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Forum » Crypto Traders: Coinbase is about to go in dry [ded fkn srs]
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Thread: Crypto Traders: Coinbase is about to go in dry [ded fkn srs]

post 1633078183 03-06-2021, 06:16 AM
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Crypto Traders: Coinbase is about to go in dry [ded fkn srs]

Coinbase is set to report all customers who bought or sold Crypto in 2020 to the IRS. If you did not check this box (below) which is the first question asked on 1040 this year, and you traded in crypto the IRS is going in DEEP with no lube. You have been warned.

post 1633078423 03-06-2021, 06:23 AM
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  1. JamesA1990
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Binance crew
Twinkcel fitness log
post 1633078433 03-06-2021, 06:24 AM
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  1. YellowAy
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That’s bullchit
post 1633078533 03-06-2021, 06:26 AM
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#4
  1. FrankCostanza
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  1. FrankCostanza
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lol at not paying an up charge on a dip at a bitcoin atm. last btc i bought from coin base was in 2018. i never verified my id
I'm not here for rage. I'm here for revenge!
Anti Covid VAX Superhero
Mein power
Mein pleasure
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Trump 2020
Trump 2024
post 1633079213 03-06-2021, 06:46 AM
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  1. Roldz
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FL > PA
post 1633080523 03-06-2021, 07:23 AM
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  1. GainzMcgee
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Originally Posted By FrankCostanza⏩
lol at not paying an up charge on a dip at a bitcoin atm. last btc i bought from coin base was in 2018. i never verified my id
Yup any of these "retail" bitcoin sites are bout to go in dry on people.
post 1633084253 03-06-2021, 08:42 AM
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#7
  1. Jestbrah
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yeah thats not happening but nice try
**worthless college major crew**

*Always picks 4 Crew*

**HTC**
post 1633084373 03-06-2021, 08:44 AM
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#8
  1. wave_length
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What's the problem with it? Ofc taxes must be payed.
How to lose fat for Noobs: http://forum.obnoxiousbrutes.com/showthread.php?t=129247741
post 1633084603 03-06-2021, 08:47 AM
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#9
  1. The Prime Nip
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The IRS is not a legal entity anymore. (ded fukin srs)
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post 1633085133 03-06-2021, 08:58 AM
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who cares

just pay the damn thing and move on

we're not plebs
***Los Angeles MISC Crew***

***Misc Crypto Crew***
post 1633086403 03-06-2021, 09:19 AM
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#11
  1. messomi
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anybody with half a brain could have seen this one coming.

even though most miscers here don't even own enough bitcoin to start paying a lot of tax on it most are broke larping losers.
post 1633086633 03-06-2021, 09:23 AM
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#12
  1. Blasting
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I reported BTC purchases on last years taxes.
Horny.
post 1633086873 03-06-2021, 09:30 AM
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Originally Posted By Blasting⏩
I reported BTC purchases on last years taxes.
like you should.
post 1633087133 03-06-2021, 09:36 AM
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#14
  1. Jasonw1178
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On your forms, it talks about claiming other income. You want to cheat on your taxes, you better weigh out the risk/reward ratio. It's one thing to make mistakes, forget something, not mention something, but when you blatantly lie and try to deceive them, well they go in dry with no mercy or lube.
post 1633087513 03-06-2021, 09:44 AM
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bought on coinbase and transferred out to other exchanges with no kyc. come at me.
post 1633087543 03-06-2021, 09:44 AM
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Been reporting gains on crypto since 2017 crew
post 1633087813 03-06-2021, 09:51 AM
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Originally Posted By GainzMcgee⏩
Coinbase is set to report all customers who bought or sold Crypto in 2020 to the IRS.
Source of info?

That’s been on the 1040 for years...
post 1633087943 03-06-2021, 09:55 AM
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  1. sword_
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Reported also :shrug:
A hit was sent, from the President, to raid your residence /
Because you had secret evidence, and documents /
On how they raped the continents, and it's the prominent /
Dominant Islamic, Asiatic Black Hebrew

- GZA "4th Chamber"
post 1633088093 03-06-2021, 09:58 AM
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uncle same is going in dry
<HTC>
post 1633088173 03-06-2021, 10:00 AM
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Originally Posted By johnnyboi123⏩
bought on coinbase and transferred out to other exchanges with no kyc. come at me.
so you bought and exchanged, now those addresses are being watched.
Free Men Don't Ask
You Wouldn't Download a Gun
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Disclaimer: all content posted by Techriding101 is purely for roleplay purposes
post 1633088373 03-06-2021, 10:04 AM
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  1. GainzMcgee
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Originally Posted By DavidL913⏩
who cares

just pay the damn thing and move on

we're not plebs
It's funny how bitcoin or any coin for that matter was supposed to be a way to anonymously handle money in a digital and decentralized fashion to"HRRR DRRRRR Just pay your taxes citizen what do you have to hide!!"
Originally Posted By JuicedMayhem⏩
Source of info?

