taxes

yes. and fuck ever cashing out. this is all about that BTC and the crypto future baby

>>2838904
Nope, swapping between altcoins is taxable
Just pay your fucking taxes and enjoy the fact that you won't have tip toe around the IRS for the rest of your life like a retard

>>2838913
It's actually not taxable as far as I know.
It's like-for-like.

>>2838910
Damn right, anon.

I'm doing everything I can to get it so that I can buy tobacco, gasoline, and alcohol with crypto in my city.

Lots of folks are interested, especially now that I said "watch the price of BTC, it's going to take a huge shit a week or two before August 1, but then it'll go pretty nuts afterward. I'm going to be buying all the way down and I aint selling til 20k if there's even a reason to sell at that point. Here I was about to give you $35 in BTC which will be worth 100$ in no-time, but because you're a nocoiner faggot, you're missing out."


Gained me some street cred. Fuck yeah, anon, we're doing it!

>>2838913
what if i just pay capital gains when i pull out for my lambo?

>>2838913
it's taxable, but only if you cash out into fiat. if you never cash out, there's nothing to fucking tax.

>>2838913
Like kind exchange noob

>>2838936
so as long as i keep it in crypto i wont have to pay taxes

>>2838926
>Buying all the way down
You're supposed to go in at the first sign of an uptrend,you'll gain more profit if you dont FOMO

>>2838957
>So as long as I have no gains I wont have to pay taxes
hmmm

>>2838957
Yes, see section 1031 like kind exchanges. Though Im pretty sure if you buy something different with bitcoin rather than an altcoin/blockchain thing, you'd have to realize the gain then as it's fair market value of what you bought etc etc. Those arent like kind exchanges

>>2838965
So if ypu buy a lambo with bitcoin, youll have to realize your capital gains and be taxed on that

>>2838973
No shit sherlock,do you think the government doesn't check for loopholes?

>>2838910
>>2838922
>>2838926
>>2838936
>>2838965

Wrong.

>>2838995
I'm just mentioning that in case people think they can get away with buying things with bitcoin and not pay taxes just because they didnt switch back to fiat, you FUCKING FAGGOT

>>2839003
What's your argument dipshit. IRS treats it as capital asset/property, so section 1031 like kind exchanges would apply

What about USDT??? Please post proof. Is it taxable?

>>2839014
Have you had success with this?

>>2838904
I'm only paying taxes on my Coinbase activity which is like 2 Eth purchases, 1 Eth sale and a bunch of BTC sales. If that's not good enough then I'm fucked, I've got 4 bots trading 24/7.

literally just cashed out, made $10 profit today. will i have to pay taxes on that? srs

>>2839134
no

>>2839003
shut up, faggot. you are the one who is wrong

>>2839118
Even if you can pull off the 1031 scam you're required to record and report. Whether you do that or not is up to you, just know what your doing and play it properly either way. If you can't afford professional advice you're probably not going to be much of a target anyway.

>>2839014
Lol. Do you have an exchange coordinator? Where do your exchange funds go between transfers?

>>2839150
Do whatever the fuck you want man, but just believing whatever suits or whatever your own logic suggests will not stop the taxman ramming his cock down your throat if he feels like it.

>>2839107
>>2839163
No, but I'll be an official CPA next January. I'm paying my gains that I cashed out this year as it was my first year selling something (ETH)

>>2839159
>he thinks section 1031 of the Internal Revenue Code is a scam

Stop talking retard

>>2839222
So no need to argue for 1031 treatment as you failed to report.

>>2839291
Report what you genius? That's what April 2018 is, reporting

>>2839291
If you mean form 8824, then yeah, that's reported in april 2018 for tax year 2017. My stuff I sold was short term from fiat to eth and eth to fiat

Just make a half assed attempt at paying. Then when they audit you act retarded.

You NEED to file somthing though, unless you like being in jail with niggers.

>>2839330
OK fair enough then. So do you have any confirmation that 1031 is a go? Because there's nothing explicit and I wouldn't go so far as to call it a dangerous assumption but potentially a less than ideal outcome.

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Hey annons, retard BTC gambler here.

Can I write off my losses in my tax return? I lost a lot unfortunatly.

>>2838904
you dont have to pay any taxes if you take all loses like me lol

>>2839357
I think it'd be safe enough to assume so as long as you're being honest. The shit that sucks is having to keep track of it all to convert it to USD prices when you traded for them, which is why its important to keep good records

https://money.stackexchange.com/questions/74789/do-altcoin-trades-count-as-like-kind-exchanges-deferred-capital-gains-tax

"If the IRS believes any property transaction rules should apply differently to virtual currency than to other types of property, taxpayers will need additional guidance in order to properly distinguish the rules and regulations.

