//Welp, I’m another one of those guys who owes more than he cashed out. I owe 60K and don’t have it.

Welp, I’m another one of those guys who owes more than he cashed out. I owe 60K and don’t have it.

Anybody else in the position of owing more than you made? What are you doing about it?Just got off the phone with CPA I found online who specializes in crypto. I owe over 60K whereas I only cashed out like 50K. I paid off some debt and still have like 30K left in my account. Although I submitted my info a month and a half ago, I guess due to him being busy, I only got it finished just now.His suggestion: 1) Pay what I think I can (which is 15K on the cashed out. I haven’t send in the checks to the Fed/CA Gov yet) 2) Get a cryptocurrency Tax Lawyer who will give a stamp of approval for like kind exchanges 3) File a 6 month extension (already did) 4) Hope market goes up to pay off the rest within 6 months or use Tax Lawyer’s doc and hope IRS doesn’t come after me in the next few years.I made 25K last year from actually working (in CA, yep it was brutal). Got in May 2017, traded alts on Bittrex and Binance. Probably about 1000 trades total.I’m freaking the fuck out. Didn’t think I would be in this position but here I am. I was a poor guy who thought I got lucky and could be a little relieved that I had some money in my account. I guess not.I thought I only had to pay cashed out USD for 2017 and 2018 I pay on trades. Guess not. (It’s why I’ve been hodling this year)He said a lot of clients were doing this and in addition, a lot of the people who just paid the capital gains on what they cashed out (say through TurboTax) are going to get fucked in the coming years. Once the IRS has a handle on this, they’ll go back and start auditing.He’s stating that in a few years, Binance and Bittrex will probably be compliant to the IRS these paper trails will start getting investigated. So even if you paid short term capital gains on fiat in/out via Coinbase. They can say actually sir, we saw X and X on Binance for that year. So yeah, you actually owe all of this plus all these penalties.This is why it is all fucked. Because if I do a trade, and I REALIZE a gain but don’t cash out, then the asset drops, welp, I still owe that money.What do I do? Just go on a payment plan and pay back the other 30K? I could sell what I have right now but then I would literally have nothing left. Back to being a poor guy I go. Sigh.Plus, I think I did a few trades beginning of January, so even end of 2018, I’ll still probably owe money.I guess my plan was to wait and hope the market goes back up the next 6 months, sell to pay off, then long term hold.There’s got to be others in my position. A lot of us have made 100s – thousands of trades. And I came out actually in the green after all this, and still owe more than I made?!https://ift.tt/2ELnK3t lot of people are stating the same here

Anybody else in the position of owing more than you made? What are you doing about it?

Just got off the phone with CPA I found online who specializes in crypto. I owe over 60K whereas I only cashed out like 50K. I paid off some debt and still have like 30K left in my account. Although I submitted my info a month and a half ago, I guess due to him being busy, I only got it finished just now.

His suggestion: 1) Pay what I think I can (which is 15K on the cashed out. I haven't send in the checks to the Fed/CA Gov yet) 2) Get a cryptocurrency Tax Lawyer who will give a stamp of approval for like kind exchanges 3) File a 6 month extension (already did) 4) Hope market goes up to pay off the rest within 6 months or use Tax Lawyer's doc and hope IRS doesn't come after me in the next few years.

I made 25K last year from actually working (in CA, yep it was brutal). Got in May 2017, traded alts on Bittrex and Binance. Probably about 1000 trades total.

I'm freaking the fuck out. Didn't think I would be in this position but here I am. I was a poor guy who thought I got lucky and could be a little relieved that I had some money in my account. I guess not.

I thought I only had to pay cashed out USD for 2017 and 2018 I pay on trades. Guess not. (It's why I've been hodling this year)

He said a lot of clients were doing this and in addition, a lot of the people who just paid the capital gains on what they cashed out (say through TurboTax) are going to get fucked in the coming years. Once the IRS has a handle on this, they'll go back and start auditing.

He's stating that in a few years, Binance and Bittrex will probably be compliant to the IRS these paper trails will start getting investigated. So even if you paid short term capital gains on fiat in/out via Coinbase. They can say actually sir, we saw X and X on Binance for that year. So yeah, you actually owe all of this plus all these penalties.

This is why it is all fucked. Because if I do a trade, and I REALIZE a gain but don't cash out, then the asset drops, welp, I still owe that money.

What do I do? Just go on a payment plan and pay back the other 30K? I could sell what I have right now but then I would literally have nothing left. Back to being a poor guy I go. Sigh.

Plus, I think I did a few trades beginning of January, so even end of 2018, I'll still probably owe money.

I guess my plan was to wait and hope the market goes back up the next 6 months, sell to pay off, then long term hold.

There's got to be others in my position. A lot of us have made 100s – thousands of trades. And I came out actually in the green after all this, and still owe more than I made?!

https://www.reddit.com/r/CryptoCurrency/comments/7uk1q3/im_the_ceo_of_a_rapidly_growing_us_based_tax_firm/

A lot of people are stating the same here