Taxes

>>2321611
it doesn't
the IRS are crooks
and are unconstitutional

>>2321628
When is someone going to sue the IRS for unconstitutionality?

>>2321640
I might when i cash out, look up "Tax Patriots" anon

If we can meme coins to the moon can we meme Trump's tax plan through faster?

>>2321663
Am lawyer. You can't sue the IRS. Collecting taxes is absolutely a constitutional function and those that don't waste time, look stupid and are called "tax protestors". Only a notch above "sovereign citizens"

Get accountant, pay your capital gains and file quarterly reports. You don't have to do it perfect, just good enough.

Trust me anon, you have no idea what these fuckers can do to you if your shit isn't in order.

>>2321854
>You can't sue the IRS.
the fact you can't sue them if they fuck up should make you worry
no one should be above the law
>Collecting taxes is absolutely a constitutional function
this is true, but income tax is supposed to be depending on the % population of your state in the country's population, not individual income tax %'s

>>2321628
>unconstitutional
can seize your property, garnish your wages, with draw from your bank account, and if they accuse you of something the burden of prof is not on them in tax court.

Been that way for ages and it isn't going to change. Should have voted Ron Paul

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>>2321611
Why didn't we meme Ted Cruz into office? Ted Cruz wanted to ABOLISH the IRS and just have a simple 10% flat tax for everybody where you just report on a simple post card. He was the most radical candidate EVER.

>>2321925
but i did vote RP
i want out of this cuck-tocracy

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>>2321854
You will be automated soon enough

>>2321936
how likely is just a president going to get something like this done?
won't it need backing in congress?

>>2321936
https://www.tedcruz.org/tax_plan/

Why wasn't there more of a big deal about this? IT'S FUCKING CRAZY.

Glad i'm from Hong Kong and not an American.

>>2321898
Well if they majorly fuck up thats different (and rare). But the constitutionality of the IRS collecting taxes pretty much however Congress directs is settled law.

I'm not trying to piss on anyone's parade. But the bottom 5% of millionaire anons that fuck up their taxes and piss off the IRS are going to get so fucked.

I've got a meeting with accountant. A law school friend/CPA partner, and a meeting with mega-firm to cover all my bases just next week.

I've retained them for legal opinions on taxation, engaging fairpump.net, and the legality of managing cryptos for other people, just for starters.

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BTC is considered property by the IRS. Once its used to purchase some other type of property or converted to FIAT you will need to do the capital gains tax. AFAIK alts aren't considered property...yet.

>>2321854
>and file quarterly reports
what do you mean? estimated taxes?

>>2321978
>AFAIK alts aren't considered property...yet.
they very much are.

Now I understand why that guy flew a plane into the irs.

>>2321978
Yeah but how do you even pay that? Theoretically if you lived entirely off crypto somehow how in the world would you pay that tax? Isnt sales tax factored into the purchase even if you use bitcoin?

>>2322009
Pay your capital gains quarterly instead of annually. Ive started to pull out 30 to 50k a week now so i pay taxes every 3 months. Stay ahead of it.

>>2322048
From trading or holding? I am not going to pay taxes for holding bitcoin.

>>2322048
alright good. I don't owe anything right now for Q2 because I claim zero on my day job, but will definitely owe Q3 and Q4 this year.

>>2322059
why are people this dumb? you only pay taxes when you sell to fiat, trade for an altcoin, or make a purchase with crypto.

>>2321854
quarterly? Dont you have to do that only if you own your own business or is an actual day trader by profession? wtf?

>>2322040
Hire professionals. Do your best to make honest, full payments until the IRS gives more guidance on how cryptos should be treated. They won't fuck with people that relied on professionals.

Don't be the anon that ignores taxes. It's just a phone call to an accouunting firm and will cya

>>2321854
You didn't answer OP's question though. The entire concept of the IRS and taxes only even makes sense if you were to convert your bitcoin into fiat currency. If you don't, then how is the gov't supposed to get their share.

Imagine I'm a potato farmer, and I trade my potatoes to the chicken farmer in exchange for his chickens/eggs and to the corn farmer for his corn. When the taxman comes around, what the hell am I supposed to do? Give him 20% of the chickens and corn I traded for?

