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THE TAXMAN COMETH!!!!


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4 minutes ago, someguy said:

i think that even if an accountant makes the mistake, the taxpayer is ultimately liable fore the penalties in the eyes of the IRS.  The accountants I've spoken to dont know how to make sense of the #'s because each exchange has so many little quirks in how it reports trade data.  Some exchanges dont even provide the full data.  Everyone says use bitcoin.tax and cointracking.info .  These sites are good, unless you margin trade on bitfinex, and then they report widely innacurate #'s

point is info on exchange's is the info given to the irs. So your on the same page as the exchange. And yes in the eyes of the irs yes you are liable but if you go through someone that insure's there work hence the worst the irs is going to do is fine you and since there work is insured they will cover those costs big whoop the irs can try to slap me around all they want all the irs is is under funded garbage I know someone who hasnt filed taxes in 35 years and they've done jack squat. irs is alot of talk as long as you do your best to report as properly as you can you should be fine 

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“The IRS has also been caught wasting over 500,000 hours, or $23.5 million a year on union activities, and gave 57 contracts worth a total of $18.8 million to corporations that had federal tax debt or a felony conviction.

The IRS also made the costly (and perhaps illegal) decision to hire a litigation-only white shoe law firm for over $1,000 an hour over an audit of Microsoft. As noted by Congressional investigators, the agency has 40,000 employees dedicated to enforcement efforts and access to the IRS office of Chief Counsel or a Department of Justice attorney for audits. Instead the agency chose to hire a an expensive law firm for at least $2.2 million.”

lol, yeah, I’m really scared of these guys. American government officials are some of the laziest and most incompetent humans on Earth. I mean think about the kinds of people that take government jobs. These aren’t America’s best and brightest by any means. They’re generally society’s bottom 10% and they love their potlucks and “union activities”. Lol. I worked at the Census Bureau back when was I was 16 for a week. The level of icompentence was mind blowing. These are very low tier individuals that are more interested in organizing potlucks than in doing actual work. There is no argument against this. Everyone knows that people in the US government are freeloaders of the lowest common denominator. Extremely easy to bribe these people. Extremely easy. They’re essentially welfare rats with a badge. Sorry but it’s true.

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I just can’t see the IRS coming after you unless you made something like $10 million+ off XRP and start pulling out tons of fiat and driving around in lambos, bringing attention to yourself. And if you made 10millon+, help society and just pay your taxes.

You could also just hold your money in fiat on coinhako.com or bx.in.th and deposit $9.5k / day to bank accounts all over the world. Transfers under $10k don’t get flagged. This is what the Colombian and Mexican drug cartels do. They also do something like instead of paying money to themselves they write it off as a debt and pay off the balance of debt. Saw it in the movie Sicario but don’t understand how it works: http://www.businessinsider.com/how-mexican-cartels-launder-their-money-2015-2

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4 hours ago, Morgan said:

People who think the government isn't capable of chasing up unpaid taxes related to cryptocurrency trading is dead wrong.

All the government needs to do is compel the crypto exchanges in their jurisdictions to release the transaction histories on everyone's accounts. If you're a citizen, your name is gonna be right there beside the account(s) you've verified using your passport or your drivers license.

Don't know what all this foolishness is about cryptocurrencies being anonymous because in all my exchange accounts, I can easily pull up full transaction histories for everything i've ever bought and sold. The government might want to have access to that data one day, these companies won't be able to refuse, and someone is gonna sit in a cubicle and calculate what's owed.

 

Yes. If anyone thinks that the IRS won’t go after taxes owed for crypto gains, they are very mistaken.  Everyone should keep a ledger of their transactions.  It’s really not so hard.  And people trying to claim crypto to crypto sales as non-taxable like kind exchanges (Section 1031) really ought to consult a tax professional unless they want to invite trouble from the IRS.

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7 hours ago, Lucien said:

Yes. If anyone thinks that the IRS won’t go after taxes owed for crypto gains, they are very mistaken.  Everyone should keep a ledger of their transactions.  It’s really not so hard.  And people trying to claim crypto to crypto sales as non-taxable like kind exchanges (Section 1031) really ought to consult a tax professional unless they want to invite trouble from the IRS.

That's laughable the irs coming after you sure every now and again you hear story's from the unlucky 1% even then it's not much more then a slap on the wrist it's not like there going to lock you up.

As long as you make an honest effort to be honest you will be fine they know most people aren't accounting guru's and to get in trouble for irs law that's above most people's head is ridiculous  they only have them selfs to blame tax law is way to complex for the majority to make sense of It.

90% of the time you call the irs they can't answer your questions maybe cause there just flying by interpreting things as they please. 

If there's an issue get an attorney 99% of law now a days is just interpretation and how it's twisted to suit one's needs.  

Our legal system is just a giant loophole its all about perception just like reality.

perception is key make the law work for you. 

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30 minutes ago, Xrptrip said:

That's laughable the irs coming after you sure every now and again you hear story's from the unlucky 1% even then it's not much more then a slap on the wrist it's not like there going to lock you up.

As long as you make an honest effort to be honest you will be fine they know most people aren't accounting guru's and to get in trouble for irs law that's above most people's head is ridiculous  they only have them selfs to blame tax law is way to complex for the majority to make sense of It.

90% of the time you call the irs they can't answer your questions maybe cause there just flying by interpreting things as they please. 

If there's an issue get an attorney 99% of law now a days is just interpretation and how it's twisted to suit one's needs.  

