I've been in crypto since 2016 and ive made over 7 figures. I have used etherdelta, bittrex and just about any other exchange. I don't even have access to half of my logs at this point. Has anyone been in the same shoes and has filed? I'm completely terrified on how to file and then they ask me for proof of shit I can't even prove myself. I also live in america.
How am I supposed to file for taxes
Jonathan Allen
Jack Wright
>I live in america.
Get more money by hodling through upcoming bullrun, and retire in Asia. Why would you spend your life in a literal Roma 2.0?
Asher Gomez
Talk to accountants and estate managers
John James
Kek you’re fucked. Prepare to pay penalties that will make your gains nonexistent.
Brody Harris
find a competent CPA who knows how crypto works.
Samuel Brooks
Never selling is not a meme
Elijah Morgan
never sell user
It's that easy
Andrew Nelson
This lmao
Grayson Moore
youve now learned why rick people keep their money in stocks
Carter Thomas
If you’ve actually made 7 figures you’re smart enough to create a foreign shell corporation to hold your wealth tax free. Figure it out, college boy.
Don’t stop trying hard now. You haven’t made it to the finish line yet.
Nolan Murphy
>rick people
Leo Gomez
i only pay taxes on the cashouts. so far nothing has happened. i've heard it can take years before the irs goes after you though.
Tyler Gomez
All you have to do is enter your coin addresses and exchange APIs. The website does everything else for you. I cashed out $80k in profits in 2018 and never paid taxes though. IRS hasn't said shit. But I reported my losses in 2019.
Daniel Cooper
whats the worst that can happen? they ask for documentation on what could be hundreds or thousands of trades? you can just say that you dont owe them more than you do, or pay whatever small fine. i mean to a certain extent you literally cant document crypto trading the same was as stocks trading. fucking dumb boomers just put in the same rule without understanding how it really works.
Blake Jackson
>type in how much money you put in
>type how much money you got out
>the difference is your gain/loss
>if you lost you don't pay at all
>if you gained you get to pay up to 1/3 of your gains
Josiah Edwards
i dont understand how these fucking idiots cant just simplify this and make it so you only pay taxes on what you cash out. theyve made it literally impossible to report accurately this stuff
Landon Martinez
search for a CPA in your area. i just went to H&R block. Gave them everything, all the records. I had fines to pay. I paid them. It's fine. If you can't cover the fines? I don't know, I'd assume they'd have you make payments.
Adrian Harris
You thought they would just let people get rich off of magic internet money?
Chase Brown
if you trade on coinbase or any other american exchange then i would be worried... the IRS cannot get records from foreign exchanges including binance.
Charles Wright
What if I just say yes I traded crypto and give them like a thousand dollars? I mostly bought and held. If they get payed they are happy, and if they audit that means they find everything and file it correctly for me. There's no way to lose with this plan right? I consolidated about $3200 into link in 2018/19 with shitcoins like lit, ftm, und, only making a profit on und. There was also 1.1btc but that was a 3k loss to get 14k link.
I literally have no idea what I'm doing and I'm sure any tax prep I scrounge together all my notes for is not willing to risk their license or whatever to try and fix it because they don't want the liability or be known as the crypto guy.
Robert Scott
Get a crypto backed loan with Crypto.com or Nexo. Loans are no subject to taxation at least where i live. Cash out into the visa card you get and you wont have any issues with petty banks.
Grayson Hill
How much % did you pay including fines?
Mason Perry
this is what I'm planning on doing. I've only deposited fiat using coinbase or gemini so it won't be hard to figure out how much I've made.
Noah Brooks
Just use cryptotrader.tax You plug in your data from exchange accounts and you get a report that you can drop into TurboTax
Bentley Adams
What’ll really happen in an audit is they’ll make up some big number and then tell you to pay up or provide proof that you owe less, putting the workload back in your hands. Fucking kike cunts. FUCK america
Josiah James
how dumb do you have to be to think there's a distinction between selling for fiat currency vs selling for another currency
Elijah Edwards
worst that can happen is they pick an outrageous number with penalites on top as a percentage of it and if you can't prove otherwise they will take all that money or send you to jail. Failing to keep records is your problem not theirs
Leo Morales
So basically I have to find a guy and get him to make sense of things for me and help fill in details with a best guess? I emailed a couple tax lawyers who mentioned crypto on their site earlier this year and never got a single response.
Aaron Gonzalez
BTC->USDT
USDT-> Crypto.com debit card
use that to pay your bills and get 5% interest
live happily ever after
Jayden Young
>802 people reported gains or losses on bitcoin in 2015 lmao
IRS cant crack Monero
Masonic IRS faggots seething
Ethan Brown
Cash out slow and have a taxable income of less than 40,000 every years and you dont owe any capital gains. If you cashed out everything, bite the bullet and hire a CPA and or consult a tax attorney, you can afford it now.
Nathan Hernandez
Or get married and you can pull 80k. Just make sure she knows she's gonna die if she tries to divorce
Jayden Murphy
FUCKEN THSI!!!!