>> No.5382130

>>5382077
>thinking transaction history is a time-consuming activity
everything you do on these exchanges is recorded. the IRS just needs to click and a button and they have your entire trade history. it's actually easier for them to figure out since everything is on a public ledger

>> No.5382142

>>5382102
> If something was legal and then made illegal everything before
it wasn't legal before to begin with

>> No.5382147

>>5382040
>You would have to move away and change citizenship to escape the IRS.
Don't forget, it costs several thousand to renounce your citizenship.
If you're a poorfag, you're here for life.

>> No.5382155

>>5382130

A public ledger is EXACTLY what the motherfucking blockchain is.

>> No.5382161

>>5382130
>he thinks they care about researching tx history of anyone except the million dollar movers

>> No.5382168

>>5382122
>Go into H&R Block, show them a printout of your crypto assets and let them do the rest.
my taxes aint that easy. Even my tax guy was having a hard time last year because i deal with corporate debt and it can get tricky, i also have rental properties that aren't that complicated but just add to my tax bill

>> No.5382185

>>5380831
quit lying op u fucking asshole. these start for next year. you dont need to pay shit for this year.

>> No.5382188

>>5382147

I own a condo in Dubai. If I want to stay there for more than 2 years, I have to go back to the US for 2 weeks and then fly back to the Emirates. Who cares?

I'm going to bed. Stop looking at your phones.

>> No.5382189

>>5382161
the IRS forced coinbase to give up info on anyone who has more than $20,000 worth than crypto. that's how low the bar is

>> No.5382198

>>5382130
each trade has to be punched in.

anyone that has ever traded stocks knows this.

you literally have to put each trade in, my tax guy was a bit furious that i would buy 1 share of a penny stock on robin hood then sell it 1 day later and i did this a bunch of times.

>> No.5382203

>>5381775
>and he boiled it down to the prediction that Trump might end up in the same vein as Jimmy Carter
I can definitely see the parallels. Didn't Jimmy Carter have a big problem with infighting with his own party and it prevented him from getting anything passed in congress? He also ran as an "outsider" and "not a politician" just like Trump.

>> No.5382211

>>5382185
>these start for next year.
the biggest misconception of 2017

>> No.5382215

>>5381007
you are correct dont listen to these troll faggots. theres an article about this on bloomberg google it. dont get your news from this place

>> No.5382221

>>5380831
why are people worried if they will send you what you owe if they send you anythign and give a grace period. they arent gunna swat your house and audit you right away.

>> No.5382223
File: 30 KB, 696x481, 1500671683907.jpg [View same] [iqdb] [saucenao] [google]
5382223

>>5382060
>We as a society agreed

>> No.5382231

>>5382188
>I'm going to bed. Stop looking at your phones.
How else am I going to drunk shitpost?

>> No.5382234

>>5382142
This isn’t even related to crypto
Guy sounded like he literally did know how American laws work

>> No.5382242

>>5381136
are you fucking retarded
IRS just doesn't do shit for free you dumb fuck

>> No.5382245

>>5382198
nope. have you tried https://bitcoin.tax/ ?

you just sign into your exchange accounts and it compiles everything together. takes less than 5 minutes

>> No.5382246
File: 148 KB, 2048x1025, 75175d69c47341783a98cd4c8ef00b9e.jpg [View same] [iqdb] [saucenao] [google]
5382246

>>5380831

Did you think this asshole was going to help you out?


The tax bill is basically a giveaway to the existing wealthy, above all business owners and property owners.

>> No.5382248

I messed up my taxes last year by accidentally claiming some generous deductions. I make 80k a year, no kids or wife, made almost 10k back on taxes. First year filling with TurboTax not paper. How likely am I to get fucked?

>> No.5382251

>>5382231

Ok, I'll give u that. haha. Don't be late for work.

>> No.5382260
File: 39 KB, 600x600, laughing_presidentially_trump.jpg [View same] [iqdb] [saucenao] [google]
5382260

>>5381651
Wages

>> No.5382261

>>5382245
>nope. have you tried https://bitcoin.tax/ ?
>you just sign into your exchange accounts and it compiles everything together. takes less than 5 minutes
>JUST SIGN INTO YOUR EXCHANGE ACCOUNTS
I don't trust this shit at all.

