Thread: Blockchain/crypto

So what happens when the government wises up to this and crypto purchases and gains become taxable? You honestly think if everyone found this loophole and moved to crypto the government wouldn't slam it shut?

Originally Posted by BroncoWave

So what happens when the government wises up to this and crypto purchases and gains become taxable? You honestly think if everyone found this loophole and moved to crypto the government wouldn't slam it shut?

Dude- stop.

No- it cannot be. Please, go learn a lot about it. Crypto CANNOT become taxable. It cannot. It is not some loophole. Stop commenting on it. You are being that Jeudy10hamler guy right now. You are way out of your league here.

Buuuut- I did mention at the precipice of this change- the governments are not going to see all their tax money go and something is going to happen and I said I doubt it is going to be pretty. But no- the gov cannot just TAX crypto lol

It is not some loophole LOL.

Originally Posted by underrated29

because you just gave a very very uneducated answer. I am not talking this like it is a sure thing in regards to doge. Doge is just the little trendy piece of it. Doge was started as a joke. For the dog meme. You should know by now my business acumen is off the charts. When have I ever been wrong about anything business? Even look at Tesla when the entire board told me they were going out of business. Not to buy their stock. Not to buy their cars. Elon is the richest man in the world and tesla is the #1 stock. Look at Clubhouse- 845 mil cap. Went from 1mm users in January to over 20 mil by April 1st. And it is still in beta. It is being rumored to be bought for 40 billion! And it goes live for Android in the next several weeks. It is so big that every other platform is trying to create their own to compete. LOL. You should know by now that I take business shit very seriously.


Let me give you a small example on crypto and you can remember that it will be the fulcrum. When you pay or buy something in crypto there is ZERO tax. ZERO. No income tax. No state tax. No Cap gains. So when you buy a car and pay 7k in taxes or you buy a car in crypto and save the 7k in tax. When you sell your house or get a bonus at work. Those gains cannot be taxed.

Now I ask you- and give it a real answer not a bullshit head in the sand answer- why would you pay any $$$ in tax (income, sales, state, gov, cap gains, etc) when you do not have to? And to follow that up- if you are so pro to give any money away in tax- why dont you just take whatever it is you pay in tax and donate it to charity instead?


That is just one small simple explanation. You really need to go educate yourself on Crypto before you come in saying you don't buy anything about crypto. You do not know anything about it. I know you do not simply by your answer. You cannot answer anything nor have an opinion when you simply do not know anything about it. One thing you should look at while you start learning about crypto is the people that are within that space. Just like Tesla and this is where so many people get things wrong. It is the people that are behind these things that will make sure they never fail. Once you know the people in that space you would understand why.

Wow.

I own some Crypto. But I wouldn't go near Doge.

I'm trying to wrap my mind around the notion that someone who claims to have an "off the charts" business acumen writes three paragraphs about crypto allowing you to avoid taxes.

If you want to avoid taxes illegally, you don't need crypto to do it.

You can't avoid income or capital gains taxes LEGALLY whether or not you denominate your transactions in crypto assets. If you're trying to do so, you're making a bigger mistake than buying Doge or Tesla.

The IRS has spoken on crypto very clearly. Any realized gains are taxable and should be reported. Any income received in the form of crypto should be reported as any other currency would be. If you're not doing so, you're going to run afoul of Uncle Sam.

Just take a look at this year's 1040. What's that line right below your name and address?




Now, let's just ask ourselves, "Self, why would the very first question the IRS asks on my tax form be whether or not I've acquired any crypto assets this year?"

Originally Posted by BroncoWave

So what happens when the government wises up to this and crypto purchases and gains become taxable? You honestly think if everyone found this loophole and moved to crypto the government wouldn't slam it shut?

Gains ARE taxable. Have been. .. . for years.

Originally Posted by underrated29

Dude- stop.

No- it cannot be. Please, go learn a lot about it. Crypto CANNOT become taxable. It cannot. It is not some loophole. Stop commenting on it. You are being that Jeudy10hamler guy right now. You are way out of your league here.

Buuuut- I did mention at the precipice of this change- the governments are not going to see all their tax money go and something is going to happen and I said I doubt it is going to be pretty. But no- the gov cannot just TAX crypto lol

It is not some loophole LOL.

Ok dude. Seems like NTL just blew this theory apart. Have fun doing your shady BS not paying taxes on it. I'm going to go on with my mindset that has served me very well in life of "if it seems too good to be true, it probably is". Maybe I miss out on the occasional goldmine with this mindset, but I also avoid a ton of scams and trouble. But you do you fam!

Originally Posted by NightTrainLayne

Wow.

I own some Crypto. But I wouldn't go near Doge.

I'm trying to wrap my mind around the notion that someone who claims to have an "off the charts" business acumen writes three paragraphs about crypto allowing you to avoid taxes.

If you want to avoid taxes illegally, you don't need crypto to do it.