>>2322086
https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/estimated-tax/large-gains-lump-sum-distributions-etc/large-gains-lump-sum-distributions-etc

https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/estimated-tax/individuals/individuals-2

>>2322101
This

So wait, I need a record of every bitcoin I buy.
But what about if I use it to buy alt coins? Do I report that?
Is there seriously any guide on this anywhere?

>>2321611
Would that make receiving bitcoin income taxable?
If not, then how is anything you do with it taxable? It's essentially bartering at that point. Can you be taxed if you trade a horse for a cow?

>>2322108
...so if I am reading this shit correctly, I have been trading shitcoins here and there outside of my day job but likely owe more than 1k in tax on the trades, I need to file quarterly? what in the actual fuck? no way the majority of US crypto traders are doing this shit.

>>2322129
Everything I read said that buying something with BTC is a taxable event even though it makes no sense whatsoever, so I'm asking for clarification

>>2322149
They're going to clean up and shut down alotta people

Might even dissuade people from crypto

>>2322110
you have to calculate the USD value in a "consistent manner" at every buy/sell for every coin involved in the trade, that's the guidance the IRS gave us in 2014

>>2322114
yes everything, plenty of guides but nothing all encompassing

>>2322149
yeah you do, and yeah not many people are.

>>2322129
you get taxed when you sell a house, you get taxed when you sell crypto. they are both property to the IRS. so yes, you can get taxed when you trade a horse for a cow.

>>2322180
But what if you traded the house for a boat? there is no transfer of wealth going on, so how would you get taxed? selling/=trading

>>2322101
Well you're incorrect. I'm not going to argue tax law, but say I buy a 100k car with crypto that cost me 10k. You're saying that's not a taxable event? Of course it is. I made 90k through investment and realized a gain. Uncle Sam wants his cut.

That's why the answer is to hire a professional. If OP is asking questions like he asked then he needs pros. Not a dig on OP, it's a good question.

>>2322162
It's obvious that the government will want to shut down cryptocurrency, because it threatens their fiat money monopoly that maintains power and value theft via the federal reserve, etc. But the question is, how? There's literally nothing they can do to shut down bitcoin. At best, they could go after exchanges who buy/sell it. But even then, you'd still be able to do bitcoin transactions with whoever you want and there's still nothing they could do about it.

>>2322196
honestly your dumb examples mean nothing. moral of the story is all trades are taxed. if you want to try to convince the IRS that you are "just bartering" everything, well, good luck to you, and have your checkbook ready.

>>2321611
>>>2321854
>
>Imagine I'm a potato farmer, and I trade my potatoes to the chicken farmer in exchange for his chickens/eggs and to the corn farmer for his corn. When the taxman comes around, what the hell am I supposed to do? Give him 20% of the chickens and corn I traded for?


And yes, you absolutely are supposed to pay taxes on every transaction.

>>2322180
>you have to calculate the USD value in a "consistent manner" at every buy/sell for every coin involved in the trade, that's the guidance the IRS gave us in 2014

That still didn't answer the question I originally posed though. If I never convert to USD, how can they tax you?
That's the magic of cryptocurrency. It acts as both a commodity/stock AND as a currency to be traded for goods/services. Theoretically, I never have any reason to ever convert to USD, except in small amounts for when I need to quickly use it to buy from people who don't take btc.

>>2322221
It may be dumb, but it's a legit example. If I bought a house for 100k and traded it with another guy for a house that was 300k how in the fuck would that be taxed?

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how do i tax evoision?

>>2322180
I have an account do mine. As long as I give them all the trade history and everything, they should take care of it, right?

>>2322199
How would the IRS get their cut? Are they going to give me a QR code to send them buttcoins?

>>2322223
How? Do I give the IRS one of my chickens?

>>2321611
>>>2322221
>It may be dumb, but it's a legit example. If I bought a house for 100k and traded it with another guy for a house that was 300k how in the fuck would that be taxed?

Because it's income. Say you win a car on wheel of fortune. Prize tax is high, say 50%. They do t want half your car. They want half the value of your gain. Get it? So if you win a 20k car, you owe 10k dollars.

>>2322223
good discussion. thx for your input.

