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2021-02-05 03:29 27818583 Anonymous Crypto Taxes (sergey_1.png 225x225 52kB)
Do I have to report anything if I only bought and converted, but didn't sell? Using Coinbase in US btw

1 min later 27818725 Anonymous
>>27818583 yes, unironically

3 min later 27818861 Anonymous
>>27818583 Yes But if you lost money, it's a deduction

4 min later 27818997 Anonymous (1587532900358.jpg 774x1024 61kB)
>crypto is not real money lmao >but you have to pay taxes if you use it

5 min later 27819019 Anonymous
>>27818583 No.

5 min later 27819056 Anonymous
>>27818861 >t's a deduction Careful. It's a negative value distribution in either long-term or short-term capital gains reported on Schedule D of the 1040. It's important to make this distinction so people don't go expecting that the losses will offset their income from non-investments such as wages and other earnings reported on the 1040.

6 min later 27819137 Anonymous (1598877493000.jpg 460x397 40kB)
>>27818583 Britbong here, Say I sell but I leave it in cash in my coinbase account. How do I declare CGT or what do? I'm a law abiding citizen and our CGT isn't as ridiculously high as US, also CB has every histoircal trade i've ever made on it (don't day trade just hodl)

7 min later 27819170 Anonymous
>>27818725 the coinbase csv is not helpful. how the hell do I determine my capital gains/losses on a conversion?

7 min later 27819173 Anonymous
https://www.irs.gov/individuals/int ernational-taxpayers/frequently-ask ed-questions-on-virtual-currency-tr ansactions

7 min later 27819196 Anonymous
>>27818583 technically you're supposed to report crypto-to-crypto and pay taxes on it. You're also supposed to report crypto gained from mining/airdrops/forks and pay a portion as income. but I mean, come the fuck on. Who the fuck actually is going to report uniswaps and stuff like that?

8 min later 27819293 Anonymous
>>27819137 Unironically Go to reddit, m8.

10 min later 27819395 Anonymous (HONK HONK.jpg 680x680 83kB)
>>27818997 >IRS considers crypto to be property rather than currency >also the 2020 tax filings has a new question where it asks if you own any "virtual currency"

10 min later 27819450 Anonymous (109485029_3395780493779869_3897917580799056312_n.jpg 540x417 19kB)
>>27819293

10 min later 27819460 Anonymous
>>27818997 >a house is not real money >but you have to pay property taxes on it

12 min later 27819605 Anonymous
>>27819170 It has the USD price at the time of the transaction use that as the basis for everything in USD.

14 min later 27819787 Anonymous
if the conversion process did not create any profit or loss, then no

14 min later 27819809 Anonymous
>>27819196 I wonder if Coinbase rats you out if you trade there. They seem to be extremely pussy whipped by the feds.

14 min later 27819854 Anonymous
>>27819196 Don't be surprised that when you want to claim all of your GAS fees you need to use public sources of information such as Etherscan which would show what occured in the wallet under the address. We already know that the N-S-A can track and trace IP Addresses (many layers even if using a VPN) to Ethereum contract addresses. Be mindful, fren.

15 min later 27819947 Anonymous
>>27819605 but it only has the price of the cryptocurrency I converted from, not the one I converted to

16 min later 27820050 Anonymous
>>27819787 how could it not create a gain or loss? the prices are constantly fluctuating

17 min later 27820192 Anonymous
>>27819809 They do. From what I understand, they send a 1099-K to the IRS if you either did 200 trades or sold more than 20k worth in a year. Just buying a ton and not doing any trading/selling on coinbase will not trigger this though. You can check your emails and see if you got sent a 1099-K from coinbase. If you received it, then that means the IRS did too. If you didnt, neither did they. But yeah, never ever do any crypto-swapping on coinbase or any other KYC'd exchange. Use uniswap or binance with a VPN or kucoin or anything else.

19 min later 27820397 Anonymous
>>27818583 anyone actually going out of their way to pay taxes (or their credit cards) in an era of infinite and reckless money printing is unironically the stupidest motherfucker in town.

21 min later 27820542 Anonymous
>>27820397 but won't the big tax man assrape me if I don't?

28 min later 27821360 Anonymous
>>27819809 Of course. You think people would be able to escape their contribution to making Israel Great? With a company in New York?

35 min later 27822133 Anonymous
>>27819137 I'm in the UK too and I sent a lot of my gains to another wallet. If they ask I'll say I sent it to the wrong address.

35 min later 27822204 Anonymous
>>27818997 You pay capital gains tax on crypto just like with any other asset.

