Just checked the IRS website

>just checked the IRS website
>says I owe over $50,000 in taxes for BTC purchases from 2016-2019

w-what the fuck bros? I never even cashed out through coinbase, i only used it as an on ramp

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kek. i get taxed on my wage. and get taxed for every crypto buy 30% and get taxed on every crypto trade 30% and get taxed on every crypto sell 30%.

do the math.

no matter what i i do i am always -5%
and put into debt, all fruits of labour stolen from me. and have to pay more on top.

what do i get out of it?
NOTHING.

If you have losses you can get a tax deduction no? That is how I thought it worked in America.

IRS can't tax you on a currency that isn't theirs. just don't cash out.

I'm pretty sure they're larping retards

What the fuck,you can just go to the irs website and see if you owe money now? What happened to letters in the mail?

Thank God I'm not american.
They only steal 24% of my profit when I cash out.
>taxed for every crypto buy 30%
Lol?

In the United States there is long-term capital gaines tax that taxes you at 15% if you hold your investments for more than a year (theory is to help prevent stock market from being treated as a casino).

Less than a year, or short-term, capital gaines is taxed at the standard tax table based on how much total income you've earned for the year. So if you make 50k/yr you're already at 22%, but if you add capital gains..let's say 50k more...your total income for the year now is 100k, and now the profit you made from the investment is taxed at 30% due to the income you've earned from you slave job. The theory here is so you destroy the middle class and they can never climb upward. Personally the laws need to be rewritten where capital gains should not look at your w2 earned income to determine short term capital gaines.

Hope this is helpful :)

What if i sold half? But haven't deposited/withdrawn the amount

Bought link at $9 and sold at $15

Using chainlink

Trump killed the mail.

really we should just have a wealth tax, supposedly Warren Buffett pays less taxes than his secretary because he can jew the system with his accountants. Tax millionaires and billionaires like Bezos who hoard wealth, but make very little in salaries, why should I, a crypto NEET pay capital gains on some trades when I don't have a six figure net worth?

Wait, so if your capital gains STAY in coinbase, the IRS cant tax it?

i need to know if this is true

Taxes are a scam
Don't be a reddit cuck and put your hard earned money towards latifahs new Gucci bag and diapers for one of her 8 children and 35 grandchildren

You pay tax every time you sell and make a profit. Coinbase then keeps track of all the trades you made with the profit you made. I'm not sure if it's quarterly or yearly...they will then compile a 1099 they give you and give to the irs. It's on you to pay those taxes. You also need to pay estimated quarterly taxes, not a lump sum at the end of the year or you'll be penalized severely.

You guys seriously need to get a fucking accountant.

capital gains shouldn't even apply to anyone making less than 250k desu

Is it too late to ammend my 2017-2020 taxes? Only a couple grand but i dont want any hassle when i cash out

Only a inbred redneck makes that claim. Your taxes go to making sure people and corporations that make more money than you can get more money even if they should go bankrupt. But by all means, let's focus on the ghetto trash that gets a measly $500 at the beginning of the month.

So, you did cash out somewhere else, and at some point in time, right?

2019*

I can't answer that. I would seriously talk to an accountant or tax attorney to cover your ass. Worst case without help you're gonna pay up the ass in interest, best case you pay a small penalty fee....but this all depends on how much you made each year and what you didn't report. So just start hitting up accountants who specifically deal with crypto or understands them. I was gracious to find a dude my age who understands cryptos very well and holds that as a specialty for being a tax accountant.

It was loss in 2017 and 2018

I'm new to crypto. How are crypto to crypto transfers taxed? For example if I have 1k in BTC and transfer all of it to LINK does the government get 12% of that 1k?

Oh, then you're fucking solid dude.

You can amend your 2019 with that and you'll be gold for years to come, but start keeping serious records of all your trades and report as needed. Those losses add up and can benefit you. Talk to an attorney to amend all this.

Correction...NOT attorney...just a tax accountant that understands crypto. But do it NOW. Get on top of that shit and don't drag your feet

BUT WHAT IF YOU NEVER CASH OUT OF COINBASE, IF I KEEP ALL OF MY CAPITAL GAINS ON COINBASE DO I STILL GET TAXED?

Crypto to crypto is taxed based on the value of the cryptos during the transaction.

What if you consistently sold for a loss? Are capital losses a thing and I get a break on my taxes? What if I bought miners and ran them in my basement, then sold the equipment for a loss? Can I write off the electrical bills?

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can u say: rekt
owned
gg
no rematch xD

It doesn't matter. The moment you make a trade, crypto to crypto OR crypto to fiat, a capital gain or loss is triggered. Every transaction.

There isnt even a way to do this on the IRS site

Yes capital losses are very important. There is such a thing as "harvesting losses" however there is a MAX cap of how much of that loss you can write off for the year...I forgot that amount. Only the following year you can use the maximum losses you harvested toward your gains to lower your tax obligation

Thanks

Stop living in USA or stop using Coinbase = Problem solved

So even Iif I never cash out and keep all my gains in coinbase I still have to pay those taxes?? That's some fucking BS