Crypto taxes are utterly retarded, here's why:
I lost my keys
Example:
Made millions trading shitcoins across many exchanges, incurred a ton of taxes because of crypto to crypto trading. Here's the catch: never withdrew a single cent. Now the government asks to pay up a ton of money that was never even cashed out, how does that work?
thats how it works, get some kneepads and do the needful
They have more guns
Pay up your pinp goy
guess you're stuck owing money arent u faggot lol
should have thought about that before "losing your keys"
Has this ever happened to you? How would they know if I'm using uniswap for example
The fundamentals are flawed, why are you cucks ok with this?
It doesn't matter, the point is that if someone was to make millions trading crypto to crypto but lost their key, based on the law they would owe a ton of tax although they might have no money in the bank
That’s gay. I thought they only tax you when you withdraw but wtf do I know.
Them taxing you from exchange trades is a LARP. Don't fall for it. All in XMR, transfer, swap and local bitcoins in Japan or something later when you need $15k
Or, just buy $FUND and wait until you're a millionaire, then repeat above.
I just set my /makeit/ goals at twice the amount
Yeah it was my understanding you're good unless you realize gains on coinbase or it hits your bank account.
Seems like if you could wait a year you'd just avoid the tax altogether. Or get an offshore account. Not sure how that works though.
You have to realize the gain. IE convert to cash. Crypo is recognized as property by the IRS so if it's a like kind exchange you shouldn't have to pay tax.
Right, but the fact that they even thought such a law made sense is appalling
This is honestly the only way, you can assume zero-cost basis when cashing out and keep it simple
If you've been involved with crypto since 2017, you should know that there are no like-kind exchanges, this means that each crypto to crypto transaction results in a taxable event. Either pay someone to do it for you, buy some software to help you, or don't do anything.
If so it's all good, I guess I'll have to check again. I saw people saying crypto to crypto taxes are a thing, which as mentioned would be completely retarded
It's called BUCC kid
I agree but you cant beat the tax man so pay up.
It would be literally impossible for anyone in the world to get an accurate history of the trades so far, a bunch of exchanges are gone like QuadrigaCX and many others, plus other exchanges only keep the last 30 days worth of data. This law is fundamentally flawed, and I say this as someone who has no issues with paying for taxes
>appalling
taxation is theft anyway fren. With crypto loans like nexo, salt etc u can pay zero taxes
I dream of a future where taxes don't exist, people and corporations voluntarily distribute a portion of their income to a smart contract 'DAO' where funds are voted on by the participants (need proof of identity here).
Nobody pays those cunts anymore.
what if i just get a loan off of crypto and pay it back immediately with whatever coin i'm getting the loan off of
Isn't salt a scam?
How do you use XMR to your benefit friends?
How does that work, I don't understand that loan/tax relation
In the US when you take out a loan it isnt taxable so its a way to cashout your crypto to fiat by using crypto loan services like nexo. You give them your crypto and they hold onto it as collateral while loaning you cash minus a small amount of interest. Just dont pay anything back since you wanted to cash out anyway. This loan isnt reported to credit agencies so theres no ding on your credit score either. Beats giving a third of it to israel.
So just cash out half your value instead of the total value? And then have to monitor it to make sure it doesn't get liquidated?
I agree with your method for cashing out a portion but if you are on make it tier total value what do you suggest?
Also what about liquidations on the loan? Taxable?
I used it to provide myself an unknown amount of benefit
I still don't understand how crypto to crypto is taxed. You buy Bitcoin, get 50 Ethereum with it, then pay tax? What the fuck? How would you even calculate a dollar amount for that transaction?
it's not. I am being audited for crypto transactions and they demand every exchange data. you try and lie they will turn it into a criminal investigation.
It’s an unenforceable law make by ignorant boomers who don’t understand it