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Where's the fuckin power box, Carol?Comment -
get it boysComment -
don't forget to keep track of all your buys and sells now
all trades are tax events now
The new U.S. tax code amends IRC Section 1031 (a)(1) regarding “like kind exchanges,” excluding all cryptocurrencies from a previous legal loophole and making all cryptocurrency trades a taxable event.
On Friday morning, U.S. President Donald Trump signed a new tax bill into law, signalling the first major tax overhaul in the U.S. in over 30 years. And while you may or may not have high praise for the bill, one thing is certain: the new tax code is bad news for cryptocurrency investors. Starting Jan. 1st, 2018, all cryptocurrency trades will be a taxable event, including swapping one cryptocurrency for another.
CLOSING THE 1031 LOOPHOLE
The recent overhaul amends a part of the tax code regarding exemptions for “like kind exchanges,” allowing investors to swap similar assets without triggering a tax event. These so-called “1031 exchanges” have long been used by traders to exchange property, such as art or real estate, without having to pay taxes on it.
Since March 2014, the IRS has treated Bitcoin and other digital currencies as property for tax purposes. This makes them subject to capital gains tax, requiring taxes be paid whenever crypto is exchanged for fiat currency (ie. cash).
Coins held for less than a year are subject to regular income tax, which can range anywhere from 10 to 37 percent, depending upon personal income levels. Coins held for longer than one year are subject to long-term capital gains tax, which caps at around 24 percent.
However, it has never been clear whether a trade between two different cryptocurrencies qualifies as a “like kind exchange.” Up until this point, cryptocurrency trades have typically resided in this legal gray area, granting most traders a loophole for deferring taxes on short-term capital gains.
However, the new amendment definitively narrows the 1031 exemption to only cover real estate swaps, excluding Bitcoin entirely. It specifically limits the scope of the law from previously covering “property” to now only covering “real property.” And as a digital asset, cryptocurrency is about as far from “real property” as one can get.
The end result is that, starting next year, effectively all cryptocurrency trades will be taxed at the time of their execution, bringing an end to one of the most lucrative tax loopholes previously available to traders.Comment -
Any guesses how the segwit fork is going to effect BTC price on the 28th?Comment -
Not believing this rally ahead of the fork. BTC price not breaking thru 16k convincingly at this point.
Situation could change quickly with this of courseComment -
This is another questionable fork. It's significantly different than the original segwit2x fork that got cancelled. I think the increase over the last couple days has been because of xmas more than the potential fork. I don't think it will effect it drastically either way.
They are running it on the X-11 algorithm. Bitcoin and all it's other forks run on the Sha-256 algorithm. The reason this is important is because you need people mining a currency to support the network. There are a hell of a lot more people mining on Sha-256 than X-11.
That's my 2 cents.Comment -
Can i withdraw bitcoin from a sportsbook to gdax just fine? How can i avoid a $20 fee because mycellium has expensive fees on there wallet? Thanks guysComment -
This will really be a mess. I have a real concern about how the IRS will decide to handle these trades. The natural way to handle two transactions would be to subtract the difference between the selling price and the purchase price. But these could be in different currencies, so a simple subtraction isn’t possible. The most likely scenerio is the example I cited in a post on 10/27.don't forget to keep track of all your buys and sells now
all trades are tax events now
The new U.S. tax code amends IRC Section 1031 (a)(1) regarding “like kind exchanges,” excluding all cryptocurrencies from a previous legal loophole and making all cryptocurrency trades a taxable event.
“But wait, suppose he uses the BTC to buy some LTC and later sells LTC to buy some XRP, and so on. Now how do I assign USD gains and losses on these transactions. Yes, it technically could be done, but it would be very tricky and require the knowledge of the equivalent USD value at the moment of the transactions. Somehow this strikes me as beyond their capabilities.”
Unfortunately, the IRS probably won’t issue guidelines on how to do this for a good while. We’ll be on our own to decide what records to keep. Any thoughts?Comment -
Amazing News
I have read that https://www.skygoal.se will soon accept crypto-currency as a checkout method, What do you think of it ?Comment -
here's the thing now with fees so high, you better be transacting s substantial amount of $ to make it worth paying the $20 fee....twice.
I said twice because it's been discussed many times, that to avoid having your exchange account terminated, you need to send to the intermediary wallet like Blockchain.info first, then a second send to your exchange where you then convert to USDComment -
I think whatever profits you take in usd are subject to capital gains tax. So if you invested 10k USD into crypto and at some point took out 20k you would owe on the 10k you profited. If you still have crypto left than the moment those are exchanged into USD you would owe tax on that as well.
That's just one way to do it. There are many ways.Comment -
VEN took off this morning.Comment -
Happy fuk'n New Year to me, Bittrex finally resolved my verification issue
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So to add along with the sketchiness of coinbase as a site, last night their price froze for a couple of hours. Usually that wouldn't strike me as odd but with their track record I took a look, and of course their price was magically frozen on yesterday's high, and since the price on the site unfroze been in a steady decline. That site is definitely manipulating a ton of things.Comment -
I have about a grand in btc, how much free money would I be missing out on with the fork tomorrow if I don't have it in the proper place which I guess would be your own wallet?
I should probably figure this out today if it's anything more than a few bucks.Comment -
trying to acquire some btc on this dip... when is there a fork? I haven't received any email informing me.Comment -
So we should have all btc at bittrex or somewhere where we control the Keys?
Would it even get there in time if we were to transfer it nowComment -
my first post in this topic
take a look at ZCL coin and DTR coin
both has big value for future
thanks me later
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anyone else having issues logging into binance?Comment -
i have noticed, but that doesn't have anything to do with what i was talking about
forget it, idc...i'll just miss out if there's something happening that would give me free moneyComment
