Bitcoin Forum
July 20, 2019, 04:20:04 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Poll
Question: When will bitcoin reach the top of this bull market (i.e. when will it moon)?
Topped at $13,880 in June - 12 (7.7%)
H2 2019 - 16 (10.3%)
H1 2020 - 29 (18.6%)
H2 2020 - 28 (17.9%)
H1 2021 - 12 (7.7%)
H2 2021 - 31 (19.9%)
H1 2022 - 6 (3.8%)
H2 2022 - 4 (2.6%)
H1 2023 - 0 (0%)
H2 2023 - 3 (1.9%)
2024 or Later - 15 (9.6%)
Total Voters: 156

Pages: « 1 ... 19182 19183 19184 19185 19186 19187 19188 19189 19190 19191 19192 19193 19194 19195 19196 19197 19198 19199 19200 19201 19202 19203 19204 19205 19206 19207 19208 19209 19210 19211 19212 19213 19214 19215 19216 19217 19218 19219 19220 19221 19222 19223 19224 19225 19226 19227 19228 19229 19230 19231 [19232] 19233 19234 19235 19236 19237 19238 19239 19240 19241 19242 19243 19244 19245 19246 19247 19248 19249 19250 19251 19252 19253 19254 19255 19256 19257 19258 19259 19260 19261 19262 19263 19264 19265 19266 19267 19268 19269 19270 19271 19272 19273 19274 19275 19276 19277 19278 19279 19280 19281 19282 ... 24602 »
  Print  
Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21292033 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (102 posts by 19 users deleted.)
bones261
Legendary
*
Online Online

Activity: 1624
Merit: 1661


KnowNoBorders.io


View Profile
January 21, 2018, 03:50:11 AM

Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button.  Cry This sucks. Should I just suck it up, sell 0.2BTC and transfer to my bank and be done with it? I despise giving the US government any more money.

Why?  Did TurboTax peek into your wallet file?

I input the data into Turbotax to see the damage if I decide to be on the up and up. Also, I have used Coinbase to transfer funds directly to my bank. The only reason that I am considering reporting my capital gains, is the IRS is relentless. I could try to be sly about this whole thing, but if the IRS catches a whiff of this without me even trying to report something, I'm sure they will bend me over with no lube. I'm sure they will find ways to turn the 2 grand to a whole lot more. I really don't want them to garnish, levy and attach the shirt off my back. Furthermore, they could pursue me criminally as well. It may be a pittance, but you never know when the US federal government wants to pick you to be made an example of.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Bloomie
Newbie
*
Offline Offline

Activity: 84
Merit: 0


View Profile
January 21, 2018, 03:54:17 AM

Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button.  Cry This sucks. Should I just suck it up, sell 0.2BTC and transfer to my bank and be done with it? I despise giving the US government any more money.

Why?  Did TurboTax peek into your wallet file?

I input the data into Turbotax to see the damage if I decide to be on the up and up. Also, I have used Coinbase to transfer funds directly to my bank. The only reason that I am considering reporting my capital gains, is the IRS is relentless. I could try to be sly about this whole thing, but if the IRS catches a whiff of this without me even trying to report something, I'm sure they will bend me over with no lube. I'm sure they will find ways to turn the 2 grand to a whole lot more. I really don't want them to garnish, levy and attach the shirt off my back. Furthermore, they could pursue me criminally as well. It may be a pittance, but you never know when the US federal government wants to pick you to be made an example of.

Gotta pay those taxes bro, sorry.
yefi
Legendary
*
Offline Offline

Activity: 2100
Merit: 1161



View Profile
January 21, 2018, 04:01:28 AM

There's going to be a massive divide in society between the impoverished plantainians and the wealthy bananites. Cities will crumble before it is over.
bones261
Legendary
*
Online Online

Activity: 1624
Merit: 1661


KnowNoBorders.io


View Profile
January 21, 2018, 04:15:27 AM

I suppose that I could redo the Schedule d and do LIFO instead of FIFO, and save. However, from what I have read so far from surfing the net is that LIFO is not recommended. Should I stick with the FIFO?
TERA2
Full Member
***
Offline Offline

Activity: 266
Merit: 222


Deb Rah Von Doom


View Profile
January 21, 2018, 04:16:07 AM

How exactly do you guys deal with taxes if youve made 1000 trades this year and each trade has dozens of people who traded against your trade and you have complex interactions between altcoins and different exchanges. Do you just kind of estimate how much profit you made based on your account balances? That worked for me in 2013-2016 and I've never been audited but I was once audited for a $1500 Health Savings Account  I didnt report...
bitserve
Hero Member
*****
Offline Offline

Activity: 910
Merit: 765


HODL.


