No-coiner here to laugh at all you cryptofags

>>2875692
delete this please

>>2875692
should coiners be considered people?

>>2875692
Bitcoin will get taxed 30% if/when you exchange to USD, I'm pretty sure everyone knows that. Only what you gain is taxed.

So if you get $1000 to $11000, the $10000 that you profited will be taxed 30%. And this is ONLY if you exchange to USD through a bank.

You can use the bitcoin to make purchases on various sites without having to convert to USD to avoid the tax. You can easily buy gold for 2% above spot price and sell at a jeweler or pawn shop for cash.

>>2875692
you only need to pay taxes when you convert between FIAT and crypto

show me one example who was audited for only crypto trading (i know the one who got arrested, but he was regularly exchanging between BTC/USD, nobody ever had any problem for exchanging between crypto/crypto)

What bitcoin? I don't know what you're talking about

>>2875692

I cashed out for the first time yesterday and will pay taxes on what I earned happily. umad

>>2875724
>You can use the bitcoin to make purchases on various sites without having to convert to USD to avoid the tax. You can easily buy gold for 2% above spot price and sell at a jeweler or pawn shop for cash.

Purchasing stuff with Bitcoin is a taxable event.

>>2875705
No. Hang all coiners.

Also, as another option.

>Not cashing out and spending the money on a beast computer, and then claiming for the computer as business expenditure, therefore not having to pay taxes on it

I'll just flee to Panama

>>2875796
>Purchasing stuff with Bitcoin is a taxable event.
For the person who receives the bitcoin. You don't pay anything (unless it's a standard GST which the seller marks up on their original price)

>>2875824

Don't you pay taxes on the value of the item you bought? I think you need to look into it desu.

If what you were saying is true, everyone with Bitcoin would just cash out into gold and be like 'wew no taxes'.

wait am i supposed to be paying taxes on this myself? i thought it was automatic? could i get in trouble when i sell my crypto for usd?

File: pepe 15.jpg (42KB, 250x238px) Image search: [Google]

42KB, 250x238px

>>2875724

lol, you are so wrong here its sad. Exactly what I was talking about, you coiners are unaware of tax laws. Every single trade you make with bitcoin or any shitcoin is a TAXABLE event. If you're not keeping these records and reporting them and paying taxes on them, you're going to get fucked by the long dick of the taxman. They will get their shekels that you owe, silly coiner.

>>2875738

WRONG. ^ read above. Every trade is a taxable event.


>>2875753

Not at all, good for you. You're still going to get fucked when they audit you when cryptos are cracked down on hard by the IRS, and everyone who used them is investigated to find out if they did anything illegal with them.

>>2875789

The taxman will find out :) you've been warned. Enjoy your freedom while it lasts.

>>2875854

You gotta pay tax desu. As long as you are earning above the non taxable threshold overall, you gotta pay tax on your profit.

>>2875824
No, it's definitely taxable. You're purchasing something of value with bitcoin that hasn't been taxed, you're gaining something. Capital gains tax bro. Goodluck, I hope you're not too deep in purchases and I hope you have your records.

>>2875879
>The taxman will find out :) you've been warned. Enjoy your freedom while it lasts.

Lmao lad, you didn't read my post. I AM GOING TO PAY THE TAX LMAO. I will just hand my bitcoin sales records to my account with the rest of my earnings and I will pay the tax. Though I will probably buy a beast computer and add it as a business expense, therefore meaning I won't have to pay tax on a lot of it.

File: pepe laugh 2.jpg (55KB, 258x360px) Image search: [Google]

55KB, 258x360px

>>2875854
AHAHAHHA. Like I said. You coiners are so dumb.

You're SCREWED.

>>2875692
I'm a nocoiner but I made 34k trading stock this year, in addition to my to the 30k I made working for the first five months this year, for which taxes were payed.... RIP $7k+ tax due in April

>>2875907

oops, that was meant for >>2875753

>>2875879
>lol, you are so wrong here its sad. Exactly what I was talking about, you coiners are unaware of tax laws. Every single trade you make with bitcoin or any shitcoin is a TAXABLE event. If you're not keeping these records and reporting them and paying taxes on them, you're going to get fucked by the long dick of the taxman. They will get their shekels that you owe, silly coiner.

