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Started By
Message
re: GME (Gamecoin)
Posted on 11/12/21 at 3:58 pm to EveryonesACoach
Posted on 11/12/21 at 3:58 pm to EveryonesACoach
quote:Two things
Trustwallet doesn't even have identifying information.
A) Once you sent money to or from a DeFi wallet to a centralized exchange, you've pretty much doxxed yourself.
B) Setting aside the airdrop, how many taxable transactions below?
1) Fiat to BNB
2) BNB to BNB(BSC)
3) BNB(BSC) to GMEX
4) GMEX to BNB(BSC)
5) BNB(BSC) to BNB)
6) BNB to Fiat (add a step if the exchange requires BNB to a stablecoin for sale)
If you want to play with DeFi, you need to be able to answer the above question so you know how much you have to make just to cover the tax bill.
This post was edited on 11/12/21 at 4:07 pm
2
Posted on 11/12/21 at 4:19 pm to Bull Tiger7
quote:
Once you sent money to or from a DeFi wallet to a centralized exchange, you've pretty much doxxed yourself.
But do you? I could send BNB from an exchange to any wallet, not just my own. There's nothing proving I am in fact the owner of said wallet, right?
I imagine if the IRS really wanted to pursue someone, they could subpoena phones and other electronic devices to prove you are in fact the owner of a certain wallet, but my argument is more of a pragmatic one. IRS will receive filings from whatever centralized exchange I'm using, I will claim the appropriate amount of income, and I don't think it would go much further than that.
Posted on 11/12/21 at 4:52 pm to Bull Tiger7
quote:
Two things A) Once you sent money to or from a DeFi wallet to a centralized exchange, you've pretty much doxxed yourself. B) Setting aside the airdrop, how many taxable transactions below? 1) Fiat to BNB 2) BNB to BNB(BSC) 3) BNB(BSC) to GMEX 4) GMEX to BNB(BSC) 5) BNB(BSC) to BNB) 6) BNB to Fiat (add a step if the exchange requires BNB to a stablecoin for sale) If you want to play with DeFi, you need to be able to answer the above question so you know how much you have to make just to cover the tax bill.
There is no fricking way people are tracking all the bullshite.
I’ve been in and out of so many coins that I made money and lost on that I can’t count.
This post was edited on 11/12/21 at 4:54 pm
Posted on 11/12/21 at 4:58 pm to Rize
Lol that’s not good man, especially if you are moving 6 figs of coins. All I’ve been saying for 2 years on this board is to track your shite if you are on/off ramping on any US exchange
Posted on 11/12/21 at 5:01 pm to TigerTatorTots
quote:
Lol that’s not good man, especially if you are moving 6 figs of coins. All I’ve been saying for 2 years on this board is to track your shite if you are on/off ramping on any US exchange
This post was edited on 11/12/21 at 5:05 pm
Posted on 11/12/21 at 5:24 pm to EveryonesACoach
quote:
will line up with what Crypto.com reports to the IRS, right?
And, what if crypto.com keeps a record of the wallet addresses coming in and going out?
With 87,000 new agents, it wouldn't be impossible to track wallet transactions.
Subpart f income for the win.
Posted on 11/12/21 at 5:29 pm to Rize
Dude, if you are bringing in six figures, pay for a $100 program that tracks your stuff for you. Uncle Sam is going to get his cut one day, and you need to be prepared. Yeah, the way they tax crypto sucks, but thems the rules.
Posted on 11/12/21 at 5:36 pm to BottomlandBrew
What program do you recommend?
We gonna forget 2021 ever happened and start fresh in 2022
We gonna forget 2021 ever happened and start fresh in 2022
This post was edited on 11/12/21 at 5:37 pm
Posted on 11/12/21 at 5:50 pm to Rize
I use Koinly. Works well enough for simple buying and selling, but I don't get in to a lot of defi, so I can't speak to its full capabilities.
Posted on 11/12/21 at 7:18 pm to Rize
quote:Not how this works but good luck!
