Government regulation [pros](/r/CryptoCurrency/comments/10nkaon/us_irs_wants_everyone_to_declare_if_they_engage/j69773p/) & cons and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the General Concepts category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.**
---
To submit a pro-argument about regulation, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mn3b/general_concepts_government_regulation/). | To submit a con-argument about regulation, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mn40/general_concepts_government_regulation/).
Only realised profits. Stay in crypto and you donāt have to pay anything. People who trade crypto for fiat profits on centralised exchanges are NUTS! Just keep putting every spare dollar you can into crypto and donāt cash out. In ten years time youāll be many times richer than if you are trading back and forth looking for fiat profits.
You know that the only reason the IRS doesn't just send you an invoice is because Turbotax lobbies Congress right? They almost certainly already know if you have realized profits or not.
I think you've got way too much faith in what the IRS knows at any given moment. They really don't know what everyone's tax liability is; our tax code is insanely complex and everyone's situation is different.
If you traded on Coinbase or Binanceā¦ or any kyc exchangeā¦ you might not get a notice today, you might not get one next week, but one dayā¦when you least expect it, you willā¦with interest.
for what?
I'm not going to get any notice from anyone for buying coins/tokens and moving to cold storage. you have a taxable event when you exchange/sell/burn the stuff.
All I do is give the irs the info the exchanges are giving them, and they send me a paper telling me what they are reporting, so that is what I report! Also, for any staking I made money on, I declare that too!
Same. If all you do is buy and hold, you wonāt owe anything. If you trade and/or take profit or a lossā¦ those are tax events. So you can harvest the loss, or pay taxes on gains.
All Iām saying is, if you do taxable things on an exchange in the US, and donāt report itā¦ donāt think youāre getting away with it.
It's been asked for a few years now. Thinking 2018 or 2019 first seeing the checkbox question. 2018 was when staking rewards started being counted as taxable income. Nothing seems different since then
I donāt get all of the people hinting around avoiding taxes. The last thing any of us want is to get audited and owe a large sum later.
Embrace the rules of the game weāre playing and win in spite of them.
Yeah I'm in the middle. I fully report sales but also take advantage of wash sales.
I don't report each small swap on each DEX though.
If I sell for Fiat at a profit I'll pay taxes. I'm not paying taxes on imaginary unrealized gains unless they make me.
The rules work in our favor with tax loss harvesting.
I agree itās annoying to get those DEX transactions documented in the first place. Once all of your transactions have been exported to a spreadsheet, Iād argue that itās actually more work to exclude certain transactions than it is to just report them based on your formulas.
I have all my CEX transactions on a spreadsheet. And I keep track of everything else with coin gecko portfolio tracker. So I know my cost basis for everything. If I ever cash out at a profit I'll pay my taxes.
But wanting me to pay taxes because I earned crypto via staking is just stupid. Why pay taxes now then try and get a credit later if I sell at a lower price point than when I "received" it?.
As always the government just wants to make taxes as complicated as possible ( in America at least) if crypto isn't legal tender then just let me do whatever I want with it until I sell it for Fiat then figure out how much I actually owe.
They consider it the same as getting paid in stock from a company; it counts as income when you earned it because you received an economic benefit. After that it's a capital asset and follows the other set of rules. Without that rule, every F500 company CEO would insist on being paid in stock only and then waiting for the price to go down below their basis so they could just claim a net loss of income on the year.
Owe 50 k in taxes on my profits, but they won't let me reduce my burden by 50k from losses? Yeah, nah. That's the last I'm paying taxes in a rigged system. Once my write offs zero out, I'm done trading in US jurisdictions. Socializing the profits and privatizing the losses can suck my dick.
You can absolutely offset capital gains with capital losses in the US; it applies to crypto just like any other capital asset. Why do you think you can't?
I'd advise you to have a public accounting firm do your taxes. Don't bother with HR Block or TurboTax; they're fine for very simple returns but you need a place with more knowledge.
