RIP BTC

mathematically there's no difference between paying taxes on each trade vs paying taxes all at once when you cash out

It was already taxed lol, what's different. The tax plan is based

Im hoping for that bipartisan Fair Cryptocurrency Taxation Act to be passed soon assuming it makes things easier

Just more paperwork for a lot of people that are especially not used to keeping these records. Honestly I can see the rules changing again next year when the IRS gets overwhelmed.

Wait, Section 1031 like-kind exchanges count for crypto trades in 2017???

Why do you think BTC price is so high? Tether and transaction spambots creating fake volume.

Not in 2018 now. Starting Jan 1 when you go from bitcoin to ether it is a taxable event.

When is the last day of the year in the US when financial operations count towards 2017 tax year?

That is not true. There are scenarios where you can owe the government money and you yourself have a loss.

Yes, you can be forced to write Uncle Sam a check for 5000,10000 or whatever, out of pocket because your cryptos tanked.
Not to mention you get double taxed versus what it is now if we use like kind exchange.

What did he say?

April 15

No... December 31, 2017. That's just the date you have to report it by, come on now

I heard people are more likely to have to deal with audits with like-kind exchanges though, but damn is sitting down to do that going to be annoying.

Nvm either way, just read section 1031(a)(2) and doesnt count if theyre held for sale it looks like

>ethnews.com/tax-cut-bill-to-require-taxation-of-cryptocurrency-trades-in-us

it's already taxed pre 2018

can't we just make a smart contract to buy out these worthless cocksuckers

then the IRS gets your net history from your ISP and your cash-ins/outs from paypal, then you get fucked for tax evasion

don't try fighting the IRS, it will not work

MAGA

Localbitcoins & mining faggot. People who use exchanges are cucks.

Rip alts faggot

fed post. pay you taxes cuck so we can give more money to israel and bomb millions of innocent children.

Go jump off a cliff

>bloomberg
>he
do you live under a rock u fucking idiot

Digging into this it looks like there's a bunch of services that talk to the exchanges and makes it really easy to figure out how how much in taxes you need to pay. Really kills the anxiety about paperwork.
Example:
bitcoin.tax

Alright then, Jesus.
What did she say?

So is the dollar

well played user, well played. also apache identifies as an attack helicopter. heres the article. bloomberg.com/news/articles/2017-12-21/tax-free-bitcoin-to-ether-trading-in-u-s-to-end-under-gop-plan

guys, individual traders already get great tax breaks in the US, just make sure you qualify as trader, report it, and you will be fine.

This is assuming you always trade for a gain

Comfy as fk with bzc