Lad. The taxman will be happy with taxes from any sale of Bitcoin I make. I will not be hiding my profits into cash, I want to be straight up and pay the tax. They won't care about small trades on now defunct crypto exchanges. They are getting the profit in the end anyway. They will just be glad that I am not one of the majority that sell their coins under the radar and don't pay any taxes.

File: roylelcat.jpg (285KB, 1124x1024px) Image search: [Google]

285KB, 1124x1024px

>>2875692
>i didn't fall for the shitcoin meme

feels good boys i don't make many good choices but this one i nailed

>>2875941
>have a brokerage account with etrade
>make 10k profit
>etrade dissolves
>ayyy no taxesssss!

coiner logic

>>2875692
ahah burger we live in Acapulco
Anyways you can't tax profits made with currency trading. Is Bitcoin not considered as a currency in US ?

>>2875941
You'll probably be ok, as long as you made an effort. Good luck.

>>2875849
>>2875899
There is no capital gain though. You've exchanged 0.015BTC for something worth 0.015BTC. The person who then receives that currency pays tax because they've realised a net gain
>>2875907
If your earnings are only enough to buy a "beast computer" and negate most tax, you're a small fish

>tfw cashed out 100k usd of eth

Gonna pay almost 25k in taxes but I feel like I can make that before years end anyways.

>>2875959
>you can't tax profits made with currency trading

What the fuck. Anon, don't drop the soap when you land in federal prison.

>>2875960

ty desu. When it comes to taxes, believe me I am scared into paying for my profits. But all those tiny insignificant trades on exchanges? Impossible.

>>2875976
Uh, did you make 100k profit? Or was the position worth 100k when you sold it?

Two different things anon. You don't pay tax on the balance of the liquidated position, only the balance less cost basis.

>>2875966
>If your earnings are only enough to buy a "beast computer" and negate most tax, you're a small fish

Yeah in terms of btc I am quite a small fish so I am probably safer in that regard also. I am thinking about buying a computer around $4500 btw.

>>2875966
It's still something that has to be taken into account and reported.

"Americans also trade Bitcoins or leveraged Bitcoin contracts on Bitcoin exchanges, and they should report realized capital gains and losses on each trade, even if the trader doesn’t convert underlying Bitcoin back into U.S. dollars."


https://www.forbes.com/sites/greatspeculations/2017/02/21/if-you-traded-bitcoin-you-should-report-capital-gains-to-the-irs/#67e4e651e3d8
Read the whole article, coiners.

>>2875996
Invested $6600 USD when eth was in the 20$ range and sold it around $340-350 a piece

>>2875692
when i cash out millions in 5 years in the cayman islands and i somehow still have to pay taxes let me know

>>2875879
>Every trade is a taxable event.
It still comes out to the same amount. If the IRS wants to go through 1000s of transaction, fine make them earn those tax dollars

>>2876000
Doesn't your country have a tax threshold or something? Usually it's around the $20k mark.
>>2876004
I don't report every single thing I buy at the supermarket to the government. They can fuck right off if they expect me to document mundane bullshit like that when it won't even net them any tax revenue

>>2876012

Good job man.

>>2876040
>Doesn't your country have a tax threshold or something? Usually it's around the $20k mark.

Yeah lad. The threshold is about £11K, but I go over that in my real work, this crypto stuff is a side earner.

>>2876012
Ok cool, you're correct in your tax calculation then.

&that's awesome.

File: pepe mischief.jpg (39KB, 473x500px) Image search: [Google]

39KB, 473x500px

>>2876015
Yes, they will audit you to earn those shekels. Have fun

File: 1492875542636.jpg (67KB, 500x596px) Image search: [Google]

67KB, 500x596px

Another nocoiner retard who thinks America is the centre of the universe
>ps, my country doesn't tax crypto gains
already cashed out 15k straight profit
lmaoing at your life brah

>>2875977
>>2876004
REEEEEEEE,
SELL
E
L
L

>>2876075
which country ?

