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Started By
Message
How exactly can governments control/tax/restrict/regulate Bitcoin?
Posted on 4/21/21 at 11:16 am
Posted on 4/21/21 at 11:16 am
That is my question. I've seen Bitcoin naysayers claim that eventually, governments will derail it by regulatory means. How can they when Bitcoin activity, at its fundamental level, is between you, me, and the fence post?
5
Posted on 4/21/21 at 11:33 am to tigerpawl
Put themselves in the middle of crypto exchange fiat on/off ramp with traditional banks and credit cards.
Classify crypto as an asset instead of a currency making every exchange a taxable event subject to capital gains tax.
Lol
Classify crypto as an asset instead of a currency making every exchange a taxable event subject to capital gains tax.
Lol
Posted on 4/21/21 at 11:34 am to Douglas Quaid
quote:
Put themselves in the middle of crypto exchange fiat on/off ramp with traditional banks and credit cards.
Classify crypto as an asset instead of a currency making every exchange a taxable event subject to capital gains tax.
Lol
You new?
Posted on 4/21/21 at 11:38 am to Douglas Quaid
quote:
Classify crypto as an asset instead of a currency making every exchange a taxable event subject to capital gains tax.
Have you filed taxes this year?
One of the first few questions is did you buy or sell crypto
Posted on 4/21/21 at 11:45 am to JayDeerTay84
quote:
You new?
Sounded like sarcasm to me?
Posted on 4/21/21 at 12:55 pm to tigerpawl
All they would have to do is say a business can't accept it or face penalties, etc. Or a false flag that was funded by cryptos. Or China opening theirs up so now the US has to compete and develop a dollar backed crypto.
Governments have a way of screwing everything up. It's why people are interested in BTC in the first place.
Governments have a way of screwing everything up. It's why people are interested in BTC in the first place.
Posted on 4/21/21 at 12:59 pm to 22jctiger22
quote:
Sounded like sarcasm to me?
Hard to tell these days!
Posted on 4/21/21 at 1:01 pm to UpstairsComputer
quote:
All they would have to do is say a business can't accept it or face penalties, etc.
I dont think the government can tell me and you what we are willing to trade for.
If you are willing to take a goat, a boat, a sand-which, cash , or crypto, that is between me and you.
Posted on 4/21/21 at 1:50 pm to JayDeerTay84
quote:
If you are willing to take a goat, a boat, a sand-which, cash , or crypto, that is between me and you.
A business would need to report these things and if they don't accept crypto for goods and services it really does not have much utility.
quote:
Bartering is the exchange of goods or services. A barter exchange is an organization whose members contract with each other (or with the barter exchange) to exchange property or services. The term doesn't include arrangements that provide solely for the informal exchange of similar services on a noncommercial basis (for example, a babysitting cooperative run by neighborhood parents). Usually there's no exchange of cash. An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist.
quote:
You must include in gross income in the year of receipt the fair market value of goods or services received from bartering.
IRS Source
Posted on 4/21/21 at 1:54 pm to JayDeerTay84
quote:
If you are willing to take a goat, a boat, a sand-which, cash , or crypto, that is between me and you.
The US government does not agree with you here. It is an unfortunate thing but it is the truth.
Posted on 4/21/21 at 2:07 pm to Douglas Quaid
quote:
The US government does not agree with you here. It is an unfortunate thing but it is the truth.
I don't think this is true. I was talking with my tax guy and from my understanding, all the IRS cares about is the value of the barter. You just have to report it in terms of US $.
Also, the IRS already treats it as a commodity.
I do not believe the government has the power to ban crypto "just because". Our constitution does not allow for that.
This post was edited on 4/21/21 at 2:08 pm
Posted on 4/21/21 at 2:10 pm to tigerpawl
quote:LINK
What if I spent my bitcoin at a retailer that accepts cryptocurrency?
Spending your bitcoin isn’t all that different from selling it in the eyes of the IRS, especially if your holding has greatly increased in value since you first purchased it. The IRS website states that “the use of virtual currencies to pay for goods or services . . . generally has tax consequences that could result in tax liability.”
If you purchased one bitcoin for $3,000 last March and then used the same coin — now worth more than $50,000 — to pay for a Tesla this week, you have to report capital gains on the transaction.
“What you’ve got there is a $47,000 capital gain,” Losi explains. “The IRS is going to look at what the fair value of the coin is at the date of exchange and compare that to your tax basis, which is the date at which the bitcoin was acquired.”
That means that unless you earn less than $40,000 a year, you can expect a tax hit on any item you purchased with your crypto.
What a bunch of BS.
If that's the case you should be able to claim the loss as a deduction.
Posted on 4/21/21 at 2:12 pm to Scooba
Lol. Silly Scooba. The government takes your money, it doesn’t give it back
Posted on 4/21/21 at 2:15 pm to jimbeam
quote:
The government takes your money, it doesn’t give it back
to me...
Posted on 4/21/21 at 2:17 pm to JayDeerTay84
quote:
I do not believe the government has the power to ban crypto "just because"
They don't need to. I've said a few times before that they can just as easily make it such a pain in the arse to use practically that most won't bother. I mean this in the transactional sense as opposed to just hodling
quote:
Our constitution does not allow for that.
Are you new?
Posted on 4/21/21 at 2:25 pm to Scooba
My point
Posted on 4/21/21 at 2:26 pm to jimbeam
In this scenario it would be fairly easy to calculate the gains on one purchase but how would one be expected to track this if other cryptos are open options for payment on daily purchases.
I assume the IRS is going to expect the taxpayer to keep track of this...
I assume the IRS is going to expect the taxpayer to keep track of this...
Posted on 4/21/21 at 2:27 pm to Scooba
quote:
claim the loss as a deduction.
you can claim any realized loss as a deduction. I dont understand why having a 47k capital gain is confusing to you.
Posted on 4/21/21 at 2:31 pm to lsu777
quote:
you can claim any realized loss as a deduction
If only that worked re: casinos and ex wives.
This post was edited on 4/21/21 at 2:39 pm
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