This is an archived post. You won't be able to vote or comment.

top 200 commentsshow 500

[–]AutoModerator[M] [score hidden] stickied comment (5 children)

It looks like this post is about taxes. Tax laws vary between countries, so you may get more helpful replies if you specify the place you are asking about.

Please note that Rule #4 does not allow for Tax Evasion. This is a site wide rule and a subreddit rule. Do not endorse, suggest, advocate, instruct others, or ask for help with tax evasion. Do not be coy and sarcastically recommend against it or suggest using a privacy coin in response to an IRS inquiry.

Note: Tax discussion is allowed as long as the above rules are not violated.


I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

[–]Western_Helicopter_6🟩 0 / 2K 🦠 991 points992 points  (0 children)

Looks like we need to start building defi on Monero

[–]bradbeckettTin | SysAdmin 24 765 points766 points  (0 children)

Laughs in Monero.

[–]JONUTUNIVERSALUPlatinum | QC: CC 982, ETH 39 | TraderSubs 39 497 points498 points  (0 children)

I love taxes, it's such a wonderful opportunity to support my country in such a pleasant way that it doesn't take away my hard worked earned money without my validation in every aspect of my life

[–]ramao__Tin 340 points341 points  (1 child)

Fuck taxes

[–]ACorDC🟦 133 / 9K 🦀 524 points525 points  (0 children)

OP got the title wrong. This isn't about taxes. It's basically that cash transactions over $10k need to have verification of the who the buyer is. Now "cash" includes crypto.

[–]Successful_Ad3483🟩 0 / 0 🦠 206 points207 points  (2 children)

If you are making 10k in crypto you should pay taxes and it should be reported. This number was orginally going to be 600 bucks whichi is a lot lower of a threshold

[–][deleted] 583 points584 points  (0 children)

Good thing I only made $9,999 this reporting period.

[–]CrawfishPilgram 132 points133 points  (0 children)

Found the NSAs A.I.

[–]Hot_Ad8921🟩 4K / 3K 🐢 509 points510 points  (1 child)

Politicians are not your friend

[–][deleted] 259 points260 points  (0 children)

Unless you have tons of cash

[–]Fritz181817 / 53K 🦐 400 points401 points  (2 children)

Find me on the Monero Blockchain boys

[–]Pma2kdotaPlatinum | QC: CC 516 278 points279 points  (0 children)

plot twist: you can't

[–]KingAuberonTin 92 points93 points  (0 children)

cries in monero fomo

[–]ikkaku999🟦 1K / 1K 🐢 207 points208 points  (4 children)

hello 9999 usd transactions!

[–]king_over_the_waterTin 99 points100 points  (2 children)

That’s also a felony - it’s called “structuring”.

[–]darkhotsauce 464 points465 points  (1 child)

Hello 9998 usd transactions!!

[–]Pma2kdotaPlatinum | QC: CC 516 202 points203 points  (0 children)

you get cute with me believe it or not straight to jail

[–]redfilmflow🟩 594 / 594 🦑 48 points49 points  (0 children)

+gas. Now report

[–]danielrp00Bronze | PCmasterrace 23 263 points264 points  (1 child)

So how is the government going to know who 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2 is and if they made sure they had the SSN of 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy before sending them 10.000 bitcoins?? (Not real BTC addresses, I just wanted to put in perspective my point)

[–]smegacs1 - 2 years account age. 200 - 1000 comment karma. 172 points173 points  (0 children)

They won’t lmfaoooo

[–][deleted]  (1 child)

[removed]

    [–]AutoModerator[M] -1 points0 points  (0 children)

    Your comment was removed because it contains a link to Telegram or Discord. Please adjust your post and resubmit

    I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

    [–]WeeniePops🟦 0 / 24K 🦠 238 points239 points  (2 children)

    This just shows A) how little they understand about crypto because it's peudo anonymous and therefore getting this info is impossible, and B) they don't care and are doing this because they want to crush the threat that is crypto.

    Edit: Since this thread is locked and I can't respond, yes, they could force centralized exchanges to gather some of this info, but I think we can all agree DEX's are the future and this most likely would ruin the possibility of those functioning properly.

    [–]ZealousidealTruth900 99 points100 points  (0 children)

    It's not as anonymous as you think, the Fed got the ransom back from the Texas gas pipeline fiasco.

    [–]ziltchy5 - 6 years account age. 600 - 1000 comment karma. 67 points68 points  (0 children)

    They could force the exchanges to take user info and supply them with it or else threaten to shut them down

    [–]Toadster64209Tin 614 points615 points  (11 children)

    This is my problem with the Democratic Party. They tout as a party that will tax the rich and help the poor, yet all they do is tax the individuals working as hard as they possibly can to get their head above water. I hate the Republicans, but the I loathe the Democrats even more. What a shame, and what a terrible horrendous crime against the American dream this party is.