>>2876040
wut? LOL. coiner intelligence strikes again. Cash isn't a crypto. Buying something with cash is not comparable. You pay sales tax, and if you have a job and earned your money legit you already paid taxes on the money you earned.

Doesn't apply to bitcoin/shitcoin, which have not been taxed if you've been trading on exchanges. Those have to be reported and taxed or not whether you made gains or losses.

>>2876015
Don't worry, they will

>>2876075
I was speaking specifically about the US, but where do you live? Hopefully you're well versed on your own tax laws and not as dumb as the average coiner.

>>2875692

>live in NZ
>get 300 a week to (((study)))
>0 capital gains tax

Americans btfo

>>2876111
>15% sales tax
Kiwis btfo

>save up a good amount of bitcoin
>create a charitable trust fund
>invest all that money into it
>the fund will then reinvest it into stocks, dividends, gold etc

There are many legal ways to fuck over the taxman

>>2876068
Big deal, being audited is nothing to be scared of unless you're laundering money. You're just a salty fear mongering nocoiner.

>>2875824
When you exchange one asset for another, a gain arises even if money is not involved. Capital gains tax will be payable.

t. accountant/auditor/tax adviser

>>2875738

Coiner here. Specifically for Burgers who trade shitcoins: (most of us)

If you made even 1 trade between alt-coins you could owe capital gains tax even if you never even touched fiat. I used to fall for the "it's only when you cash out meme" but it's just not true.

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

The IRS considers all virtual currencies property. If you trade between alts that is a property to property trade. For all property trades the IRS expects you to convert to "fair market value" of the items at the time of trade in terms of USD. They expect you to report the capital gain or loss for every trade using Form 8949.

https://www.irs.gov/pub/irs-pdf/f8949.pdf

>B-but how can they tax me? I don't even have the dollars?

You still owe them dollars. It's not their problem where you get it from. This is why people can't escape taxation by only bartering. You either have to use a second source of income to pay it, or liquidate a portion of your crypto portfolio, pay taxes for any capital gains realized for converting to fiat, then use that fiat to pay taxes again for your alt-coin trades.

>B-but what about like-kind exchanges?

You still have to report it. They offer no clarification if alt-coin trades qualify as like-kind. Also good luck sending them thousands of pages because the form for 1 like-kind exchange is 2 pages. You're asking for an audit if you do this and they might potentially reject like-kind treatment. I've never heard of anyone reporting their trades this way.

https://www.irs.gov/pub/irs-pdf/f8824.pdf

>>2876196
>When you exchange one asset for another, a gain arises even if money is not involved
And what would that be exactly, if I bought a loaf of bread for instance?

>(Total sell value - investment) *[tax rate]
>pocket the rest
Wow that was hard

>>2876197
>>2876227
a coiner that makes sense.

>>2876215
well after you buy a loaf of bread there's no fucking way I'm buying it from you so I don't think there's a gain there bro

>>2876247
>well after you buy a loaf of bread there's no fucking way I'm buying it from you so I don't think there's a gain there bro
That's the point. You buy something for 1BTC, and it's still worth 1BTC or less. There's no capital gain there.

File: Trump pointing.png (222KB, 328x382px) Image search: [Google]

222KB, 328x382px

>>2876196
>>2876197

this

>>2876227

That's what I am going to do. The stuff with the exchanges is ridiculous. I would be surprised if 20% of the people trading crypto report their profits that way.

>>2876252

Bro trust me, purchasing stuff with crypto is a taxable event. Ask yourself, why aren't all crypto traders just cashing out into gold and not paying tax?

>>2876227
>>2876266

Good luck with that bros. See what happens. kek.
This guy knows what he's talking about >>2876197 You would do well to heed his advice.

>>2876252
The capital gain does not occur when you spend the money.

The capital gain occurs when you're trading. I assume you already know that though.

>>2876274
>purchasing stuff with crypto is a taxable event
nonononononono
The capital gain occurs when you're trading.
The capital gain occurs when you're trading.
The capital gain occurs when you're trading.
The capital gain occurs when you're trading.
Read 10 times for maxim understanding

Don't get shit confused with sales tax

>>2876286
Logically it all comes out the same way, so I don't see an issue. If they want it reported quarterly then fine. I don't see any reason to be audited unless they don't think I'm paying taxes.
Once I make enough in crypto for it to matter I'll ask an actual professional about it before I cash out rather than heed the advice of /biz/ but I appreciate the warnings.

