How Much Of Your Tax Refund Will You Use To Buy Bitcoin?

Junko

legendary

Activity: 1512

Merit: 1000

Quote from: Amph on December 28, 2015, 06:46:02 AM

why you should wait for refund from tax to use bitcoin isn't better to buy now and use those tax for the thing that you need to buy with your current money?, i think you can lose a good buy opportunity right now if you wait too much

Who said I'm just waiting for my tax refund to buy? I do, in fact, have a budget for buying bitcoin currently. But it isn't as big as what I am expecting to receive from my tax refund.

Quote from: pitham1 on December 29, 2015, 09:05:27 AM

Is the tax refund substantial?
How much (say as a percentage of monthly income) do Americans get as tax refund?

Mine should be "substantial."

Well yearly, Americans get an average of a little over $3,000 as tax refund in one lump sum. But that is just the average. The amount one actually gets depends on many factors including income level, deductions, among others. Many will get very little/no refund, many will get over ten thousand (maybe possible to get much more than that too, idk) and many will end up owing taxes. Some others even defer their refunds, putting them towards next year's taxes.

pitham1

legendary

Activity: 1232

Merit: 1000

Is the tax refund substantial?
How much (say as a percentage of monthly income) do Americans get as tax refund?

cptdome1

sr. member

Activity: 386

Merit: 251

I'll just keep buying BTC as it dips, I dont think I will wait for a tax refund to do so.

Rizky Aditya

hero member

Activity: 700

Merit: 500

I wish I could get a tax refund, but I don't live in the US. I will just have to buy my Bitcoins with my own, hard earned money.

Quote from: Amph on December 28, 2015, 06:46:02 AM

why you should wait for refund from tax to use bitcoin isn't better to buy now and use those tax for the thing that you need to buy with your current money?, i think you can lose a good buy opportunity right now if you wait too much

I can't even get a tax refund, so I can't wait for a tax refund. I just buy Bitcoin whenever I think it is the right time. If you truely believe in Bitcoin, you won't wait for something like a tax refund to buy it.

bearex

hero member

Activity: 560

Merit: 501

Even if i would get it, i would probably buy none. I am currently waiting for a drop in the price, because i dont feel it would be smart investing atm.

dloghwak

sr. member

Activity: 290

Merit: 250

Quote from: Wendigo on December 29, 2015, 02:57:49 AM

Do you guys submit your bitcoin profits in your annual tax report? Or you leave it out because no one can prove you are holding any? Are bitcoins a taxable item? I have no idea that's why I am asking.

I'm no US citizen but yes I do submit Bitcoin profits in the annual tax report.
I'm quite sure that Bitcoins are a taxable item in the US too and if you aren't a multi billion corporation tax evasion won't end well for you.

Wendigo

legendary

Activity: 2604

Merit: 1036

Do you guys submit your bitcoin profits in your annual tax report? Or you leave it out because no one can prove you are holding any? Are bitcoins a taxable item? I have no idea that's why I am asking.

n2004al

legendary

Activity: 1134

Merit: 1000

Quote from: Junko on December 27, 2015, 12:00:14 PM

With U.S. tax season just around the corner, how much of your refund do you plan on using to buy Bitcoin?

I expect to be getting around the same amount back this year as I did last year. Last year though, I had to use the funds to pay off some debts. This year however, I plan on getting my taxes done as soon as possible so that I have all of the money ready in hand for any good buying opportunities to add to my hodlings before the halvening.

What about you guys? What are your plans for your refund if any? Do you think many others will use their tax refund monies on Bitcoin?

I don't live in USA and here where I live yet are not refunds of any kind regarding the tax or other kind of refunds regarding the other various Authorities. So as it is impossible to learn to swim in a washtub it is possible to know even what to do with something that for you don't exist. But I can guess what will happen in this case if I will be on it. First thing I would have desire to do is to buy bitcoin. This is my first desire when I have "free" money. In the meaning when have no money obligation to pay. If have obligation for sure will pay those first. So as a conclusion depends from the situation. The obligation are a priority so must be paid firstly. Then, the remaining, bitcoin.

AtheistAKASaneBrain

hero member

Activity: 770

Merit: 509

Quote from: Amph on December 28, 2015, 06:46:02 AM

why you should wait for refund from taxe to use bitcoin isn't better to buy now and use those tax for the thing that you need to buy with your current money?, i think you can lose a good buy opportunity right now if you wait too much

Well you never know how long this correction will go for. Sometimes waiting a little bit might give you an extra edge because it may go lower, but if not, it doesn't really matter if you are here for the long term, since 100 dollar up or down is nothing.

Amph

legendary

Activity: 3248

Merit: 1070

why you should wait for refund from tax to use bitcoin isn't better to buy now and use those tax for the thing that you need to buy with your current money?, i think you can lose a good buy opportunity right now if you wait too much

Junko

legendary

Activity: 1512

Merit: 1000

With U.S. tax season just around the corner, how much of your refund do you plan on using to buy Bitcoin?

I expect to be getting around the same amount back this year as I did last year. Last year though, I had to use the funds to pay off some debts. This year however, I plan on getting my taxes done as soon as possible so that I have all of the money ready in hand for any good buying opportunities to add to my hodlings before the halvening.

What about you guys? What are your plans for your refund if any? Do you think many others will use their tax refund monies on Bitcoin?

Topic: How Much Of Your Tax Refund Will You Use To Buy Bitcoin? (Read 968 times)