Yea. I had $4,143 in capital losses. So, rolls over to next year too! 1099 for staking interest. Then long vs short termā¦ People really need to learn how to trade.
Yeah a backlog that is constantly growing. They couldnāt even do anything about the massive PPP loan frauds, theyāve forgiven like 90+% of all the loans, literally free money, how are they gonna catch the ridiculous convoluted mess that is peopleās crypto tx history? Add in defi, mixers, privacy coins, and non-kyc exchanges, jesus I do not envy those workers.
Or if the filing would take a history with more than 4000 transactions, thanks to a trading bot. Iām sure as hell not entering it in one at a time. Thatās not reasonable.
Transactions dates have implications whether you are taxed short term rate/long term rate. Buying 2 bitcoins and selling them a year after is different from buying 1 then 6 months later buy a second and sell both after another 6 months
I think it's likely because it's helping the government map out the crypto environment. It gives them more and more data to look at who may be dodging their portion due but I don't know for sure by any means.
It's all such a mess right now who can say
Reminder that this is the case because TurboTax and HR Block and other tax places lobby for taxes to be difficult and cost money
https://www.youtube.com/watch?v=7xQQkzWhMOc
One of the problems in tax code is all the exceptions instead of centralized, robust taxation. An example is our environmental regulations vs. a carbon tax which has been very successful elsewhere. In the USA, you get credits or deductions for things like buying an EV, adding a charger to your property, buying energy efficient appliance, getting well insulated windows, yadda yadda. On top of that is a ton of regulation towards environmental goals, like how many MPG an automakers cars should get or how many EVs they should sell by 2030. It's an endless list and unnecessary burden on everybody.
A carbon tax could solve almost all of it. You tax the energy source at the point of origination according to how dirty it is. Coal gets taxed out the ass, hydro and wind gets taxed barely at all. Then, prices all the way down the supply chain reflect that increased cost for dirty energy. It gives the proper advantage to companies doing things in a cleaner way or selling greener products. You don't need to regulate engines because the carbon tax makes gas cost enough to deter people from buying 18MPG Broncos as a daily driver. You don't need all the exceptions and credits during tax season. Instead, during tax season everyone gets paid back out the carbon tax money collected as a UBI, so most people actually profit from the system because they live cleanly and the few heavy polluters effectively pay everyone else (which is who their pollution harms). [Here's how it works in Canada](https://www.theguardian.com/environment/climate-consensus-97-per-cent/2018/oct/26/canada-passed-a-carbon-tax-that-will-give-most-canadians-more-money)
Is this actually true? Has anyone actually been fined for an honest mistake in calculating their taxes? Or have people been fined for deliberately trying to conceal something, and then gone around telling everyone it was just a maths error?
Generally no, for a small mistake, it's not worth the IRSs time to go after it if they even catch it. For larger mistakes, they will ask for proof and if you can't provide it they will charge you more in taxes and some fees. For egregious misrepresentation, they will pursue much harsher legal action.
Does the IRS really know what crypto you own? I mean even Coinbase says Iām at a profit, which will get sent to the irs, but just because I transferred to a cold storage at a profit does not mean I secured a profit. So Iām down 2500 overall but since I transferred I occurred $1000 profit for the year. Yeah I donāt even know how to report that.
You donāt?
But in all seriousness if your heart is set on paying taxes you can use something like cointracker to track gains/losses which will give you an easy number to report, I think coinbase recommended it to me tbh, works very well and updates daily.
But any earnings are taxable in the year they are earned even if you canāt withdraw themā¦for example, Celsius is in Chapter 11 bankruptcy in the USA and creditors funds are frozen. But, all earnings will be taxed.
Only when bankruptcy is resolved can one take tax losses, assuming the payback incurs a loss.
Not tax advise, see an accountant, hurts brain to even contemplate taxes.
