Saw some fud about Rep. Jared Polis being spread. Do you realize he's literally trying to make cryptocurrency transactions of $600 tax exempt?
>People who use digital currency such as bitcoin for small purchases face a big problem: Under current tax rules, any little transaction—like buying a cup of coffee—can be considered a capital gain, and trigger an obligation to the IRS. >A solution may be on the way, however, in the form of a bipartisan bill introduced in the House of Representatives on Thursday by Rep. Jared Polis (D-Co) and Rep. David Schweikert (R-Az). Titled “The CryptoCurrency Tax Fairness Act,” the bill calls for Congress to create a so-called de minimus exemption for transactions under $600. >If the bill is passed, it would subject digital currency to a similar tax regime as what currently exists for foreign currency. It would also eliminate a disincentive for people to use bitcoin (and other digital assets like Ethereum and LiteCoin) in day-to-day transactions.
so cash out in less than $600 increments over a long period of time?
>congressman attempts to introduce legislation that is absolutely needed for any sort of mainstream crypto adoption > gets attacked by Veeky Forums
Veeky Forums isn't attacking him for his bill though, they just fell for a disinfo campaign by his political rivals. It's concerning because someone somewhere decided Veeky Forums was significant enough in the crypto world to try this in the first place and found it very easy to manipulate.
So go all in on privacy coins in 2018? XMR XVG XSPEC it is
bump. the disinfo kikes must be stopped
Yes, with $599 worth of transactions at a time
Bump because this is hugely important and didn’t pass the first time.
Consumer scale crypto currency transactions shouldn’t be classified as taxable events for the buyer. It’s quite literally unfair.
I don't care if he fucks dogs. If he opposes taxing the shit out of my gains, he deserves some support.
Id be fine with this desu
huh? you know that Veeky Forums probably have at least 3-5 billion cumulative right? of course we're a constant target of propaganda of all the flavors. sifting through the garbage is the part of Veeky Forums's game.
/O U R G U Y/
The point is, he's a proponent of cannabis which has rewarded CO well.
Wait, so is this a good thing or a bad thing? It's making it easier to cash out smaller amounts, but keeps it the same way as it is now for bigger amounts. What's the problem?
Sounds good on the surface, I'm wondering if anything fishy is hidden inside though.
Isn't that how it always works? Going to tax the fuck out of my shit and I'm going to be so mad but inept at doing anything about it. Binance better not give records over to those cunts. I ain't doin' no tradin', suh. Ho lawdy no, suh. No day tradin' heeuh.
Hey guys thanks for the support , long time user here myself
Hey guys thanks for the support , long time user here myself
forgot picture in my last post but while im at it, feel free to ask any questions
Did you intend the removal of like kind treatment to be 2018-forward? Meaning crypto trades up to now were like kind?
Also, will you put together some kind of amnesty for folks who didn’t report because there was no fucking guidance?
This law will only set a precedence on how crypto is supposed to be taxed. It starts with a bill to "protect" and ends up with a comparable outline to Fiat capital taxation. Basically, you start setting out how small amounts should be treated, you open the door for how large amounts should be treated. This is a Trojan Horse.
Why? 600$ is such a random number, why not an even 1000? 600 barely buys you a computer, let alone anything else.
LMAO you dumb fag
Can't buy Lambo in lump sum. Can buy it in installments
Is there a timeframe allowed for it? Why not just take out like 500$ every 25 hours? Tax free and you'll have money for your crypto/fappin station through the weekend.
just what the US tax code needs, more loopholes, deductions, regulations etc..
No one knows. The rule is just kinda bullshit. I'd rather there just be softer taxes in general over free spending money. That way I could live the life I deserve instead of one with artificial boundaries and shit.
They will call this Crypto/Money Laundering.
Bump, we need to meme this shit into reality. Do you think /pol/ is willing to help us?
