Paying taxes on bitcoin for gambling winnings

[Fishhead]

Pay your fair share I say..

You enjoy your paved streets, law enforcement, fire department, schools, military and Country safety, etc. and so on. Your taxes pay for all that. If everyone didn't pay we'd have no Country. I look at that way when paying my taxes. I don't like to pay taxes though don't get me wrong but it's the right thing to do.

[firedawg]

Fishy



We need a report on Brock's action



THANKS

[RudyRuetigger]

Pay your fair share I say..

You enjoy your paved streets, law enforcement, fire department, schools, military and Country safety, etc. and so on. Your taxes pay for all that. If everyone didn't pay we'd have no Country. I look at that way when paying my taxes. I don't like to pay taxes though don't get me wrong but it's the right thing to do.

if the government didnt waste a shit ton of money, noone would mind paying

the fact its so poorly ran is the goddamn problem

[deeppckts]

JIM buys 4k BTC from JJGOLD

JIM deposits 4K via BTC into BETONLINE

JIM runs balance to 8k and requests 8k BTC payout

JIM sells 8k BTC to poster LAKERBOY for cash in hand.

----------------------------------------------------------------------
Is JIM obligated to report anything to IRS from a BITCOIN PERSPECTIVE ONLY?(yes, has 4k GAMBLING WINNINGS that is technically supposed to be reported)

I would simply report this as a 4k gambling profit.
If in the process of holding the BTC, the BTC appreciated, then you'd have to report that as a capital gain when it was sold to lakerboy.
That's my understanding anyways.

[Fishhead]

i would simply report this as a 4k gambling profit.
If in the process of holding the btc, the btc appreciated, then you'd have to report that as a capital gain when it was sold to lakerboy.
That's my understanding anyways.

agree 100%

[firedawg]

I know who deeppokts is
RUDY

[firedawg]

Fishy

Who's Brock star on

[Fishhead]

Fishy

Who's Brock star on

USC last evening
………….CLEMSON today.

[JIBBBY]

if the government didnt waste a shit ton of money, noone would mind paying

the fact its so poorly ran is the goddamn problem

Oh I hate that and I agree with you Rudy. Still you gotta pay.

US tax dollars are pissed away like CRAZY these days and that's why we are Trillions in Debt!!!

Can thank our stupid Congress people on both political sides for that. All Congress knows how to do these days is to spend our tax dollars foolishly..

[firedawg]

USC last evening
………….CLEMSON today.

penetrate

[RudyRuetigger]

I know who deeppokts is
RUDY

[jjgold]

every transaction can be traced period

[deeppckts]

every transaction can be traced period

I'd like to hear how that's possible if dealing person 2 person.

[Fishhead]

I'd like to hear how that's possible if dealing person 2 person.

Same here

Goldilocks?

[RudyRuetigger]

I'd like to hear how that's possible if dealing person 2 person.

Same here

Goldilocks?

how was tony's murderers caught?



also, why isnt deeppckts banned?

[deeppckts]

His kidnapper opened an account at an exchange with all his personal info and requested the payment to an address generated by that account. If you make no effort to remain anonymous, sure it is traceable.

[Otters27]

Hope it works out for you pal

[BigdaddyQH]

You guys all lose your tail so none of you have to worry about taxes. What a joke.

[funnyb25]

LoL

[jjgold]

Exactly

Lose everything

You guys all lose your tail so none of you have to worry about taxes. What a joke.

[Fishhead]

You guys all lose your tail so none of you have to worry about taxes. What a joke.

Exactly

[mjsuax13]

You guys all lose your tail so none of you have to worry about taxes. What a joke.

LOL

[mrpapageorgio]

if the government didnt waste a shit ton of money, noone would mind paying

the fact its so poorly ran is the goddamn problem

Pretty much 99% of what people I know hate about taxes. It's knowing a lot of what they pay is going to waste.

I'm also tired of the police/fire/roads argument people counter with whenever people complain about paying taxes in general. Property taxes are what cover all of those services (gas tax for roads), otherwise, why am I paying that in addition to income taxes?

It's like paying $3k a month in child support when you know $2500 of it is being spent by the baby mama you can't stand at the beauty parlor and the mall on clothes for herself or a Louis Vuitton bag rather than your kid for his/her well being and happiness and will likely be asking for more down the line complaining it's not enough to support the kid.

[Crusherrr]

If you're dealing with < $20k I wouldn't worry about it. More than that I'd probably report the transactions amount under dispositions and make it a wash on profit. Maybe pay a few bucks in taxes and that's about it.