>>2322271
Wouldnt it just be gaining property? Because you're making the IRS sound like actual mafiosos.

>>2322238
it answers the question, you are just refusing to accept the answer. you need to find a way to calculate USD values, and it has to be consistent. that's what you have to do. if an altcoin costs 0.01 BTC, then multiple the BTC/USD price by 0.01, simple as that. just keep doing it the same way. if you can't figure out a way to do it, that's your problem.

>>2322239
you'd pay on a 200k gain

>>2322285
>Because you're making the IRS sound like actual mafiosos.

They're the real ones.

>>2322292
How. Would. You. Pay? You didnt gain any money from the trade so how is there anything to pay?

>>2322285
I'm pretty sure the IRS denominate in USD, not chickens, houses or bitbean.

>>2322180
If I didnt file last quarter can i just file this quarter and pay the shit i didnt pay the first quarter? I dont want uncle sam to send me to pound me in the ass prison over some fucking shitcoins. Also goddamn this is some fucked up shit. The IRS has some shitty vague guidance docs they dont publish to the general public and expects people to just pay up and if they dont, penalize them....what a crock of shit.

>>2322302
Exactly, so how is buying anything with BTC taxable? If it's listed as property and not a currency I am incredibly confused as to how and why purchasing something with BTC is taxable.

>>2322299
'sorry IRS, don't got me any USD, can't pay you sorry.'

no problem anon, off to the pokey you go.

lol.

>>2322299
What I'm getting is that you need to sell the goddamn house in order to pay the tax. At that point, what the fuck was the point in trading anyway? What the fuck is the point of winning property, say, in a game show, if you just gotta sell it to pay the tax.

Makes me wanna be an ancap

>>2322299
you are so thick. for the trade to be fair your house would have had to appreciated to 300k. that's what a trade is, exchanging things for equal value. you acquired the house for 100k, you sold/traded it for a value 300k. you now have to pay 15% on the 200k capital gain assuming it was more than a year ago.

>>2321611
>>>2321854
>You will be automated soon enough

Youre wrong but idgaf. Sold partnership. Retired. Clocked 75k in my blockfolio today and Lisk is still mooning. Am 33. Feels good man.

But hey, good luck moving out of your mom's basement.

>>2322292
If the value of the USD increased 2x, theoretically speaking, then would I pay taxes on that increase, even though the number of dollars I owned didn't budge?
So why then would I pay taxes on my bitcoins raising in value if they're just being stored?

And in the example we're using, you still haven't explained HOW WOULD I PAY? Am I supposed to give the IRS an equivalent amount of the bitcoin I own? Do I get a QR code from the IRS to send my bitcoin?

>>2322299
I guess you have to pay them in USD, and if you cant pay IRS asks you to bend over and rapes you with a rake. Welcome to the land of the free.

>>2322347
Even though neither parties in the trade went to anyone to get their property appreciated, they would have to pay the tax?

>>2322359
>>2322359
rose 2 x relative to what? chickens? oil? hash cookies?

you pay the IRS in usd you fucking idiot.

holy fuck how is this so hard?

>>2322337
because BTC is property, not a currency

you sell the BTC in order to buy something. you pay tax on the sell value minus the purchase value, because it's property, not currency.

>>2322395
this isn't a word problem in math class, you can't beat the system by leaving out certain conditions and trying to ignore them. in your useless example you are making the assumption that the houses are worth 300k. you bought it at 100k. you owe taxes. if the other guy bought his originally for 300k, he owes nothing because there was no gain. my patience is wearing thin here.

>>2322359
That's (part of the reason) why they hate deflation so much. It's a gain they can't tax.

>>2322402
>rose 2 x relative to what? chickens? oil? hash cookies?
That's my point. Increased in value are only relative to other things. And if I'm not exchanging bitcoin to other currencies, how can a value be ascribed to be taxed?

>>2322448
I just checked with a cpa. I owe 28% federal on my shitcoin trades and extra 9.3% cuz I am trading in commiefornia. LMAO I owe the taxman nearly 40%.

>>2322448
This may be perfectly logical to you but it makes absolutely no sense to me. Why arent people filing tax reports on everything they obtain for free from friends? There should be billions of tax reports on that alone every year.

