Not sure the guys interviewed got it right. I'm very sure losses in trading can be reported properly, because others have done it off and their trading losses have been recorded as eligible for tax write off/relief. And that's to me the point of the article. Help IRS do proper by you by filling out your forms and reporting all income and losses correctly.
Not on the side of IRS or states by any means, but sometimes people make a mountain out of a molehill really.
The IRS might have made a mistake by telling the exchanges to make users fill out 1099-K forms which are for merchants. That form reads any fiat received as taxable, does not matter if the fiat received was a result of a loss in trading. |
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We are witnessing the death of xrp, bad news almost every day. Not even fudding!
Can you share some of those bad news? This lawsuit. It will always come back with different amendments and different versions to trouble Ripple if it is not settled or resolved immediately. A new amended complaint against Ripple draws on the SEC’s framework for digital assets to outline how XRP might be a security – likely the first federal case to do so.
The filing also cites California advertising law, in addition to federal securities law, to argue that investors were misled by Ripple’s promotion of XRP.
While the case is a year old and has not yet received class-action status, the new complaint is the first that Ripple must respond to with a substantive answer.
Ripple has until mid-September to file its response.Read in full https://www.coindesk.com/investors-suing-ripple-cite-sec-guidance-to-argue-xrp-is-a-security |
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@milewilda. Someone should make a poll on who is the worst underachieving permabull of the year. Something similar to the Razzies but for the cryptospace hehehe.
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We've seen so many such prediction before and I really can't understand like people stick to that. It's like it will come true just because someone said it, like these so called Bitcoin experts or predictors are some kind of prophets. The more exaggerated prediction is, the more people trust it. Don't beleive everything you hear or read.
People holding on to exaggerated predictions by experts might be something similar to someone who bought a lottery ticket. Winning the jackpot is their only hope for a better life for that week before the draw hehehe. |
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I reckon the best solution to avoid this problem is the follow the permabulls' advice. Hodl hehehe. It will also be good for the price because it might discourage active buying and selling and increase stability. However, what would the IRS say if I have bitcoin to trade to an altcoin and earn profit in bitcoin? Is that taxable?  The U.S. Internal Revenue Service (IRS) is sending another round of warning letters to cryptocurrency users, this time to taxpayers it believes to have misreported income from exchange transactions.
In addition to the three letters sent last month to crypto traders advising them they may have incorrectly filed their taxes, the IRS is now also telling certain investors that they did, in fact, report the wrong amount of income from crypto transactions. And the agency is looking to collect.
According to the letter shared with CoinDesk, the recipient reported $0 in income from crypto transactions to the IRS in the 2017 tax year. However, information through Coinbase indicated the recipient should have reported more than $12,000 in income.
Neither the IRS nor Coinbase immediately responded to requests for comment Wednesday.
It is possible that such discrepancies come from how exchanges are reporting transactions.
Woodward said this likely comes from the exchanges issuing 1099-K forms, rather than 1099-B forms. Because 1099-K forms are typically used to report income for merchants, most transactions would be reported as revenue, rather than any losses that may have occurred.
Aaron Cohen, who received one such letter, confirmed that the IRS based its estimation of his tax burden on a 1099-K which dramatically overestimated how much he made on his trades.
“I’m not sure if it’s a lack of understanding from the IRS or if they’re just blindly sending out these letters hoping people are too scared [or] too lazy to look at the letter and say ‘hey they made $13,000’ when they didn’t make $13,000,” he said.
He worked with CoinTracker to estimate a more accurate total on capital gains, which he plans to report to the IRS, he said.
“People that have received a 1099-K from an exchange but have not filed an IRS 8949 in the 2017 tax year are the ones that we’re seeing received the most letters and who this is typically applying to right now,” Woodward said.
In such cases, “we’ve been sending letters back that outline the deficiencies in 1099-Ks … and we’ve helped [traders] and with the proper 8949,” Woodward said.
He described how filing the merchant form could lead to a trader receiving the CP2000, saying:
“The amounts on the form, what they’re doing is if I make a trade for $100,000 on a platform, I buy 1 bitcoin for $100,000 and I sell it a couple weeks later for $90,000 I could have a $10,000 loss but I have a 1099-K that says I received $90,000.”Read in full https://www.coindesk.com/new-irs-warning-letters-target-crypto-investors-who-misreported-trades |
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@boomboom. Ok, and it will not be bad for Aeon to be listed in AtomicDEX, I reckon hehe. You should message smooth and stoffu and suggest it to them directly.