And Bitcoin Private
>That way I could live the life I deserve instead of one with artificial boundaries and shit. That is not what the leaders allow lmao You'll be lucky to keep whatever you're getting.
this is still retarded as fuck good luck now going through your entire history and check which trade was above/below 600usd. What if according to different price data it either passes or it doesn't do you just pick and choose yourself. Imagine you sell some shitcoins in 2 years and they bust your ass because >hurr that shitcoin participated in a 750usd trade 18months ago, 90% tax or life sentence durr
the guys a democrat in one of the most faggy/liberal counties in the entire country.
>tfw this is your congressman >seems to be one of the last based liberals left in government >/pol/ can't stomach a popular liberal >/pol/ nocoiners brigade Veeky Forums again, this time with political fuckery
>hurr that shitcoin participated in a 750usd trade 18months ago, 90% tax or life sentence durr Bro you ALREADY have to do that. You have to report every single trade line by line with the fair market value conversion into USD to the IRS. I mean most DONT do that, but they are breaking the law by not doing so.
i'm enjoying the highest QoL i've ever experienced in my life since ive moved out here
the liberals aren't even bad, the food is based. stay mad and rural.
who gives a fuck about buying a coffee, it's a meme for starbcucks faggot. It's about being able to freely trade shitcoins between eachother without having to make raports of every fucking trade like an autist >coins is crashing >hurr I need to write the price down first durr >oh, it crashe to 0, too bad, but hey, at least mr shekelstein will be proud of me
You fucking cucks, I have no word for you. Of course they won't be able to execute those retarded laws but you bet your ass they will make sure to tax they shit out of you if you ever get to a house-purchasing-amount. They will just claim that you didn't report everything like a proper autist, accuse you of money laundering etc, just to make sure they'll keep you wagelaving, meanwhile shaniua and jamal will cash their $599 for a new iphone with a tap on the back from mr shekelstein pretending to be encouraging crypto
just ignore the sociopaths, user. they spend 16 hours a day online and think living in a blue state involves no-go zones, 75% of population being trans, etc. Just enjoy your life like a normal human being.
you do realize a lot of people on biz have at least 1 btc each right? sure some of it is spread amongst shitcoins like link and verge but 1 btc = $12-15k.
how do you report forks, how do you include transaction fees, wallet transfer fees, how do you report airdrops. How will you figure out the genesis of the bitcoin you're selling (is it the one coming from shitcoin X sale? or no, maybe it was shitcoin Y?) And no, your magical FIFO rule or some other BS will not work, when you take into account between-exchanges-transfer you don't know which batch of your shitcoin was it that you sold and I bet, all those fucking magical softwares will fucking stall like a deer in headlights at one point or another.
I guaran fucking tee you that all those rules are just designed to fuck over people with substantial amount of crypto money. They won't chase the normie who made 2k, they don't give a fuck, but be sure they will breathe on you neck heavily when they see you made enough to escape their slavery. They will find every tinest mistake on your reports to have an excuse to tax you as much as possible, money laundering accusations, putting you into 90%tax brackets, you choose it
It will come to a point when denouncing citizenship and migrating to freaking belarus or whatever will be easier than getting away with paying 20% (or something) on your gain for uncle sam without getting ass raped
Retard, the article links the entire bill. It's barely two pages. It does not introduce any kind of tax on crypto. Literally all it does is insert a $600 (which increases with inflation) exemption into the already existing tax laws. It is completely unrelated to whether crypto trades can be deferred as like-kind or not. It would have no influence and set no precedence on the future taxing of crypto. The only thing it would do is make us pay fewer taxes.
I'm as pissed as you are about the tax situation here, but there's no fucking perspective in which that bill could be viewed as anything but good. Maybe it's not "good enough" for you but the fact that it failed anyway says volumes about how difficult it is to pass anything even remotely positive regarding crypto right now. Maybe he should have made it even fucking weaker.
you must be a poorfag then because you just lost all state tax deductions over 10k