Paying taxes on bitcoin for gambling winnings

[byronbb]

Does of this apply to Canadians?

bitcoin falls under capital gains. So if you bought at 9000 and sell at 9500 its a $500 profit. But thats more like for trading I wouldnt even bother reporting it if you are using it to move money on and off books or if its for small gains losses they wont even know. Even then since gambling winnings/loses are exempt from taxation in canada it might not even apply at all.

[2daBank]

bitcoin falls under capital gains. So if you bought at 9000 and sell at 9500 its a $500 profit. But thats more like for trading I wouldnt even bother reporting it if you are using it to move money on and off books or if its for small gains losses they wont even know. Even then since gambling winnings/loses are exempt from taxation in canada it might not even apply at all.

Canada sounds great. Cold as balls tho right?

[GOIRISH]

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

Scientology beat the irs. We all just need to band together.

[funnyb25]

Canada sounds great. Cold as balls tho right?

I am not allowed in Canada

[sourtwist]

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.

Opti...not gonna go back and forth with you

You know nothing about the ways of the world

Aussies are indoctrinated and conditioned from a very young age, and obviously it's very effective

Taxation is theft

[sourtwist]

Stop trusting corrupted politicians with your money

Every time you register your car, or pay your ever increasing property taxes, remember that you are owned and own nothing

[Optional]

Opti...not gonna go back and forth with you

You know nothing about the ways of the world

Aussies are indoctrinated and conditioned from a very young age, and obviously it's very effective

Taxation is theft

Well, a high minimum wage, high tax, high public services society might just seem to be working for all those "indoctrinated" Aussies?

I don't see angry Australians saying our system is totally corrupt and all money is wasted... in fact just as you pointed out most Aussies will scratch their head and wonder why you don't like/copy such a good system.



But you keep writing off the happy indoctrinated Australians and keep beating that drum that being stingy and saying none of "your tax money" should be spent on the specific things you are angry about, with no reasoning why that that would be better for anyone there.

You're calling for the deterioration of society, just based on your own paranoia that people in power know more than you or dont tell you everything or something along those lines I think.

[raiders72001]

If you are a trader, then see an accountant and pay your taxes. If you are just using bitcoin as a means to transfer back and forth between book and bank, then don't worry about it.

[dlknfdslknfdlskn]

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.

Would you mind PMing me? I too am trying to report my winnings legitimately, and want to make sure I am doing so correctly. You sound like you know what you're doing.