Crypto Megathread V24 - HODL the line — gains aren’t always on time!

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Rob Battisti said:
Come to the land of the free!



I hear ya. That is 100% an awesome relation — a trusting one. I will pay taxes on everything that tracks things with my name on it. Uniswap, Metamask stuff? Nah.
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As of right now the IRS is using tracking software on us based exchanges but they are only looking for $10k plus transactions and looking into people that have tons of money parked in stablecoins.... But they really only look at USDC and Tether transactions.

That's why I like using DAI.
 
TeTe said:
As of right now the IRS is using tracking software on us based exchanges but they are only looking for $10k plus transactions and looking into people that have tons of money parked in stablecoins.... But they really only look at USDC and Tether transactions.

That's why I like using DAI.
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Interesting. Now, does that include DEXs? For instance, what if I’m holding in Metamask and swapping on uniswap?
 
TeTe said:
Have you sold for fiat though? Do they try to tax you for unrealized gains or trades?

I'd imagine as long as you're not pulling off the exchange and it's foreign you could get away with not reporting.
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All trades even crypto to crypto are capital gains taxed in Ireland. Plus I exited to fiat via a European exchange and then tucked that away in my bank account on a few occasions during the last year..... Building that retirement fund up.

Now some people might brag that they are staying in crypto forever and never exiting to fiat but a lot of that is just bravado. And when you exit to fiat then you have to remember that the wallet you exited by is linked to all other wallets involved in the journey that got to the fiat exit. Blockchain involves an immutable ledger don't forget. That is ripe for the tax authorities to crawl back through and present us with some difficult questions even years down the line. Businesses here in Ireland have to hold on to all documents to allow the tax authorities go back 7 years if they wish. They will easily do the same for the crypto trader in years to come. I have a relative that is an accountant over here (who has sat in with his clients on many tax audits) and I take my advice from him. He also does my books so this is where I get my attitude to crypto taxes from.
 
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MIKOM said:
All trades even crypto to crypto are capital gains taxed in Ireland. Plus I exited to fiat via a European exchange and then tucked that away in my bank account on a few occasions during the last year..... Building that retirement fund up.

Now some people might brag that they are staying in crypto forever and never exiting to fiat but a lot of that is just bravado. And when you exit to fiat then you have to remember that the wallet you exited by is linked to all other wallets involved in the journey that got to the fiat exit. Blockchain involves an immutable ledger don't forget. That is ripe for the tax authorities to crawl back through and present us with some difficult questions even years down the line. Businesses here in Ireland have to hold on to all documents to allow the tax authorities go back 7 years if they wish. They will easily do the same for the crypto trader in years to come. I have a relative that is an accountant over here (who has sat in with his clients on many tax audits) and I take my advice from him. He also does my books so this is where I get my attitude to crypto taxes from.
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Does he know anything about crypto?
 
Ballsaque said:
Does he know anything about crypto?
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He would not be a crypto holder but he has researched it from a tax perspective as he has a few other clients that dabble in it.
 
tibba said:
.... I just realised I can get 10% cro back on alcohol :eek::eek:<Eek2.0>:confused:<Moves>

I've cost myself so much cro every week not doing it this way :mad: sigh
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How do you get the 10% man? I have indigo, I think you're an icy cold killer but that's still only 5% right?
 
davidlemonparty said:
How do you get the 10% man? I have indigo, I think you're an icy cold killer but that's still only 5% right?
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Using the pay option. Can buy giftcard for bottleshop here. It's with actual cro. Get 10% cro back. Rebuy spent cro..

( or don't rebuy spent cro ) to avoid fees

Using crypto to buy shit look at me lol

( it's also low enough I bought a lil more. But figured pay for my drinking up front lol )
 
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DeFi wins again

I'm trying to log in and go through the process but I'm getting an error code. Still waiting on my physical card, too
 
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