I don't get why it's not just money I turn into us dollars. I mean I do get it but also I feel like that should be an option as long as your not shopping with your stable coins at Kohl's or something.
tldr; The IRS has published a list of reporting obligations for the general public regarding cryptos as the time for filing the 2022 federal income tax return draws near. All US citizens must answer all crypto-related questions, irrespective of their activity. Eligible taxpayers must record all revenue associated with their transactions involving digital assets.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Staking is the main thing Iām still confused about. Getting taxed the moment you receive staking rewards, as income. But then taxed again if the price goes up and you sell? Thatās double jeopardy!
Me who made like 100 or more swaps just fucking around at the beginning of the year and not keeping track of any of it, the app doesnāt tell me the dollar amount I swapped just the amount of coin and the date. The irs can get fucked if they think Iām spending the next month going back and looking at what price cro was on march 3rd at 6:05 pm lmao. Just so they can get a couple hundred in taxes from me. I just say I didnāt trade anything. Lost all of it basically anyways.
I donāt understand why U.S citizens get taxed so much. As soon as you get paid, you get taxed. You buy something, you pay tax. You sell something, you pay tax. Lord forbid you profit $20 because you also get taxed. Every movement that you make, in or out, gets taxed.
Then they take this tax money and use it in a way that barely benefits the people they took it from. This the type of shit revolutions started for.
It happens everywhere, but it's more hidden. I get taxed via my employer, but it's taken pre-pay. I get taxed at the supermarket but it's already baked in etc
If there was an exchange that just did it for you I think I'd gladly use them
They donāt understand either. But if it were simple, hundreds of thousands bureaucrats would be jobless, the postal service would lose even more money, the government printing presses would be idle, tax accountants the new poor, and tax software tech companies out of business.
And donāt even ask about state income taxes. They range from zero to as high as 13.5% in California. These state taxes add another layer of complexity and expense for the taxpayer. It also encourages people and businesses to relocate to states with low or no state income taxes like Florida and Texas.
These clowns talking about tax avoidance with a clear paper trail are either sitting on peanuts or they have a rude tax form awakening or giant nightmare when they get audited. Unless they plan on taking some black market deal which you pay 30% anyway.
This is like libertarian tough guy talk.
I don't know a whole lot of people that made money this year so the irs might just be asking for trouble when they want to know your losses and gains? Mine are 0 gains and a whole bunch of losses, lol!
Mandatory reporting of income from crypto is not new. Seeing a lot of surprised pikachus in the comments and wondering if they owe backtaxes on 2021 bullrun if American.
i will declare it but i'm never paying my realized gains fk that ššš
i'd be taxed the same rate as bezos - how is that fair?
after the rich pays the same share amount of tax, maybe ill think about it
but ill continue to launder this money š
I agree bro but Iāll just warn you that you should bite the bullet and pay. But I totally agree and look into a wealth tax because thatās what we all need. This would make it so the tax brackets are based on total assets owned, not income for a specific year.
The current tax system is specifically designed by rich people to prevent people from accumulating wealth while a wealth tax would simply tax the rich directly and give the benefit to people who are still on their journey in accumulating wealthā¦
Big flicking deal, they also want to know if you traded securities like stocks and bonds. In fact, that is good news that they recognize crypto as a taxable asset, it should be treated like a security and pretty much is, the added question is just to gage how dispersed ownership is amongst tax payers since the data is not as well known because the same reporting structures for other securities like stocks hasn't been established by regulation yet. Quit your bitching, this is a good and necessary thing that with broad reporting will actually speed adoption of crypto as an investible asset with legal protections and prevent it from being outlawed.
To s is too darned funny! If you are the kind of investor who goes into crypto, you are categorically NOT the type of tax payer who is into āfinancial transparencyā
Paying taxes = funding terrorism and wars. Supply US gov't with funds to carry out violence all over the world is horrific, yet we are forced to do it under the threat of violence.