>>2322448
could be worse.

see:

>>2321855

>>2321854
You only have to report if you cash out rite???

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guys i found a photo of OP

>>2322503
That's what I'm trying to figure out here. AFAIK, you only have to declare gains when you cash out to USD. I don't pay taxes on stocks until they're sold. Wouldn't bitcoin be the same?

>>2322521
when gain is realised it is a taxable event.

>>2322484
I may seriously leave CA over this shit.

>>2322473
value (and any taxes) doesn't exist until you sell. it matters fuck all until then. then, at that point in time, you know your value and gain/loss.

>>2322487
now you're just being autistic. I'm actually trying to help you here. you want to file form 8949 on some dumb shit a friend gave you? go right ahead.

>>2322488
you're being autistic too. coinbase is a money transmitter. they're still your coins until you sell them.

>>2322503
no you pay on all altcoin trades and purchases as well. this is under the assumption you are in the business of trading coins. if you're not a trader (nobody on biz), then you can look into a 1031 like-kind exchange. but no one here will be able to do that.

>>2322545
>>2322487
Explain this to a retard please.

>>2322548
Gonna move to washington personally

>>2322545
Right, and that's when it's converted to USD.

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>>2322521
cash out in small amounts

>>2322554
Hope you speak chinese, gweilo

>>2321611
only if the person you are buying from reports it to the irs. no, amazon does not report what you buy to the irs, they dont even have your ssn. the irs does not research what you buy, but of course they want you to believe that. dont fall for these useful idiots saying you will get raped if you dont report things you buy. the only only things you report are what is tied to your ssn, like stocks, bank accounts, jobs, etc.

>>2322550
If what you say is true, then millions of americans should be imprisoned for tax evasion for not reporting on any gains from items they've received from friends/acquaintances. I want to understand why that isn't the case.

>>2322572
Don't all the exchanges take your info specifically so that they can report your input/output to the government?

Regardless, that's tax evasion. But the question is whether you can get away with it, which is a separate matter.

>>2322270
>How? Do I give the IRS one of my chickens?

No you cut the chicken in half and send it to the IRS.

>>2322575
Nah, but they have good food. Also I'm Black.

>>2322554
I have a friend up there. Who knows maybe crypto will be the impetus to finally create the state of jackson. I would love to keep my crypto and go live in the redwoods.

>>2322594
DO NOT cash out from an exchange and expect to get away with it.

>>2322589
you can temper tantrum all you want, it's not going to change the fact you owe taxes on all your trades.

while we're at it, lets put every waitress, bartender, and taxi driver in jail for not declaring all their tips.

you starting to understand now? some things can't be tracked, ever. like cash tips and your dumb examples. but 98% of crypto users have at least one of the exchanges tied to their bank account, so they're going to have to pay.

>>2322572
>cash out in small amounts

Believe it or not that's actually a crime called "structuring" and can land you 5 years in jail and have your money (((seized))).

https://www.money-education.com/resources/financial-planning-news-and-blogs/blog/129-structuring-cash-transactions-under-10-000-is-criminal

>>2322624
So what's the best way to cash out under the table then?

>>2322630
ok so then why arent all taxi drivers audited? If the potential exists for tax evasion why arent they going after them?

>>2322660
off topic from the thread. go be autistic somewhere else.

>>2322660
The (((lawyers))) only go after high net-worth individuals. That is why the (((OP))) here is salivating and created this thread.

>>2322594
>>2322634
tax laws are bullshit, what the fuck am i supposed to do to not get banned IRL

>>2322672
It's relevant because if taxi drivers arent getting audited for potentially not reporting their tips then why should BTC holders/traders have to report it when they buy something?

Taxation is theft, everything can be privatised, tax apologists are literal cuckolds that are okay with their money being taken at gunpoint.

You should of just bought a fucking missile on the deepweb with your btc to threaten the government.

>>2322698
There are no tax apologists. There are only Jewish lawyers.

can I practically just honestly report the gains I make after cashing out into USD? I don't understand how we are to trace the price of each trade as there is so much room for error and requires checking the relation of BTC/USD for each moment in time... kind of a hassle for them to trace down too

>>2322688
he's a guess. taxi drivers are poor. the IRS would lose money going after them.

but crypto traders who bought coins before april/may 2017? they're rich. and the IRS is fully aware of them.

it's common fucking sense.

