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2021-02-06 08:39 27931571 Anonymous Stupid question (download.png 225x225 2kB)
But do you have to file taxes for crypto if you didn't cash out yet. I put in but never cashed out.

1 min later 27931660 Anonymous
>>27931571 If you only bought and hold the no. If you made trades then yes

3 min later 27931814 Anonymous
>>27931660 fuck that. i'll pay taxes when i cash some out other than that they can suck my dick.

4 min later 27931887 Anonymous
>>27931571 That's why I don't sell. My deposit and tx history is just too complicated to report. If I ever decide to sell, I may just swap for XMR then for cash.

5 min later 27931952 Anonymous
>>27931571 Just say you didn’t... It’s not like you’re getting a tax form sent to you

6 min later 27932016 Anonymous
>>27931952 i think coinbase sends a tax form if you cash out more than 10k or something.

8 min later 27932239 Anonymous
The IRS doesn't give a fuck as long as USD doesn't start showing up in your bank account out of nowhere. You can trade shitcoins or virtual items as much as you want and the IRS won't do shit as long as there is not bank transfer of USD involved.

15 min later 27932730 Anonymous
I think IRS barely knows what crypto is but I know every trade should be taxed...that being said, what if I trade only in crypto and stablecoins?

17 min later 27932909 Anonymous
How would one theoretically cash out without taxation? Shitcoins>XMR>BTC then use a bitcoin atm?

20 min later 27933127 Anonymous
>>27932909 you cant cash out large sum at ATM, small sum is not that big of a deal when cashing out and taxing

24 min later 27933368 Anonymous
>>27933127 I'm curious if anyone's done a comparison of just driving around a city and cashing out at a ton of ATMs and eating those fees every day for x period of time vs just paying capital gains (both long and short) to see which scenario would be cheaper.

26 min later 27933553 Anonymous
how about just selling xmr/btc on a non-kyc exchange? I heard banks aren't reporting to the IRS any deposits under $10,000 anyways, any one know if that's true?

31 min later 27933948 Anonymous
>>27933368 Brilliant idea, though a hassle. You can do it and get back to us.

32 min later 27934052 Anonymous
>>27931814 yea im not filing for converting and not cashing out. fuck that

36 min later 27934328 Anonymous
You don't cash out. Cashing out is holding ETH or BTC. You stack alts during the alt season, add to your stacks of BTC and ETH gradually. You hold ETH BTC in de-fi wallet, earn 6-10% apy. When you need money, you loan against your crypto collateral. You legit never pay capital gains tax because you could take out 40 loans and still be ahead of giving them the cap gains tax. I just have to trust that BTC/ETH long term rise. They do. They always will.

37 min later 27934442 Anonymous
>>27934328 what if I want to buy a property

38 min later 27934494 Anonymous
>>27931660 How the fuck would they ever know what trades I made?

39 min later 27934620 Anonymous
>>27932909 Find a dude that will pay cash for your crypto

40 min later 27934649 Anonymous
>>27934494 they wont, they barely know about crypto, but that could change in the future and require exchanges to report on you

42 min later 27934818 Anonymous
>>27934494 Because the cash will appear in a bank or registered brokerage eventually. They report your deposits to the IRS.

43 min later 27934969 Anonymous
>>27931814 based, they can suck mine too

43 min later 27934982 Anonymous
>>27934818 And how are they going to know how many times I bought and sold gook shitcoins on binance? They will just see how much I sent to an exchange and how much was deposited in my bank account a few years later.

44 min later 27934983 Anonymous
>>27934818 thats just deposit, they dont know if you trade or hold

44 min later 27935048 Anonymous
>>27933368 ATMs wait for the first confirmation, could take a while. Also most of them are going to take your KYC data to cash out any significant amount per FinCen regs. They won’t proactively Jew you like coinbase, but if only one of those ATM providers opens their books to the feds years later you can get caught.

45 min later 27935079 Anonymous
>>27931571 one of your jews went and posted on /pol/ . what's the most jewish crypto to invest in? What's the least jewish crypto to invest in?

45 min later 27935092 Anonymous
>>27931814 BASED

46 min later 27935225 Anonymous
>>27934982 If they care that much they'd probably just see how much BTC you originally deposited, how much you money got deposited into your bank account, then compared that to the increase in value BTC had during that period of time. If BTC did a 3X but the amount you're depositing is 10X or 20X then something clearly isn't adding up.

47 min later 27935287 Anonymous
>>27935225 Ok, something isn't adding up. Now what? They still can't know shit about what trades I know. They're not going to fucking subpoena binance because some dude doubled his ethereum.