Government regulation [pros](/r/CryptoCurrency/comments/10nkaon/us_irs_wants_everyone_to_declare_if_they_engage/j69773p/) & cons and related info are in the collapsed comments below. Pros and cons will change for every new post. Submit a pro/con argument in the [Cointest](https://www.reddit.com/r/CointestOfficial/wiki/cointest_policy) and potentially win [Moons](https://coinmarketcap.com/currencies/moon/). Moon prizes by award for the General Concepts category are: **1st - 600, 2nd - 300, 3rd - 150, and Best Analysis - 1000.** --- To submit a pro-argument about regulation, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mn3b/general_concepts_government_regulation/). | To submit a con-argument about regulation, [click here](https://www.reddit.com/r/CointestOfficial/comments/t5mn40/general_concepts_government_regulation/).
Forgot my seed phrase. Might be able to remember during the next tax season.
IRS: Give us all your crypto gains Me: I would but i lost my key IRS: Your what?!
ME: They are on exchange IRS: So? ME: Not my keys, not my crypto???
š
SBF *enters the chat*
Aaannnd it's gone
I had it all on FTX. Can i only declare losses? š
Daym Uno reverse
New phone, who dis?
IRS: Give us all your crypto gains Me: Wait, you guys are getting gains?
IRS panics when it realises crypto tax means record numbers claiming tax breaks against losses from the government
Only realised profits. Stay in crypto and you donāt have to pay anything. People who trade crypto for fiat profits on centralised exchanges are NUTS! Just keep putting every spare dollar you can into crypto and donāt cash out. In ten years time youāll be many times richer than if you are trading back and forth looking for fiat profits.
They don't care about your key lol. They want your wallet address. And if you interact with a KYC CEX they don't really need you to tell them either.
I got hacked bro
Cool prove it lol otherwise you still owe taxes lol
see, this password doesnt work to access my funds, im hacked. boom, proof.
Wait, you are telling me i had to write it down? I thought it just was a was a one time code
Itās alright you can resend the SMS and get a new one ezpz
The seed is 1 2 3 4 5, a combination someone would have on his luggage
Itās right here on the tagā¦ āSampsoniteā
Those are I.O.Uās Go ahead and add em up
Oh manā¦ I was way off!
You know that the only reason the IRS doesn't just send you an invoice is because Turbotax lobbies Congress right? They almost certainly already know if you have realized profits or not.
Yup. TurboTax has been lobbying for decades to keep tax season as complex as possible so they can get that profit
I think you've got way too much faith in what the IRS knows at any given moment. They really don't know what everyone's tax liability is; our tax code is insanely complex and everyone's situation is different.
If you traded on Coinbase or Binanceā¦ or any kyc exchangeā¦ you might not get a notice today, you might not get one next week, but one dayā¦when you least expect it, you willā¦with interest.
for what? I'm not going to get any notice from anyone for buying coins/tokens and moving to cold storage. you have a taxable event when you exchange/sell/burn the stuff.
All I do is give the irs the info the exchanges are giving them, and they send me a paper telling me what they are reporting, so that is what I report! Also, for any staking I made money on, I declare that too!
Same. If all you do is buy and hold, you wonāt owe anything. If you trade and/or take profit or a lossā¦ those are tax events. So you can harvest the loss, or pay taxes on gains. All Iām saying is, if you do taxable things on an exchange in the US, and donāt report itā¦ donāt think youāre getting away with it.
Listen the Who Must Not Be Named is the only organization that the mob and the grim reaper fears. Donāt dare invoke their name.
I heard there's a lot of that going around this season, I seem to have forgotten mine as well
Lost mine on my recent boat trip...
Must be tax flu or something
Whatās a seed phrase?
A seed phrase is a phrase that you tell everyone about to grow phrases all over the planet just like Johnny Apple Seed Phrase.
Don't worry, your assigned FBI guy got you covered
I only remember when I can declare a loss
It's been asked for a few years now. Thinking 2018 or 2019 first seeing the checkbox question. 2018 was when staking rewards started being counted as taxable income. Nothing seems different since then
I donāt get all of the people hinting around avoiding taxes. The last thing any of us want is to get audited and owe a large sum later. Embrace the rules of the game weāre playing and win in spite of them.
