1. 01-09-20 01:28 PM #1
    Chi_archie
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    2019 Taxes and Cryptocurrency

    decisions to make for many here.

    https://finance.yahoo.com/news/irs-a...192521373.html


    https://www.forbes.com/sites/shehanc.../#3744faac14f8



    The IRS wants to know whether you traded cryptocurrency in 2019, a question it had never overtly asked taxpayers in the past.
    In a new report on Monday covering fiscal 2019, the agency listed cryptocurrency and the gig economy as two key “emerging compliance areas that require attention” by the IRS. For crypto, that attention is taking the form of a new question on the 2019 Form 1040 (for additional income).
    The question is at the very top of the form, and reads: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”
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  2. 01-09-20 02:02 PM #2
    BeatTheJerk
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    The IRS can f.u.c.k off as far as I’m concerned.
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  3. 01-09-20 02:10 PM #3
    paco
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    Quote Originally Posted by BeatTheJerk View Post
    The IRS can f.u.c.k off as far as I’m concerned.
    Easy to find out since coinbase sends back to bank account.
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  4. 01-09-20 02:53 PM #4
    SamsNCharge99
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  5. 01-09-20 03:25 PM #5
    BeatTheJerk
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    Are we not all using the “under 200 transaction rule” though ? Definitely blew over 20k mark
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  6. 01-09-20 03:32 PM #6
    Optional
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    How is it IRS business if it is not income?

    Its like asking people if they bought any art this year. Or wine they cellared.
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    Arky gave Optional 2 Betpoint(s) for this post.

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  7. 01-09-20 03:53 PM #7
    harthebar
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    Hi hmmmmmmmmm
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  8. 01-09-20 03:54 PM #8
    reigle9
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    like everyone didnt get buried

    yer in the clear
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  9. 01-09-20 03:58 PM #9
    Optional
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    Quote Originally Posted by Chi_archie View Post
    decisions to make for many here.

    https://finance.yahoo.com/news/irs-a...192521373.html


    https://www.forbes.com/sites/shehanc.../#3744faac14f8



    The IRS wants to know whether you traded cryptocurrency in 2019, a question it had never overtly asked taxpayers in the past.
    In a new report on Monday covering fiscal 2019, the agency listed cryptocurrency and the gig economy as two key “emerging compliance areas that require attention” by the IRS. For crypto, that attention is taking the form of a new question on the 2019 Form 1040 (for additional income).
    The question is at the very top of the form, and reads: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”
    Does everyone have to fill in this schedule 1 form Archie?

    Or just people declaring additional income?
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  10. 01-09-20 03:59 PM #10
    unusialsusp5
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    maybe 17 employees at the irs doing investigations. you'd have a better chance of hooking on to an nfl team as a place kicker than getting caught cheating on your taxes.
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  11. 01-10-20 12:06 PM #11
    RocketMan$$$
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    I will check yes. I did not make any gains.
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  12. 01-10-20 12:16 PM #12
    hehfest
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    Quote Originally Posted by BeatTheJerk View Post
    The IRS can f.u.c.k off as far as I’m concerned.

    Nowhere in the Constitution does it state we have to pay taxes. The country was founded on NOT paying them. How ironic that we are taxed for every single d*m thing. Gas, income, property, you name it is taxed. Somehow, most men became cucked snowflakes and accepted all of this.......
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  13. 01-10-20 12:35 PM #13
    jjgold
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    You guys fukked that use it for big money

    Little guys nothing to report
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  14. 01-10-20 01:30 PM #14
    reigle9
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    willing to suck the dik of anyone that shows a btc profit in 2019

    fake thread
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  15. 01-10-20 02:17 PM #15
    KVB
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    Quote Originally Posted by Optional View Post
    How is it IRS business if it is not income?

    Its like asking people if they bought any art this year. Or wine they cellared.
    If you start buying a bunch of expensive art, or cars, or anything, the IRS just might ask where you got the money for it.

    That makes it their business.

    Happy New Year Opti, hope all is good with you.

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  16. 01-10-20 04:17 PM #16
    BeatTheJerk
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    Quote Originally Posted by hehfest View Post
    Nowhere in the Constitution does it state we have to pay taxes. The country was founded on NOT paying them. How ironic that we are taxed for every single d*m thing. Gas, income, property, you name it is taxed. Somehow, most men became cucked snowflakes and accepted all of this.......
    Amen brother
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  17. 01-10-20 04:42 PM #17
    reigle9
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    Quote Originally Posted by hehfest View Post
    Nowhere in the Constitution does it state we have to pay taxes. The country was founded on NOT paying them. How ironic that we are taxed for every single d*m thing. Gas, income, property, you name it is taxed. Somehow, most men became cucked snowflakes and accepted all of this.......

    correct

    I SWEAR THIS ISN'T MY GHOST DESPITE IT REALLY LOOKING LIKE IT'S MY GHOST
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  18. 01-10-20 05:23 PM #18
    Optional
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    Does it mention in the constitution that you should not bugger animals?

    What about having to have a car license to drive? Is that in constitution?


    If not, who's up for a bestiality road trip with all that tax money we can save?!
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  19. 01-10-20 06:48 PM #19
    bitcoinLuke
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    Quote Originally Posted by hehfest View Post
    Nowhere in the Constitution does it state we have to pay taxes. The country was founded on NOT paying them. How ironic that we are taxed for every single d*m thing. Gas, income, property, you name it is taxed. Somehow, most men became cucked snowflakes and accepted all of this.......
    Stop driving on roads and sending your kids to school if you don't believe in taxes.
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  20. 01-10-20 06:56 PM #20
    Chi_archie
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    Quote Originally Posted by Optional View Post
    How is it IRS business if it is not income?