>>2875692
I'll worry bout this bullshit in 2020 (optimistic) or 2025 (more realistic).

Not cashing out before then, so not worried about it... and once i've made my milli, it'll be bye-bye burgerland.

fuck the fedgov

>>2876286

What percentage of people do you think report every tiny transaction on exchanges (a lot of which get deleted at some point)? Mate, the taxman will just be happy that you are being upfront about your profits. The majority of traders don't even report a thing, we are being upfront.

The way you are talking about doings would mean that barely anyone would be able to trade crypto at all.

>>2876196
>>2876304
you just exchange currencies LOL
Do you declare your gains when you convert your pesos to USD when coming back from Mexico ?
GENIUS

>>2876351
So you're saying that me trading FX and making $10k profit is not taxable?

So if I open an FX account and trade the EUR/USD and make a profit, I don't have to report it because i "just exchange currencies"?

Holly shit dude. This is revolutionary.
>coiner logic

>>2876100
I know retard, you people need a better argument than IRS BOOGYMAN BE AFRAID OOOOOO THEY GONNA AUDIT YOU A WOO WOO
Our fucking president is being/was audited. Big. fucking. deal.

>>2876304
WRONG. Purchasing goods with bitcoin IS taxable. That fits into capital gains.

"8. Spending Bitcoins is like selling Bitcoins
For tax purposes, spending Bitcoins or any digital currency, is treated as if you had just sold them. If you bought a $100 gift card with Bitcoins, you effectively sold those Bitcoins for $100, and any potential capital gains must be calculated.
There is no threshold for capital gains. Everything is supposed to be included. However, typically these figures are rounded on tax forms, so any gains less than $0.50 are ignored."


https://bitcoin.tax/blog/bitcoin-taxes-things-to-remember/


>>2876337

"10. The burden is on you to keep records
If you were ever audited and you need to account for any capital gains, especially long-term where the tax rate is reduced, you may have to show documentation to prove your position. The burden is always on you to keep documentation and perform recordkeeping.
If an exchange you were using suddenly disappeared and you can no longer obtain your records, you might having difficulty proving any gains from any trades. You could, for example, find those long-term gains get changed to short-term.
Keep records of all your bitcoin activity.
Periodically download your trading history from any exchanges you use.
Export transaction logs from any wallets you have.
Ensure you have records for each time you spend any Bitcoins."

https://bitcoin.tax/blog/bitcoin-taxes-things-to-remember/

Don't risk it bro.

>>2876227
It doesn't always work out the same though. Are you planning on selling everything at once and report nothing on years you didn't cash out? Also the cost-basis get's real complicated and the tax rates change between long term and short term trades. Best thing to do is use software like bitcoin.tax where you can just import your trade history and it lets you export a Schedule D form.

>>2876337
If you report though, you're on their radar. If they spot one inconsistency you're done. I'd rather go full compliant than half. You're taking a gamble that they'll never find your name on a crypto-exchange. If they see any trades that you didn't report you're fucked because you actually misrepresented what you did. You didn't just buy once at a certain date and sell later.

>>2876416
Sales tax is not a capital gain. I'm really sorry.

>you effectively sold those Bitcoins for $100
>you effectively traded those Bitcoins for 100 USD.
The capital gain occurs when you're trading.
The capital gain occurs when you're trading.
The capital gain occurs when you're trading.
The capital gain occurs when you're trading.
Read 10 times for maxim understanding

>>2875849
>>2875854
HAHAHAHAHAHAHA
THESE ARE THE PEOPLE GIVING YOU ADVICE

fucking retards

>>2875692
Oh no i have to pay 20% taxes for my 200k gains, what sver shall i do

Why did i invest in crypto?
I could have no money and i wouldn't have to pay taxes than


Weak beit m8 but made me reply

>>2876092
>>2876109
Netherlands.
True, if you have more than 25k you will need to pay 1.2% a year (this applies to all assets including crypto)
But anything like a mortgage or debt reduces your total so essentially you pay nothing if you know what you're doing

>>2876446
WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG . Read 10 times for maximum understanding.

