Do you guys pay taxes on your crypto gains?

I can't wait for the IRS crackdown on the criminals that don't.

>>1954675
Your bank account flags the IRS whenever there is a deposit bigger than 2500.

Yes agent Smith, I always pay taxes on my gains.

>>1954679
I honestly never thought about it until right now. I've never even thought to keep track of my earnings

Fuck no

>>1954689
The IRS also finds out if you make many smaller deposits.
The IRS also finds out if your lifestyle doesn't match your reported income.

The IRS always finds out.

>>1954679
Why do you give a shit at all? Bitter coinlet detected.

nope, my country's government declared cryptocurrency taxfree unless you have some kind of business related to it

>>1954699
Because criminals deserve to be punished? Crypto-fags are taking advantage of public services without paying their dues.

>>1954700
What country? I'm moving there if my eth moons

>>1954703
>Coinlet

>>1954698
IRS's competency is grossly overestimated, I know people that have been lying out their asses on their taxes for decades and never been caught.

>>1954703
I pay income tax, property tax, sales tax etc. I do enough fuck them

>>1954704
denmark, only good thing about this socialist hellhole

>>1954675
Lots of people here don't but you're supposed to.
My rich uncle started investing in BTC and wrote a program to record the exact exchange rate every time he earns interest from loaning on exchanges, because that's the rate you owe taxes on.

However, I don't think the IRS will give you any trouble if you just report what you liquidate into fiat or spend.

File: d9023e5d-8ef3-492f-8ef3-b680e2a5c53e.jpg (396KB, 2048x1152px) Image search: [Google]

396KB, 2048x1152px

>>1954710
Single mothers are depending on you. Be a real man.

>>1954709
Sometimes the IRS just doesn't give a fuck if the discrepancy is less than what it would cost to go after you.

>>1954710
Pay your capital gains tax too and you will. Until then, you're criminal scum.

>>1954715
No,discrepancy is several thousand each year.

>pay taxes
kek
>he makes money on crypto
>he doesn't have negative roi which in turn lowers his tax liability

poor fagas everyone


But yes, yes I do. Protip, don't use yobit unless you want to experience a special kind of hell.
Actually I'll sell my script that turns yobit transactions into a csv file that can be imported by bitcoin.tax. All you need to do is save the webpage(s) of the transactions.
>5 BTC and I turn webpages to csv
>50 BTC and I give you the script

>>1954704
also
http://www.coindesk.com/denmark-declares-bitcoin-trades-tax-free/

15% capital gains the price u sell it at minus the price you bought it at

>>1954689
I live in Peru, tax institutions will knock you door like fucking SWAT and fine the shit out of you if you evade paying tax for sales and tax on gains.

BUT stocks, forex, and "cryptocurrency"... they care two shit about it. One agent came, we talked about it and he advised to move some of my paypal accounts to the local bank to my money movement can be traced and assured the growing with a reasonable slope. Because if you make 80k out of thing air he or other agent will visit me again.

I paid like 8% over gain minus capital. Life is bretty good here.

>>1954675
Tax is theft, evasion is self-defense.

>>1954880
You fucking nigger, pay your taxes ask them if you are in doubt.

File: cuck.png (70KB, 243x227px) Image search: [Google]

70KB, 243x227px

>>1954912
Just ask (((them))). They have your best interests, and those of the common people, at heart.

For the people who actually do pay taxes, If you daytrade and everyday you have a high volume of trades each resulting in incremental gains in bitcoin, how do you keep track of all of it in time for taxes?

>>1954720
>Protip, don't use yobit unless you want to experience a special kind of hell.

why?

>>1954956
>Unregulated

>>1954957
what does that mean in practice?

>>1954952
Your brokerage sends a statement if you trade real things. Taxes are optional for pog traders and cryptos

>>1954956
>try to export your trade history to a csv file from the website
you can't

>try to use the API they provide for exactly this purpose
it doesn't work (missing trades)

Doing it manually by hand would be the special kind of hell.

