It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

The IRS Is Coming For Your Cryptocurrency Gains

page: 2
6
<< 1   >>

log in

join
share:

posted on Dec, 1 2017 @ 01:59 PM
link   
a reply to: worldstarcountry

I suspect you are talking about state sales tax.

Capital gains is federal.




posted on Dec, 1 2017 @ 02:05 PM
link   
IRS should be careful here. If they want to tax this as capital gains, they better be prepared for folks deducting any losses.



posted on Dec, 1 2017 @ 04:54 PM
link   
Most people realize that the IRS is a rogue conglomerate that has their own agenda just like the federal reserve. They want a piece of every dollar no matter where it is located here or abroad. a reply to: worldstarcountry



posted on Dec, 1 2017 @ 05:09 PM
link   
originally posted by: [post=22912633]trollz
originally posted by: [post=22912609]rshackleford

You are correct that you only pay taxes when you sell or exchange it. That means using a bitcoin debit card will result in each transaction being a sell for tax purposes and any profit on the spent bitcoins will be taxable. I am not sure if it is taxed as a collectible similar to physical gold which results in a higher rate because the long term capital gains tax lower rate does not apply.
edit on 1-12-2017 by sligtlyskeptical because: (no reason given)



posted on Dec, 1 2017 @ 05:22 PM
link   

originally posted by: hopenotfeariswhatweneed
What a scam, you have to gamble buying crypto currency if you lose money bad luck but if you make money you get taxed on it....


Um - how is that different from any other investment?

It isn't.



posted on Dec, 1 2017 @ 05:49 PM
link   
a reply to: proximo

In its conception what was it marketed as?



posted on Dec, 1 2017 @ 06:01 PM
link   
Sucks for coinbase, while they are making millions, this isn't good publicity for the miners to want to use them.

Traders will still use them, for the exchange they have Gdax, but maybe just to buy a few and transfer off to another exchange to trade.

At the sametime, the IRS, will either need to learn to mine, or face a future of not being needed, because, this is their deathnail, who needs an IRS when everything is publicly visible, traceable and automated on all levels to the point taxes do themselves.

But still, I saw this happening back when I traded at Cryptsy, then it died, but IRS sent letters out back then too, screaming about capital gains...glad I made my money then, the tax rate on this is not going to be pretty, BECAUSE it's not regulated and understood.

by the way, there isn't a need to transfer your profits to USD, can buy a giftcard for just about anything with BTC, LTC, ETHER and not to mention the other adoption of BTC elsewhere, problem is, you're either overpaying for something or underpaying for something based of the volatility issue.
edit on 1-12-2017 by Tranceopticalinclined because: because I like to say random weird crap here, because I think it's kinda a dumb thing to have in the 1st place. If I made an edit, and wanted to disclose the reason, I think people would find such out, on their own...



posted on Dec, 1 2017 @ 06:02 PM
link   

originally posted by: hopenotfeariswhatweneed
a reply to: ChaoticOrder

No the government always gets their cut, they are like the mafia.

Gambling should not really be on their radar, but we peasants don't have say....


You pay your taxes on the stake of the gamble, the return is not taxable income in uk, like the lottery.

Crypto currency nerds will find a solution, plenty of of shore ways to avoid tax which if anything will push people and companies more in crypto.

However, I do find tax avoidance a bit out of order when you still expect to dial 911 or whatever and begrudge taxes.

I think it's probably because the little gets smashed whilst large corporation can pay for lawyer and tax and financial experts to scam it.

However, I sold a house at a profit, due to it not being my primary residence, I moved in with my to be wife and rented it out, when we sold both to buy a family house they wanted to tax me on the capital gains, new house price crashed in the bubble burst, by the time we got the tax bill I was in negative equity and couldn't raise the cash to pay them. Thing is, that bubble had nothing to do with me and probably nothing to do with UK gov, yet they taxed all the gains and did nothing to help us with the losses.



posted on Dec, 1 2017 @ 06:41 PM
link   

originally posted by: hopenotfeariswhatweneed
What a scam, you have to gamble buying crypto currency if you lose money bad luck but if you make money you get taxed on it....


no actually i think you can claim losses as well.



posted on Dec, 1 2017 @ 06:45 PM
link   
a reply to: Forensick

That really sux, I hope things have improved for you since then.



posted on Dec, 1 2017 @ 06:47 PM
link   

originally posted by: booyakasha

originally posted by: hopenotfeariswhatweneed
What a scam, you have to gamble buying crypto currency if you lose money bad luck but if you make money you get taxed on it....


no actually i think you can claim losses as well.






Can anyone confirm this, it doesn't sound right to me.



new topics

top topics



 
6
<< 1   >>

log in

join