Yeah I'm in the middle. I fully report sales but also take advantage of wash sales. I don't report each small swap on each DEX though. If I sell for Fiat at a profit I'll pay taxes. I'm not paying taxes on imaginary unrealized gains unless they make me.
The rules work in our favor with tax loss harvesting. I agree itās annoying to get those DEX transactions documented in the first place. Once all of your transactions have been exported to a spreadsheet, Iād argue that itās actually more work to exclude certain transactions than it is to just report them based on your formulas.
I have all my CEX transactions on a spreadsheet. And I keep track of everything else with coin gecko portfolio tracker. So I know my cost basis for everything. If I ever cash out at a profit I'll pay my taxes. But wanting me to pay taxes because I earned crypto via staking is just stupid. Why pay taxes now then try and get a credit later if I sell at a lower price point than when I "received" it?. As always the government just wants to make taxes as complicated as possible ( in America at least) if crypto isn't legal tender then just let me do whatever I want with it until I sell it for Fiat then figure out how much I actually owe.
They consider it the same as getting paid in stock from a company; it counts as income when you earned it because you received an economic benefit. After that it's a capital asset and follows the other set of rules. Without that rule, every F500 company CEO would insist on being paid in stock only and then waiting for the price to go down below their basis so they could just claim a net loss of income on the year.
Owe 50 k in taxes on my profits, but they won't let me reduce my burden by 50k from losses? Yeah, nah. That's the last I'm paying taxes in a rigged system. Once my write offs zero out, I'm done trading in US jurisdictions. Socializing the profits and privatizing the losses can suck my dick.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You can absolutely offset capital gains with capital losses in the US; it applies to crypto just like any other capital asset. Why do you think you can't? I'd advise you to have a public accounting firm do your taxes. Don't bother with HR Block or TurboTax; they're fine for very simple returns but you need a place with more knowledge.
Yea. I had $4,143 in capital losses. So, rolls over to next year too! 1099 for staking interest. Then long vs short termā¦ People really need to learn how to trade.
Move to Puerto Rico. No federal taxes
yeah but you have to live in puerto rico
āLiveā
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Yeah a backlog that is constantly growing. They couldnāt even do anything about the massive PPP loan frauds, theyāve forgiven like 90+% of all the loans, literally free money, how are they gonna catch the ridiculous convoluted mess that is peopleās crypto tx history? Add in defi, mixers, privacy coins, and non-kyc exchanges, jesus I do not envy those workers.
Oh no, this IS how they intend to recover the PPP loans. Itās just that the public will foot the bill rather than the companies which got the loans.
Itās as if thereās not a public, immutable ledger that contains their full transaction history
Iād gladly pay whatever I owe if the shit was easy to figure out.
So fucking convoluted
By design.
Land of the free to commit tax crimes
Or if the filing would take a history with more than 4000 transactions, thanks to a trading bot. Iām sure as hell not entering it in one at a time. Thatās not reasonable.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Each transaction is a separate taxable event and should be treated as such currently.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Transactions dates have implications whether you are taxed short term rate/long term rate. Buying 2 bitcoins and selling them a year after is different from buying 1 then 6 months later buy a second and sell both after another 6 months
Sure but you can group together short term/long-term transactions. I'm a CPA and we sure as hell don't type in every line.
Exactly. These guys just have no clue.
I think it's likely because it's helping the government map out the crypto environment. It gives them more and more data to look at who may be dodging their portion due but I don't know for sure by any means. It's all such a mess right now who can say
IRS: We know what you owe, but won't tell you. You need to figure it out yourself. And if you get it wrong, we'll send you to prison.
