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Topic: Do I really have to pay taxes on crypto investments? - page 31. (Read 2483 times)

newbie
Activity: 98
Merit: 0
It will be very difficult to collect taxes from users, and they themselves are unlikely to file them. how can simplified taxation be a way out?
I, too, have always been wondering how exactly the tax authorities will calculate my income, my number of coins and how much I have earned? Based on what data will these calculations be carried out?
Indeed. how to track its volume in anonymous transactions is unclear. I think that so far there is no solution to this issue.
Well, most likely it will be possible to tax only those funds that will be withdrawn to fiat, and it’s simply unrealistic to calculate how many percent of people earned on cryptocurrency.
I'm also sure that the tax authorities will not be able to find me. But now I decided to indicate them all in the declaration and pay. I do not want to give even the slightest excuse for the state to put me in a position of "outlaw" with a ban on leaving the country and other delights. But again, I’m just playing it safe.
newbie
Activity: 140
Merit: 0
Member
It will be very difficult to collect taxes from users, and they themselves are unlikely to file them. how can simplified taxation be a way out?
I, too, have always been wondering how exactly the tax authorities will calculate my income, my number of coins and how much I have earned? Based on what data will these calculations be carried out?
Indeed. how to track its volume in anonymous transactions is unclear. I think that so far there is no solution to this issue.
Well, most likely it will be possible to tax only those funds that will be withdrawn to fiat, and it’s simply unrealistic to calculate how many percent of people earned on cryptocurrency.
newbie
Activity: 112
Merit: 0
It will be very difficult to collect taxes from users, and they themselves are unlikely to file them. how can simplified taxation be a way out?
I, too, have always been wondering how exactly the tax authorities will calculate my income, my number of coins and how much I have earned? Based on what data will these calculations be carried out?
Indeed. how to track its volume in anonymous transactions is unclear. I think that so far there is no solution to this issue.
newbie
Activity: 98
Merit: 0
It will be very difficult to collect taxes from users, and they themselves are unlikely to file them. how can simplified taxation be a way out?
I, too, have always been wondering how exactly the tax authorities will calculate my income, my number of coins and how much I have earned? Based on what data will these calculations be carried out?
newbie
Activity: 112
Merit: 0
It will be very difficult to collect taxes from users, and they themselves are unlikely to file them. how can simplified taxation be a way out?
newbie
Activity: 140
Merit: 0
Member
It is such a pity that gifted people invent ways to be free from the government, and power just turns everything in its favor.
newbie
Activity: 112
Merit: 0
let them do the tax, the main thing is that reporting is simple and easy, especially when you use an app like ZenLedger.
newbie
Activity: 112
Merit: 0
at first the tax will not be high, but then it will increase a lot
newbie
Activity: 112
Merit: 0
now it’s time to file tax returns in the United States, and you also have to pay tax for cryptocurrency. but they found a loophole. something related to the exchange. so people are people, if there is an opportunity to evade taxes then they will do it.
newbie
Activity: 140
Merit: 0
Member
If you really want to use this tax loss harvesting strategy and gain some returns then it's better to consult with ZenLedger. I was afraid of problems with IRS so I resorted for help and they’ve helped me to see where I really have the chance to use it right.
newbie
Activity: 98
Merit: 0
If tax loss harvesting isn’t that safe or beneficial then why we even talk about it?
it is beneficial only when you use it right! for instance, when you sell crypto into a highly-correlated intermediate currency before repurchasing the original currency.
It would also be good to scatter deals so that it is clear that in the eyes of regulators there is "economic significance" of the sales.
I don’t think that this going to last long. you really believe that IRS is just that nice? soon they will publish another guide and im 100% sure that they will be like, hey guess what? no tax loss harvesting for you anymore!! Wink)
cool! another guide on crypto! can’t wait. hope they’ll explain forks and airdrops correctly this time..
newbie
Activity: 112
Merit: 0
If tax loss harvesting isn’t that safe or beneficial then why we even talk about it?
it is beneficial only when you use it right! for instance, when you sell crypto into a highly-correlated intermediate currency before repurchasing the original currency.
It would also be good to scatter deals so that it is clear that in the eyes of regulators there is "economic significance" of the sales.
