Crypto and Taxes

[FredFlinstone85]

So I am trying to understand this new BS tax shit. I use Coinbase.

So if I load say $650 for an order there and send it immediately and don't take a gain or a slight gain or loss.. Am I going to have to file tax forms on this?! Or does it only matter if I make money? Explain it to me like I am 5

 

[BINGBONG]

U only pay tax if you sell the crypto. Transferring it to someone elses wallet is not selling it. U could buy $1,000,000 worth, say it raises to $2mil, there's no tax until u sell it making it a realized gain or loss. In their eyes, u bought $650 and kept it.

What's BS is they're eliminating the wash out rule making it more like stocks. Before u could sell at a loss, write off the loss on ur taxes, and immediately buy it back cheaper. Now there will be a period to wait before repurchasing to be able to write off any losses. Wack.

Edit: 5 year old version: Sell button = tax forms, Send button = no tax forms

 

[JDLift]

I am curious to hear from a USA based source's perspective how this shit affects things. The jews really love to get every last shekel they can out of Americans and I can't imagine they're letting however many thousands of dollars sources make through crypto transactions to go unnoticed. Any sources care to chime in? Is this shit causing any issues in regards to filing? Hope our sources don't end up going down because of the fuckin IRS digging into their income source and/or lack of paying tax on crypto :/

 

[Deleted member 21405]

I am curious to hear from a USA based source's perspective how this shit affects things. The jews really love to get every last shekel they can out of Americans and I can't imagine they're letting however many thousands of dollars sources make through crypto transactions to go unnoticed. Any sources care to chime in? Is this shit causing any issues in regards to filing? Hope our sources don't end up going down because of the fuckin IRS digging into their income source and/or lack of paying tax on crypto :/

Remember when the women dressed as men and vice versa called trump a dictator and fa fascist?

 

[JDLift]

Remember when the women dressed as men and vice versa called trump a dictator and fa fascist?

What do the trannies and their 'orange man bad' movement have to do with this though? But yeah, they never fucking let a day go by without making sure people know how much he makes them seethe.

 

[Deleted member 21405]

What do the trannies and their 'orange man bad' movement have to do with this though? But yeah, they never fucking let a day go by without making sure people know how much he makes them seethe.

Just the left in general. Not sure how else to describe them

 

[Deleted member 21405]

What do the trannies and their 'orange man bad' movement have to do with this though? But yeah, they never fucking let a day go by without making sure people know how much he makes them seethe.

Also, just pointing out how much of a dictator and fascist Biden is

 

[FredFlinstone85]

U only pay tax if you sell the crypto. Transferring it to someone elses wallet is not selling it. U could buy $1,000,000 worth, say it raises to $2mil, there's no tax until u sell it making it a realized gain or loss. In their eyes, u bought $650 and kept it.

What's BS is they're eliminating the wash out rule making it more like stocks. Before u could sell at a loss, write off the loss on ur taxes, and immediately buy it back cheaper. Now there will be a period to wait before repurchasing to be able to write off any losses. Wack.

Edit: 5 year old version: Sell button = tax forms, Send button = no tax forms

Thanks for clarifying. I was like WTF. I hide this shit from my wife and she tracks shit to the T money wise. Including taxes. All my money comes for gear is off her books so I was like fuck..... That would suck if I have to use WU and under $600 for gear going foward.

 

[CaffeineandKilos]

So I am trying to understand this new BS tax shit. I use Coinbase.

So if I load say $650 for an order there and send it immediately and don't take a gain or a slight gain or loss.. Am I going to have to file tax forms on this?! Or does it only matter if I make money? Explain it to me like I am 5

Coinbase will provide you with a tax form at the end of the year. You take that form in when you file everything else... TurboTax also has it were you can sign in your account through TT and it'll all auto upload.

 

[CaffeineandKilos]

Well this thread turned into a weird racist whiny bitch fest LOL

 

[JDLift]

Thanks for clarifying. I was like WTF. I hide this shit from my wife and she tracks shit to the T money wise. Including taxes. All my money comes for gear is off her books so I was like fuck..... That would suck if I have to use WU and under $600 for gear going foward.

I only ever used WU once for my first purchase because it was years ago and crypto was a lot less understood, and I was shitting myself the whole time there and while waiting for the pack to drop. Never again lol. The wage slaves at the counter gave me weird looks for wanting to send money to a chinese name that I couldn't pronounce. Fuuuuck that shit. Thought the feds were gonna bust me right at the counter!

 

[FredFlinstone85]

Well this thread turned into a weird racist whiny bitch fest LOL

Even though you are a chode from my other post, I'd have to agree with you.

 

[CaffeineandKilos]

Even though you are a chode from my other post, I'd have to agree with you.

LOL I'm not an asshole EVERY day, just some.

 

[lfod14]

So I am trying to understand this new BS tax shit. I use Coinbase.

So if I load say $650 for an order there and send it immediately and don't take a gain or a slight gain or loss.. Am I going to have to file tax forms on this?! Or does it only matter if I make money? Explain it to me like I am 5

There is no tax on crypto, there is tax on people who use Crypto incorrectly (like using coinbase) to purchase or move it. Use Crypto correctly, and it simply doesn't exist, you don't / can't pay taxes on something that doesn't exist. Coinbase is an exchange, it's for investing, it's NOT for purchasing, selling, spending crypto as it was meant to be. Especially in our use case.

 

[FredFlinstone85]

There is no tax on crypto, there is tax on people who use Crypto incorrectly (like using coinbase) to purchase or move it. Use Crypto correctly, and it simply doesn't exist, you don't / can't pay taxes on something that doesn't exist. Coinbase is an exchange, it's for investing, it's NOT for purchasing, selling, spending crypto as it was meant to be. Especially in our use case.

Im new to crypto. Last cycle was my first time. When I first ordered gear 12 years ago (did three cycles and stopped for 12 years) it was all WU or Moneygram. Any way you could hit me up on some details on what I should be doing?

 

[FredFlinstone85]

So I just got off the phone with Coinbase. "Sending" money to someone does trigger taxes over $600. The reason is that they are not labeling it as a "gift". So, in short, spend over $600 on Coinbase and you are getting tax forms. Even if you are "sending" to a "friend"

I need a new way to figure out how to send funds via bitcoin.

 

[Deleted member 21405]

Not sure where I see anything race related in this thread. Just big government trash