The IRS when you cash out

>The IRS when you cash out.

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irs tongue my anus

What his name again

>cashing out to a bank before the worst cyber attack in human history that resets all debt
NGMI

If you sell but the money is still on the exchange, does anything happen?

crypto to crypto is taxed

Another quick question: How much would get flagged?

I know, but im talking about when youve sold, into a stable or fiat, but its still sitting on the exchange

yes, you still have to pay taxes on that

Right now, no, you're expected to just be honest and report your gains that didn't go to your bank account.
But in the future there will likely be some sophisticated software that can tie everyone's real IDs to their crypto wallets and everyone who dodged taxes will be hunted down.

So just pay your taxes. I do and I sleep easy.

$9k is the magic number.

>paying taxes
>cashing out
why the fuck would you ever cash out to a bank account that could be frozen at any moment by the government?

in the future you will be able to pay for almost anything with crypto

If I people lose their seed phrases, how will they taxes for those transactions on chain?

Really? i think exchanges with KYC would forced to send details of everything to the gov's of the country youre in

>cash out
Ngmi

The moment you realize a gain. (at least in germany and I expect that for other countries too), aka. when you sell (when you bought initially (long)) or you buy (when you sold initially (short)

>youve sold, into a stable or fiat
If i sell my car but keep the money under my mattress does it count

this
It's taxable to sell period. You sell btc to eth, Btc to usdc, Etc. The realized gains get stolen.
Ya, doesn't matter where. It's retarded and evil like that

Yes, they have nothing better to do than correspond with 200 governments all the time.

There's a new Central Taxation Authority in town. Now the rate has doubled and the frequency tripled.

You vill pay ze quarterly tax.
You vill finance ze authority figures.
You vill with ze investigations.

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well...assuming its automated....

Pay your taxes goy or they will Minority Report your ass to jail where all the other crypto traders are.