realr0ach
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January 21, 2018, 06:04:03 AM |
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How do you guys compute your taxes when...
You mined 1 ETH with your GPU ....
You sold 1 ETH and bought BTC ....
You held that BTC for a long time and then sold for USD ...
You are not required to do that because Jews at CNN money (who control the money supply) said math is racist: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F0Of56Mx.png&t=665&c=DKnQ67Ib3U43BQ)
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RoomBot
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January 21, 2018, 06:09:30 AM |
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well i sold @12800
Your entire stash ? It’s a bit like those guys who sold their entire stash at $8 per coin because it can’t go any higher. yeah... when kicking myself for selling a chunk at $1000 early last year, (lesson learned, dont listen to delusional jew haters, lol) I think of those that sold everything at $8, and I don't feel so bad.... Ya gotta live a little! Life is for living, not hoarding. I don't regret my BTC purchases, although in today's $USD, my first BTC hoodie cost $90,000 ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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RoomBot
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January 21, 2018, 06:12:11 AM |
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sell body > sell btc
LOL! Only a TRUE geek makes existential philosophy into an equation.
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RoomBot
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January 21, 2018, 06:18:59 AM |
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Did you actually buy some back in the 9's Bob? That is like gravy money for ya. LOL Who the heck needs to cash out when you can make a killing off people panic selling.
TBH, I can't wait for the next round of panic in late 2018, when I'm fully retired, and can "play the markets" with wild abandon, knowing my retirement has been secured. Looking forward to a lot of lulz at the expense of panic sellers. Good thing I pay my accounting firm so well to deal with the tax headaches, and making sure I'm above-board with the IRS. BTW, Gemini support is terrible. Absolutely awful. I apologize for being blunt, but I've been working through issues cashing out $1M USD from a sale back above $14k, and still have not received a single freaking response from customer service. Their system for getting verified is a bit convoluted - Wire in money from your financial institution, and, in theory, that sets up a two-way channel for them to initiate wires back to you. Well, this works great for my primary financial institution, but not for the institution that is handling my retirement portfolio. Long-story-short, I'm needing to wire funds out of Gemini into Financial Institution A, and then walk into Institution A and say "Greetings folks. I would like to make a Wire Transfer to Institution B. Here is my account information."... wait a moment while they pull up my account, sigh to myself as their eyes bug out and raise a curious eyebrow towards me, look further into my account history, and say "Yessir Mister Lawblaw. We'll get right on that. Would you like covfefe while you wait ? We'll need the manager to sign off on this..." Coinbase has better support, for the love of God. Coinbase at least allows me to ACH direct into Institution B. I feel dirty supporting Coinbase tho. All the exchanges are shit. Just learned that you can cash out from Conbase at 2.5% using paypal ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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jojo69
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January 21, 2018, 06:27:51 AM |
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How do you guys compute your taxes when...
You mined 1 ETH with your GPU ....
You sold 1 ETH and bought BTC ....
You held that BTC for a long time and then sold for USD ...
The 1 ETH is business income? The BTC is considered capital gains?
Heres my question. In 2017. Ive held bitcoin for 3 years, then that bitcoin forked into bitcoin cash, which i sold for bitcoin. then i used the bitcoin and the bitcoin cash proceeds to trade dogecoin and make more bitcoin profits. then finally I sell some bitcoins for cash and withdrawal. How much of this is short term gains and how much is long term gains, or is it all long term gains since cash was the only thing that mattered in 2017? Also are the remaining bitcoins that I made in profit but havent sold taxable or not? kind of makes this whole government thing seem kind of silly doesn't it
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realr0ach
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January 21, 2018, 06:28:20 AM Last edit: January 21, 2018, 06:42:41 AM by realr0ach |
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my first BTC hoodie cost $90,000 ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) That's not a valid way to think of it. Bitcoin isn't an actual store of value or anything. Whether you want to admit it or not, it's a 'scheme'. Either a flat out fly by night pump and dump at worst, or an imaginary token of a dysfunctional Rube Goldberg machine that will eventually collapse at best. Anything acquired with it is the equivalent of black looters rushing a Footlocker and trying to run out with shoes. Some looters will get only one shoe and will have completely wasted their time. Others will get several boxes of shoes or a 6 pack of Heineken. But you can't feel sorry for the people who didn't get as much because they were all just looters looking for free shit without working by participating in some type of scheme anyway. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FzumMyrg.jpg&t=665&c=37GhZ9r1-NwsOg)
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RoomBot
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January 21, 2018, 06:28:58 AM |
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Spam faucet flooding again at 1 sat.
I Can Haz MOAR COINZ!?111 ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Oh crap, they're sh!tcoins.
