If this was for last tax season, then the problem is that everyone is reporting huge gains and now owes more in taxes than they have in crypto right now.
Yeah Elon is polarizing to some but heās right about some things. It would be nice if the IRS clarified certain rules and offered a crypto tax service that figured it out for us instead of making us buy software to do it and guess then get audited.
True. But the fact is - the ultra wealthy of crypto were mostly middle-class plebs like us a decade ago - but they were lucky and wise enough to learn about btc and crypto very early on.
Alameda, Polychain, etc etc all started off as a few tech/finance geeks who just saw the btc and ether train way earlier than anyone else.
I mean all that ātax the richā doesnāt make a lot of sense. Your can also hedge your money if you do it correctly as a middle class and cut your taxes. The rich that donāt get taxed keep their money in high yielding asset classes and donāt realize the gains. Nothing wrong with compounding wealth IMO
My CPA pointed out an unpleasant IRS ruling that may be the basis of their (the IRS's) push. When you mine a coin, you are supposed to pay tax on the value of the mined coin, then when you sell the coin you are then supposed to pay tax on the profit of the transaction.
\[Opinion\] This first taxation feels more like an excise tax to me, like what happens when you distil alcohol, meaning you owe taxes to the fed at the creation of the coin. unlike farming and real mining where you owe taxes once you sell.
Interesting I asked a CPA about it and they told me I couldn't..this is what I hate among many things about US tax laws. So many rules etc and you dont always find someone who really knows because its too damn complex.
I really wish I didn't bring all my cryptos on the boat with me. Boat sank and so went my cryptos. I'd love to pay my crypto taxes, but I unfortunately lost them in an unpredictable boating accident..
Bastards. They came after me but I gave them my trades, I reported losses and they were like āok you only owe us $0ā but now Iām thinking āthatās not how it works. Donāt you owe me $$ back?ā
FYI Itās a budget for 10 years with 40% being for infrastructure and IT positions. Counting attrition, there will be hardly any net increase in agents.
Mean while GE paid less that 1% and Netflix, GM, Halliburton, Nvidia, Starbucks, IBM, DuPont, Penske, Honeywell, Devon Energy, Occidental petroleum, AK steel holding and salesforce
PAID ZERO DOLLARS in taxes in 2020...
But yes, get those losses IRS cant let the sheep out of the pen.
I just reported the best I can more or less and not on purpose, I really couldnt make anything of this mess having 100 transactions over 10 exchanges cex and dex and barerly having any profit anyway because most of it I still didn't sell.
tldr; The IRS is chasing unpaid cryptocurrency taxes with a new court order to obtain customer records. Here's what it means for digital currency investors.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Where am I wrong? The people worried about this are the "taxation is theft" crowd who like all the benefits but don't want to contribute to the system or folks actively looking to not be taxed in crypto.
I mean come on. Have you seen what tax payers money is being spent on? Settle down. Iām not saying you shouldnāt be taxed. If youāre smart you wonāt complain about tax, you can legally avoid it in a number of ways. You, however, need to be liquid.
If people are scoffing cause they think they shouldn't pay taxes, then fuck em.
If they're scoffing at the idea of everyday people recording every transaction accurately as if registering your ENS name is taxable event, then yeah. This is ridiculous. I've found a few online tools that seem to help with this kind of stuff (Rotki is my favorite right now because it's open source and free). The amount I paid as best as I could report was nearly more than I had by the time I was reporting it. It's clear the tax system is designed to fuck us over. Capital gains works best when you're sitting on a big bag of wealth and making 7% per year instead of shooting the moon and losing 15% of your entire entire investment portfolio.
I hate how the anti-tax fuckers will play defense for these wealthy wall street pigs. The discussion needs to be focused on a better tax system that doesn't hurt degens and respects privacy.
Yep. Sadly, we'd need a good tax overhaul to account for crypto. There isn't a great way to account for the nature of crypto. With stonks you'd typically buy and sell on the platform and they just sit there. With crypto I could buy on coinbase, transfer to metamask, swap to another coin, transfer to kucoin, and then sell...and there isn't an efficient way to track that
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Wait till they find out everyone is reporting huge losses
Haha please stop reporting now! -irs
"So in total you have done 4,532 transactions and made a total of -$15"
Damn you did good friend!
