Daily reminder that if you are a US citizen, you must report

>>2381695
If you're like most people here who only trade chump change (10$-300$) you should not bother at all

Wrong. You aren't subject to shit until you cash out.

>>2381695
>So let's say you participated in a failed PnD and sold off your coins in multiple panic sells. You would have to report losses/gains for every single one of those transactions, even if you don't cash out to fiat.
>even if you don't cash out to fiat
wrong. There are like-kind regulations that allow trading between securities that are alike (i.e. crypto) without having to report gains or losses.

>>2381695
How in the FUCK is the IRS even supposed to have any idea what shitcoin pump and dump transactions I participate in unless I tell them?

>>2381695

If you don't make over 10k a year, you're not obligated to pay any taxes. It's literally a rule on paypal. If you make more than 10k, you fall under the lower class bracket.

Less than 10k is what people use to eat and survive.

>>2381695
What if my total net income is less than $9k this year?

>>2381695
This sounds like bullshit. Whenever you decide to cash out means it'll just fall under the capital gains tax.

>>2381764

They don't, nigger. Unless Microsoft or some devilish corporation wants to get crafty and pump them all of your private information.

That's illegal. I also expect my ISP to keep my website history private. So long as I don't plan any illegal things, everything is fine.

Don't cash out until Bitcoin rises into the main stream n 1-2 years.

Don't cash out until Bitcoin is everywhere in 10-15.

Don't cash out until you're 50-60 you dumb cunts.

Get a job in the mean time.

And if you're old, just give someone your wallet and it's theirs. That simple.

>>2381695
>you must report gains and losses for EVERY transaction you make.
you've failed
trading is not a transaction, a transaction is a CONCLUSION

>>2381695
That means I have to report my cashout from coinbase?
WHAT
And I just cashes out 5k...

>>2381695
the IRS only cares if you sell or get dividends.

>>2381892
Same thing. A trade is a transaction with a conclusion.