Uh oh...

[Anonymous No.56649666]

So I filed my tax returns and i made quite a few on crypto last year (150k+)

i just got a message from revenue asking me for more documents...i mean they should already have this right?

am i about to be audited?

[Anonymous No.56649679]

>>56649666
checked

[Anonymous No.56649690]

>>56649666
Had a similar situation, sold when eth hit 4k. I prepaid taxes on it like a good boy. Sent them a bunch of printed out data with my cost basis analysis (Long term gains), said that Coinbase didn't do their job and mail me the documents.

Got no response and then they refunded my prepayment so lol.

[Anonymous No.56649692]

>tfw live in tax haven
>no capital gains tax
I made -$8120 and am not required to pay anyone.

[Anonymous No.56649693]

>>56649679
its over

[Anonymous No.56649728]

>>56649690
ive just been uniswap trading

what the fuck do i do

[Anonymous No.56649768]

>>56649728
>>56649693
>>56649666
Lube up. Taxman coming for the bussy and he's hung like a virile mandigo.

[Anonymous No.56649787]

I got a cool 4000 EUR tax credit because of my phenomenal trading

[Anonymous No.56649807]

>>56649728
First thing you need to do is relax. You are probably losing your shit. You're probably not going to get audited, the IRS is incompetent. View the following as an exercise in personal wealth management.

Do FIFO.

Export the data, put it in Excel. Line up all your transactions by date time order in Column A. In Column B, for each line, figure out the total value of your assets after that line happens in USD. The number will go up when you won and down when you lost. At the end you will have your total gain, which should be your guess of 150k. In Column C put a description of what your trade was, i.e. ETH>SHIB.

Write a letter saying "Uniswap is obligated to produce tax documents relating to shit on their platform and hasn't done so so here's my best shot". Put it in a big orange envelope with your data, mail it to the IRS (The mailer they sent you will have mailing instructions, it will also say they want a response in some ridiculous short period but they are understaffed and can't even process the mail that quick).

[Anonymous No.56649822]

>>56649728
i think you are doing it all wrong (like a retard).
>trade shitcoins on uniswap
>convert what you need to usdc
>transfer usdc to coinbase
>pay taxes on usdc as ordinary income

[Anonymous No.56649828]

>>56649807
This is all assuming that you actually paid taxes on the 150k. If you didn't then you should probably state that you're waiting for instructions before filing an amended tax return (the letter they sent you probably instructed you to do exactly this i.e. don't file an amendment).

[Anonymous No.56649840]

>>56649828
>This is all assuming that you actually paid taxes on the 150k. If you didn't then you should probably state that you're waiting for instructions before filing an amended tax return (the letter they sent you probably instructed you to do exactly this i.e. don't file an amendment).
I did pay the taxes, thats why i submitted a return!!

But theyre asking for documents for last year, first tine its happened so what the fuck

[Anonymous No.56649851]

>>56649666
>>56649840
What specific documents are they asking for?

[Anonymous No.56649901]

>>56649851
They don't tell you. They just say all documents.

[Anonymous No.56649937]

>>56649901
All of what? Op said he file his taxes. Like if I got this I wouldn't know what to send really that I haven't already. The only thing maybe would be the raw trades before the accounting, but that's like a data dump not a "document."

[Anonymous No.56649976]

handwrite all the transactions in very sloppy handwriting
insist that this is your trading ledger
mail the physical copy with snailmail

the taxman is there to fuck you. if you act like you enjoy getting fucked he is gonna come back for another session later

[Anonymous No.56649998]

>>56649840
The fundamental problem you have is that Shaniqua @ IRS.gov who is reviewing your return cannot parse "Uniswap" nor your homemade spreadsheets.
She is expecting a pre-filled "Brokerage Statement" from the likes of Fidelity, Etrade, etc.....so when she sees Uniswap and no corporate brokerage statement, she thinks things are missing and hence the request for "more docs"

This is why I posted this:
>>56649822
for any defi you should just be reporting what you are cashing out and pay it as ordinary income. its the only way to navigate shaniqua.

[Anonymous No.56650019]

>>56649937
So for example, if Uniswap wasn't a piece of shit, they would give you a 1099-MISC, however, they are.

