Topic: Trump just killed Rule 1031 all BTC trades now taxable - page 2. (Read 497 times)

New tax bill benefits real estate investors to a great extent. Very happy! 

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.
 

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.

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.

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.  

Yep I doubt any USA exchanges will see 2019

Bye bye
coinbase
gemini
bittrex

no way will any traders with big wallets that had cheap coins do one trade now at a usa exchange

donald the moron killed usa based crypto exchanges with this ending of 1031

wow I'm amazed they let that moron do this

incredible

I can see it crushing high end real estate too

art for mansions was a common trade, it's gone

so now only cash for those 30 million mansions, yeah sure

trades are more common in high end RE deals than cash

wow

I would reckon the USA based exchanges will simply move outside the USA. Bitcoin and crypto don't recognize borders.

Perhaps a new country called planet earth

There are ways to cash out smaller amounts without even having to go through an exchange. You can do peer to peer transactions and even then, you can actually use bitcoin as a currency. You're looking at the coin as if it were just an investment, not also a currency. If more services start accepting bitcoin, not only will the price change, but that holding of bitcoin that you have will be a more than valid form of payment. Also, you can just transact peer to peer and avoid any exchanges at all. That's one way to keep it anonymous.

just keep your crypto far away from usa based exchanges

irs wants instant tax on any trades

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!

this tax cut killed every usa exchange
 no one with huge wallets will ever move them into gdax now and trade, and why would they at .25% when you can do it at 1% or .05% all day in asia and europe

I can see cayman exchanges now being the only place to trade crypto

no relationship with usa caymans

so cayman crypto exchanges are the future, anyone know of one

I play at a caymans crypto casino now

but now I want a caymans exchange to trade in

the usa really blew their future with crypto with this

they will be left out of the loop

crypto will now be asia and europe and rest of world, usa will stay fiat slaves

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

So it is full of coinbase.
In the end, it is like you just want coinbase to stand their ground but they cannot.

You really need to look for another option instead of all just Coinbase. Hell I am not using that service anymore. The lack of support for other countries tells it all. It is like they are just specialize for one group or just their own.

actually that was very bright, miners can claim not 'investment' since no buy, just work from assets

so their coin has no clear investment

but other than miners everyone else traded or bought with fiat

so you're a drug czar and traded coke for coin

how much did the coke cost

haha

oh, you bought 5 buck coin from mt gox and cold storaged it before the hacks

so you had very minor cost

but literally the irs is now saying as soon as btc moves from btc into anything pay them 20% on gain

so miners, how do you cost out your gain? good question, it could be the work is not an investment no cash or fiat to get it

so they could challenge first trade rule

but everyone else, how did you get your btc

you bought in on exchange you know the cost

you traded, well what did you trade for

so non fiat buys you can say you traded whatever and put huge value on it and low gains if any, you could take losses all day

I traded my 52 mint mantle worth 100k for 50k of coin, so I lost 50K so now the 90K I got is a 10K loss

so miners and real traders can play games

but if you took fiat into btc, they know the cost

and most with profits are in really cheap

but think what this does to traders

you have huge numbers in btc now with a few coins

you want to test eth and ltc or xrp

you do it after the end of this year, instantly the trade is taxable

so don't use gdax and coinbase or winkies gemini or the vegas exchange

this law just pushed crypto exchanges all outside the usa

in a year or two you won't have one usa based exchange due to this

great move donald you just killed off any hope of the usa having crypto exchanges

the game now is trading btc into ico's and taking some profits to the moon with new ico's

you want to hodl btc forever, okay, good luck, the next 3 years is all ico plays

and the hope of coinbase being a legit ipo is over

1031 has killed any usa based exchange

so if you got coins and cash MOVE IT NOW

coinbase will have problems soon paying people

as it is they limit accounts to a lousy 50k fiat exit a week, expect it to go down to 5k now

haha

anyway, that is what the end of 1031 means, it means usa exchanges can no longer compete with foreign exchanges

if you are a us citizen and want to pay gains on the btc you got cheap, go ahead, sure exit into fiat is fair 20%

but when you're talking about moving into other coins, that's just wrong

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.

Quite probably a very stupid question but where is the actual gain? Your initial dollar Bitcoin buy in versus the Bitcoin value at the time of the ETH swap? Is it all dollar denominated?

Exactly! That is the big elephant in the room that no one wants to address.

Bitcoin and crypto is highly illiquid, highly unusable, and highly taxed. That is why I am only spending 0.25% of my net worth investing in crypto. Its not a viable asset for the reasons you mentioned. Also, Bitcoin and crypto produces NO INCOME.

I will continue to invest in real estate which have made me financially free at an early age, and pays me every month. Also, it had the best tax benefits out of any investment known.

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

It's every single crypto trade now. That's what's changed with this new law passing. Cashed out crypto was already taxed. Good luck if you have rampant bots. You'll need your own bot army to calculate the tax.

The only thing I am unclear about: is it just the crypto that we cashed out into $$ that is taxable (on a cost-basis, capital gain) ? or is it every single crypto trade? I am leaning to just treat the former as taxable. It will certainly simplify the accounting greatly.