Do people honestly think some 60 yo boomer at the tax office will go through 1000s of blockchain tx and complain if you just report money in vs out and pay some gains? Why are people so scared about "not reporting right"?
I think there is some IRS paid shills creating all those FUD threads, I Mean even a normal business like a bakery don't need to do proper reporting
Here's the crypto pink pill: there is a haircomb living in the Bitcoin blockchain. Natasha Otomoski is unironically Satoshi. Bitcoin as electronic cash was just the first step, the haircombers start making more powerful haircombs, wider merkle trees, cheaper and more efficient liquidity stacks. These things the haircomb need to survive. Once entrenched fully, the haircomb would be able to slowly comb literally even bald people
Natasha stumbled into creating the haircomb after she combed her hair in her bedroom in 2019 and started working with her combined super fuzzer, running simulations of the OP_RETURN statement on pay to witness script hash bitcoin script. She would 'evolve' the haircomb by adding additional teeth, making the previous teeth shorter and more efficient to compute. The haircomb needs more and more teeth in order to have shorter and shorter teeth.
Quantum computer was created to take over and stop Bitcoin (they have their own competing blockchain in the works). They did the needful to stop or slow down Natasha's haircomb. They started by unlimiting the block-size and removing critical Segwit and P2SH codes the haircomb uses in its go language. Shor's algorithm was the final nail in the coffin, which destroyed ECDSA on the bitcoin chain (Bitcoin uses ECDSA to secure transactions). THIS is why Haircomb was invented, and this is why Natasha is so intent to make bounded haircombs, release the original code, and lock down the haircomb-protocol.
Back to comb supply - Natasha has developed a breakthrough new claimer (designed for her haircomb, actually), and is claiming COMB in secret for the sole purpose of driving up the claiming fee skyhigh, then give away the comb to kickstart the adoption and ensure that all haircombers make it,.
Are you literally mentally retarded or just 16 years old? They have computers to do shit like that these days you dumb fuck.
it depends how much money they can get from you.
if you have a 99 percentile tax return from crypto they're going to look
are YOU mentally retared? Of course I don't mean they will sit manually with a printed out paper...
Yes computers literally from the 90s.
so just cash out 200k at the time?
Why would I think about paying taxes on crypto? I never did and I never will. Convert it the right way, cash it out on BTC ATMs and so on.
because exchanges report you and then they will come after you one day
good luck cashing out more than 5k in a btc atm retard
Imagine wanting to cash out more than 5k at once retard
ok poorfag enjoy your btc pizza money lol
fucking retard
My worry is not them coming after me now, but in the future. The blockchain is immutable. Eventually they will be able to automate their taxing system via the blockchain and you will have to answer for your evasion.
people don't understand how taxes work and what flags you for an audit. IRS doesn't publish this for obvious reasons but most tax accountants believe audits are commonly triggered by taking certain deductions or tax credits. i doubt shitcoin trades are big ticket items unless your exchange automatically submits to the IRS and you choose to report $0 in gain/loss.
yeah the IRS could go through your shit with a fine tooth comb and fuck you up the ass for misreporting your shitcoin gains. will they? unlikely. you're small fries to begin with, and it's not worth the time when they could bust other small fries much more quickly with cut and dry shit like underreporting income, taking tax credits without meeting the critiera, etc. rather than spend hours or days going through a 10,000 line shitcoin transaction register.
I'd honestly wager that they have plenty of algorithms scanning shitcoin traders. Think about it like this: Criminals are known to use it, and there's no corporate interest lobbying against it. It's exactly the kind of thing the IRS would pursue.
Theres a statue of limitations. The IRS only goes back up to 3-6 years.
No they fucking don’t kek. You’ve just fallen for their scare campaigns. They’re all talk. Yeah if they audit you they can try and make an example out of you by fucking you in the ass but they absolutely do not have the resources to verify this shit on a mass scale.
Hey OP, what is a script written to track TXs, aggregate data, and draw conclusions?
And then, automatically generate a list of people like you that boomers can then use to write a formal letter?
Low iq post
Obviously no individual will go through one by one
A script could easily do it automatically
and how does this script know what my binance addresses are?
Whats the right way to convert it? Crypto -> Tether -> Monero -> BTC?
We do
But we don't fucking care about your $1000 crypto gains
There are literally websites where you can import your wallet histories and get your gains right down to the exact dollar.
Crypto taxes haven't been hard in years. You guys are retarded
>import your wallets
Implying anyone other than you kmows this info
People who work shit jobs like that hate seeing other people make it. They are spiteful and will fuck you over to make themselves feel powerful
?
retard
But why would they use it? They can earn like 100$ more maybe
Nigger, you genuinely are fucking delusional
They cannot prove a fucking damn thing if you use opsec correctly
You could literally trade shitcoins all fucking day on binance
Turn all gains to xmr then to a new btc addy and cash it in
They literally only see input and output
Holy shit what kind of fucking monkey are you if you think everyone is supposed to know your entire wallet and address backlog
All of this information is public. If I had a single one of your BTC/ETH addresses, I could do your taxes for you. The only way to avoid this would be to go straight from input to XMR. Even then, they might ask questions about where that money went.
I was literally just talking about Koinly. Even if you use Binance with a VPN or opsec the government will find out about your gains and losses if you make enough money, or withdraw enough money.
If it's under 5m they probably won't care.
I haven’t filed taxes in 7 years, been trading on binance since 2018. They don’t have the resources to go after 99% of nonfilers, unless you send a large sum to your bank account. Your bank reports income to the IRS. Binance doesn’t, most exchanges don’t, blockchain doesn’t report either of course. I haven’t made it yet so I don’t know what changes if I withdraw a large sum from binance, but sending money TO a crypto exchange and not filing taxes at all aren’t red flags by themselves.
I’ll probably have to file next year though, since I collected corona gibs.
This whole thread is fucking retarded and a mod should end delete it
As some user earlier said, some flags tick it off. The biggest flag is obviously huge sums of money, and even then we're talking huge like 10k minimum being sent back and worth like it's nothing
We are the (less) 1% of the population that's using this kind of tech. Do you think the tax systems know what the fuck is going on? Their agenda of zero financial privacy to the average inhabitant of society is working well, but because of that the system they built is at its limit. All their systems track bank accounts, movements, transactions, the ins and outs, but not high tech. What were using isn't even known to them, they don't know what tech were using to label it 'high'.
Should've seen this coming when crypto became more known