Topic: Scared Of Taxes (Read 342 times)
Taxation is a worthy source of government income and paying a tax is a reasonable obligation for those who hold government property. If we have a high income we should pay taxes to the government.
If you trade for usd account on coinbase pro that is a taxable recorded event. Coinbase will submit your records if you did a 25k trade to the irs.
You have to treat coinbase pro usd account as a real bank account because it's fdic insured.
You should be scared of taxes and have clean accounting. If you over traded you will need to cash out your crypto in bear trend and pay taxes. Worst time to be cashing out.
Yes you can rekt yourself in taxes and go bankrupt.
I.am quite shock by some of your comments out there and poor understanding of what's a taxable trade
You have to treat coinbase pro usd account as a real bank account because it's fdic insured.
You should be scared of taxes and have clean accounting. If you over traded you will need to cash out your crypto in bear trend and pay taxes. Worst time to be cashing out.
Yes you can rekt yourself in taxes and go bankrupt.
I.am quite shock by some of your comments out there and poor understanding of what's a taxable trade
You should not be scared of taxes as this is more like your civil responsibility to do. At some point, you need to take profits and this would make you to pay taxes
Tax payers should not scare of paying taxes because this is our government and they need tax to use for the development of our country and our surrounding so that we may feel comfortable everywhere without any difficulty. However government has to take care of it that cryptocurrency is decentralized and they should not interfere in it so as to left something tax free that we many enjoy just like many tax free countries for crypto.
It depends on which country your in. You may need to specify which country you're currently residing in.
There are also tons of BTC mixing sites, as well as other cryptocurrencies that you may potentially sell for USD while staying anonymous.
If you're in the US, you don't have to pay taxes unless you've actually sold. But like I said, there are many ways around this.
There are also tons of BTC mixing sites, as well as other cryptocurrencies that you may potentially sell for USD while staying anonymous.
If you're in the US, you don't have to pay taxes unless you've actually sold. But like I said, there are many ways around this.
all the actions you take are your rights, and why would you get into trouble if trading with Altcoin in exchange, I suggest not to bother yourself because it is not useful, and also in exchange already available usd but you cannot withdraw from usd to your bank account, and can only do it at bestchange.com
He's already traded in altcoins he can't just go back and not do that. I assume the issue is in not keeping accurate records of trades and so there will be difficulties in accurately proving where his funds are from and paying the right tax.
all the actions you take are your rights, and why would you get into trouble if trading with Altcoin in exchange, I suggest not to bother yourself because it is not useful, and also in exchange already available usd but you cannot withdraw from usd to your bank account, and can only do it at bestchange.com
Where do you live? I ask this because usually some countries don't ask you to pay taxes on earned money which comes from outside (it's usually on small countries). Also some country doesn't take care of online income seriously.
Your only problem can be if you get a huge amount of money regularly on your account, if your monthly profit is 1000$ and so low numbers, then I highly doubt you'll have problems but still everything depends on where you live.
Your only problem can be if you get a huge amount of money regularly on your account, if your monthly profit is 1000$ and so low numbers, then I highly doubt you'll have problems but still everything depends on where you live.
I understand your feeling and its reasonable to feel afraid since there are rumours that coinbase could give your data to the IRS, but I think you still save if you don't send it to your bank account, I think you shouldn't avoid any tax, not only coinbase if you got other exchanges and you convert your money to fiat you can get caught by the IRS, the government is payong extra attention to the tax because its the country's main income
You should not be scared of taxes as this is more like your civil responsibility to do. At some point, you need to take profits and this would make you to pay taxes
In most countries you can legally avoid paying exorbitant tax rates by simply spending your coins instead of converting them to fiat. That's why last year there was a significant increase in high value purchases with Bitcoin.Properties, cars, expensive holidays, etc. Spending Bitcoin is better than putting your money to waste entirely by paying crazy high tax rates. It's your legal right and for that reason you don't have to feel bad about not paying tax.
Most hodlers don't think it's right to declare any Bitcoin holdings, but how do you ever plan to legally use your coins without always looking over your shoulder? In some cases Bitcoiners are just too paranoid.