So how does something like Bitpay factor into all this? Its not tied to a bank nor requres any identification

>>2322634
>In the United States, the Bank Secrecy Act requires the filing of a currency transaction report for transactions of more than $10,000 in currency (US or foreign).[2] Financial institutions suspecting deposit structuring with intent to avoid the law are required to file a suspicious activity report.[3] In 1986, the U.S. Congress enacted section 5324 of Title 31 of the United States Code,[4] which provides (in part):

No person shall, for the purpose of evading the reporting requirements of section 5313 (a) or 5325 or any regulation prescribed under any such section, the reporting or record keeping requirements imposed by any order issued under section 5326, or the record keeping requirements imposed by any regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508—[...] (3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions.

Section 5324 further provides that a violation of this provision may be punished by a fine or up to five years in prison, or both.[5] The filing of Form 8300 is required under Internal Revenue Code section 6050I.

Sums of money resulting from deposits of less than $10,000 may be seized after a warrant is issued based on a suspicious activity report. Legal proceedings, which may cost in the vicinity of $20,000 or more, may be required for an innocent party to retrieve his or her money. Reports in October 2014 by The New York Times of arbitrary seizures resulted in modification of Internal Revenue Service (IRS) practice to focus on investigations that "closely align" with IRS "mission and key priorities.”

WARNING: You could go to Jail for 5 years and have your money stolen if your bank just SUSPECTS that your breaking up your transaction into pieces smaller than $10,000 to avoid the bank reporting to IRS.

>>2322708
But whether or not they're rich should have no impetus on whether or not the law is enforced no?

>>2322548
They are now trying to go single payer healthcare. Even for illegals. Guess how they will pay for this? More income tax on the middle and upper class. Fuck this shitty ass state.

>>2322698
tbqh, I wouldn't mind taxation if it was just to pay for things like infrastructure, schools, police, defense and such. My problem is that I get taxed >30% and my money is used to pay for chimping-out inner-city niggers and also for to bring in "refugees" to my country.

>>2322735
Don't forget about single mothers who are strong and independent. They deserve your crpyto gains, even though they didn't take any risk.

>>2322715
jesus. welcome to the real world.

if you are in the NEET tax bracket and trade shitcoins, you can do all this shit 100% wrong and will never hear about. you'd be a waste of tax payer dollars trying to pursue.

if you bought 1k worth of BTC on coinbase in 2014 and sold 90k worth of ETH in 2017, and you didn't report the altcoin transactions, they are going to audit the fuck out of you and take the tens of thousands they are owed.

use your brain. rich people are targets, poor people are not.

>>2322637
The only thing I can think of is local bitcoins and never sell to one person more than once.

Otherwise you will end upselling to an undercover and they will bust you for >>2322634

Alternatively you can wait for the political climate to change. 10 years minimum. Japan just legalized crypto and is embracing it for commercial use, in doing so ensuring their continued existence in the top 5 counties into the next century. The jew.s.a on the other hand is positioning itself adversarially towards crypto for obvious hegemonic reasons. Ultimately they will lose but the jewish banking families are more than willing to sacrifice this nation before conceding to this revolutionary technology. Also I wouldn't be surprised if we say a crypto become a MAJOR political issue by 2024.

The wild card is Trump. If he fallows through with tax reform there is no reason why he wouldn't side with crypto if for no other reason than to get reelected in 2020. Which is when the next havening occurs.

TL:DR Just wait. Don't sell.

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>>2322703
wew

>>2322755
Now I understand police statists more. Thank you for your enlightening discusison.

>>2322712
So what's the moral of the story here? The way I see it, fiat currency is fucking dogshit and it's just a scam by the government to secretly taxing you (in addition to overtly taxing you) by printing money and devaluing the dollars you hold. Crypto is the future, and it's starting to get more and more traction in every day purchases. IRS can't nab you if you never cash out.

>>2322735
>Infrastructure
Companies that want roads and pathways to their store doors will build them.
>Schools
Already privatised schools are better
>Police
Law enforcement can be simplified to a single principle law and issues can easily be resolved in private courts with arbitrators. For everything else, there is conceal carry and property rights.
>Defense
NAP has no geneva convention so you bet your ass people are going to want to try out their recreational nukes and tomahawk missles.