>> No.5382266

>>5380831

Lets also be clear about the tax bill

It is 100% a Republican Party creation

>> No.5382268

>>5382060
Taxes are theft, cuck.

>> No.5382282

>>5382266
>implying both parties arent corrupt globalists

>> No.5382284

>>5382261
it only uses read-only api's. in normie speak that means they can't make trades on your accounts

>> No.5382285

>>5382246
You think Hillary was going to help? The game was rigged from day 1, the democrats are the most tax hungry, pork project spending, entitlement giving, debt accumulating fuck faces in existence. We were fucked either way.

>> No.5382287
File: 72 KB, 713x611, 1512787989840.jpg [View same] [iqdb] [saucenao] [google]
5382287

>>5382189
yeah, $20,000 in fucking crypto to fiat trades dumbass.

>>5382245
that sounds like a great way to get phished. you are a confirmed retard. hope you get all your shit stolen.

>> No.5382303

>>5382266
actually as a conservative i think the democrats would have made the tax situation worse. at least with this bill we get put into a lower tax bracket

>> No.5382325
File: 12 KB, 578x566, 1513994263860.png [View same] [iqdb] [saucenao] [google]
5382325

>>5382284
BUT IT MEANS THEY CAN READ YOUR FUCKING INFORMATION.

>> No.5382353

>>5382303
no you dont, unless you make 6 figures+ which for some people here does apply but for the majority does not

>> No.5382362

>>5382285
With Hillary as president and a republican congress, nothing would've ever get done because republicans would just be foaming at the mouth over her and she would just veto any bill that made it past the senate.

Instead Trump gets to fuck over your cryptos. Top kek.

>> No.5382371

>>5382325
yeah just like turbotax does.

>>5382353
whelp i guess i was only looking out for myself then

>> No.5382378

>>5382221
>they arent gunna swat your house and audit you right away.


>swat breaks window
>throws flash bangs everywhere
>bust down door
>neck beard sitting at computer covered in cheeto dust and spilt mountain due
>FREEZE MOTHER FUCKER!!!!
>YOU DIDN'T PAY YOUR TAXES ON YOUR BITBEAN GAINS!! YOU'RE GOING DOWN TOWN BUDDY!!
>after audit you owe $60
>$200 to fix windows
>$200 to fix doors
>tax dollars at work

>> No.5382455

>>5382060
>it is right to tax crypto
Why?

>>5381787
The ride never ends

>> No.5382528

>>5380831
The law isn't retroactive, ya dingus. It only impacts trades made starting 12:00am January 1, 2018.

>> No.5382572

>>5382203
Basically, yes. Carter ran hard against the mainstream of his party, eventually hit the wall with congress, and then tried to pivot, first to a more amenable position within his own party, and then to one that tried to appeal to Republicans. It didn't work out for him, when you combine the economic downturn of the seventies, fuel shortages, and then the whole debacle with Iran. He was essentially rendered a lame duck by the start of his third year in office. By the end, Reagan's campaign was in communication with the Iranians to have them hold the hostages until after the election, to keep Carter from having any sort of positive win to his record. A damn shame really, considering how much humanitarian work he's undertaken after leaving office.

>> No.5382586

>>5382528
how do you know this? are you just assuming?

>> No.5382642

>>5381787
Holy shit that can't be real.

>> No.5382671

>>5382060
>how is this different from rich people offshoring all their money to panama
Easy. I'm not rich.

>> No.5382697

>>5382125
talk to your lawyer and it just might

>> No.5382759

I don't think I saw any answer to this, but how is the IRS going to track crypto to crypto trades on exchanges outside the US?

How are they going to track crypto to crypto trades on upcoming decentralized exchanges?

I'm not anti taxes, but very much think the easiest and most logical method of taxing this is just cash in vs cash out. Which I think would have to be the end result if you're doing trades on exchanges outside the US and all they have records of is BTC/ETH leaving coinbase/gemini and then BTC/ETH coming back to coinbase/gemini being sold for fiat.

>> No.5382772

>>5382060
>everyone should play by the rules.
tell that to hordes of illegal immigrants coming in.

