Crypto to crypto is taxable

Holy fuck, in my shithole euro country I can swap whatever the fuck I want, only crypto to fiat is taxable

I don’t

t. Not US property

yeah exactly and they have your ethereum address

Every time you lose a %? So if you do 10 trades you lose almost everything?

This. Stop spreading false information.

Crypto to crypto is taxed

only in 3rd world shitholes

Yes.
Ofc if you never cash into fiat the likelihood of them finding you is 0.
The issue is when you eventually hit a shitcoin that moons 1000x and you suddenly cash out a bunch of money to your bank. The IRS is going to want to know how you made it and it isn't as simple as saying "I put 1k USD on coinbase and pumped it to 100K so I only have to pay 30%"
They'll demand dates and amounts of every transaction. When they see that you traded from shitcoin A->Shitcoin B-> Shitcoin C-Z they'll enjoy telling you that every one of those was a taxable event and that even though you "made"100K USD you actually owe $150K in backed taxes. Tax laws in America were literally creted by the most twisted and vile jews you can imagine. They do other insane shit like taxing expats who live full time out of the country. Move to Asia and live there for 40 years never returning to US even once? Any dollar you make over 100K is susceptible to 30% federal income tax (In addition to your local host country's tax) because fuck you Mr. Kike Shekelstein demands his cut too.

if you make a profit on a crypto to crypto trade, it is considered a capital gain. every trade must be accounted for. it's because crypto doesn't work like normal investments like stocks, it's considered a security

How can you make a profit from crypto crypto if its the same $ amount?!?

last i checked most EU countries refer to EU regulation that equates cryptos to any other fiat currency and therefore are excempt from taxes

I don't understand your question, but if you're trying to use some technicality to argue that your capital gains aren't actually capital gains it's a waste of time, the IRS won't give up on charging you money just because you came up with some gotcha

>You buy $100 of ETH
>$100 -> 1 ETH (I know, but for easy rounding)
Taxable event
>You use 1 ETH to buy xx of shitcoin A
Taxable event
Now, lets say Shitcoin A moons a x2000 and you decide to roll 200,000 usd into Shitcoin B
You'll need to pay Taxes on the difference between your original purchase of Shitoin A and the value of it at the time of trade into Shitcoin B

Here's where the issue is, Shitoin B tanks and you lose 100% of your 200,000 USD. It doesn't matter because as far as the government is concerned you actualized a gain of 200K via the previous trade. You can of course write off A small PORTION of this to reduce your tax burden but you'll still be on the hook for the most of it.

This is a very simple example because it involves only two trades. I magine your making multiple daily swings and eventually hit it big. The IRS is going to audit the fuck out of you and hit you with backed taxes on every single swing you made.

>buy 1 eth for $350 on coinbase
>instantly move it to Idex
>buy $340 worth of RSR after fees
>immediately send to MEW
>now holding $330 worth of RSR

This is what I mean. Is this really how it works?

Will you definitely get an audit if you have over $10k in gains?

You don’t get taxed for buying crypto with fiat you stupid fuck.
And no the tax rate isn’t 30% for everyone in all cases as you seem to think. God damn newfag get off biz with your misinformation.

>Shitoin B tanks and you lose 100% of your 200,000 USD. It doesn't matter because as far as the government is concerned you actualized a gain of 200K via the previous trade.
This is retarded though. If you never sell Shitcoin B you don't make any profit. In this example, one loses everything. How can one be expected to pay tax on that?
I'm a bong by the way not burger

Only if you are storing your stuff on an exchange or cash out to a bank. If you have them in a wallet like MEW and your blockfolio tells you that you have made $10k, but you haven't actually done anything with those coins, then no. The government has no way of knowing that.

Yes.
Banks (across the entire globe for US citizens) have an agreement with the IRS to report any deposits over 10K USD value.
They will also report you if they think you are trying to disguise a 10K deposit by breaking it into multiple smaller deposits (This is called structuring and is 1000% going to get you audited)
Coinbase automatically reports any of your gains to the IRS.
The jew has his tentacles in everything.

these threads are always so fucking retarded

Dude you’re full of shit.
I had $50k gains in 2017 and didn’t get audited.
You’re overestimating how much they care about small fish and wringing every penny from us.
Typical fear mongering bs.

OK everyone has their thoughts on crypto to crypto
>oh no I lost all my trades
>will I get audited
>what if I just pay long term capital gains on the USD I cash out
>muh just buy Monero bro

HAS ANYONE IN THE US READING THIS THAT HAS ACTUALLY CASHED OUT OVER 100k USD AND PAID WHAT THEY THOUGHT IN TAXES EVER BEEN ACTUALLY AUDITED?

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I said the bank reports you, not that you get audited. You can find this out with a simple google search.
btw I'm going to send this thread to the IRS tip line with your post highlighted. I'll get a portion of the funds the IRS recovers from you. I hope your properly filed last year user.

If you make 100k in crypto and cash out, you should 100% contact a CPA to help you with taxes.

Just take a holiday to Montenegro,
withdraw and say you made it big at the casino. Better yet, if you like it there, stay.

Yes, so you would effectively report three trades with $20 in losses. Then when you sell you report another trade with the (hopefully positive) difference and pay tax on the gains - losses. If you report a net loss up to like 3k it rolls over to the next year (up to 3 years i believe)

You're breaking the law goy

You still have to pay income tax on casino winnings, dumbass. That's more than if you have long-term cap gains

I always report all my crypto transactions and pay all taxes that I owe for the peace of mind.
But why are you so adamant that I’m avoiding taxes?
You don’t even know how this stuff works and you think I owe taxes just for buying and holding Bitcoin. I don’t.
You should be more careful about running your mouth and being so quick to make false reports against people.
That’s how faggots like you end up dead.

>I always report all my crypto transactions and pay all taxes that I owe for the peace of mind.
I guess we'll see what your assigned IRS glownigger thinks :^)