So Zig Forums, who here actually reports their crypto capital gains tax/losses to their relevant government's tax org? I'm getting my tax report done, and I had a large loss on a shitcoin I will not name last financial year, big enough that it should offset any gains I made. Thing is, will they accept that? They say they want you to declare gains/losses on bitcoin etc., but there are so many shitcoins now, do they really want a detailed report of your gains and losses of each one?
I'm guessing yes, which is good for me, but sucks if you have actually made some dosh with crypto.
can they tax you on your crypto if you're a legitimate, 22 chromosome retard?
Ryan Howard
Do you understand tax, user? What exactly don't you get? Well if you don't declare it, they can't tax you. Until (and this is very likely) they find out you made some money and the taxman wants his cut (and is very angry you tried to avoid giving him his slice of the pie) and you get anally raped by the taxman.
This is why I’m never gonna sell, I’m just to retarded to read all the rules and I don’t actually even really care.
Owen Allen
I’m just gonna give the IRS their cut when I cash out and eat the late fee
Aaron Wilson
I pledge to do my civic duty and pay me taxman his Long term capital gains cut. Tis but a small price to be free
Anthony Martinez
NEVER DECLARE ANYTHING JUST PLAY DUMB AND THEY'LL GET BORED AND GO AWAY BY THEMSELVES!
Landon Sanders
Australia is mega fucked if Trump stimulates this trade war further. DO NOT SELL OR TRADE YOUR CRYPTOS IF YOU'RE NOT OFFSHORE ALREADY
Nolan Perez
I don't understand the calculations so I use koinly. They are some web app that imports the data and auto calcs it.
Henry Davis
JUST SAY OOPS I LOST MY PRIVATE KEY TO JEWISH SCAMMERS ONLINE SIRRSSS
James Roberts
pretty much all exchanges report to the IRS nowadays. A year or two ago I got a letter from the IRS reminding me that they knew about my coinbase account and that I need to pay my taxes.
if you use TurboTax, they have a special section for cryptocurrency gains. It's not hard.
I'm actually working as a contractor for the ATO at the moment. Hurts so much.., maybe I can search for some inside info?
This is my first fulltime job and ive only just been able to start accumulating BTC properly despite having some since 2013.
I bought all my BTC from coinspot, I assume they talk to ATO and I am probably fucked...
Brainstorming options: >Take a few years off (taxable ;) ) work and cash in small amounts so I never pay CGT >Mix my BTC with wasabi and say I lost it lol >Transfer to DAI if I want to sell >Move overseas and sell
IM SO FUCKIN MAD, I held huge positions from 2017-, some very underwater because as I was not a tax payer (studying) I could not claim losses. Now that im in the green and working the FUCKING LEECHES want to tax my gains. FUCK YOU
So basically I should record the loss and use it for my benefit?
Not sure about in the US but in Australia (where I'm from) if you make a loss after selling an asset (capital loss) you can subtract that from your overall capital gains so you pay less tax on that. If overall you actually lost more than you gained (my position) you can declare an overall loss and carry some of that loss over into subsequent financial years and use that to offset gains you have made in THAT year, as well.
So overall it would be a good move for me to declare the loss really I'm just wondering if it would be a problem that it was a shitcoin I made a loss on, one they probably don't even know about. Then there's also the fact that if I declare this, they'll know I trade crypto and if I ever make mad gains they'll know. But to be honest I would probably declare gains because I'm too scared of the tax man. So yeah. Mainly just want to hear what some of you other user's do and your opinions, I guess. (Especially if you're ausfag like me).
Amazing the amount of the Austax threads we've seen in recent history with still no one knowing what the fuck you actually need to do.
Joshua Turner
Wait you can carry forward losses to subsequent years?!
Also interested in the shitcoin question, how the fuck am i going to declare -97% loss on a coin that no longer exists. I don't even know if I have proof of purchase..
Angel Rogers
all I know is I will do everything in my power to not pay my tax. Make the laws simple like for example if I make 50k from 10k I pay 40% tax on the 40k profit and I will pay. I will not pay if you are gonn amake me go back over all the retarded trades I have made over years and tax me on crypto to crypto. Just suck my fucking cock if you wanna go that way ATO jew cunts.
