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Topic: Are you keeping your crypto records? - page 3. (Read 2214 times)

legendary
Activity: 1666
Merit: 1285
Flying Hellfish is a Commie
June 26, 2017, 02:23:58 AM
#15
Yep, I've made sure that just incase the government wants to come down and try to make my life a living hell they won't be able to without some sort of fight on my behalf. I have all the records of my crypto trades, investments, and activities. While it isn't much, it is nice to know that I've got everything documented in a worst case scenario.
I am keeping tracks of my crypto records and even i am filing Income tax returns on my income from signature campaign and other sources which i am earning through bitcoin. So i am not afraid if in future it gets legal in my country.

Wow, that's pretty bright of ya bud. Wouldn't want the tax man fucking ya.
sr. member
Activity: 322
Merit: 250
June 26, 2017, 02:21:27 AM
#14
It occurred to me that if I wanted to get rid of everything I'd be liable for capital gains and if The Man wanted to know the origins of those funds I'd better get my house in order as it's rather convoluted.

To those ends I've dug out all the old private keys I could find, noted forum posts for giveaways and taken screenshots of exchange histories to show to my tormentors.

Say if something like Byteball really did end up ginormous that's a lot of money for nothing coming from a mystery origin unless you have some sort of paper trail such as your forum posts or wallet backup.

Are many people here doing the same thing? It may pay off a long way down the line so it's worth a few hours of notation and tucking those things away.

You doing this because of the way your country's law is structured as it relates to crypto currencies. In my own case here when it comes to capital gains shares are exempted which we can say bitcoin falls under the same category and aside that our laws does not even cover crypto currencies which means we are enjoying our tax free income until when the people saddled with the responsibilities of law making wake up and make such laws.
sr. member
Activity: 1924
Merit: 328
June 26, 2017, 02:08:15 AM
#13
If your savings in bitcoins, then no one can make you accountable, but if you will change your bitcoin into Fiat currency that all your transactions are received into the Bank account can be tracked. Why to do unnecessary work. Maybe you just want in the future to write a book "How I made my first million".
Exactly the way you are talking is good but your bitcoin could be also come to low.If you change your half of bitcoins into Fiat currency then it can be best way for you.It can protect you from lose of bitcoin and also protect your current record in a market so it's better to change our half of bitcoin into fiat currency and half of bitcoin left in a bitcoin to create a records.
hero member
Activity: 1428
Merit: 653
Leading Crypto Sports Betting & Casino Platform
June 24, 2017, 06:37:12 AM
#12
I'm not keeping any records nor did I ever think of doing so but I think I need to develop a habit of keeping my crypto records it might be useful in the future. Thanks for drawing our attention to keeping crypto record.
legendary
Activity: 2436
Merit: 1561
June 24, 2017, 06:25:47 AM
#11
I keep a daily spending diary to keep track of where my money goes, be it in bitcoin or Fiat.Keeping a daily spending diary is an easy way to take control over your spending and to identify some less than desirable spending habits.

Also as an added bonus, by keeping a daily spending diary, you're already halfway there in creating your own personal budget.

Tax-wise, it's your income, not your spending what's relevant. You have to be able to prove where did you get your money from, not where you spent it.


OP: good thread and good advice. Although I doubt that, at this point, HMRC accept private keys/blockchain records as evidence, not to mention reports/screenshots from defunct exchanges, casinos etc. Still, it's better to have something than nothing.

And if you want to be 100% legit and law abiding citizen, you should declare your signature campaign earnings. In the UK, these would have to be declared as other income (you'd need to file annual tax return) rather than be treated as capital gains (even if you don't convert to fiat).
full member
Activity: 210
Merit: 100
June 24, 2017, 05:42:27 AM
#10
I keep a daily spending diary to keep track of where my money goes, be it in bitcoin or Fiat.Keeping a daily spending diary is an easy way to take control over your spending and to identify some less than desirable spending habits.

Also as an added bonus, by keeping a daily spending diary, you're already halfway there in creating your own personal budget.
sr. member
Activity: 476
Merit: 250
June 23, 2017, 11:06:18 PM
#9
It occurred to me that if I wanted to get rid of everything I'd be liable for capital gains and if The Man wanted to know the origins of those funds I'd better get my house in order as it's rather convoluted.

To those ends I've dug out all the old private keys I could find, noted forum posts for giveaways and taken screenshots of exchange histories to show to my tormentors.