48 min later 27935359 Anonymous
>>27935287 >what trades I know *what trades I did My brain is going

48 min later 27935363 Anonymous
Do you fags that swing report every time you switch from crypto to stable coin to crypto? Seems tiresome.

49 min later 27935383 Anonymous
>>27934442 You take out a loan.

49 min later 27935417 Anonymous
>>27931571 > 100$ you payed taxes on > Buy currency or whatever for 100$ > Trade currency after it's worth 150$ to other currency > You pay taxes on 50$ > If new currency drops from 150$ to 100$, and you sell for USD, you pay no taxes because you 100$ is what you initially started out with and you already payed taxes on it > If new currency drops to 100$ and you don't sell, you still pay taxes on 50$ after the year is over Hope this helps.

49 min later 27935445 Anonymous
>>27935287 I'm just giving possible routes of investigation. Chances are they aren't going to give a fuck about most people's crypto gains beyond capital gains but if it gets to the point they actually are looking into your earnings then they probably care enough to find out the truth.

50 min later 27935519 Anonymous
>>27935445 I'd love to see them try.

51 min later 27935573 Anonymous
>>27934328 >You hold ETH BTC in de-fi wallet, earn 6-10% apy. Explain.

51 min later 27935582 Anonymous
>>27934442 There are programs out there that allow you to put a down payment and pay the mortgage with crypto

52 min later 27935629 Anonymous
>>27932909 For big amounts, jusy buy gold or silver with crypto. If you ever want into fiat, sell the gold or silver

53 min later 27935704 Anonymous
does trading to fiat and back to crypto count as "cashing out?" Or does cashing out only mean putting money into your bank?

54 min later 27935796 Anonymous
>>27935704 Doesn't matter if you put it into the bank. The moment you make a profit, that profit is subject to a capital gains tax

55 min later 27935839 Anonymous
>>27931814 this is based

55 min later 27935866 Anonymous
>>27935796 One of those laws that only retards follow

56 min later 27935932 Anonymous
I live in Belgium and here you don't have to pay taxes on the sales of crypto or shares, as long as you don't fund them with loans or if you make it your job But if you make ridiculous profits, they will come after you still. t. Tax consultant

57 min later 27935974 Anonymous
>>27931814 yeah fuck them they wont ever see a dime from me.

57 min later 27935980 Anonymous
>>27935866 GL bro, hope you have a virtual machine set-up and you're behind like 7 proxies

59 min later 27936091 Anonymous
>>27935980 I'm not a schizo so it's fine And if they do spy on me to get info about my trades, I can sue the shit out of them.

59 min later 27936124 Anonymous
>>27932730 a trade is a taxable event. if you buy a coin, and it goes up in price, and you trade it for another coin, you need to pay taxes on the profit you made on the first coin.

1 hours later 27936213 Anonymous
>>27932909 banks will report repeated transactions of more than 2.5k, and any transaction more than 10

1 hours later 27936344 Anonymous
>>27936213 I get paid in crypto by my job every two weeks and regularly 'cash out' that much you are a fucking retard. just pay income tax rates on anything over 20k if you've been trading a lot and you are fine

1 hours later 27936350 Anonymous
>>27935582 if you bought a house with crypto you would definitely have to pay taxes on the crypto. and each time you made a payment with the crypto. capital gains, each time.

1 hours later 27936445 Anonymous
>>27935573 look at compound.finance for example. you connect your wallet and mine a smart contract and then compound loans out your money and gives you the interest. decentralized finance does everything banks do...automatically.

1 hours later 27936523 Anonymous
>>27931814 >>27934052 >>27934969 Kek, good luck with that if you're talking about more than a few hundred in tax liability. I love it when each new generation discovers what getting assraped without lube by the IRS feels like.

1 hours later 27936740 Anonymous
>>27931571 no unless you're staking

1 hours later 27936766 Anonymous
>>27936344 and so if your bank asks you can tell them its your pay check, most people can't do that, retard. you're the fucking idiot whos gonna get fucked up by the irs lmao. imagine triggering an extra taxable event every two weeks to get paid in crypto. because yes, in the lag time between you getting the crypto and you selling it, if it goes up at all, you have to pay capital gains on it. not gonna be fun to do your taxes bro.

1 hours later 27936791 Anonymous
>>27935932 Do we need to pay taxes in Belgium if we use a crypto visa card to buy things?

1 hours later 27936882 Anonymous
>>27936523 i haven't received any tax form from any exchange, so why bother? when i decide to go into fiat i'll contact a tax attorney.

