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ir_cow

Everything Cryptocurrency Thread!

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Meh, as long as you aren't mining to an exchange there's really no way for anyone to know..., as for trades, I swing trade a lot so I'm just gonna pay taxes on them now I guess.., if you are a holder it still doesn't change much.

Still affects you because every trades "should be" reported and taxed. With a minimum of 10%. Say you trade .2 BTC @ 15K which is $3,000 for 150 @ $20 of XYZ coin. That is taxed 10% ($300). Than if XYZ drops below $20 to $15 and you trade/sell at a loss. You are once again taxed on that trade which would be $225. Now you are down $525 just from taxes. And than you cash out $2225 and have to report that as income.

 

I waiting for new exchanges to pop up that are outside the USA. Otherwise if you don't report the trades, than the Exchanges may be requested by the RSI and you still have to pay the taxes on something you completely lost.

 

With only BTC, Litecoin and Etherum cashable, you have to use a exchange to get your earnings out. So that instantly at least a 10% fee/tax just to turn it into something that can be exchanged of Fiat.

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I agree RR. everything that goes into mining should be tax deductible if they are going to play this game.

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Thanks Braegnok! I rather not have RSI or anyone in my business.  I wonder how well BTC ATMs will work since its take 2 weeks to verify any transactions :woot: :woot:

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The ATMs use an app, wallet that's on your smart phone,.. kinda like Google Authenticator, you aim your phone on image and instantly ATM screen says transaction approved and money is dispensed. https://coinatmradar.com/country/226/bitcoin-atm-united-states/

 

I see more and more popping up in Colorado lately,.. closest for me is the one in Boulder Colorado, they are called BTM's,.. https://cointelegraph.com/news/new-bitcoin-atm-added-in-boulder-as-bitcoin-continues-to-conquer-colorado

Edited by Braegnok

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I am trying to figure out how the irs is going to collect from all the people that mined, bought and sold BTC.. Where they getting the proof and info?

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I am trying to figure out how the irs is going to collect from all the people that mined, bought and sold BTC.. Where they getting the proof and info?

Well everyone should already be reporting the income from cashing out on BTC anyways. Sites like Coinbase have given the IRS peoples info. Exchanges probably will be subpoena inside the United States at some point. The new amended law 1031 make it so all trades are taxable. That means exchanges like Bittrex should keep records on the transactions going forward in 2018. Will they? who knows... But if you see your own transaction history I would bet that information up from grabs for the IRS with companies inside the United States.

 

The bottom line is anything going into your bank account is proof. But trades are a lot harder to prove unless exchanges willingly give up the information. Whens the last time you reported a sale from craiglist? I never have.

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Nothing going in my bank, never sold on craigslist used ebay years ago to sell stuff that had already been taxed once when I bought it...

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Well technically FDLC is a coin and needs to be exchanged for something else to be useful. I think as long as you don't cash out (to a bank) than you will easily avoid taxes. I'm waiting for more exchanges to pop up that don't require an ID. Not that I have anything to hide, I just don't like the Government staring at my junk all day :rofl:

 

Edit: Also don't forget the IRS didn't care about 470,000 people that deposited under $20,000 when the asked Coinbase for the records. So there is high hopes for the little dogs not to have any problems.

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It never ends only getting worse with time they want more more more...

Edited by road-runner

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