Tax Time

>>3488821
kys statist

What happens if you miss a quarter?

>>3488821
I invested in BTC earlier this year how do I into the taxes.

>>3488870
>t. edgy teen who isn't even affected by this

>>3488884
You have to pay a penalty.
>>3488889
First In First Out.

>Yes, YES! FILE THOSE TAXES!

Can't report trades when they still haven't defined how to.

>>3488924
Cryptocurrency is treated like a commodity for tax purposes. That guidance came out a while ago.

>>3488961
It's not but have fun losing a portion of your gains when you don't have to.

>>3488977
It is.
For example: https://www.irs.gov/newsroom/irs-virtual-currency-guidance

>>3488993
You literally have no idea what you're talking about.
I'm guessing you just got in crypto recently.

>>3489014
>You literally have no idea what you're talking about.
Nice comeback.
>I'm guessing you just got in crypto recently.
Nope.

Some further reading: https://www.forbes.com/sites/greatspeculations/2017/07/10/what-you-need-to-know-about-cryptocurrencies-and-taxes/#31628e1c1a95

>>3489046

The fact Bitcoin.tax gives you an OPTION to report each trade as like-kind is proof there is no clarity, if you can't do it why is it a choice to file this way?

Even the fucking IRS doesn't know how to handle their own shit, I bet you could have 2 different people do their Bitcoin taxes 2 different ways and both have the same chance to be accepted or audited. 10-1 It all depends on whether Laquisha or Bob is reviewing your forms that day.

>>3489046
Yup, you haven't been here long.
You literally just linked an article that some guy wrote on Forbes. They allow normies to write articles in their free time.
It says the EXACT same thing from the IRS page, which means you think it validates your point, yet it's still null.

>>3489091
>bitcoin.tax
>if you can't do it why is it a choice to file this way?
Bitcoin.tax is not limited to the United States and is not affiliated with the IRS. Different jurisdictions have different tax codes. Barter transactions are taxable within the United States, with there being exceptions for things like certain real estate transactions which would not apply here.
>Even the fucking IRS doesn't know how to handle their own shit
That's another issue.

>>3489111
>It says the EXACT same thing from the IRS page
>what the IRS says is null
Ummm...

>>3489176
Show everyone here your tax forms you've filed regarding bitcoin with your name and sensitive data blurred out.
Prove to everyone you're not full of shit.

>>3489196
>implying this isn't another FUD thread to shake people out with fear of the IRS.

>>3489196
I refuse. Whether you think I'm full of shit or not is irrelevant. If you want to take the risk and not follow the IRS guidelines, be my guest.

File: 1503971749969.jpg (29KB, 334x393px) Image search: [Google]

29KB, 334x393px

>WORRYING ABOUT TAXES

>>3489211
You are also making a massive assumption in addition to the fear mongering.

You are assuming most people here are in the green. Gubment can't tax a loss.

>>3489211
>I refuse.

Then you're full of shit and now everyone knows it.
Have a good day.

>>3489234
>You are also making a massive assumption in addition to the fear mongering.
I haven't made any assumptions and I'm not fear mongering.
>You are assuming most people here are in the green. Gubment can't tax a loss.
Correct. In fact, if you report your losses, you can use them as a tax deduction.

>>3488821
Lolz if your paying taxes

>>3489243
You're free to believe that if you like. It doesn't affect me or whether or not what I've said is true in any way.

Have a good day.

My cpa said he will look into it but like stock you don't get taxed until it's fiat again. So your fiat grows to x fiat you pay taxes on the gains.. anyone think this is correct or no?

>>3489395
If you are in the United States, you don't pay taxes on crypto for holding it, but you do pay taxes if you trade it.