Topic: Pricestamp (Read 826 times)
Right. Hear you there. But what if you don't exchange it and its just in your wallet on dec. 31. Still has to be(or should be) reported. Just saying it would be a useful feature for users and for taxes when the time comes.
As for this topic, if am US based and I sell in euro, convert to US and report on my tax form as net income there is an easily trackable cost basis for the conversion in Fiat as opposed to my BTC wallet which just shows received X on Y date.
If you exchange your bitcoins for dollars, the exchange will tell you the exchange rate for that transaction, exactly as if you exchanged euros for dollars. If you don't exchange your bitcoins, you won't have that information, but this is exactly the same as if you had euros and didn't exchange them for dollars. In that case you just look up the exchange rate for that date and use it. There's no difference.
Say What ? Dealing in foreign currencies has an entire mechanism in place for tax reporting, which is what I was talking about as opposed to crypto which at this point does not seem to; that's all. As for maybe me not being in business, you might be right about that with my luck.
As for this topic, if am US based and I sell in euro, convert to US and report on my tax form as net income there is an easily trackable cost basis for the conversion in Fiat as opposed to my BTC wallet which just shows received X on Y date. That is what I am referring to.
It seems many here are F(&* IRS, and gov't etc. but that is not a realistic attitude for when this goes truly mainstream and there is a line on your 1040 EZ for crypto and its become big enough to actually merit enforcing beyond black market.
As for this topic, if am US based and I sell in euro, convert to US and report on my tax form as net income there is an easily trackable cost basis for the conversion in Fiat as opposed to my BTC wallet which just shows received X on Y date. That is what I am referring to.
It seems many here are F(&* IRS, and gov't etc. but that is not a realistic attitude for when this goes truly mainstream and there is a line on your 1040 EZ for crypto and its become big enough to actually merit enforcing beyond black market.
Right now if I wanted to run a business incorporating crypto on my own, frankly it would be a bit of a nightmare(no pun intended). When I receive .000XYZ and keeping track of what the P was at that time, compared to when I sell or use the currency could take days if I do volume. Its almost like a barrier to entry, or at least a damn that is slowing adoption down.
How? It's no different from dealing with foreign currencies, and literally every company that does business internationally already has that all figured out. Fluctuating exchange rates are not actually a difficult concept for businesses to grasp. If you think it's difficult, then maybe you shouldn't be running a business.Is there a movement to get this type of info associated with each transaction ever made ?
No. The price is independent of the transaction itself.
Not sure if this has been covered, but a quick search did not yield any results.
Why isn't there a pricestamp (like timestamp) feature built into wallets ? The P could be derived from the avg of say the top 5 exchanges.
Right now if I wanted to run a business incorporating crypto on my own, frankly it would be a bit of a nightmare(no pun intended). When I receive .000XYZ and keeping track of what the P was at that time, compared to when I sell or use the currency could take days if I do volume. Its almost like a barrier to entry, or at least a damn that is slowing adoption down. My wallet should have cost basis and in the future I imagine it will.
Is there a movement to get this type of info associated with each transaction ever made ? Sure would make los federales happy and would help me make them happy too.
Thoughts ?
Why isn't there a pricestamp (like timestamp) feature built into wallets ? The P could be derived from the avg of say the top 5 exchanges.
Right now if I wanted to run a business incorporating crypto on my own, frankly it would be a bit of a nightmare(no pun intended). When I receive .000XYZ and keeping track of what the P was at that time, compared to when I sell or use the currency could take days if I do volume. Its almost like a barrier to entry, or at least a damn that is slowing adoption down. My wallet should have cost basis and in the future I imagine it will.
Is there a movement to get this type of info associated with each transaction ever made ? Sure would make los federales happy and would help me make them happy too.
Thoughts ?
Jump to: