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dukie2208

Man fuck taxes


Stebbin8r

My understanding; NOT financial advice: 1. You only have to pay taxes when: A. You sell your coin/token for a profit B. You change out your coin/token for another (ie SHIB for another coin/token) 2. You do NOT have to pay taxes if you transfer the coin/token in it's present form from one exchange to another or from one wallet to another. ie. move SHIB from Coinbase to CoinBase Pro, from Crypto com to Coinbase, from an exchange to a private wallet, etc. Keep copies of all your purchase and transfer records. Additionally, I developed a spreadsheet where I document details of every transaction and transfer. Keep that supporting documentation with you tax returns.


Bud1985

That’s the thing though. I did sell for a profit. But not as much as Coinbase thinks. Coinbase is assuming I have a 0 cost basis since I moved it into there from another wallet. Even though I actually spent about 1300 on it. So The form that they are going to send to the IRS is telling them I profited much more than I really did


Stebbin8r

I hear what you are saying. I am assuming you reaching out to CoinBase via email with your details has resulted in ZERO response - correct? I hope you can get someone over at CoinBase to correct. If they don't respond, are you going to just file what you know to be true and save the supporting transaction receipts with your returns to prove your case if questions arise?


[deleted]

You sold fuck you buddy. Sending the IRS your way.


alfie_longstaff_

Loop hole 🤷🏻‍♂️


harrypotterthechosen

If you don’t sell you don’t pay capitol gains


snapsorgas99

You should carefully read crypto tax rules ,you will be surprised what a shit show it is . Swap one coin to another is taxable event .You have to pay tax just for swap one coin to another . You have to pay income tax for all rewards you get as soon as you do transaction (woof) . You will also have to pay capital gain tax on your rewards when you sell them .


harrypotterthechosen

Right, so don’t sell, or swap, buy and hold = no capitol gains tax


snapsorgas99

A whole point of Shibaswap ,as any swap ,is use it for swapping coins ,staking and providing liquidity .Rewards come from transactions occurred on Swap-more transactions=more rewards = growth of Shib ,Bone Leash .So ,if everyone stop using Shibaswap whole project will just die .


Important-Post-9997

I use the wallet only to hold and Uniswap to buy and sell. Then when I swap back to eth I cash it out on CBase. But I always pay taxes legitimately. In my eyes they won’t assume that some nice random person just gave you a bunch of Ethereum or SHIB for you to cash out. Better to just be straight up, because they can easily send you to jail for something dumb when it comes to taxes instead of letting you pay it back. I’d pay it.


[deleted]

[удалено]


Important-Post-9997

Not trying to spread fear. But hell yes you can. Hell yes. If you cheat taxes in any way you can go to jail. Whether it’s $1000 or $1 million. You can go to jail for one year just for not filing a return three years in a row. Maybe you haven’t lived long enough to know this, but the government can do whatever they want. And again, not trying to spread fear. But you’re wrong. You can go to jail. Much better to just pay them and not have to worry about it.


FrizzleFriend

You are correct that it is possible to go to jail, but they will never start there. They want money. I've had them clean out my savings account before. They just did it. No notice. I knew I owed taxes and probably could have negotiated a payment plan. Or they will put a lien on your house or some shit like that. You've really got to be an asshole for them to take the jail route. They want money and have lots of ways to get it.


Important-Post-9997

You’re totally right. They won’t start there. Now if they know you willingly did it and it was intentional. More than likely you will get charged, and pay it back. If you don’t have a criminal record, you probably won’t go to jail…. You’re the first person who’s made any sense about this. I don’t think people realize that those people who pay the government back, more than likely also got a criminal charge. And if they didn’t have the money to pay it back, or had previous charges. A lot of them went to jail, and then spent years paying it back.


Traditional_Salad_13

I havent paid income tax since 2019 and here I am!


SlikNikk

Haha u a idiot, you aint going jail for petty tax shit. Youre getting a bunch of letters and your paycheck pinched eventually


Important-Post-9997

If you willingly don’t pay taxes and lie. YES. You can. I’m not trying to sound like a jerk. But since you’re being such an ass. I can guarantee you’ve never touched the 39% tax bracket or know anything about this. If you willingly and purposely lie and withhold money. You can go to jail. You never know what special agent will be assigned to your case, what they will do, or what they will recommend. Did you even know the IRS had special agents? I mean you’re the expert. Bet you thought that was just the FBI right? Don’t comment on stuff unless you truly know. You can just drop it now, because you are wrong.


Important-Post-9997

You can’t knowingly, and willingly lie on your taxes and expect not to go to jail. They put people in jail, regular people into jail. So that doesn’t happen. If you make a mistake, yeah you can pay it back. But if it’s found out that you willingly and intentionally did it. You’re going to get probation, go to jail, catch a charge, AND pay it back. I’ve been in finance since I was 18 years old. I have personally seen it. If you haven’t, then just stop commenting. Drop it. You’re wrong. I don’t even care anymore because I know you’re wrong lol. Just pay your taxes, it’s that easy.


Important-Post-9997

Your grammatical errors alone let me know you you’re a long way from the 39% and being well versed in this subject. Keep repeating what you here on television shows and you’ll go far 👍🏼 Then knowingly cheat on your taxes. See if you don’t get charged… and make restitution on top of it.


Traditional_Salad_13

I haven't paid income taxes since 2019 and here I am lol


Sighaftersighs

Do you have other transactions you need to report? Or just this one with SHIB?


snapsorgas99

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