37 min later 27822466 Anonymous
>>27822133 >If they ask I'll say I sent it to the wrong address. "OK that all makes sense. I hope you have a lovely day in your solid gold mansion, Mr Anon."

38 min later 27822565 Anonymous
Here's where I'm fuzzy. If I trade ALGO to USD, the USD has a profit or loss as "real" currency. I expect to pay gains tax. If I trade ALGO to USDT/DAI/USDC or ALGO to ETH... does that apply as capital gains or does it abstain until I "cash out?"

40 min later 27822759 Anonymous
>>27822565 apparently it does for some reason. for example: you buy $500 worth of ALGO you wait some time, and it's now worth $750 if you trade it for ETH, that would be a capital gain of $250

41 min later 27822876 Anonymous
>>27822759 also I have no fucking clue how you would do this if you trade some crypto for one thing and some for another

44 min later 27823175 Anonymous
>>27819395 >>also the 2020 tax filings has a new question where it asks if you own any "virtual currency" Yes Mr Tax man, I'm quite rick in World of Warcraft.

48 min later 27823577 Anonymous
>>27818583 >converted You mean sold USD for crypto? If you are a Canadian, then yes. You declare the difference between the value of the USD in CAD on the day you bought and the day you sold. Every step of every action is full of taxable events.

50 min later 27823933 Anonymous
>>27822876 In your example above, it would be two capital gains of $125, or whatever the split... then each of those purchases are a new cost basis going forward. Every time you sell, it's a gain or a loss and has tax consequences. "Trading" is a sell plus a buy. If all OP did was buy and hold those same coins, no taxes yet.

51 min later 27823987 Anonymous
Just gonna higher a lawyer to put me through the legal loopholes and keep as much shit as possible.

52 min later 27824153 Anonymous
>>27818583 You don't have to report anything if you bought XMR, you can't get taxed on [undefined amount] of xmr. But don't do it ofc, pay your taxes faggot

52 min later 27824165 Anonymous
>>27822133 They can't prove you are not retarded

53 min later 27824243 Anonymous
>>27818583 Nope. If you never sold for fiat you don’t owe shit.

54 min later 27824343 Anonymous
>>27819137 Bitcoin.tax

55 min later 27824432 Anonymous
>>27822466 What can they do? Audit him? Bitcoin is still semi anonymous

1 hours later 27825027 Anonymous
cointracker.io It will tell you your capital gains

1 hours later 27825400 Anonymous
>>27819395 >2020 tax filings has a new question where it asks if you own any "virtual currency" Technically, if it's on an exchange wallet and not in my hardware wallet, it's not in my possession.

1 hours later 27825488 Anonymous
>>27818583 (((money laundering))) (in minecraft)

1 hours later 27825564 Anonymous
>>27818583 If you use ETH you can't subtract the fees in taxes LOL, but the gain is calculated AFTER fees. In other words you pay taxes on $30 if your gain is above $0. keeeeeeeeeek

1 hours later 27825847 Anonymous
>>27818583 Bought what and converted to what? What do you think converting means? If you bought BTC and converted to ETH, what happened to your BTC? It would have to have been sold eg. a taxable event. Any crypto to crypto transaction, even if it's DAI back to USD is a taxable event.

1 hours later 27825935 Anonymous
>>27825027 sounds like a honeypot

1 hours later 27826094 Anonymous
>>27819137 https://coinjournal.net/news/hsbc-b locks-incoming-funds-from-cryptocur rency-exchanges/ You are fucked. There was a guy here that wasn't able to withdraw his money from Coinbase in the UK. It will get increasingly worse due domino effect. Get your memecoins into real money before it's too late.

1 hours later 27826224 Anonymous
>>27819947 You can calculate based on the rate of conversion from one currency to the other in USD terms for both the distribution amount (profit or loss) and the new cost basis for the converted to currency.

1 hours later 27826369 Anonymous
>>27820192 >use VPN >someone uses your same IP to do something that triggers an account lock >"we've detected dodgy activity, please send us full KYC"

1 hours later 27826503 Anonymous
>>27819395 does this include my money in GTA?

1 hours later 27826663 Anonymous
>>27826224 and set the conversion rate to $0 so you don't owe anything.

1 hours later 27826692 Anonymous
>>27823175 Hi rick

1 hours later 27826780 Anonymous
>>27819056 the worst thing about the IRS interpretation is that you might have to pay capital gains tax if you bought anything with crypto, like a pizza or burger. it's retarded.

1 hours later 27826904 Anonymous
Money is free speech and corporations are people according to the federal government. Utilize your free speech and decline to pay your free speech to the government as protest. Constitutionally protected by the first ammendment to give the middle finger to the government by not paying your free speech into their taxes. Keep enough funds on hand to retain a great lawyer just incase.

