the larger the gains, the more scrutiny IMO

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35107289)

and why not just get a bank account in Singapore and go from there? cheap flight to Singapore to open an account seems worth it if we are talking serious shitcoin holdings

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35107303)

Edit: no wait I’m not asking for a friend, it’s a hypothetical question involving a hypothetical friend.

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35107331)

"Yes."

"And what's this one?"

"It's based on an MS Paint of a dog with misspelled words."

"..."

"..."

"And you purchased $10,000 worth of this?"

"Approximately, yes."

"..."

"..."

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35108066)

it really isn't complicated

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109688)

I sent some eth to gdax and then eventually sent it back to coinbase to cash out

Is the coinbase document sufficient?

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109421)

But in total everything started and ending at coinbase

I sent eth to liqui for trading some bat and MYST turned it back to eth and eventually sold on coinbase

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109583)

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109435)

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109445)

But think of it this way. You have a new basis and will pay less in taxoes down the road. hehehe

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109502)

So if you bought ETH at $10, and then exhange it for BTC a year later when ETH is worth $1000, the $990 ETH gain (1000-10) is taxable.

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109504)

Coin X used to buy coin Y:

USD value of amount of coin Y purchased

(minus)

USD value of amount of coin X used to buy coin Y, when originally purchased coin x.

That amount taxed at capital gain rate for short term or long term based on your income bracket.

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109517)

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109487)

Ill happily bet against some irs guy digging through my million random coin for coin trades. Worst case scenario is I just incorrectly deferred a bunch of gains to a future tax year.

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109526)

Won't I have paid taxes on every penny of my net crypto income, except with much less headache and paperwork? This obviously isnt the technically correct approach - I'm saying its almost impossible it'll be caught and in any case I won't have evaded any taxes

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35109657)

BIG DIFFERENCE.

http://www.stevemiller4lasvegas.com/D%27ApiceOnGround.jpg

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35110048)

like made a million one year but lost it all the next so couldn’t pay the taxes on the gain anymore.

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35110076)

The IRS Wants Its Fair Share

Where there's tons of money to be made, the taxman will surely follow, and bitcoin exchanges like Coinbase aren't immune to this fundamental truth. In November 2017, Coinbase was forced by the federal court to comply with the IRS and divulge information on at least 14,000 accounts that were responsible for 9 million transactions between 2013 and 2015.

In its request, the IRS originally demanded that Coinbase identify and report more than a million accounts, but later scaled it back to only report high-volume traders with accounts that are worth $20,000 or more and only focused on bitcoin. With one bitcoin now worth close to $20,000 and rising, significantly more Coinbase account holders will come under the scrutiny of the IRS as it prepares to investigate transactions for 2016 and 2017.

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35110116)

there are big fees to use it

sounds like a great investment

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35113163)

once you start getting into the practical reality of this stuff, you realize how full of shit and delusional all these neckbeard scamcoin investors really are. we're talking about people are who are gambling based on the advice of a few chinese market speculators who are in turn being pied-piper by more heavily invested coin hucksters.

but the genus 145 IQ average IQ XO braintrust insists that this is the windfall of the century. its not for nothing that the majority of XO crypto obsessives are underemployed middling IQ chumps with zero other assets or investments. the enthusiasm around here is born from ignorance, not verifiable success.

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35129333)

IRS: "Lol, not right now you don't."

(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35129337)