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MechaCrash posted:I do actually have some questions about mining this poo poo on a home PC. it's ten thousand dollars so just be sure that all your transactions are $9,999
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Mar 11, 2022 17:28
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MechaCrash posted:I do actually have some questions about mining this poo poo on a home PC. I can't imagine why anyone would want the answers to both these questions unless they were brainstorming a pretty terrible plan.
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Mar 11, 2022 17:29
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Foo Diddley posted:it's ten thousand dollars so just be sure that all your transactions are $9,999 The one secret trick the IRS doesn't want you to know about!  It is also the one sure way to get a bank/FBI to investigate you for financial crimes, but thats besides the point
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Mar 11, 2022 17:33
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MechaCrash posted:The second is, "is there a threshold for this poo poo below which the IRS says to not worry about it because it's not worth tracking?" Like if I sell off some old Magic cards for twenty bucks, the IRS isn't going to give a poo poo, but if I unload a full set of Moxes then they're probably going to want to know and get their beak wet. Is there a lower limit beyond which they just shrug and say "don't sweat it, buddy" for Bitcoin? Officially? No, I don't think there is a threshold. There are certain activities/transactions that do have de minimis thresholds in the tax code, but I don't think property like cryptocurrency has such a threshold. The IRS expects that you will report any and all of it. Unofficially? Yes, of course there's a point at which the IRS won't bother - the feds aren't going to spend their time throwing you in jail over $50 in crypto gains that you left off your tax return. But unofficial thresholds/decisions like that are subjective and arbitrary, which make them the kind of thing where if you ever get to the point that you're discovering exactly what that threshold is for You, Personally, you're already having a bad time. Practically speaking, if you didn't report crypto gains and you're worried about getting caught (but not so worried that you just... amend your tax return and pay the taxes), the question is: what would draw the attention of the IRS? Here's a limited selection of things that would draw their attention and increase the odds that they come to you and ask you to explain where your money came from: - You cash out through an exchange that pays just a little lip-service about legal compliance and regulations (such as Coinbase). They transmit info to the IRS each year about your sales. - You start depositing actual cash money to your bank in big amounts (over $10k), strange amounts (a bunch of deposits that seem suspiciously just below $10k), or tied to certain organizations. - Someone near you heard you talking about shitcoins and apes and realizes there's no way you could afford that new Lambo on your computer-janitor salary, and narcs on you to the IRS.
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Mar 11, 2022 17:41
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while people of course should follow the law, the IRS is limited in its ability to chase down crypto randos while it works through warehouses full of post-COVID submissions
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Mar 11, 2022 17:47
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Apparently you don't owe taxes if you receive cryptocurrency as a gift and then never ever do anything to it, which is a load off my mind because loving Keybase gave me a bunch of Stellar Lumens a few years back and I've been ignoring them. I suppose taxing on cryptocurrency gifts would enable an interesting extra-malicious form of pump & dump: at the height of the pump, gift a bunch of coins to your victim. When it drops back to zero, he'd have tax liability for the gift and a bunch of worthless coins.
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Mar 11, 2022 17:51
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Well I guess we've hit the bottom of the barrel for NFTs now: the Republican Party. See ya'll in a few years when NFTs are the new US currency
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Mar 11, 2022 17:57
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Pham Nuwen posted:Apparently you don't owe taxes if you receive cryptocurrency as a gift and then never ever do anything to it, which is a load off my mind because loving Keybase gave me a bunch of Stellar Lumens a few years back and I've been ignoring them. Guess again, tax criminal: https://cryptotrader.tax/blog/airdrop-taxes
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Mar 11, 2022 18:02
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I don't feel like verifying this right now but from memory the IRS can open a case for omission of income from a return within six years, or ten years in severe cases like employers that fail to withhold and pay
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Mar 11, 2022 18:10
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drk posted:Guess again, tax criminal: https://cryptotrader.tax/blog/airdrop-taxes this is about something else though?