You should not be scared of taxes as this is more like your civil responsibility to do. At some point, you need to take profits and this would make you to pay taxes
To be honest, most of the people don't have any issues while paying the taxes but they are scared about the control of the government or any other third party on their wealth. I am not aware of the taxation system in other countries but in my country, we have the highest tax of 30% for the individuals on any kind of earning. I would recommend you to consult a public accountant to help you with this matter for the tax planning (not the evasion).
Here in my country people are looking about the taxation as the problem on using the exchanges to convert into fiat currencies. So far I see the people looking to invest on the cryptocurrencies but they were trying to exchange it for fiat cash.
When looking to find the taxation solution Here they were charging around 15 percentage saying in the service tax category in this country. I am not sure what is the taxation in your country.
When looking to find the taxation solution Here they were charging around 15 percentage saying in the service tax category in this country. I am not sure what is the taxation in your country.
Depending on location etc tax laws and requirements differ, I can only assume you live somewhere strict. There are some ways to try and spend without the money ever being cashed in to a bank account associated to you and those may be worthwhile looking in to, however they'll only be good for a few thousand a month at best, not for large lump cash outs.
Yes, I think, now your fears can be justified in connection with the news, what would the todera in the United States be imprisoned for one year.
Hey All, I've been trading like a maniac the past few years using lots of different exchanges and not keeping records of trades. It would be nice to send a few btc back to coinbase for USD but I'm afraid some blockchain explorer they have will follow the transactions back through everything and I could get into trouble fortrading altcoins. Am I being ridiculous? Sounds ridiculous as I type. I suppose at some point I need to take profits but I'm just nervous about going back to coinbase.
I think that bitcoin mixer services are created to prevent tracking of btc transactions.I`m not quite sure about that.Why do you have to use Coinbase?Can you sell your btc for USD using some other exchange platform.I don`t trust Coinbase.They can block your account for no reason
that will not work as long as you are using any kind of exchange that requires you to withdraw to your bank account. Coinbase or any other, or even using a mixer won't change a thing. when you withdraw to your bank account you are showing that you have that amount of in bitcoin which now you have liquidated.
you either have to evade taxes by going off the market and off the charts with cash.
or be a law abiding citizen and pay your taxes. in which case go consult some tax expert or something in your jurisdiction, don't trust what people tell you online we are not experts specially in other jurisdictions which may have very different laws compared to what we have.
In my country i understand that we can trade from altcoin to other crypto
as much as we like but as soon as we convert to fiat we pay 33% in tax just
the same as investing in any other stock market activity.
So yes i would be scared of taxes
as much as we like but as soon as we convert to fiat we pay 33% in tax just
the same as investing in any other stock market activity.
So yes i would be scared of taxes
Hey All, I've been trading like a maniac the past few years using lots of different exchanges and not keeping records of trades. It would be nice to send a few btc back to coinbase for USD but I'm afraid some blockchain explorer they have will follow the transactions back through everything and I could get into trouble fortrading altcoins. Am I being ridiculous? Sounds ridiculous as I type. I suppose at some point I need to take profits but I'm just nervous about going back to coinbase.
The first rule of tax is to have conclusive proof of your transaction. You will not get charged any taxes until the time the money doesn't show up in your real bank account. When you hold your assets over virtual blockchain then by law it has no meaning as you are not really having it unless you exchange it for the fiat currency. Once you convert it to fiat and withdraw the money into your bank account then that becomes legally taxed one. I think you dont have to worry about how much you trade and how much you earn as long as you are going to pay your taxes.
And thats in your country. In my we have to protest against gouverment to awoid paying 1% of transaction value (for example when you buy eth fro bitcoin you pay 1% on eth $ value, than you sell eth to btc, you pay 1% of btc $ value). Can you imagine that? You make 1 trade with 1 % loss and 2% tax (what gives you 3% loss) (+ ~20% from every profit)
https://www.ccn.com/cryptocurrency-traders-protest-polands-move-to-tax-all-transactions/
Some of gouvrments are stupid and dont know what crypto is and how to tax it. If in your country there is no clear crypto tax law its better to protect yourself by hidding every trade and withdraw money to fiat wisely.
