Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 9234. (Read 26714345 times)

I think it would be harder to prove the value was zero than to prove it was something greater than zero. It can't default to zero. Zero is a number that must be supported as well. There is always someone doing OTC trades or an exchange somewhere doing futures.

If it turns out the coin can't be sold or transferred when you get around to it, or if you transfer to someone else for a few pennies, that could be a loss to offset the gain as long as you can justify the value. If you give them to someone though, that could be considered a gift and you couldn't claim a loss.

Master Eddie how is your short doing? still hedged with low spread?

f**k me!

#nohomo

That's messed up. Good thing I'm not under audit, and they can't show me as a prominent member of the bitcoin community. (But Bitcoin.com is the prominent community because they have the dot com domain name right? I'm not there at all.) Or that they could prove I had the expertise to access the coins.

That sucks for everyone else who is an expert.

As far as my country is concerned, I don't deal with bitcoin or crypto at all. I know as much as anyone else around these parts.

I understand, some of you guys have to pay taxes, so ... good luck with that.



So, the value would be zero, if it's not listed on any exchange at the time of a fork, and it's not even listed on sites like coinmarketcap. No value = zero.

I mean, maybe 10,000 of that fork can buy a pizza, but if no merchant accepts it as payment, on the day of the fork, then it's not even worth a pizza.


On the other hands, really, guys, don't store your coins on an exchange, unless you were actually intending to trade or receive fork coins that way. That would also mean, the exchange knows you had an account with them and can use whatever reporting tools are accurate at the time with that exchange, if they are tax compliant and all that. Which means, shady exchanges that didn't do any KYC on you don't have your info anyway, so you can forget about them.

You're right. They specifically address if the fork coins are on an exchange, then it is taxable when the exchange distributes them. The problem is only if you hold the keys to the forked coins.

f**k yeah! I'm struggling with IPv6 #lastofthev8sstyle

Again, I'm not a tax lawyer.. but in relation to coins on an exchange, I take "when it is received" to mean that you gain control at the time the coins are credited to your account on the exchange, and you should pay income for fair market value at that time....   At least to me that would be a good faith effort that would prolly be kosher with the IRS.   The "provided you have dominion yada yada yada" part kind or precludes getting taxed at the moment of creation if the exchange drags its feet by a couple weeks.. as you specifically DO NOT have dominion over the new coins till the exchange posts them to your account.

This is from their FAQ:

"When you receive cryptocurrency from an airdrop following a hard fork, you will have ordinary income equal to the fair market value of the new cryptocurrency when it is received, which is when the transaction is recorded on the distributed ledger, provided you have dominion and control over the cryptocurrency so that you can transfer, sell, exchange, or otherwise dispose of the cryptocurrency."

https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

I guess you would have to have a good justification for showing what the fair market value was even if it wasn't on an exchange such as any trading activity you could find on this board or elsewhere.

What if a fork isn't on an exchange on the day it's created? Does that mean it is treated as zero value? Most Bitcoin forks struggle to get on an exchange within weeks of their creation. Some never even get on an exchange.

There is no better man for the job

So, basically, just ignore it? If the price goes up big time as a fork...I'd assume enough hell would be raised that a 'clarification' would be needed by the IRS. If not and it is piddly

no clarification will be needed and a big 'meh!". If the alternative is to keep my BTC Hoard HODL on Coinbase complete because exchanges are legit in that I don't control the keys,

Sh*t, I and most others will dump it all for cash first before putting up with that

and just take the $$$ via Coinbase or whatever. So for now, unless things change in the next week, I'm just gonna assume it is "unworkable" and/or if not that ANY fork of Bitcoin

will not go anywhere in price enough due to the above to matter. I wonder if the BTC foundation (Bitcoin Core) or others could simply 'ban' hard forks of any note  in some manner

and inform IRS that it is no longer legit and get exchanges to go along with such. I guess that could work maybe.

Whatever, ignoring for now.

Brad


On the other hand from what I can tell from this 'control' means I take the dropped coin and control the forked coins via a wallet. Thus I don't split the coin/wallet
no tax on the fork in that I have no control did not move such.

so gonna go with this idea for now

https://www.natlawreview.com/article/irs-issues-new-cryptocurrency-guidance

Fatman, you probably deserve all the greetings you got.

Are you saying that this thread was taken over by some random guy?

I thought he was busy moderating other threads.

How the H did you people find someone even lazier than Adam?

It is true. This only applies to people subject to US taxation (citizens and residents) and it doesn't matter where they dump the coins.

Yes, you owe the tax whether you sell or not. It is the same for U.S. stocks when a company goes public, original employees of the company are often given stock in the public company and they owe tax on the value of the stock on the day the company goes public whether they sell or not. This normally means they have to sell some of the stock to pay the taxes due.

The good news is that losses offset gains so if a coin is worth $100 the day it was created but you sell at $1, you can claim a loss of $99 per coin when you sell as long as you claimed the gain when the coin was created as well.

Next time you vote, vote for someone who understands bitcoin or at least someone who wants to reform the IRS.

The hammer is ready?

Indeed, cause if he would have done that.... He would have show much more respect if he would have

MempoolObserver

Bitcoin Transaction Monitor


https://mempool.observer/monitor/

You can interact in the graph, this is fine.

the 1d chart is clearly bearish. I don't see the bull for now though they are clearly gaining strength

When did Bitcoin's investment era begin? A study using NVT.
https://woobull.com/bitcoins-early-investment-era-under-nvt-ratio/

Bitcoin NVT Ratio
https://charts.woobull.com/bitcoin-nvt-ratio/

If that is true. Every Whale will dump (in the USA) rather than take a chance for another hostile fork of bitcoin and owing $50k to such or something because he did not dump.

I mean that means NO one could afford to HODL BTC in your own wallet due to malicious actors. Indeed north korea or Iran could 'fork' your coin for just that purpose. chaos.

 It's a simple ratio of Bitcoin's market cap over the daily transaction volume in USD I believe.

 edit: It's not quite as simple any more - you must also divide the result by the 90MA