>> No.5382832

>>5382759
>upcoming decentralized exchanges
interesting...

>> No.5382917

>>5381471
thats cause he is a faggot. go over to pol or the middle of nowhere to see the inbreds that voted for him.

>> No.5382924

why should I care if I trade on Binance

>> No.5383287

Goddamnit, this is why I'm glad I'm a no-coiner so far, too much shit I don't know.
So ok, I invest fiat into ETH, that gets taxed.
I invest that ETH into LINK, and that gets taxed too?
Fucking fuck, Trump made that shit unnecessarily confusing.
The capital gains sounded simpler.

>> No.5383423

Listen up faggots. 9.9/10 of you won't do this becuase you're living in your mom's basemetns.

But if you have serious dough lik $100k+ that you're trading. Move to Puerto Rico say san Juan. Do your trading there.

Act 22 of Puerto Rico means you pay no capital gains tax tot eh US federal governemnt.

Faggot.

>> No.5383447

>>5382586
when you file taxes, it's for everything from the previous year from Jan 1 to Dec 31.

Since the tax law was just signed it will not go into effect until Jan 1 2018 if it is written that way, which I assume it is like most bills.

>> No.5383466

>>5383423
Yes, let's move to a place with shit electricity thanks to a cat 5 hurricane to trade digital coins, that sounds like a beautiful idea.

>> No.5383489

>>5383287
they just tax your income at the end of the year, it's like they tax every single stock swap and sale, they wait till the end of the year to figure it all out.

>> No.5383508

>>5383489
it't not**

>> No.5383550

>>5380831

Surprise. That was already the law. Nothing changed except the wording.

>> No.5383573

>>5383489
Ok, now I'm just worried how big my tax bill would be at this point.
Guess I'll sell whatever I need to to cover that if that turns out to be too much.

>> No.5383601

>>5380933
nah

>> No.5383602

>>5383423
Doesn't work that way. You must operate a business with at least 3 employees.

>http://premieroffshore.com/move-puerto-rico-pay-zero-capital-gains-tax/

>> No.5383625

>>5381025
they can't jail us all. let's not set the standard that people actually pay crypto taxes, fellas

>> No.5383631

>>5381108
hey tax man whats the deal with mining income, if you dont sell right away how can they expect you to owe income tax and capital gains when you cash out

>> No.5383668

Transfer all your crypto to new wallet addresses, claim you where hacked and it's all gone.

>> No.5383684

>>5381230
>jail

faggot pieces of shit like you are the reason we get freedoms taken away every day

>> No.5383701

>>5381362
$43,000

>> No.5383750

>>5381876
hey guys a tax lawyer is posting for us with free advice

>> No.5383818

>>5380831
Is this time to go all in on Monero? All the Americans and russians are going to storm the coin to hide everything to pay taxes right? So it will go up by 400% soon?

>> No.5383925

>>5381362
The IRS pays you.

>> No.5383957

Also it means no tax to Puerto Rico either. Faggot.

>> No.5384052

>>5383602

Not true at all, faggot. The article didn't say that all , faggot retard.

It says: "The capital gains benefits of Act 22 described require you to move to Puerto Rico. Act 20 allows you to operate a business with 3 employees from PR and pay only 4% corporate tax."

ACT 20 requires 3 Puerto Rican taco niggers.

ACT 22 just requires you to be in Puerto Rico for 183 days.

Retard autfaggot.

>> No.5384084

>>5383818
Yes, put everything in it asap

>> No.5384186

>>5381883

>mfw when I never had a W2 and never will
>my biggest assets are unrealized crypto gains on a privacy coin

The only thing they can do is literally throw me in jail.

>> No.5384245

>>5381775
More has already happened under Trump than ever happened under Carter. In many ways he's the exact opposite of Carter.

>stagflation under Carter, economic boom under Trump (so far)
>Congressional Majority could not get along with Carter despite Carter being a moral guy
>Congressional Majority gets along with Trump despite not personally liking Trump's character
>energy problems persists for the entirety of Carter's presidency and he doesn't fix it (crisis of confidence speech), some of Trump's bigger campaign points already getting done (Tax Reform, including a repeal of individual mandates in healthcare, etc.)