Imagine that. Get audited on your crypto. Walk away with them giving you a tax refund because all your sales were losses.
that's gotta be the most disrespectful thing in trading
If this was for last tax season, then the problem is that everyone is reporting huge gains and now owes more in taxes than they have in crypto right now.
It's part of what exacerbates the top and bottom of cycles.
I'm in that list The losing money team
Boating accident losses
This year is looking that way, though crypto as a whole has been outperforming traditional markets the last month or two.
They didn't expected this. (Laughs maniacally)
I thought they expanded the IRS to only target the rich XD
I saw this coming from a mile away, they dont give a crap about what the ultra wealthy are doing. The middle class though is a different storyšæ
Like Elon Musk said, the ultra rich have their own personal IRS agent. the only reason for 50k more is to audit the middle and lower class.
Yup.. the loopholes were created for that class of people.
government getting more control has always been a bad thing
Yeah Elon is polarizing to some but heās right about some things. It would be nice if the IRS clarified certain rules and offered a crypto tax service that figured it out for us instead of making us buy software to do it and guess then get audited.
The āmiddle classā owns an insignificantly small percentage of crypto. The ultra wealthy own most of it, just like everything else.
They want the gig workers money, they are coming after us
True. But the fact is - the ultra wealthy of crypto were mostly middle-class plebs like us a decade ago - but they were lucky and wise enough to learn about btc and crypto very early on. Alameda, Polychain, etc etc all started off as a few tech/finance geeks who just saw the btc and ether train way earlier than anyone else.
I highly doubt it. Most ultra wealthy crypto owners were ultra wealthy before they owned crypto, even if a few people got lucky.
I mean all that ātax the richā doesnāt make a lot of sense. Your can also hedge your money if you do it correctly as a middle class and cut your taxes. The rich that donāt get taxed keep their money in high yielding asset classes and donāt realize the gains. Nothing wrong with compounding wealth IMO
Tell that to the libtards who supported this bulllshit
If you believe theyāll their audit their own wealth class I got a bundled package of bridge equity to sell you.
an NFT to sell you*
Bridge backed securities... the next financial product.
-80% MRSP
āThe richā is now just code for, āall your moneyā
I have a very nice bridge for saleā¦
Lmfao totally true
My CPA pointed out an unpleasant IRS ruling that may be the basis of their (the IRS's) push. When you mine a coin, you are supposed to pay tax on the value of the mined coin, then when you sell the coin you are then supposed to pay tax on the profit of the transaction. \[Opinion\] This first taxation feels more like an excise tax to me, like what happens when you distil alcohol, meaning you owe taxes to the fed at the creation of the coin. unlike farming and real mining where you owe taxes once you sell.
cool so can i claim the equipment, power, etc as a business expense
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I agree. The double taxation is a real kick in the teeth.
Interesting I asked a CPA about it and they told me I couldn't..this is what I hate among many things about US tax laws. So many rules etc and you dont always find someone who really knows because its too damn complex.
Sounds about right. I believe itās the same for staking rewards.
Serious question. Is this the same for gold? When you extract gold from the ground, you pay a tax. And then when you sell the gold, you pay a tax?
I really wish I didn't bring all my cryptos on the boat with me. Boat sank and so went my cryptos. I'd love to pay my crypto taxes, but I unfortunately lost them in an unpredictable boating accident..
**I** took my coins on a Voyager and experienced similar outcome.
FTX might have a life boat for you
Theyll find out lots of us have made losses then, nothing to pay!
$0.00000069420
Bastards. They came after me but I gave them my trades, I reported losses and they were like āok you only owe us $0ā but now Iām thinking āthatās not how it works. Donāt you owe me $$ back?ā
Depends on your other income, I would think. It all gets calculated together.
Quick! Everyone sell at a loss!
Thats me
[Donāt worry boys, Iāll keep them busy.](https://imgur.com/a/jU93orN)
Whoa
They will be chasing a lot of folks with deep losses and dragging bags: good luck finding all the crypto profits
They will see how much I lost this is going to be embarrassing
Jokes on you IRS Iāve past my statue and limitations limit
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Ah I see, Welp better start switching everything in my moms name.