>>2322780
The moral of the story is we should probably have 1776 again and kill bankers, politicians, and IRS agents and start a new.

What if we create our own land, our own country where there is no taxes? where we no longer fight war on behalf of others' ideologies a sort of Heaven on earth if you will

>>2322817
Sounds about right. Rip out the legal system too. The fucking nitpicky laws get rewritten everyday and we are expected to keep up.

>>2322832
All it takes is one UN inspection.

>>2322832
But where? All the land is taken. The only place I can think of is the ocean.

>>2322849
Take the remainder of the Native American land.

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>>2322798
>muh NAP
come on, dude. I'm all for minimal gov't to a certain extent, but ancap LARPers take it to a retarded degree.

Yes, taxation is theft, we get it. It's part of the price you pay to live in a functioning society. You are supposed to sacrifice something for your family. And your family sacrifices something for the city. And the city sacrifices something for the state. And the state sacrifices something for the nation. That's how it's supposed to work. You contribute to the greater good of the society. The problem is when society itself isn't working toward the greater good. We have a gov't that's current a piece of shit that has ass-backwards priorities. That doesn't mean the problem is gov't in general.

>>2322861
If gov't always degenerates itself to this then yes it is the problem.

>>2322817
>>2322844

I fucking wish. And they don't even bother rewriting the laws anymore. They just (((reinterpret))) existing laws that have been in place for dozens or hundreds of years and pretend they now magically say the exact opposite of what they say. And the judges can do this, because the entire idea of the justice system being beholden to the constitution is a farce. The supreme court justices can each wipe their ass with a sheet of paper and write "this is my dissent" and that gets logged and is perfect valid for their ruling. They don't actually need to justify shit. It's all bullshit.

>>2322878
>always
No. Only after a certain 2% of the population took control.

You're just so used to shitty governments that work against their own people that you don't realize that this doesn't have to be the case.

>>2322861
Nah buddy. You're not sacrificing for the good of society. Quick run down on how the monetary system works:

>Treasury creates IOU government bonds, adding to national debt.
>Big banks buy the bonds.
>Federal reserve writes a check to pay for the bonds with bank notes created from thin air.
>The bank notes are loaned to the government at interest.
>The government spends the fiat on war and social programs and stuff
>The fiat is deposited back into the banks.
>Banks take 90% of it and loan it out for interest.
>The original deposits are not subtracted, new money is just typed into the system.
>Re-deposited and loaned out over and over.
>Money supply is inflated exponentially.
>The goyim wage slave away for a small portion of this fake money and are taxed.
>The treasury uses the tax money to pay back the federal reserve on the principal + interest
>There is never enough money in the system to pay the debt + interest so more debt must be perpetually created.
>Bank owners get profit from selling national debt to fed.
>Bank owners get interest on national debt.
>Bank owners Get 6% dividend on ownership of fed.

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>>2321611
STFU government worker

everyday you (((IRS))) workers come on here and pretend to be a bizbro complaining about paying taxes on something that the gov has no idea we own so that bizbros will voluntarily declare they own it and pay taxes

>just kill yourself

>>2322921
You realize you can be against central banking and fiat kike bullshit without being a total ancap, right? I don't disagree with anything you said.

>>2322945
If you had read the thread you would have realized im quite autistic and you wouldnt have posted that.

>>2322945
Exchanges know and WILL bend to the IRS.

>>2322958
yobit dont give a fuck

>>2322958
sure, but how can they track it to you? btc is anonymous until you have something irl attached to it.

>>2322487

This is turning me off from buying cryptocurrencies. In effect you will likely need to gain at least 2 million usd worth of cryptocurrencies (not including initial investment) to earn 1 million usd after taxes. The moment you trade one cryptocurrency for another it cancels out being a long term capital gains tax if it was done before a full year has passed so it is likely you will pay the higher tax amount.

To be able to retire I would probably have to earn 6 million minimum. However I wanted to make my whole family rich so they can also have an easy life. I'll have to gain tens of millions in profit alone to accomplish this. Oh wait a second, the USA has a gift tax! LOL are you serious!? It is just ridiculous on how much we get taxed.

