ARE YOU GUYS ACTUALLY PAYING TAXES ON EVERY CRYPTO TRADE? NO WAY THERES NO WAY
ARE YOU GUYS ACTUALLY PAYING TAXES ON EVERY CRYPTO TRADE? NO WAY THERES NO WAY
Tyler Martinez
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Camden Allen
Aaron Gonzalez
I don't feel like having 12 guys with rifles kick my door in and arrest me for tax fraud.
Jaxson Cox
only owe taxes if the real usd value of the asset is higher at the moment of trade than what you paid for it. Only degenerate coinflippers get burned by this
Juan Allen
My taxes are pretty sloppy. I import a raw excel file from coinbase and simply input some ballpark number of what I think I made that year into Turbotax capital gains section. Hasn't failed me so far.
Jason Sanders
there's an automated way to do with crypto trader
every exchange has a way to export your transactons
you just feed it onto their website; they convert into a way that's acceptable for the IRS
it costs around 50$ but I filed my taxes with no compliants
took about half and hour just to do the crypto filings, and I made over 500 trades last year on like 4 exchanges
Hudson Perry
I read somewhere about the tolerance between expected income and reported for IRS. I think it was kind of generous so IRS doesn't waste their time investigating minor discrepancies but i don't remember what the cutoff % was.
Connor Mitchell
i mean the big thing is when you trade for fiat on an exchange like cuckbase or gemini. crypto to crypto on something like binance you can get away with.
Austin Rivera
or was it cointracker?
sorry i can't remember
I used turbotax and it actually just recommended which website to use; I'm sure if you're using H&R block or whatever it will do the same. If you're making like over 1million a year trading, just get an accountant
tldr: it's actually not that difficult to do. pretty intuitive and easy actually
James Barnes
You actually owe no taxes on exchange coins doing trades because the only way to possess a cryptocurrency is to hold it in a wallet to which you possess an exclusive copy of a private key. On an exchange your coins are represented by an entry in a traditional relational database, which is currently unregulated and hence is not considered cryptocurrency by the IRS. This is completely different from typical regulated holding of equities by brokerages, and any comparison is invalid.
Christopher Cox
I just don't report anything. I've been in Bitcoin for 6 years no larp. I'm not a millionaire... But I probably owe somewhere between $50-75k in Capital Gains tax. Fuck them. It's too complicated to figure out my 10,000 trades.
Jason Miller
Jokes on them I lose money every trade
Levi Diaz
Based.
Isaac Sullivan
based
incredibly based. any further reading or sources user?
Noah Perry
Also a friendly reminder that the total deprivation of the fruits of one's labor is slavery, and a fixed percentage cut of such fruits does not mean you are free. Additionally the reduction of value of your fiat currency through printing currency is a direct form of theft perpetrated against the American people by a collection of private bankers who collect a 6% dividend from the American Slave Plantation. To summarize, all taxation is slavery, and fiat currency is theft.
Elijah Williams
how do we fight it user? i've known this information for years but have never done anything about it. even crypto friends look at me like a schizo when i bring up the federal reserve.
James Clark
All of my crypto is bought and transferred to another wallet for donations equal to the purchase price :^)
Justin Brooks
mfw I just moved to Gibraltar, I live there 7 days per year just for legal reasons to claim it as my home, the rest of the time I travel the world. I pay 0% in capital gains tax.
US residents are taxed worldwide however, checkout Nomad Capitalist (google it)
Hunter Kelly
not murrican thank god
Andrew Richardson
Yes, i use bitcoin.tax to do the math, you should to user
Joshua Bell
Most based comment in this whole thread
Isaac Flores
if you make money off crypto while allowing yourself to remain trapped by the system then what's the point? if anything biz should be channeling all of the chaotic energy built up by corona + blm to convince normies to revolt against all income and capital gains taxes
Aiden Lopez
Mundo is that you???
Luke Torres
I did hear daddy mcafee interviewed on adam corolla the other day, he makes the case to basically wash trade everything into monero and not pay taxes. He mentions of course, in his lifetime he has paid 50 million in US taxes and all he ever got for it was endless audits. Id be pretty raw about it to...
Wyatt Lewis
Join BSOV, thats how.
t.me/BitcoinSoVCommunity
Grayson Ward
What exchange do you use to trade?
Camden Walker
Great post, user. I'd like to also provide a daily reminder:
At the height of the Roman empire, the annual taxes were equivalent to TWO DAYS wages for the average citizen. This provided you with safety and quality of life unsurpassed by any country in the world up to that point.
Bentley Hernandez
Just avoid Coinbase you fucking retards. Pretty much everything is still user if you do it right.
Liam Reed
>Additionally the reduction of value of your fiat currency through printing currency is a direct form of theft
On the chance that you arent Mundo. I implore you to take a look at the whitepaper section where it talked about inflation being a hidden tax:
bsov.io
Carter Turner
Most based user in this entire thread. Buy link and stake to defeat the jew. SALUTE BROTHER
Lincoln Rivera
Imagine thinking you are free in America.
Ethan Johnson
So why does coinbase send a 1099 to the IRS for anyone trading over 20k?
Jason Reyes
Fripulous fropulous hoity toity bullshit he read on the internets