You can't avoid income or capital gains taxes LEGALLY whether or not you denominate your transactions in crypto assets. If you're trying to do so, you're making a bigger mistake than buying Doge or Tesla.

The IRS has spoken on crypto very clearly. Any realized gains are taxable and should be reported. Any income received in the form of crypto should be reported as any other currency would be. If you're not doing so, you're going to run afoul of Uncle Sam.

Just take a look at this year's 1040. What's that line right below your name and address?




Now, let's just ask ourselves, "Self, why would the very first question the IRS ask on my tax form be whether or not I've acquired any crypto assets this year?"

because they want to tax you that is why. They still cannot. You sir also need to go learn more. I know you have a SEVERE bias against tesla and elon which is fine, they have nothing to do with crypto, but you should definitely look into these things.


For you and Wave I would start learning about NFTs. Once you have that down then ask yourself 'Why would you pay taxes on something that does not get taxed"

For those without "off the charts" business acumen, here is the IRS's FAQ on how to handle crypto.

https://www.irs.gov/individuals/inte...y-transactions


Note that the publication referenced was released in 2014. 7 years ago. . .

Originally Posted by underrated29

because they want to tax you that is why. They still cannot. You sir also need to go learn more. I know you have a SEVERE bias against tesla and elon which is fine, they have nothing to do with crypto, but you should definitely look into these things.


For you and Wave I would start learning about NFTs. Once you have that down then ask yourself 'Why would you pay taxes on something that does not get taxed"

As a friend, I implore you to not attempt to avoid taxes on your crypto gains. The penalties will obliterate any gain you make.

Ask any accountant. The IRS does not play around if they get the notion you are trying to hide income. That's how Al Capone ended up in prison in case you don't remember. Not for murder, or smuggling, but for hiding income.

You can hide income illegally until they catch you. But it's illegal, and the penalties are severe.

Originally Posted by BroncoWave

Ok dude. Seems like NTL just blew this theory apart. Have fun doing your shady BS not paying taxes on it. I'm going to go on with my mindset that has served me very well in life of "if it seems too good to be true, it probably is". Maybe I miss out on the occasional goldmine with this mindset, but I also avoid a ton of scams and trouble. But you do you fam!

No, lol. He did not.

Again- go educate yourselves.

2. Doge had you bought in on FRIDAY- 2 days ago- you would have almost DOUBLED your money.


Keep telling me how it is a scam and blown apart. Go tell the share holders while you are at it. They will have trouble hearing you as their accounts keep ringing with $ dropping in.

Originally Posted by NightTrainLayne

As a friend, I implore you to not attempt to avoid taxes on your crypto gains. The penalties will obliterate any gain you make.

Ask any accountant. The IRS does not play around if they get the notion you are trying to hide income. That's how Al Capone ended up in prison in case you don't remember. Not for murder, or smuggling, but for hiding income.

You can hide income illegally until they catch you. But it's illegal, and the penalties are severe.

What you are saying is all correct. And that is why Bitcoin took a hit the other day because people were using cytpo to launder money. What you guys are saying is not what I am saying. Tax fraud and tax evasion are big time problems. Again, that is not it. Start by learning everything about NFTs. Then take it from there.

Originally Posted by underrated29

No, lol. He did not.

Again- go educate yourselves.

2. Doge had you bought in on FRIDAY- 2 days ago- you would have almost DOUBLED your money.


Keep telling me how it is a scam and blown apart. Go tell the share holders while you are at it. They will have trouble hearing you as their accounts keep ringing with $ dropping in.

FWIW I don't think crypto is a scam. It seems legitimate enough at this point. I'm just not convinced it's 100% going to be the future of the global economy. I suppose we shall see.

Originally Posted by underrated29

What you are saying is all correct. And that is why Bitcoin took a hit the other day because people were using cytpo to launder money. What you guys are saying is not what I am saying. Tax fraud and tax evasion are big time problems. Again, that is not it. Start by learning everything about NFTs. Then take it from there.

It sounds like tax evasion is exactly what you say you're doing.

P.S. Elon Musk is a fraud.

I turned $30 in doge into $550 that I turned into Bitcoin, that went up... Idk how much. All of you hating on Crypto need to do some research, and I get the skepticism. And I encourage EVERYONE to get some Bitcoin and ethereum now before it goes up even higher. And it will.

I'm very very new to it all, but so far I've put in about $2k since Dec. I'm holding 17 different currencies at a total of about $4500 now. Decent growth in less than 6mos

Coinbase just added some new tokens you can earn for free by watching the videos and answering a question. You can get like $10-20 in free coins/tokens, then convert them to other tokens (BC, ETH, etc) or just cash it out. The videos will actually be helpful in learning about cryptos. And, if your acct goes to $100, you get $10bc.

https://www.coinbase.com/join/cibell_f1?src=android-share

Let me know if you need help. Let's all make bank off this shit.

If anyone is serious and needs guidance, here's my email and we can txt later

milehighjedi@aol.com

Get in NOW before the next volcanic crypto eruption!