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Bitcoin Taxes Reddit

Tax Information For Bitcoin And Other Crypto-currencies

Tax Information For Bitcoin And Other Crypto-currencies

Some governments have, or are, thinking about how to tax use and gains from Bitcoin and other crypto-currencies. This subreddit is for discussion about tax laws and treatments for any country. All posts in this subreddit are provided for informational purposes only and do not constitute financial or legal advice. It is not intended to be used by anyone for the purpose of financial advice, legal advice, tax avoidance, promoting, marketing or recommending to any other party any matter addressed herein. For financial or legal advice please consult your own professional. Do not give tax or financial advice unless you are qualified to do so For country-specific information, include the appropriate country clearly in your title if it isn't already within the title, e.g. [US] Tax information... Posts should be about taxes relating to crypto-currencies. Other posts are likely off-topic and may be removed. Continue reading >>

Cex.io 2017 Review - Why Reddit Users Are Complaining About This Bitcoin Exchange?

Cex.io 2017 Review - Why Reddit Users Are Complaining About This Bitcoin Exchange?

Last updated on November 3rd, 2017 at 11:55 am July 2017 Update: Recently Ive been noticing an increase of users complaining about CEX.io. I suggest reading the reviews Ive mentioned in this post and the comments in the comment section and judging for yourself. Ive had several people asking me to remove this review, however from my personal experience Ive never had an issues with the exchange. In any case, trade with caution. CEX.io is one of the oldest Bitcoin exchanges around. It started out in 2013 in London as a Bitcoin exchange and cloud mining provider . At some point itsmining pool, known as Ghash.io, was so big it held 42% of the total network mining power. However, on January2015 the cloud mining operations were closed and today CEX.io operates solely as a Bitcoin exchange. CEX.io is registered with FINCEN andIt applies KYC (know your customer) and AML (anti money laundering) policies. This means youll need to verify your identity before you will be able to buy Bitcoins via the exchange. CEX.io allows you to buy Bitcoins using your credit card, a wire transfer or a SEPA transfer (if you live in the EU). However CEX.io transactions work a bit different than other Bitcoin exchanges, they arebased on Fill-or-Kill orders (also known as FOK). FOK orders are orders that are executed immediately and in full. So whatever you agreed to pay or get, thats exactly what will happen. This is different than how other exchanges work where you may encounter liquidity issues. So for example, if you but 2 Bitcoins at an agreed rate on CEX.io you will definitely receive that amount, however if you but 2 Bitcoins on Bitstamp you will need to wait until someone whos willing to sell you those Bitcoins at your requested price comes along. However, for this to work 100% CEX.io has to Continue reading >>

Bitcoin Taxes : Bitcoin

Bitcoin Taxes : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

Crypto Tax Tips To Start 2018 Right

Crypto Tax Tips To Start 2018 Right

Cryptocurrencies as property, interest for crypto loans and more from our expert tax lawyer. Even though cryptocurrencies are getting more and more exposure, their legislation seems to be a grey area for most governments, especially when it comes to declaring your income in digital currencies. The Internal Revenue Service , the US tax collection agency, has issued Notice 2014-21 stating that Bitcoin and altcoins are subjects to federal income and payroll taxes. So what to do with your crypto money and how to declare your taxes right? Lets start with the dreary subject of records . Yes, that applies to crypto investors too. Youd better have some if you are thinking about taxes. If youve ever tried to tell the IRS I lost my receipt, you dont want to do it a second time. The IRS has heard every excuse in the book. While it is not without sympathy, youll find it far easier not having to go to the additional effort of proving something by another means. Periodically, the IRS issues reminders to taxpayers regarding the importance of safeguarding your tax records. Thats especially true in cases of natural disasters that make traditional record-keeping go haywire. But think of it year-round wherever you are. The IRS suggests creating a backup set of records stored away from the originals. It is good advice for crypto investors. If you are sitting on some big gains, you might consider how your tax picture will look for the entire year. It isnt too soon to start thinking this way. In fact, try to do it long before year-end so you can make adjustments. You might want to sell or hedge some, even if you think the market is still headed up. There is a lot more than taxes involved in such decisions. But it can be wise to at least think about it. For example, what if your tax year alr Continue reading >>

