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Posted on 1/24/18 at 2:21 pm to S1C EM
quote:correct,you do nothing. Gains/losses aren't realized until you sell
What do you do, though, if you leave it in for years? I mean, again, you've technically gained nothing until you've cashed it out.
Posted on 1/24/18 at 2:21 pm to S1C EM
BTW, we were talking earlier about the "dusting" of fractions of ETH and that got me to thinking. If someone bought less than one unit of ETH and converted to ICX or VEN, then converted back and it still didn't equal one unit of ETH, would they lose everything?
Posted on 1/24/18 at 2:22 pm to castorinho
quote:
correct,you do nothing. Gains/losses aren't realized until you sell
Posted on 1/24/18 at 2:23 pm to S1C EM
The IRS treats it as property right now, I think.
It would be like paying taxes on winning a sports car or something; you still have to pay tax on the cash value.
I plan on paying capital gains off my coinbase in vs out. If I get a letter saying thats not enough, I'll handle it as it comes. Main thing is to show intent to be compliant.
It would be like paying taxes on winning a sports car or something; you still have to pay tax on the cash value.
I plan on paying capital gains off my coinbase in vs out. If I get a letter saying thats not enough, I'll handle it as it comes. Main thing is to show intent to be compliant.
Posted on 1/24/18 at 2:25 pm to S1C EM
No, you can send/receive fractions from binance. But trading intraexchange is a different story.
Posted on 1/24/18 at 2:26 pm to Tiguar
Took a little off the gains of ICX just now. Fingers crossed that was the right move
This post was edited on 1/24/18 at 2:28 pm
Posted on 1/24/18 at 2:30 pm to LZ83
yeah i'm not sure whats going on with that. thinking of dumping now and rebuying later and picking up some extra
Posted on 1/24/18 at 2:33 pm to trux83LSU
Well shite. Now it’s going up again.
Posted on 1/24/18 at 2:34 pm to Tiguar
quote:
It would be like paying taxes on winning a sports car or something; you still have to pay tax on the cash value.
But again, you don't do anything with it as long as it's sitting in CB, right? It's only if you cash out?
Posted on 1/24/18 at 2:34 pm to LZ83
yeah im watching it like a hawk right now. its gonna drop again its just a matter of when
Posted on 1/24/18 at 2:35 pm to Tiguar
quote:
No, you can send/receive fractions from binance. But trading intraexchange is a different story.
SO the fraction just stays in Binance as ETH.....meaning you'll have your VEN/ICX balance and also a slight balance of ETH, too?
Posted on 1/24/18 at 2:36 pm to S1C EM
You still own the property. There was some non-sense rolling around about having to report quarterly to be in complete compliance.
Posted on 1/24/18 at 2:43 pm to Tiguar
quote:
You still own the property.
Hmmm.....but my principal investment was already taxed before I bought the ETH. Currently, ETH is only worth about $40 more than when I bought in.
quote:
There was some non-sense rolling around about having to report quarterly to be in complete compliance.
Wut?
Posted on 1/24/18 at 3:03 pm to LZ83
quote:sold at 8950 have a buyback order at 8000
Well shite. Now it’s going up again.
Posted on 1/24/18 at 3:24 pm to S1C EM
quote:
Hmmm.....but my principal investment was already taxed before I bought the ETH..
Welcome to libertarianism. Enjoy your stay.
Posted on 1/24/18 at 3:30 pm to Tiguar
quote:
Welcome to libertarianism. Enjoy your stay.
So you're saying I owe tax on whatever the ETH is currently worth? I mean, what date and time do you even pick to report that?
Posted on 1/24/18 at 3:52 pm to trux83LSU
My 700k VEN buy (back) order just filled. Got me a free half ETH for my troubles today. 
Posted on 1/24/18 at 4:01 pm to S1C EM
quote:
So you're saying I owe tax on whatever the ETH is currently worth?
This is not the case. Only trades to other coins or to fiat are taxable events.
There is no tax incurred on initial purchase(s) and holding of crypto.
Posted on 1/24/18 at 4:22 pm to maclauer
This is correct. I am saying he is technically responsible for appreciated eth even if it's not cashed out, which is bullshite
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