Buying something with Bitcoin is capital gain. Research it.

I plan on reporting so

>>2876499
(:
Yes, you're correct in saying "Buying something with Bitcoin is capital gain".

"buying" is literally trading when the thing you buy is priced in USD. Buying a $100 gift card is the same as Selling $100 worth of bitcoin at any time, with the same cost basis and exchange rate, the capital gains reported for each transaction are identical.

The Sales tax that you pay on an item however, is not a capital gain or loss.

Tendie tax for all the good boys, mummy takes away a tendie for the pack .. or if you've been Mummy's big 200kg boy , you lose some gbp.

TendieCoins are the fucking most retarded asset class, there are taxation laws and threshold dependant on country in which you will not have to report your tendy Wendy gains, but be realistic.. whomever claims to go to lambo land has really got themselves a box of frozen tendies and a Matchbox car.

How does it work with forked coins? Is the cost basis 0? Does the time of the fork count as a purchase?

>>2876549
I never said anything about sales tax, wtf. I said buying something with bitcoin is a taxable event.

>leave this shitty country and don't look back
that wasn't too hard was it anon?

>>2876435
>>2876416

I am in the UK.

"In 2015, the European Union decided not to tax Bitcoin, and that situation remains unchanged to date. But things are a bit different in the UK, as there is a decree that would see Bitcoin transactions taxed by as much as 20%. "

"While bitcoins are not regulated, it has been reported that Her Majesty’s Revenue and Customs has classed bitcoins as ‘single purpose vouchers,’ rendering any sales of them liable to a value-added tax of 10–20%. This has been strongly criticized by those selling bitcoins as being a show stopper for the UK Bitcoin industry. There is no specific reference on Her Majesty’s Revenue and Customs site to bitcoins."

https://news.bitcoin.com/brexitt-uk-bitcoin-taxation/

>>2876381
Seem a bit nervous there.

>>2875692
Your argument is retarded.

"Im a comfy no coiners because I dont have millions of dollars I have to pay taxes on, haha sucks to be you bitcoin millionaires, you have to pay more taxes than me!"

lol faggot.

>>2876369
WAGEKEK ON TILT AHAH

>>2876549
SPEND SOME MONEY, DECLARE GAINS AHAHHA
>>wagec_uck logic

File: comfy pepe2.jpg (44KB, 222x305px) Image search: [Google]

44KB, 222x305px

>>2876593
Then why are you in this thread? I was specifically referring to US based cryptofags.
I'm know nothing of UK tax laws, though I do know many coiners are going to be equally dicked over when these other countries figure out how to extract the shekels that are owed.

>>2876623

Never said anything about having to pay MORE taxes. Most of you /biz/ coiners aren't even thinking about paying ANY taxes whatsoever. And THAT'S why you're fucked.

Hell, even if you do pay taxes, if you didn't keep records, you're fucked. Have fun coinfag.

File: 1500343284845.jpg (22KB, 306x310px) Image search: [Google]

22KB, 306x310px

>>2876601
Tell me more about how paying ~30% in capital gains taxes makes that other 70% of profit negligible.

>>2876693
>Most of you /biz/ coiners aren't even thinking about paying ANY taxes whatsoever. And THAT'S why you're fucked.
You're right however in your op you pretty much said "Filing taxes is a pain in the ass so why bother" you're not comfy, you're just making excuses to not take advantage of a once in multiple lifetimes money making opportunity.

>>2876693
>Then why are you in this thread? I was specifically referring to US based cryptofags.
>I'm know nothing of UK tax laws, though I do know many coiners are going to be equally dicked over when these other countries figure out how to extract the shekels that are owed.

ahh, i might be in a more cozey situation. So long American coiners, I wish you luck.

>live in socialist shithole
>crypto gains tax free

LMAO at you burgers

File: pepe laugh.png (360KB, 600x580px) Image search: [Google]

360KB, 600x580px

>>2876853
>t. Swedenstan

enjoy being culturally enriched by migrant hordes.

What about shapeshitft?
Forks?
etc...

Do they even know about things?