Bitcoin.tax : Bitcoinmarkets

Bitcoin.tax : Bitcoinmarkets

use the following search parameters to narrow your results: include (or exclude) results marked as NSFW You are expected to treat everyone with a certain level of respect Altcoin discussion should be directed to our Slack Group or the appropriate subreddit Posts that are solely comprised of memes, irrelevant youtube videos or similar Calling out other users for breaking our rules is not allowed. Any affiliation with an exchange, product or service that's being discussed Continue reading >>

We Are Three Cpas Ready To Answer Your Tax-related Cryptocurrency Questions. Ask Us Anything : Bitcoin

We Are Three Cpas Ready To Answer Your Tax-related Cryptocurrency Questions. Ask Us Anything : Bitcoin

Hi r/bitcoin , its almost tax time! Are you prepared? We are three Certified Public Accountants ready to answer your tax-related cryptocurrency questions. Ask Us Anything About us:We are Dennis, Josh, and David from Perelson Weiner LLP, a boutique accounting firm located in New York City. Our firm is dedicated to helping high-net worth individuals, their families and their businesses, both domestic and foreign. Perelson Weiner has been named by INSIDE Public Accounting, for the third year in a row, one of the Fifty Best of the Best of firms in the United States. For more information, please visit www.pwcpa.com . The scope of this AMA:2017 was an incredible year for cryptocurrency traders. We are here to educate you about US TAXATION of cryptocurrency and discuss ideas to help you keep more of your money in your pocket. Please try to ask your questions in a more general way, if possible. For example, What is the difference between a short-term capital gain and a long-term capital gain and how is each taxed? as opposed to asking I have this coin which I bought for $X on this date and I sold it at this price on this date. How much tax do I owe? Disclaimer:Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Perelson Weiner LLP would be pleased to perform the requisite research and provide you with a detailed written analysis. The terms will be the subject of a formal engagement letter that defines the scope of the desired consultation services. Please send your follow up requests to [email protected] . Topics we can discuss:-Tax treatment of trans Continue reading >>

I Can't Stress This Enough. Pay Your Capital Gains Tax Unless You Want The Government To Move Negativly Towards Crypto : Bitcoin

I Can't Stress This Enough. Pay Your Capital Gains Tax Unless You Want The Government To Move Negativly Towards Crypto : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

The Absolute Fucking Impossibility Of Reporting Taxes On This Shit : Bitcoin

The Absolute Fucking Impossibility Of Reporting Taxes On This Shit : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

I Am A Tax Attorney, Here Are My Answers To The Most Common Questions About The Taxation Of Bitcoins : Bitcoin

I Am A Tax Attorney, Here Are My Answers To The Most Common Questions About The Taxation Of Bitcoins : Bitcoin

Edit: On March 25, 2014 the IRS released Notice 2014-21 addressing the taxation of bitcoins. This post was updated on March 26, 2014 to reflect the IRS's positions contained in the Notice. I've noticed a significant amount of uncertainty around here about the taxation of bitcoins. In effort to provide some guidance , I've compiled some of the most common questions I've seen and tried to provide straight-forward, easy to understand answers. I am a tax attorney, but there is so much uncertainty surrounding bitcoins that I expect some people to disagree with one or more of my conclusions. If you have a contradictory opinion, please share it. We would all benefit from an educated discussion of this issue. Keep in mind this post is intended for a layman audience. If you are a tax professional or want a detailed examination of this topic, you find this post lacking. Please don't nit pick this post with technicalities or narrow exceptions, I purposely excluded such nuances for the sake of readability. I should note that this post does not address aggressive tax planning strategies. Such strategies are a lot of fun to discuss, but they do not belong in this type of post. If you are interested in such strategies, perhaps we can make a follow-up post on another day. This post was created for general guidance on matters of interest only, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a tax professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post, and I do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to Continue reading >>