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What are his basis?? This is purely prediction.
It can happen or it cannot but one thing is I think will happen in 2013, the price of Bitcoin at that time is far higher than the current price. Most of the analysts especially Tim Draper is very bullish on Bitcoin and crypto.
His basis is his big wallet full of bitcoins hehehe. People become permabulls when they hold too much of anything. I reckon bagholding Electroneum can make Tim or Tom an Electroneum permabull hehe. Maybe the people who hate bitcoin permabulls only have small wallet of bitcoins? |
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@boomboom. I have seen him during my first days here in the community, however, none of what he creates are being used. Look at all the work he did in NXT, they are irrelevant.
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Pacman is very close to retirement. Fighting Errol Spence might be a mistake because he will certainly lose and receive a purse not as large as a loss versus Floyd.
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Would everyone in the thread react in a similar way if the person who made the prediction was Tom Lee? This is not a joke. I am certain Tom Lee has a similar price target also.
Obviously, people would poke fun of Tom Lee and his multitude of wrong predictions. Tim Draper has an immense number of Bitcoin he acquired years ago by being the highest bidder at the FBI auctions. Tom Lee has never said anything about him holding Bitcoin, so I assume that he isn't in on this market-- which I hope he isn't looking back at how he continuously fails to understand how this market works. One would think that not owning coins would make you unbiased, but given the moon boy sentiment of the crypto space, he has a motive to be as bullish as possible with his predictions. Tom Lee is also a permabull. I reckon he and his clients in Fundstrat are in a firm position to hold no matter what the market is doing. Tom and Tim are similar in that way like twins. |
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Another delay. I reckon everyone does not care anymore and knows that bitcoin can Tom Lee itself to $25k without an ETF hehehe. In any case, mark the dates mentioned in the article and expect another delay. The U.S. Securities and Exchange Commission (SEC) delayed making a decision on three bitcoin exchange-traded fund (ETF) proposals Monday.
The ETFs, proposed earlier this year by asset managers Bitwise Asset Management, VanEck/SolidX and Wilshire Phoenix, and filed with exchanges NYSE Arca and Cboe BZX, are all seeking to become the first such investment vehicle based on bitcoin.
The filings were published in the Federal Register in February and June, kicking off the legally-mandated 240-day clock on a final decision.
Final decisions on the Bitwise and VanEck/SolidX proposals are expected by Oct. 13 and Oct. 18, respectively.
The next decision on the Wilshire Phoenix proposal is scheduled to occur by Sept. 29.Read in full https://www.coindesk.com/sec-delays-decisions-on-3-bitcoin-etf-proposals-until-autumn |
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@timerland. Agreed! Also, one country's strict ban might be another country's opportunity to use it versus the country that banned it. It might also increase demand in that country hehehe.
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Can Amanda Nunes cut his weight to 125 pounds and challenge Valentina Shevchenko for the flyweight championship? I reckon Valentina should be given a challenge, women's flyweight is very boring.
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Would everyone in the thread react in a similar way if the person who made the prediction was Tom Lee? This is not a joke. I am certain Tom Lee has a similar price target also.
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Has Max Keiser's week already passed? I reckon that he might be competing versus Tom Lee as the most inaccurate, comical and most hated human bitcoin price predictor in the cryptospace hehehe.
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@timerland. Agreed. However, I reckon the government of Venezuela and others might only be tolerating it because they do not have the laws and the means to enforce regulations. The moment they do figure it out, let us hope adoption gas spread deep and wide and it would be too late for them hehehe.
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This cryptocoin that pumps 50% in this type of market is very possibly a pump and dump. I reckon everyone should not be very excited or they become the latest collection of bagholders hehehe. Tezos has been really strong after the announcement that Coinbase will be listing them. It seemed that after the initial 25% surge, bulls would have to face an inevitable pullback but it seems that bears weren't awake and bulls kept the momentum going.
But that happened 30 July. Do you think that is the case because of insiders trading? Coinbase announced today and not a week ago. They did it before, this might be another one. |
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How much of the total of bitcoin's volume did Venezuela contribute for this year? Is it enough to pump bitcoin from $3k to $12k hehehe?
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