File: comfy pepe.jpg (33KB, 230x249px) Image search: [Google]

33KB, 230x249px

>>2876811
mfw I won't be audited because I'm not a coiner

>>2876881
BURGER BTFO

>>2876728
When did I say it was worthless? I stated the IRS will go through the trouble of taxing you for cryptos. You proceeded to chimp out and I said you seem nervous.

File: image.jpg (378KB, 750x725px) Image search: [Google]

378KB, 750x725px

>>2876887
>mfw Amerifats get taxed 30% on crypto profits but no health care
>tfw we aren't taxed on crypto in Sweden and get free health care

kek

Meh what's stopping me from using a bit coin ATM? They are a couple in my city that allow you to BUY and SELL for fiat just at an inflated rate.

>>2876952
Capital gains tax must be destroyed.
Also I haven't paid a cent for my healthcare in years thanks to my employer funded insurance.

>>2876952
>He thinks living in a rapefugee infested hellhole is a good thing

>>2877539
Further more what if I mined those coins at a loss (and have actual proof) and even with trading I still didn't turn a profit?

Coinfag neets are sheltered and literally have no idea just how powerful the long dick of the IRS is

I had a friend, a college student and national guardsman, who got audited for potentially misreporting

A POOR COLLEGE KID IN THE ARMY

>>2875692
>if you live in the US

i'm here to laugh at your country

>>2877709

Remember that one time they literally picked Kim Dotcom's fat ass up out of New Zealand in a helicopter

Hope your pussy government has a $600 billion army ready to defend your front door

>>2875692
>They're going to find out
How exactly are they going to find out how much you have? You can buy anything with crypto, how are they going to know that you didn't mine it?

>germany
>0(zero) tax if you store btc for a year without trading to altcoins

>>2877734
Mining bitcoin is taxable.
Trading bitcoin is taxable.
Buying items with bitcoin is taxable.

If it wasn't, this would be an easy loophole for people to launder money/get out of taxes. You CAN'T beat the system.

If you're trying to dodge taxes through bitcoin, you'll have a shadow over you always.

Pay taxes or else.

>>2875692
In the last month I've turned .05 btc into 3+. I was tooling around the yard on my new mower today, paid for with crypto gains, smiling my ass off. Every morning I wake up worth more than when I went to sleep. I'm paying capital gains taxes, you're a retard.

>>2875692
>implying I'm not sitting on all my ETH and DGB gains until next year before even thinking about spending them specifically because I'm waiting to get taxed the fuck out of
Who are all these hypothetical people you've been talking with who think that BTC isn't taxed in the US? Even the people whose portfolios are worth less than $500 know that their gains are taxed, they're just trying their luck and hoping the gains are too small for the government to care.

File: trump laughing.jpg (21KB, 307x291px) Image search: [Google]

21KB, 307x291px

>>2877926
LOOL. Coiner intelligence strikes again.

You can't sit on your "gains". That's not how it works. YOU HAVE TO PAY TAXES.

You are running the risk of being audited. The IRS won't give a fuck if you didn't know this shit, they'll TAKE what they're owed, buddy. lol.

Just wait for the crackdown when they start investigating exchanges.

>>2877975
>YOU HAVE TO PAY TAXES
The implication with my reply was that I'm waiting until next year when taxes are due, pay my taxes (and my crypto taxes), THEN spend my gains.
Unless you know of some other way of paying taxes "manually" for crypto, in which case do tell

>>2877975
all he is saying is he is going to wait a year and pay 15 percent capital gains instead of 30 percent.

>>2878133
Are we supposed to pay taxes during tax return time on crypto gains though, or is there some other way of doing it that I'm not aware of?

>>2875692

Only gains are taxable. The people that have to pay taxes owe those taxes because they made gains, you shit bird.

>ha, look at all these idiots making a bunch of money and then paying a small amount to the government, what m...morons haha r...right?

>>2875692

Yeah OP you really told me because somehow I pay more taxes than I do in income.. so the whole thing is pointless. You didn't miss out on anything.