As Bitcoin Soars, So Do Coinbase Customer Complaints

As Bitcoin Soars, So Do Coinbase Customer Complaints

As Bitcoin Soars, So Do Coinbase Customer Complaints Feb 16, 2018 at 05:00 UTC |UpdatedFeb 18, 2018 at 10:07 UTC It was around midnight, January 31, when K. received an email from Coinbase containing a 1099 tax form.That was strange enough - K. certainly didn't expect a cryptocurrency exchange to be a conduit for government documents. Then K. looked at how much Coinbase said he owed money on: $2.4 million. "I initially freaked out, considering I've probably put in a max of $8,000 into Coinbase and somehow I may be liable for millions?" K. said in an online chat with CoinDesk. The next business day, K. called Coinbase customer support, only to have a representative tell him he couldn't answer the details on the phone, and to email the company instead. Which he did, only to get a formulaic response showing the IRS guidance to Coinbase. To this day, K says he has no idea where the $2.4 million figure came from. He says he is too busy to jump through more hoops with the largest exchange in the U.S., and that he feels safe in the knowledge that he doesn't have to pay taxes on $2.4 million in earnings, since they don't exist. K. is far from alone in wrestling with an apparent misfire from Coinbase. In recent weeks, complaints have been piling up on a Reddit page dedicated to the company. The issues mentioned are wide-ranging: missing wires, unreleased bitcoin, disabled accounts. The top posts on the page over the past month look like this : A representative for Coinbase said the company was unable to comment on the complaints. Stepping back, as crypto values spiked during the recent run-up, several major exchanges heaved under the weight of new demand. Kraken, the third-largest exchange in the world, suffered an outage earlier this year that was supposed to take two hours bu Continue reading >>

Question About Us Bitcoin Taxes - Bitcoin

Question About Us Bitcoin Taxes - Bitcoin

I've been lurking here for the past year, just haven't made an account until now. This is my first year playing with Bitcoin and I had a question about when exactly the taxes for Bitcoin are applied in the US. I know that your profit is taxed once you exchange into fiat, but was wondering if it was taxed before or after you move your money from an exchange and into your bank account (is your profit taxed before the exchange fees are taken out, or profit taxed after the exchange fees are taken out)? For example, let's say I have $100 in Bitcoin on Coinbase (just using small numbers for simple math). Suppose the value of Bitcoin doubles, and I now have $200, and I decide to cash out. I will have made a profit of $100, but when withdrawing from Coinbase and depositing into my bank account, I will only be left with a profit of $97 (using Coinbase's 1.5% withdraw fee). Would I report the income made from my Bitcoin investment as $97 or $100 to the IRS? Continue reading >>

Reddit User Says He Owes The Irs $50,000 Thanks To Bitcoin Here's How To Avoid A Surprise Tax Bill

Reddit User Says He Owes The Irs $50,000 Thanks To Bitcoin Here's How To Avoid A Surprise Tax Bill

Reddit user says he owes the IRS $50,000 thanks to bitcoin here's how to avoid a surprise tax bill The rise and fall of bitcoin during recent months has been eye-popping. The digital asset's price shot from below $1,000 at the beginning of 2017 to over $19,000 in December , before plummeting in early 2018 to close at $8,630.65 on Monday, according to CoinMarketCap.com . But investors who cashed out around the height of the frenzy were left with a big tax bill . Without advance planning, it was an expensive shock to some. In fact, trading cryptocurrencies reportedly left one Reddit user with a $50,000 debt to the IRS, which he says he's unable to pay. "I feel like I might have accidentally ruined my life because I didn't know about the taxes," Reddit user Thoway , who says he earns $47,000 a year as an office assistant, posted March 14 . Thoway says he first got involved with cryptocurrency in the beginning of 2017 and bought eight bitcoin for $7,200. By December of last year, says Thoway, that initial investment soared and he decided to cash out. Since the IRS views cryptocurrency as property not currency that sale triggered a "taxable event," leaving Thoway obligated to pay taxes on the appreciation of his investment. The income tax he owes, "adds up to about $50,000 if I add up state (California) and federal," according to the post. Unfortunately for Thoway, it appears he didn't set aside any money to pay those taxes. In fact, he writes that he then invested his windfall into other cryptocurrencies. "I got caught up in the alt-coins frenzy," he wrote, referring to alternative digital coins like litecoin or ethereum, "and sold most of my bitcoins (about $120k worth) to buy a bunch of different coins." Many cryptocurrencies have since fallen sharply, leaving Thoway too Continue reading >>

Crypto And Taxes: What You Need Toknow?

Crypto And Taxes: What You Need Toknow?

