What if I owe the IRS a fuckton (>$200,000), but that I have no income, no assets, and no way to pay them?

>1.House, Car, and other assets gone
>2.if your still working or receiving an income from somewhere that’s gone to.
>3. If you still haven’t paid Federal Prison

REPEAT AFTER ME LAND OF THE FREE

REEEEEE

>this person owes a lot of money, so we're going to send him to prison and effectively ruin any chance he has at making money to pay us back
Does the united states of america fucking really?

He probably day traded crypto
Threadly reminder that crypto to crypto transactions are taxable events

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If he didn’t manipulate his records, they’ll do this.

If he missed a few thousand dollars or more claiming his taxes, then it’s Federal Prison

only cucks pay taxes

If you made that much in gains you simply got too greedy, blew it all, or fucked up not taking out tax amounts.

Always funnel assets into a tax amount you ower, then trade on.

Buy LOKI on credit cards and wait for a 10x.

Short btc with 100x leverage ?

they garnish all your wages over a certain amount if they are direct deposited and take your bank account.
Unironically not uncommon - the only way for this to happen in crypto is if you spent it or had high profits in dec -> lost it all the next year without paying taxes as losses after dec 31st only carry over at $4K a year.

Americuck here. What percentage of profits should be set aside? Doesn't it fall under the corresponding tax bracket?

50%, best of luck to you.

Need to talk to an accountant - if you aren't holding for a year 30% is safe (depending on state). My understanding is if you make profit then lose it IN THE SAME YEAR you are fine.
Also need to keep track of your trades. I had a multiyear mess and went to an accountant, basically started where I was, recollected my biggest trades & paid taxes on all my gains even though I'm sure there were offsetting gains + losses in there I missed or forgot about.

Is there any reason not to keep trading up till dec 31st? What fucked most people up was they were trading in bitcoin, made huge gains on ICOs, went back to Coinbase, lost it all in the bear market then had a huge tax liability for 2017

Not usually - it *can* happen but that's a trial by peers. The IRS can take your bank account, car, garnish wages though with just one of their judges.

they cant audit you if you dont cash out in USD tho right?

Its still debt until you pay moron. What do they call when americans cut the tip of their penis off?

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The only way they can't audit you is if they don't know you own crypto, otherwise for example selling your BTC for eth IS taxable (and funnily enough when you cash out crypto to pay your tax bill, you'll get hit for tax on that too). Hope you've never used KYC, goy.
Speak to an accountant though in case I've misunderstood it

what if i make my gains in BTC through shitcoins on ALT exhcnages like hotbit and then hold in nano or trezor? OP prlly traded on coinbase or some normie shit or cashed in right?

They have blockchain analysis tools and all that shit. Also keep in mind even if they miss you this year if you mess up and tie your identity to one of the wallets later one they might try and hit you with criminal tax evasion charges

how long will I be in jail? do they really rape you there?

i have no wages either though.

cant i just make my 4 mil in 3 years then set aside 1.8 mil and pay them off all at once

>1.8M tax for 4M gains
holy shit thats literal theft

should I just kill myself?

welcome to the USA. although i think germany and the EU given their socialist principles would tax rape about the same