guys if eth goes up to around $300 by the end of the year i wont

tax? what tax? this aint the stock market

>>1910099
you dont pay tax til you sell you fucking retard

>>1910102
dood u have to pay capital gains taxes on crypto retard

if it gets to $300 and you don't sell some you're fucking dumb..... its not going to go up and up and up. it COULD go up and up then down and up.... sell high buy low

>>1910105
uhhhh not that i know of. not atleast until you sell from what i know

>>1910099
Are you actually retarded?

>>1910108
lol i hate this place. this has to be bait. no way ppl are this completely braindead

>>1910099
You're only supposed to pay when you sell. If you're doing it through an exchange I would advise paying if they have your identity or risk trouble later.

why should you have to pay before you made any monetary gains? If your eth skyrockets and you don't sell why should you pay taxes on the assets you hold and if they go down beyond imagination you lose your investment AND you paid taxes for nothing.

Only if you sell your stuff and have some fiat gains you have to pay taxes on that so either don't sell or reinvest / buy useful stuff with it

okay op here, i did some reading and yes i dont have to pay till i sell

>>1910130
>this

you only pay taxes on the final $$ deposit in your bank account

What if you buy bitcoin at 800 and then two years later cash out when its at 600? Would you have to pay capital gains if you lost money?

protip: if you are selling high and buying the dips on the exchanges, you need to pay gains for the profits earned from those sales. you profits are not magically hidden until you deposit into a bank account.

>>1910208
>lost money
>capital gains

Are you hearing yourself?

>>1910119
they are. the concept is foreign to most kids fresh outa school. I was the exact same way until someone older dude gave me the lecture. I feel so fucking stupid. They are the entire voting bloc of Bernie Sanders.

Yes kiddies, you have to pay taxes on practically every fucking penny you make. The government owns you. gotta fund those wars and pay for tyrone and his 8 baby mamas somehow.

>>1910102
https://en.m.wikipedia.org/wiki/Virtual_currency_law_in_the_United_States
You are required to record every transaction of crypto currency meaning from one coin to the next and to cash.
>>1910104
>>1910123
>>1910130
You guys are going to get butt fucked by the IRS when you finally sell your coins.

>>1910518
>https://en.m.wikipedia.org/wiki/Virtual_currency_law_in_the_United_States

cool so should I just delete all my coin trading bookmarks now while I still only have 10 dollars into the whole thing

How would the government know you didn't accidentally lose all your coins.

>>1910617
Because they are not retarded.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

>>1910105
>paying taxes on cryptos
yeah, if you are a retard who hates money

Only pussies report their crypto gainz to the IRS.

>>1912012
Let's say some investments moon and I'm left with 1mil.

How do I withdraw that to fiat w/o getting the IRS suspicious.

>>1910107
>if it gets to $300 and you don't sell some you're fucking dumb.....

HUrr durr what is long term holding

>>1910706
The government actually is pretty retarded. And it is going to be next to impossible for them to keep track of whats going on with crypto transactions.

OP ignore the shit posters. Only realized gains are taxed. Holding is fine you won't be taxed on the theoretical value. I'm just going to use that website bitcoin.tax, too stupid and lazy to do it manually.

>>1912007
Enjoy when whatever exchange you uses gets a letter from the IRS and bends over and gives them your info resulting in you getting butt raped for not reporting.

>>1910518
>using wikipedia as a source
You get an F, see the professor after class. On a more serious note AICPA believes that you may be able to report crypto to crypto as like kind exchanges of property, I'm going to do this.

>>1910208
You can claim it as a capital loss against your taxes. Has to be held for at least a year and once you disburse your position you can't buy back within 30 days.

>>1913190

>tfw not amerifat.

File: IMG_20170304_174203.jpg (31KB, 238x212px) Image search: [Google]

31KB, 238x212px

>paying taxes
>on crypto

>>1912023
You won't, you have to pay taxes. Avoiding it is only possible if you pay for everything with cash and withdraw only small amounts of money monthly. If you want to buy a house/car you are pretty much fucked unless you can launder your money.

>>1914252
Get somebody who lives in a country where gambling winnings aren't taxed to make a wager with you via Ethereum gambling service. Lose the wager. They can withdraw the money legitimately and tax free. Ask them nicely for a gift of the money. Profit?