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How much will crypto tax evaders have to pay in penalties?
Poast new message in this thread
Date: December 20th, 2017 4:50 PM Author: Unhinged provocative university (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34968912) |
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Date: December 20th, 2017 6:08 PM Author: Plum galvanic stock car I'm going to to a ghetto back of the envalope calculation and then lower it by 20% and pay that in taxes. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969527) |
Date: December 20th, 2017 4:51 PM Author: Vigorous lemon nowag plaza If luis shits in the woods and no one sees, did he shit in the woods? (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34968919) |
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Date: December 20th, 2017 4:51 PM Author: Rusted marvelous address trust fund (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34968924) |
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Date: December 20th, 2017 4:55 PM Author: exciting pungent corn cake piazza iforget the exact rates, but it aint good, esp if you are selling millions in crypto
there are also late payment fees + penalty fees (those are separate) |
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Date: December 20th, 2017 4:56 PM Author: impertinent garrison if you just pay ordinary income on your gains, whats the worst that can happen (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34968952) |
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Date: December 20th, 2017 4:59 PM Author: swashbuckling sable pisswyrm No one here has converted to fiat so none (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34968966) |
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Date: December 20th, 2017 5:01 PM Author: exciting pungent corn cake piazza youre technically supposed to pay taxes on coin to coin conversions, which pretty much everyone has done here (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34968983) |
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Date: December 20th, 2017 5:03 PM Author: Rusted marvelous address trust fund (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34968990) |
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Date: December 20th, 2017 5:04 PM Author: impertinent garrison thats a 100% clear position? do you think the IRS would come down hard on something like that for minor players in a new industry? what reason would they even have to audit you if no cash ever left? (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969000) |
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Date: December 20th, 2017 5:06 PM Author: exciting pungent corn cake piazza 100% clear position
I am going to do my best efforts to estimate, since I haven't been keeping track of coin to coin conversions.
I think as long as you don't blatantly lie (aka don't report at all or say some rdiciulous number), they wont audit you or charge you penalties for failing to report. IRS can still charge late penalties though if they end up auditing. I doubt they will go for super minor players, but IRS is pulling reports from Coinbase for 20k+ holders who are in business from a couple years ago.
Lawman8 recommended some kind of software to help calculate taxes - I think it's called Libra? |
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Date: December 20th, 2017 5:10 PM Author: Bisexual Fuchsia Hall This is easily the best program I've found, but it's ludicrously expensive since it looks like you can only pay in bitcoin.
https://cointracking.info |
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Date: December 20th, 2017 5:12 PM Author: exciting pungent corn cake piazza .019 BTC, ljl (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969057) |
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Date: December 20th, 2017 5:48 PM Author: tantric bipolar filthpig If it is expensive and difficult to track, imagine you are the IRS?
I keep a spreadsheet and track my trades with values of those coins as of the date of each trade to the best of my ability.
If you track the trades in good faith and report the gain(loss) to the best of your ability, I don't think the IRS will take issue with it and if they do I think the penalties would be limited to late payment plus interest on the underpayment but would not include punitive penalties. |
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Date: December 20th, 2017 5:06 PM Author: Bisexual Fuchsia Hall The IRS received big mover customer data from Coinbase pursuant to a summons and resulting judgment.
By "big mover," they received data for any customer who had a transaction over $20,000. A "transaction" means a buy, sale, or TRANSFER of crypto to or from another exchange. |
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Date: December 20th, 2017 5:07 PM Author: exciting pungent corn cake piazza I think there was some kind of "business" caveat to that, but yes.
20K isn't even that much for many of us.
I'd report, because even websites like Bittrex have been asking for ID confirmation |
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Date: December 20th, 2017 5:08 PM Author: swashbuckling sable pisswyrm What about just selling my BTC for XRP on bittrex? (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969028) |
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Date: December 20th, 2017 5:09 PM Author: exciting pungent corn cake piazza Yes, that counts
That's a realization event when you convert currencies
I haven't been keeping track though, so it's going to be a HUGE pain in the ass
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Date: December 20th, 2017 5:11 PM Author: Vigorous lemon nowag plaza (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969051) |
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Date: December 20th, 2017 5:12 PM Author: Bisexual Fuchsia Hall Look at the site I linked above. It gives you instructions on how to import your trading history from basically every exchange and then calculates it all for you.
Two problems I now have:
1. It doesn't really work for Liqui.io, and you have to do something with an API, and I don't know what that is or how to use it.
