The funny thing about this is that if a butter honestly believes that he shouldn't be taxed for trading one coin for another, then he believes that all of the various cryptocurrencies aren't just one "asset class" but are in fact all a single asset, and that he has no meaningful ownership over any of them.
Which, if he's trading on Coinbase, is basically true, but it's always fun to see them betray "not your keys, not your coins" when they get into trouble.
Not really. In many countries, selling stock in one company to buy stock in another is not a taxable event, and capital gains tax does not apply until you cash out of your brokerage account. This lowers the bar for retail investors, increases liquidity on the exchange, and reduces the burden of reporting for the broker. It's not entirely unreasonable to expect that the same would apply to cryptocurrencies.
Yeah, my tax authority is not interested in crypto swaps, but if you sell for fiat you are taxed. While I was playing with it I would swap for usd stable coin to avoid tax event. But eventually you have to enter fiat, unless you wait out period in which all capital investments are not taxed any more...
We have it fine here, capital gain is at 15%, and you can wait it out...and people still complain
Okay yes but you buy bitcoin at the price of one bitcoin and sell bitcoin at the price of one bitcoin so that doesn’t sound like any capital gains to me
The real tragedy is that his rich dad first gets audited for his totally legit real estate "investment " (that probably involves him paying little to nothing in taxes)..
AND then finds out that the kid he gave a bunch of money to trade with. Is a complete dumbass.
The infrastructure around crypto is so incredibly lacking if they want wide spread adoption. When I was pulling my tax info a few years back it was such a pain. And apparently it hasn't changed much. I was using Coinbase and also had to download a csv file to then send through coin ledger (which requires separate payment of course) to get my profit and loss report that could then be added to my TurboTax. Why couldn't I run the report straight from Coinbase? I have a brokerage account at Fidelity and you can just run the tax report for free.
I think part of it is generations. First generation, no one really even contemplated taxes, it was fun internet money with very little value. 2nd generation it was all about tax (and other kinds of) fraud and crime so of course no one worried about taxes. 3rd and later, now you start getting more people who want to pay their taxes either out of citizenship pride or just not wanting to be hassled by the taxing authorities.
And now of course there are better chain analysis tools so the govts can see just what people are up to.
"You don't understand" / "DYOR" / Using an insult in lieu of an argument.
This is what's known as an "Ad Hominem" fallacy - aka "attacking the messenger" as a distraction from arguing the core points made.
This is what we call, "Crypto Gaslighting." Crypto proponents pretend that we're not smart enough to recognize the value of crypto, therefore there's something wrong with us and not the phony reality they're peddling.
Almost never does the OP actually explain what it is they understand and we don't. It's merely a way to dismiss any opposing viewpoint without actually addressing it.
Being your own bank is easy, might as well be your own accountant too
Sounds like he’s his own auditor now, too!
And be your own tax attorney
The possibilities under Buttcoin are endless!!!
We are still early.
Eventually we can be our own Buttcoin.
Only 21 million of the chosen (the few) can reach this final stage of human evolution.
Oh, so it’s even more like Jehovah’s Witnesses?
True. Cryptobros are one of the few cults that proseltyze more than JHs do. And that ain't easy.
The funny thing about this is that if a butter honestly believes that he shouldn't be taxed for trading one coin for another, then he believes that all of the various cryptocurrencies aren't just one "asset class" but are in fact all a single asset, and that he has no meaningful ownership over any of them.
Which, if he's trading on Coinbase, is basically true, but it's always fun to see them betray "not your keys, not your coins" when they get into trouble.
Not really. In many countries, selling stock in one company to buy stock in another is not a taxable event, and capital gains tax does not apply until you cash out of your brokerage account. This lowers the bar for retail investors, increases liquidity on the exchange, and reduces the burden of reporting for the broker. It's not entirely unreasonable to expect that the same would apply to cryptocurrencies.
Yeah, my tax authority is not interested in crypto swaps, but if you sell for fiat you are taxed. While I was playing with it I would swap for usd stable coin to avoid tax event. But eventually you have to enter fiat, unless you wait out period in which all capital investments are not taxed any more... We have it fine here, capital gain is at 15%, and you can wait it out...and people still complain
Okay yes but you buy bitcoin at the price of one bitcoin and sell bitcoin at the price of one bitcoin so that doesn’t sound like any capital gains to me
So exactly what is going “to the moon” now???
Mooncoin duh
How much did he lose to fees in the 50+ times he swapped it?
The future of finance is....costly.
Those expenses are deductable.
"Hello, this is the IRS.
You owe us $3,593.47 in crypto taxes.
You have 20 minutes to transfer that money in Bitcoins to our wallet or the police will come.
Do you hear? The police is on its way, so you must pay NOW!"
Cryptobros: "People need to learn about economics!"
Also Cryptobros: "Do I have to tax the gains?"
"crypto is the future of money!"
"turns out I wasn't following basic tax law, careful guys!"
So another cryptobro outs themselves as a real estate nepobaby?
Shocker that one
The real tragedy is that his rich dad first gets audited for his totally legit real estate "investment " (that probably involves him paying little to nothing in taxes)..
AND then finds out that the kid he gave a bunch of money to trade with. Is a complete dumbass.
Fraud runs in the family i guess
at least he actually sounds kind of honest (sort of sounds like he'll pay up if he gets auditted but maybe/maybe not if not)
Hopefully he refiles his taxes and paid the tax and penalty.
I thought we didn't have to pay taxes or die.
The infrastructure around crypto is so incredibly lacking if they want wide spread adoption. When I was pulling my tax info a few years back it was such a pain. And apparently it hasn't changed much. I was using Coinbase and also had to download a csv file to then send through coin ledger (which requires separate payment of course) to get my profit and loss report that could then be added to my TurboTax. Why couldn't I run the report straight from Coinbase? I have a brokerage account at Fidelity and you can just run the tax report for free.
I think part of it is generations. First generation, no one really even contemplated taxes, it was fun internet money with very little value. 2nd generation it was all about tax (and other kinds of) fraud and crime so of course no one worried about taxes. 3rd and later, now you start getting more people who want to pay their taxes either out of citizenship pride or just not wanting to be hassled by the taxing authorities.
And now of course there are better chain analysis tools so the govts can see just what people are up to.
The apex asset
This sub is pathetic
Stupid Crypto Talking Point #18 (Few Understand)
"You don't understand" / "DYOR" / Using an insult in lieu of an argument.
What for, exactly? For making fun of cryptobros not knowing how taxes work?
I'd say the get rich quick crypto bros who need to come in here and bitch about us are pathetic