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Wtf are we supposed to do about taxes
Poast new message in this thread
Date: February 12th, 2018 4:54 PM Author: learning disabled juggernaut (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35386539) |
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Date: February 12th, 2018 5:00 PM Author: Hairraiser Pit Genital Piercing "ignore and they'll go away" -- Jordan Peterson (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35386599) |
Date: February 12th, 2018 5:31 PM Author: Hideous talented windowlicker I'm paying extra just in case (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35386854) |
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Date: February 12th, 2018 5:33 PM Author: Avocado quadroon (guy letting uncle sam jizz on his face) (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35386873) |
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Date: February 12th, 2018 8:27 PM Author: Rebellious death wish , he lisped (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35388123) |
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Date: February 12th, 2018 10:41 PM Author: lime aromatic boiling water orchestra pit i literally LOLed when i read that. jfc lawyers (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35389293) |
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Date: February 12th, 2018 9:09 PM Author: mustard chapel You must pay taxes on every crypto to crypto transaction. (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35388467) |
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Date: February 12th, 2018 10:21 PM Author: Cerebral Primrose Native so if i transferred 1 ETH from one exchange to another to buy a shitcoin, i have to pay taxes on that? (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35389091) |
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Date: February 12th, 2018 11:14 PM Author: titillating cream dingle berry Yes, but only if the ETH gained in value since the time be you initially bought it.
Someone please correct me if I'm wrong. |
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Date: February 12th, 2018 11:58 PM Author: exhilarant trust fund persian Wrong. He can transfer ETH to a million different exchanges and he never has to pay tax for doing that. Tax liability is only triggered at the moment that he *actually* uses the ETH to purchase another coin (if he ever does). That’s an important distinction.
It’s like taking a dollar and putting it in your piggy bank, then your wallet, then your pants pocket, then your wallet again. And then you take it to the store. So what? You don’t have to pay tax for any of that shit. You only pay tax when (if) you actually use it to buy a stick of gum, or whatever.
You are correct that he only actually incurs tax liability as a practical matter if the ETH gained in value between when he bought it and when he exchanged it for another coin/fiat. |
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Date: February 13th, 2018 11:02 AM Author: titillating cream dingle berry Yea, I understand that moving coins around exchanges doesn't create a taxable event. (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35392365) |
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Date: February 12th, 2018 11:26 PM Author: ungodly heady indirect expression point not true (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35389638) |
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Date: February 13th, 2018 12:03 AM Author: exhilarant trust fund persian What are the exceptions? You may not owe tax as a practical matter if you buy ETH and then immediately use it to buy a shitcoin before the ETH can go up in value... or if you buy ETH and then it goes down in value and you use it to buy a shitcoin after that... but in both cases that’s only because the value of the specific transaction in question doesn’t result in a tax liability. It’s still classified as a taxable event (ie you *would* have incurred a tax liability if only the values of the specific transaction in question had been such that you made a profit from holding the ETH). (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35389946) |
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Date: February 13th, 2018 10:22 AM Author: mustard chapel Cr. There are no exceptions (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35392100) |
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Date: February 13th, 2018 11:14 AM Author: lime aromatic boiling water orchestra pit pay the tax you owe on the usd coming out of the exchange. if they want to audit you and run all the transactions etc, let them do it. (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35392477) |
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Date: February 13th, 2018 11:51 AM Author: shimmering electric shrine rigor This doesn’t work, you have the burden of proof flipped. The IRS sends you a bill for $200k of cap gains, arguing you have 0 basis. It’s your burden to run the numbers and prove you have a lower liability, not on them to substantiate the 200k. Thats why you have to be proactive in filing for prior years before you get that bill. (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35392822) |
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Date: February 13th, 2018 12:45 PM Author: learning disabled juggernaut how would they even come up with 200K? (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35393245) |
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Date: February 13th, 2018 1:02 PM Author: lime aromatic boiling water orchestra pit oh shit i guess etherdelta must have sent them my trading history (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35393401) |
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Date: February 13th, 2018 5:18 PM Author: shimmering electric shrine rigor Well, presumably If you only purchase btc/eth on coinbase, never make a filing of intra crypto trades, and then you sell 100xgains to coinbase when eth/btc has only gone up 10x in that time period, the irs gets suspicious and spits you a tax liability for the entire amount you cash out as if it’s profit. They then let you prove to them why x% is basis. If you lost money on crypto to crypto, then you lose money by not filing for those deductions.
But, point taken. 95% likelihood if you use vpn, shapeshift all your shit to monero, sell it on an exchange to btc using a vpn and throwaway email, and wear a mask while withdrawing from a foreign bitcoin atm $200 at a time, I could see you beating enforcement. On the other hand, if in ten years they develop software that can track that, that looks a lot less like negligent failure to report crypto to crypto transactions, and a lot like felonious tax evasion.
Your risk tolerance may vary. But I’m documenting as much as I can. Capone couldn’t beat the irs, get rich quick crypto kids won’t either. |
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Date: February 13th, 2018 5:19 PM Author: shimmering electric shrine rigor Tbf if I was in your spot I’d hie thee to Puerto Rico. (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35395580) |
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Date: February 13th, 2018 1:41 PM Author: Obsidian boyish lay the IRS assumes everyone in crypto made $500k and they start with that. It's up to you to rebut with clear and convincing evidence. (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35393675) |
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Date: February 13th, 2018 5:45 PM Author: Big Police Squad (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35395897) |
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Date: February 14th, 2018 4:37 AM Author: irradiated sweet tailpipe (http://www.autoadmit.com/thread.php?thread_id=3891049&forum_id=7",#35399416) |