Our legal system is just a giant loophole its all about perception just like reality.

perception is key make the law work for you. 

This kind of idiocy regarding tax compliance is nothing new.  As a tax attorney I see this often.  First, you may not be in the <1% that is audited but have you ever heard of notices of correction?  If your figures don’t match those reported to the IRS, I guarantee you’ll receive one.  It may not be within a year of filing but soon thereafter, and it will include interest and penalties (not “a slap of the wrist” as you say).  Further, you’ll be putting yourself on their radar.  Want that?  And it’s silly and naive to think that 99% of law is interpretation.  Good luck with your “make an honest effort to be honest” and “perception” approach.  Ignorance won’t save you from taxes owed.

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So, I have a competent CPA, etc.  I imagine I will complicated their lives next month, but for now, what I do not understand is how taxes can even be computed (2017 & forward) in my situation: 

1) I purchased Eth at price A. 

2) When I receive the Eth, Eth is now worth price B

3)  I trade Eth, now at price B, for XRP, which would be valued at X, but I have no USD pairing

4)  Repeat this a number of times to HODL XRP - I cannot easily say what profit I have accrued in XRP.

I am unclear where & how this will all be taxed.  I'm assuming my taxman will tell me but I have done nothing in the meantime for tax efficiency.

Edited by WrathofKahneman
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21 hours ago, MrClamtastic said:

Just subtract cost from holdings and report that.   You will be fine

Exactly my view on this all long. What ever you come out with in fiat, Say $50,000, less what ever you put in say, $1000 means you made $49,000 profit and youll be taxed on that. To go through every single trade is a long winded and very complicated way of going from A to B and getting the same answer. 

Edited by Gourlay
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6 minutes ago, Lucien said:

This kind of idiocy regarding tax compliance is nothing new.  As a tax attorney I see this often.  First, you may not be in the <1% that is audited but have you ever heard of notices of correction?  If your figures don’t match those reported to the IRS, I guarantee you’ll receive one.  It may not be within a year of filing but soon thereafter, and it will include interest and penalties (not “a slap of the wrist” as you say).  Further, you’ll be putting yourself on their radar.  Want that?  And it’s silly and naive to think that 99% of law is interpretation.  Good luck with your “make an honest effort to be honest” and “perception” approach.  Ignorance won’t save you from taxes owed.

it is perception i've had to fight the irs before and won... if you are a tax attorney you must not be a very good one that's an attorneys job is to look at law in the best interest of there client whether there guilty or not it's your job to make the case that works within the legal frame work.    Obviously your not creative. a good attorney needs to be creative and look at the law and find it's flaws. It's not about having to lie it's about looking at the law and making it truth.

life is perception otherwise you wouldn't be able to function as a human perception is all relative just like time... truth and perception are all in the eye of the beholder.

if law was not perception then we would perceive nothing. If you look at law as finite i think you got into the wrong field.  look at the bigger picture tax law is not the only set of laws you have to look at you need to look at all of law. which also accounts for discrimination laws or laws that protect people with disabilities or are unable to comprehend what they did wrong cause of complex laws. just cause someone may not have the smarts doesn't make them ignorant 

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9 minutes ago, Xrptrip said:

it is perception i've had to fight the irs before and won... if you are a tax attorney you must not be a very good one that's an attorneys job is to look at law in the best interest of there client whether there guilty or not it's your job to make the case that works within the legal frame work.    Obviously your not creative. a good attorney needs to be creative and look at the law and find it's flaws. It's not about having to lie it's about looking at the law and making it truth.

life is perception otherwise you wouldn't be able to function as a human perception is all relative just like time... truth and perception are all in the eye of the beholder.

if law was not perception then we would perceive nothing. If you look at law as finite i think you got into the wrong field.  look at the bigger picture tax law is not the only set of laws you have to look at you need to look at all of law. which also accounts for discrimination laws or laws that protect people with disabilities or are unable to comprehend what they did wrong cause of complex laws. just cause someone may not have the smarts doesn't make them ignorant 

Actually I’m quite successful, thanks for your concern.  Your sense of logic is certainly questionable but if you believe that your simple notions of relative perception and time will help you fight against capital gains rules then more power to you.

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5 minutes ago, Lucien said:

Actually I’m quite successful, thanks for your concern.  Your sense of logic is certainly questionable but if you believe that your simple notions of relative perception and time will help you fight against capital gains rules then more power to you.

Even a bad attorney can be successful it's called taking advantage of suckers! Even crappy attorneys make good money if that's how you perceive success. Too me a good attorney is one that wins almost all there cases even if they make 0$ doing so. bottom line you have to spin the case. maybe you just take easy cases you know you can win. A successful attorney takes cases they believe are a sure loss and spin it for a win... That's a successful and good attorney  

plus i'll say it again crypto's are not backed by the Gov't nor are they real currency (yet) They only have an attached value anchoring it to USD  ... Thus you have no capital gains or loss tell you realize them. if i can pay the irs in crypto then it's legitimate currency.  Also I will never concede they have the right to tax a value in flux as soon as you make the trade it could go down or up, but your still in the market. With the stock market you don't get taxed tell you sell to USD 

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17 hours ago, Xrptrip said:

My question is if the irs has all this info why the F-in hell don't they just do the taxes and send you how much you owe or are owed.... Answer me thinks is either there lazy A******* or the don't have access to as much info as they claim they do

I remember reading an article that some countries in the EU already do that for the individual. The US still leaves it compliance of the individual.

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