Legal tender and tax laws unfairly restrict Bitcoin’s use as a medium of exchange. Bitcoin can’t be seriously compared to USD until it receives equal treatment under the law. Any advocate for Liberty should understand this.
I got 200 USD worth of bitcoin for my birthday, and after receiving it, I immediately cashed it out to my bank account. Do I have to deal with any taxes on this or report anything since there was no gain?
This may be a noob question. I plan to start converting my paychecks to bitcoin then convert back as needed. The only problem is when I convert back to USD from BTC doesn't that mean I have to file it as cap gains on my taxes? Don't want to be paying 40% taxes every time. All answers welcomed.
02-01 21:04 - 'Let's say I sold a bunch of Bitcoin in December 2017, but Coinbase didn't let me withdraw the cash as USD until Jan 2018, because of their really low withdrawal limits. Do I still have to pay capital gains taxes for 2017 or can...' by /u/bbhSmash removed from /r/Bitcoin within 1-11min
''' Let's say I sold a bunch of Bitcoin in December 2017, but Coinbase didn't let me withdraw the cash as USD until Jan 2018, because of their really low withdrawal limits. Do I still have to pay capital gains taxes for 2017 or can I push it back to 2018 since the money wasn't accessible to me until 2018? ''' Context Link Go1dfish undelete link unreddit undelete link Author: bbhSmash
This may be a noob question. I plan to start converting my paychecks to bitcoin then convert back as needed. The only problem is when I convert back to USD from BTC doesn't that mean I have to file it as cap gains on my taxes? Don't want to be paying 40% taxes every time. All answers /r/Bitcoin
How is using BTC as a means to trade crypto subject to taxation in USD? I want an official statement from the government that justifies this before I consider paying taxes on exchanges that have nothing to do with USD in any way. /r/Bitcoin
Converting USD to Bitcoin to XRP for friend. Any tax implications or responsibilities?
Hi all - I've turned two friends on to ripple and they want to invest in xrp right now. Neither wants to wait for verification on coinbase/kraken in fear of the price rising. I'm all setup for trading. Would there be any responsibilities or consequences on my end if they were to send me USD, I use it to purchase bitcoin, I send the bitcoin to kraken and convert to xrp, and then I send the xrp to their wallet? Thanks guys!
In a bizarre sense, you can think of these ransoms to come, as tax on bad security. If you consider that USD is valuable, because you need it to pay taxes... well, now bitcoin will have a tax of it's own.
If Bitcoin is a currency, then why do you need to pay capital gains tax when you convert it back to USD? If I go to Mexico and use pesos, then come back and exchange it back to USD I don’t need to pay capital gains tax.
Bitcoin and Taxes. Tax season can be confusing enough with complicated rules about what types of income are taxable and which are not; what can be written off and what can’t; and which assets need to be listed and which do not. Add to that the confusion around digital currency and its status in the eyes of governments, and there are bound to be questions about how Bitcoin relates to taxes ... In the U.S., long-term capital gains tax rates are 0% for people with taxable incomes less than $78,750, 15% for single tax filers with taxable incomes between $78,750 and $434,550 ($488,850 for ... For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money (more than $479,000 (for married couples) or $425,800 (for individuals)), in which case you pay 20%. Everything you need to know about bitcoin and your taxes It looks like 2018 will be a landmark year when it comes to the IRS and taxing cryptocurrency gains. The IRS treats cryptocurrency as ... How to Pay Taxes on Bitcoin . Establish a record-keeping system for all your transactions and keep track of when you acquire and when you dispose of Bitcoin. Identify your cost basis method and your exchange rate. Then record the dispositions of Bitcoin on Schedule D and Form 8949. Keeping detailed records of transactions in virtual currency ensures that income is measured accurately. Normal ...
How to Avoid Paying Taxes on Cryptocurrency and Bitcoin ...
Tax Free Bitcoins, Digital assets and cryptocurrencies. - Duration: 37:45. The Ben Channel 2,334 views. 37:45. Trace Mayer HODL Only Bitcoin! Message to Crypto Holders 2019 - Duration: 17:59. ... For more information, Checkout our Complete 2020 Guide To Cryptocurrency Taxes: https://www.cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes T... Bitcoin Tax Myths: There are a lot of questions and misinformation circulating in our community about crypto & taxes. This is my attempt to clarify some impo... Today's video is about How to Avoid Paying Taxes on Cryptocurrency and Bitcoin, for which I'll give a few examples of for entertainment purposes only. In rea... Bitcoin / altcoin tax 101 - Capital gains and first-in first-out - Duration: 8:24. TheBitcoinCPA 16,165 views. 8:24. Bitcoin Twitter Has Been Suspended - Duration: 20:36.