That’s been on the 1040 for years...
Just pulled my 2019 1040 and I dont see them explicitly asking about virtual currency on it just "other income".
post 1633089323 03-06-2021, 10:22 AM
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#22
  1. guest89
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I would assume all of the misc BTC ballers would be paying taxes on their enormous gains. I mean, the IRS will notice when you start buying lambos. Right guis?
post 1633090773 03-06-2021, 10:47 AM
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#23
  1. cadetduke
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So buy and send off. I put 150k into it last year, haven't sold any and none of it is on coinbase anymore. It's just easier to buy there. Sometimes I use gemini, sometimes binance. All in wallets.

Edit. And for people that would claim I'm frauding. This is just past few days on COinbase. All sent off lol



Not realized gains.

Edit 2:



So don't sell.
post 1633090883 03-06-2021, 10:50 AM
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#24
  1. JuicedMayhem
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What if I sent crypto to family or used it for a payment but made zero profit? Am I supposed to report that? Wtf is this ****..
post 1633091333 03-06-2021, 10:59 AM
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You've had to pay taxes this whole time. Nothing new. If you make an honest effort your fine, if you skirt it prepare to get peppered.
Cheeky Kent
post 1633095493 03-06-2021, 12:04 PM
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#26
  1. GainzMcgee
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Originally Posted By matiemcgee123⏩
You've had to pay taxes this whole time. Nothing new. If you make an honest effort your fine, if you skirt it prepare to get peppered.
Yea but this year they are explicitly asking about it as the very first question lmfaooo
Originally Posted By JuicedMayhem⏩
What if I sent crypto to family or used it for a payment but made zero profit? Am I supposed to report that? Wtf is this ****..
Im not a tax professional so I cant answer that but based on the question in the 1040, if you have touched crypto in any way shape or form the IRS wants to know about it. Im almost certain any retail crypto intermediary is reporting it to the IRS as well just like a bank would.

Edit: Just pulled this from the Instructions on 1040. Interpret as you may.

post 1633101653 03-06-2021, 01:27 PM
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#27
  1. DizzySmalls
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If you claim purchases but don't report any income, I wonder how that will work out? If you never have money coming back in through an exchange into fiat that is.
post 1633102193 03-06-2021, 01:33 PM
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Originally Posted By diablo696⏩
BTC was never created or used to be anonymous. Thats just a lie that plebs who want you to BUY BTC say. Its was never its intention to be anonymous, actually the opposite. Its ledger was made to be public so you can verify ALL TRANSACTIONS on the ledger and verifiable. Its these crypto plebs who know nothing about nothing that keep spouting that garbage. Chain of Custody is the name of the game, not anonymity
Huh? I thought it was popularized by people using it to anonymously buy illicit chemicals on the dark web. It's also what a lot of people were talking about back in 2013-2014 (haven't paid much attention since then so maybe now too). It was touted as something completely removed from institutional control.

Yeah if you choose to register on a website tying your identity to wallet address it's no longer anonymous, but nobody is making you do so.
post 1633102603 03-06-2021, 01:38 PM
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Originally Posted By CTTK⏩
Huh? I thought it was popularized by people using it to anonymously buy illicit chemicals on the dark web. It's also what a lot of people were talking about back in 2013-2014 (haven't paid much attention since then so maybe now too). It was touted as something completely removed from institutional control.

Yeah if you choose to register on a website tying your identity to wallet address it's no longer anonymous, but nobody is making you do so.
Only peer to peer or cash transaction would allow you to obtain bitcoin with fiat without trying to your identity. KYC verification is present at every non P2P exchange.

There is typically a pretty hefty cost premium for doing that, and also some risk involved.
post 1633102753 03-06-2021, 01:40 PM
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#30
  1. propreffered7
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Originally Posted By CTTK⏩
Huh? I thought it was popularized by people using it to anonymously buy illicit chemicals on the dark web. It's also what a lot of people were talking about back in 2013-2014 (haven't paid much attention since then so maybe now too). It was touted as something completely removed from institutional control.

Yeah if you choose to register on a website tying your identity to wallet address it's no longer anonymous, but nobody is making you do so.
i agree, i guess it's in the middle


all transactions are stored on the blockchain, so in that way it's supposed to establish "trust". you'd be able to look at someones wallet and transactions and see if they are trustworthy

but it's true the wallet isn't really tied to anything. though, you'd still be able to trace it with any interaction. may be a little digging to find who owns what wallet
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