Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 15663.

julian071

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Quote from: jojo69 on November 30, 2017, 04:52:45 PM

Quote from: ?? on ??

OMG. Apparently every time you move a BTC off Coinbase to your wallet, that counts as a sell event.

God Fucking Damnit !

right?

these dinosaur nation states are so far behind the technology it really is laughable, just keep it in crypto and wait them out, this empire is near it's sell by date

Just move to Amsterdam. No taxes on gains whatsoever, only 1.2% on the value of what you own at the end of the year. Buy me a beer when you do Bob.

jojo69

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diamond-handed zealot

Quote from: ?? on ??

OMG. Apparently every time you move a BTC off Coinbase to your wallet, that counts as a sell event.

God Fucking Damnit !

right?

these dinosaur nation states are so far behind the technology it really is laughable, just keep it in crypto and wait them out, this empire is near it's sell by date

404Revolution

full member

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Not Found

I bought my first Bitcoin at $11,000 yesterday what should I am be doing? When global collapse and me be upperclass smart aristocrat now? Thanks!

gentlemand

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Welt Am Draht

Quote from: infofront on November 30, 2017, 04:44:01 PM

The law in the US is a bit fucked up, but basically bitcoin is treated like an equity, such as a stock, for tax purposes.

You don't pay taxes until you sell BTC for fiat currency, or trade it for hard assets, like lambos and mansions.

I've often seen accountant types reckon that trading a crypto for another crypto is realising a gain and thus taxable.

As it's not possible to trade a share for another share, you have to turn it into USD first, there's not much of a precedent elsewhere so I've never been too sure about this.

BTCMILLIONAIRE

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Quote from: infofront on November 30, 2017, 04:44:01 PM

The law in the US is a bit fucked up, but basically bitcoin is treated like an equity, such as a stock, for tax purposes.

You don't pay taxes until you sell BTC for fiat currency, or trade it for hard assets, like lambos and mansions.

Does that include altcoins as well?

And what would happen if you bought stocks with Bitcoins?

BTCMILLIONAIRE

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Quote from: pera on November 30, 2017, 04:35:57 PM

Quote from: BTCMILLIONAIRE on November 30, 2017, 04:27:17 PM

Quote from: TERA2 on November 30, 2017, 04:19:30 PM

Are closed altcoin profits in btc a realized gain? That wouldn't be fair because if I hold them indefinitely they will inevitably be worth 0 and uncle Sam isn't going to reimburse me.

If you trade any of your cryptos for crypto, fiat, or even goods, you're creating a taxable event on which you get a tax break in the case of losses [...]

Wait, are you sure about this? so if my commodities depreciate I get to pay less taxes? I'm completely ignorant about US tax law

Keep in mind that I am basically ignorant about the US tax code as well. But generally if you close positions at a loss it's benefitial to you from a tax perspective (tax deducible). You could game that too with a sufficiently diversified portfolio by kicking out your losers and thus keeping more of your (realized) profits. It's not lucrative enough to specifically target shitty investments though.

infofront

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Shitcoin Minimalist

The law in the US is a bit fucked up, but basically bitcoin is treated like an equity, such as a stock, for tax purposes.

You don't pay taxes until you sell BTC for fiat currency, or trade it for hard assets, like lambos and mansions.

pera

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バカ

Quote from: BTCMILLIONAIRE on November 30, 2017, 04:27:17 PM

Quote from: TERA2 on November 30, 2017, 04:19:30 PM

Are closed altcoin profits in btc a realized gain? That wouldn't be fair because if I hold them indefinitely they will inevitably be worth 0 and uncle Sam isn't going to reimburse me.

If you trade any of your cryptos for crypto, fiat, or even goods, you're creating a taxable event on which you get a tax break in the case of losses [...]

Wait, are you sure about this? so if my commodities depreciate I get to pay less taxes? I'm completely ignorant about US tax law

TERA2

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Deb Rah Von Doom

Quote from: BTCMILLIONAIRE on November 30, 2017, 04:27:17 PM

Quote from: TERA2 on November 30, 2017, 04:19:30 PM

Are closed altcoin profits in btc a realized gain? That wouldn't be fair because if I hold them indefinitely they will inevitably be worth 0 and uncle Sam isn't going to reimburse me.

If you trade any of your cryptos for crypto, fiat, or even goods, you're creating a taxable event on which you get a tax break in the case of losses and a tax bill in the case of gains. Doesn't really matter if it's Bitcoin, an altcoins or any other asset.

Apparently there are like-kind exchanges in the US which allow tax deferals, but I'm not at all familiar with how those work. If you could just flip BTCs and alts and defer taxes indefinitely that would be a pretty major thing.

If only I could trade in an ira.

pfrtlpfmpf

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Quote from: AlcoHoDL on November 30, 2017, 11:26:12 AM

Quote from: Wekkel on November 30, 2017, 09:58:54 AM

Quote from: AlcoHoDL on November 30, 2017, 09:12:36 AM

I find the look of that woman (specifically, her face) ugly as hell!

