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Started By
Message
1
Posted on 2/15/21 at 7:30 am to Ron Cheramie
I came close to getting played by that dip. Wanted to sell some thinking it would go a little lower. So glad I have diamond hands.
Posted on 2/15/21 at 9:48 am to bayoubengals88
Fox News and talk of CRYPTO regulation by the FEDS?
Comments and insight welcome?
Comments and insight welcome?
Posted on 2/15/21 at 9:52 am to oldskule
quote:Can't comment without knowing what the regulations are.
Fox News and talk of CRYPTO regulation by the FEDS?
Posted on 2/15/21 at 9:57 am to TigerTatorTots
All I know
quote:
According to the new Form 1040 draft, which the IRS released on Friday, if you only held crypto, but did not trade it, you can safely check the “no” box next to the form’s primary crypto question: At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?
So if all you did this year was sit on your crypto or transfer it between your own wallets without selling for fiat, you’re in the clear.
quote:
And what constitutes sending between your wallets? ”Transfer between wallets means transferring funds in and out of exchanges for admin purposes,” Shehan Chandrasekara, Head of Tax Strategy at crypto accountancy software company CoinTracker, told Decrypt.
quote:
But crypto wallets are anonymous, right? Alphanumeric strings. Say you “lost your keys” to the account that you just sold 1,000 Bitcoin to, and are trying to pass it off as a transfer instead of a sale.
Said Chandrasekara: “The US has a voluntary tax system. You are expected to report income correctly by default. If you are audited, then you'll have to substantiate. In this case, you'll have to prove that you actually lost the keys.”
Posted on 2/15/21 at 10:01 am to tduecen
quote:
“The US has a voluntary tax system. You are expected to report income correctly by default. If you are audited, then you'll have to substantiate. In this case, you'll have to prove that you actually lost the keys.”
Unfortunate boating accident
Posted on 2/15/21 at 10:07 am to castorinho
one single whale wallet last night bought 111,600 Bitcoins at 48k. that's bigger than the TSLA purchase 
Posted on 2/15/21 at 10:09 am to rocket31
quote:Oracle? Apple? Google? Interesting
one single whale wallet last night bought 111,600 Bitcoins at 48k. that's bigger than the TSLA purchase
Posted on 2/15/21 at 10:11 am to TigerTatorTots
Chase bought some BTC I know, not sure how much
Posted on 2/15/21 at 10:38 am to rocket31
quote:
that was a buying opportunity of a lifetime.
March 2020....and right during the onset of the virus!
Maybe we are at the beginning of another 4X boom now?!?!?
If the big boys keep adding to the pot, it may happen, but I am worried about the FEDS regulating CRYPTO.
Time will tell.
Posted on 2/15/21 at 10:41 am to oldskule
quote:
but I am worried about the FEDS regulating CRYPTO.
its already very regulated.
KYCd for any purchase over $3k and its taxed like property, plus all privacy coins have been banned
This post was edited on 2/15/21 at 10:43 am
Posted on 2/15/21 at 10:47 am to rocket31
the MSM has started the "bitcoin mining consumes more energy than (insert country)" FUD again
feels like 2017 all over again - someone wants to keep the price low to accumulate
feels like 2017 all over again - someone wants to keep the price low to accumulate
Posted on 2/15/21 at 10:48 am to rocket31
I wonder how I get taxed on the interest earned from Celsius. Will I basically be tied twice once for receiving it and another for selling?
Posted on 2/15/21 at 10:50 am to CE Tiger
you file as interest income on 1099-INT - or at least thats what i did - i had to do it manually fwiw
Posted on 2/15/21 at 10:53 am to CE Tiger
quote:
I wonder how I get taxed on the interest earned from Celsius. Will I basically be tied twice once for receiving it and another for selling?
In theory yeah it should be taxed based on USD spot rate at time of interest earned and then capital gain/loss from that spot rate basis upon sale
Posted on 2/15/21 at 11:05 am to maclauer
So about that dip
Posted on 2/15/21 at 11:06 am to tduecen
quote:
In this case, you'll have to prove that you actually lost the keys
Posted on 2/15/21 at 11:07 am to rocket31
Apple?
Posted on 2/15/21 at 11:07 am to jimbeam
that's the rumor
Posted on 2/15/21 at 11:12 am to rocket31
Posted by jimbeam online on 2/9/21 at 6:38 pm to Ron Cheramie
Idea/thought/ramble:
Apple
Apple makes $1B every 4 days.
Apple position—> $1B is about 0.5% of cash holdings
Apple has been -RUMORed- to be making a $5B BTC purchase.
Apple has a phone in millions and millions of hands and top security and payment systems/teams
So. Buy More Apple? Buy more BTC? Could (gasp) Apple create an exchange that would be standard on Apple devices?
Not financial advice
Idea/thought/ramble:
Apple
Apple makes $1B every 4 days.
Apple position—> $1B is about 0.5% of cash holdings
Apple has been -RUMORed- to be making a $5B BTC purchase.
Apple has a phone in millions and millions of hands and top security and payment systems/teams
So. Buy More Apple? Buy more BTC? Could (gasp) Apple create an exchange that would be standard on Apple devices?
Not financial advice
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