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bitcoins

Hey if you guys have questions or want to chat with like minded people please join my discord.

https://discord.gg/7862r2R

Keep it civil or I will ban you.

Triple I use Poloniex which will allow me to purchase other coins.

40% of your gains will be taxed when converted from crypto to fiat. If you hold over a year then it will be low term capital gains around 12%ish
 
Entoptic said:
Hey if you guys have questions or want to chat with like minded people please join my discord.

https://discord.gg/7862r2R

Keep it civil or I will ban you.

Triple I use Poloniex which will allow me to purchase other coins.

40% of your gains will be taxed when converted from crypto to fiat. If you hold over a year then it will be low term capital gains around 12%ish
Click to expand...

Thanks for the continued info dude.

Having a silly time with this, due to my lack of knowledge of it all.

Transfered my LTC to Binance. Then after found out it cant transfer fiat to the bank. So is Coinbase the only method of getting fiat to the bank? Any other options?
 
if you're looking at over $5000 in profit then pay $500 to a cpa to cover your ass so the tax man doesn't come looking for his $$$

example:
1. buy 1 BTC for $10 - cash leaves your checking account
BTC price rises to $100
2. sell 0.5 of your BTC for $50 - taxable event, $45 profit
3. buy 20 ETH $2.50 each for $50
ETH price rises to $25 each
4. sell 10 of your ETH for $250 - taxable event, $225 profit
5. buy 50 LTC $5 each for $250
LTC price rises to $50 each
ETH price rises to $45 each
BTC price rises to $1000 each
6. sell 0.5 BTC for $500 - taxable event, $495 profit
7. sell 10 ETH for $450 - taxable event, $425 profit
8. sell 50 LTC for $2500 - taxable event, $2,250 profit

total profit - $3,440
tax due - $1,376

but i only spent $10!
 
Coinbase officially verified. Time to .....

giphy.gif
 
TripleSeven said:
Thanks for the continued info dude.

Having a silly time with this, due to my lack of knowledge of it all.

Transfered my LTC to Binance. Then after found out it cant transfer fiat to the bank. So is Coinbase the only method of getting fiat to the bank? Any other options?
Click to expand...

There are other options however coinbase is the easiest and safest. Like Coinbase and Gdax there are other exchanges that can link your bank account however it can get murky because these sites could Mt. Gox at any time and all your crypto is lost. Coinbase states that your crypto is protected and insured. I don't know of any other exchange to promise that.

https://support.coinbase.com/customer/en/portal/articles/1662379-how-is-coinbase-insured-

https://en.wikipedia.org/wiki/Mt._Gox


Another option is localbitcoin however in person transactions dealing in large sums of money need to be planned out for obvious reasons. I'm sure a lot of fucked up stuff happens on this site.

https://localbitcoins.com/

Imo Coinbase will be the best crypto to fiat option for most people. Contact Coinbase if you need your limit increased and they will probably do it for you.
 
I’m just gonna have to wait till coinbase gets their shit sorted out. A lot of people having the same issue if you read their social media (twitter, FB) they are getting ripped a new one by folks. But so are most of the exchanges.

I really like their app, just disappointed at the moment.
 
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If cryptos crash early next year, this whole thing is going to turn into a hilarious tax nightmare clusterfuck for anyone that realized big gains in the last few months and has been trading those gains into new cryptos. Even if you never move to Fiat and are just moving between cryptos, each trade is likely a taxable event.
 
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Interesting question. Looks like Overstock.com accepts crypto for purchases of goods. Seems like that would bypass the 40% tax requirement? Could furnish my new place that way.

Edit: this may be an even worse idea...

Buy something:
Capital gains tax
sales tax (potentially)
transfer fees...

Which would defeat the entire purpose of crypto, aside from trading.
 
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TripleSeven said:
Interesting question. Looks like Overstock.com accepts crypto for purchases of goods. Seems like that would bypass the 40% tax requirement? Could furnish my new place that way.

Edit: this may be an even worse idea...

Buy something:
Capital gains tax
sales tax (potentially)
transfer fees...

Which would defeat the entire purpose of crypto, aside from trading.
Click to expand...

You don't defeat Cap gains tax by not paying it, lol.
 
TripleSeven said:
Interesting question. Looks like Overstock.com accepts crypto for purchases of goods. Seems like that would bypass the 40% tax requirement? Could furnish my new place that way.

Edit: this may be an even worse idea...

Buy something:
Capital gains tax
sales tax (potentially)
transfer fees...

Which would defeat the entire purpose of crypto, aside from trading.
Click to expand...

Discussed already

Gains are gains and you pay taxes on them. No free lunch

Put $1 in the stock market. Make $2, pay taxes on the $1 gain
 
So, what happens, tax-wise, if you had huge capital gains then lose it all with theft, how does that get calculated? Does the deduction go against your capital gains or do you have to file that in itemized deductions?
 
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