Why are crypto to crypto trades taxed

lol, i swear its a bunch of high schoolers in here

No one on Zig Forums seems to understand this

Good little sheep

If I trade my btc for shit coins will I be taxed for every trade i make that is a gain or only on the initial investment and the gains I got when I withdraw for cash?

How did the country have roads, fire rescue, police and libraries before there was an income tax? Apparently you seem to think we can't have those things without taxes, even though it's obvious we already did.
Stop believing jew lies retard

Nigger you think most of the money the US collects goes to roads, libraries, and schools??? Hahahaha

You need to pay taxes to support the US military industrial complex.
>Ignore the fact we spend more than the next 10 countries combined, half of which are allies.
>You also need to pay gibs to niggers and single women who absolutely despise you.
>You also need to pay for the massive healthcare and social security systems in the US. Don’t mind that so many public health issues come from retarded faggots living unhealthy lives eating shit food they’re advertised, no exercise, Stress. >Finally, you need to pay social security for boomers, even though they control the MOST inter generational wealth and lived through the best era of American economic prosperity, meanwhile young people have stagnant wages and 40k of student debt.

Tldr; pay up goyim

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I’ve asked this like 100 times and have never gotten a straight answer: if my crypto never leaves Metamask, do I need to worry about getting fucked by the IRS? Are those transactions even traceable from their end? I can’t imagine that they can track millions of shitcoin swaps and determine pricing on uniswap shit for everyone on Metamask...

Doesn’t Binance, Coinbase and all the other exchanges take a photo of you to confirm your ID and give your info to the IRS?

If you are taking about the US, you're supposed to pay on every trade. Crypto to crypto is a taxable event. Just like selling a stock for cash.

Every trade you make for a gain, yes. It’s ridiculous but it is what it is. But say you trade btc for some shit coin, and then you hold said shit coin and sell for a million. Paying tax won’t be so bad, cause you semi made it

If you buy 1 BTC at $10k 8/11/20 at 11AM. And you want to transfer it to DAI at 3PM. You need to consider that at 3PM, the price of BTC has risen to $12k. You did not do anything but exchange 1 BTC for 12000 DAI, but in value of USD. You made a gain of $2000.

Coinbase will provide that information to the IRS and as you may be happy to say you earned $2000. Luckily for this example the amount might be too small, but imagine more than $10000 being earned is a flag set to taxman to collect your gains.

>because you live in a area occupied by the gestapo so no paying your protection money is a theft on the whole community
>oh and I am also a big fucking retard that feed niggers through the welfare state, and I'm proud of it !
Taxation is Extortion, go suck a donkey dick turbo retard

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Yes, that's what KYC is for

I mean, if I worked for the IRS I'm going to know what your Binance.US or Coinbase wallet account is.

I'm going to see where you sent Ethereum

And then I can just pull down a history of your wallet addresses transactions. Just pay your taxes goy. I'm not supporting them, I hate paying this shitty government money to continue subjugating the American mind and spirit, but you'll never win against the tax man. Your best bet is to bank as much money as possible, and then get the fuck out whenever possible.

They are not, wtf are you talking about ?

they didn't have

Every trade you make that is a gain... though it depends on what country your in. Im in Australia and I believe it is the same for USA. Its a terrible situation.

what percentage of people you think actually do this though?

Im just a brainlet, but isnt it a double tax to tax gains between trades and then back to cash?

the board’s overrun with pseudo ancaps who would rather pay all of their income to the local warlord (or think they would be the warlord)

>there were no roads or schools or police in the US before 1913
>I am literally retarded

no, because you aren't making gains on the trade back to cash. if you sell your shitcoin for $1000 profit, then immediately convert that bitcoin to cash, you will not have made any additional gains on your bitcoin and thus not owe any additional tax

/thread

If you are going to swap crypto do it as soon as possible. Like, if you need ETH to swap for your shit coin, buy the ETH and swap asap. Its people who made a shit ton on BTC and then traded it for some alt coin that crashed. You are left with nothing and that huge tax bill for 'cashing out' your btc. The point is to not swap anything you have made large gains on if you don't plan to actually change it to fiat.

Those things make up like 5% of tax revenue. The vast majority of spending is given to niggers, wallstreet kikes, and wars for israel

>what percentage of people you think actually do this though?
I don't know but that's the law. It's completely reduculous that it's not just gains taxes when you cash out. I personally think it's designed to maximize fees and penalty interest for non compliance

This. You pay to line the pockets of those who profit off war, to keep the fat, idiot mass consoomers of ZOGchow alive, and to subsidize Mr. Shekelstein's workers so he doesn't have to pay them more.

In the land of the free and plenty of other non-tax-haven developed countries they are.

Taxation is theft.

AFAIK, no. This is why I do all my swinging and shitcoin flipping on dexes. There's no way within reason that you're going to get busted for not reporting these crypto-to-crypto gains. Fuck it, just report total cash gains comparing fiat in to fiat out when you finally cash it all out.

Nobody is going to fucking do that though. And even if they did, they can't prove that the wallet is yours.

I’m going to spend like 2 fucking days trying to calculate this shit. I might as well fucking leave crypto this is so fucking stupid

Honestly Metamask is not such a big deal but they will look if you had to fund your Metmask wallet using Coinbase or any CEX. Think $1000 worth of ETH went into unknown metmask wallet on 07/06/20. Then on 08/06/20 returned $100,000 worth of ETH to the Coinbase exchange for Account linked to your KYC. When you cash out to paypal-bank, the IRS is sent a notification from Coinbase saying "gain of $990,000 was realized by customer #82839104, please refer to KYC for SSN".

Now to make people a little happier, of you talk to a CPA they can assure less than $990000 will be taken away if you admit and report on tax forms.