Not joking about converting trade history webpages to csv
Will do 0.01 BTC / 100 transactions + 10 free

>>1954957
>>1954972
>Unregulated
This doesn't really matter. Maybe they run off with your money, that's a risk almost anywhere. They stand to gain more by being legit.

>>1954980
>Taxes are optional for pog traders and cryptos
This is not true and say you win big and actually have to do your taxes, it will be lower if you include all the small losses too. Good luck filling in the yobit trades by hand though.

>>1954868
That's if you hold it longer than a year. Short term capital gains are your regular tax rate

>>1954689
No, there's a report banks file if more than $10k is deposited but all you need to say is "sold my car".

Unless you think the IRS has the manpower to investigate each of the 100,000,000 people who, on a given year, would likely deposit $2,500 into their account

Do you even have a fucking job?

>>1954982
That's why you report the final yobit deposit in your account

>>1955302
>That's why you report the final yobit deposit in your account
That's not how it works. You can't just tell the IRS "crypto trades lol", you have to document everything.
Even if you treat crypto as a like kind exchange you still need to report every transaction.

At some point you will wonder about the cost basis of your coins and if you've used yoshit you're basically out of luck.

>Paying tax on memes
/biz/ is cucked

File: Do it.gif (1MB, 320x180px) Image search: [Google]

1MB, 320x180px

>>1954714
>dat foto
Some when went around the office and said "tomorrow we are taking a group cuck photo. All cucks bring your pussy hats from your cuck shed and put on your best cuck face."

>tfw I live in a country with no capital gains tax feels good man

File: meme magazine.png (190KB, 774x1022px) Image search: [Google]

190KB, 774x1022px

>>1956022
>profiting from memes

>>1955892
>why can't I tell the IRS the honest truth

Anyone knows how the situation in Belgium is? Do I have to declare these earnings? How about online gambling?

>>1954870
Pisco Sours are gross

>>1956541
voor 2017 viel het onder speculatietaks

maar die wet is nu afgeschaft

>>1955244
>No, there's a report banks file if more than $10k is deposited but all you need to say is "sold my car"

Well did you pay taxes on the amount you got from the car?

IRS will get paid you fuck

>>1956541
It's complicated. As far as I know it's about the repetition of a "speculative activity". If you cash out your cryptos into euros once in the year it can be considered as "miscellaneous revenues". You have to pay 33% of your capital gains (33% de la plus-value)
>"Dès lors, les profits qui résultent, même occasionnellement ou fortuitement, de prestations, opérations ou spéculations quelconques ou de services rendus à des tiers sont qualifiés de revenus divers, et sont imposables à un taux distinct de 33 % conformément à l’article 171,1°, a, CIR 92."

If you make repeated (more than one per year) speculative actions (If you traded ETH/USD or BTC/EUR or any crypto/fiat) you are acting as a professional and you must declare professional revenues. Gains must be declared as profits and are taxed according to the corresponding marginal rate (25% <5700€, 30% <8120€, 45% <135040€, 45.... , 50% >24800€)

I just use localbitcoins to cash out discretely in Brussels tho.

>>1954675
if youre a fucking cuck, yes.

All you have to do is use BitBay to convert your coin to FIAT desu, plus it's so small the Feds don't watch it.

>>1954675
Americans excluded, can't you just set up a company in BVI or HK and sell your crypto through it paying 0% tax?

>made $400 in crypto profits last year
>don't have to report it because CRA doesnt count any gains under $600
Man POT was fun. Wish I pushed a lot more into it

>converting profits to fiat
>not converting alt profits back to BTC and finally cashing out at $2500+

also I'll likely end up paying some form of taxes on my gains when they're finally converted back to canabucks, but that's only because my gains will likely be in the tens of thousands

I want to trade btc/altcoins but I want a handle on how this will affect taxes.

Do I have to pay taxes on every trade I do if it's to a profit, or only once I finally cash out to USD?

Canada bros vote Maxime Bernier in the upcoming CPC election, then hodl until he becomes PM and removes the corporate gains tax.

>>1956557
Yeah bro, I sold a car and paid tax on the sale price. Yeah.

>>1954689

IRS is meant in today's day-in-age to screw over small businesses.