2. The program appears to be ludicrously expensive. |
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Date: December 20th, 2017 5:13 PM Author: exciting pungent corn cake piazza Ty. Did you end up sending in taxes when you cashed out or are you going to pay late fees in April? I think we have to report quarterly, right?
FMA |
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Date: December 20th, 2017 5:14 PM Author: Bisexual Fuchsia Hall I need to do it by the end of this year. Haven't done it yet. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969070) |
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Date: December 20th, 2017 5:14 PM Author: impertinent garrison report quarterly what in the ever living fuck
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Date: December 20th, 2017 5:15 PM Author: Vigorous lemon nowag plaza the above poaster is a neurotic tax attorney (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969080) |
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Date: December 20th, 2017 5:15 PM Author: exciting pungent corn cake piazza If you didn't up your withholding, you might have to pay penalties for income you earned during the year on a quarterly basis (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969082) |
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Date: December 20th, 2017 5:31 PM Author: Bisexual Fuchsia Hall I upped my withholding for precisely this reason.
Do you know if we'll be able to do it again next year as a result of the tax reform? |
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Date: December 20th, 2017 5:37 PM Author: exciting pungent corn cake piazza The IRS is continuing to closely monitor the pending legislation in Congress, and we are taking the initial steps to prepare guidance on withholding for 2018. We anticipate issuing the initial withholding guidance (Notice 1036) in January reflecting the new legislation, which would allow taxpayers to begin seeing the benefits of the change as early as February. The IRS will be working closely with the nation's payroll and tax professional community during this process.
LJL |
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Date: December 20th, 2017 5:10 PM Author: exciting pungent corn cake piazza You have to do FIFO analysis (first in, first out) and count gains that way using your cost basis...which is why this is a huge pain in the ass. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969047) |
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Date: December 20th, 2017 6:32 PM Author: swashbuckling sable pisswyrm No you don’t
http://www.wealthmanagement.com/industry/fifo-rule-excluded-final-version-tax-bill |
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Date: December 20th, 2017 5:51 PM Author: abusive odious area (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969363) |
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Date: December 20th, 2017 5:04 PM Author: Bisexual Fuchsia Hall You could be criminally prosecuted for tax evasion if you just don't report anything.
They're probably going to bring a couple high profile prosecutions to set an example. |
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Date: December 20th, 2017 5:08 PM Author: exciting pungent corn cake piazza What was that software you recommended to help calculate taxes? (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969027) |
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Date: December 20th, 2017 5:13 PM Author: Bisexual Fuchsia Hall Libra for individuals.
Is the best site I've found, but looks super expensive.
Is ok but doesn't have as much functionality as the cointracking one. |
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Date: December 20th, 2017 5:18 PM Author: exciting pungent corn cake piazza i might just do the cheaper one and give it my "best efforts"
ty |
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Date: December 20th, 2017 5:21 PM Author: Bisexual Fuchsia Hall Can you help me with the Liqui issue? It's the one thing no websites seem to support. The more expensive one is the only one to even address it, but it needs something called an API. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969136) |
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Date: December 20th, 2017 5:28 PM Author: exciting pungent corn cake piazza https://liqui.io/api
You can generate "API keys" if you click on profile.
I haven't done it yet though so not exactly sure... |
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Date: December 20th, 2017 5:33 PM Author: Bisexual Fuchsia Hall Ok, thanks.
It sucks because the cheaper website doesn't have this functionality. Only takes .csvs.
So the report it will generate will be incomplete without the Liqui info.
Right now, I'm planning on importing as much stuff as I can, and then just guessing an extra $10k or so from Liqui. |
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Date: December 20th, 2017 5:40 PM Author: exciting pungent corn cake piazza I'm prob going to try to do a really shitty excel by using the Coinbase report and then looking on Bittrex, Liqui, transactions, etc.
The hard part is actually figuring out the USD amounts when I converted. But I also had some losses too, that should offset gains.
Just give a rough estimate within 5K or so, ljl. |
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Date: December 20th, 2017 5:43 PM Author: Bisexual Fuchsia Hall Liqui absolutely fucks us because they don't keep a transaction history.
Only your last 30 transactions. Look for yourself.
That's why we have to use the API, but only the insanely expensive program lets you import it. |
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Date: December 20th, 2017 5:44 PM Author: exciting pungent corn cake piazza Cot damn. I rarely use Liqui though - mainly Bittrex, which had me submit my license/ID, etc.
I don't recall submitting information for Liqui.