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Mar 11, 2022 18:16
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drk posted:Guess again, tax criminal: https://cryptotrader.tax/blog/airdrop-taxes Welp. Guess I'll look into what I'd need to do to report the drat thing. Of course Keybase doesn't tell you what the shitcoins were "worth" when they gave them to me, just that they gave me 350 of them or whatever, so I suppose to figure out the cost basis I'd have to go dig around and see what they were trading for back then? I don't even remember "claiming" these, but I suppose they probably had some popup that covered my whole UI until I clicked "Ok Cool", which was taken as consent to receive this poo poo.
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Mar 11, 2022 18:19
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What if I mined a coin that was not listed on any exchange and therefore had no price at the time of mining? And then later in the year got listed and I sold some? I guess my income/basis would just be 0? And entire sale would be taxed as short term cap gains? I did this with a little bit Chia, oh man this will be hilarious for all those Chia miners from March/April who cashed out and have spent all the money.
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Mar 11, 2022 18:21
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ChronoBasher posted:What if I mined a coin that was not listed on any exchange and therefore had no price at the time of mining? And then later in the year got listed and I sold some? You have to phone up the taxman and say "butt coin" down the phone and then he will say "hell yeah" and let you off paying taxes for the year. don't do this two years in a row tho, or it's reversal of fortune time and you have to pay Ultra Taxes.
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Mar 11, 2022 18:25
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I'm afraid NFTs are very much like COVID. They both come in waves and cause permanent brain shrinkage.
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Mar 11, 2022 18:26
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MechaCrash posted:I do actually have some questions about mining this poo poo on a home PC. First step of commiting tax fraud: don't talk about it online.
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Mar 11, 2022 18:28
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necrotic posted:this is about something else though? I'm not a tax lawyer, but I'm pretty sure its correct. "Airdrop" isnt an IRS term, its a crypto term. What keybase did was referred to as an airdrop. I think the confusion might be that there is a tax exemption for personal gifts, but this is not a personal gift (just like my employer can't call an end of year bonus a "gift", nor can a company giving out a prize to customers call it a "gift").
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Mar 11, 2022 18:31
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drk posted:I'm not a tax lawyer, but I'm pretty sure its correct. "Airdrop" isnt an IRS term, its a crypto term. What keybase did was referred to as an airdrop. Ah yeah you’re right. Confusing poo poo.
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Mar 11, 2022 18:33
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WTF is airdrop supposed to mean anyways? Is this the NFT equivalent of a bird taking a poo poo on your car?
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Mar 11, 2022 18:34
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Mercury_Storm posted:WTF is airdrop supposed to mean anyways? Is this the NFT equivalent of a bird taking a poo poo on your car? because there's no action required to receive a transfer to you as a user, anyone who knows your address can just transfer funds and tokens to it and they will show up in the aggregator middleware that displays your digital "wallet" cryptocurrency people put their wallet addresses in their twitter profiles hoping for people to drop valuable things into them, but this has already led to scams where people drop malicious tokens that act like viruses if you interact with their smart contract in any way WorldIndustries fucked around with this message at 19:35 on Mar 11, 2022 |
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Mar 11, 2022 18:38
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Booyah- posted:cryptocurrency people put their wallet addresses in their twitter profiles hoping for people to drop valuable things into them, but this has already led to scams where people drop malicious tokens that act like viruses if you interact with their smart contract in any way Ah yes the currency of the future. Move over filthy fiat and centralized banks!
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Mar 11, 2022 18:49
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In the digital world with RFID blocking wallets and tap payments, a single transaction is all it takes to blow out your crypto wallet.
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Mar 11, 2022 18:50
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ChronoBasher posted:What if I mined a coin that was not listed on any exchange and therefore had no price at the time of mining? And then later in the year got listed and I sold some?
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Mar 11, 2022 18:55
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Current era: hey what’s this transaction in my banking app, I don’t remember that. Oh by clicking it I see what store it was and when it happened oh yeah that’s right I remember The future: hey what’s this transaction in my banking app? Oops I clicked on it to investigate further and now I no longer own my house
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Mar 11, 2022 18:55
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I have no intention of touching the poop. I was just curious, but thank you for the answers and the concern. 
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Mar 11, 2022 18:56
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MarcusSA posted:But if the coins are technically just mined and not actually sold or transferred aren’t they technically worthless? There's a different way to tax for that,. it's not what the irs recommended but there is a "100% of this is profit when I sell" thing.