[Anonymous No.56650045]

>>56649998
>She is expecting a pre-filled "Brokerage Statement" from the likes of Fidelity, Etrade, etc.....so when she sees Uniswap and no corporate brokerage statement, she thinks things are missing and hence the request for "more docs"
Ok so if I just submit the cashouts from kraken that should be it right?

what the fuck do these niggers want i already gave them the money

[Anonymous No.56650058]

>>56650019
Huh? How would uniswap even know who you are or what your accounts even are? And you can pull your trades from uniswap using software to get that if you want, its not a uniswap thing.

>>56649822
>>56649998
>for any defi you should just be reporting what you are cashing out and pay it as ordinary income.
Only yield / interest should be reported like that. If you report swaps like that, how are you calculating cost basis or anything?

>>56649976
What I do is wrote some software to pull all my defi accounts and parse the trades down to the transaction fees. My taxes usually have about 10k transactions, most like 1 cent tx fees, printed in 8 font on like 50+ pages of paper. GL, IRS.

[Anonymous No.56650062]

>>56650045
You're probably engaging with an automated report written in COBOL generated from a spoolfile off an AS400.

[Anonymous No.56650068]

>>56650019
>Uniswap wasn't a piece of shit, they would give you a 1099-MISC
WTF is going on on this board! Is this next level Mandela Effect psyop shit?!?!

Uniswap is a fucking protocol....its an anonymous open sourced project with a website built around it that anonymous people use. They cannot, under any possible interpretation of this universe, issue a 1099.

[Anonymous No.56650082]

>>56650058
>Huh? How would uniswap even know who you are or what your accounts even are?

I realize it's literally impossible, but cryptocurrency brokers are required to do this.

[Anonymous No.56650105]

>>56650058
>Only yield / interest should be reported like that. If you report swaps like that, how are you calculating cost basis or anything?
Not calculating cost basis. Its just taxed 100% as OI
BBBBBBBUT. You only cashout what you need right? So if bought for 10k sold at 12k, and cash out the 2k profit you are only taking the hit on 2k anyway.....
>bb...bbut this isn't how its supposed to work.
yes, i know. but like I said there is no reasonable way to walk shaniqua thru uniswap trades....if you try to go that route, you will just be audited and that will cost you 10x what just reporting cashouts as ordinary income

[Anonymous No.56650113]

>>56650082
Its not a "broker" - its a smart contract running on the protocol......

[Anonymous No.56650137]

>>56650113
...I know. Nevertheless, that's where we are. You can't negotiate with the state, you can only suffer.

[Anonymous No.56650160]

>>56649728
Lmfao youre absolutely screwed

Bend over, prepare your anus, and prepare to be penetrated with a train sized nigger dildo

[Anonymous No.56650176]

This shit is so complicated. I've never paid a capital gains tax in my life because I live abroad. I'm also a bong and live-abroad bongs don't have to pay tax.
gtfo of the US anons. That shit is crazy. You're supposed to keep all your gains!

[Anonymous No.56650728]

>>56649666
When I was in that situation I entered every trade manually on turbo tax. Took a long time. Kucoin did not have the correct information, they had trade dates and amount bought or sold but no cost basis, so I used coinmarketcap website and looked up the price each day and used the lowest one for every trade so taxman would be getting best possible amount while keeping me at long term capital gains. Paid them $250k, did not ever hear back from anyone so guess it was ok.

[Anonymous No.56650762]

>first time paying taxes an an autistic male will be from crypto gains

[Anonymous No.56650813]

I have made sure to always nullify all my profits with some dumb shit but Im just pushing around some 3-4 digit numbers anyways unlike some of yall

[Anonymous No.56651125]

>>56650728
>Paid them $250k
for how much profit approximately, if I may ask?

[Anonymous No.56651223]

>>56649666
Lmao imagine paying taxes over crypto, that's as stupid as it can be, it's literally like preferring telegram over beoble

[Anonymous No.56651267]

>>56651223
I do prefer telegram, and you're a retard

[Anonymous No.56651287]

>>56651223
ok tell me how to translate my crypto profits to buying a house without paying taxes

[Anonymous No.56651437]

>>56651125
in the US, that'd typically be the amount for around 750k profit

[Anonymous No.56651605]

>>56650160
KEK, I'd love to see that

[Anonymous No.56651610]

>>56651223
Why is it bad to pay taxes over crypto?

