Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 15659. (Read 26609400 times)

I don't see how moving BTC to another wallet creates a tax event.

Moving it to another wallet doesn't, at least not where I live. In the US and in the special case of Coinbase this seems to be a different story though...

Edit: I gave up fixing this posts formatting. The bold is my response.

stop selling at the top! :\ hodl foreverrrrrrrr

Shaking and baking. They are shaking holders to sell at this level.  Be careful and hold. Don't mind the figures.
I advise everyone to hold. HODL.

Impossible. The simplest review will show your account had coins in it before the split, and a simple check of the BCH chain will show where those coins went. If you're in control of those coins, well where did they go?

Remember, it's not waterboarding if you use diesel.

Yeah, I really wish the world would stop talking about us.

"invest"    bwaahaha

hide it

Note: I'm still thinking about the stupid BCH airdrop. Is that a taxable event when you claim it, or can you add the value to the basis value of the bitcoin you convert it into then pay the taxes when you cash the bitcoin for fiat or other valuable prizes?

Yeah it's like nothing happened. Boring bitcoin.

Regarding taxes: If it's a taxable event every time a bitcoin moves from one wallet address to another then we're all screwed. I doubt it as that would be similar to saying moving a gold coin from my vault to the bank vault is a taxable event. I run under the following guidelines:

1) If I mine a bitcoin I owe taxes (income) on the value of that bitcoin at the moment it is mined/transferred to my wallet. That is income, gets reported, and that value is the base value of the coin for C&G profit and loss.

2) If I receive a coin as payment, I owe taxes (income) on the value of that transaction at the moment it is done. There is a little wiggle room if I quote a bitcoin price and it changes slightly between quote and payment but I use that as the base value.

3) If I use shapeshift to move between bitcoin and litecoin (I use Litecoin for AR and Bitcoin for AP) I do not mark it as a taxable event however I do have to recompute the basis value of the resulting bitcoin based on the profit or loss of the litecoin to the bitcoin (for example if I get litecoin at 50 and transfer it to bitcoin at 100% then that bitcoin has to include the imputed profit I made from the litecoin when I go to sell that bitcoin. That amps up the CG taxes quite a bit as it's STCG).

Note: If I used an exchange that transferred the coin to money first then that would be a taxable event IMO. With SS there is never fiat being created or destroyed.

4) If I sell bitcoin for cash or trade for (miners, parts, overstock towels, etc) I have to pay the capital gain or loss at the time I make the sale based on the LIFO accounting/accrual method. Even if it goes into buying stuff for the company, I need to keep an eye on that accrual. This is why I sell the newest coins first, to keep this paperwork to a sane level.

It's probably not perfect but it is the best faith solution I can come up with. So far the IRS response has been "Man, you're paying taxes on this stuff? Good for you!"

Do the best you can with what you have.

that's what i said at $150 :-D weeeee lel

Sell when the price goes exactly to $5,500.  Otherwise HODL until the price goes to $22K, and then sell 10% (which would be .1BTC at $22k).

I don't see how moving BTC to another wallet creates a tax event.



EXACTAMENTE!!!!!!

There, that´s it. WTF ?
I´m going kitesurfing. Leckt mich am A . . . !

No.....CoinBase is growing too fast for its own britches.  Obviously.

D@MN !  BTC shot up from @9.800 to 10,400 in < 20 mins~!

Back down to $10,200



GO BTC GO!

You are guessing, or you have info about this?

 Yup!  America: The Land of Productivity.
"The Family and Medical Leave Act of 1993 (FMLA) requires 12 weeks of unpaid leave annually for mothers of newborn or newly adopted children. This is one of the lowest levels of leave in the industrialized world."
~ Wikipedia

I don't like how the world is talking about us. Makes me nervous.