You guys realize that bitcoin isn't stable at it's current price and is gonna crash again soon right?

neither is ETH

it will return to $150-$200

Yeah but I'm not smart enough to know for sure, plus I got another $20k to drop on crypto, plenty to buy the dip so ima just hold

thx for the information, good to know mister shekelstein, i will sell my btc immediately!

I thought if you hold them less than a year it's treated as income tax, and over a year it's capital gains. Which is much less in taxes.

Nope less than a year it's capital gains. More than a year you don't have to pay capital gains if you are in the lowest tax bracket.

investopedia.com/articles/personal-finance/101515/comparing-longterm-vs-shortterm-capital-gain-tax-rates.asp

Well I guess I'm wrong Mr. Goldstine. I should probably buy more right now! It can only go up from here!!! Up up up. 10k next month!

>everyone is taxed the same as the jurisdiction i am in

That's what they were saying when it hit $100

>Trades between alt coins are still subject to taxes
Provide the proofs.
Altcoins have no value in fiat currency, how could they be taxed?

>what is a false equivalence

If you can mathematically identify BTC's "fundamental" value then I'll concede. Most people thought it was overvalued at $100, with a minority of proto-pumpers disagreeing

It doesn't matter what you think it's value is. What matters is what people are willing to pay for it and if you look at the price now it's stagnant because the flow of new money coming in. How big was the market cap when it was selling at $100. It's a lot different than it is now and your argument is invalid.

It does have value in fiat currency though. All profits you make are subject to taxes and if you don't pay them, and they catch, you you'll have your money seized and go to jail.

In June 2016 the American Institute of CPAs sent a letter to the IRS requesting guidance on this question.

Quoting from section 4 of this letter, which is available at aicpa.org/advocacy/tax/downloadabledocuments/aicpa-comment-letter-on-notice-2014-21-virtual-currency-6-10-16.pdf

If the IRS believes any property transaction rules should apply differently to virtual currency than to other types of property, taxpayers will need additional guidance in order to properly distinguish the rules and regulations.

Section 4, Q&A-1 of Notice 2014-21 states that “general tax principles applicable to property transactions apply to transactions using virtual currency,” which is guidance that is generally helpful in determining the tax consequences of most virtual currency transactions. However, if there are particular factors that distinguish one virtual currency as like-kind to another virtual currency for section 1031 purposes, the IRS should clarify these details (e.g., allowing the treatment of virtual currency held for investment or business as like-kind to another virtual currency) in the form of published guidance. Similarly, taxpayers need specific guidance of special rules or statutory interpretations if the IRS determines that the installment method of section 453 is applied differently for virtual currency than for other types of property.

They don't. Can you point me towards any exchange that has altcoins you can buy with USD?
USDT isn't fiat currency, by the way.
Typically you'd pay taxes trading gold for silver for example, as these are both valued in USD. If I trade my BTC for XRP and vice versa, there would be nothing there to tax.
What you posted doesn't show me otherwise, but I'd like to see if you have anything backing your claims up as I hear this so much but never see it backed up.

>when it was selling at $100

kek

I spoke to an accountant and his advice was that I didn't need to pay taxes for this shit until I actually cashed out.

>They don't

It's property and it has value in USD as you can see here: coinmarketcap.com/

Just because you want to play retard wont save your from breaking the law. You can be audited 5 years back so have fun with that. Call the IRS and ask them smart guy.

Your accountant is wrong. Unless your are holding long term you are subject to capital gains tax. You don't have to pay them if you want to risk it but you'll regret it if you get caught.

You seem just as clueless and aggressive as the other people that post this.
That's not value in USD, that's value in BTC relevant to USD. If you cannot buy with USD or sell to USD then it wouldn't be taxed as trading property.
If you buy BTC with USD and trade that BTC for ETH, that is taxed as both of these currencies have direct value in USD.
You have nothing to back up what you say and you get angry when somebody says anything otherwise. Are you trying to help people by spreading information?

>it was selling at $100 at one point and that means it will continue to go up forever

All Bitcoin transactions are taxable. Every time you buy or sell alt coins with bitcoins it is a taxable transaction.

Yes you already claimed this.
What you posted before didn't specify this.

but it doesn't mean it can't keep growing, just because it's too big for you to admit it

It's painful to watch people cope like this.

yes