Bitcoin and Tax implications??

[stackz125]

Anyone know if coinbase or blockchain send sny documents regarding taxes
Im Canadian
Thanks

[stackz125]

Anyone?

[funnyb25]

Read something on the Coinbase website quite some time ago that transactions exceeding $20,000 will be reported.

No clue if that is current or not.

[michael777]

Get ready son to pay that liberal scumbag Justin Pierre James Trudeau a lot!

[Krashman]

Gambling income is not taxable in Canada.

However any profit made from bitcoin price fluctuations must be reported as Capital Gains and is taxable at 50% tax rate.

[Pinoy-T-X]

Gambling income is not taxable in Canada.

However any profit made from bitcoin price fluctuations must be reported as Capital Gains and is taxable at 50% tax rate.

50%!!!!!?

that’s like getting a divorce from a witch from hell.

[stackz125]

Gambling income is not taxable in Canada.

However any profit made from bitcoin price fluctuations must be reported as Capital Gains and is taxable at 50% tax rate.

Thats only if your flipping bitcoin though. Meaning buying bitcoin, wait on it till it raises and then sell. That wont matter if i buy bitcoin, deposit into sportsbook and then withdraw and sell bit coin?

[stackz125]

Read something on the Coinbase website quite some time ago that transactions exceeding $20,000 will be reported.

No clue if that is current or not.

PER transaction or within a calendar year?

[stackz125]

Ive only withdrawn $122 usd from a sportsbook just to see how the withdrawal and process and how it all went since i couldnt do any other wothdraw method they offered but wanted information going forward

[Optional]

Read something on the Coinbase website quite some time ago that transactions exceeding $20,000 will be reported.

No clue if that is current or not.

PER transaction or within a calendar year?

The 20K reporting limit mentioned on the Coinbase website refers to business/merchant account holders.

AFAIK they don't publish any hard numbers for personal accounts.

[Krashman]

Thats only if your flipping bitcoin though. Meaning buying bitcoin, wait on it till it raises and then sell. That wont matter if i buy bitcoin, deposit into sportsbook and then withdraw and sell bit coin?

Doubt it. No tax slip is issued.

[theflyingbuffalo]

Thats only if your flipping bitcoin though. Meaning buying bitcoin, wait on it till it raises and then sell. That wont matter if i buy bitcoin, deposit into sportsbook and then withdraw and sell bit coin?

Yes, I believe it's only if your balance gained enough from a btc price increase. Not Canadian, but I have withdrawn sportsbook winnings from both Coinbase and blockchain, I have never gotten tax forms from them.

[flyingillini]

I was audited 4 years in a row. I have paid a total of 112k in taxes and other fines etc etc. I got into bitcoin at the start when it was around $3-13 back in the day. I cashed out and have nothing to do with it anymore. I made life changing money but a huge hassle from the government as well.

[xKMACKx]

Gambling income is not taxable in Canada.

However any profit made from bitcoin price fluctuations must be reported as Capital Gains and is taxable at 50% tax rate.

Not necessarily. The government treats you as a professional trader if you make repeated trades within a year, then it's reported as business income. I had to report my bitcoin profits as business income because of this (bought in early December of 2017 and cashed out the following February).

Generally, if you hold on to it for more than a year it is capital gains.

[byronbb]

50%!!!!!?

that’s like getting a divorce from a witch from hell.

It means you are only taxed on 50% of the profit.

[stackz125]

So i should be fine if all i am doing is

Sportsbook>blockchain>coinbase>paypal>ba nk account

And

Bank account>coinbase>blockchain>sportsbook