You can argue about whether or not you like Trump's policies, but comparing him to the President who's most influential decision was deregulating the beer industry is kind of weak in my opinion.

>> No.5384273

>>5381996
>gift tax
"The simplest way to subsidize others is by using the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you want. Spouses can combine their annual exclusions to give $28,000 to any person tax-free – a process called gift-splitting"
>gift wife 28k
28k tax free worth of meme money a year

>> No.5384283

>>5381506
:-) I cant own a crypto, I can control it with private keys.
Crypto doesn’t identify the user unless it was on an exchange.
This is why generating new addresses is so important.
Decentralised exchanges solve this issue.

>> No.5384300

>>5380831
how much is 40% of an undisclosed ammount of monero again?

>> No.5384317

>>5381730
I grow angrier at this kike every day fuck our shitty 2 party system

>> No.5384369

>>5384317
So create the third-position already. I'd join.

>> No.5384372

>>5381787
you forgot to add that they were synthesizing and spreading drugs to white communities

>> No.5384390

>>5381643
cutting the diversity lottery was good, cuck. Same with net jewrality.

>> No.5384483

>>5381643
>tries to appeal to everyone
come on dude
>place taxes on crypto
was crypto not taxed previously? A cursory internet search shows that it's defined as property in the U.S., subject to capital gains tax. Seems like the tax bill just reiterates this.
>build a wall, not go after diversity lottery
but why not both? Also the wall's happening, it just takes time
>repeal obamacare
Yeah it's annoying, at least they got rid of the individual mandate in the tax bill
>not net neutrality
you can't simultaneously want net neutrality but not want crypto to be taxed...either you're a libertarian or you're not

>> No.5384850

Fuck it feels good to live in the first world (Europe).

>> No.5384950

>>5384483
>either you're a libertarian or you're not
Don't be so tribal you baka, you don't have to auto-approve something because it leans towards your side

>> No.5385042

>>5384483
>subject to capital gains tax. Seems like the tax bill just reiterates this.
Crypto to crypto was never taxable. Only crypto to fiat, as it should be. Trump and republicans are making this shit way too complicated and because of this and net neutrality i'll be switching to anything but red next election.

>> No.5385064

>>5385042
> net jewrality
you do that, cuck.

>> No.5385096
File: 1.94 MB, 230x175, 1513307852998.gif [View same] [iqdb] [saucenao] [google]
5385096

"down with government and banks" fgts btfo

>i dont want to pay taxes
>fuck the government
>oh shit niggers outside my house
>911 please help me

>> No.5385103

>>5385064
>doesn't understand the internet was built on neutrality

>> No.5385118

>>5381643
>I wanted him not to repeal net neutrality.
C U C K

>> No.5385135

>>5385042
>Trump and the republicans
A democrat put it into the bill

>> No.5385178

>>5385135
Keep thinking the dems have anything to do with blindly passing bills because of party politics instead of actually thinking about the ramifications of said changes.

Trump is going to blindly sign anything colored red. You know it, I know it, everyone knows it.

>> No.5385238
File: 62 KB, 646x595, sweaty_frog.jpg [View same] [iqdb] [saucenao] [google]
5385238

>tfw I've never done taxes before because I'm a young NEET

>> No.5385240

Come and get me taxman, I reside on sunny islands far away from your prying hands

>> No.5385268

How is the meme called where the ugly, frightened dude with big red lips is pictured

>> No.5385290

>>5383466
>What is a diesel generator

>> No.5385305
File: 380 KB, 1268x1500, 1513989537390.jpg [View same] [iqdb] [saucenao] [google]
5385305

>>5380831
>All taxes will go to the bankers you want to destroy
Kek
Mfw BTC capital gains taxes funneled into JP morgan?

>> No.5385454

>>5381926
Prove where i got it? Nobody has ever asked me to prove where I got my money and I've done millions in affiliate income from shady sites that paid from banks in bermuda. If they do ask just tell them I bought some Bitcoin in 2009. Point them to some random txid and if they ask me to sign a public key or something say I don't know how or I deleted the key after cashing out. But I guarantee no one from the IRS is ever going to even do this they dont even know what an altcoins is or care. You guys are seriously delusional about the "taxman" no one gives a fuck where you got your income get off your high horse thinking you are Al Capone.