View Profile
January 21, 2018, 04:20:29 AM

How exactly do you guys deal with taxes if youve made 1000 trades this year and each trade has dozens of people who traded against your trade and you have complex interactions between altcoins and different exchanges. Do you just kind of estimate how much profit you made based on your account balances? That worked for me in 2013-2016 and I've never been audited but I was once audited for a $1500 Health Savings Account  I didnt report...

https://bitcoin.tax/

It supports the report format of most major exchanges.
Dabs
Staff
Legendary
*
Offline Offline

Activity: 2394
Merit: 1152


The Concierge of Crypto


View Profile
January 21, 2018, 04:20:54 AM

I can't count, nor did I document, the tens of thousands of trades I personally did, or the hundred thousand trades some of my bots did, or the million rolls of dice I did (do those count as losses?).

I did use a bunch of different accounts on different exchanges, some of them went Gox and BTC-e ... the others are doing fine. I managed to get some of them verified for liquidity purposes, so I can move more crypto.

But then again, I'm not a US citizen ... I pay my regular taxes from my regular job, that is, when I used to have one. I might get a new gig as a "blockchain consultant" ... that'll be treated differently.
bitserve
Hero Member
*****
Offline Offline

Activity: 910
Merit: 765


HODL.


View Profile
January 21, 2018, 04:25:50 AM

I can't count, nor did I document, the tens of thousands of trades I personally did, or the hundred thousand trades some of my bots did, or the million rolls of dice I did (do those count as losses?).

I did use a bunch of different accounts on different exchanges, some of them went Gox and BTC-e ... the others are doing fine. I managed to get some of them verified for liquidity purposes, so I can move more crypto.

But then again, I'm not a US citizen ... I pay my regular taxes from my regular job, that is, when I used to have one. I might get a new gig as a "blockchain consultant" ... that'll be treated differently.

You dont need to keep track... the exchanges do for you and give you a nice detailed report of every single trade in csv.

For exchanges that doesnt exist anymore... well, they should believe your word if what you report is consistent. Problem would be if they were able to obtain the reports and it didnt match yours.

The most important thing is that EVERY bank transfer is perfectly matched in whatever you report. Of course in a proper audit that would be nowhere good enough if they were to obtain contradictory data from the exchanges.
TERA2
Full Member
***
Offline Offline

Activity: 266
Merit: 222


Deb Rah Von Doom


View Profile
January 21, 2018, 04:30:20 AM

The exchanges do not do very good (if any) reports at all and I've used various paid tools/sites to import the data and they were all completely wrong with errors. They cant keep up with margin vs exchange wallet, altcoins, deposits/withdrawals, etc.
CinemaAI
Newbie
*
Offline Offline

Activity: 41
Merit: 0


View Profile
January 21, 2018, 04:32:57 AM

How exactly do you guys deal with taxes if youve made 1000 trades this year and each trade has dozens of people who traded against your trade and you have complex interactions between altcoins and different exchanges. Do you just kind of estimate how much profit you made based on your account balances? That worked for me in 2013-2016 and I've never been audited but I was once audited for a $1500 Health Savings Account  I didnt report...

Estimates are fine, until you get audited. Then the burden of proof is on you, not the IRS (or whatever tax authority you are under).
bitserve
Hero Member
*****
Offline Offline

Activity: 910
Merit: 765


HODL.


View Profile
January 21, 2018, 04:34:27 AM

The exchanges do not do very good (if any) reports at all and I've used various paid tools/sites to import the data and they were all completely wrong with errors.

Well, in an audit the most they will be able to get are exchanges reports and bank reports. If the exchange report is incomplete thats ok as soon as it is consistent with your bank transfers. If you are not able to get more detailed information from the exchange the tax agency most probably wont either.

What sort of errors? Some manual tuning might be necessary, like choosing LIFO/FIFO/etc and stuff like that.
bones261
Legendary
*
Online Online

Activity: 1624
Merit: 1661


KnowNoBorders.io


View Profile
January 21, 2018, 04:38:30 AM

The exchanges do not do very good (if any) reports at all and I've used various paid tools/sites to import the data and they were all completely wrong with errors. They cant keep up with margin vs exchange wallet, altcoins, deposits/withdrawals, etc.