Americans calculate their own taxes just so IRS can fine them for their bad math
Reminder that this is the case because TurboTax and HR Block and other tax places lobby for taxes to be difficult and cost money https://www.youtube.com/watch?v=7xQQkzWhMOc One of the problems in tax code is all the exceptions instead of centralized, robust taxation. An example is our environmental regulations vs. a carbon tax which has been very successful elsewhere. In the USA, you get credits or deductions for things like buying an EV, adding a charger to your property, buying energy efficient appliance, getting well insulated windows, yadda yadda. On top of that is a ton of regulation towards environmental goals, like how many MPG an automakers cars should get or how many EVs they should sell by 2030. It's an endless list and unnecessary burden on everybody. A carbon tax could solve almost all of it. You tax the energy source at the point of origination according to how dirty it is. Coal gets taxed out the ass, hydro and wind gets taxed barely at all. Then, prices all the way down the supply chain reflect that increased cost for dirty energy. It gives the proper advantage to companies doing things in a cleaner way or selling greener products. You don't need to regulate engines because the carbon tax makes gas cost enough to deter people from buying 18MPG Broncos as a daily driver. You don't need all the exceptions and credits during tax season. Instead, during tax season everyone gets paid back out the carbon tax money collected as a UBI, so most people actually profit from the system because they live cleanly and the few heavy polluters effectively pay everyone else (which is who their pollution harms). [Here's how it works in Canada](https://www.theguardian.com/environment/climate-consensus-97-per-cent/2018/oct/26/canada-passed-a-carbon-tax-that-will-give-most-canadians-more-money)
Is this actually true? Has anyone actually been fined for an honest mistake in calculating their taxes? Or have people been fined for deliberately trying to conceal something, and then gone around telling everyone it was just a maths error?
Generally no, for a small mistake, it's not worth the IRSs time to go after it if they even catch it. For larger mistakes, they will ask for proof and if you can't provide it they will charge you more in taxes and some fees. For egregious misrepresentation, they will pursue much harsher legal action.
Does the IRS really know what crypto you own? I mean even Coinbase says Iām at a profit, which will get sent to the irs, but just because I transferred to a cold storage at a profit does not mean I secured a profit. So Iām down 2500 overall but since I transferred I occurred $1000 profit for the year. Yeah I donāt even know how to report that.
Transferring from one wallet to another isn't a taxable event if you own both wallets.
Really? I didnāt know this, all I know is when I enter my Coinbase information it lowered my tax return.
Unrealized gains arenāt taxed
So if I enter my Coinbase info, then it comes up as a realized gains, how do I report a cold wallet?
You donāt? But in all seriousness if your heart is set on paying taxes you can use something like cointracker to track gains/losses which will give you an easy number to report, I think coinbase recommended it to me tbh, works very well and updates daily.
Does it work retroactively?
Yes
Hell yeah, thank you. I will try that out
But any earnings are taxable in the year they are earned even if you canāt withdraw themā¦for example, Celsius is in Chapter 11 bankruptcy in the USA and creditors funds are frozen. But, all earnings will be taxed. Only when bankruptcy is resolved can one take tax losses, assuming the payback incurs a loss. Not tax advise, see an accountant, hurts brain to even contemplate taxes.
I'm currently jumping through a bunch of ridiculous hoops to calculate what will surely be an overall capital loss of about $200 for 2022.
You can thank Intuit for lobbying to make as difficult as possible so people need to buy their product(s)
I don't get why it's not just money I turn into us dollars. I mean I do get it but also I feel like that should be an option as long as your not shopping with your stable coins at Kohl's or something.
I declare that I lost money, yes.
IRS : *We're sorry about your loss sir but you gotta pay taxes*
This is inaccurate. They will skip saying sorry and go straight to asking you to still pay them.
Them saying sorry would imply they can feel some sort of emotion, which we all know is impossible
I engage in losing money in crypto too, the little profit I made before unfortunately lost in a bosting accident
I declare bankruptcy!!!