>> No.5385483
File: 108 KB, 404x623, 02AEEB1B-E423-40DB-B5C3-9287A72BA330.jpg [View same] [iqdb] [saucenao] [google]
5385483

>>5380908
Let them try

>> No.5385517

wait. how the fuck do I get taxed on each crypto trade post jan '18 if I'm not actually buying anything? I'm just trading crypto for crypto. Aren't you only taxed when you sell into fiat? Crypto isn't fucking money, so how do I owe USD when I trade ETH for some shit coin?

>> No.5385692
File: 32 KB, 640x427, 1511762046782.jpg [View same] [iqdb] [saucenao] [google]
5385692

>>5384390

>> No.5385921

>>5381465
>>5381506
>>5381598
>>5381633
I'm not really opposed to paying taxes on my gains (I think they're sort of necessary but grossly mis-allocated), I'd just like it to be streamlined. Honestly if crypto-crypto exchanges were treated as like-kind, this wouldn't even be an issue, just make your millions and then pay the capital gains when you cash out. Easy. I think a lot of people were already operating under that assumption.

Now I'm a bit confused, if I've traded crypto to crypto and purportedly owe money on those transactions, am I expected to pay via my own separate fiat holdings? How are you expected to pay the capital gains tax if you're not cashed out? I've also seen that your gains are taxed less if held for longer than a year, which I'm already familiar with. Can you just defer the payment on your gain until you cash out, accounting for all transactions at that time? I just need clarification. Pls respond.

I've found CoinTracking.info to be pretty helpful, but I want to make sure it's worth the headache.

>> No.5385925

This is fucked

>> No.5385991
File: 192 KB, 600x600, 25552161_1987013434872477_8979444138242191291_n.png [View same] [iqdb] [saucenao] [google]
5385991

>>5385268

>> No.5386026

>>5385921
someone not retarded please answer this

>> No.5386246
File: 863 KB, 494x703, =V.png [View same] [iqdb] [saucenao] [google]
5386246

>>5385064
>/pol/ buzzwords and calls people cuck when he has no substance to stand his argument
lel

>> No.5386404

>>5385096
>relying on police to save
>living in a area with niggers

Thers your problem

>> No.5386432
File: 166 KB, 471x512, 1307128453945.png [View same] [iqdb] [saucenao] [google]
5386432

>Have to pay taxes on EVERY SINGLE TRADE regardless of overall net gain
>America becomes the only nation in the entire world where your tax amount can actually exceed your gross income

Ahahaha holy fucking shit
And you have the gall to to ridicule countries that pay 40% taxes for unlimited healthcare
Take a look at your own potential 100%+ taxes on investments, you fucking cucks

>> No.5386508

>>5385921

brainlet here.
would like to understand this too.
I don't understand.
If I have not cashed out.
I buy $11000 BTC on coinbase after fees.
BTC drops by $100 by the time it moves it fat ass.
And I buy $1000 of ADA at .02 cents.
gain based on what?
Both values fluxuate wildly until the EOY.
I hodl all year, and don't cash out.
I have to pay some sort of tax on the transfer? based on what? when?
say ADA goes up to $1.00 at the end of the year but I still don't cash out.
Do I take ADAs price EOY and tax myself? what?

>> No.5386509

>>5382079
Peter Schiff ?

>> No.5386514

>>5382287
Hey fucknugget, you don't sign into your accounts. You just download your trade history from each exchange and upload that so your actual account info never goes to the tax website. All it sees are buys and sells

>> No.5386664

>>5385921
Yes you either have to get a second source of funds to pay the tax on FMV capital gains on trades or liquidate a portion of your portfolio, pay any capital gains tax for liquidating that portion, and use the left over money to pay tax for your other trades.

>> No.5386708

>>5380831
maybe you can be a civilised nation with a health care plan now :D

>> No.5386725

>>5386508
If you buy $11,000 of BTC and buy something else after it drops to $1000 that's a capital loss.

You calculate taxes as if you sold for USD right before every trade and realized a capital gain or loss before buying the second coin. You don't realize any gains or losses on the second coin until you trade them again.