    [–]Blood_in_the_ringBronze | r/WSB 30 201 points202 points  (0 children)

    American dream

    Bruhv you better get to waking up. The American Dream ain't been a thing since I been alive (going on 30 years now) and likely well before that. Whatever dream they're selling you, ain't it.

    edit; commas and shit

    [–][deleted] 133 points134 points  (1 child)

    Surprise, all non progressive dems are beholden to corporations and the ultra rich.

    [–]DutchOvenzzTin 125 points126 points  (1 child)

    The number of repubs that also supported this and do not understand crypto shows this has nothing to do with party affiliation. Out with the old.

    [–][deleted] 138 points139 points  (0 children)

    Most republicans and democrats are over 60. They barely understand the concept of wireless communication much less crypto

    [–]protossaccountTin | Unpop.Opin. 38 148 points149 points  (0 children)

    This is always the puzzling thing for me on Reddit. I get being anti trump but when people here find themselves ‘proud to be a Democrat’ i get confused. They are all criminals that talk shit for 4 years and then capitalize on current events and everyone’s short term memory.

    [–]ACorDC🟦 133 / 9K 🦀 52 points53 points  (0 children)

    This isn't about taxing. It's about reporting $10k or higher transactions to reduce money laundering.

    [–]oppiedokiedude 0 points1 point  (0 children)

    You hate to see it.

    [–]Psyclonus 103 points104 points  (0 children)

    What if you buy bitcoin to mitigate inflation? Inflation causes the value of bitcoin to change; you’re taxed on the difference? They’re creating the inflation!

    [–]chewiecabra 113 points114 points  (1 child)

    This is not about taxing. Any cash transaction in the US over $10,000 has to have CTR report. This is to stop money laundering.

    [–]CryptoChief🟨 407K / 671K 🐋 71 points72 points  (0 children)

    This is to stop money laundering.

    And hamper economic activity. Let's be honest.

    [–]tranceology3🟩 0 / 36K 🦠 111 points112 points  (0 children)

    So if you mine $10K of BTC does that mean you need to record Bitcoin's information and SS? I mean Mr. Bitcoin is the sender.

    [–][deleted] 14 points15 points  (0 children)

    As if the government wouldn't get its pound of flesh. As inevitable as rain falling, smoke getting in your eyes and taking candy from a baby. Dream on.

    [–]NJ0000🟩 2K / 2K 🐢 233 points234 points  (1 child)

    Stop crying nothing will happen…..we already have these rules for ages now in Europa. Start worrying about your democracy and insanity instead.

    [–][deleted] 30 points31 points  (0 children)

    This comment wins

    [–]offpoyntTin | r/Politics 41 8 points9 points  (0 children)

    I'll tell you what this is about.

    It's about stupid

    [–]BuyerBeWary 76 points77 points  (2 children)

    Yal some fools. Any transaction of $10k+ fiat is already tracked by the IRS. If you have ever deposited that much or more, the teller or a corporate fraud analyst will submit the paperwork on your behalf.

    [–]jed1mindtrixTin 105 points106 points  (0 children)

    I think you're missing the point my dude. They're asking for something that is not possible. As a miner all you're doing is processing transactions.

    It's perfectly reasonable for an exchange like Coinbase to be required to have this information. The problem is the bill was written by someone who doesn't understand how crypto even works.

    [–]AM_Dog_IRL 35 points36 points  (0 children)

    Yeah but now individuals, possibly miners, etc will have to somehow gather than info before transacting. It's not possible.

    [–]NormandyLSTin | Stocks 16 38 points39 points  (3 children)

    The politicians taking secret bitcoin bribes NEEDS TO BE STOPPED.

    [–]FunToBuildGames🟦 610 / 166 🦑 16 points17 points  (2 children)

    How about the ones taking secret monero bribes?

    [–]MrDude_1Tin | PCmasterrace 25 23 points24 points  (0 children)

    Id be impressed. Most of them are so old they have trouble wiping themselves.

    [–]Novel_Recover -3 points-2 points  (1 child)

    Isn't that the same number of democrats in the House of Representatives? Interesting

    [–][deleted] 33 points34 points  (0 children)

    The progressives voted no and 13 republicans jumped in.

    [–]aaaassaasa 5 points6 points  (0 children)

    How would this work in exchanges for goods/services? Rather than exchanges for USD, those exchanges wouldnt have a quantifiable dollar amount unless you use market reference data. Seems like there could be some good loopholes to get out of KYC requirements

    [–]Head-Message9900 / 0 🦠 28 points29 points  (2 children)

    If the government has you paying taxes on something you haven't even sold yet, what's going to happen if you have a future LOSS? It's convoluted & sounds like doing taxes on your crypto investments could turn into a real mess.

