Crypto tax rant

How the fuck does the irs expect everyone to keep track of every single uniswap shitcoin swap? Wouldn't it make more sense to just pay taxes when you actually cash out to fiat? Why the fuck is the irs hellbound in double fucking taxing us? literally a den of thieves

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This is how they try to kill crypto and why I don't trade on uniswap.

The only branch of the goverment that is actually efficient. Fuck America, 3rd world shit holes enjoy more freedom then we do.

etherscan

Every country on the planet has a simple rule and the reason for why the IRS is like it is. The rule is that every business must keep financial records. How else would you know if you made money? So as a person buying and selling stuff you are basically a business and should have records to tell your dad you are making it.

The irs is a scam user

The IRS is basically a skeleton crew at this point. they can't afford to track or audit shit. Ignore them and in a few years this scam gov won't even exist anymore.

FUCK JEWS

yes but crypto to crypto tax doesn't make sense when you are still expected to pay taxes on cashouts.

Fuck them in the ass with a giant green dildo

My secret is to always lose money on trades

>nooooo you can't expect me to keep track of transactions that are permanently tracked and stored on a heckin' public ledger!!!
just make a spreadsheet you whiny retards

thats true. what prompted this rant, user?

crypto to crypto tax is another attempt to destroy crypto and promote the ponzi fiat scheme

The IRS isn’t efficient at all. They still use software written in the 1960s.

It would take a lobby of crypto bros who have actually made it to explain that crypto shouldn't be taxed until it is converted back to cash. But it is unlikely this will be passed into law until the boomers die out.

>irs

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i just dont pay taxes

because "make it" doesn't mean shit if you're always double taxed.

I know you're joking, but you shouldn't say that in public. You're in public right now.

So what’s the plan when we all have to cash out? Do it slowly? Move offshore? Simply wait until you can buy houses and pay bills in BTC?

just move to puerto rico. The irs has no jurisdiction over puerto rican residents

I would do it slowly. On peer to peer exchanges.

Ok, but how do they know the wallet you sent your coins to belongs to you, and it wasn't just a "gift" to your friend? Or that you purchased some crypto on behalf of a family member?

I have found koinly to be helpful but taxes suck in general. I get taxed out the ass for everything as it is.

Same

Just say you switched once. What are they going to do? Audit you?

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kek

You are not double taxed. You are taxed based on the profit you made.

Example: your way
Buy $100 worth of eth
Sell for link $120
Link goes to $150
Cash in
>you had a capital gain of $50 or 150 minus 100

Example: IRS way
Buy $100 worth of eth
Sell for link $120
>IRS $20 capital gain
Link goes to $150
Cash in
>IRS $30 capital gain
>same total $50 gain