Topic: Trump just killed Rule 1031 all BTC trades now taxable (Read 497 times)
I think, the government in America has decided it based on many reasons. Maybe it is because they already admit bitcoin so they collect tax on it. it is different to the country that still consider bitcoin as illegal thing. Trump has right do do it because he is the leader. For users that do not want to pay tax should not do the bitcoin transaction in USA.
This is a bad news. However, If you are residing in European or Asian Country while your are trading in USA based exchange. are you still covered for crypto trading taxes? Im not a US citizen.
US citizens pay taxes on money earned in USA
Crypto is earned in cyber space
So if the first cyber millionaire argues virtual currency is not in jurisdiction of USA, he'd win
Not a USA citizen
Not buying physical goods in USA
I can't see irs having jurisdiction over you
thank you for clearing out. but im not a cyber millionaire yet. my capital is only 1k usd trading on bittrex.
Try to exit into Fiat from bittrex door closed a month ago
No new accounts either
Bittrex first big USA exchange to fold I'm
Then kraken
Then gemini
Then coinbase
They are all facing huge exits
Coinbase has no trading volume now
The charts don't lie
USA exchanges are about to be history
Sad day for traders
Tax code 1031 the like for like exemption that shielded traders is no more
Trump the moron killed it
Time to exit the USA
http://bitcoinist.com/cryptocurrency-investors-lose-tax-break/
Tax code 1031 the like for like exemption that shielded traders is no more
Trump the moron killed it
Time to exit the USA
http://bitcoinist.com/cryptocurrency-investors-lose-tax-break/
As always, not a single reply.
I don't think anyone wants to even know anything about Bitcoin taxes. Just sitting there like an ostrish with your head in the sand, pretending that no one told you Bitcoin is taxable is most people's strategy.
They still think it's 'anonymous'
haha
try to cash out in an exchange
you got to give more id than you can imagine
then they limit you to a lousy 50K a week
so if you made a big hit, it would take years to withdraw
yet the irs wants taxes on it as soon as the exchange sells it
and the main exchanges know who you really are
so
1. it's not anonymous when you exit
2. the exchanges are a trap for big exits, they won't let you take out huge wins
the more you look at all crypto the more you see big brother
sure when it's in a wallet you can't use it is anonymous
try to spend it, impossible so you sell it have big wallet in cash in exchange then you can't move much out
haha
so no one is really talking about what is the end game
all it did is trap you into the coin with no real hope of exiting mega millions even if you made them
now, they want to instantly collect on gains when you just move into a new coin
so forget about coinbase, they will soon be feeding the irs every account holders info
then bitcoin gains will pay off the debt
I agree with you. It when when you cash out your earnings in bitcoin taxes came in. Many people say that bitcoin cannot be taxable but as long as there is transactions that is regulated by the government then we have to pay the toll. In any ways we should disragard the tax and continue earning in bitcoin fairly and legally.
Its time to either move out or just find ways to better the loopholes. It's always best to keep trading, holding, and make enough where at that point you're able to get proper lawyers and work things out in a nice and legal manner.
Mыcли Tpaмпa кaк пpeзидeнтa пoнятны и лoгичны, ecли гpaждaнe пoлyчaют дoxoд c этoгo видa aктивa и eщё кaкoй дoxoд, пpийдeтcя yплaтить нaлoг гocyдapcтвy кaк нe кpyти.
People will quit using cash now that a true global p2p system is distributed around the planet.
Screw the government oppression and their wars.
We now have the tools for true liberty; crypto currencies!
Screw the government oppression and their wars.
We now have the tools for true liberty; crypto currencies!
just keep your crypto far away from usa based exchanges
irs wants instant tax on any trades
wow this is really bad for traders how can tax be done in any trade ? really bad for exchanges in usa. I guess is time to move on to another one.
but i think in the future there is no way that cryptocurrencies can be taxeable.
in the future smart contracts will be use it for public spendings and goberments wont control money anymore.
This is a bad news. However, If you are residing in European or Asian Country while your are trading in USA based exchange. are you still covered for crypto trading taxes? Im not a US citizen.
US citizens pay taxes on money earned in USA
Crypto is earned in cyber space
So if the first cyber millionaire argues virtual currency is not in jurisdiction of USA, he'd win
Not a USA citizen
Not buying physical goods in USA
I can't see irs having jurisdiction over you
thank you for clearing out. but im not a cyber millionaire yet. my capital is only 1k usd trading on bittrex.
This is a very stupid decision which can never be implemented. Those who are having altcoins will be the most affected. For most altcoins, there is no alt vs fiat trading option available. So in order to cash out, they first need to convert their coins to BTC and then to fiat. And here, they will be hit with double-taxation. I am curious to know how this can be implemented.
Makes NVO decentralized exchange look even better. Assuming they get it working.
Well this is just a great talk about a great get away from tax, bitcoin is something which gives us financial freedom for other intervening parties especially the government now that there are tax base on the USA and imagining how influential the US president is I am sure mostly some of the country developing under the USA will certainly be influence or manage to think that this is crucial as many and many more people investing in bitcoin.