I used https://bitcoin.tax/ and did the best that I could. Is it perfect? Nope. At least I tried.
BRPINDIA
Member
**
Offline Offline

Activity: 63
Merit: 10


View Profile
January 21, 2018, 04:39:56 AM

Banana fucking coin. Give me a viking coin or a spartan coin, it would make as much sense. Might even buy a bit because vikings and spartans. Fuck.

BananaCash the the real bitcoin !  Roll Eyes  *trust me*
Ha ha ha ..
realr0ach
Sr. Member
****
Online Online

Activity: 714
Merit: 296


#TheGoyimKnow


View Profile
January 21, 2018, 04:58:36 AM

teh crash

On the next dump, I would like everyone to run around the room like this and yell "BITCONNNNEEEEEEEEHHHHHH"

http://www.youtube.com/watch?v=9wlDhciUDD0
HairyMaclairy
Hero Member
*****
Offline Offline

Activity: 896
Merit: 1451


Degenerate bull hatter & Bitcoin monotheist


View Profile
January 21, 2018, 05:09:50 AM

Ahh there’s the weekend dump. 
jojo69
Legendary
*
Offline Offline

Activity: 1442
Merit: 1796


no FOMO


View Profile
January 21, 2018, 05:14:13 AM

no man, they abandoned the potassium proofs

bananacash classic it where it's at
RoomBot
Legendary
*
Offline Offline

Activity: 1526
Merit: 1096



View Profile
January 21, 2018, 05:30:48 AM

I’m not here to shill so I will only say it once - but this is coming from someone who correctly called Dentacoin and Mediblocks.

Telcoin on Kucoin is shaping up as a nice shitcoin. Cheap, is rising nicely and still deep in the ranks at 137 on CMC. Lots of headroom just don’t be greedy.  

Please let me know if this sort of commentary is unwanted and I won’t mention other things I find.

Awesome contribution, but not for here.  Please start a new thread & share the link.

BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC
bitserve
Hero Member
*****
Offline Offline

Activity: 910
Merit: 765


HODL.


View Profile
January 21, 2018, 05:31:20 AM

Ahh there’s the weekend dump. 

A dump? This is not even a fart.
Dabs
Staff
Legendary
*
Offline Offline

Activity: 2394
Merit: 1152


The Concierge of Crypto


View Profile
January 21, 2018, 05:40:34 AM

You dont need to keep track... the exchanges do for you and give you a nice detailed report of every single trade in csv.

I actually don't keep track at all, particularly for the crypto-crypto only exchanges. The unverified ones I used pseudo-anonymous gmail accounts created from free wifi on a coffee shop one city away while wearing a baseball cap. After getting 2FA set up, they are never again accessed from anywhere else but through tor.

For the exchanges where I cash out to fiat, some of them don't require verification at all (I guess because they do have my bank account info already). The ones that require verification, I just borrow someone else's ID. Sometimes I make them up using mad photoshop skillz, and they seem to work too.

As far as the government and the tax authorities are concerned, I'm a normal person paying normal taxes. They have other bigger fish to catch and fry. I'm also a part of the government, so maybe that helps that no one bothers me otherwise, fringe benefits and all that.
TERA2
Full Member
***
Offline Offline

Activity: 266
Merit: 222


Deb Rah Von Doom


View Profile
January 21, 2018, 05:41:05 AM

but, but, bitcoin is not allowed to fall or retrace ever, only rise in a perpetual staircase pattern.
Pages: « 1 ... 19182 19183 19184 19185 19186 19187 19188 19189 19190 19191 19192 19193 19194 19195 19196 19197 19198 19199 19200 19201 19202 19203 19204 19205 19206 19207 19208 19209 19210 19211 19212 19213 19214 19215 19216 19217 19218 19219 19220 19221 19222 19223 19224 19225 19226 19227 19228 19229 19230 19231 [19232] 19233 19234 19235 19236 19237 19238 19239 19240 19241 19242 19243 19244 19245 19246 19247 19248 19249 19250 19251 19252 19253 19254 19255 19256 19257 19258 19259 19260 19261 19262 19263 19264 19265 19266 19267 19268 19269 19270 19271 19272 19273 19274 19275 19276 19277 19278 19279 19280 19281 19282 ... 24602 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!