[sourtwist]

Pay your fair share I say..

You enjoy your paved streets, law enforcement, fire department, schools, military and Country safety, etc. and so on. Your taxes pay for all that. If everyone didn't pay we'd have no Country. I look at that way when paying my taxes. I don't like to pay taxes though don't get me wrong but it's the right thing to do.

No

No, it's not

If you fukks only had a clue what was done with the money stolen from you

[Optional]

Pretty much 99% of what people I know hate about taxes. It's knowing a lot of what they pay is going to waste.

I'm also tired of the police/fire/roads argument people counter with whenever people complain about paying taxes in general. Property taxes are what cover all of those services (gas tax for roads), otherwise, why am I paying that in addition to income taxes?

It's like paying $3k a month in child support when you know $2500 of it is being spent by the baby mama you can't stand at the beauty parlor and the mall on clothes for herself or a Louis Vuitton bag rather than your kid for his/her well being and happiness and will likely be asking for more down the line complaining it's not enough to support the kid.

No

No, it's not

If you fukks only had a clue what was done with the money stolen from you

We have a system to elect people to decide how our taxes are spent.

You fukks who think you know what/why/where every single dollar should be spent better should get off your asses and and either vote someone in who wont waste "2500 of every 3000" you pay, or run yourself.

Refusing to follow the rules because you don't like what your elected reps do is childish and unjustifiable.

And your estimates of how much is wasted, and how simple it should be to fund roads/fire/police and our standard of living with no other taxes, show who the not very smart ones really are.

Hate your own country, refuse to contribute. Any excuse to not pay you fair share. Shameful.

[flyingillini]

I’ve been audited three times because of my BTC. I cashed out around 430k total and it’s been a nightmare each audit.

[Smoke]

I’ve been audited three times because of my BTC. I cashed out around 430k total and it’s been a nightmare each audit.

I can imagine guey

[Fishhead]

I’ve been audited three times because of my BTC. I cashed out around 430k total and it’s been a nightmare each audit.

Where did you cash out at...…….to a bank?

[Bsims]

Have any of you guys paid taxes when you have cashed out by bitcoin? if so, how does it work?

Yes, I have. A few years back when BTC ran way up, I cashed some out and bought a new car so I would have something tangible to show for my bitcoin investments. I decided then to go legit and pay taxes. I did a lot of research. Much was said in previous threads on this site. Ultimately I concluded that to follow the letter of the law was ridiculous, too much work, and very time consuming. So I decided to use a simple approach and track cash in and out via a spreadsheet. In my case, it was simplified because I only used Coinbase as an entry and exit point. I treated the transactions like stock trades. I reported a profit that year and paid taxes. The next year I reported a loss and offset some of taxes owed. I plan on continuing this approach in the future.

[mrpapageorgio]

We have a system to elect people to decide how our taxes are spent.

You fukks who think you know what/why/where every single dollar should be spent better should get off your asses and and either vote someone in who wont waste "2500 of every 3000" you pay, or run yourself.

Refusing to follow the rules because you don't like what your elected reps do is childish and unjustifiable.

And your estimates of how much is wasted, and how simple it should be to fund roads/fire/police and our standard of living with no other taxes, show who the not very smart ones really are.

Hate your own country, refuse to contribute. Any excuse to not pay you fair share. Shameful.

Who said I don't pay my taxes? The only other post I made in this thread was asking if the OP was a narc considering how pointed his question was. Assuming I don't pay my "fair share" (I have yet to hear someone define "fair share" also.) in taxes because I and everyone else is pointing out how outrages taxes have become because of the waste is asinine.

I never said people should pay no taxes, but I also get why people bitch about paying so much in taxes. But I guess we're not allowed to express ourselves and and exercise free speech when there's hundreds of different taxes we have to pay that politicians claim pay for vital services that was supposed to be covered by the 99 other taxes enacted before the most recent one? Just stfu and pay I guess.

By me when they passed the tollway system, they did it by claiming the tolls would fund the highway and wouldn't need to charge after 10 years. That was back in the 70's and we're still paying it (I wasn't even alive when they implemented it). They also said that when passing the gas tax and yearly taxes on car registration.

"You don't like having police/fire/emt?" Sure I do, that's why I pay property taxes. So why the f*** am I paying state income taxes then if the point of property taxes is to fund those services. Why is Florida/Texas able to have no income tax, but yet New York and California has such high rates on income and also charge every other tax known to man?

Spare me the, "go out and get elected if you don't like it" spiel. I do think I could do better, but I'm also not a billionaire with millions of dollars and unlimited time to spare to not work to throw at running for office and am not part of the well connected to provide a ground game against someone with all of those resources.