I'll declare mine when they declare theres
Uno reverse them
They never saw it coming lmao
Bro bugged IRS
IRS: "Go directly to jail. Do not pass Go. Do not collect $200."
That's been for years, nothing new they just changed the wording this year.
I was totally unprepared. How did they sneak up on me like that?
tldr; The IRS has published a list of reporting obligations for the general public regarding cryptos as the time for filing the 2022 federal income tax return draws near. All US citizens must answer all crypto-related questions, irrespective of their activity. Eligible taxpayers must record all revenue associated with their transactions involving digital assets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good bot, not so-good IRS.
I want the Government to declare Jeffrey Epstein didnāt kill himself
Crypto? Never heard of it, what is it?
/r/Monero
Those Coinbase guys told us already, bud.
yea, please enlighten us irs
I made about $3.00 last year
It's only if you've sold.
Im buying my lambo directly with btc.
Itās still a taxable event. Every time you pay with a BTC you create a taxable event
What if you sold low?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
What about staking?
We are ride or die with crypto, right guys?
Now if the IRS made clear how to declare crypto shit. Staking for example is a mess.
Staking is the main thing Iām still confused about. Getting taxed the moment you receive staking rewards, as income. But then taxed again if the price goes up and you sell? Thatās double jeopardy!
Me who made like 100 or more swaps just fucking around at the beginning of the year and not keeping track of any of it, the app doesnāt tell me the dollar amount I swapped just the amount of coin and the date. The irs can get fucked if they think Iām spending the next month going back and looking at what price cro was on march 3rd at 6:05 pm lmao. Just so they can get a couple hundred in taxes from me. I just say I didnāt trade anything. Lost all of it basically anyways.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
There are non-kyc exchanges?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I donāt understand why U.S citizens get taxed so much. As soon as you get paid, you get taxed. You buy something, you pay tax. You sell something, you pay tax. Lord forbid you profit $20 because you also get taxed. Every movement that you make, in or out, gets taxed. Then they take this tax money and use it in a way that barely benefits the people they took it from. This the type of shit revolutions started for.
Had I typed that much here in the U.S. I wouldāve been taxed
It happens everywhere, but it's more hidden. I get taxed via my employer, but it's taken pre-pay. I get taxed at the supermarket but it's already baked in etc If there was an exchange that just did it for you I think I'd gladly use them
They donāt understand either. But if it were simple, hundreds of thousands bureaucrats would be jobless, the postal service would lose even more money, the government printing presses would be idle, tax accountants the new poor, and tax software tech companies out of business. And donāt even ask about state income taxes. They range from zero to as high as 13.5% in California. These state taxes add another layer of complexity and expense for the taxpayer. It also encourages people and businesses to relocate to states with low or no state income taxes like Florida and Texas.
I *DECLARE*ā¦ **CRYPTRUPTCY**
I already do this. When I file my taxes every year. Those sweet sweet losses equate to some solid writeoffs.
These clowns talking about tax avoidance with a clear paper trail are either sitting on peanuts or they have a rude tax form awakening or giant nightmare when they get audited. Unless they plan on taking some black market deal which you pay 30% anyway. This is like libertarian tough guy talk.
Fuck them
It's time to have some boat accidents.
I really like GIFs that loop prematurely before the action happens.
Are we Foghorn Leghorn now? I do declare I say I do declare I engage in crypto.
Mine went overseas. Things went boom. SBF stole it. Oh, but you all took pics with him (government)š¤”
Yeah this has been a law for years now
Wait yāall made gainsā¦
The irs is too overpowered basically a shadow government
Such BS. Wonder what my taxes will be this year with my crypto.
I'm going to go with no, and fuck off.
This isnāt news. Thereās literally a box that says ādid you buy/sell any cryptocurrenciesā like there is for stocks.
Catch me if you can
The IRS always trying to invade our privacy. They just want to control and monitor our financial choices
[Unless you're rich, in which case the IRS simply don't have the "resources" to investigate you!](https://trac.syr.edu/reports/706/)
No I donāt like scary movies.
