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Just Remember US people...taxes

lieder1987
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Reading up on how you have to claim mining as income both when you make it, AND when you spend it has taken me out the game. It will cut already small profits out of existence.

 

So just an FYI.

 

https://www.irs.gov/newsroom/irs-virtual-currency-guidance

 

https://motherboard.vice.com/en_us/article/ywnmkk/coinbase-irs-14000-bitcoin-tax

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Lol people already know this as coinbase was raided by the IRS awhile ago. That's why you use other services AKA localbitcoins with no taxes

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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Remember to keep this Non-Political.

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4 minutes ago, BuckGup said:

Lol people already know this as coinbase was raided by the IRS awhile ago. That's why you use other services AKA localbitcoins with no taxes

Pretty much, the choices of many exchanges out there will make tracking a bit hard.

 

Heck, your suppose to claim taxes when you sell stuff for cash (probably varies a bit by each State).  Now, how many people actually file that?  Or, truthfully file what they sold the item for?  Probably not many.

 

 

 

 

 

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Do you guys know if Canadians have to deal with taxes if we use coinbase?

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Hm, that doesn't sound right... last time I checked the US had cryptocurrencies classified as an asset rather than money and I'm pretty sure you don't pay tax on things people give you as gifts

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3 minutes ago, Ryan_Vickers said:

Hm, that doesn't sound right... last time I checked the US had cryptocurrencies classified as an asset rather than money and I'm pretty sure you don't pay tax on things people give you as gifts

We do;

Quote

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.

Its not really enforced well though... to much to prove someone was gifted something.

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1 minute ago, SansVarnic said:

We do;

Its not really enforced well though... to much to prove someone was gifted something.

wow xD well I guess we/you should just assume literally anything you do is taxed to be safe then... I have some opinions on what should and should not be covered but this is neither the time nor place.

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Hey Yall do what you will or want, I just wanted to make sure people had the information.

 

Yes coinbase has been raided by the IRS in the past, but that second article was just to show that they have lost their case and will have to turn over records. This means people who have not filed in the past as they were supposed to (over $20k or so many transactions) will be reported and will be more than likely charged with tax evasion by the IRS.

 

The complexity of how the taxes are SUPPOSED to be done, do them or dont I dont care at all, has made me get out of the game. You have to pay taxes for the amounts you make, the amounts you spend (because they are considered a commodity and not currency), and you have to pay capital Gaines tax on them.

 

That is all. Have a nice day.

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4 hours ago, lieder1987 said:

they are considered a commodity

since when is crypto a regulated anything in the US? It's like buying POGs for other POGs using POGs you own. 

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58 minutes ago, knightslugger said:

since when is crypto a regulated anything in the US? It's like buying POGs for other POGs using POGs you own.

Its not about regulating it, its about getting their money on the profit you make.

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21 minutes ago, lieder1987 said:

Its not about regulating it, its about getting their money on the profit you make.

what profit? What MONEY? You're trade one POG for 2 different POGs... As far as the US regulatory body is concerned, you're trading compressed cardboard trinkets for corrugated paper trinkets. For them to have any taxable interest in your dealings they would have to recognize the asset you are trading and create tax regulations for it. At this point in time, THEY DO NOT RECOGNIZE CC AS A TAXABLE ASSET.

 

not too dissimilar from buying a car in 1969 keeping it minty fresh, and selling it for 20 times what you bought it for in 2017 or trading it straight up for a Lambo.

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29 minutes ago, knightslugger said:

not too dissimilar from buying a car in 1969 keeping it minty fresh, and selling it for 20 times what you bought it for in 2017 or trading it straight up for a Lambo.

You would be taxed on this because you sold it at a profit. THe money that make from selling one product for another is considered income.

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17 hours ago, BuckGup said:

Lol people already know this as coinbase was raided by the IRS awhile ago. That's why you use other services AKA localbitcoins with no taxes

lol if the government has decided to tax crypto mining and trading, it doesn't matter where you go.  Picking a place with "no taxes" isn't avoiding the problem, it's just delaying it.  Be ready for when they get raided and shutdown too for the same reasons

8 hours ago, lieder1987 said:

Hey Yall do what you will or want, I just wanted to make sure people had the information.

 

Yes coinbase has been raided by the IRS in the past, but that second article was just to show that they have lost their case and will have to turn over records. This means people who have not filed in the past as they were supposed to (over $20k or so many transactions) will be reported and will be more than likely charged with tax evasion by the IRS.

 

The complexity of how the taxes are SUPPOSED to be done, do them or dont I dont care at all, has made me get out of the game. You have to pay taxes for the amounts you make, the amounts you spend (because they are considered a commodity and not currency), and you have to pay capital Gaines tax on them.

 

That is all. Have a nice day.