I'd probably just do a rough estimate, and not worry about it considering I don't think Liqui has our personal information. |
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Date: December 20th, 2017 5:49 PM Author: Bisexual Fuchsia Hall Ok. I was worried because I've transferred crypto from Coinbase directly to Liqui. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969341) |
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Date: December 20th, 2017 5:50 PM Author: exciting pungent corn cake piazza Do you remember if you submitted personal info to Liqui?
I would just look at your wallet ID and do a rough estimate of what you transferred in and out |
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Date: December 20th, 2017 5:57 PM Author: Bisexual Fuchsia Hall I don't remember giving info to Liqui. Really annoying how they can't just give you a transaction history like the others. But I'll estimate for them. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969419) |
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Date: December 20th, 2017 5:08 PM Author: Vigorous lemon nowag plaza "Taxable event!" (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969033) |
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Date: December 20th, 2017 5:05 PM Author: fiercely-loyal pocket flask scourge upon the earth Willfully evading taxes on $100k of income is near the threshhold where they will consider criminal charges (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969006) |
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Date: December 20th, 2017 5:09 PM Author: exciting pungent corn cake piazza so every xoxo poaster is fucked then, LJL (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969041) |
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Date: December 20th, 2017 5:11 PM Author: Vigorous lemon nowag plaza i call bullshit on the above. theres no way IRS is coming after people moving shitcoins to shitcoins across all the obscure exchanges. maybe if they dont pay tax on the 100k cash out they will, though. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969052) |
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Date: December 20th, 2017 5:14 PM Author: exciting pungent corn cake piazza If you keep any coins on CB though, or in large amounts, you might be fucked even if all you do is move them to another wallet
Coinbase now generates tax reports for users as a courtesy, but they treat moving coins as a sale/realization event. If you run the excel, it grossly exaggerates your actual sale amounts since anything counts as a realization event in the excel. (So if you hold your coins there for long term, the supposed gains will be huge.)
If the IRS were to ask Coinbase to pull these reports, then ask taxpayers for evidence to prove they didn't sell....fma that is going to be a pain in the butt. |
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Date: December 20th, 2017 5:16 PM Author: Vigorous lemon nowag plaza This is a TON of work for the IRS (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969087) |
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Date: December 20th, 2017 5:17 PM Author: exciting pungent corn cake piazza Probably, but i'm just saying, it's easy for the IRS to ask Coinbase to generate excels for supposed gains then asking the taxpayer to verify on audit that you didn't actually sell your coins (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969095) |
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Date: December 20th, 2017 5:18 PM Author: Bisexual Fuchsia Hall They're going to do it for a couple of high profile people to send a message.
They already have the data they need from the Coinbase summons. |
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Date: December 20th, 2017 5:18 PM Author: Vigorous lemon nowag plaza From 2012-2013. GOOD (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969112) |
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Date: December 20th, 2017 5:22 PM Author: Bisexual Fuchsia Hall 2013-2015.
They are going to get the data for any year they want due to this precedent. |
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Date: December 20th, 2017 5:19 PM Author: exciting pungent corn cake piazza CR
What you should be doing is buy on CB and then immediately move offline...so CB doesn't have that record
Unfortunately I haven't been doing that so CB reports that I have supposedly sold five figures worth when all I did was move them to different wallets |
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Date: December 20th, 2017 5:21 PM Author: impertinent garrison you think they are going to come down hard on a few people. there will be 1000s of unsophisticated neckbeards that pay NOTHING in taxes on HUGE gains. I know many of them from my prole high school. I just think making a reasonably good faith effort and youll be good (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969141) |
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Date: December 20th, 2017 5:23 PM Author: exciting pungent corn cake piazza No, I think it will be fine if you put in best efforts. If I were the IRS, I'd prob put more focus on people like Peterman - liquidating millions worth of crypto. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969149) |
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Date: December 20th, 2017 5:19 PM Author: fiercely-loyal pocket flask scourge upon the earth There are probably some people who are at a lot more risk than they might think. I agree with the poaster above that there will be some criminal cases brought on relatively small time players to set an example.
