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HanvanBitcoin
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August 18, 2017, 08:00:26 PM |
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Looks like i failed to buy the dip  |
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Torque
Legendary
Activity: 3822
Merit: 5504
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August 18, 2017, 08:01:17 PM |
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I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications.
Do you think that if you traded your BCH for BTC... and your BTC would appreciate more each year than the interest on your loan.... ? Some rhetoric in there.  |
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infofront (OP)
Legendary
Activity: 2688
Merit: 3125
Shitcoin Minimalist
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August 18, 2017, 08:02:56 PM |
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I've just come here to say I am in love with Salma Hayek
yes that is a good point! i feel many in this community would like to spend from 1 minute with her up to all life  Does she accept BCH? |
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rolling
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August 18, 2017, 08:03:29 PM |
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Has anyone considered the tax implications of now involuntarily owning BCH?
I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications. I'm thinking they will treat it as if you mined it on the day the chain split. In other words, you will owe capital gains on the value of BCH the day it was created whether you cash it out or not. |
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JimboToronto
Legendary
Activity: 4690
Merit: 6169
You're never too old to think young.
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August 18, 2017, 08:05:24 PM |
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I've just come here to say I am in love with Salma Hayek
yes that is a good point! i feel many in this community would like to spend from 1 minute with her up to all life Not bad for a 50-year-old MILF.  |
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jbreher
Legendary
Activity: 3122
Merit: 1767
lose: unfind ... loose: untight
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August 18, 2017, 08:06:21 PM |
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I understand that miners mine for profit but what about idealism?
Plenty of idealism in the Bitcoin Cash camp. Both users and miners. How else can you explain the chain being extended through the dark days of loss-inducing mining relative to mining core? |
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xyzzy099
Legendary
Activity: 1068
Merit: 1109
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August 18, 2017, 08:06:41 PM |
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Has anyone considered the tax implications of now involuntarily owning BCH?
I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications. I'm thinking they will treat it as if you mined it on the day the chain split. In other words, you will owe capital gains on the value of BCH the day it was created whether you cash it out or not. Pretty sure mined coins are taxed as regular income - not at the capital gains rate. |
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Higher Altitude
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August 18, 2017, 08:07:09 PM |
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Looks like i failed to buy the dip It was just a warm-up stretch for a new ATH  |
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rolling
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August 18, 2017, 08:09:27 PM |
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Has anyone considered the tax implications of now involuntarily owning BCH?
I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications. I'm thinking they will treat it as if you mined it on the day the chain split. In other words, you will owe capital gains on the value of BCH the day it was created whether you cash it out or not. Pretty sure mined coins are taxed as regular income - not at the capital gains rate. Good point, not like mining then but still capital gains. |
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aesma
Legendary
Activity: 2963
Merit: 1087
fly or die
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August 18, 2017, 08:09:37 PM |
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I've just come here to say I am in love with Salma Hayek
yes that is a good point! i feel many in this community would like to spend from 1 minute with her up to all life Does she accept BCH? She's married to a billionaire. |
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jojo69
Legendary
Activity: 3626
Merit: 5300
diamond-handed zealot
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August 18, 2017, 08:11:55 PM |
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I've just come here to say I am in love with Salma Hayek
I do like some T&A with my TA, 'tis true |
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xyzzy099
Legendary
Activity: 1068
Merit: 1109
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August 18, 2017, 08:12:14 PM |
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Has anyone considered the tax implications of now involuntarily owning BCH?
I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications. I'm thinking they will treat it as if you mined it on the day the chain split. In other words, you will owe capital gains on the value of BCH the day it was created whether you cash it out or not. Pretty sure mined coins are taxed as regular income - not at the capital gains rate. Good point, not like mining then but still capital gains. I would imagine that coins "created" in any way at all would be considered exactly the same as mined coins, and taxed as normal income. IANAL, that's just my best guess. |
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aesma
Legendary
Activity: 2963
Merit: 1087
fly or die
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August 18, 2017, 08:12:48 PM |
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In France the taxman doesn't care about tokens. Only when converted into fiat do you need to declare the money, then it's taken as regular income. Meaning there is no way to deduct what you have spent to get the coins, so it's not practical. I'm considering opening a fake company to go around that problem.
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bitserve
Legendary
Activity: 2072
Merit: 1772
Self made HODLER ✓
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August 18, 2017, 08:14:47 PM |
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Has anyone considered the tax implications of now involuntarily owning BCH?
None until you sell. |
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Torque
Legendary
Activity: 3822
Merit: 5504
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August 18, 2017, 08:15:06 PM |
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I've just come here to say I am in love with Salma Hayek
yes that is a good point! i feel many in this community would like to spend from 1 minute with her up to all life Does she accept BCH? She's married to a billionaire. Hence the reason she is always smiling in photos. Although her daughter has passed the age of 7 now, so pretty soon she'll file for divorce and take half his shit. |
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bitserve
Legendary
Activity: 2072
Merit: 1772
Self made HODLER ✓
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August 18, 2017, 08:18:54 PM |
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Has anyone considered the tax implications of now involuntarily owning BCH?
I'm trying to work that out with my accountant now. Wanted to dump all my BCH to pay off a mortgage and he's trying to wrap his head around the cost-basis and tax implications. I would say it's an extraordinary profit, and as such the cost is 0. You can argue otherwise -that it is part of your previously bought BTC- but I would avoid that complexity altogether. You pay a 100% capital gains on whatever you get from it. |
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rolling
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August 18, 2017, 08:20:26 PM |
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Has anyone considered the tax implications of now involuntarily owning BCH?
None until you sell. In the US, you owe taxes on the value when you receive it and then again if there are gains when you sell it. |
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Lauda
Legendary
Activity: 2674
Merit: 3006
Terminated.
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August 18, 2017, 08:20:55 PM |
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You pay a 100% capital gains on whatever you get from it.
Move to the Cayman islands and you pay 0% capital gains on it. I don't see why anyone would want to cash out anywhere else, or cash out at all for that matter. Just spend the coins.
Next time I take a look at bitcoinity, it better be back up to 43xx. |
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bitserve
Legendary
Activity: 2072
Merit: 1772
Self made HODLER ✓
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August 18, 2017, 08:21:25 PM |
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I understand that miners mine for profit but what about idealism?
Plenty of idealism in the Bitcoin Cash camp. Both users and miners. How else can you explain the chain being extended through the dark days of loss-inducing mining relative to mining core? Hey Jbreher, do you still own most of your stash in BTC? Do you really think this is good for your economical interests? |
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bitserve
Legendary
Activity: 2072
Merit: 1772
Self made HODLER ✓
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August 18, 2017, 08:25:17 PM |
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You pay a 100% capital gains on whatever you get from it.
Move to the Cayman islands and you pay 0% capital gains on it. I don't see why anyone would want to cash out anywhere else, or cash out at all for that matter. Just spend the coins.
Next time I take a look at bitcoinity, it better be back up to 43xx. Do you realise that "spending" the coins is a taxable event? Or are you just counting on they never figuring it out you did? |
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