I don’t think that this going to last long. you really believe that IRS is just that nice? soon they will publish another guide and im 100% sure that they will be like, hey guess what? no tax loss harvesting for you anymore!! Wink)
newbie
Activity: 98
Merit: 0
If tax loss harvesting isn’t that safe or beneficial then why we even talk about it?
it is beneficial only when you use it right! for instance, when you sell crypto into a highly-correlated intermediate currency before repurchasing the original currency.
It would also be good to scatter deals so that it is clear that in the eyes of regulators there is "economic significance" of the sales.
newbie
Activity: 112
Merit: 0
If tax loss harvesting isn’t that safe or beneficial then why we even talk about it?
it is beneficial only when you use it right! for instance, when you sell crypto into a highly-correlated intermediate currency before repurchasing the original currency.
newbie
Activity: 98
Merit: 0
If tax loss harvesting isn’t that safe or beneficial then why we even talk about it?
newbie
Activity: 112
Merit: 0
Remember the IRS’ Section 1091 wash sale rule about “30 days”.
what’s the rule?
the rule requires that no loss on sale be permitted if the same or almost identical security was acquired within 30 days after the transaction, which led to the loss. This means that 30 days before the sale or 30 days after.
but 30day rule this doesn’t concern crypto, as crypto is a property and this rule is valid for shares of stock or securities. be careful reading all those IRS guides as they are so messy.
maybe it doesn’t concern crypto but we still can’t abuse this method. The IRS may argue that the immediate sale did not have significant economic value and therefore could not be used to offset capital gains or income.
wisely noted!
IRS itself doesn’t even understand what is fork and what is an airdrop. Who allowed them to work out a special guidance of crypto taxes? How can they regulate something they don’t even understand?
yes, that fork thing in last update was really funny.
newbie
Activity: 112
Merit: 0
Remember the IRS’ Section 1091 wash sale rule about “30 days”.
what’s the rule?
the rule requires that no loss on sale be permitted if the same or almost identical security was acquired within 30 days after the transaction, which led to the loss. This means that 30 days before the sale or 30 days after.
but 30day rule this doesn’t concern crypto, as crypto is a property and this rule is valid for shares of stock or securities. be careful reading all those IRS guides as they are so messy.
maybe it doesn’t concern crypto but we still can’t abuse this method. The IRS may argue that the immediate sale did not have significant economic value and therefore could not be used to offset capital gains or income.
wisely noted!
IRS itself doesn’t even understand what is fork and what is an airdrop. Who allowed them to work out a special guidance of crypto taxes? How can they regulate something they don’t even understand?
newbie
Activity: 112
Merit: 0
Remember the IRS’ Section 1091 wash sale rule about “30 days”.
what’s the rule?
the rule requires that no loss on sale be permitted if the same or almost identical security was acquired within 30 days after the transaction, which led to the loss. This means that 30 days before the sale or 30 days after.
but 30day rule this doesn’t concern crypto, as crypto is a property and this rule is valid for shares of stock or securities. be careful reading all those IRS guides as they are so messy.
maybe it doesn’t concern crypto but we still can’t abuse this method. The IRS may argue that the immediate sale did not have significant economic value and therefore could not be used to offset capital gains or income.
wisely noted!
newbie
Activity: 140
Merit: 0
Member
Remember the IRS’ Section 1091 wash sale rule about “30 days”.
what’s the rule?
the rule requires that no loss on sale be permitted if the same or almost identical security was acquired within 30 days after the transaction, which led to the loss. This means that 30 days before the sale or 30 days after.
but 30day rule this doesn’t concern crypto, as crypto is a property and this rule is valid for shares of stock or securities. be careful reading all those IRS guides as they are so messy.
maybe it doesn’t concern crypto but we still can’t abuse this method. The IRS may argue that the immediate sale did not have significant economic value and therefore could not be used to offset capital gains or income.
newbie
Activity: 112
Merit: 0
Remember the IRS’ Section 1091 wash sale rule about “30 days”.
what’s the rule?
the rule requires that no loss on sale be permitted if the same or almost identical security was acquired within 30 days after the transaction, which led to the loss. This means that 30 days before the sale or 30 days after.
but 30day rule this doesn’t concern crypto, as crypto is a property and this rule is valid for shares of stock or securities. be careful reading all those IRS guides as they are so messy.
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