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Title: Can my MTGOX losses be declared as a loss on taxes? Post by: nanobtc on January 26, 2018, 11:13:16 PM In 2014 when Gox went down, it took a lot of people's BTC with it. I am not looking for a discussion on what/why happened. I have been hodl BTC all this time, and at the end of 2017 I sold a little on Coinbase.
It's much below the level of USD$20k that is being bantered about, on Coinbase reporting to the IRS. If I sell in the future, I don't want the IRS to flag me as anything, and look back to say "Ah, in 2017 you sold a few fractions of BTC and did not report it", so I plan to enter it as long-term capital gains for 2017 (I've held it for more than a year and a day). Title: Re: Can my MTGOX losses be declared as a loss on taxes? Post by: jackg on January 27, 2018, 12:04:02 AM From here (https://www.japan-guide.com/e/e2206.html):
"If not withheld by the employer, national income taxes are due in full by March 15 of the following year (mid April if you pay by automatic bank transfer)" I'm guessing if you're going to declare it, it's a little late for that now (without having to take a penalty for it). Onto the other issue, I'm not sure how compensation is normally taxed in Japan, but in other countries it is normally untaxable once it's rewarded. This amount, if ever reimbursed to you, is probably not taxable (although maybe Japan is different). If you want to read into this a little further, I found this resource that breaks everything down quite well: https://home.kpmg.com/xx/en/home/insights/2011/12/japan-income-tax.html - although it might be a little outdated. Title: Re: Can my MTGOX losses be declared as a loss on taxes? Post by: krigger on January 27, 2018, 03:18:04 PM I think the taxes are calculated on an yearly basis and you are very late for that.
Title: Re: Can my MTGOX losses be declared as a loss on taxes? Post by: OgNasty on January 29, 2018, 10:25:48 PM Seems to me that no solution has been reached in the Gox scenario. How can you declare your losses if you don't know exactly what they are yet? I would say you should see what the actual final settlement is before declaring losses. As far as I know, nothing has been "realized" yet.
Title: Re: Can my MTGOX losses be declared as a loss on taxes? Post by: Zhukov0 on January 30, 2018, 08:37:56 AM Seems to me that no solution has been reached in the Gox scenario. How can you declare your losses if you don't know exactly what they are yet? I would say you should see what the actual final settlement is before declaring losses. As far as I know, nothing has been "realized" yet. Shouldn't it be treated as if your coins were stolen? Title: Re: Can my MTGOX losses be declared as a loss on taxes? Post by: jackg on January 30, 2018, 08:36:15 PM Seems to me that no solution has been reached in the Gox scenario. How can you declare your losses if you don't know exactly what they are yet? I would say you should see what the actual final settlement is before declaring losses. As far as I know, nothing has been "realized" yet. Shouldn't it be treated as if your coins were stolen? I think it's a bit more complex than that as they're still not giving a full outcome. It probably should get classed as stolen though and at some point get classed as compensation if the funds are reimbursed. Though it may not be the cheapest way to do it as OP will have to pay more tax due to the bitcoin price increase. Title: Re: Can my MTGOX losses be declared as a loss on taxes? Post by: Gabi on February 07, 2018, 02:26:37 PM That would be a bad idea and will possibly trigger audit depending on the amount. Within your range, nobody will probably notice that, but it's still bad idea.
Also if you haven't got 1099-K form (and IRS haven't got it) from Coinbase, reporting it to IRS can be a trigger of audit as well. No joke, they may even refund you this money back in a year/two with interest - under certain limits it's all done automatically with no humans involved on their side. Title: Re: Can my MTGOX losses be declared as a loss on taxes? Post by: mr angry on February 23, 2018, 06:24:44 PM Seems to me that no solution has been reached in the Gox scenario. How can you declare your losses if you don't know exactly what they are yet? I would say you should see what the actual final settlement is before declaring losses. As far as I know, nothing has been "realized" yet. Nothing's been decided , the bankruptcy isn't even completed yet. The next creditors meeting in a few weeks might reveal if the civil rehabilitation is getting approved. ... Wait another ~15 days, the next creditor meeting should clarify if civil rehabilitation gets approved or not (bankruptcy goes on). The outcome may be known sooner, check the reddit mtgoxinsolvency in ~10 days. https://www.reddit.com/r/mtgoxinsolvency/ If the civil rehabilitation gets approved the bankruptcy will settle the proceedings based on the price of bitcoin three years ago. That leaves $859 million left over for Mr Karpeles from the $1.3 billion recovered from Gox. https://www.cryptocoinsnews.com/mark-karpeles-will-end-taking-859-million-mt-gox-bankruptcy/ That's why a group of creditors are considering further legal action to stop Mr Karpeles from getting the $859 million. ..., the https://mtgoxlegal.com group has formed, raised funds and grew to around 500 people in size since the last creditors meeting. There are ways to prevent an unfair distribution and we're working towards that right now. Further legal action could delay the bankruptcy for even longer, stopping anything getting "realized" for a considerable time, |