>> No.5386754
File: 406 KB, 799x1467, impeachCriminalsXx.jpg [View same] [iqdb] [saucenao] [google]
5386754

>> No.5386875

>>5386725
Wow, it's almost like this rule was made by a retarded boomer who has no idea how crypto works!

>> No.5386876

>>5381383
>I mean this shit would almost certainly cripple the ability for any crypto to be used as a currency.
That's the point.

>> No.5386892

>>5380831
tfw a quarter to third of my income pays for
superb infrastructure
superb public transport
unlimited healthcare
free schools and colleges
good financial support after you loose your job
meager financial support if you are long time jobless
a very minimalistic military (very very small)
incentives for businesses (just got a huge amount)
....
meanwhile, in the land of the free, the bannons and trumps,
the rich get richer, while the poor get imprisoned for profit.
The privileged get educated, while de poor get dumb.
They tax small dreamers like hell, so they won't make profit.

The most disgusting place on the planet.
The dumbest fat people you've seen.
Guns, killings, prisons left and right. Ideological blindness, crippling patriotism, so that the most unprivileged is feeling thankful to live there.
"Greatest country on earth" ... oh maaah GOOOD!!!

>> No.5386940

>>5386875
That's technically how capital gains taxes work for bartering as well.

>> No.5386947

>>5386246
> net jewrality
cuck

>> No.5386953

>>5386664
Thank you for the reply.

Liquidating part of the portfolio and covering down on transaction gains seems like the most straightforward solution, even if that alone is a hassle. I have a couple more questions if you'd be so inclined to respond -

The FMV capital gains tax applies to the gains at the time of the trade, correct? I know this is a stupid question but I'm trying to organize everything mentally. Also, how do the taxes on transaction gains play into long-term vs short-term holdings? It's 0% for capital gains on an investment held longer than a year, correct?

>> No.5386960

>>5386940
It's not really the same though.
Crypto isn't really traded thinking of fiat most of the time, and even when it is it makes no sense to think of a trade as a measure of its fiat value at the time.

>> No.5386988

>>5381471
>Bush
what the fuck

>> No.5387073

so to avoid tax amazon needs to accept crypto as a payment option so we can buy stuff?

>> No.5387103

>>5386960
> It's not really the same though.
It IS the same. You need to realize that and realize that capital gains taxes are bad, period. The reason why we are in this situation is because cucks have been demanding increases in capital gains taxes, along with increases in all taxes. Bernard Sanderstein promised massive increases in capital gains taxes to wild cheers from young normies. You thought that crypto was magically not going to be taxed while all other capital gains are?

>> No.5387117

>>5386892
Reality:
Almost two third of your income pays for
subpar infrastructure
public transport
unlimited shitty healthcare, no research being done so you just leech off private money from other countries
free schools but colleges that aren't even top 100 in the world
financial support after you loose your job which you will need because they're going to implement pink/brown quotas and hire women and refugee instead of you
meager financial support if you are long time jobless
a very minimalistic military (very very small)
incentives for businesses

As a European, I don't like America for a variety of reasons, but your commie propaganda is pretty bad too. Luckily I just moved to what is basically a tax haven so whatever, but it's nigh impossible to get reach in Urop.

>> No.5387163

>>5387117
>get rich*
See I can't even spell it. Thanks Europe.

>> No.5387242

Coin to coin trades have always been taxed. Check it: https://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/

>> No.5387307
File: 1.49 MB, 1920x1080, 1437342907341.png [View same] [iqdb] [saucenao] [google]
5387307

>>5387103
I'm not even American, I'm just baffled at how cucked America is when ANYTHING financial is concerned.

I don't even mean crypto.
Rampant credit card use as if it was the norm, the very CONCEPT of a credit rating, the way loans work, insurance premiums, the list goes on forever for literally any single instance of money-related services.
And if you critique any of these, you'll get a swarm of barely-middle-class people who swear it's actually GOOD for you if you know how to 'cheat the system', smugly claiming that they're smarter than 'the others'...while losing thousands of dollars every month in all directions.


People like to joke about the jews a lot, but to everyone not American the American economy looks like a cartoonish dystopia devised by an evil fat man with a moustache.
Every single facet of it is designed to keep anyone under the "Absurdly Rich" line poor, and everyone is happy for it, convinced that it's for their own good.