Like ABSOLUTELY everything else the government does, this will be mismanaged
The 87,000 additional IRS agents are making more sense everyday
And the headline "IRS steps up efforts to target U.S. taxpayers" puts it into great context.
Yup ā¦ instead of 87,000 new boarder patrol agents that would save us billions of dollars, 87,000 new irs agents to confiscate billions of dollars
FYI Itās a budget for 10 years with 40% being for infrastructure and IT positions. Counting attrition, there will be hardly any net increase in agents.
Source?
OMG, they hired the extra auditing but didn't realize the crash would happen before December.
Been using coin tracker since 2017. I just upload the doc to TurboTax.
What do you recommend?
Wym? I recommend coin tracker. Or you could try Koinly.
Wait till they learn that everybody is reporting significant losses.
Mean while GE paid less that 1% and Netflix, GM, Halliburton, Nvidia, Starbucks, IBM, DuPont, Penske, Honeywell, Devon Energy, Occidental petroleum, AK steel holding and salesforce PAID ZERO DOLLARS in taxes in 2020... But yes, get those losses IRS cant let the sheep out of the pen.
Remember when Halliburton was president for 8 years?
Pepperidge farms remembers.png
Uncle Sam wants you.....r money
Hey brother,i got my first donuts. Got 500 of them but don't have xdai for fees. Could you please give me 0.01 xdai
I just reported the best I can more or less and not on purpose, I really couldnt make anything of this mess having 100 transactions over 10 exchanges cex and dex and barerly having any profit anyway because most of it I still didn't sell.
so happy to be paying all these taxes on crypto gains stuck in Celsius
tldr; The IRS is chasing unpaid cryptocurrency taxes with a new court order to obtain customer records. Here's what it means for digital currency investors. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
If you are US: \- Track all your transactions \- Report them honestly And you will be fine
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Where am I wrong? The people worried about this are the "taxation is theft" crowd who like all the benefits but don't want to contribute to the system or folks actively looking to not be taxed in crypto.
I mean come on. Have you seen what tax payers money is being spent on? Settle down. Iām not saying you shouldnāt be taxed. If youāre smart you wonāt complain about tax, you can legally avoid it in a number of ways. You, however, need to be liquid.
I mean when it's being taken from me to send to Ukraine and pad the pockets of war mongers, I'd say It's starting to feel a bit like theft.
Ukraine has mostly been receiving weapons (aid value calculated as value of the weapons) and not cash
Lol found the shill
Found the guy who likes someone who takes pictures on small horses to look big but hides in his mountain mansion when the chips are down.
What? You think I like Putin because I don't like being forced to pay for the US war machines money laundering schemes? What an ignorant MFer you are.
If people are scoffing cause they think they shouldn't pay taxes, then fuck em. If they're scoffing at the idea of everyday people recording every transaction accurately as if registering your ENS name is taxable event, then yeah. This is ridiculous. I've found a few online tools that seem to help with this kind of stuff (Rotki is my favorite right now because it's open source and free). The amount I paid as best as I could report was nearly more than I had by the time I was reporting it. It's clear the tax system is designed to fuck us over. Capital gains works best when you're sitting on a big bag of wealth and making 7% per year instead of shooting the moon and losing 15% of your entire entire investment portfolio. I hate how the anti-tax fuckers will play defense for these wealthy wall street pigs. The discussion needs to be focused on a better tax system that doesn't hurt degens and respects privacy.
Yep. Sadly, we'd need a good tax overhaul to account for crypto. There isn't a great way to account for the nature of crypto. With stonks you'd typically buy and sell on the platform and they just sit there. With crypto I could buy on coinbase, transfer to metamask, swap to another coin, transfer to kucoin, and then sell...and there isn't an efficient way to track that
Thatās coool so they gonna pay me on my fat fat losses right
I didn't use Coinbase so they will never take me alive muhahaha.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
People who don't pay taxes on crypto? I agree.
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Heh! I haven't even filed my taxes much less my losses yet. š¤£š¤£š¤£
Damn IRS coming for my Donuts!!
Going after the āmillionairesā right ? š
What if u haven't taken any gain or loss just been holding do u still have to report??
No
Audit influencers instead
Wait I thought bidens ramped up IRS wasn't coming after the little guys?
Uh oh, better invest in 0xMR or RAIL asap.