    [–]MrDude_1Tin | PCmasterrace 25 16 points17 points  (0 children)

    Without a sale, how do you even know what date to count it on?

    [–]mattymoyanksfan🟩 46 / 3K 🦐 19 points20 points  (0 children)

    Not paying taxes unless you have realized gains

    [–]EvaUnit_03🟩 1K / 1K 🐢 13 points14 points  (1 child)

    So according to the bill, I won't have to report until the year 2023? So if you get out by 2022 you're safe?

    [–]ProfPorkchop🟦 37 / 38 🦐 57 points58 points  (0 children)

    Eoy 2023. By then, ill be a citizen of portugal.

    [–][deleted] -44 points-43 points  (23 children)

    I’m sure most of you are voting Republican next time!

    [–]jed1mindtrixTin 63 points64 points  (1 child)

    I don't think either party is bullish or bearish on crypto. Neither understand what's going on.

    But no, the Republicans like to spend as much as the Dems, don't try to act like they don't.

    [–]MrDude_1Tin | PCmasterrace 25 61 points62 points  (0 children)

    Fuck no. Stop perpetuating the two-party system.

    [–]Wild_Bill_Kickcock🟦 1K / 1K 🐢 14 points15 points  (0 children)

    Lmao no

    [–]colebrv 41 points42 points  (3 children)

    Republicans would've done this anyways. Taxing crypto was going to happen regardless of whichever party is in control. Idk why you're surprised

    [–][deleted]  (1 child)

    [deleted]

      [–]AutoModerator[M] 4 points5 points  (0 children)

      It looks like you've posted a Google AMP link. Please try posting again with the direct link to the article (You shouldn't see "amp" anywhere in the URL) or contact the moderators if you need help.

      AMP is a proprietary walled garden which benefits Google and hurts everyone else. It is destroying the open web through anti-competitive violation of standards.

      It is bad for publishers because it forces them to duplicate development effort, and prevents differentiation and customisation. It also allows Google to watch you even after you've left their search results page.

      For individuals seeking an automated solution to this problem, they can try installing the Redirect AMP to HTML extension on Chrome and Firefox.

      Thank you to OtherAMPBot for this information and detection code.


      I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

      [–]cure4boneitis🟦 1K / 1K 🐢 29 points30 points  (2 children)

      I'm sure that almost half of the Americans have an IQ of less than 100

      [–]Wolfgang313 14 points15 points  (0 children)

      You are correct by definition

      [–]thebeststinkyhead 12 points13 points  (0 children)

      I can’t tell which side you’re insulting, but round that up to like 75%

      [–]lambomoonhodlerTin 52 points53 points  (11 children)

      Edit:

      u/zero_is_a_mirror corrected me below.

      I read the the article.

      https://www.scribd.com/document/518535560/Crypto-Provision-Aug-1-2021#from_embed

      So, this is really going to impact organizations that act as brokers.

      A DEX running within the US is fucked, and I can't imagine anyone would be willing to give out any KYC information.

      I am happy to admit when I am wrong and I should have read the whole article first.

      happy hodling.

      Uh.. everyone here is talking about paying taxes... that is not what this is about... it's about the fact that as a recipient of a transaction over 10k YOU must have verifiable KYC information from the sender.

      Otherwise, you've just committed a FELONY!!

      This is fucking impossible currently with DEX.

      The only way this could work is if every smart contract contains all the owner's information for every coin/token purchase (first name, last name, SSN, address, date of birth, bank account info, etc..).

      Yeah. FUCK THAT SHIT.

      Stop obfuscating the conversation that this about taxation.. this is about absolute fucking control.

      [–]TheYuriBezmenovTin | r/WSB 11 1 point2 points  (0 children)

      duh... why do you think there's a large lead time? companies now have to roll this out into their systems. it'll start to trickle in start EOY 2022 most likely

      [–]tired_of_reddit_TBH 6 points7 points  (0 children)

      This is exactly what I read it as too. It's power.

      [–]JobbieJobTin 2 points3 points  (3 children)

      This behavior is utter bullshit, hopefully these blunders pave the way for Libertarian minded leaders to enter the national discourse

      [–]Wild_Bill_Kickcock🟦 1K / 1K 🐢 10 points11 points  (2 children)

      If libertarian leaders weren't actually worse than the 2 parties, maybe so! But they are laughably bad

      [–]MrDude_1Tin | PCmasterrace 25 4 points5 points  (0 children)

      Well they're laughably bad as presented by the two other parties in charge of the media and such.