Say if something like Byteball really did end up ginormous that's a lot of money for nothing coming from a mystery origin unless you have some sort of paper trail such as your forum posts or wallet backup.

Are many people here doing the same thing? It may pay off a long way down the line so it's worth a few hours of notation and tucking those things away.

It really depends on whether you are afraid of the tax department or not...

I wouldn't go to these lengths, only things like buying or selling of large amounts of bitcoin. It is a total waste of energy and time if you wanted to document everything you do and turn it into the government. Plus, you are going to sacrifice a lot of privacy. If they really wanted to know, everything is available on the blockchain. Just let them know all the addresses you used and let them figure it out, lol.

Also i wonder how the tax department is going to track people down on assets like XMR. It'll be a real pain in the ass right now.
hero member
Activity: 1106
Merit: 638
June 23, 2017, 10:04:46 PM
#8
I've been keeping records of transactions. Purchase prices, etc. Mostly for my own knowledge of what I've invested and what I've gained/lossed. But I know it'll serve me well when the Feds start screaming about stuff.

Also, you should be aware that if you use an online wallet, they're probably tracking your transactions and will instantly offer it up if their local Federal government declares they have to. Not many companies are willing to die on their sword...if only more were!

This site may be of some use to anyone interested in taxes on bitcoin: https://en.bitcoin.it/wiki/Tax_compliance
sr. member
Activity: 325
Merit: 250
Carpe noctem
June 23, 2017, 04:54:05 PM
#7
No. It's a waste of time.

Origin - freelancing on the Internet.
Total amount - current wallet balance.
File tax form and get my fiat.
Happy ending.
How do you go about explaining bigger than your stated total earnings expenses in Fiat? There are real
limitations mate & we all face them while trying to stay say 90% tax free.
legendary
Activity: 2604
Merit: 1036
June 23, 2017, 12:15:20 PM
#6
No. It's a waste of time.

Origin - freelancing on the Internet.
Total amount - current wallet balance.
File tax form and get my fiat.
Happy ending.
legendary
Activity: 2758
Merit: 6830
June 23, 2017, 11:51:22 AM
#5
To keep this kind of history I use websites like CoinTracking and KryptoTax (awesome website to include cryptocurrency in your tax statements) to keep a record on when and how much I profited from Bitcoin investments and trading. This way you have something to prove the source of my earnings if at some point I have to clarify where I'm getting money for the government.

I not only do this to secure my earnings from the government but also to keep a record of my history in the blockchain world. That way I can show my sons how I was a early bird and bought coins for a few dollars when they are now worth thousands.
legendary
Activity: 2604
Merit: 3056
Welt Am Draht
June 23, 2017, 11:24:34 AM
#4
Maybe you just want in the future to write a book "How I made my first million".

Um, no. I don't want my balls nailed to the wall if I had to cash out to finance my sex change. In this day and age you might well have to cough up details of the origin of your money. It's not sexy but that's how it is.

A couple of hours of filing might save you an awful lot of future heart ache.
legendary
Activity: 1302
Merit: 1027
June 23, 2017, 11:23:14 AM
#3
I am keeping tracks of my crypto records and even i am filing Income tax returns on my income from signature campaign and other sources which i am earning through bitcoin. So i am not afraid if in future it gets legal in my country.
sr. member
Activity: 630
Merit: 272
June 23, 2017, 11:20:05 AM
#2
If your savings in bitcoins, then no one can make you accountable, but if you will change your bitcoin into Fiat currency that all your transactions are received into the Bank account can be tracked. Why to do unnecessary work. Maybe you just want in the future to write a book "How I made my first million".
legendary
Activity: 2604
Merit: 3056
Welt Am Draht
June 23, 2017, 11:02:53 AM
#1
It occurred to me that if I wanted to get rid of everything I'd be liable for capital gains and if The Man wanted to know the origins of those funds I'd better get my house in order as it's rather convoluted.

To those ends I've dug out all the old private keys I could find, noted forum posts for giveaways and taken screenshots of exchange histories to show to my tormentors.

Say if something like Byteball really did end up ginormous that's a lot of money for nothing coming from a mystery origin unless you have some sort of paper trail such as your forum posts or wallet backup.

Are many people here doing the same thing? It may pay off a long way down the line so it's worth a few hours of notation and tucking those things away.
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