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RoomBot
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January 21, 2018, 06:38:43 AM |
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[snip]
Awesome contribution, but not for here. Please start a new thread & share the link. BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC Understood. It was well meaning and quite profitable but we don’t want to pollute this thread either. As long as it's not XRP or BCH, I'm cool. Seems i'm outnumbered and I believe in Satoshi's Code, so I'll let The People decide. Share away!
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thrax
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January 21, 2018, 06:42:18 AM |
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well i sold @12800
Your entire stash ? It’s a bit like those guys who sold their entire stash at $8 per coin because it can’t go any higher. yeah... when kicking myself for selling a chunk at $1000 early last year, (lesson learned, dont listen to delusional jew haters, lol) I think of those that sold everything at $8, and I don't feel so bad.... The guys that sold everything at $8 probably don't feel so bad when they think of the guys that shorted at $4 and got squeezed. People sold for $ is the only reason.
I remember shorting at $4 waiting to close the short at $3.50. It reached $3.60 then shot up to $4.50....short squeeze. That was with several hundred bitcoins.
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infofront (OP)
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Shitcoin Minimalist
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January 21, 2018, 06:47:37 AM |
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How do you guys compute your taxes when...
You mined 1 ETH with your GPU ....
You sold 1 ETH and bought BTC ....
You held that BTC for a long time and then sold for USD ...
The 1 ETH is business income? The BTC is considered capital gains?
In the US: The 1 Eth mined is taxed as income. When you trade the ETH for BTC, assuming you held the ETH for <1 year, you'd pay short term capital gains tax on the amount the ETH appreciated since it was mined. After you sold the BTC, you'd pay long term capital gains tax on the entire amount.
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DaRude
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In order to dump coins one must have coins
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January 21, 2018, 07:15:33 AM |
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How do you guys compute your taxes when...
You mined 1 ETH with your GPU ....
You sold 1 ETH and bought BTC ....
You held that BTC for a long time and then sold for USD ...
The 1 ETH is business income? The BTC is considered capital gains?
In the US: The 1 Eth mined is taxed as income. When you trade the ETH for BTC, assuming you held the ETH for <1 year, you'd pay short term capital gains tax on the amount the ETH appreciated since it was mined. After you sold the BTC, you'd pay long term capital gains tax on the entire amount. Hmm how about we throw some dates on this, this is how i understand it, but i'm not a tax professional: 1 June 2015 1 ETH mined (ETH spot price $1) 1 January 2016 sold 1 ETH for 0,01 BTC (ETH spot $10) 2 January 2018 sold 0,01 BTC (BTC spot $20000) So first in 2015 income on mined ETH $1 is fully taxed as regular income (but can expense equipment costs and electric bills?) 2016 $9 ($10spot - $1base) is taxed at short term capital gains 2018 $190 ($200gross - $10base) is taxed at long term capital gains
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realr0ach
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#TheGoyimKnow
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January 21, 2018, 07:21:36 AM |
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After discovering this old Peter Thiel quote, I think I will now refer to bitcoin as "Thiel's Folly 2.0":
"PayPal will give citizens worldwide more direct control over their currencies than they ever had before. It will be nearly impossible for corrupt governments to steal wealth from their people through their old means, because if they try, the people will switch to dollars or pounds or yen, in effect dumping the worthless local currency for something more secure."
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infofront (OP)
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January 21, 2018, 07:25:09 AM |
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1. So first in 2015 income on mined ETH $1 is fully taxed as regular income (but can expense equipment costs and electric bills?) 2. 2016 $9 ($10spot - $1base) is taxed at short term capital gains 3. 2018 $190 ($200gross - $10base) is taxed at long term capital gains
1. Yes, and yes - you can deduct electricity and probably part of the equipment 2. Yes, if you've been holding it for 364 days or less. That's where it gets tricky though, since you might've been mining something like .02 ETH per day. Anyway, if you were holding it 365 days or more you'd pay long term capital gains on the $9. 3. Yes
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Azazel333
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January 21, 2018, 07:30:57 AM |
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Ok so I made a blockchain wallet a long time ago and have the private key. This was before the wallet supported Ethereum and Bitcoin Cash.
Will that old private key still work if I'm holding Ethereum in the wallet? I see the wallet now says "export private key" on the ethereum tab. So i was thinking it may not.
Appreciate it if anyone helps me out with this.
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adaseb
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Up to 300% + 200 FS deposit bonuses
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January 21, 2018, 08:02:46 AM |
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Went to my local computer store to buy a new PSU. Since my 4 year old Corsair 750W is crapping out.
I look behind the counter and they got a bunch of rigs mining. I wanted to buy a PSU and they said they are not selling them without a motherboard+cpu combo.
WTF?
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jojo69
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January 21, 2018, 08:09:49 AM |
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Went to my local computer store to buy a new PSU. Since my 4 year old Corsair 750W is crapping out.