[Anonymous No.56651667]

>>56650058
I do the same thing as the anon for taxing crypto gains like income. Thats the trade off. You pay more taxes, but the government doesn't know my wallet or holdings. Granted I don't get as favorable a tax rate, but id rather pay more and not risk getting audited. Instead of doing the crypto dollar, I just do it in bitcoin and then the extra bitcoin I gain, I put as extra income and pay full tax. So when I put bitcoin away for long term savings (I dont plan on selling it) I use that as my cost basis.

[Anonymous No.56651680]

OP a leaf or an Amerifat?

[Anonymous No.56652072]

Been using uniseap since I got into crypto almost 2 years ago. I mostly used coinbase and kraken to fund my wallet. I didn’t know I was supposed to file for taxes this whole time. Oops

[Anonymous No.56652100]

>>56652072
Just don't and deal with the consequences if there are any at a later date.

[Anonymous No.56652113]

why didn't you at least TRY to structure

[Anonymous No.56652168]

>>56652100
>and deal with the consequences if there are any at a later date.
>just go to federal prison bro

[Anonymous No.56652176]

>>56652168
You really think it would escalate to that point, all over unpaid taxes?

[Anonymous No.56652276]

Ugh I just realized I have to pay taxes in a couple months on the $30k in btc I cashed out this year. Well, maybe not, since the tax rate is zero, but I think I'll need to file. Not sure. I hope turbotax can handle it (since I have rental house income too).

[Anonymous No.56652296]

>>56649666
>henlo IRS?
>I buyed 500k magic internet beans then traded for 100k anal cum fart token on jeet swap
>I then solved for 150k fake and gay fiat money
>yes I'll hold

[Anonymous No.56652334]

>>56649901
I'm just calling them and asking specifically what they want to see or I'm not sending anything probably. Ball is in their court unless they can actually say what they want or give you an amount they think you owe.

[Anonymous No.56652410]

>henlo IRS
>I buyed eth for $100 then solded it for $1000 then buyed pregnant obama sonic inu coin
>then I sold pregnant obama sonic in for $100,000
>how do I pay taxes?
>shaniqua are you still there?

[Anonymous No.56652473]

>>56649690
>>56652410
You do realize you're going to get flagged by an AI and no matter how good of documentation you took you're still going to get fucked over, right? They don't even want your money, they just want to humiliate you.

[Anonymous No.56652509]

>>56652410
Just give me half of your Obama coins

[Anonymous No.56652523]

>>56652410
>>56652509

[Anonymous No.56652538]

I am employed by my country's equivalent of the IRS, and I am supposed to be audited every year.
However, I never declared anything but that year I made significant gains, and I'll have to declare it, or I could unironically go to jail.
I felt like I fucked up big time on this one, I never mentionned crypto in my tax returns for years.
All my work experience is about a minor real estate tax, I can't do any other kind of job, jesus christ I'll end up mopping the floor.

[Anonymous No.56652546]

>>56649728
Hahahahahahahaha

Taxes are why my strategy is super simple: buy on Coinbase, keep it there, and only sell when it's time to cash out.

[Anonymous No.56652580]

>>56652538
Amend the prior years and hope for the best.

[Anonymous No.56652588]

>>56652546
Not all tokens are listed though

[Anonymous No.56652599]

>>56652588
I don't buy pajeet scams

[Anonymous No.56652617]

>>56651667
I don't get how that reduces audit risk. It increases it. You will get fucked in an audit. Like lets say you traded 1 BTC for 1.5 ETH. And you say .5 ETH was income. They are going to say ok but you owe capital gains on the 1 BTC. Then when you sell the 1 ETH that wasn't profit whats the cost basis? 1 BTC? But you ever declared a swap then. You are paying more tax for nothing, if you get audited you will have to redo your taxes anyway.

>the government doesn't know my wallet or holdings
the first thing they do in audits is ask for your addresses. If you're not using mixers or xmr they are going to know your wallets.