>>2322976
what country is yobit based in?

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>>2322958
the exchanges know nothing about you unless you give them your ID and shit so you can cash out more per day, just lmao if anyone is retarded enough to do this

>>2322989
>However I wanted to make my whole family rich so they can also have an easy life.

Ridiculous fantasy. Every person should forge their own way.

>>2322989
If you really think about it, the whole thing is utter fucking bullshit.

Let's say you get into speculating. IIRC, 9/10 speculators lose money (and that's across the board, not just specific to crypto). Then of the 1/10 that DO actually make money, they get a decent amount of that money eaten up by spreads and fees. And of that, you then have to pay like 30-40% on what you actually made. So if you lose, you lose your money, and if you win, you lose 1/3-1/2 your money anyway. House always wins.

Fuck that shit.

>>2323004
Yea,this.

Unverified Bittrex lets you cash out 1 BTC per day, and that's more than enough or the average person to live on and what they want save for the stupid lambo memes, but even then they can just export daily or in patterns.

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>>2323091
holy chit this thread is riddled with you (((IRS))) jewish internet defence league faggots

not only does you have multiple threads per day on this topic, but you fill them with comments about how because of paying this imaginary tax, cryptos will now be not profitable at all

>seriously consider sudoku

>>2323130
well if you have anything to say to the contrary plenty of ears will listen

>>2322108
>>2322149
If I buy $10 of crypto two days before a quarterly date and don't realize I needed to until after, am I totally fucked?

>>2323170
Yes. Your personal IRS agent will waiting for your quarterly report folder to be filed. His mouth will be salivating to take at least $1 of your $10.

THE IRS ARE FUCKING THIEVES

>>2323196
>Your personal IRS agent
Holy fuck I had no idea there were so many of them.

if I have crypto but have not cashed any out into fiat do I have to pay quarterly taxes?

>>2322545
So let's say I buy $10,000+ crypto over time (with gains goes up to idk 50,000)

As long as I cash out with people who are not reporting to the IRS (my friends I know IRL) and "structure" or just don't bank that cash at all, I should be golden?

>I guess what I'm trying to ask is are there ways for them to prove I realized a gain outside of an exchange?
Isn't crypto price kind of like...subjective?

>>2323215
Apparently the goyim have to pay taxes on everything.

>>2323207
You could go live in a cuckshed on kim dotcoms ranch

>>2322519
c-cute

>>2323247
t-thanks..

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>>2323215
>He's not paying his quarterly taxes

>>2321611
Honest question burgers: If you buy Euros you have to pay (((IRS)))?

>>2322832
a true Outer Heaven

a few years ago I got a letter from the IRS saying hey fag you owe us like 500 bucks or something for some unreported income. it was something I had forgotten about when filing my taxes. I paid them the five and went on with my life, no big deal.

question is, at what point do they kick your door down and take you to the pokey instead of just asking for what you owe? If I cash out like 10k eth will I be v&? or do they always ask first and then come after you if you ignore it?

>>2323693
the problem is they might fine you on top of asking you to pay what you owe...there goes your madgainz

>>2322484
This right here is why crypto and any kind of day trading is retarded

>salty salty nocoiner hurr

Yeah, you traded volatile worthless tokens for volatile worthless tokens, which no one will accept payment in, but they have enough speculative value to tax you on. And then, to realize your gains, you have to convert to btc (fees + losses) and withdraw to fiat at a loss in almost all cases, and then pay capital gains on top of that.

You made imaginary money, and are paying real taxes in fiat. It's easy to ignore, but even if you make 1000% on a $100 investment, you didn't make $1000, you made probably less than $400 all said and done, and you're no going to make 1000% consistently if ever.

And yes, you have to pay tax on every trade. My own father was jammed up by the IRS for several million dollars when he was day trading and not reporting, as he was trading with high frequency but ultimately cash negative. They will find you, and it's a nightmare. He made no money, but if they even think there's a possibility that you're realizing gains, you WILL get jammed up.

t. Drug dealer laughing at you faggots and your bitch tax

Jokes on you, retards. I buy high and sell low so I don't have to pay any taxes at all!