We gonna forget 2021 ever happened and start fresh in 2022
All it takes is one future audit to open up doors to past years
Posted on 11/12/21 at 7:20 pm to TSLG
I would expect crypto.com to report a 1099 K showing transaction totals. Make sure what you file and pay during taxes squares away with that net income, and that is likely the end of it.
Of course if I was moving in some serious money like $500k I'm hiring a pro to take care of it haha.
Of course if I was moving in some serious money like $500k I'm hiring a pro to take care of it haha.
Posted on 11/12/21 at 7:39 pm to EveryonesACoach
quote:
I imagine if the IRS really wanted to pursue someone, they could subpoena phones and other electronic devices to prove you are in fact the owner of a certain wallet, but my argument is more of a pragmatic one. IRS will receive filings from whatever centralized exchange I'm using, I will claim the appropriate amount of income, and I don't think it would go much further than that.
If you’re John Doe, probably so.
If you’re a developer that inadvertently dropped 6 digit tax bills in your own lap, you might be fricked.
Posted on 11/12/21 at 7:39 pm to EveryonesACoach
quote:
I would expect crypto.com to report a 1099 K showing transaction totals.
Generally, I'd agree.
But, assuming the irs comes down hard on crypto, you don't think they can get the source information of the funds in the event of an audit?
This post was edited on 11/12/21 at 7:41 pm
Posted on 11/12/21 at 7:55 pm to Rize
i dont off-ramp fiat to avoid the capital gains. since you seem to be transacting with a decent amount of money, probably something worth looking into
i collateralize crypto/bitcoin, get USD loans, which you do not need to pay taxes on
i collateralize crypto/bitcoin, get USD loans, which you do not need to pay taxes on
Posted on 11/12/21 at 7:55 pm to TSLG
One of the admins in the telegram is suggesting A) people should just not report it, and B) it’s not actually taxable despite the IRS decision being brought up.
Methinks this is the first time he’s ever done something like this…
Methinks this is the first time he’s ever done something like this…
Posted on 11/12/21 at 7:57 pm to slackster
quote:
One of the admins in the telegram
those people have no idea what theyre doing. that whole thing is the blind leading the blind lol
Posted on 11/12/21 at 8:26 pm to rocket31
quote:
those people have no idea what theyre doing. that whole thing is the blind leading the blind lol
I’m pretty sure he is part of the GMEX team too.
Posted on 11/12/21 at 8:31 pm to TSLG
quote:
But, assuming the irs comes down hard on crypto, you don't think they can get the source information of the funds in the event of an audit?
I do, but I don't really think they will for those of us not making a significant amount. Audits aren't nearly as likely if you're not bringing in 7 figures. At that point I'm hiring a pro anyway to do all my taxes.
LINK
Posted on 11/13/21 at 1:41 am to EveryonesACoach
quote:
Audits aren't nearly as likely if you're not bringing in 7 figures.
First, how does the irs know that you don't have 7 figure income if they don't investigate it more thoroughly?
Second, what if the irs wants to draw the line and make examples of people? They've done it in the past. A shift away from a cost-benefit mentality to prove a point mentality has been done before.
We just need to get more grandmas to get this hoe rocking again. I think I'm having withdrawals from gmex profits.
This post was edited on 11/13/21 at 1:42 am
Posted on 11/13/21 at 8:19 am to TSLG
Given this year's bull market, I would expect additional oversight in Crypto. Also IRS Audits/Interviews/RFIs/Investigations all suck. If you want more information on the potential implications airdrop (Q22-Q25) or other crypto matters, see the link. More IRS Guidance If you need advice, consult with a knowledgeable tax attorney/CPA on how this might apply to you.
The point is if you are in a 32% or higher income tax bracket, they really screwed you with the airdrop and trading shutdown. At the current price point, if you're in said bracket, I am not sure you could legally break even today.
WOW that's a great way to pick up federal charges, start a conspiracy to commit multimillion tax fraud
The point is if you are in a 32% or higher income tax bracket, they really screwed you with the airdrop and trading shutdown. At the current price point, if you're in said bracket, I am not sure you could legally break even today.
quote:
One of the admins in the telegram is suggesting A) people should just not report it
WOW that's a great way to pick up federal charges, start a conspiracy to commit multimillion tax fraud
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