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Mar 11, 2022 19:05
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Mercury_Storm posted:WTF is airdrop supposed to mean anyways? Is this the NFT equivalent of a bird taking a poo poo on your car? giveaways, basically new crypto projects will promise to give away a bunch of their tokens/NFTs, as a method of generating buzz sometimes they'll require people to shill for them on social media or be active in their discord, sometimes they'll just do a mass giveaway to a ton of random people in hopes that they'll get curious about this new thing in their wallet and look it up crypto folks love it and a lot of them will actively work to get on airdrop lists
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Mar 11, 2022 19:06
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Crypto is exactly gambling. But people aren't told it's gambling, and in some cases the fact that it's gambling is actively obscured. Also unlike gambling people can come in and randomly just take your chips and bounce and suddenly the whole casino is closed and you're told to get the gently caress out now.
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Mar 11, 2022 19:10
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re: airdrops It's free taxation too, if the airdropped is > 0$. I know a guy who deliberately airdrops small value of tokens to his friends wallets just to make them poo poo their pants about crypto tax.
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Mar 11, 2022 19:10
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https://twitter.com/tier10k/status/1502312796557651971
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Mar 11, 2022 19:21
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Acquired assets can have taxable value regardless of whether that value was stated at the time of acquisition. That value might be zero or might not. The taxpayer’s responsibility is to come up with a reasonable estimate.
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Mar 11, 2022 19:22
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LifeSunDeath posted:Crypto is exactly gambling. But people aren't told it's gambling, and in some cases the fact that it's gambling is actively obscured. Also unlike gambling people can come in and randomly just take your chips and bounce and suddenly the whole casino is closed
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Mar 11, 2022 19:48
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I feel like it might be a fun project to set up a brand new wallet and twitter account, put the wallet address in the profile, and see how long it takes to get air dropped a malicious contract.
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Mar 11, 2022 20:06
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Olanphonia posted:I feel like it might be a fun project to set up a brand new wallet and twitter account, put the wallet address in the profile, and see how long it takes to get air dropped a malicious contract. I'd be curious how long it takes and joining a bunch of discords would expedite the process, but ultimately every virus token that gets minted costs high gas fees to the minter. If you have an empty wallet the bots might not bother sending one.
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Mar 11, 2022 20:10
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so whats the solution to these cognitohazard coin? you just get a new wallet and writeoff any coinz in your old wallet? also all investment is gambling, but people keep getting told that they can totally galaxy brain their way.
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Mar 11, 2022 20:22
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PhazonLink posted:so whats the solution to these cognitohazard coin? you just get a new wallet and writeoff any coinz in your old wallet? your only option is to use a wallet managing middleware tool (like metamask) that provides a feature to hide them from view. you can't actually interact to move or send them anywhere because that exposes you to the code (and generally costs money in gas and transaction fees anyway) there are massive points of failure everywhere in the system, it's kind of shocking the more you look
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Mar 11, 2022 20:36
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Seth Pecksniff posted:i'm sorry but i can't get over that this is an over two hour youtube video I listened to it at work. Couldn't have stuck with it if I was home and had options to do pretty much anything else.
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Mar 11, 2022 20:55
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Seth Pecksniff posted:i'm sorry but i can't get over that this is an over two hour youtube video People consume media for 18 hours a day and a goon mod doesnt understand how someone could watch something 2 hours long. Like pause doesn't exist or something.
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Mar 11, 2022 20:57
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I have pretty extensive brain damage from reading the internet but luckily I still have the ability to watch TV for 2 hours.
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Mar 11, 2022 21:06
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Seth Pecksniff posted:i'm sorry but i can't get over that this is an over two hour youtube video there is an hour+ video about harry potter (and why its bad), and also a 3 hour, 33 minute 33 second video about deus ex human revolution. both are very entertaining to watch. you don't have to watch the whole thing in one sitting dawg
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Mar 11, 2022 21:08
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i liked that one review of phantom menace that was longer than the actual movie
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Mar 11, 2022 21:55
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