1 hours later 27827006 Anonymous
>>27819395 Why yes, I do hold some unbaked debt bills created in 1971, how did you know?

1 hours later 27827202 Anonymous
>>27820192 >Use shitty third-world country loopholes to work with your retirement money >Paying shitty exchange rates is better bro >Hey, nice crypto you got there, sorry guess you gotta wait 60 days to do anything with them >B-but we have better toooooools for stuff that makes us look more analytical Ishygdtt

1 hours later 27827775 Anonymous
>>27819395 In the U.S. we have freedom of speech, which allows you to not check that box. You only have to pay what the IRS or yourself (exercising freedom of speech) determined you owe. You can keep quiet basically, and don't use KYC.

1 hours later 27828591 Anonymous
>>27825027 just used this, solved all my problems

1 hours later 27828784 Anonymous
>>27826094 Isn't coinbase pretty much a bank already? They hold your money and you can get a visa card that draws against it for your cups of coffee

1 hours later 27828942 Anonymous
So do you guys check that box or no? US here. Do i check that I own crypto and pay them or just pay them what I owe?

1 hours later 27829007 Anonymous
>>27826904 retarded. The IRS will give you a golf clap for your creativity as they throw you in prison

1 hours later 27829155 Anonymous
Conversion counts as a buy and a sell. Similar to a mutual fund swap

1 hours later 27829271 Anonymous
>>27818583 You don't have to report anything that coinbsae doesn't report to the irs.

1 hours later 27829367 Anonymous
>>27819854 Yeah that's a good point. Gas fees would be a highly recognizable paper trail

1 hours later 27829511 Anonymous
>>27820397 I'd rather stay off their radar and pay the extortion money

1 hours later 27829930 Anonymous (1588615828037.jpg 1280x720 219kB)
Sold some of my stock portfolio last year to sink into crypto. I know I have to pay taxes on that, but how do you actually do it? Can I just transfer money from my bank account to somewhere? I know April 15th is the "filing deadline" but what does that even mean? Never paid cg taxes before.

1 hours later 27830126 Anonymous (1604817112417.jpg 750x728 276kB)
>>27818583 >he thought he was being clever PAY CIPPITAL GAINZ BOI

1 hours later 27830149 Anonymous
>>27829007 irs doesnt throw anyone in prison, they just collect

2 hours later 27831000 Anonymous
>>27825027 thanks for sharing this

2 hours later 27831311 Anonymous
>>27829930 april is when you file your 2020 taxes, did you do it then? who did you do it with, they should have tax papers for you.

2 hours later 27831466 Anonymous
>>27818583 >bought and converted Define this What did you buy What is a conversion in your mind ?

2 hours later 27831619 Anonymous
>>27823933 Eurofag here, can't I just compare what I had put in and what I eventually withdraw (once I end up doing that) and pay taxes on the difference?

2 hours later 27831649 Anonymous
>>27831311 How would I do that if I only sold my stocks this past fall? Don't I file taxes for the stuff I did in 2020 this upcoming april? And I'm sure my brokerage (vanguard) has all the necessary papers for me, just don't know what to do with them. I'll probably just sign up for turbotax or something.

2 hours later 27831985 Anonymous
>>27826503 yup, you pay taxes on those hookers you hired and again when you promptly ran over them and got a refund

2 hours later 27832019 Anonymous
>>27831649 more than likely your papers arent even ready yet. RH for example is going to release 2020 papers between the 16th and 18th of this month. vanguard will give you your papers, fumble around in the account settings theres going to be a tax section. once you have these papers (form 1099) you can actually plug it into turbotax and itll do all the thinking for you.

2 hours later 27832107 Anonymous
>>27825400 good luck anon!

2 hours later 27832221 Anonymous (1590095426739.jpg 300x265 18kB)
>>27832019 Sounds good thanks. Just a bit nervous because this is the first year I've got to lube up for the taxman (student).

2 hours later 27832388 Anonymous (crypto tax plan.png 692x276 64kB)
>>27818583 This anon had a good idea but it's just a prank

2 hours later 27832393 Anonymous
>>27831619 Also interested in this

2 hours later 27832482 Anonymous
>>27819809 do you even have to ask? us jurisdiction = bend over for feds every time

2 hours later 27832534 Anonymous
>>27832221 honestly not a lot to worry about, if you have any actual gains then they take a tax on that. this tax would be deducted from your potential refund - it isn't something you pay separately. either way just get all your tax papers and throw them into turbotax and itll do it all for you.

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