Perhaps her eyes could be placed even further away from each other as a solution Roll Eyes

I think it's her lips. Too fleshy/fat. I wonder if they are natural of man-made. Looks freaky and abnormal to me. Another poster mentioned it too earlier. The rest of her body is OK though.

Quote from: Ibian on November 30, 2017, 10:53:24 AM

More specifically, she looks bitchy.

Precisely!

---

Back to the topic, I think it's a good thing that we had that correction. It felt good to me. It's like breathing in and out. Has to be done every once in a while or the thing dies. Also, the drop is not as deep as in a big bubble bursting. It's holding now around 8000 € ($9500), which is a spectacular performance. Considering it was under 1000 € at the start of the year, we're talking about an 8x rise!

I guess we've all become used to choo-choos, rockets and moons, and we don't like it when the beast breathes out, but the fact is that BTC has had a stellar performance this year, much better than 2016.

So HoDL back and enjoy the ride...

To me, my girlfriend looks just about right. After 30+ years, and a little aged, i want to kiss her all over her body, well, maybe not her feet

In case you´re wondering: No, we don´t believe in marriage. We could walk away anytime.
Off Topic, i know, but it was it worth !

BTCMILLIONAIRE

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Quote from: TERA2 on November 30, 2017, 04:19:30 PM

Are closed altcoin profits in btc a realized gain? That wouldn't be fair because if I hold them indefinitely they will inevitably be worth 0 and uncle Sam isn't going to reimburse me.

If you trade any of your cryptos for crypto, fiat, or even goods, you're creating a taxable event on which you get a tax break in the case of losses and a tax bill in the case of gains. Doesn't really matter if it's Bitcoin, an altcoins or any other asset.

Apparently there are like-kind exchanges in the US which allow tax deferals, but I'm not at all familiar with how those work. If you could just flip BTCs and alts and defer taxes indefinitely that would be a pretty major thing.

pera

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バカ

Don't fear the bear! Kiss

TERA2

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Deb Rah Von Doom

Are closed altcoin profits in btc a realized gain? That wouldn't be fair because if I hold them indefinitely they will inevitably be worth 0 and uncle Sam isn't going to reimburse me.

BTCMILLIONAIRE

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Quote from: ?? on ??

Quote from: BTCMILLIONAIRE on November 30, 2017, 04:09:21 PM

Quote from: ?? on ??

Quote from: EtihadBitcoin on November 30, 2017, 03:44:46 PM

All coinbase users that didn't pay taxes on gains after selling their BTC or trading alts are F*'d up.

FTFY.

Or do you have to pay taxes on a yearly base regardless of whether or not you've liquidated your assets in the US?

Good question, actually. Don't have an answer for you :| To my understanding, there is only a tax obligation upon any realized profit or loss, but what do I know.

I know that is the case in (at least some parts of) Europe and Canada.

I haven't checked the US in detail yet as most states have far too high capital gains taxes for my taste...

Would appreciate it if somebody could clarify this though, as I've been looking for a new place to move to in the near future and some parts of the US were actually on the list.

HairyMaclairy

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Degenerate bull hatter & Bitcoin monotheist

Quote from: ?? on ??

Quote from: EtihadBitcoin on November 30, 2017, 03:44:46 PM

All coinbase users that didn't pay taxes on gains are F*'d up.

FTFY.

I wonder might be on Santa’s naughty list? Maybe Roger Ver and Charlie Shrem?

BitcoinBunny

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BTCMILLIONAIRE

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Quote from: ?? on ??

Quote from: EtihadBitcoin on November 30, 2017, 03:44:46 PM

All coinbase users that didn't pay taxes on gains after selling their BTC or trading alts are F*'d up.

FTFY.

Or do you have to pay taxes on a yearly base regardless of whether or not you've liquidated your assets in the US?

thisisntbic

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Quote from: EtihadBitcoin on November 30, 2017, 03:44:46 PM

All coinbase users are F*'d up.

I think you mean the roughly 14,000 users:
"with at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013-2015 period.
do[es] not include users: (a) who only bought and held bitcoin during the 2013-15 period; or (b) for which Coinbase filed Forms 1099-K during the 2013-15 period"

I believe this was posted earlier, but if not, here is a copy of the Narrowed Summons to Coinbase
https://www.scribd.com/document/365893210/US-v-Coinbase-order?irgwc=1&content=10079&campaign=Skimbit%2C%20Ltd.&ad_group=66960X1514734Xfb366f45a06c38b3049ba2d8889f39ea&keyword=ft750noi&source=impactradius&medium=affiliate#from_embed

_{Edit:URL and grammar}

TERA2

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Deb Rah Von Doom

"Wall Street" people trying to trade bitcoin.

HairyMaclairy

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Degenerate bull hatter & Bitcoin monotheist

The Dow has crossed 24,000 for the first time. Up 1.39% overnight. We are in stock market bubble territory. Lots of hot money washing around which needs a home.

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