Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Globb0]

Is this bullshit or true? It can't be correct.

AztekPhoenix says that starting on Jan 1st, 2018 President Trumps new tax bill will force EU citizens to pay the US Gov tax for all trades on US exchanges. So any EU citizen trading on poloniex or bittrex is going to get taxed by the US Gov

The Tax bill signed into law by President Trump of the U.S.A.  a few days ago, redefines all like of kind exchanges only for real estate and excludes crypto.
http://fortune.com/2017/12/21/bitcoin-tax/


So starting on Jan 1st, 2018 anyone that trades on a US Exchange will be required to pay taxes on each crypto to crypto trade
for the tax year 2018 which is due by april 2019.

Does not matter if you are a US citizen or foreign citizen, if you trade on a US exchange you will owe the US Gov. Taxes on those trades.

This will probably kill all US exchanges , as anyone with any sense will move to oversea exchanges that don't require this over reaching tax increase.
If you are a US Citizen and you do all of your trading overseas, you don't owe the US Gov. anything until you reach $90,000 in trading profits.

Bittrex & Poloniex exchanges (Based in the U.S.A.) will most likely die within the year due to this tax change.

Does the word trade extend to withdrawal transfers ?

[jojo69]

there is life in the old badger yet

[gentlemand]

Is this bullshit or true? It can't be correct.

AztekPhoenix says that starting on Jan 1st, 2018 President Trumps new tax bill will force EU citizens to pay the US Gov tax for all trades on US exchanges. So any EU citizen trading on poloniex or bittrex is going to get taxed by the US Gov

Dogshit from a moronic Fudster.

This would be all over square miles of mainstream press in the EU if there was a shred of truth.

[Deeyoh]

Ummm, they are so confused.   The Tax bill signed into law by President Trump of the U.S.A.  a few days ago, redefines all like of kind exchanges only for real estate and excludes crypto."  So they said it does not then say it does.  I think they have no damn clue what they are talking about.

[the artful bodger]

Is this bullshit or true? It can't be correct.

AztekPhoenix says that starting on Jan 1st, 2018 President Trumps new tax bill will force EU citizens to pay the US Gov tax for all trades on US exchanges. So any EU citizen trading on poloniex or bittrex is going to get taxed by the US Gov

Dogshit from a moronic Fudster.

This would be all over square miles of mainstream press in the EU if there was a shred of truth.

Thanks, I know you usually give intelligent, well thought out advice. That's useful when alcohol has reduced my IQ to lower than that of a potatoe.

If it was true every crypto news site would have been all over it by now, in addition to the mainstream press.

[gentlemand]

Thanks, I know you usually give intelligent, well thought out advice. That's useful when alcohol has reduced my IQ to lower than that of a potatoe.

If it was true every crypto news site would have been all over it by now.

They wouldn't deign to legislate solely about crypto. This would apply to all markets if there was any basis in fact. We have tax treaties to deal with this stuff and always have had. And the exchangea now know which country you live in. It could kill exchanges for US users. No one else would care.

[Enjel]

Capital gains taxes on digital currencies is not a big deal anyways. It would never kill crypto in the first place.

I don't mind paying 15% returns on 100% gains.


It is better to (when you cash out) be very careful, and pay the full tax, lest the IRS mafia come knocking at your door to throw you in prison.

[txtravwill]

Capital gains taxes on digital currencies is not a big deal anyways. It would never kill crypto in the first place.

I don't mind paying 15% returns on 100% gains.


It is better to (when you cash out) be very careful, and pay the full tax, lest the IRS mafia come knocking at your door to throw you in prison.

Just make sure you do your homework.  15% isn't the top capital gains bracket, 20% is.  Also NIIT of 3.8% is taxed on it.  Also state/local tax and your income rate.  Also AMT applies if knocks your income up higher.

Can't stress that enough.  Actual rate we will pay on gains from Illinois USA here is 20% + 3.8% + 4.975% + AMT = ~29%+  (more if you live in states with higher income taxes even)

[jbreher]

You are defending alt coin pumps

I am doing no such thing. For the record, I have no use nor no love for Ripple. I was just espousing a valueless factoid relevant to it. One of which you quite evidently were unaware. Rather than being pissy and misstating my motivations (yet again), you should thank me for correcting your misunderstanding.

