How the fuck do crypto taxes work? I figured you had to pay taxes on what you cash out, but now I’m seeing that the IRS wants you to pay taxes on exchanges. Do they really audit that shit? Has anyone here gotten IRS attention from trading? Seems like a lot of fucking work to keep track of every trade and report it, considering all the different exchanges, airdrops, etc...
US Crypto Taxes
Camden Lewis
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Kevin Gonzalez
in 2021 i will pay something like 3-5 million in tax. it fucking suck. more money more problems.
Jordan Walker
Jfc might as well fucking exile. If your taxes are that much, how much did you make?
Josiah Butler
Use a crypto tax software and import your trade history
Thomas Martinez
Remember if you renounce your citizenship you still have to pay any taxes you owe before you renounce it
Kevin Sanchez
honestly if they come knocking before I make any significant amount im doing something violent. let me make it first, then I'll give half, but if you come for half of a less than 6 figure stack while printing trillions and giving it to billionaires i know I can do more than $100k worth of damage easily.
Jeremiah Brooks
honestly same here. i’ve had it with this pozzed shithole country fucking me over at every turn
Michael Reed
How much tax would they charge on a $100 purchase?
Jackson Barnes
Someone honestly answer me please. How the fuck can they audit me when I can't even figure it out myself. Like some transactions I lost from cryptopia and some addresses from uniswap I lost the flash drive.
The tax programs you buy for crypto usually are way high. And a unaccounted amounts they weigh like you buy price was 0. So fucking silly
Meanwhile. Lefties destroy country. And get pat on the head. Billionaire get a dump truck of money dropped off at their house.
Whole system is for serfs to stay serfs
Brandon Taylor
You already know what the solution is. It will begin after the election and before February 2021
Jaxon Perez
If you provide reasonable data and pay your taxes on that they wont audit you.
Jordan Powell
They say "we think you owe $x,xxx. Please remit with payment" and you have to prove you don't. They don't have to prove shit.
Robert Sanders
Yeah I think as long as you're lifestyle doesnt massively exceed what your tax payments have been , and you make some sort of honest effort to pay what you think you owe or maybe figure out how much you may have lost then irs has much bigger fish to fry, fish who are making 7-8 figures and acitviely evading taxes not just too confused to figure out like many crypto traders situation. Especially for people who live all in crypto and are constantly sending crypto all over the place its fucked to keep track of for tax purposes
Kayden Reyes
Hilarious. Fuck the irs. Like Kafkas Trial
Yes thats what I hope happens.
Owen Moore
Found this thread googling crypto tax stuff. Literally my nightmare:
reddit.com
Jose Wright
If you bought a product with bitcoin, that is basically the same as cashing out from a tax perspective.
Justin Sullivan
I always type out long responses to these threads but then never post because I am afraid it is an irs datamine
But think about it this way irs are government employees. Have you ever met any government employees? They are not fucking geniuses. Maybe there are a few but they are going after the guys who owe 10M MINIMUM and even that really is nothing especially when you account for how much harder it will be to create a crypto case over chasing regular cases
Kevin Murphy
Just let them tax it like you bought it from zero then since it’s unaccounted for. Unless you put a ton of money in from the beginning then the end result you pay in taxes will be basically identical. Also the irs said you can report it as a peer to peer off IRL transaction which means anything unaccounted for you could just say you bought from an anonymous guy online and then just write up a receipt with a pen for that transaction
Cooper Richardson
i would protest with my local anarchists if i get phonecalls and door knocks over my crypto trades
Easton Moore
This
Provide reasonable data and they won't give a fuck
Brandon Parker
People are stupid. You can deduct your losses from your profits so you only pay tax on net profit.
Justin Mitchell
It's the left.
They are expensive retards.
Ethan Williams
The IRS also goes after people with lower incomes, because they are easier targets (they have publicly admitted to this). Just keep that in mind.
Austin James
This tax shit goves me serious anxiety. I'm expecting make decent money off my RSR by year's end but I'm not sure if I even want to report it.
Caleb Johnson
this is why you should just HODL frens, don't trade unless you talk to a tax fren. get your ducks in a row etc.
Gabriel Moore
Not helos this time, though.
Military tribunals.
The traitors will be severely punished.
Afterward, the FED will be audited, corrupt systems of our government and a decent portion of the private industry will be exposed.
After that shit is figured out, regulations should be relaxed extremely. The admin would be utter fools to not deem all cryptos foreign currencies.
The concept of "money laundering", often invoked by faggots trying to siphon wealth from the working class, will become foreign to us and plenty of forms of taxation will be relaxed.
Anyone reading this, purchase PMs alongside your crypto and hold until POTUS implements the new GESARA/NESARA. Following this, you will likely be able to realize gains from both sectors and likely hardly be impeded in doing so.
Trust /ourguys/, anons. They wouldn't give us blockchain and then use it to shackle us again.
We're almost there.
Henry Bailey
You're not taxed on transferring assets between businesses. You transfer the assets to a business incorporated with no tax on investment income then renounce
Connor Cruz
>Provide reasonable data
such as?
Luke Gutierrez
$70
Kevin Harris
Stop letting the faggots trick you.
Only sell small portions if you're going to use a CEX like coinbase to extract.
This isn't a good time to have a large amount of fiat anyway.
Buying a house right now is stupid because the housing market keeps getting inflated.
You shouldn't just go and buy a new car because you have tons of money, anyway.
No other big purchases make sense.
So, instead of cashing out, use a fiat bridge with a bitpay card, a crypto.com card, etc if you need liquid for something. Technically, you aren't exchanging your crypto for fiat when you do this, you're just giving your crypto to someone else and they offer the fiat to the retailer or whatever you're purchasing from...
It will not be 70%, brainlet. It's more like 20%.
Xavier Ramirez
this is why crypto trading is a meme.
Nobody who actually does their taxes, wants to fill out all this shit. The amount of money you make from "trading" does not justify having to crunch all these cost bases.
and you're a moron. If you know your address, you can easily find each transaction on a block explorer. Then you just have to find the USD price of the tokens in question at the time of the trade. The fed's have scripts that can do this -- if you cant figure it out, you dont deserve to be in crypto,
Cooper Russell
this is false. There is a limit on the amount of capital losses you can deduct in any given year. You get to carryforward the losses against future years, but its only like 3000 a year.
Julian Collins
It saddens me to know that some of you out there are actually stupid enough to do this...
Cypherpunks popularized crypto for a reason.
Go back.
Elijah Evans
>I need to give a good amount of my money to the government so they can give it to brown people, the military to kill other brown people and put it into a doomed pension system with tens of trillions in unfunded liabilities
>"Maybe this should stop"
>NOOOOOOOOOO YOU HATE THE POOR
I'll never understand taxes, fucking piece of shit government needs to be destroyed
Carter Nelson
Tax services make most of their money on the pleb, not the richest