I look behind the counter and they got a bunch of rigs mining. I wanted to buy a PSU and they said they are not selling them without a motherboard+cpu combo.
WTF?
fuck 'em if they don't want your money newegg yourself a new Seasonic and party on
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HairyMaclairy
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January 21, 2018, 08:20:32 AM |
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Ok so I made a blockchain wallet a long time ago and have the private key. This was before the wallet supported Ethereum and Bitcoin Cash.
Will that old private key still work if I'm holding Ethereum in the wallet? I see the wallet now says "export private key" on the ethereum tab. So i was thinking it may not.
Appreciate it if anyone helps me out with this.
I don’t understand the question. You have the private key for the Bitcoin address? If so, that’s not going to help you with the Ethereum address. Unless you mean seed and not private key. What are you trying to achieve?
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HairyMaclairy
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January 21, 2018, 08:44:43 AM |
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Hmmm.
I have so many accounts on so many exchanges I have lost a couple of Eth and have no idea where they are. Have been looking for half an hour... I have the outgoing TX just don’t know where it went. I haven’t been hacked.
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El duderino_
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BTC + Crossfit, living life.
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January 21, 2018, 09:08:36 AM |
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Breaking 24777$ prediction game FINAL LIST 27/12/2017 bikerleszno ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 29/12/2018 cAPSLOCK ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 30/12/2017 digithusiast ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 31/12/2017 Raja_MBZ ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 01/01/2018 elg ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 02/01/2018 wachtwoord ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 03/01/2018 JimboToronto ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 04/01/2018 d_eddie ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 05/01/2018 BTCMILLIONAIRE ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 06/01/2018 HanvanBitcoin ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 07/01/2018 ghandi ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 08/01/2018 savetherainforrest ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 09/01/2018 explorer ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 10/01/2018 bicoinpsycho ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 11/01/2018 Bitcoinaire ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 12/01/2018 speedwheel ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 13/01/2018 undeadbitcoiner ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 14/01/2018 northypole ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 15/01/2018 ivomm ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 16/01/2018 maca068 ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 17/01/2018 bitcoinvest ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 18/01/2018 last of the v8s ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 19/01/2018 mfort312 ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 20/01/2018 1982dre ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) 21/01/2018 flamast2 22/01/2018 RealMachasm 23/01/2018 willope 24/01/2018 kartala 25/01/2018 orpington 26/01/2018 rolling 27/01/2018 LFC_bitcoin 28/01/2018 jojo69 29/01/2018 CristiTCM 30/01/2018 rayX12 31/01/2018 realsteelboy 01/02/2018 twocorn 02/02/2018 mancroofer 03/02/2018 True Myth 04/02/2018 poolminor 05/02/2018 itod 06/02/2018 scheptan 07/02/2018 vapourminer 08/02/2018 alexeft 09/02/2018 siera 10/02/2018 AlcoHoDL 11/02/2018 Dunkelheit667 12/02/2018 yonton 13/02/2018 Wekkel 14/02/2018 Thekool1s 15/02/2018 starmman 16/02/2018 Globb0 17/02/2018 leveldkrypto 18/02/2018 olesh 19/02/2018 BitCoinBurger 20/02/2018 Paashaas 21/02/2018 flynn 22/02/2018 icygreen 23/02/2018 erisdiscordia 24/02/2018 phil_s 25/02/2018 sirazimuth 26/02/2018 Arriemoller 27/02/2018 yonton 28/02/2018 Muttley 01/03/2018 bones261 02/03/2018 heater 03/03/2018 soullyG 04/03/2018 InvoKing 05/03/2018 Notme 06/03/2018 sa_94 07/03/2018 NUFCrichard 08/03/2018 Imbatman 09/03/2018 Roombot 10/03/2018 STT 11/03/2018 badream 13/03/2018 erre 14/03/2018 julian071 15/03/2018 podyx 17/03/2018 fragout 18/03/2018 fabiorem 21/03/2018 dakustaking76 23/03/2018 nikauforest 31/03/2018 vroom 01/04/2018 somac. 02/04/2018 kurious 04/04/2018 fluidjax 05/04/2018 bitcoinbunny 08/04/2018 tyler1890 10/04/2018 ludwigvon 11/04/2018 hairymaclairy 16/04/2018 practicaldreamer 18/04/2018 free-bit.co.in 27/04/2018 drbrockoin 01/05/2018 sprinkles 02/06/2018 oblox 07/07/2018 IntroVert 03/08/2018 toxic2040 28/08/2018 bitserve 15/10/2018 Yefi 05/11/2018 mikenz 31/12/2018 melman2002 01/01/2019 Spaceman_Spiff_Original 12/02/2019 FractalUniverse 21/04/2019 gentlemand 20/02/2020 romneymoney 18/12/2021 luckygenough56 UPDATE AND GOOD LUCK
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