Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16585.

bitserve

legendary

Activity: 1862

Merit: 1530

Self made HODLER ✓

Quote from: Lauda on August 18, 2017, 03:20:55 PM

Quote from: bitserve on August 18, 2017, 03:18:54 PM

You pay a 100% capital gains on whatever you get from it.

Move to the Cayman islands and you pay 0% capital gains on it. I don't see why anyone would want to cash out anywhere else, or cash out at all for that matter. Just spend the coins.

Next time I take a look at bitcoinity, it better be back up to 43xx.

Do you realise that "spending" the coins is a taxable event? Or are you just counting on they never figuring it out you did?

bitserve

legendary

Activity: 1862

Merit: 1530

Self made HODLER ✓

Quote from: jbreher on August 18, 2017, 03:06:21 PM

Quote from: machasm on August 18, 2017, 10:41:29 AM

I understand that miners mine for profit but what about idealism?

Plenty of idealism in the Bitcoin Cash camp. Both users and miners. How else can you explain the chain being extended through the dark days of loss-inducing mining relative to mining core?

Hey Jbreher, do you still own most of your stash in BTC? Do you really think this is good for your economical interests?

Lauda

legendary

Activity: 2674

Merit: 3000

Terminated.

Quote from: bitserve on August 18, 2017, 03:18:54 PM

You pay a 100% capital gains on whatever you get from it.

Move to the Cayman islands and you pay 0% capital gains on it. I don't see why anyone would want to cash out anywhere else, or cash out at all for that matter. Just spend the coins.

Next time I take a look at bitcoinity, it better be back up to 43xx.

rolling

hero member

Activity: 824

Merit: 712

Quote from: bitserve on August 18, 2017, 03:14:47 PM

Quote from: rolling on August 18, 2017, 02:21:35 PM

Has anyone considered the tax implications of now involuntarily owning BCH?

None until you sell.

In the US, you owe taxes on the value when you receive it and then again if there are gains when you sell it.

bitserve

legendary

Activity: 1862

Merit: 1530

Self made HODLER ✓

Quote from: ?? on ??

Quote from: rolling on August 18, 2017, 02:21:35 PM

Has anyone considered the tax implications of now involuntarily owning BCH?

I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications.

I would say it's an extraordinary profit, and as such the cost is 0. You can argue otherwise -that it is part of your previously bought BTC- but I would avoid that complexity altogether.

You pay a 100% capital gains on whatever you get from it.

Torque

legendary

Activity: 3780

Merit: 5429

Quote from: aesma on August 18, 2017, 03:09:37 PM

Quote from: infofront on August 18, 2017, 03:02:56 PM

Quote from: bitcoinvest on August 18, 2017, 02:59:58 PM

Quote from: rjclarke2000 on August 18, 2017, 02:48:59 PM

I've just come here to say I am in love with Salma Hayek

yes that is a good point! i feel many in this community would like to spend from 1 minute with her up to all life

Does she accept BCH?

She's married to a billionaire.

Hence the reason she is always smiling in photos. Although her daughter has passed the age of 7 now, so pretty soon she'll file for divorce and take half his shit.

bitserve

legendary

Activity: 1862

Merit: 1530

Self made HODLER ✓

Quote from: rolling on August 18, 2017, 02:21:35 PM

Has anyone considered the tax implications of now involuntarily owning BCH?

None until you sell.

aesma

hero member

Activity: 2604

Merit: 961

fly or die

In France the taxman doesn't care about tokens. Only when converted into fiat do you need to declare the money, then it's taken as regular income. Meaning there is no way to deduct what you have spent to get the coins, so it's not practical. I'm considering opening a fake company to go around that problem.

xyzzy099

legendary

Activity: 1066

Merit: 1098

Quote from: rolling on August 18, 2017, 03:09:27 PM

Quote from: xyzzy099 on August 18, 2017, 03:06:41 PM

Quote from: rolling on August 18, 2017, 03:03:29 PM

Quote from: ?? on ??

Quote from: rolling on August 18, 2017, 02:21:35 PM

Has anyone considered the tax implications of now involuntarily owning BCH?

I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications.

I'm thinking they will treat it as if you mined it on the day the chain split. In other words, you will owe capital gains on the value of BCH the day it was created whether you cash it out or not.

Pretty sure mined coins are taxed as regular income - not at the capital gains rate.

