Bitcoin Taxes — News and Tips



The government wants a piece of the Bitcoin action in the form of taxes. Today we look at the latest news as well as some practical tips regarding taxes and Bitcoin.

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Bitcoin Taxes — News and Tips: 27 комментариев

  • 25.02.2018 в 4:19 пп
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    I agree on tax for some things but not all. You don't owe tax to your government when the value of another currency you own goes up in value. That's pure theft if they force this. If they make you pay tax on your work with Bitcoin specifically, they cannot deny their assumption of ownership over your head. No wall prison? Hold dem bags tight!

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  • 25.02.2018 в 4:57 пп
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    I went ahead and reported everything, even though I took nothing out to USD. Why? It creates a verified record for those nice long term capital gains. When you try to claim long term capital gains later on (especially if it is a significant amount), the IRS is going to look and they are going to question why those trades weren't reported last year. That means you'll be in deep crap.

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  • 25.02.2018 в 5:53 пп
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    They did not think through when they asked to pay tax when spending crypto. There is no official daily fixing of crypto prices, so there is no official price to calculate your gains losses when you spend crypto say for mobile phone. So you bought 1 bts for 10k and then you paid somebody 1 btc for a phone which price was asked in btc not in dollars. The price of btc on the day of purchase fluctuated between 10 000 and 15 000. What will be the exact price to calculate your gains/losses? In the financial world they use official currency exchange fixing rates, or LIBOR for interest rates, but with crypto it is complicated. So they said you have to pay obviously but like I said they did not think this though. Greedy bastards.

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  • 25.02.2018 в 6:28 пп
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    Mining sure, but I didn't see the word Staking mentioned. What do we do with our staking rewards?

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  • 25.02.2018 в 8:17 пп
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    Now where I put my cryptos? I can't think… was it under the mattress? On a USB stick, Ledger Nano? Can't remember. Who knows?

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  • 25.02.2018 в 8:20 пп
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    Thx for the tax info man..There are programs that you can upload .CSV files from exchanges that generate gain/loss totals for your accountant..
    CoinTracking is the one i used, It's not perfect, I had to do a few manual inputs, but it helped a lot. I'm sure there are others out there also..
    Ask accountant about charitable contributions to offset tax liability.. I'd much rather give $2K to the local Goodwill, than to buy 1 hammer for the Govt.

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  • 25.02.2018 в 8:21 пп
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    When its gone mainstream and everyone is all in. You have 100+ micro crypto income streams, token swaps are happening all the time in the background of the protocol layer hidden from the user. You create logs of anonymous transactions to give to your accountant. Oh everyone will need their own accountant to figure it all out. Yeah current tax laws are a non starter. Make them build the prisons to house us all.

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  • 25.02.2018 в 8:37 пп
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    I live in the UK and the rules are really great for HODL'ers anyway!

    Tax free allowance of £11.300 and then 10% and 20% Capital gains tax. (separately taxed from Income)

    If you day-trade in Cryptocurrencies or if Crypto is your only source of income it would be taxed as income tax which is much higher and, you would have to pay National Insurance contributions of 9% on top.

    I am self employed and run my own businesses so I have a tax-free allowance of £11.500 on my income from that, on top of that I can take out £11.300 profit from my crypto investments without paying any tax!

    Income tax rates are as follow:

    Basic rate £11,501 to £45,000 20%

    Higher rate £45,001 to £150,000 40% (If you are a higher rate tax payer, the Capital gains tax on Crypto would be 20% and 28%. Not 10 & 20 (This could cause some confusion)

    Additional rate over £150,000 45%

    + National Insurance 9% for self employed people. As an employee you would pay 13.8% NI contributions up to £866 weekly gross income)

    According to a HMRC representative I spoke to, they will only look at realised gains.

    Hope this info can help someone!

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  • 25.02.2018 в 11:24 пп
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    This dude is the best resource on YouTube for cryptocurrencies. I’m glad that I recently subscribed to your channel.

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  • 25.02.2018 в 11:29 пп
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    Have you heard about the discrepancy regarding utility tokens and securities? Do you believe that swapping between utility tokens could be argued as a non taxable exchange?

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  • 25.02.2018 в 11:35 пп
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    Are taxes only due at the end of the year or if I sell and cash out at the bank do I need to pay taxes soon?

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  • 26.02.2018 в 12:28 дп
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    Hey that gorgeous guy in your profile pic would do much better sporting a 'stache.

    In case you know'm.

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  • 26.02.2018 в 1:48 дп
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    Well, thanks for the info., Lark! I think the US has the right idea, after all this is a speculative commodity, so gains and losses would be up to you and your bank account. In Canada, gambling gains are not taxable. Probably because they control it and take a big slice of the proceeds of gambling but this kind of smacks of hypocrisy. It's nice to see that major governments are helping to legitimize the space, but we all know why that is and hopefully it doesn't end in the same situation we have now.

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  • 26.02.2018 в 4:42 дп
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    We all know it makes no sense to treat crypto's as an 'asset' and not a 'currency' — Let me go buy my breakfast with an asst. Let me fill up my car with an asset. Let me pay my bill with an asset. How many transactions a year do they expect people to record and how many are they expecting to monitor. It's only a matter of time before the governments / tax departments realise it's impractical. They don't have technological know how / man power, especially with 'privacy' coins, to track the flow of value. Crypto currencies are currencies. No one should forget that.

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  • 26.02.2018 в 5:34 дп
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    In my book, if you need to pay taxes on cryptos, you can also deduce all related expenses like electricity, ISP, hardware and software!

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  • 26.02.2018 в 5:34 пп
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    Thank you sooo much about this, was waiting for a while now to hear what your thoughts were on taxes for bitcoin, especially, in the US. Unfortunately, i started buying and holding all of cryptos in 2018. so this will be fun when it comes to taxes next year.

    Thanks again.

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  • 26.02.2018 в 9:38 пп
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    Best tax video I've seen so far. Thx for the info!! I feel a lot better now. Aside from the fact I'll have to pay taxes in 2019. Your'e right BTW in saying, hodling is a much better/easier way to calculate you tax liability. I don't buy unless i plan to hodl. Not a trader of any sort. That's why I'm hodling a few bags lol. Any-who, oh yeah fuck the IRS. Later dude!!

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  • 27.02.2018 в 1:08 дп
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    So every time someone trades Steem dollar to Steem on the steemit internal market, they have to pay taxes on that? People make tens, if not hundreds of those transactions every day 😉

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  • 01.03.2018 в 7:56 пп
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    I have paid my virtual tax on my virtual currency. Though it is odd that they do not recognize it as having any value, they will still accept your tax payment — they really are dumb.

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