Congrats on the job user. Any knowledge you have would be appreciated. Out of curiosity, what do you actually do for your job? Do you enjoy it? >Brainstorming options I'm not sure taking a couple years off and cashing in small amount would work. They still want you to pay your CGT on those gains. Don't think they won't come for you. (You should know that, right?). Mixing it sounds like it could work fine. No way for them to know you didn't really lose it but then you'll be paranoid always about actually turning your BTC into cash and using it and shit, having them ask you where you got it. Too much paranoia. As for your other options, why would transferring it to DAI mean you don't have to pay it? And moving overseas is a bit of effort, but if you are really that much in the green I can see it being worth it, get some culturegains on the side too. >Now that im in the green and working the FUCKING LEECHES want to tax my gains. FUCK YOU But user we have to make a contribution to this government that takes care of us by using our tax money to build toll roads they can leech off of us more with. Sorry man, I haven't been coming here much recently. Doesn't help that we have to learn all this shit just so we can pay the taxman properly. >fuck you, you want my money you do the math cunt
There is way more money to be made if you helped offshore your Zig Forums bros.
Find all the loopholes, partner with good lawyer and start helping people escape the ATO. kek
Ryan Smith
I actually work for an external company that has been hired by the ATO to fix their boomer 1990s setups, boring tech stuff. >They still want you to pay your CGT on those gains. I'd be not working and so would be making under tax threshold. I'm pretty sure the CGT is at your tax rate? Maybe im wrong. >you'll be paranoid always about actually turning your BTC into cash Yeah exactly, i'd never be able to spend or cash in safely. >DAI mean you don't have to pay it? You are mean't to. But as it is on-chain they probably would never know.
I'm most likely just never going to sell, at least until I have a good plan.
Your IP address or email address is not enough to confirm it is you. The exchange needs full kyc to do anything
Ryder Moore
As with everything tax related, the law can be confusing but I found this: ato.gov.au/Forms/Guide-to-capital-gains-tax-2020/?page=100 It really is fucking bullshit hey, making us do the work just so we can pay THEM more. Thinking I will end up declaring it seeing as it benefits me. >Also interested in the shitcoin question, how the fuck am i going to declare -97% loss on a coin that no longer exists. I don't even know if I have proof of purchase... That's pretty rough user, luckily I think i still have records even though they may not be the kind of records the ATO is used to. For example it was a crypto to crypto trade. So I have to calculate the value of the cryptos at the time they were swapped and all this bullshit. I'm still wondering about the validity to be honest. To buy shitcoins you usually need to have purchased a legit crypto before you can swap it into the shitcoin through some other exchange. They can follow the trail if they want.
why is asio keep reminding us, dude dont u have a population to sterilised?
Kayden Cruz
Do you make over $18k? That's the tax-free threshold.
Bentley Torres
>This is why I’m never gonna sell I have sold a little, in order to pay bills. I've taken out between 5 and 10% of what I put in.. not much. I figure they won't gaf about it because its pocket change making ends meet. If I were to cash out.. well. The tax bill would be large I think. So your plan is good. drns.
Kayden Lopez
Checked and Eureka Pilled
Jaxson White
lmfao this, us aussies are such dumb cunts aye brahs
Brody Edwards
Based.
Australians deserve to lick clean Beijing's dirty asshole. I just need link to moon so I can get out of here somehow
Joshua Murphy
Any good sources on taxation of crypto in Australia?
Like you, I've also made a capital loss this financial year but at one stage i was in the green.
Will i just get taxed on my overall loss, or taxed on the temporary gain i had too.
basically went green, then red. am still red.
Hudson Wood
I believe I would still have to report my capital gains/losses regardless of if I have hit the threshold or not. Plus I want my loss to rollover.
What the fuck are you talking about idiot. Yes we do have captain gains for stocks and crypto here in NZ. Oh well guess you'll find out about it the hard way.
>Like you, I've also made a capital loss this financial year but at one stage i was in the green.
>Will i just get taxed on my overall loss, or taxed on the temporary gain i had too.
As far as I know, you just need to calculate your overall capital gain/loss for that financial year from any assets sold. Take any capital gains you have made and subtract any capital losses you have made from that amount. If you still have losses to go, keep counting because you can report that and as I mentioned I am pretty sure you can carry that over into subsequent financial years and use it to offset any gains made in that year. If you made a loss, you can't get taxed on a loss, that doesn't make sense.
Side note: How the fuck would tax work if they could tax you on the gain you made and on the loss? I am trying to wrap my head around that one. And what's with the reddit spacing?