>> No.5387312

tfw ok for president to avoid taxes but everyone else gets cucked

>> No.5387338

>>5385268
P. E. P. E.

>> No.5387357

>>5387307
Stay in Europe, you cuck faggot.

>> No.5387366

>>5387117

where did you move?

>> No.5387385

>>5387357
I can't, I live in Japan.

>> No.5387425

>>5387312
It's okay for ANYBODY to avoid taxes, you cuck faggot. You cuck faggots whine about how "le rich avoid taxes and that's bad", and so now he tries to close the loopholes to appease the crybabyies and now we're all fucked.

>>5387385
stay there, cuck faggot.

>> No.5387438

>>5387307
As an American who has begun to build his capital and gotten serious about investing, my eyes are opening to just how stacked conditions are to the middle class (and lower) for acquiring wealth. I honestly am fearful for my generation and the ones that follow, increasingly it feels we are confined to what amounts to indentured servitude until we retire and crumble away. My only beacon of light is that someone ignited the fire within me to start educating myself financially and I've begun to do serious research and aggressively pursue capital and assets, I hope we all make it brother

>> No.5387473

>>5387438
Godspeed.
At least you didn't fall for the propaganda and become a pig swearing that the slaughterhouse exists for his own good.
Kinda like this fella >>5387425

>> No.5387504

This is just fucking shills for some bullshit btc tax software

>> No.5387510

>>5380831
It's weird seeing Americans complain more about taxes than Europeans.
I mean you don't even look like you pay less, but without free healthcare or education.

>> No.5387572

>>5387510
>without free healthcare or education.

"Free" Boomercare and marxist propaganda.

No thnks.

>> No.5387615
File: 27 KB, 367x451, 3333.jpg [View same] [iqdb] [saucenao] [google]
5387615

>>5387073
>He thinks Amazon pays taxes

>> No.5387640

>>5386953
Yes at the time of trade. So if you went from BTC to ETH. You'd calculate # of Coins * ETH/BTC * BTC/USD at time of trade. If you use tax software like bitcoin.tax it'll automatically pull all the prices from exchange databases and calculate everything for you. It'll also calculate which "lots" you sold that are short term or long term according to FIFO. Long term taxes are 0% if your taxable income is under 30 something thousand dollars I believe. (forgot the exact amount) The "taxable amount" includes your capital gains.

>> No.5387646

>>5387510
The problem with American taxes is that they pay less only on the surface.
US average taxation on gross income is 32%, while in europe it's closer to 43%.
But while in the EU you pay that and it's over, in America you still have to pay off your CCs, medical insurance, car insurance, whatever you're using to boost your credit rating that year (unneeded short term loans, low volume mortgages, etc), the list goes on.

If you're european, also consider that just seeing "insurance" is probably giving you the wrong idea as far as gauging expense is concerned. American insurance companies have much larger premiums, with much smaller benefits.

But it's just another part of their propaganda to convince the poor that it's "For their own good".
People just see they pay 10% less taxes and go out screeching "Ahah! Good thing I'm not in Europe, can you imagine paying THAT much!?"

>> No.5387683

This doesn't make ANY FUCKING SENSE. If I go to a currency exchange and trade $100 for some € or £, do I have to give 30% to the government because I did something involving money? Fucking retarded. You'll literally lose money from this, the margins are too low as it is

>> No.5387687

>>5387646
In addition, Americans often say "Hah, but public healthcare sucks and you'll have to pay for a REAL doctor out of your own pocket!"

Yeah. And since they have to compete with literally free healthcare, even a primary will cost you a few hundred euros at most, with surgery being a few thousand.
Which is what Americans pay for a backalley doctor operating with a hacksaw.

>> No.5387740

>>5387646
>>5387646
>But it's just another part of their propaganda to convince the poor that it's "For their own good".
The poor are all pinko cucks like you and eurocucks.

We're never brining in national healthcare, stop trying to shill it to Americans, you cuck faggot.

>> No.5387797

>>5387740
Healthcare was barely part of the whole thing, why did you zero in on that?
Or you want to claim that American insurance companies are fair, and that there's a valid reason for them being worse than anywhere else in the entire world?

