Crypto law in America

I lost my keys anyway so it doesn't matter.

Doesn't work like that. You still owe.

just keep that shit in your blockfolio

So if you make 100 grand worth of some shitcoin, buy another shitcoin with it and the value tanks to a dollar, you still owe 10-15k usd to the gubment even though you never cashed out?

Same as any other day trader, if you sell, you pay your tax brackets worth of taxes.

I was looking for something like this, thanks m8

yes. that's exactly what the post you replied to is saying. you have to pay capital gain tax on all that shit.

That is a capital loss, but if you cash out a paycheck and loose your wallet you don't get out of income tax. Same as losing your keys

Here's an easy way to understand what you need to do for taxes.
Let's say you buy $100 worth of bitcoin today online on an exchange. The IRS wants to know how much the rate per coin was when you purchased it, and also wants to know when you purchased it.
Then let's say, one year later, the price doubles cleanly. You now own $200 in bitcoin, and you sell your coins for the $200. - the IRS says that's capital gains, and wants to know what the rate of change was between then and now. Well, that's a 100% increase, and you made $100. So when you file the specific form, you will have to note down every time you transfer fiat into coins, every time you transfer one coin to another coin, and every time you transfer coins to fiat. Every time you make a purchase, trade, or sale, denote when you did the transaction, what you handled, how much it cost, and what you earned or lost as a result. Coinbase keeps a record of every transaction you make, as does Bittrex - bittrex also keeps a record of coin trading. If you sell BTC for DGB, the site will record information about this.
To keep things less stressful, save that data each time you trade, and denote around how much you earn or make thrygh trading coins around. Tedious? Yes, but jews exist for this sort of torture.

Thanks for your example, dubs guy. Looks like I'm in luck, because Coinbase and Bittrex are the two exchanges that I use for everything. What I'm more curious about though is how much should I expect to pay in taxes if I, to borrow your example, purchased $100 in BTC? I live in Dallas, would it be like an 8.25% rate that they use for generic purchases?

But capitol gains only come into play when you liquidate your crypto into fiat correct?

Someone mentioned that you can trade BTC for silver/gold, which is a property exchange ( not taxable?)

I'm not paying shit to the kikes. Crypto exists because of their corruption.

>if
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Don't cash out. You realize you can buy almost anything you want with crypto right? You can pay bills and pay off houses with it.

Moving coins is not a transaction, trading coins is a transaction

anonymous, encrypted, and decentralized exchanges when?

The fact that I'm black and find this funny AF lol

We just need to fund a crypto-lobby in congress to include cryptos in the coming tax reform.

Average 5% in taxes on every single transaction is what I've heard, but I also hear it rises with the tax bracket.

HAHA btc party will out fund the dems republicucks! We will buy congress back to protect our gains.

I was going to start a thread about this but I seriously think bitcoin will become a political issue if not next election cycle then 2024. Thing are ramping up so its not outside of the real of possibilities. Also trump may get behind bitcoin in 2020 if it is his only chance of winning.

Guess I'll keep an extra $5,000 in the bank then for tax season.

Do you think I should get a tax attorney for next year, or is TurboTax gonna be enough? This is my first year handling cryptos, so I don't know if TurboTax can calculate taxes for anything that isn't buttcoins when it comes to that sort of thing.

Yes, I'm not autistic enough to calculate my own taxes by hand.

Retards. You don't owe a single penny in taxes until you cash out with crypto.

Report this as a capital loss. You can reap benefits from this for years.

Would you be so kind as to cite the tax code reference for this statement?

You can contribute to political campaigns via Bitcoin, they're allowed to accept it with the regular reporting rules for donors.

They can also buy and invest in crypto using their campaign funds.

This is worth a listen
youtube.com/watch?v=JQKx90WrG90

Don't forget Pocahontas's birth control and her boyfriend's truck.

capital gains don't count if you hold for 3 years

Just withdraw small amounts to live off of for 3 years, then once stature of limitations runs out cash out your mother load and buy and island.

How can you show it's a capital loss when you lost it?

Is there a website that shows the historical market price for Bitcoin on specific dates?

In the U.S., there is no statute of limitations on tax fraud. Look it up.

Three months ago there was no eth threads and no "muh taxes" threads

Buy your shitty scamcoin and sell it because we both know none of you eth faggots are holding that shit long term

Are cryptos actually fucking taxed.

if you buy a house with your gains you dont have to pay taxes because u are exchanging for property. TIL

You do NOT get taxed for moving them to another wallet you control.

Let's say I want to move out and get an apartment but I only have crypto. How would I go about doing that? Ask the landlord if he/she would accept BTC?

> not getting someone to "hack" your wallet
> not reporting as capital loss

well?

The government wants to tax it. But not protect it? Interesting.

Well what? Are you expecting the government to make sense? I wonder if anyone has gotten into the bitcoin insurance business yet.