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Topic: Taxation of BTC - page 2. (Read 203 times)

sr. member
Activity: 980
Merit: 255
March 30, 2018, 02:59:06 PM
#4
There are many threads like this on the legal section. If you want to ever cash out, and you did trading (not just buying once and holding, but trading around, specially between alts in more obscure exchanges) you better kept track of absolutely everything, otherwise the scammer in the government may steal your coins as soon as they are sold and deposited in fiat in your bank account.

They will ask for entire trading history and so on. I have never cashed out because of this and many are on the same situation. There's nothing clear about things yet. Just hold and see what happens.
Correct, that is the greater risk right now when you have your money in the form of a cryptocurrency the government really cannot do anything to take it away from you but the moment you choose to go to fiat they have all the power and they are not going to be shy about showing they have all the power, if you ever want to see your money again you have to comply with everything they say, this is why it is about idea to cash out right now it is better to let other people go through the process and learn from their experiences after that happens and you know what to expect then you can cash out.
legendary
Activity: 1204
Merit: 1028
March 26, 2018, 01:11:09 PM
#3
There are many threads like this on the legal section. If you want to ever cash out, and you did trading (not just buying once and holding, but trading around, specially between alts in more obscure exchanges) you better kept track of absolutely everything, otherwise the scammer in the government may steal your coins as soon as they are sold and deposited in fiat in your bank account.

They will ask for entire trading history and so on. I have never cashed out because of this and many are on the same situation. There's nothing clear about things yet. Just hold and see what happens.
full member
Activity: 364
Merit: 100
March 26, 2018, 01:02:56 PM
#2
Crypto in the advanced countries like US are making regulations for bitcoin and the altcoin to use these in the future for online jobs and online services these will be the good payment option for us in the future and the taxation of bitcoin in the sense that if we earn bitcoin then we use that for some commodity in different sectors and we pay the cash or currency then for that commodity some tax is imposed called consumer tax which will also we paid during our routine expenses and these all are good for the future.
jr. member
Activity: 30
Merit: 4
March 26, 2018, 12:20:01 PM
#1
In the USA, bitcoin is regarded as property. Therefore, capital gains are involved for property held less than one year. If you are paid in crypto, it is treated as ordinary income. For 2018, the IRS will be watching out for trades and sales. Last year people who declared gain from coins numbered in the hundreds, not even a thousand. If you trade one coin for another, the coin you trade will be valued  as of the sale or trade date.
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