Lol you morons are going to get BUTTFUCKED by the IRS for coin2coin transactions
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Poast new message in this thread
Date: January 8th, 2018 9:24 AM Author: Cracking Sound Barrier
I am chuckling when I think about some IRS examiner going, "So, on November 8, 2017, you traded 4.8000034 ETH for 8,957 OMG at 10 pm, then 3,294 OMG for 1.298303 BTC at 10:30 pm, transferred 0.58674 BTC from Poloniex to Binance at 11 p.m., bought 68,490 Dentacoin at 11:45 p.m., then sold 68,490 Dentacoin at at 12.9% loss at 12:10 a.m., and then repurchased 2.489002 ETH at 12:15 a.m.? And there's 364 days where you did something similar?"
(http://www.autoadmit.com/thread.php?thread_id=3852837&forum_id=2#35108029) |
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Date: January 8th, 2018 9:37 AM Author: stimulating foreskin gas station
"And what's this, Dogecoin?"
"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) |
Date: January 8th, 2018 12:54 PM Author: big gaming laptop
100% of my buys and 100% of my sells were through coinbase
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) |
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Date: January 8th, 2018 1:14 PM Author: big gaming laptop
True just bat and MYST though
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) |
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Date: January 8th, 2018 1:05 PM Author: emerald clown
Im guessing the calculation would be
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)
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Date: January 8th, 2018 1:07 PM Author: duck-like boyish jew
We live in a world where audits basically never happen unless you check certain high risk boxes. And even then the chances are totally remote.
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) |
Date: January 8th, 2018 2:11 PM Author: Supple Range Rigpig
i know a guy who got fucked on something like this in stock options. except i think he eventually lost so much he couldn’t pay the taxes and went bankrupt.
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) |
Date: January 8th, 2018 2:17 PM Author: canary site
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) |
Date: January 10th, 2018 10:51 PM Author: Very Tactful Spot
very few of the fake 'shitcoin hundred-thousandaire' bulls on XO actually know how they're going to get their money out and recoup, let alone deal with taxes.
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) |
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