I OWE $20,000 DOLARS IN TAXES

Do you feel lucky?

Attached: 2017 IRS Audit Rates.jpg (396x432, 41.3K)

cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes

also don't forget about crypto. (scroll down about halfway)

swapping one crypto for another is taxable

>1 post by id
Kek get fukt brainlet

Google infowars and taxes.
Thank me later.

0x6b5e4fc471f714e00a102a2fdd7e45f8f411ea54

Attached: gay frog.jpg (730x486, 164.19K)

THIS IS ON TOP OF MY REGULAR WITHOHOLDING

GOD FUCKING DAMNIT WHAT THE FUCK

FUCK THE US GOVERNEMT FUCK FUCK FUCK FUCK FUCK FUCK

I DONT HAVE $20,000 DOLLARS IM FUCKED

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You probably did your taxes wrong

How much did you make in crypto this year bub

i pay taxes on things i haven't cashed out on? like i don't have the money to pay it because it's in the market? how does that shit work

checked. thanks senpai that helps a lot

no, you don't pay taxes unless you realize gains. There's a tax bracket in the aforemntioned link (table 1). If you short vs long (hold more than a year), the rates are different, where long tax rates are lower.

Correct. But its still best to have that data lying around if you can.

this. lol i settled $3k for $400.

Is it possible to learn this power?

Thank you can you expand a bit more? I’ve help EVERYTBING for over a year and have only purchase some new link directly fiat to link from coinbase. When I cash out I was all my trades from the platforms but if I held for over a year would I just pay capital gains for long term hold? Like I’d pay 15% on cashing out 10k worth of fiat?

Ya I Have all my trades that’s what you mean correct? But if I DIDNT have my trades I could still cash out and pay capital gains? Not sure how I’d prove I held over a year?

Thanks for your help bros

Imagine being an adult and actually paying your taxes

word just watch that sam hyde video bro tell them a 20 minute story its all good

>Not sure how I’d prove I held over a year?
D-do you realize what a blockchain is?

they'd ask how i got all the money tho?

>t. retard who just holding and laughing at memes and hoping for the best life with frens

As an adult I'm proud to say I've never paid a cent of income tax in my life.

>myfuckingfacewhen
youtube.com/watch?v=gsr7Jl1Ith4

So the link that you would purchase this year, in 2020, would be reported on your next tax returns next year. The tax returns you're filing out this year is for all purchases you made in 2019.
If you held those coins for 1 year after purchasing them, and you cash them out at 10k, which is less than 40k, you shouldn't have to pay anything. Don't quote me on that, but that's my understanding, and I'm pretty sure that's how it works.

Is this legit advice?

A blockchain is like a giant text file recording
>1 coin sent from Exchange to user's Wallet at block A (time B)
>1 coin sent from user's Wallet to Exchange at block X (time Y)

Everyone can download that "text file", including the IRS or your tax attorney during an audit.

You pay tax on every trade you have made profit on (capital gains tax) , doesn't matter if you transferred it into your bank or not.