Topic: Does Bittrex report to the IRS? - page 2. (Read 3930 times)
If they aren't (currently or not) reporting to the IRS, why are they requiring SSN?
Bittrex don't exchange fiat currencies so they have nothing to report except there own business tax returns.
I don't think that's the case. I mean, they don't report to the IRS. But virtually every transaction (including crypto-crypto) is taxable from a capital gains perspective. Just because you don't wire dollars to your bank account doesn't mean you don't technically owe taxes. This is why I prefer not to verify ID at exchanges. Just in case...
I can certainly show you a law that says they would have to report fiat.
Bittrex don't exchange fiat currencies so they have nothing to report except there own business tax returns.
I don't think that's the case. I mean, they don't report to the IRS. But virtually every transaction (including crypto-crypto) is taxable from a capital gains perspective. Just because you don't wire dollars to your bank account doesn't mean you don't technically owe taxes. This is why I prefer not to verify ID at exchanges. Just in case...
Bittrex don't exchange fiat currencies so they have nothing to report except there own business tax returns.
Im thinking about trading very soon. I hear everyone says bittrex is the best option to trade. I want to know does bittrex report to the irs? To those of you who trade with bittrex, do you get a 1099 tax form or anything like that? And if so, what does it show? Does it show your transactions or profits or withdraw? The thing is you could withdraw say 15k worth of btc... but 13k btc could be deposits and your income is only 2k.
And if this is not the right forum, i assume it should go on the legal forum? I like to know from people who traded on bittrex if they receive these forms or not. Or is everything on the user to record gains and losses etc. The thing is what if someone adds it incorrectly and off a bit then?
And if this is not the right forum, i assume it should go on the legal forum? I like to know from people who traded on bittrex if they receive these forms or not. Or is everything on the user to record gains and losses etc. The thing is what if someone adds it incorrectly and off a bit then?
I've been using bittrex and they have never ever mentioned anything about tax.
I personally do not think that they report to the IRS but then they could, and i'm not that familiar with US tax codes. I would assume that it is a DIY process, in which you fill out everything yourself and submit it to your relevant department.
You can always export your trading history and view it, which makes management easier i guess.
Im thinking about trading very soon. I hear everyone says bittrex is the best option to trade. I want to know does bittrex report to the irs? To those of you who trade with bittrex, do you get a 1099 tax form or anything like that? And if so, what does it show? Does it show your transactions or profits or withdraw? The thing is you could withdraw say 15k worth of btc... but 13k btc could be deposits and your income is only 2k.
And if this is not the right forum, i assume it should go on the legal forum? I like to know from people who traded on bittrex if they receive these forms or not. Or is everything on the user to record gains and losses etc. The thing is what if someone adds it incorrectly and off a bit then?
And if this is not the right forum, i assume it should go on the legal forum? I like to know from people who traded on bittrex if they receive these forms or not. Or is everything on the user to record gains and losses etc. The thing is what if someone adds it incorrectly and off a bit then?
They definitely don't send you a 1099 and they definitely don't report to the IRS. They don't even hold any licenses as a money transmitter. With them, your main worries are 1) exit scam, 2) hack, 3) identity theft. I would avoid giving them your documents. By all means, pay your taxes, but these exchanges are dodgy as hell.
Coinbase and Gemini are very reputable, and licensed. I believe Bitstamp is as well. But they don't give you access to that many altcoins.
Im thinking about trading very soon. I hear everyone says bittrex is the best option to trade. I want to know does bittrex report to the irs? To those of you who trade with bittrex, do you get a 1099 tax form or anything like that? And if so, what does it show? Does it show your transactions or profits or withdraw? The thing is you could withdraw say 15k worth of btc... but 13k btc could be deposits and your income is only 2k.
And if this is not the right forum, i assume it should go on the legal forum? I like to know from people who traded on bittrex if they receive these forms or not. Or is everything on the user to record gains and losses etc. The thing is what if someone adds it incorrectly and off a bit then?
And if this is not the right forum, i assume it should go on the legal forum? I like to know from people who traded on bittrex if they receive these forms or not. Or is everything on the user to record gains and losses etc. The thing is what if someone adds it incorrectly and off a bit then?
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