Good point, not like mining then but still capital gains.

I would imagine that coins "created" in any way at all would be considered exactly the same as mined coins, and taxed as normal income. IANAL, that's just my best guess.

jojo69

legendary

Activity: 3374

Merit: 4738

diamond-handed zealot

Quote from: rjclarke2000 on August 18, 2017, 02:48:59 PM

I've just come here to say I am in love with Salma Hayek

I do like some T&A with my TA, 'tis true

aesma

hero member

Activity: 2604

Merit: 961

fly or die

Quote from: infofront on August 18, 2017, 03:02:56 PM

Quote from: bitcoinvest on August 18, 2017, 02:59:58 PM

Quote from: rjclarke2000 on August 18, 2017, 02:48:59 PM

I've just come here to say I am in love with Salma Hayek

yes that is a good point! i feel many in this community would like to spend from 1 minute with her up to all life

Does she accept BCH?

She's married to a billionaire.

rolling

hero member

Activity: 824

Merit: 712

Quote from: xyzzy099 on August 18, 2017, 03:06:41 PM

Quote from: rolling on August 18, 2017, 03:03:29 PM

Quote from: ?? on ??

Quote from: rolling on August 18, 2017, 02:21:35 PM

Has anyone considered the tax implications of now involuntarily owning BCH?

I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications.

I'm thinking they will treat it as if you mined it on the day the chain split. In other words, you will owe capital gains on the value of BCH the day it was created whether you cash it out or not.

Pretty sure mined coins are taxed as regular income - not at the capital gains rate.

Good point, not like mining then but still capital gains.

Higher Altitude

full member

Activity: 177

Merit: 100

Quote from: HanvanBitcoin on August 18, 2017, 03:00:26 PM

Looks like i failed to buy the dip Cry

It was just a warm-up stretch for a new ATH Grin

xyzzy099

legendary

Activity: 1066

Merit: 1098

Quote from: rolling on August 18, 2017, 03:03:29 PM

Quote from: ?? on ??

Quote from: rolling on August 18, 2017, 02:21:35 PM

Has anyone considered the tax implications of now involuntarily owning BCH?

I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications.

I'm thinking they will treat it as if you mined it on the day the chain split. In other words, you will owe capital gains on the value of BCH the day it was created whether you cash it out or not.

Pretty sure mined coins are taxed as regular income - not at the capital gains rate.

jbreher

legendary

Activity: 3080

Merit: 1688

lose: unfind ... loose: untight

Quote from: machasm on August 18, 2017, 10:41:29 AM

I understand that miners mine for profit but what about idealism?

Plenty of idealism in the Bitcoin Cash camp. Both users and miners. How else can you explain the chain being extended through the dark days of loss-inducing mining relative to mining core?

JimboToronto

legendary

Activity: 4200

Merit: 4887

You're never too old to think young.

Quote from: bitcoinvest on August 18, 2017, 02:59:58 PM

Quote from: rjclarke2000 on August 18, 2017, 02:48:59 PM

I've just come here to say I am in love with Salma Hayek

yes that is a good point! i feel many in this community would like to spend from 1 minute with her up to all life

Not bad for a 50-year-old MILF.

Cheesy

rolling

hero member

Activity: 824

Merit: 712

Quote from: ?? on ??

Quote from: rolling on August 18, 2017, 02:21:35 PM

Has anyone considered the tax implications of now involuntarily owning BCH?

I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications.

I'm thinking they will treat it as if you mined it on the day the chain split. In other words, you will owe capital gains on the value of BCH the day it was created whether you cash it out or not.

infofront

legendary

Activity: 2660

Merit: 2868

Shitcoin Minimalist

Quote from: bitcoinvest on August 18, 2017, 02:59:58 PM

Quote from: rjclarke2000 on August 18, 2017, 02:48:59 PM

I've just come here to say I am in love with Salma Hayek

yes that is a good point! i feel many in this community would like to spend from 1 minute with her up to all life

Does she accept BCH?

Torque

legendary

Activity: 3780

Merit: 5429

Quote from: ?? on ??

I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications.

Do you think that if you traded your BCH for BTC... and your BTC would appreciate more each year than the interest on your loan.... ?

Some rhetoric in there. Wink

HanvanBitcoin

full member

Activity: 308

Merit: 100

Looks like i failed to buy the dip Cry

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