CRYPTOCURRENCY HOLDERS, BEWARE!

Suck to be American. But then what's new? Your entire country is in flames and the government is focused on autist coins.
Maybe they'll get real mad and send a strongly worded letter. Gotta pay your taxes to fund another $500 billion in gibs for the black community.

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i checked yes last year and ill do it this year. I pay the taxes. Idk whats the big deal

Oh say can you see!
Seriously, fuck this prison colony.

How I can I make these as easy as possible? I have over 200 transactions. Buys swaps sells.
There is no fucking way I can sit down and calculate every little cent that I bounced around multiple wallets and exchanges.
Do I hire an accountant? Just print everything and take it to HR block?
Only report some of it?

Meanwhile riots

thanks, just deleted all my Cryptocurrency.

If you didn't sell any, all you have to do is answer "yes" if you bought. Don't have to fill out any other forms unless you sold.

>Lard of the fee

They're doing this during a global pandemic when Americans desperately need money. Disband the IRS. The government has no right to tax us.

you do realize that what the irs is doing is unconstitutional. When women run the country rules are more like suggestions

Honestly man, I’ve only put like $8K USD in to crypto. Maybe around 10-20 ETH -> shitcoin transactions. From ETH to shitcoin trades or vice versa, I only have around $1.5K in realized profit. The rest are just holds I have. I will check yes on that box because I’ve used coinbase for my USD onboarding. But realistically, no, I’m not reporting shit for crypto to crypto trades yet. I will wait until my shit hopefully moons and I have like $100K (or whatever I decide to cash out at). I’ll pay them capital gains, but I’m not paying fucking shitcoin trade taxes. There are faggots here with $100Ks in volume of trades that haven’t paid taxes. I can’t imagine it would be worth the IRS’s time to pursue me for less than $20K in volume.

As in sell for cash?

American constitution gives the right to never incriminate the self

Unironically, checking yes. I've dealt with audits before and it is easier to pay, and pay up front, or even overpay.

If you ever own the IRS anything or they come a-knocking.

Say hi, welcome them in, ask how *can* you help.

Then judge the situation with how much can you lie and if you can play it off as *oh, IRS-san, I'm sorry, first time doing this - can you forgive me?*

And they did. The problem is, now they're asking it in a YES/NO form which simply means it's perjury, it defames your character instantly and then that's all they need to further probe into your life.

IT isn't the same as not including all income, user.

So, you need to play the line - use coinbase, never cash out more than 20K from there. If you cash out any significant amount on coinbase or USA exchanges, report it but

With Uniswap, MEW, metamask and the ability to not *have* to use an exchange to do a transaction, you'd be very stupid.

Localethereum is also good.
Face to face meetings are perfect.
If you have gains, you can always convert it to a more stablecoin, and then swap on unimask to another currency and trade in person.

Of course, this assumes you know how to use a spreadsheet, so you can record your transactions and see what the cost of doing it w/o reporting is *worth it*.

When I use localether, I always make 5% profit, guaranteed, so for me, it's kinda worth it but it is risky business meeting strangers and taking in cash.

Then you have cash, what do you do with that, then? lols.

There's many solutions, user. The key here is what you wish to follow and how you do it. - Execution.

Lay out the plans, see what each one costs, and go with the best plan. Sometimes a financially expensive plan may pay dividends in the future as peace of mind.

Or fuck the system and be free. Crypto is decentralized for a reason. We remove usury, taxes, tariffs, and a third party telling us what we do with OUR WEALTH.

Same bro. My goal is to cash out over 500k posy bullrun, hire a top notch accountaunt/lawyer to do everything for me, and be on my way.

Exercise your 4th and 5th amendment rights

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Money is power and the IRS exists solely to keep you in check. Taxation is authoritarian, and it should not exist in a free society. Moreover it has no functional purpose in a fiat monetary system. There are no good arguments in support of taxation

Pro tip! You cannot claim long term capital gains if you ever click no on that for the previous year, otherwise you would be lying on your taxes.
>ever had acquired INTEREST in crypto
What the hell does that even mean? So if I goggled "bitcoin" in 2010 that counts technically?

Lol, the IRS doing shitty stuff like won't help them at all.

I see a bright future for Monero, DEX-es and buying crypto peer to peer with cash.

Fuck the IRS, fuck taxes, and fuck the government.

thats b8 r8 m8 ?

user,

Capital gain rates are:

0% TAXES - $0-39,375 -
15% TAXES -$39,376 - $434,500.

Double if you're married on the right column.

That means your taxes would be:

1. Amount you purchased the crypto at.
2. Minus the price when sold.
3. Net profit, proportion 15/100 - x/434,500
4. Max would be: x = 65,175

Then your w2 wagies and tendies. That's about 25-30% tax bracket, so if you make 100K, about 30K there.

Which would result, with zero deductions:

$95,175.

At which point, opening a business in Japan, China, Singapore, Vietnam, Philippines, is easily doable as a tax shelter. Even if you spend 50%, you save 50K and get to have fun fucking around another country.

I highly don't suggest localethereum or such for transactions over 5k. I did, it was fun.

Never doing it again, fuck the people I met were some of the most fun but shadiest of fuck.

>I really have no idea how they didn't murder me or anything, I guess they really liked me.

>But probably luck.

How do they even determine the price of what you have? If someone sent you a token that was worth 5 dollars at the start but as soon as they sent it to you it dropped down to 22 cents and stayed there the rest of its life, are they really gonna try to say you owe them on the 5 dollars it was worth for 30 minutes?

Everything on the fucking blockchain is public.

There is no *secrecy*. The time/date is easily referenced with several data providers (hey, chainlink!!) or any price api to see what the value was *AT THE TIME* you received it.

Yes, there are exceptions, monery,zcash, but you mention does around normies:

>omg user, you buy drugs?
>omg user, isn't monero used by Cheezepizza?
>user, what are you trying to hide?

Yeah.

The biggest normie thing people think is bitcoin, ether, erc-20 tokens are fucking *private*.

They are not, the whole point is the ledger is public, so you know at all times where the "wealth", "coins" are and who are the "big players." and since everyone knows everyones price, and the miners are incentivized to keep doing transactions and not mingle on the blockchain to tamper transactions - it's a nice zero proof system.

But, most normies, dont' know how crypto works, they think it's magical money.

tl;dr: ITS ALL PUBLIC.