    Its like asking people if they bought any art this year. Or wine they cellared.

    I believe it is considered property so if you sell it and make a profti you owe on capital gains, just like if you sold a rental property or collectible.
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  21. 01-10-20 07:00 PM #21
    Optional
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    Quote Originally Posted by Chi_archie View Post


    I believe it is considered property so if you sell it and make a profti you owe on capital gains, just like if you sold a rental property or collectible.
    Agree.

    But they are not asking if you sold and and please declare the profit here, are they?

    Sounds like a pure fishing expedition question. Seems outside what I imagined was the remit of an IRS in questions for this sort of required filing.



    And do you know if every tax payer must fill in that schedule 1 form Archie?
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  22. 01-10-20 07:00 PM #22
    Chi_archie
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    Quote Originally Posted by bitcoinLuke View Post
    Stop driving on roads and sending your kids to school if you don't believe in taxes.
    We also can't enjoy the safety that the world's number 1 bad ass military provides.

    I for one am glad to pay my taxes, knowing that it is helping pay for a big beautiful wall between Mexico and the US
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  23. 01-10-20 07:17 PM #23
    Chi_archie
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    Quote Originally Posted by Optional View Post
    Agree.

    But they are not asking if you sold and and please declare the profit here, are they?

    Sounds like a pure fishing expedition question. Seems outside what I imagined was the remit of an IRS in questions for this sort of required filing.



    And do you know if every tax payer must fill in that schedule 1 form Archie?
    well not everyone fills out a 1040 schedule 1 form but most do. I don't know if its only only the 1040. It may be on other forms as well I haven't read if it will be on the 1099 or a schedule C

    We need to have Milwaukee Mike come back to educate us
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  24. 01-10-20 07:22 PM #24
    7deuceoff$uit
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    So if u deposited into books with plastic, and withdrew via btc+ sold rt away, is that what they're talking about? Or just if u made $$ while it sat in btc?
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  25. 01-10-20 07:57 PM #25
    reigle9
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    Quote Originally Posted by Optional View Post
    Does it mention in the constitution that you should not bugger animals?

    What about having to have a car license to drive? Is that in constitution?


    If not, who's up for a bestiality road trip with all that tax money we can save?!
    have you still not given into the fact that leftist retards are 100% the reason for your country burning down?
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  26. 01-10-20 08:04 PM #26
    Crusherrr
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    Coinbase makes it easy to get cost basis and determine profits.
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  27. 01-10-20 08:23 PM #27
    Optional
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    Quote Originally Posted by reigle9 View Post
    have you still not given into the fact that leftist retards are 100% the reason for your country burning down?
    I think greenies stopping proper forest management is a contributer to the problem. Not that I see it as a political issue. Aussies wont argue about who is a snowflake, or refuse to do what is correct just because someone they think is political enemy said it. We don't eat our children to make a political point

    Have you given in to the fact that if you wont pay tax, the Mexicans aint going to pay for your wall?
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  28. 01-10-20 08:28 PM #28
    reigle9
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    lol why are you still on fake talking points from 2 years ago?

    i only deal in early jason aldean now

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    This post was nominated 1 time . To view the nominated thread please click here. People who nominated: Optional
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  29. 01-10-20 08:32 PM #29
    Optional
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    That's a nice sweet song for you Reigle!

    Maxi been around at a guess
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  30. 01-10-20 08:34 PM #30
    reigle9
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    no never, but i was just thinking about her
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  31. 01-10-20 08:36 PM #31
    reigle9
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    i need to get the google hangout again,i cant post how ridic on here lol
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  32. 01-10-20 09:07 PM #32
    ex50warrior
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    Quote Originally Posted by Chi_archie View Post
    decisions to make for many here.

    https://finance.yahoo.com/news/irs-a...192521373.html


    https://www.forbes.com/sites/shehanc.../#3744faac14f8



    The IRS wants to know whether you traded cryptocurrency in 2019, a question it had never overtly asked taxpayers in the past.
    In a new report on Monday covering fiscal 2019, the agency listed cryptocurrency and the gig economy as two key “emerging compliance areas that require attention” by the IRS. For crypto, that attention is taking the form of a new question on the 2019 Form 1040 (for additional income).
    The question is at the very top of the form, and reads: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”
    Yep, IRS casting a wide net.
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  33. 01-10-20 09:12 PM #33
    funnyb25
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    So we check yes, then what? Gonna see that i lost my ass with the decline of Bitcoin when I held it for 20 seconds and give me a big check to make up the difference???
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  34. 01-10-20 09:43 PM #34
    ex50warrior
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    Quote Originally Posted by funnyb25 View Post
    So we check yes, then what? Gonna see that i lost my ass with the decline of Bitcoin when I held it for 20 seconds and give me a big check to make up the difference???
    From 8949 and Schedule D, similar to stock transactions. Each s
    ale should generate a capital gain or loss.
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  35. 01-11-20 03:01 AM #35
    Arky
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    I'm sure they are just curious. They probably just want to put together a survey to find out how many Americans use crypto. It's not like if you answer "yes" that you will immediately go to the top of some nefarious list.

    Right?
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