1 hours later 27937178 Anonymous
>>27931814 Yea, if they want my money they can let me know. Until then I'll be chilling. There's so many people with crypto that hasn't converted to cash and wont pay taxes, fuck it.

1 hours later 27937182 Anonymous
>>27936124 Doesn't this end up as being more or less the same in the end, though? You pay a % on each transaction with a gain and can get some back per loss to a certain %. The amount you pay is basically the same as if it were a single transaction, right?

1 hours later 27937266 Anonymous
>>27932016 We aren't even cashing out though

1 hours later 27937311 Anonymous
>>27935932 >as long as you don't fund them with loans I'm guessing that includes leverage?

1 hours later 27937322 Anonymous
>>27931887 can i do this even if i use cuckbase and they report everything to the irs?

1 hours later 27937352 Anonymous
>>27936791 No clue. Tbh I don't even know what crypto visa is

1 hours later 27937379 Anonymous
>>27935573 Something like celsius works too, that's ce-fi. But if you never sell your crypto, you will always have value to loan against. You loan for everything you might need for super low interest rates. Your loan might be 1% APY but you earn 5-6% passively.

1 hours later 27937410 Anonymous
>>27935287 If you're in the US the IRS can simply demand you prove that you gained that money legitimately and have been paying your taxes correctly. You are assumed guilty until proven innocent.

1 hours later 27937412 Anonymous
>>27937322 yeah, find a drug dealer that will pay cash for your crypto

1 hours later 27937423 Anonymous
>>27931814 based. I moved my crypto to a fresh wallet then withdrew it all, told the retards at the IRS that I remembered my password to a wallet from years ago. Paid capital gains and that's it. Fuck those morons

1 hours later 27937473 Anonymous
>>27936350 Not if you borrow against your crypto, which isn't selling. You literally never have to sell to use all the crypto's value

1 hours later 27937538 Anonymous
>>27937412 based. thanks

1 hours later 27937575 Anonymous
>>27937410 Fuck man, thank god I'm not American. How much of a good goy must one be not to rebel against a system as fucked as that?

1 hours later 27937778 Anonymous
>>27937182 Think about it this way. > Start out with 10k. > Make 5 million trades > Now you have 11k usd. > You only pay taxes on 1k. It's annoying for the IRS to sift through the 5 million trades but that's their job.

1 hours later 27937810 Anonymous
>>27937575 Good for you, at least in terms of taxes. I'm not american, but I know how their tax system works and I have paid taxes to the IRS for investments in US companies. You really do not want to be on their bad side, because they can simply demand *you* prove you are clean beyond reasonable doubt. Some people say they'll pretend they lost their crypto when the IRS comes knocking. But if the judge doesn't believe you you can be held in jail for contempt of court indefinitely until you spit the money out. Haven't seen it happen with crypto but there is precedent with other kinds of money. Some guy spent a decade or something in jail until they gave up and let him out.

1 hours later 27937935 Anonymous
>>27937311 Yes

1 hours later 27937944 Anonymous
>>27937182 yes retards on here like to discourage swing trading because they don't understand taxes. taxes at the end of the year will go by total gains or losses and you pay whatever your tax bracket is for that. Granted it will be a pain in the ass to do taxes next year if you have to go through hundreds or thousands of transactions, but a little bit extra paper work to maximize your gains is worth it

1 hours later 27937956 Anonymous
>>27937575 >>27937810 Though, just because you're not american, don't assume your government is stupid or not ruthless. They screw people much richer and smarter than you. At the moment we have some advantage because they don't really get cryptocurrencies, but they will absolutely try to screw you over, and they have a lot more experience with how people hide their money and lie than you do.

1 hours later 27938093 Anonymous
>>27937810 A moment of silence for all those people who did actually forget their private keys. Now only have they lost their money, they now also have to worry about the feds putting them in jail. I swear we're gonna see another waco soon enough

1 hours later 27938184 Anonymous
>>27937322 Read the faq on coinbases website. Supposedly you have to report each buy, each sell, each trade, each reward if you've received $600 or more in rewards, each airdrop, each cash out.

1 hours later 27938302 Anonymous (1612638410085.jpg 850x947 112kB)
>>27938184 what the fuck im not doing that lmao

1 hours later 27938312 Anonymous
>>27937956 I'm 100% certain my government will never ask to see my trades. All they care about is how much you made overall during the year. It has always been that way with all types of trading and I don't see why that would change.

