I'm not speaking on frauding the govt either please 🙏
I'm speaking on experiences. I'm really concerned on this topic as well. Please. Understand I am being serious while being informative.
Exchanges aren’t legally obligated to help you with taxes
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We don't have to like taxes or how they are defined, but we will not discuss tax evasion or fraud here. Learn your options, you can play within the system to avoid taxes legally
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Store my value where I can have access to it whenever, when I retire, or in old age. I just love that reason alone no other grubby hands like the gov can touch my $ like everything else.
Lots of things too we can speak on in VC if we ever do one.. For one not be another blockbuster like the USA while the entire world is already on Netflix, the latest and greatest in finance today. El Salvador just erased international capital gains from 30% to 0%.
I'll digress. I guess I've broken out of the matrix lol 😆 who is reporting me my wallet in defi? The place where I'm doxed and buying the crypto is saying I owe 0$. On paper their papers, I show + 0$. When my wallet $ is saying something more $$$.
You are free to your own opinion, but you are legally wrong. IRS doesn't care if you don't have $$ right now or have to sell to pay the tax. If tax is due, it must be paid one way or another.
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Right. Your entitled to their opinions. This is why they don't teach you in school finances or taxes bc when you get to this level of investing, Taxes on this doesn't make any sense until you have the cash in hand or in the bank.. it's a game to scare you. The Constitution says the only legal tender is gold and silver but as you can see, that is not the case. If we don't follow those sets of words from our founding fathers, why are we following policies. We have to all come together on this point bc that's the only way for this to be better in the future. If we are all living in fear, we will still be enslaved
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That's the thing. I'm not breaking the law. I've made 0$. Technically
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You think they have money to pay a guy top dollar to track everyone? They barely have funding in other sectors.. idk I have yet to have any issues for years.. bc I haven't sold back to my bank account. That's the catch.. and that's when I'll be in a choke hold if I dont pay. Know your rights.
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not in the eyes of the government.
a crypto to crypto swap = a taxable event
Unfortunately you’re right but the IRS, at least in my own experience, can be lenient, so it’s best to call them if there’s any concern.
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Yes I'm currently in the "red" on coinbase but not my dashboard money.. that's my point. I never "cashed out" to the bank so for all intensive purposes what taxes do I pay for when the exchange where I bought the tokens to begin with shows 0$ in the green.. like if coinbase is saying I owe 0$ in capital gains... why should I go further.. idk you get what i am trying to say. It doesnt make sense to pay for unrealized gains on the dashboard.. or on any swap still on a network and not in the fiat system. I believe I'm doing the right thing.. once I cash out to my bank.. yes I will b happy to pay the taxes on that no problem. That makes more sense.
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Oh well coinbase the only ones reporting my taxable income is showing 0$ to my bank. So thus far lol I've made 0$.
Even tho my wallets say something else. Why is that? Why does CB not really go further hmm? 🤔 why aren't the ones reporting me CB reporting things correctly? 🤔 is coinbase lying or am I?
When you sign your return, pay very close attention to page 1. Lying on your return is a federal offense and there is no statute of limitations on tax fraud. So, understand your own situation to manage your own risk. That's all I will say on this.
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You don't have to like it, but you should learn the tax laws to manage your personal risks.
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I mean…what do you wanna do then? You probably wouldn’t be taxed anyway if you stay under the radar but that’s just playing chicken.
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Unfortunately it is a taxable event. It’s asinine but yep.
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if you buy btc at $20k and it goes to $200k and then you put all that money into a shitcoin that goes to 0, you still owe tax on the btc profits
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With what $? I spent all my money in crypto.. so I need to pay taxes on what money? U see where that falls short?
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Coinbase says I've made 0$ and I haven't sent to any other exchange and cashed out.. you understand? Or do you just parrot off of other people trying to scare people exercising their rights.
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yes of course breaking the law and hoping you're not caught is always an option.
But legally it's very clear - a crypto to crypto swap is a taxable event.
If you choose to hide and hope nobody finds out then that's your choice
The president and saylor have stated the govt cant enforce crypto taxes bc they have no control. Now once it hits your bank that's a different story. OR if you tell them with your word.
Heck even Japan has waved the capital gains on unrealized profits. Which is everything on your dashboard. Until it is converted to USD. Bc when it hits the bank account there is no way around that.. thank you guys. I'll try to b calm cool and collected on this stuff to help if I can.
Jesus bro. These words have different meanings not the same one. That is important to understand first. We cant just say o this means that and that means this.
Swapping is different than a selling. Sale is when usd is involved. Swapping means I'm still not protected by the people your telling me to pay taxes on. For what? Safety? For a piece of mind this space gets cleaned up and no coiners dont get scammed? What am I paying for exactly on crypto taxes? I'm still waiting for someone to reach out to me when one of my wallets got compromised the other year. So I need to pay my taxes to make these people richer? So they have more money to send over seas? To fund the war?
Crypto was meant to empower the people not the govt and I'm exercising my rights to the fullest. I've done nothing wrong making a swap on another asset in the game bc the next second it can all disappear.
What happens when I forget my password?
What happens when I say I dropped my phone in the pool and can no longer access my funds?
They are still going to hold me accountable?
The money you have to pay on is the money that hits your bank. Bc that money is the money that does help you in this system.. not my crypto bc there is no other way to pay for things other than the dollar. I've had no problems for years.
I will be in big trouble when this hits my bank and I dont pay.. TLDR I know.. sorry guys.
you do you, but IRS does not care if you exit to fiat or not, its more about the taxable events, which is receiving income or swapping/selling for a gain or loss. So, regardless of exiting to Fiat, you have what they would consider taxable events. I know some people are trying to fight that, but so far, I haven't seen a ruling on that proposal.
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Killing my vibe. I’m jk. Always good to know what the limits are
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