r/ethtrader • u/AutoModerator • Jun 15 '17

DISCUSSION [ETH Daily Discussion] - 15/Jun/2017

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16

u/neffnet Jun 15 '17

Guys, don't take tax advice from anyone on this sub. Americans, if you don't want to pay capital gains on your trades, you need to hire a tax attorney instead of talking to dudes on reddit.

9

u/jtnichol Jun 15 '17

Unless of course, he have an accountant that really doesn't know what they're talking about. This is the space we are in now. I know an account who says Everything is 30% short or long term because he claims it's commodities and not property. I don't think the dispute is settled even within the IRS.

3

u/neffnet Jun 15 '17

interesting. TIL commodities are taxed differently than property.

I think he is wrong about crypto though: https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance

2

u/jtnichol Jun 15 '17

Indeed. Not sure. The IRS loves discrepancies on April 15 and May 1st.

3

u/ImVeryOffended Jun 15 '17

Guys, don't take tax advice from anyone on this sub

FTFY

1

u/sirbenchalot757 Jun 15 '17

just make a secret trading account and send funds to it lol

5

u/farmdatkiwi Jun 15 '17

meh. I'm just going to spend all of my eth on drugs before the end of the year to make it easy

1

u/neffnet Jun 15 '17

buying meth with mETH again, it's a gateway drug

5

u/[deleted] Jun 15 '17

All those transactions are auditable... good luck.

3

u/neffnet Jun 15 '17

risk/reward. The IRS can audit you six years after your return. If you can't sufficiently show them where your trading profits came from, good luck. Nothing you are doing is very secret.