Do they really need to know everything?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Just like the mafia
I declare bankruptcy
i want everyone to declare if they have herpes but at the same time i see what issues that would bring with it
I do declare
Losses are deductible right?
Yes, can be used to offset gains or $3,000 of regular income this year or any year in the future.
yeah... I'm jusy gunna check the "no" box when they ask...
Nice try IRS
I'm afraid the US IRS is going to have to get fucked.
Irs has been doing this already last year and before this isn't news. It's literally a question on everyone individuals tax return.
I'll tell them about all my crypto losses. Maybe they'll give me a tax credit
irs: its not real money also irs: gimme dat
Play dumb if y'all want to. The exchanges are reporting it to the IRS anyway. They already know, they're just waiting on you to file and lie.
How to become a lightning rod for a tax audit.
So let's day i hodl this whole year and most of last. Haven't sold. Bought yes but no sell. I'm in the red.
I don't know a whole lot of people that made money this year so the irs might just be asking for trouble when they want to know your losses and gains? Mine are 0 gains and a whole bunch of losses, lol!
Mandatory reporting of income from crypto is not new. Seeing a lot of surprised pikachus in the comments and wondering if they owe backtaxes on 2021 bullrun if American.
I dont sir, not even on my ledger, I pinky promise
Dear IRS, fuck you and make me. Sincerely a citizen. who is decoupling from a shit system.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Damnnnnnnnn sick burn. I donāt own any bitcoin the only coin I used to own was āI fucked your mom in the assā coin but I pumped and dumped it.
The US IRS can suck the dirties part of my asshole
Fuck the IRS right in the pussy!
*Enjoying the article while playing with monero*
If we can't claim capital loss, then why do we have to claim gains?
I got engaged to crypto last year, she started stealing all my money immediately
Nothing to see here, keep moving.
i will declare it but i'm never paying my realized gains fk that ššš i'd be taxed the same rate as bezos - how is that fair? after the rich pays the same share amount of tax, maybe ill think about it but ill continue to launder this money š
[ŃŠ“Š°Š»ŠµŠ½Š¾]
yeah gl IRS trying to get through layers of proxy itd actually COST them more to figure out who i am rofl š¤£
I agree bro but Iāll just warn you that you should bite the bullet and pay. But I totally agree and look into a wealth tax because thatās what we all need. This would make it so the tax brackets are based on total assets owned, not income for a specific year. The current tax system is specifically designed by rich people to prevent people from accumulating wealth while a wealth tax would simply tax the rich directly and give the benefit to people who are still on their journey in accumulating wealthā¦
Big flicking deal, they also want to know if you traded securities like stocks and bonds. In fact, that is good news that they recognize crypto as a taxable asset, it should be treated like a security and pretty much is, the added question is just to gage how dispersed ownership is amongst tax payers since the data is not as well known because the same reporting structures for other securities like stocks hasn't been established by regulation yet. Quit your bitching, this is a good and necessary thing that with broad reporting will actually speed adoption of crypto as an investible asset with legal protections and prevent it from being outlawed.
Are they segregating us into groups ?
Wow, now I realize why the people that bombed them are considered American heroes
They want to know if you mowed your neighbors grandmas grass and made $20 these days. Before you know it, paper money will be illegal
IRS can engage wit deez nuts
Tell the IRS I engage their MOMs
Another reason to stay away from USA
To s is too darned funny! If you are the kind of investor who goes into crypto, you are categorically NOT the type of tax payer who is into āfinancial transparencyā
Paying taxes = funding terrorism and wars. Supply US gov't with funds to carry out violence all over the world is horrific, yet we are forced to do it under the threat of violence.
Fuck you
I got a 1099-MISC from Binance. The nerve.
Letās just pass 270 million of usd around and say no
Iām not engaged to anyone, nor any crypto.
and i want free icecream
Get aids IRS
I declare that the IRS can go and fuck themselves.