Also the IRS is absolutely more strict on lawyers and accountants. |
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Date: December 20th, 2017 5:21 PM Author: exciting pungent corn cake piazza What if I give up the practice of law and quit this shittttyy profession? Will they still hold me to a higher standard? ljl (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969135) |
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Date: December 20th, 2017 5:25 PM Author: Crimson impressive weed whacker Yes (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969160) |
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Date: December 20th, 2017 6:24 PM Author: massive dog poop church building Cr on lawyers. They'd also be interested in cases with low hanging fruit, where the tax evaders made incriminating statements about their crypto trading on a internet board filled with white supremacists. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969670) |
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Date: December 20th, 2017 6:37 PM Author: cerebral ungodly mexican hehe (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969776) |
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Date: December 20th, 2017 5:10 PM Author: Vigorous lemon nowag plaza Another reason to hold in private key. I bet there will be a system invested in the next year or so that allows workarounds to cash out (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969043) |
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Date: December 20th, 2017 5:30 PM Author: Vigorous lemon nowag plaza Pretty sure I'm going to have to sell a bunch of crypto just to pay taxes, which will trigger an endless cycle of taxes and forfeited profits. FMA (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969191) |
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Date: December 20th, 2017 5:34 PM Author: Bisexual Fuchsia Hall The IRS blows, but it's a lot safer to do that than have the chance they'll prosecute you. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969214) |
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Date: December 20th, 2017 5:36 PM Author: Vigorous lemon nowag plaza if i dont pay on crypto-crypto exchange but pay my full share when cashing out, can i still go to jail? (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969228) |
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Date: December 20th, 2017 5:38 PM Author: exciting pungent corn cake piazza They rarely send people to jail unless you are high profile
They will just assess penalties
I wouldn't worry about prison, ljl |
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Date: December 20th, 2017 5:39 PM Author: Vigorous lemon nowag plaza ty (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969260) |
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Date: December 20th, 2017 5:42 PM Author: exciting pungent corn cake piazza I sat in court once with some old doctor tax evader v. the DOJ. He apparently failed to pay taxes like 10 years in a row. All the judge did was order him to pay certain amounts each month, LJL. The man called 20 witnesses to talk about his good moral character, ljl. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969281) |
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Date: December 20th, 2017 5:47 PM Author: Vigorous lemon nowag plaza 180. family member of mine hasnt paid tax in 10+ we think. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969328) |
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Date: December 20th, 2017 5:49 PM Author: exciting pungent corn cake piazza I'm prob going to break a lot of laws once I hit 60
I feel like olds get a lot of breaks and who cares if I ruin my credit then |
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Date: December 20th, 2017 5:53 PM Author: Vigorous lemon nowag plaza (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969382) |
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Date: December 20th, 2017 5:44 PM Author: Ultramarine orchestra pit Bunch of fucking pussies, Apple and GM get paid negative taxes by the government to hide their money in Ireland? You: Worry about coin to coin conversion and capital gains taxes on the .18 ETH gatormo gave you. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969293) |
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Date: December 20th, 2017 5:46 PM Author: cerebral ungodly mexican It’s crazy but that is how the world works. Although I’m prepared to flee the US at any time (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969315) |
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Date: December 20th, 2017 5:48 PM Author: Crimson impressive weed whacker How will you get your money out before fleeing? (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969333) |
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Date: December 20th, 2017 5:49 PM Author: cerebral ungodly mexican I will sell for cash on localbitcoins wherever I end up (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969342) |
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Date: December 20th, 2017 5:50 PM Author: Crimson impressive weed whacker All your money is in crypto? (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969351) |
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Date: December 20th, 2017 5:50 PM Author: cerebral ungodly mexican 80%. I’m a true believer (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969358) |
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Date: December 20th, 2017 5:48 PM Author: exciting pungent corn cake piazza Corporations create the law. That's just how it is. All politicians are in the pockets of Big Food, Big Pharma, etc. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969337) |
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Date: December 20th, 2017 5:46 PM Author: exciting pungent corn cake piazza Too bad we have no lobbying power and no corporate loopholes.
