Where your hard-earned money comes to die. Home.
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do you bros keep a record of all of your crypto trades for tax records
Poast new message in this thread
Date: January 6th, 2018 3:04 PM Author: mauve lascivious internal respiration (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096217) |
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Date: January 6th, 2018 3:05 PM Author: blue skinny woman piazza the exchanges list them all in your history (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096221) |
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Date: January 6th, 2018 3:08 PM Author: histrionic french chef liqui only has recent trades (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096248) |
Date: January 6th, 2018 3:05 PM Author: histrionic french chef starting to - pain in the ass
printed out transactions from coinbase, exchanges, etc. and trying to recreate an excel |
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Date: January 6th, 2018 3:07 PM Author: heady carmine principal's office selfie what if you use non-US based exchanges (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096246) |
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Date: January 6th, 2018 3:09 PM Author: histrionic french chef im still doing it
fraud penalty is 75%
much better to make up/guess a gain for every exchange you use than have IRS claim you failed to report one completely. much easier to argue fraud that way |
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Date: January 6th, 2018 3:12 PM Author: blue skinny woman piazza CR. i'm just gonna err on the side of caution and pay the 37% or w/e it is (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096275) |
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Date: January 6th, 2018 3:16 PM Author: vibrant angry legend kitchen what if you never cash out (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096289) |
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Date: January 6th, 2018 3:17 PM Author: Mint striped hyena Coin to coin transfers need to be tracked. (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096299) |
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Date: January 6th, 2018 3:18 PM Author: blue skinny woman piazza i think there's a proposal in congress to change it so you just report it as gross income and pay the standard % on your EOY gains, no matter how many coins you traded (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096310) |
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Date: January 6th, 2018 3:20 PM Author: Mint striped hyena That makes the most sense, but for 2017 you have to do the shitty way. (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096322) |
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Date: January 6th, 2018 3:20 PM Author: histrionic french chef (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096324) |
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Date: January 6th, 2018 3:20 PM Author: blue skinny woman piazza hodl till jan 1, 2019, i guess (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096328) |
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Date: January 6th, 2018 3:16 PM Author: Mint striped hyena Yes.
Just do commit a federal felony after 1000% gains. |
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Date: January 6th, 2018 3:17 PM Author: histrionic french chef then get penalized 75% on those gains plus late fees and interest, ljl (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096303) |
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Date: January 6th, 2018 3:19 PM Author: blue skinny woman piazza so ur only a multi-billionaire instead of a trillionaire
J/K. chances are we could be deducting this shit from our tax bill if the market crashes |
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Date: January 6th, 2018 3:24 PM Author: multi-colored shrine yeah fuck all that. i used coinbase to buy roughly 25k of bitcoin throughout last year based on my bank records. this year i hope to cash out a much bigger number and deposit it into the same account. i will calculate my gain as the money i deposit this year minus the money i took out last year. easy. i’ll even pay the short term cap gains rate to be safe (though if the irs doesn’t clarify whether coin for coin exchanges get like kind exchange treatment in 2017, i may treat them as such and wait to hear otherwise)
i will happily take the chance that some irs person in the future asks about the incremental gains and losses on my millions of coin for coin trades. this obviously means i won’t report anything for 2017 since i haven’t seen a dollar of cash from cryptos |
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Date: January 6th, 2018 3:32 PM Author: Mint striped hyena CR. I used coinbase to buy all my ETH. And I'm transferring ETH back to CB to cash out. They have solid instant reporting and I'm not trying to hide shit. People shit on CB and I get it, but it's so much easier to have the same entry and exit point. (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096410) |
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Date: January 6th, 2018 3:34 PM Author: submissive hunting ground church how do you account for eth that gatormo sent to your mew wallet (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096430) |
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Date: January 6th, 2018 3:36 PM Author: Mint striped hyena I'm no taxmasterman, but I assume that is a gift which you don't have to report. (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096438) |
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Date: January 6th, 2018 3:51 PM Author: submissive hunting ground church ty (http://www.autoadmit.com/thread.php?thread_id=3851378&forum_id=7#35096528) |