bitcoins

[Cycle61]

yep. And that’s how they’re going to pay us back if the bankruptcy ever processes. The funny part is I was done daytrading and it decided to just hold but never moved my funds out of the exchange and into a cold wallet. My fault for poor digital security practices, but it still stings.

 

[UDRider]

Income tax, not sales tax. I believe that when you transact in currency other than the dollar, you are required to recognize any appreciation of that currency from the time you acquired it as income. Foreign currency (i.e., not dollars) are regarded as property by the IRS.

Right, but isn't it actually two events?
1) selling of asset which is income tax, or capital gain.
2) buying merchandise in USD which means sales tax is added. Since from merchant perspective he is just selling something in USD.
Like what Ernie mentioned.

 

[Yakoo752]

Right, but isn't it actually two events?
1) selling of asset which is income tax, or capital gain.
2) buying merchandise in USD which means sales tax is added. Since from merchant perspective he is just selling something in USD.
Like what Ernie mentioned.

Sorry. I didn’t read that right

Maybe

You will pay taxes on the gains and you will pay sales tax

Buy 1 bitcoin at $5 trade 1 bitcoin for $10 item

You pay the gain on the $5 and then sales tax on the $10 item

There is NO such thing as free money in regard to the IRS

If you buy 1 bitcoin for $5 and buy 1 item for 1 bitcoin and it’s value at $5. There is no gains applied

You ever gotten a cash back offer when you buy a car? Your sales tax is based on the full purchase price of the car and not the discounted amount. (Linda sorta similar statement)

 

[TripleSeven]

Anyone else been having issues with validating your ID when trying to sell or buy on coinbase? Was working fine until last 4-5 days.

 

[MikeyRocks]

Services have been spotty these last few days due to all the traffic they've been getting. Try transferring to GDax and make your transactions there. Fees are much lower and transfers to/from coinbase are free and instant. No fees if you set buy/sell limits instead of market order.

 

[Climber]

Anyone else been having issues with validating your ID when trying to sell or buy on coinbase? Was working fine until last 4-5 days.

Maybe they slowed it down for the little guys so that the big guys can unload first if things go south.

 

[RightCoastBias]

Wasn't malware, but it was getting tiring having that login box pop every time I came in or refreshed the page.

Thanks! I know you didn't do it on purpose, nor were you probably aware of it. Sorry about wording it so strongly.

Looks like it may have not been that photo.

http://bayarearidersforum.com/forums/showthread.php?t=521473

 

[RightCoastBias]

Anyone else been having issues with validating your ID when trying to sell or buy on coinbase? Was working fine until last 4-5 days.

They've been slammed with new users joining the site and are likely having issues scaling to meet demand. ID verifications are done by humans.

 

[jt2]

Right, but isn't it actually two events?
1) selling of asset which is income tax, or capital gain.
2) buying merchandise in USD which means sales tax is added. Since from merchant perspective he is just selling something in USD.
Like what Ernie mentioned.

Totally. Just seemed that the two were being conflated.

 

[Climber]

Looks like it may have not been that photo.

http://bayarearidersforum.com/forums/showthread.php?t=521473

Once he removed it, the pop-up box stopped for me.
Also, it was the linked image in the quoted post the was on that site.

 

[Yakoo752]

I’m hearing the web app is way more stable then the mobile app

 

[TripleSeven]

They've been slammed with new users joining the site and are likely having issues scaling to meet demand. ID verifications are done by humans.

It was working, guess they added some new verifications or something. I'll have to try an actual phone call to them. Sucks because I missed out to sell on the 80% increase.

 

[Entoptic]

Can I count the 6.3 btc stolen from me on Mt.Gox as a taxable loss at current prices?

Are you aware that you can put in a claim to get your btc back?

If you guys have tax questions please feel free to call the crypto tax attorney I’m using. I just heard about Alex 2 months ago and he has answered all my questions.

Pricey guy but the IRS don’t fuck around.

Alexander Kugelman
Law Office of Alexander H. Kugelman
San Francisco, CA

http://kugelmanlaw.com

Phone: (415) 548-1125

Alex Kugelman is an attorney concentrating on tax controversies, domestic and international tax compliance. Mr. Kugelman counsels and represents individuals and small businesses on various cryptocurrency issues as it relates to tax and other compliance, including:

Compliance Assessment - Civil and Criminal Virtual Currency Income, Gain/Loss Review Advising Client on Potential Penalties and Available Disclosure Programs Preparing and Filing U.S. Tax Returns or Amending Tax Returns Representing Taxpayer in Appropriate Disclosure Program

 

[Cycle61]

Yes I’m aware. I’ve been involved with the claims process for several years now. They’re paying out (if they ever do) in the fiat currency of the users choice, based on value at time of hack.

 

[UDRider]

Sorry. I didn’t read that right

Maybe

You will pay taxes on the gains and you will pay sales tax

Buy 1 bitcoin at $5 trade 1 bitcoin for $10 item

You pay the gain on the $5 and then sales tax on the $10 item

There is NO such thing as free money in regard to the IRS

If you buy 1 bitcoin for $5 and buy 1 item for 1 bitcoin and it’s value at $5. There is no gains applied

You ever gotten a cash back offer when you buy a car? Your sales tax is based on the full purchase price of the car and not the discounted amount. (Linda sorta similar statement)

Totally. Just seemed that the two were being conflated.

Cool, thanks.

 

[2strokeYardSale]

But Bitcoin, it's a sure thing and everyone who does will get rich because belief.

They aren't speculating, they are investing. They said so.

 

[caideN]

Made my dough. I'm out. The market is too unstable now.

 

[Schnellbandit]

Made my dough. I'm out. The market is too unstable now.

Smart move. And when Winklevosses (Winklevossi?) Decide to get out, no one else will be able to make that claim. Given their holdings, the faith isn't in bitcoin imo, it has to be in the Winklevosses. That seems like more of a pet rock or beanie baby scheme than anything else.

The futures market for bitcoin is in their hands or so it seems.

 

[Blankpage]

Bitcoin futures started trading today and already at one point were up 25%.
Now that the masses have easier access to trading this thing I'd expect the hype train to continue for a little while longer.
I might even dabble a little myself. I'm not going to be one of the greedy ones though. I'll be out once I make a 10 bagger on it

 

[mercurial]

It's going to be hilarious when this whole thing tips over and everyone loses everything. Then maybe tech can start to focus on real stuff again, instead of this 3 ring circus.