'Guys, File Your Crypto Taxes, the IRS is Coming' - In a shocking turn of events the government won't let everyone become millionaires

Leonard Helplessness

kiwifarms.net
V. Interesting, are there any less vulnerable alternatives to exchanges? Do you think IRS will effectively hobble bitcoin?
I lack the crypto knowledge to say. I’ve heard Null advocating getting into Bitcoin by asking for it as payment for services and shit rather than using an exchange.

In general I’m trying to learn more about crypto and how to use it properly. It can be a pain in the ass to find information that doesn’t rose-tint the whole affair and gloss over every drawback and risk. This is something I’ve been reading along and seems reasonably honest, at least.
 

Ita Mori

💔 Her revolution, his rope.💔
kiwifarms.net
This was inevitable after incels alerted the IRS about whores making money via onlyfans without telling Uncle Sam.
The govt is completely unreliable and retarded in every area except the areas meant for taking money from people.

So with BTC on-route to getting pozzed, guess it's back to cold cash or gold in time.
 

irishAzoth

45.3356,28.8680
kiwifarms.net
Getting rid of cash is actually the definition of "making the world a little less free"
This quote......it glows
f2lREKu.gif
 

Leonard Helplessness

kiwifarms.net
This was inevitable after incels alerted the IRS about whores making money via onlyfans without telling Uncle Sam.
The govt is completely unreliable and retarded in every area except the areas meant for taking money from people.

So with BTC on-route to getting pozzed, guess it's back to cold cash or gold in time.
OnlyFans treats its thots as independent contractors and accordingly issues Forms 1099-NEC to any thot bringing in more than $600 per year. That form is also CC’d to the IRS with the thot’s social security number on it. Anyone paying independent contractors has to do this. Hell, if you win more than a few hundred at once at a casino they’re not allowed to give you jack shit until they have your SSN and a copy of your driver’s license so they can issue you a W-2G on the spot, a copy of which is of course immediately sent to the IRS.
 

Kamikaze

kiwifarms.net
Lmao I work in crypto professionally, last time I bought any for fiat was years ago because I was getting paid with btc or eth so I didn't have to buy any. I still own a lot of crypto that I didn't manage to get rid off yet. I worked with like 150+ crypto projects over the past 4 years, I know very well how the sausage is made and I don't have to pretend crypto has anything to do with "freedom"

Getting rid of cash is actually the definition of "making the world a little less free" and at this point it's obvious privately own cryptocurrencies are being used to groom the population into accepting central bank digital currencies which will be absolute privacy nightmare
Dude joins a month ago to let people know that cryptocurrency is the same as cashless fiat. Fucking bonkers.
On second read, this does come across as "How do you do fellow bitcoiners."
 

Rei is shit

kiwifarms.net
I lack the crypto knowledge to say. I’ve heard Null advocating getting into Bitcoin by asking for it as payment for services and shit rather than using an exchange.

In general I’m trying to learn more about crypto and how to use it properly. It can be a pain in the ass to find information that doesn’t rose-tint the whole affair and gloss over every drawback and risk. This is something I’ve been reading along and seems reasonably honest, at least.

The best thing to do is dump your life savings into shitcoins. Take as much debt on as possible and put it on shitcoins too. Guaranteed millionaire in <5 years.
 

Leonard Helplessness

kiwifarms.net
Wow you mean when I make money, I have to pay taxes? No way
A perfectly anonymous and untraceable crypto getting used for every transaction could potentially disrupt the intricate web of reporting requirements and controls that the IRS exerts on banks, employers, brokers, and so on. It’d be like if everyone just paid everybody else cash under the table for everything and stored their cash in safes where the government couldn’t see or grab at it (if you don’t pay your taxes the IRS can literally go to the point of calling your bank and telling them to wire out all your money to Uncle Sam). The IRS would probably come up with something even more draconian in that instance; after all the government has authority to tax “incomes from whatever source derived” as granted by the 16th Amendment.

It was funny when the Obama Administration proposed new reporting requirements meant to close a perceived small business tax loophole, and the IRS shot back that the reporting requirements would be so burdensome that the damage to small businesses’ profits caused by complying would cause even less taxes to be collected in the end. Then I guess Obama sent people with knives to make the taxmen fall in line because a few years later the IRS got caught selectively auditing organizations based on political affiliations unpopular with the Obama Administration.


This isn’t even news. The IRS has taxed bitcoin as an investment for years.
What’s news is that they’re now demanding user information from bitcoin exchanges so they can pursue people who didn’t report those gains.