[Anonymous No.56652638]

>>56649666
>Why the fuck did you tell them for? For 150K? Fuck those assholes.

>Transfer crypto gains into BTC.

>Get a BTC visa card.

>Slowly live off gains tax free by visiting BTC interact machines all over general area(1.5 hour radius). Withdraw as much as you can in cash from each BTC ATM machine.

>Put said cash in personal vault thats hidden somewhere in your home.
Nobody knows.

[Anonymous No.56653018]

>>56652638
ok now buy a house with that money

[Anonymous No.56653041]

>>56653018
>not building your house by hand
ngmi

[Anonymous No.56653062]

Accountant here, its all so tiresome..
I sometimes make more money sportsbook gambling than i earn and do from crypto.
These vampires are sucking our blood literally and figuratively.
If you had any idea or knowledge of history you would know that shit is really bad right now compared to some other times, bearing in mind most history is fake as gay

[Anonymous No.56653098]

>>56649666
Checkin those trips
Satan hisself is gonna come down from the IRS to fuck you anon

[Anonymous No.56653145]

>>56649666

If you make simple trades like buying Bitcoin at X, holding for a couple months, then selling Bitcoin at Y, it should be very easy to track.

If you were doing shit like staking and trading 1 crypto for another, goodluck to you bro.

[Anonymous No.56653219]

>>56652334
>calling the IRS
unironically, enjoy being on hold for over an hour only to be hung up on by their 1800s era call router

[Anonymous No.56653243]

>>56653145
I think part of the problem is that the IRS has a policy (hidden from the public) to only audit taxes on people making a certain amount of money. So crypto winners have a big year and try to file on their own and wind up getting audited, while most rich people have a tax guy with audit insurance so they don't have to deal with the audits personally.

Anyway the smart thing to do if you have big profits from trading is to suck it up and hire a tax guy who guarantees your return against audits, so that if there's an audit HE has to deal with it.

Personally I'm just keeping my cash outs below the threshold for capital gains tax. I might still get audited since my income looks weird as fuck, but since it's small potatoes it would cost more to audit me than they'd ever get in "lost taxes" anyway.

[Anonymous No.56653255]

>>56652410

[Anonymous No.56653367]

>>56649666
it's seems like there's some kind of bullrush incoming, there are a bunch of interesting shit and software coding going up rn, chill about it, maybe get into some new nets like beoble or w/e so you raise your chances of finiding something useful.

[Anonymous No.56653386]

>>56653243

I didn't even mess with crypto this year because I was using TaxBit and they fucked up their calculations in 2022 and I had to manually go through and track my shit. I purposefully overpaid so the IRS wouldn't fuck with me.

For now on I'm only going to do simple long trades. No staking, no trading coins, nothing else. That way I can easily track it myself. TaxBit is a shit company and last time I checked they stopped serving retail customers last month.

[Anonymous No.56653390]

>>56652100
>dude just pay principal plus penalty and interest instead of just principal then get a lien and a bank levy if you can't immediately pay lmao
How to rape your life

[Anonymous No.56653406]

>>56653367
>Oh hi ima casually shill my pajeet shit in your thread thank you ily

[Anonymous No.56653425]

>>56653219
I called them one time when they messed up my withholding amount and over billed me and shockingly I was on the line with someone within 10 minutes and had my problem solved within another 5. Granted this was in 2018 and everything has decayed noticeably since then

[Anonymous No.56653462]

>>56649666

Damn OP- what was your strategy to make such good gains in an overall shitty year and crab market for crypto???

[Anonymous No.56653617]

>>56653243
>xes on people making a certain amount of money.
how much money?

[Anonymous No.56653741]

>>56649666
The first mistake you made is actually reporting it, lol.

[Anonymous No.56653753]

>>56649666
It’s time to put everything on that one spin, can’t tax those winnings kek

[Anonymous No.56654788]

>>56653753
wat happens if u lose

[Anonymous No.56655191]

>>56652617
because there was no trade involved, no cost basis, etc... you "earned" that crypto not traded for it.
>yes those 1.62eth was for a website design job i did for someone i met on fiverr who lived in <insert country>

[Anonymous No.56655214]

I hate the IRS!!!