Do people all around the globe pay taxes through fees on exchangers? Why do they don't take those taxes from them? Is it hard for it to do?
Belarus just made crypto and ICO's legal, and tax free for 5 years.
I mean, I doubt the reasoning behind doing this was to kill BTC. It probably was to go ahead and gain taxes from other events, Bitcoin and other cryptos just got caught in the crossfire and can't do anything about it. If you were a tax prepared before this anyway you'd know that you should be eering on the side of caution when it comes to Bitcoin exchanges, and most professionals say that you should've been stating that each buy and sell of ANY COIN (exchanges as well) is a taxable event and must be recorded for gains.
It's sad but this is how the world works. Capital Gains and shit.
It's sad but this is how the world works. Capital Gains and shit.
This is a bad news. However, If you are residing in European or Asian Country while your are trading in USA based exchange. are you still covered for crypto trading taxes? Im not a US citizen.
US citizens pay taxes on money earned in USA
Crypto is earned in cyber space
So if the first cyber millionaire argues virtual currency is not in jurisdiction of USA, he'd win
Not a USA citizen
Not buying physical goods in USA
I can't see irs having jurisdiction over you
So I guess Coinbase et. al. could all move overseas but then they'd lose one of their big advantages of FDIC insurance. Sounds like the best thing is to just move all my assets off of USA exchanges before the new year. What a pain.
This is a bad news. However, If you are residing in European or Asian Country while your are trading in USA based exchange. are you still covered for crypto trading taxes? Im not a US citizen.
I am definitely not a lawyer, but weren't we required to pay taxes on any bitcoin
capital gains anyway? Can you break down what's new in this? I'm sure whatever
IS new is going to be summarily ignored by the bitcoin using masses anyhow.
capital gains anyway? Can you break down what's new in this? I'm sure whatever
IS new is going to be summarily ignored by the bitcoin using masses anyhow.
what changed was the like for like exemption
it's how mega millionaires avoided capital gains for decades
oh you got a nice 10 mil ocean front mansion, I got a picasso let's TRADE
well now 1031 is gone so the I got 1 mil in btc for 1 mil in eth is gone
you move 1 mil in btc into 1 mil in eth, the irs wants 20% NOW on the gains
so you got in btc at mining costs, gear and elect and time, you made maybe millions
you don't cash it out, but merely trade, and now that trade is taxable and you got no cash
all I can say is BINANCE
coinbase will now be crushed by this rule
it's one thing to pay on exit money, but when you have to pay gains on trades, no way
so I guess coinbase is okay to buy coin in, then you move to gdax then you move to binance or whatever and do the trades outside the usa
so now your gains is in china or korea or where ever
you do trades in gdax they are taxable
that's how I see it
you never do anything now on gdax
it will eventually end up with the irs
so the question becomes how do you exit out of the foreign exchanges into fiat
I think the centra card is nice exit to spend gains
but if you plan on using coinbase for exits or trades the irs has you big time
so coinbase will never go public now, 1031 killed the future of coinbase
Hey, do you mind if we catch more about this off of this forum? Shoot me a PM and lets get on an email (and maybe whatsapp) chat. Very interesting.
sorry brother got no free time
and I sure don't want to brag about my crazy rates for 15 min consults
I say my mind here, so read it a few times
I yell at my girl friends when they call me, I multi task all day coding, designing and investing
had a little time over holidays but I don't chat for free, sorry
Who will pay you any significant money for a consult? LoL
Tons of grammar and syntax errors all over your posts.
Work on your humility brother.
Those who actually get a lot of poon and girlfriends, don't brag to anonymous strangers on the internet about it.
I'd let one of my gfs respond
But her mouth is full of meat
Mine
I think it was inevitable. Because of the rising popularity of bitcoin, the government takes notice of it. And now making actions to impose a taxation to bitcoin. I think other countries will follow.
When u keep wealth in the same type of asset there's no cash involved
So you kill trades taxing paper gains
Moron Trump is
In 10 years the rest of world will be all crypto and no one will want worthless paper USD
So what is now 1© of world GDP will grow and grow and the USA gets none of it
Most in the USA are clueless about crypto
Now they will remain clueless
When a us company tries to buy stuff outside the USA they will say give us gold
Lol
This will be great for countries like Switzerland and Japan.
The USA is about to shoot itself in both feet.
Good ridance to American global tyrany.
The USA is about to shoot itself in both feet.
Good ridance to American global tyrany.
That means Asia rules crypto
USA will have their lousy worthless paper Fiat and Asia will rule the world
That really sucks. I was planning on only paying taxes when I convert back to fiat. This means every trade you make needs to be recorded, profit/loss calc’ed, and reported to the IRS. This really blows ... I’m seriously depressed about this.
No it means u use foreign exchanges
Never trade in USA
When u exit
Retire outside usa
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