Yeah that's stupid.  At the very worst I can see them taxing the "profit" at the point you convert it to USD, but anything else - converting to other currencies, trading crypto without involving "real" money, etc. can't possibly be on the table.

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2 hours ago, lieder1987 said:

You would be taxed on this because you sold it at a profit. THe money that make from selling one product for another is considered income.

holding CC is not taxable in any way shape or form. That's the point i'm getting at. Mine the crap out of whatever you want, hold it. trade it for other cc's like a madman.

 

From a tax code perspective, CC is indistinguishable from other things that are not taxable assets, like paper bar coasters.

 

none of it is taxable.

 

 

 

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8 minutes ago, knightslugger said:

holding CC is not taxable in any way shape or form. That's the point i'm getting at. Mine the crap out of whatever you want, hold it. trade it for other cc's like a madman.

 

From a tax code perspective, CC is indistinguishable from other things that are not taxable assets, like paper bar coasters.

 

none of it is taxable.

You are right, if you dont do anything with it at this time it is not taxable. If you trade it, if you spend it, if you convert it...all taxable.

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9 minutes ago, lieder1987 said:

If you trade it, if you spend it, if you convert it...all taxable.

FOR A RECOGNIZED CURRENCY ONLY.

 

I can give .1 BTC to newegg and they will give me a 1080Ti Kingpin GPU.

 

Is the transaction taxable? make the case. I'd like to see how the government would enforce a tax on a currency they don't regulate. Zero money was actually exchanged.

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38 minutes ago, knightslugger said:

Is the transaction taxable? make the case. I'd like to see how the government would enforce a tax on a currency they don't regulate. Zero money was actually exchanged.

Here you go. This is from someone that isnt me, might help.

 

http://time.com/money/5007068/theres-a-huge-hidden-bitcoin-tax-that-you-need-to-know-about/

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1 hour ago, knightslugger said:

FOR A RECOGNIZED CURRENCY ONLY.

 

I can give .1 BTC to newegg and they will give me a 1080Ti Kingpin GPU.

 

Is the transaction taxable? make the case. I'd like to see how the government would enforce a tax on a currency they don't regulate. Zero money was actually exchanged.

The product you bought has a value in USD so whether you pay with USD or something else, they can tax you in USD for the purchase

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59 minutes ago, Ryan_Vickers said:

The product you bought has a value in USD so whether you pay with USD or something else, they can tax you in USD for the purchase

who places USD value on a product if that product is valued in BTC only?

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10 minutes ago, knightslugger said:

who places USD value on a product if that product is valued in BTC only?

Well it's not, it's also valued in USD, but regardless, they could easily figure out the equivalent value by checking the USD/XBT exchange rate

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13 minutes ago, Ryan_Vickers said:

Well it's not, it's also valued in USD, but regardless, they could easily figure out the equivalent value by checking the USD/XBT exchange rate

how is an antminer S9 valued at 1.08651133 BCH (THE ONLY way you are going to get one is to pay in BCH) valued in USD? because some nut on Amazon is selling them for US$6000? Does that mean the 5 D3's I purchased are suddenly taxed at $40,000 because that's what they're going for on the us market?

 

Hell No. They have to be able to prove it's worth what an exchange is paying, and there wasn't a time long ago that exchanges in China were selling BTC for under $2000 each when every other non-china based exchange was selling for over $5000.

 

so just looking at an exchange or a NH profitability calculator is not reliable means of valuing CC. That is a really weak argument that would get you flayed alive in court.

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2 minutes ago, knightslugger said:

how is an antminer S9 valued at 1.08651133 BCH (THE ONLY way you are going to get one is to pay in BCH) valued in USD? because some nut on Amazon is selling them for US$6000? Does that mean the 5 D3's I purchased are suddenly taxed at $40,000 because that's what they're going for on the us market?

 

Hell No. They have to be able to prove it's worth what an exchange is paying, and there wasn't a time long ago that exchanges in China were selling BTC for under $2000 each when every other non-china based exchange was selling for over $5000.

 

so just looking at an exchange or a NH profitability calculator is not reliable means of valuing CC. That is a really weak argument that would get you flayed alive in court.

OK I'll grant you that, but I see now this has actually drifted from the original example and I missed it at that time.  You were wondering how they would tax it if you purchased a 1080 Ti on newegg.  Since that does have a set value in USD, regardless of how you pay I'm sure they can find a fair way to charge it.

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7 hours ago, lieder1987 said:

if you convert it...all taxable.

Exactly

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17 hours ago, Ryan_Vickers said:

Since that does have a set value in USD, regardless of how you pay I'm sure they can find a fair way to charge it.

2 things here.

 

1: There are sales, rebates, and always a used/preowned (NIB) market. I'm not sure how anyone would be able to assign a hard "This is what it's worth" value to anything.

2: Since when is the Federal Government "Fair"? It's in their best interest to tax it (and you) at the highest rate believable.

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