Imagine if you daytrade grabing 0,5% from each trade and than you realise that in your country there is 2% tax from each trade. And you earn 10k from 30k investment and now you have to pay 60k tax
Hey All, I've been trading like a maniac the past few years using lots of different exchanges and not keeping records of trades. It would be nice to send a few btc back to coinbase for USD but I'm afraid some blockchain explorer they have will follow the transactions back through everything and I could get into trouble fortrading altcoins. Am I being ridiculous? Sounds ridiculous as I type. I suppose at some point I need to take profits but I'm just nervous about going back to coinbase.
The first rule of tax is to have conclusive proof of your transaction. You will not get charged any taxes until the time the money doesn't show up in your real bank account. When you hold your assets over virtual blockchain then by law it has no meaning as you are not really having it unless you exchange it for the fiat currency. Once you convert it to fiat and withdraw the money into your bank account then that becomes legally taxed one. I think you dont have to worry about how much you trade and how much you earn as long as you are going to pay your taxes.
Hey All, I've been trading like a maniac the past few years using lots of different exchanges and not keeping records of trades. It would be nice to send a few btc back to coinbase for USD but I'm afraid some blockchain explorer they have will follow the transactions back through everything and I could get into trouble fortrading altcoins. Am I being ridiculous? Sounds ridiculous as I type. I suppose at some point I need to take profits but I'm just nervous about going back to coinbase.
Yes,don't go to Coinbase if you don't want to pay the taxes because they keep your records of transaction and will submit to IIRC if they requires it,I think the best option for you to go to LBC and where you can find the traders with different payment options so you can either choose one of them or you can ask those traders for face to face transaction for cash.But I don't suggest anyone to do tax frauds because this is the thing keep the people's mind bad about the crypto currency investment. Hey All, I've been trading like a maniac the past few years using lots of different exchanges and not keeping records of trades. It would be nice to send a few btc back to coinbase for USD but I'm afraid some blockchain explorer they have will follow the transactions back through everything and I could get into trouble fortrading altcoins. Am I being ridiculous? Sounds ridiculous as I type. I suppose at some point I need to take profits but I'm just nervous about going back to coinbase.
Its easier than you think. Transfer it to binance, buy monero, transfer it to your monero wallet, then to next monero adress and to next monero adress, than to new binance account, sell to bitcoin, then to new bitcoin wallet and your bitcoins are untrackable but still you will have to pay tax for money transfered from coinbase to your bank account. Monero is privacy coin that was not tracked even by FBI. Binance dont need KYC and you can withdraw up to 2 bitcoins (or coins worth 2 bitcoins) in 1 day.
Hey All, I've been trading like a maniac the past few years using lots of different exchanges and not keeping records of trades. It would be nice to send a few btc back to coinbase for USD but I'm afraid some blockchain explorer they have will follow the transactions back through everything and I could get into trouble fortrading altcoins. Am I being ridiculous? Sounds ridiculous as I type. I suppose at some point I need to take profits but I'm just nervous about going back to coinbase.
Im just curious,what is the relationship when you doing a transaction to coinbase to,blockchain explorer would follow your transaction from your previous trading of different exchanges,actualy as far as i know we are free to doing a exchange transaction to the different exchanges,because we only pay only in different processing fee according the amount required of those trading exchange we've doing a transaction,therefore its so sound ridicolous that,blockchain explorer will follow you as long that you a compromise transaction before on the other exchanges.
Hey All, I've been trading like a maniac the past few years using lots of different exchanges and not keeping records of trades. It would be nice to send a few btc back to coinbase for USD but I'm afraid some blockchain explorer they have will follow the transactions back through everything and I could get into trouble fortrading altcoins. Am I being ridiculous? Sounds ridiculous as I type. I suppose at some point I need to take profits but I'm just nervous about going back to coinbase.
I think that bitcoin mixer services are created to prevent tracking of btc transactions.I`m not quite sure about that.Why do you have to use Coinbase?Can you sell your btc for USD using some other exchange platform.I don`t trust Coinbase.They can block your account for no reason
Hey All, I've been trading like a maniac the past few years using lots of different exchanges and not keeping records of trades. It would be nice to send a few btc back to coinbase for USD but I'm afraid some blockchain explorer they have will follow the transactions back through everything and I could get into trouble fortrading altcoins. Am I being ridiculous? Sounds ridiculous as I type. I suppose at some point I need to take profits but I'm just nervous about going back to coinbase.
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