And again: when I started talking about Ripple here it was merely in response to you talking about Ripple here. Your effort to shift the 'blame' off of yourself is fully transparent to everyone reading.

[jbreher]

Say what you will, the ol' man has an inimitable style.

[jbreher]

Why do you Americans put up with these state differences anyway? The idea of moving up the road and having to change your driving licence and pay hideous amounts more tax seems very silly.

Shape up over there.

Because it also gives us the ability to move up the road, having to change our drivers license, and pay glorious amounts less tax. Amongst other jurisdictional matters of our selection.

[mymenace]

Capital gains taxes on digital currencies is not a big deal anyways. It would never kill crypto in the first place.

I don't mind paying 15% returns on 100% gains.


It is better to (when you cash out) be very careful, and pay the full tax, lest the IRS mafia come knocking at your door to throw you in prison.

Just make sure you do your homework.  15% isn't the top capital gains bracket, 20% is.  Also NIIT of 3.8% is taxed on it.  Also state/local tax and your income rate.  Also AMT applies if knocks your income up higher.

Can't stress that enough.  Actual rate we will pay on gains from Illinois USA here is 20% + 3.8% + 4.975% + AMT = ~29%+  (more if you live in states with higher income taxes even)

do your homework I agree

1) do not admit it is income

2) do not admit it is an investment

3) if all else fails claim all lost coins at financial year end - you choose which year





this highlights what is occurring for me

i am holding a foreign currency and then oops i need to exchange it, and then I earn more money from that exchange of currency, why am i taxed

then they want me to admit how i got this extra cash into their little boxes - income, investment, capital, commodity

it is none, and it is not extra, it is just my money

[txtravwill]

Ha, just had to share this, someone did recently on Twitter:

http://txhighway.com/#

[FractalUniverse]

Ha, just had to share this, someone did recently on Twitter:
http://txhighway.com/#

yeah, empty highway=waste of resources, useless overkill

[Deeyoh]

Think that is to show how great Bcash is supposed to be but in reality is looks like an abandoned highway with almost no use what so ever. LOL

[BitcoinBunny]

[itod]

Happy New Year, people! May you all have happiness and health, and may BTC rise be sharp as in this old one!

[oblox]

Ummm, they are so confused.   The Tax bill signed into law by President Trump of the U.S.A.  a few days ago, redefines all like of kind exchanges only for real estate and excludes crypto."  So they said it does not then say it does.  I think they have no damn clue what they are talking about.

This means that like-kind exchanges are limited to real estate... before, people exchanging alts to btc, btc to alts, alts to alts all hid behind like-kind exchange as property... now, it only applies to actual real estate. How this will actually be enforced is anyone's guess and keeping track of basis would be an absolute nightmare.

[the artful bodger]

Capital gains taxes on digital currencies is not a big deal anyways. It would never kill crypto in the first place.

I don't mind paying 15% returns on 100% gains.


It is better to (when you cash out) be very careful, and pay the full tax, lest the IRS mafia come knocking at your door to throw you in prison.

Just make sure you do your homework.  15% isn't the top capital gains bracket, 20% is.  Also NIIT of 3.8% is taxed on it.  Also state/local tax and your income rate.  Also AMT applies if knocks your income up higher.

Can't stress that enough.  Actual rate we will pay on gains from Illinois USA here is 20% + 3.8% + 4.975% + AMT = ~29%+  (more if you live in states with higher income taxes even)

I thought Trumps tax bill was meant to simplify taxes. What's it changed for you?

[Torque]

Ha, just had to share this, someone did recently on Twitter:
http://txhighway.com/#

yeah, empty highway=waste of resources, useless overkill

Yes but build it and they will come, right?? I mean, can't you see by the graphic the millions and millions of the unbanked all over the world flocking to buy and use BCash? It's revolutionary! The epitome of Satoshi's vision!!