E: Having read the OP article in detail I absolutely expect the IRS to roll out reporting requirements for crypto exchanges within the next few years. They got Coinbase to comply with a John Doe “gibs all your information” request in 2017 and they have at least two more such requests a-brewing this year, one of which so far has been granted. This is a situation where the IRS will soon want to formalize the process of getting this information and make exchanges report it themselves, instead of getting court orders for it.

Brokerage firms already do this. If you play around with stonks on Robinhood or any other such firm you will get issued a Form 1099-B potentially a zillion pages long, listing each sale or other such taxable event (option short expirations, etc) and its date, date of property acquisition, proceeds, basis (what you paid for it) if known, and so forth. This is used to report your capital gains and losses and since it’s on an IRS form, by the time you receive it the IRS has a copy too and will be looking for those capital gains/losses on your tax return. The IRS has numerous rules for the different types of stonk fuckery and how they’re taxed, as well. I expect them to set up something similar for crypto exchanges in the near future.
 
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Leonard Helplessness

kiwifarms.net
Any tard who didn't expect to have to pay capital gains tax kind of deserves what they get as does as any moron who avoids cryptocurrency entirely because of this.
To be fair, getting your taxes set up right when dealing with capital gains on crypto is currently much more of a pain in the ass than it is with something like, say, Robinhood stonks. Even if your stonk position is a mix of straddles and box spreads and merges and puts and splits and expirations to the point that it sounds like a work of Lovecraftian orgy snuff fiction, the rules exist and are defined and are complied with by the brokerage firm when they compile your 1099-B. Nowadays you generally don’t need to keep an internal record of the market value of every stonk at the moment of purchase and update it for every instance of fuckery that affects your basis; the 1099-B already has that calculated so it’s just “proceeds minus basis equals gain or loss.”

With crypto, I imagine that figuring out the basis on your own can become a nightmare if you’re playing around with trades.
 

Coolio55

<(0_0<) <(0_0)> (>0_0)> KIRBY DANCE
kiwifarms.net
When the IRS asks for their cut just snip off the % from the bytestream.
IE: For 20% do AAAAAAAA|AA

Enjoy your digi-dollars taxman b*ch >8)
 

twozero

Major league swagout
True & Honest Fan
kiwifarms.net
This quote......it glows
View attachment 2070093
It’s sorta true though, even if coming from the wrong angle. Cash (physical cash) is extremely fungible and leaves no transaction history. That’s why China is heavily reliant on WePay and soon the digital Yuan. The issue at large with cash is that the whole fiat currency system is fucked through debasement, which is where Bitcoin’s scarcity shines.

Bitcoin is a net increase in freedom, as nobody can ban you from transacting on the network — it’s the fiat<->btc gateways that are the vulnerabilities. Fuck exchanges, run your own node and hold your own keys.

Mitigations (which also will help bypass tax) include buying peer-to-peer rather than an exchange, earn/trade btc as payment rather than fiat, or mine it if you’ve access to cheap power and capital outlay for an ASIC (or GPU pool-mine ETH).
 
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I can't wait for the crypto collapse. There will be hundreds of dumb whinging faggots complaining that their cryptocurrency is worthless while facing a six figure tax bill. I can't fucking wait.

It doesn't really work like that. They're called capital gain tax for a reason.

OP is a seething retard who's absolutely livid that he missed every buy signal that I've been sending to all users constantly for years after Vordrak had the site demonetized through traditional means. He now smugly sits back and waits for Uncle Sam to make the word a little less free so he's fractionally less mired by his own lost opportunity costs.

Every now and then Null makes a post that makes me feel some weird sense of patriotism towards my fellow kiwis and being on this forum. He's 100% right, this should be a really exciting time for a lot of people and a way to try and get the same kind of wealth that our parents generation had. I used to lament that I was born too late to take advantage of the dot com bubble - well if you're a milennial with some liquid cash to invest this is going to be looked back on as the second round of that. There are going to be shitcoins, for sure, and 90% of these projects will ultimately not last the test of time but the next Amazon or Yahoo (obviously these companies will stay around, but you're investing more in the tech of the sector than the company) are already out there in the wild waiting to be discovered and you can make a metric fuck ton of life changing money if you do great due diligence.

Like, at least if you feel like you're priced out of Bitcoin (you aren't, it's going to go to 100k from here, conservatively) spend some time looking into some of the new alt coins that are cropping up, the protocols (especially DeFi), and research teams. Throw a grand or so into the project and wait a year.
 
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