I'm still confused on if/how altcoin trades are reported. For normal stocks, you would report every trade (capital gains/losses). I know everything is still a gray area for crypto, but I couldn't find any solid answers about altcoin taxes.
I think for sure if I buy and sell BITCOIN for USD, I have to report. But all the stuff in between when I'm trading altcoins for BTC, do we have to report that? If so, how in the fucks?
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No, its free. Says so in the constitution.
Bump. Want to know if the IRS is going to fuck me for being uneducated in this.
Nobody?
Yeah, I'll tell you. But before I do, transfer some Bitcoin here first: 1MFkPGncP8neXirv6j8yVHGRq3UEQA4Mge
for the 500th time : we dont know and we dont care
How does nobody know or care?? When your cashing in your money, it has to matter right?
You will need to pay Capital Gains tax on profits only after you withdraw into usd. So you invest 240 usd into bitcoin you do some alt bets and get 1k back you pay capital gains tax on 760 bucks (1000-240)
Fucking Faggot
We really dont know, the IRS doesn't know, nobody fucking knows. We have to wait and see. At the moment it looks like either you do it when you change back to USD or you have to record every single transaction you make and pay tax on any gains.
I only have like .9 is that enough?
This is my understanding as well. You dont have to worry about the alt trades just the trades between usd and btc
oy vey nobody knows yet, it is a legal gray area, if there's no legislation by april 15th next year you're in the clear
Most of us that aren't new have just completely accepted that giving the IRS your fiat exchanges is enough.
Listing every single altcoin trade, especially when the only way to establish a fiat value for them is to go through BTC, is stupid.
Just pay for the capital gains.
I thought this shit was all anonymous
it stopped being anonymous when you gave coinbase your info
Only when businesses start accepting bitcoin
Why would I ever want to withdraw to USD when I could use BitPay right?
I only have to report to the tax if I cash out right? Or else how would they know?
That's fine.
some people don't live in their parents fucking basements and have bills to pay to the modern world
And the rough part is that even though crypto addresses and such are anonymous, the blockchain is visible. If anyone really wants to figure out what you've been doing they only need a starting point and then to follow the money.
talk to a cpa/tax attorney specializing in cryptos. Dont ask on fucking biz. People here will either troll you or give you false info.
That's what I've heard as well, but I never see any actual sources.
And this is even more obvious than the above "facts". So I'm really only confused because half the people say noone knows and the other half say to report USD capital gains.
They don't know shit about crypto legislation either from what I've gathered.
This. There is no official ruling yet so just pay capital gains tax. Once you know this stop asking questions the more you ask the worst it will be for everyone.
Nobody does yet, that's what we're trying to tell you. There's even talk of having to pay this shit quarterly if you're above a certain bracket. On the safe side pay your USD at the end of the year. Some of us will be inevitably fucked someday.
They know more than a bunch of biz fucking neets. Plus if you have a professional take care of it for you if shit goes wrong their ass is on the line too.
Well I have an actual job too faggot.