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Date: December 20th, 2017 6:11 PM Author: Vigorous lemon nowag plaza if my crypto increases 5x in the next two years im just leaving this smoldering shithold country (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969547) |
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Date: December 20th, 2017 6:12 PM Author: exciting pungent corn cake piazza 180
I want to move to New Zealand, but it's hard as fuck to get citizenship there without being a billionaire. |
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Date: December 20th, 2017 6:15 PM Author: Vigorous lemon nowag plaza if you have a skilled trade i heard its not too hard. medical people can maek it in NZ (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969593) |
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Date: December 20th, 2017 6:16 PM Author: exciting pungent corn cake piazza I heard veterinarians for large animals can....true? (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969603) |
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Date: December 20th, 2017 6:14 PM Author: swashbuckling sable pisswyrm Have to renounce citizenship to avoid taxes (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969585) |
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Date: December 20th, 2017 6:15 PM Author: Vigorous lemon nowag plaza non extradition countries bro (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969588) |
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Date: December 20th, 2017 6:17 PM Author: swashbuckling sable pisswyrm Enjoy Djibouti brother (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969607) |
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Date: December 20th, 2017 6:20 PM Author: Vigorous lemon nowag plaza Ukraine/Vietnam look great (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969638) |
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Date: December 20th, 2017 5:45 PM Author: cerebral ungodly mexican I’m a dumb barely literate programmer. I’m good so long as I pay my tax to fiat in good faith right?? I can generate info for all of my trades, but I literally have done thousands of crypto-crypto trades mechanically. And I’m sorry but the IRS guidance on this is not clear at all (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969306) |
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Date: December 20th, 2017 5:46 PM Author: Fantasy-prone Internal Respiration Point (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969312) |
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Date: December 20th, 2017 5:46 PM Author: Vigorous lemon nowag plaza (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969321) |
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Date: December 20th, 2017 5:54 PM Author: exciting pungent corn cake piazza Sounds like you need to go back and generate a 2000 line excel spreadsheet, brother (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969393) |
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Date: December 20th, 2017 6:05 PM Author: cerebral ungodly mexican Thankfully I keep all of my trades in a database so this will take me like 45 minutes. But LOL at the poor IRS agent who will have to go through all this (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969505) |
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Date: December 20th, 2017 5:48 PM Author: Poppy mind-boggling mediation Civil fraud penalty is 75%. That’s on top of tax and in addition to interest and any other penalties. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969340) |
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Date: December 20th, 2017 5:50 PM Author: exciting pungent corn cake piazza (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969359) |
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Date: December 20th, 2017 6:11 PM Author: Vigorous lemon nowag plaza fuck this gay hearth (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969543) |
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Date: December 20th, 2017 6:13 PM Author: swashbuckling sable pisswyrm Coin to coin transactions? There are likely Several million crypto nuts in the United States who have made hundreds of not thousands of coin to coin trades.
There is still no crystal clear guidance on this from the IRS
And the IRS was understaffed already last year: https://www.denverpost.com/2017/03/05/income-tax-audits-plummet-irs-loses-agents/
Need more clarity from fed gov |
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Date: December 20th, 2017 6:25 PM Author: cerebral ungodly mexican (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969674) |
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Date: December 20th, 2017 6:14 PM Author: massive dog poop church building Has anyone looked at whether the final tax bill includes the First in First Out provisions that would apply to crypto? My understanding is that under a FIFO standard, for tax purposes you would have to treat a crypto-to-crypto transaction as a sale of the oldest asset.
So, say you bought an ETH in March for $20, and then you bought an ETH today for $800. Then tonight you use an ETH to trade for some alt FAGcoin. If FIFO applied, your ETH "sale" HAS to be your oldest ETH for a capital gain of $780. Also, since it's under a year, you have to pay the income tax rate of 40% or whatever. Even though you haven't realized a penny in actual fiat.
This would create a disastrous death spiral of taxes for some people. |
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Date: December 20th, 2017 6:16 PM Author: swashbuckling sable pisswyrm This would be insane. People just wouldn’t pay. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969598) |
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Date: December 20th, 2017 6:16 PM Author: Vigorous lemon nowag plaza fuck this faggot country (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969601) |
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Date: December 20th, 2017 6:17 PM Author: exciting pungent corn cake piazza Yes, this sounds right, although I haven't looked at the new tax bill about FIFO. But FIFO is just a general tax concept. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969613) |
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Date: December 20th, 2017 6:20 PM Author: Bateful office FIFO did not make it in. Yay Wall Street lobby. (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969634) |
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Date: December 20th, 2017 6:21 PM Author: massive dog poop church building *resumes shitcoin trading* (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969640) |
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Date: January 7th, 2018 12:36 AM Author: aqua vivacious school cafeteria striped hyena (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#35100038) |
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Date: January 7th, 2018 12:40 AM Author: Supple Charcoal Den (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#35100055) |
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Date: December 20th, 2017 6:21 PM Author: exciting pungent corn cake piazza 180 (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969643) |
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Date: December 20th, 2017 6:36 PM Author: kink-friendly crackhouse Have you guys thought about wash sale rules to erase gains? There are rules for securities but not property or commodities. Can't you just create enough "losses" to offset gains? (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#34969772) |
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Date: January 7th, 2018 12:47 AM Author: cerebral ungodly mexican Hehe (http://www.autoadmit.com/thread.php?thread_id=3835704&forum_id=2#35100093) |