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Started By
Message
re: Official CryptoTalk Thread
Posted on 1/25/18 at 9:08 am to PhiTiger1764
Posted on 1/25/18 at 9:08 am to PhiTiger1764
I probably just won't report anything
1
Posted on 1/25/18 at 9:11 am to WG_Dawg
quote:that's not the smart thing to do.
probably just won't report anything
Posted on 1/25/18 at 9:14 am to PhiTiger1764
quote:
I have not yet taken any profits, but I plan to start cashing out until I am just playing with house money. I won’t pay any taxes until I fully recoup my initial investment.
Once I start cashing out the “house money,” I’ll pay either short or long term capital gains taxes on that. If the irs doesn’t like it, I will deal with it when the time comes. But I feel like that will be within the spirit of the law.
I have to say, I will most likely echo your approach.
Posted on 1/25/18 at 9:29 am to S1C EM
For those of you with these tax questions I ran across a cnbc article today: CNBC article
Not reporting would probably not be very smart.
quote:
Whether you've used bitcoin as an investment or as a currency, you owe taxes on it. As far as Uncle Sam is concerned, bitcoin is not currency. It's property. That means whenever you buy something with bitcoin, it's two transactions, not one. What you're actually doing is selling a property (bitcoin) for a cash value and then using money from that sale to buy a product. So every single purchase you make with bitcoin has to be reported on your taxes. For many, though, bitcoin is just an investment. If you've held those bitcoins for less than a year and sell them, that cash will be taxed as income. If you've held for more than a year, it's taxed as a capital gain — which could run 20 percent. Adding on transaction and accounting fees could raise costs to 60 percent, as was the case for one early bitcoin adopter.
Not reporting would probably not be very smart.
Posted on 1/25/18 at 9:46 am to feverish
Our country must be in a terrible bind to need the taxes off my measly $300 crypto.
Posted on 1/25/18 at 10:02 am to feverish
quote:This is not accurate.
What you're actually doing is selling a property (bitcoin) for a cash value and then using money from that sale to buy a product.
Cash or it’s value NEVER entered into exchanging BTC for START. Or any other exchange.
They are relative asset values to each other.
This post was edited on 1/25/18 at 10:04 am
Posted on 1/25/18 at 10:04 am to LZ83
quote:have you seen the debt???
Our country must be in a terrible bind to need the taxes off my measly $300 crypto.
Posted on 1/25/18 at 10:06 am to castorinho
Personal income taxes are a small fraction of what the gov spends - not talking about the “budget” alone but inclusive of all the off the books stuff.
Taxes are probably not even necessary.
Taxes are probably not even necessary.
Posted on 1/25/18 at 10:06 am to castorinho
Yes, like I said $300
Posted on 1/25/18 at 10:07 am to LZ83
Well then you better send it all in, just to help out and be safe.
Posted on 1/25/18 at 10:19 am to feverish
Don't sell. Don't pay taxes 
Posted on 1/25/18 at 10:51 am to jimbeam
Posted on 1/25/18 at 10:54 am to OneMoreTime
That’s good news.
Posted on 1/25/18 at 11:10 am to LZ83
That looks interesting. Anyone here signing up for the early access info?
Posted on 1/25/18 at 11:19 am to S1C EM
I already have a RH acct. hopefully that’s all I need.
Posted on 1/25/18 at 11:41 am to LZ83
I think you still need to go sign up for early access through the link I posted. Unless you don't want early access
Posted on 1/25/18 at 11:44 am to LZ83
quote:
I already have a RH acct. hopefully that’s all I need.
What's your experience with them? Reputable company?
Posted on 1/25/18 at 11:56 am to S1C EM
Seems to be a lot of legalese in signing up. Can you have a Robinhood account without funding it? I don't want to put anything into it right now. Will it allow me two move crypto from Coinbase once it releases the crypto features?
Posted on 1/25/18 at 12:07 pm to S1C EM
quote:Yes
Can you have a Robinhood account without funding it?
quote:Not initially. Initially they will only allow buying/selling/withdrawing of Bitcoin and ethereum. They plan to add depositing of coins and a bigger selection of coins in the future.
Will it allow me two move crypto from Coinbase once it releases the crypto features?
Posted on 1/25/18 at 12:50 pm to S1C EM
Giving my social security # is not an option for me . No dice ! Sorry Robinhood! Also, if you do a little digging its only going to be select states and Louisiana isn't one of them.
This post was edited on 1/25/18 at 12:52 pm
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