Building @empowermeapp, Past @propelleraero, Fdr. Robby, @Booodl, @conTgo exit to @Concur, BM, MSc UTS, @startmate 2015 alumni. The material appearing in this communication is for informational purposes only and should not be construed as legal, accounting, or tax advice or opinion. Crypto is being treated as property and is therefore subject to capital gains tax. Exchanging crypto which is any exchange including goods, services, other property or money is a taxable event and subject to capital gains tax. This includes exchanging from Bitcoin to Fiat, Bitcoin to Ether, and Bitcoin for coffee. Holding onto crypto is not a taxable event. Similarly, purchasing crypto in Fiat is not taxable. Hard-forks (such as Bitcoin Cash) should be treated as a capital asset with a cost basis of $0. Mining coins is taxed as ordinary income. Gifting crypto falls under the gift tax (if under $14,000 per person, per year) It would be safe to say that 2017 was the year cryptocurrencies really hit the mainstream. Bitcoin prices are now reported each morning alongside the NASDAQ and the Dow Jones, Ether sees huge daily transaction volume and ICOs, well, thats another story. With such a high interest in crypto, many are still left wondering what the tax implications are for holding such a relatively new asset class and what they need to be made aware of. The IRS provided some guidance in 2014 around tax implications for holding cryptocurrencies (or what they refer to as virtual currencies), heres what we know so far The IRS is treating cryptocurrencies like property, therefore it is subject to a certain category of tax called capital gains tax. Taxpayers that have purchased crypto and accrued a loss or gain from their basis over the holding period are subject to paying capital gains tax. While Continue reading >>

Tax-free Bitcoin-to-ether Trading In U.s. To End Under Gop Plan

Tax-free Bitcoin-to-ether Trading In U.s. To End Under Gop Plan

Tax-Free Bitcoin-to-Ether Trading in U.S. to End Under GOP Plan Change makes trading one digital currency for another taxable Bill limits deferral break to real property trades only Investors in bitcoin and other virtual currencies would lose a lucrative tax break under the Republican tax bill thats on its way to President Donald Trumps desk. New limits in the bill would bar cryptocurrency owners from deferring capital gains taxes when trading one type of virtual currency for another -- effectively closing a gray area in the tax code, experts say. Those gains can be considerable. Bitcoin, which had an initial price of less than 1 cent when it first traded in 2010, was around $1,000 as 2017 began and surpassed $19,000 this week, at least briefly, before paring some of the gains. Many enthusiasts jump between bitcoin and a long list of similarly volatile competitors, such as ether. For investors who hold the virtual currencies, the bill is bad news, said Kelsey Lemaster, a tax attorney with Goodwin Procter LLP. Every time you trade one digital currency for another, one token for another, its going to be a taxable event. The change might not deter traders, who have been leaping into cryptocurrencies without researching what they are -- let alone their tax implications, said Brian Kristiansen, a partner in the digital currency services practice at Friedman LLP. Bitcoin Whales Are Cutting Back as Eager Minnows Dive In: Gadfly Under current law, such trades have been protected under a provision that allows investors to defer capital gains taxes on so-called like-kind exchanges -- trades that traditionally have been staples for investors in real estate, art, racehorses and aircraft. The deferral applies when owners of such property swap it for other property of a similar kind Continue reading >>

How To Avoid A Surprise Tax Bill From Investments Like Bitcoin

How To Avoid A Surprise Tax Bill From Investments Like Bitcoin

As bitcoins skyrocket to more than $12 000 for one BTC, many central banks as ECB or US Federal Reserve warn of risks of a bubble. The rise and fall of bitcoin during recent months has been eye-popping. The digital asset's price shot from below $1,000 at the beginning of 2017 to over $19,000 in December , before plummeting in early 2018 to close at $8,630.65 on Monday, according to CoinMarketCap.com . But investors who cashed out around the height of the frenzy were left with a big tax bill . Without advance planning, it was an expensive shock to some. In fact, trading cryptocurrencies reportedly left one Reddit user with a $50,000 debt to the IRS, which he says he's unable to pay. "I feel like I might have accidentally ruined my life because I didn't know about the taxes," Reddit user Thoway , who says he earns $47,000 a year as an office assistant, posted March 14 . Thoway says he first got involved with cryptocurrency in the beginning of 2017 and bought eight bitcoin for $7,200. By December of last year, says Thoway, that initial investment soared and he decided to cash out. Since the IRS views cryptocurrency as property not currency that sale triggered a "taxable event," leaving Thoway obligated to pay taxes on the appreciation of his investment. The income tax he owes, "adds up to about $50,000 if I add up state (California) and federal," according to the post. Unfortunately for Thoway, it appears he didn't set aside any money to pay those taxes. In fact, he writes that he then invested his windfall into other cryptocurrencies. "I got caught up in the alt-coins frenzy," he wrote, referring to alternative digital coins like litecoin or ethereum, "and sold most of my bitcoins (about $120k worth) to buy a bunch of different coins." Many cryptocurrencies have since fa Continue reading >>

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