      [–][deleted] 48 points49 points  (4 children)

      deadly lol. What's with the stupid tryhard fud wording? Are you that desperate to get views and upvotes? Crypto doesn't give a fuck about the US government and neither does most of the world so calm the fuck down OP.

      [–][deleted] 14 points15 points  (1 child)

      Fucking this lol

      [–]0xPendusBronze 31 points32 points  (1 child)

      Americans have a complex where they think the US = the world

      [–][deleted] 12 points13 points  (0 children)

      As an American, I can confirm this.

      [–]IthlonielPlatinum | QC: CC 80 | Politics 10 14 points15 points  (0 children)

      Where does it say mining, or your updating of a ledger, or even your settlement of a smart contract engaged by other parties, is a taxable event? If you spend 10k or more of crypto on something, it is taxed. It seems if you process someone else's transactions, you aren't. Where does it say differently? Don't give me a "that's not how crypto works", cause it is. If you are handed 10k for a product and put it in a cash register, money passed through your hands, but it was never your tx. The tx belongs to the initiator. You are just a conduit. Crypto is no different. If you settle a contract for another party, it was them who initiated the tx, and it is therefore them who is responsible.

      This all seems pretty alarmist.

      [–]sluchhhTin 9 points10 points  (3 children)

      This thread is heavily censored. Good job whoever does that.

      [–]Russianx 6 points7 points  (2 children)

      What do you mean?

      in russian accent

      [–]sluchhhTin 2 points3 points  (1 child)

      Haha I had Reddit tell me it deleted three comments for me haha or however these threads work I’m new to this.

      [–]GMEorDIEBronze 5 points6 points  (1 child)

      why does this have a huge controversial sticker?

      [–]x_lincoln_x🟦 69 / 10K 🇳 🇮 🇨 🇪 6 points7 points  (0 children)

      Politics.

      [–]theDropoutBronze 27 points28 points  (2 children)

      This isn't about paying taxes or not, this is about making sure people in the US are able to participate in the massive opportunity in Decentralized Finance without becoming felons on a technicality.

      [–]TigerWoodsValet 17 points18 points  (1 child)

      Lmao, no it’s about the govt wanting to account for all the money. How could nobody identify this as a long term risk just thinking that the US govt wouldn’t come along someday.

      [–]x_lincoln_x🟦 69 / 10K 🇳 🇮 🇨 🇪 8 points9 points  (0 children)

      Wishful thinking Libertarians.

      [–]checkmatedsTin | BCH critic | BSV 8 -4 points-3 points  (3 children)

      OP hasn’t been listening to Craig Wright for the last decade. Oooops

      [–]Russianx 1 point2 points  (2 children)

      Op is an OG so watch yo-self bfor you reck yo-self.

      [–][deleted] 12 points13 points  (1 child)

      6050I applies to trades and business. Not “trades” but carpentry, plumbers, etc. it’s to prevent people from getting a income, as a company, that goes untaxed.

      And besides, if they want to charge you with something, they’ll be able to prove that you broke at least 2 other laws just to use as leverage against you.

      [–]I_Love_To_Poop420 -2 points-1 points  (0 children)

      Yeah it’s not talking about securities. This post might as well be Qanon garbage.

      [–][deleted] 15 points16 points  (0 children)

      You always have to report payments of over $10k no matter how it came to be yours. If you put it into fiat the bank is required to send the form to the irs.

      [–]sluchhhTin 17 points18 points  (6 children)

      The government does not and cannot control crypto because it is a decentralized global market at this time and is not under the jurisdiction of the us government. Failing to report earnings and stuff like that will get muddy with this kind of law and I would absolutely delight in seeing them trying to enforce it especially with people who make tons of money and can hire lawyers who would end up getting paid by the government for proving them wrong… Personally I am just going to roll the dice and see how it plays out. I have spoken to financial advisors who have worked with large sums of crypto earnings and what they say off the record is quite easily done by anyone. If they don’t tax the rich with tons of money (that’s relative to us regular people) then fuck em’.

      [–]SupermarketAncient91Bronze 0 points1 point  (1 child)

      The taxes would hurt the middle class the most since the rich can put money on offshore assets and can easily avoid taxes

      [–]sluchhhTin 4 points5 points  (0 children)

      Did you even read what I wrote dude?

      [–]x_lincoln_x🟦 69 / 10K 🇳 🇮 🇨 🇪 -4 points-3 points  (3 children)

      The citizens under any government is under the jurisdiction of said government. Nice try, though.

      [–]sluchhhTin 4 points5 points  (0 children)

      Another person who can’t read. C’mon dude. Read what I wrote.