[Smoke]

Pretty much 99% of what people I know hate about taxes. It's knowing a lot of what they pay is going to waste.

I'm also tired of the police/fire/roads argument people counter with whenever people complain about paying taxes in general. Property taxes are what cover all of those services (gas tax for roads), otherwise, why am I paying that in addition to income taxes?

It's like paying $3k a month in child support when you know $2500 of it is being spent by the baby mama you can't stand at the beauty parlor and the mall on clothes for herself or a Louis Vuitton bag rather than your kid for his/her well being and happiness and will likely be asking for more down the line complaining it's not enough to support the kid.

We have a system to elect people to decide how our taxes are spent.

You fukks who think you know what/why/where every single dollar should be spent better should get off your asses and and either vote someone in who wont waste "2500 of every 3000" you pay, or run yourself.

Refusing to follow the rules because you don't like what your elected reps do is childish and unjustifiable.

And your estimates of how much is wasted, and how simple it should be to fund roads/fire/police and our standard of living with no other taxes, show who the not very smart ones really are.

Hate your own country, refuse to contribute. Any excuse to not pay you fair share. Shameful.

Oh wow!

[im over here now]

We have a system to elect people to decide how our taxes are spent.

You fukks who think you know what/why/where every single dollar should be spent better should get off your asses and and either vote someone in who wont waste "2500 of every 3000" you pay, or run yourself.

Refusing to follow the rules because you don't like what your elected reps do is childish and unjustifiable.

And your estimates of how much is wasted, and how simple it should be to fund roads/fire/police and our standard of living with no other taxes, show who the not very smart ones really are.

Hate your own country, refuse to contribute. Any excuse to not pay you fair share. Shameful.

Fair share. Over 51% of Americans pay no income tax... I’m sick of paying effective rate of almost 30%..

LTax his land, Tax his bed, Tax the table at which he's fed.
Tax his tractor, Tax his mule, Teach him taxes are the rule.
Tax his work, Tax his pay, He works for peanuts anyway!
Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt.
Tax his tobacco, Tax his drink, Tax him if he tries to think.
Tax his cigars, Tax his beers, If he cries tax his tears.
Tax his car, Tax his gas, Find other ways to tax his ass.
Tax all he has, Then let him know, That you won't be done till he has no dough.
When he screams and hollers, Then tax him some more, Tax him till he's good and sore.
Then tax his coffin, Tax his grave, Tax the sod in which he's laid.
Put these words Upon his tomb, 'Taxes drove me to my doom...'
When he's gone, Do not relax, Its time to apply the inheritance tax.

[pilebuck13]

Fair share. Over 51% of Americans pay no income tax... I’m sick of paying effective rate of almost 30%..

LTax his land, Tax his bed, Tax the table at which he's fed.
Tax his tractor, Tax his mule, Teach him taxes are the rule.
Tax his work, Tax his pay, He works for peanuts anyway!
Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his ties, Tax his shirt, Tax his work, Tax his dirt.
Tax his tobacco, Tax his drink, Tax him if he tries to think.
Tax his cigars, Tax his beers, If he cries tax his tears.
Tax his car, Tax his gas, Find other ways to tax his ass.
Tax all he has, Then let him know, That you won't be done till he has no dough.
When he screams and hollers, Then tax him some more, Tax him till he's good and sore.
Then tax his coffin, Tax his grave, Tax the sod in which he's laid.
Put these words Upon his tomb, 'Taxes drove me to my doom...'
When he's gone, Do not relax, Its time to apply the inheritance tax.

You’ll never beat the IRS it’s like fighting a cop.

[Arky]

[QUOTE=mrpapageorgio;29152046]Who said I don't pay my taxes?............../QUOTE]

I agree with what you're saying. Property and state taxes can take care of domestic infrastructure (roads, cops, fire, emt). It's the federal income tax I got a problem with, the IRS. The system is messed up.

We're all programmed that paying your taxes is the good and patriotic thing to do. Ahem, well, it's the law and if you don't, they will come and get you and put you in a cage.

The Boston Tea Party was over an outrageous (what was it) 3% or 4% tea tax. 3% or 4%, such tyranny!

The "if you don't like it, leave" stuff doesn't work either. One can move to the jungles of Borneo but being a citizen of the US, you are still answerable to the IRS every year. I think there is only one other country that is like this. Not so "land of the free" is it?

Read "The Creature from Jekyll Island" if you want to know how the system works. Most people are too busy working to pay taxes to read a book....