I don't think anywhere but in America people have insurance they don't use, because actually making use of it would cost them more in premiums than just not having insurance would have costed.

>> No.5387815

>>5387797
We are NEVER bringing in socialized healthcare. You will never win, cuck.

>> No.5387821
File: 262 KB, 1284x980, 1469465259447.jpg [View same] [iqdb] [saucenao] [google]
5387821

>>5386432
it's funny to watch 4chan gargle on trump's gold plated cock while he's objectively fucking them over from multiple directions

>> No.5387830
File: 364 KB, 1922x1050, monaco.jpg [View same] [iqdb] [saucenao] [google]
5387830

>blocks your taxes
:^)

>> No.5387855

>>5387740
>>5387815
The only reason the US doesn't have universal healthcare is because the Insurance-HMO-Drug cartel has bought and payed for the entire senate. The general public is for government making sure everyone has healthcare, DESPITE constant SOCIALIST BOOGEYMAN memes the rich are disseminating.

>> No.5387874

>>5387855
Republicans voters do not want it. It's never happening. You lose, cuck.

>> No.5387904

>>5387510

Yes your education system is really great in europe dipshit. Get propaganda that you arent allowed to question stuffed into your head everyday. "Everyone is exactly the same" and healthcare that really just subsidizes mohammed to have 50 kids and 100 grandkids while you sit in your apartment and masturbate to a computer screen. The rest of your taxes goes to cleaning up bloody crime scenes and smashed out windows and teaching english to somolians living in the netherlands. Enjoy your taxes and your own genocide bitch.

>> No.5388004

>Living in Japan
>Last month
>Accidentally drive a knife through my hand while cooking
>FUCKFUCKFUCK
>Run to a local clinic
>Get hurriedly visited, knife removed, emergency treatment delivered
>Go back for second visit next day
>Wound sterilized, mild readjustment surgery carried out
>Two more follow up visits during the next month

>Total cost: around the price of a fancy restaurant meal

>Meanwhile, my hypotetical American self

>lightly cut my finger while cooking
>It doesn't hurt that much, but I don't want to risk it
>Have it looked at
>Doctor looks at it for a minute then disinfects it and gives me a bandaid

>Total Cost: the price of a small house

>I don't have the money for it
>but if I use my insurance I won't be able to pay the next premium
>end up selling my house to pay for my papercut wound

>> No.5388024

>>5388004
>>Living in Japan
lost right there.

>> No.5388039

>>5387646
>But while in the EU you pay that and it's over
Sorry but no. In Europe you have your taxes (around 40%) and then you have compulsory social security, which can amount to an additional 20-40% depending on where you are. I don't even know how people fail to realize/mention this. You're going to see only 20-30% of your income at best. Welcome to socialism.

>> No.5388091

>>5388004
If you think you need to see a doctor for cutting your finger you're part of the problem you fucking idiot

>> No.5388182

>>5380831
THIS IS THE TIME WHERE US EUROFAGS WILL TAKE THE LEAD!

HELL YEAH!

>> No.5388207
File: 130 KB, 1134x1357, 1463899656352.png [View same] [iqdb] [saucenao] [google]
5388207

>>5387646
>American insurance companies have much larger premiums, with much smaller benefits.

And American insurance companies have some of the lowest profit margins of any industry. They usually make a sliver of money above their enormous outlays which can go into the red very easily in cases of oddball occurrences like category-5 hurricanes or something like 9/11.

The US government has progressively ruined healthcare in the US and even then we still have dramatically better cancer survival rates than the almost all European countries because we don't have rationing.

>> No.5388213

>>5381265
Only 500 trades??? Why bother with that low amount. Do you even day trade bro?

>> No.5388359

>>5381390
>buy at ath
>sell at atl

>> No.5388380
File: 172 KB, 442x509, 1513973189653.png [View same] [iqdb] [saucenao] [google]
5388380

>>5380831
I won most ofbmy crypto in a dice site would thst be taxable

>> No.5388437

>>5387904
i fucking loved this.

>> No.5388560

>>5380933
Not happening. We adopted bitcoin to break away from governments and the banksters. They can fuck off.