1 hours later 27938367 Anonymous
>>27937778 Yeah, so what does that disprove about my point? You have to show the transaction history, but the actual amount paid ends up being the same until you factor in tax brackets, in which case you order the transaction history in a favorable way (I think, I'm no tax expert). Some Anon earlier shared the (expensive, but worth it imo if you make it) software TaxBit to automate the process

1 hours later 27938419 Anonymous
>>27931571 Depends on where you live. I like that you posted an ETH pic. ygmi op

1 hours later 27938525 Anonymous
>>27937423 Did they just accept that without another word?

1 hours later 27938533 Anonymous
>>27938302 It's because the Gubbment doesn't see crypto as actual money, so it's like advanced bartering. In which case, yes, you need to keep books on it. You should have a transaction history tied to the wallets used anyway.

1 hours later 27938596 Anonymous
>>27938312 The rule that you have to pay taxes on individual trades is a new US rule from a few years ago.

1 hours later 27938617 Anonymous
>>27934328 Won't they notice your ETH/BTC stack increasing? Even if you get a loan they'll just ask the institution to cough up your wallet address and from that they can dig up all your trades

1 hours later 27939000 Anonymous
>>27938302 Me neither. I misread, you don't have to report buys, but you are supposed to report each trade and such. I've been dca for a year and trading between like fucking mad and I'm not tracking all that shit and I don't think the irs is either. Once I cash out though, that's when they'll take notice if it's a big enough number. https://www.coinbase.com/learn/tips -and-tutorials/crypto-and-bitcoin-t axes-US I particularly like this line: "Transactions must be reported at their fair market value as measured in US dollars. So if you bought a pizza with bitcoin, you would have a disposition of the bitcoin equal to the cost of the pizza (the fair market value) in dollars."

1 hours later 27939227 Anonymous
>>27939000 you can export all your coinbase transactions to spredsheet, just give it to your accountant or hire one and let him do the job

1 hours later 27939264 Anonymous
>>27938367 I wasn't trying to disapprove your point. I was trying to explain that you're right. If you make 1 trade that nets you 1k in profit or 5 million trades that nets you 1k in profit, you only pay taxes on that 1k in profit.

1 hours later 27939446 Anonymous
>>27931814 I'm never cashing out through the banking system. Instead, I'll be buying gold or buying drugs to then turn into cash and make a tidy profit on top.

1 hours later 27939742 Anonymous
Would I be fine by slowly depositing my 15k profit over a couple of years?

1 hours later 27939961 Anonymous
>>27939742 I think so yeah, since there is a minimum amount whereas you are tax-exempt. Anyway, I don't think the IRS is too worried about $100 in accidental tax fraud.

1 hours later 27940009 Anonymous
For the people saying to take a loan against your crypto, how do you pay back the loan if you don't sell the crypto?

1 hours later 27940594 Anonymous
>>27932239 Incorrect, crypto to crypto trades are taxable (cap gains) events in the US. Yes, it’s retarded, but if you’re playing with any sort of real money and have used any exchanges with KYC you will pay taxes anon, they will make you

2 hours later 27940700 Anonymous
>>27939227 I'll just use TaxBit like >>27938367 mentioned. $175-500 sounds like it would be a lot cheaper than paying someone to sort through the pages and pages of transactions it took to create my $11k portfolio. Before a couple days ago I though it went: Money in-who cares what happens-money out-tax the difference.

2 hours later 27940902 Anonymous
>>27940594 so let me get this straight. i've got 100 dollars to my name, lets say i buy some ethereum with that. i trade the ethereum for a shitcoin. shitcoin does 100000x, i trade back for ethereum, and then i stash that ethereum away to hold it. i have to pay tons of fiat cash now?

2 hours later 27941484 Anonymous
>>27940902 Yes

2 hours later 27941620 Anonymous
>>27940700 It's likely that will never be the case as there are ways currently to use crypto as currency. There are visa cards, for example. The per-trade rule tries to circumvent this, but crypto is still so new that it's kind of an honor system right now I assume. I don't fuck around with the IRS, though, and will dutifully pay the taxes.

2 hours later 27941917 Anonymous
>>27931571 Just keep losing money on trades so the IRS don't care.

2 hours later 27942029 Anonymous
>>27931571 in canada they want you to pay taxes for any crypto to crypto and crypto to cashing out. No way in hell I am paying taxes on my sub 5k bags. I will only pay when cashing out a substantial amount.

2 hours later 27942190 Anonymous
>>27935629 do you pay taxes when selling precious metals for cash?

2 hours later 27942602 Anonymous
>>27942190 In America they're considered capital assets, yes

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