>>2875879
What you fail to realize that the biz strategy of buy high and sell low means they never actually get any gains that can be taxed

>>2878160

You have to pay taxes when you make any exchange. So if you say bought $10 of BTC, then a day later sold that BTC for an amount of ETH worth $11, you have to report that as $1 in income. You can export you trades from the exchanges when you file your taxes next year, there are online apps that will tell you what you owe. But can never owe more than you made in income, it will be taxed like normal income, like if you had a salary.

If you sold or traded BTC which you've held for a year or more, then you'd report that as capital gains in your taxes for that year. So if you buy BTC and never sell or trade it you will never pay taxes on it.

>create shitcoin with 10000000000000000000000000000000000000000000000000000000000000000000000000% PoS
>get shitcoin on shitty exchange
>get some faggot to buy 1 for a dollar's worth of BTC
>become the richest man on earth in a day from the IRS's perspective

The law is retarded

>>2878255
That's only for BTC, there is no tax software that can account for every single coin in existence.

>>2878271

You measure the trade in USD. Whatever it is worth at the time. So if you bought 10 imaginary example coins for $1 each, that's $10 in. Then say a month later you trade that for 20 of another imaginary example coin which was also trading for $1 each, a $20 value, then you made $10 in the IRS's view.

>>2878258

That's not how it works.. Your income would only be $1.

File: redhot.jpg (84KB, 700x700px) Image search: [Google]

84KB, 700x700px

>tfw bought ARK
>tfw bought ADT
>tfw bought ESP2

LAUGH AT ME. LAUGH AT ME BECAUSE I'M A DUMB FAGGOT 30 YEAR OLD KISSLESS VIRGIN

>>2878312
You do realize mining counts as income right? The IRS considers every single mined coin as income

> cashing out

i hope this is with your shitgains from shitcoins, because if you are selling btcs before you have enough to move permanently to some non-extradition country and set up a tax haven, you're doing it wrong and lambo land for you is just a meme.

>>2878293
>You measure the trade in USD. Whatever it is worth at the time.
A coin has multiple different prices based on various exchanges, which exchanges are legally valid definers of a coins worth?

Imagine if coiners put this much effort into actual investing

>>2878374

Whatever the USD exchange is.

>>2878388

crypto has allowed people with very little capital to make serious returns in a relatively short amount of time.

"investing" is worthless unless you have large capital to start with

>>2875692
>If you live in the US
Hahaha, USfags are massive cucks.
Shilled capitalism all over the world yet their version is utter shit.

>tfw live in UK
>Crypto is considered a currency
>don't have to pay tax on it

>>2875849
>Don't you pay taxes on the value of the item you bought?
You don't the seller does.

I'll give you an example
>Shop owner buys 100 cans of beans from a local farm
>He pays $1 for each can + 20% VAT adding up to $1.20
>The farmer pays $0.20 to the tax man for each can sold
>He sells it in his shop adding 25% to the product price + VAT. He puts the can of beans on the shelf with a price tag of $1.50
>A man goes into the shop
>Buys the can of beans for $1.50
>The shop owner makes a $0.30 profit on the can of beans

>>2878606

Thanks to the EU

>make 500k sitting on your ass trading coins
>government fucks you and takes some of it
vs
>make 40k a year working at some shit job
>government fucks you and takes some of it
stay "comfy" my friend

>made money from crypto
>paid my taxes

Still laughing, dumbfuck?

>>2877859
You never answered my question about how someone can find out how much bitcoin you own. How would the IRS even find out how much you owe due to trading?

File: 1499887201664.jpg (32KB, 497x351px) Image search: [Google]

32KB, 497x351px

Anyone know anything about this capital gains shit in Canada? are we still fucked?

>>2876014
if you have US citizenship then they will find you little man

just pay your taxes idiots

>>2879063
Oh, I'm sure some get away with it. Others will not be so lucky.

So, the question you SHOULD be asking, is it worth living with that shadows over you, wondering every day if this is the day your door gets busted in and you get arrested for tax dodging?

File: 1366410410842.png (915KB, 672x684px) Image search: [Google]

915KB, 672x684px

>>2875692
CASH
A
S
H

>>2879146
>capital gains
https://en.wikipedia.org/wiki/Capital_gains_tax#Canada

You're fucked too, leaf.