Small businesses cannot afford a lawyer.
Small businesses cannot lobby.
Small businesses are statistically more likely to cut a check.

>>1954716

You only have to pay taxes if it's converted into USD and withdrawn.

>>1955892

> you still need to report every transaction
> you have to do data entry

Starting to sound like a job anon. A job description I'm not qualified for, since I don't have my certifications in data entry.

>>1956623
Still not declaring lol

In aus crypto gains are taxed but online gamblinh gains are not, if i was to use all my crypto to bet online ln a 1.01 sure thing to happen would this mean i get to avoid paying all tax on my crypto gains?

>>1957645
Lol that's not how it works man. The irs will still want to know where you got the capital to make that 1.01 bet

>>1957631
>>1957505
>>1954675


My understanding is that every trade is a taxable event, with trading between different cryptocoins being the same as converting coin A to fiat and then converting fiat to coin B.

So say you buy coin A with fiat, exchange it to coin B and then sell for fiat.

For the irs, this would be like:
Buying coin A with fiat, selling coin A for fiat -(capital gains, taxable event)

Buying coin B with fiat, selling coin B for fiat - (capital gains, taxable event)

definitely do your own research tho(no a accountant lol)

File: nick-young-confused-face-300x256_nqlyaa.jpg (25KB, 600x512px) Image search: [Google]

25KB, 600x512px

>Do you guys pay taxes on your crypto gains?
>Do you guys pay taxes

>>1957640
>manually doing it
That's why I'm bitching about yobit not exporting a csv

>>1957772
>every trade a taxable event
HOly shit. Fuck that.

Does anyone here actually do that?

How would you even keep track of all that. The coin values are literally going up and down every other second.

>>1957955
jews gonna jew

>>1954675
No, what I make in crypto stays in crypto.

>>1957955

That's how normal trades work too. Old fashion way was to record and turn in every trade when tax season came around. Now you can just use turbo tax to import everything.

>>1957718
but say ive put $1000 into eth at $50 and it goes up to $100 meaning i now have $2000, i then use an eth dapp to gamble it on something 1.01 and win and now have $2002, technically the rise in eth was never cashed out into fiat/another coin and is therefore not a taxable event as outlined in >>195777, would this be right?
im sure someones thought if this and they probably do have some way to block it im just curious as to how theyd know and catch me

>>1957967
lol if you gain money, your prob playing taxes. trading between coins is taxable, im sure winning coins is taxable. would you get found out and audited would be anohter story.

>>1957772

But seeing that the whole world has access to the block chain, it's kinda hard to track trades. As with the stock market is easier as a ssn and identity is attached to it.

But rule of thumb is that if it doesn't hit a bank account & you Gucci. At least until the irs bends coinbase over.

File: d7bdcb81905719ad4f531c403b0e1076.png (177KB, 340x349px) Image search: [Google]

177KB, 340x349px

mfw they're considered possesion in Netherlands and you dont have to pay any tax over it

>>1957967
>>1958000
In US you owe taxes on the USD amount of the winning at the time of the winning.
Same with mining

>>1957772
Why do I get the feeling that while everyone is trading non stop on biz, maybe only a small percentage of people actually do this part.

What if you buy btc, trade it into an alt, that alt pumps and then you retrade into btc.

Those are all technically taxable events aren't they? You would have to pay taxes on the gains you made from the altcoin pump even though you traded them back into btc.

Fine. But what happens if you hold and next year those bitcoins crash in price. Wouldn't that mean you paid taxes on gains you never even realized?

In canada you don't have to pay income tax if you make less than 20k a year
capital gains are 50% taxable
so you can bring in 40k a year from crypto, declare it and pay no taxes if that's your only taxable income, we have other tax free investing accounts

>>1959100
I only thought you pay taxes when you cash out your gains in USD to your bank account?

Why would you pay taxes for gains in virtual currency if it stays in virtual currency, you never made any actual money. It's the equivalent of paying taxes on some collectable ingame item that you can sell for $10k but it's still a fucking ingame item.
All this storing of data of every transaction and paying taxes on virtual currency that's on an exchange sounds like fucking nonsense that nobody actually does.