This is the first year I've made anything in crypto so now I'm thinking about taxes. Obviously any trading done on Coinbase itself will be reported. And any cash that hits my bank account will be reported. But what about Uniswap degen activity in the middle? If I sent Ether to an address A from Coinbase, will the IRS assume it's me? What if you send from address A to address B, C and so on...at what point do you have plausible deniability?
Also, can't you just use tornado cash or trade to Monero back and forth before you cash out and cover your tracks? I'm not really against taxes, just don't think it's necessary to fill up my tax return with a hundred transactions related to food coins
>IRS look, if you're going to expect me to calculate how much I owe you and not make mistakes or intentional errors of omission, then either pay me to do the taxes, or get off your ass and straight up tell me how much you think i owe you. don't do this bs, 'if you lie to us, it's your fault.' i really good at maths, but not if i'm not getting paid for it. fuck the IRS. fuck niggers. fuck jannies. fuck kikes.
Camden Morgan
>This is the first year I've made anything in crypto so now I'm thinking about taxes I'm in the same boat. Fuck the IRS.
Thomas Bailey
I did a few trades made money then lost 50k. Also a neet and never withdraw. I’m still fucked aren’t I
Matthew Evans
Based. Fuck parasites 2020.
Benjamin Russell
>he thinks the system was made to be fair and not screw you lol
Jeremiah Gutierrez
That's why they make YOU pay an accountant to figure it out for them...nice system
Julian Bailey
Pay your taxes.
t. not an IRS agent browsing Zig Forums
Ayden Garcia
You don't pay taxes on a loss, only capital gains. However losses themselves only have a deduction of up to 3k a year. Since you are a neet and have no income anyway, this is meaningless to you.
FUCK the IRS the worst part is you know those kinds are giving your money that you've been sweating over to some welfare queen and her pack of nigglets
Jayden Allen
How all these dumb fuck retards don't learn how taxes work before they start playing around with investments is beyond me.
Wonder if the monero guys are moving to verge of all places... I saw it bump a bit today and i was like ??what??
Thomas Bell
if you're an actual NEET and make less thank 40k in 2020, you literally pay 0% capital gains taxes.
James Jackson
I'm sure there will be some tool to help with reconciling the uniswap transactions into a coherent number. Paying your taxes = peace of mind knowing you're not at risk of an audit and that what you're seeing in your bank account is legit all yours. (I lost money the last couple years trading, this year I will have gains so I'm almost happy to have to pay taxes)
Jace Williams
>peace of mind knowing you're not at risk of an audit there's always risk of audit because irs is still an incompetent bureaucracy
Christopher Mitchell
I don't know how to report all the defi faggotry and the 700 lb black bitches down at the IRS really don't fucking know how to repor it
"pay your taxes" really means "roll the dice and see if Shaquita and Tykweesha have ever heard of Bitcoin"
Connor Turner
The number might actually be less than 78k now, thanks to changes in capital gainz law under Drumpft.
Majority are neets, many are underage. Their thinking is probably "I'll just not tell the IRS and never cash out, then they'll never know I'm stiffing them on taxes and I can keep my 1 million dollars in LINKIES in my coldwallet".
Why didn't you forward your losses on your speculations?
Hunter Cruz
Sometimes I feel like the chad move is to pay all your taxes and not give a fuck. The rich people I know almost brag about how much they have to pay.
I guess you could just say Sold Uni V2 LP on your taxes and put down a random number that is close to what you owe. It will take the IRS 10 years to even figure crypto out
Joshua Howard
Everyone in this thread should never contact the IRS; everyone should also own a blade, a firearm & ammunition, just in case the IRS decides to pay a visit, and be 100% committed to killing everyone who forcefully crosses the threshold.
Losses from previous years roll over, but the deductible is limited to only 3k, so you have 3k less in taxable income on this year's gains because of last year's losses. Though you might have to report all the losses from previous years retroactively to get that benefit.
I mean that's 3k more for your gentoo install so if you're gonna report gainz to the IRS might as well the same for your losses.
Adam Flores
I haven't had to actually use it yet, but I think the deductible might be most useful if you find yourself on the verge of being in a higher income bracket- the deductible can put you further down on the income scale, insulating you from extra taxation.
They won't know about all your degen Uniswap activity. If you want to be sure, get a bitcoin.tax account, and import your Coinbase account in there to see where you're at. Then take it from there.
David Gonzalez
If the IRS just made it easy for burgers to calculate their fucking crypto taxes, most will gladly do it.
Gavin Clark
I don't really see a lot of relative utility for 3k max deductions for anything above the 40k federal tax bracket but hey that's another gpu right there.
Ayden Rodriguez
You can offset future gains with it.
Jaxon Gomez
I've only traded on uniswap through metamask. How does this shit even work? I have 300 trades this year. Can I just do this.
>compare usd that went into account to current wallet value >subtract principle and pay the 20% or whatever on that amount
Do I just send them the amount or something. There is no way I'm listing all profits and losses on 300 trades. Don't know if it's even possible to track that shit at this point.
Ethan Martin
You people are acting like babies. It isn't hard at all. Do you really need an accountant to fill forms out like this? I mean seriously don't you keep records to know if you are actually making money?
on a serious note. Whether you are tich or poor, everyone hates the IRS. Whats the point of collecting taxes if they can print the money?
Easton Jones
This. All they care about are 4 things >Money go out >Money come back >If more money come back, how much you owe >If less money come back, how much you're going to deduct (up to $3k)
You can 100% fudge swing trading and swaps if it's not beneficial to you, and if they really wanna go digging through 700 uniswap transactions only to discover you owe an extra $70, then fucking let them.
Asher Cox
How does this work when you buy at say $1,2,3, and sell some at 7,8,9.
