Topic: 2014 - starts poorly (?) (Read 794 times)
Guys, we already have a thread for this: https://bitcointalksearch.org/topic/will-people-be-selling-after-the-1st-of-the-year-for-tax-benefits-387652
If you sell for example today and you leave your money on the exchange until the beginning of January and then withdraw. Do you have to pay taxes for 2013 or 2014?
I sure as hell wouldn't pay until 2014.
If there's nothing entering my real bank, there's nothing I'm going to pay for.
If you sell for example today and you leave your money on the exchange until the beginning of January and then withdraw. Do you have to pay taxes for 2013 or 2014?
That would be great...I can buy more at the beginning of 2014 and watch it grow throughout the year.
I suspect though that most people who pull out fiat for the next tax season will do so when they need the money such as buying a new vehicle or putting a down payment on a house. It will not all happen at once.
I suspect though that most people who pull out fiat for the next tax season will do so when they need the money such as buying a new vehicle or putting a down payment on a house. It will not all happen at once.
I don't know how many people are in my situation, but I imagine more than a few. I'm a middle 2011 guy and am planning to take some profits. For financial reasons associated with taxes I'm holding off on my major sales until 2014. I'm paranoid as hell that a lot of others will be doing the same. It would not take that many coins brought to bring prices way down.
For my part I did go ahead and make some non-trivial sales in 2013 such that I could afford to sit on my hands if I see a big depression when I want to sell. I have some project planned for next year and I don't want to be forced to sell at poor prices to raise capital. So, I took the tax hit just so I didn't get forced into this situation. I could, however, imagine other sellers not really having done this so much.
Anyway, that's my prediction about how 2014 may start. It's pretty U.S. centric from a tax perspective (and also assumes that Bitcoin profits will be classified as long term capital gains which is not a certainty.) Anyone else have thoughts on this?
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