[Anonymous No.56655678]

>>56649728
Just enter your addresses in koinly faggot it'll calculate everything and if you pay 150 bucks it'll give you a nice tax report with everything written in it properly

[Anonymous No.56655713]

>>56655191
wait, you're claiming the full proceeds as income? lmao I hade >$1mil volume last year, following your advice I'd owe like $500k in taxes on less than $100k gain

[Anonymous No.56655752]

>>56650728
This.
I tried automating the whole thing but I got all kinds of errors and now I just make my own soup.
Honestly they are never going to dig the stuff unless they suspect you dodge for tens of millions OR if you run for a public office. I even tried these supposed "crypto tax fillings" solutions and they’re all bugged to shit and unable to take into account layer 2.

I also agree with people telling you to send the shitties jpg of a paper ledger pic (with crappy writing) printed in black and white you send through the postal service.
Malicious compliance is the alpha and omega of dealing with the administration, just make it not worth their time.

[Anonymous No.56655836]

>>56655678
Koinly is a scam. It never works, their APIs are broken half the time and you end up doing it all by hands.
I used it two years in a row and it gave me aberrant results like my balance being -250k, complete dogshit.
You’re better off recording in an excel sheet everytime you do a trade.

[Anonymous No.56656160]

>>56649666
Sucks to be in the USA... I assume you are there right?

can't you stake them and show it as "unrealized gains" or smth

[Anonymous No.56656237]

>>56656160
Yeah. I don't know if this guy is there but they are so afraid to even to use decentralized shit.

A friend of mine asked me to stake his funds on Spool instead of him.

I know this is not legal there or smth whatever but this is a decentralized one. The fucking IRS won't find that out

[Anonymous No.56656301]

Why not just show your ins and outs? I spent 10k buying shitcoins in 2020 and in 2023 I'm selling 100k worth of shitcoins. Here's the 90k I made, here are the capital gains on that.

>b-b-b-but ackshually that's not how it's supposed to work it's not that sim-
don't care, shaniqua will understand that a hell of a lot better than actually trying to show printouts of all your shitcoin swaps on uni.

[Anonymous No.56656310]

>>56656160
>>56656237
I'm in the us and only use defi and use all sorts of protocols. I had to write my own scripts to pull tx data and convert into trades/income b/c none of the commercial ones work properly.

[Anonymous No.56656418]

>>56652410
990$ + 99,000$ profit. you really think they care what tokens you buy? it's all about their usd value at the time of the transaction

[Anonymous No.56656434]

>>56649728
Koinly my brother in Christ

Yes it costs money
Yes it's worth it

[Anonymous No.56657023]

Why cant jews just leave me alone i already gave them the money FUCK

[Anonymous No.56657082]

>>56653145
why would basic staking and a few conversions be a big deal?

[Anonymous No.56657110]

>>56657082
>why would basic staking
Staking falls under different tax categories and complicates shit so much, just ask an accountant

[Anonymous No.56657132]

>>56657082

Because you have to keep track of the exact price of your crypto the day you get paid. Since you get paid everyday, it becomes a nightmare.

Say you're staking at 4%
Day 1 your crypto is worth $1,500
Day 2 your crypto is worth $1,512
Day 3 your crypto is worth $1,487
Day 4 your crypto is worth $1,508
Day 5 your crypto is worth $1,492
Etc.

Now calculate the 4% interest earned for the next 365 days on an asset whose value changes every 5 minutes.
It gets very annoying very quickly.

[Anonymous No.56657177]

>>56652176
>you really think the government won't go after you to get every penny they can and use you as an example for others?

Yes, they totally would and do.

[Anonymous No.56658027]

>>56657177
tongue my anus
>>56657023
Weiss+Assoc on yt. get informed and stop being a cuck.

[Anonymous No.56659155]

>>56658027
>Weiss+Assoc on yt. get informed and stop being a cuck.
TLDR?

[Anonymous No.56659169]

>>56652473
they don't have any AI lmao

[Anonymous No.56659175]

>>56649768
>virile mandigo.
sweet, I love small cocks