Section 4, Q&A-1 of Notice 2014-21 states that “general tax principles applicable to property transactions apply to transactions using virtual currency,” which is guidance that is generally helpful in determining the tax consequences of most virtual currency transactions. However, if there are particular factors that distinguish one virtual currency as like-kind to another virtual currency for section 1031 purposes, the IRS should clarify these details (e.g., allowing the treatment of virtual currency held for investment or business as like-kind to another virtual currency) in the form of published guidance. Similarly, taxpayers need specific guidance of special rules or statutory interpretations if the IRS determines that the installment method of section 453 is applied differently for virtual currency than for other types of property."

by the time you have enough money that you *should* cash out, you should have enough to set up in a tax haven. If not you're doing it wrong and you use your crypto gains to do poor people shit like buy delivery pizza and netflix subscriptions.

Srs, if you're not in this with HIGH ambitions, just dont fucking bother. You will lose your money because you make the wrong decisions, and because you make the wrong decisions you will never invest enough to see serious returns, but you will invest enough to chip away at your savings on constantly short sighted emotional responses.

>>2838904
Sorry, but no. You may be able to justify 1031 like-kind exchanges if you're a casual crypto user w/the help of a tax attorney (you'd still have to report every transaction and would carry the cost basis over from the prior transactions), but if you engage in trading activity at all you are a professional trader in the IRS's eyes and you will absolutely owe taxes on every trade.

>>2838913
My accountant says moves with coins while in play in the market arent needed to be taxed, because theyre still in play, and most 'normal' people enter and exit with bitcoin..
So pretty much if u want to waste time and spend tons of money to file,every move u make, go foe it.

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Coins are property, you pay capital gains

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Is California not the worst state in the country/worst place in the world?
>highest capital gains tax in the country
>high electricity rates -> poor crypto mining profits
>highest property costs in the country, some of the highest in the world
>pollution, congestion, shitty people, etc
Why would anyone live here?

>>2842193
This is all true and well said anon.. You also forgot they will allow an undocumented cat or dog to register to vote

>>2842193
I like the warm weather and the beach. I hate everyone though. Everyone.

>>2838904
If you live in Germany and you hodled for more than a year then you won't pay taxes.

>>2842447
which is useless

>>2842470
You must be a nu-coiner. The game is about hodling, if you are in it for quick cash then go and start a scam or something.

Wait. So if you trade between crypto currencies without cashing out to USD between trades then you don't have to worry about paying taxes? So you can trade between ETH BTC LTC for years and wont have to pay taxes till you cash out into dollars?

>>2842193
>why would anyone live here?
Beautiful Asian sluts everywhere who are pathologically addicted to screwing wealthy white men

>>2842519
Well duh who the hell are you going to pay taxes to? It is literally impossible to associate you with your private wallets.
As far as i know tax only becomes an issue when you want to transfer your money to the bank and cash out.

>>2842540
much thanks senpai

I heard Coinbase/GDAX only reports to the IRS if your yearly volume is >$20k, is this true?

>>2842550
You seem new to the game, make sure to always transfer your funds to your cold storage wallets and never keep anything in the exchanges unless you wanna trade it actively.

>>2842193
Fuck commiefornia, I can't wait till it's nuked off the face of the earth

>>2842576

>>>>/pol/

>>2842573
I am a newfag indeed. Thank you for that advice.

>>2842657
Another piece of advice is to never use third party wallets such as Myetherwallet, parity wallet, etc. If you must use them then use them with very small amounts. Your main wallet should always be the official one by the team of the respective coin.

>>2842677
See, I never would have guessed that. I'll be sure to do this since its safest. What exchange do you recommend for trading? It seems like a lot of people use Poloniex and Bittrex.

>>2842708
No, third party wallets are not safe at all. Myetherwallet steals your money (or it ends up in the void) many times. And you might have heard about the parity wallet hack. As for exchanges, Kraken seems to be a good one if you live in Europe and even better if you are in Germany because they have partnership with Fidor bank. I don't know about the other exchanges.

gg

>>2842724
Thanks for the heads up! Im in the US so just looking at options for exchanges before I dip in.

>>2842760
Glad to be of help, make sure to educate yourself thouroughly on the technology and educate yourself on the new crypto coin projects before you invest in them. Good luck!

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>>2842769

>>2842566
Can somebody answer this pls