infofront (OP)
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Merit: 2793
Shitcoin Minimalist
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November 30, 2017, 09:44:01 PM |
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The law in the US is a bit fucked up, but basically bitcoin is treated like an equity, such as a stock, for tax purposes.
You don't pay taxes until you sell BTC for fiat currency, or trade it for hard assets, like lambos and mansions.
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BTCMILLIONAIRE
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November 30, 2017, 09:46:32 PM |
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Are closed altcoin profits in btc a realized gain? That wouldn't be fair because if I hold them indefinitely they will inevitably be worth 0 and uncle Sam isn't going to reimburse me.
If you trade any of your cryptos for crypto, fiat, or even goods, you're creating a taxable event on which you get a tax break in the case of losses [...] Wait, are you sure about this? so if my commodities depreciate I get to pay less taxes? I'm completely ignorant about US tax law Keep in mind that I am basically ignorant about the US tax code as well. But generally if you close positions at a loss it's benefitial to you from a tax perspective (tax deducible). You could game that too with a sufficiently diversified portfolio by kicking out your losers and thus keeping more of your (realized) profits. It's not lucrative enough to specifically target shitty investments though.
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BTCMILLIONAIRE
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November 30, 2017, 09:47:48 PM |
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The law in the US is a bit fucked up, but basically bitcoin is treated like an equity, such as a stock, for tax purposes.
You don't pay taxes until you sell BTC for fiat currency, or trade it for hard assets, like lambos and mansions.
Does that include altcoins as well? And what would happen if you bought stocks with Bitcoins?
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gentlemand
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Activity: 2590
Merit: 3014
Welt Am Draht
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November 30, 2017, 09:47:52 PM |
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The law in the US is a bit fucked up, but basically bitcoin is treated like an equity, such as a stock, for tax purposes.
You don't pay taxes until you sell BTC for fiat currency, or trade it for hard assets, like lambos and mansions.
I've often seen accountant types reckon that trading a crypto for another crypto is realising a gain and thus taxable. As it's not possible to trade a share for another share, you have to turn it into USD first, there's not much of a precedent elsewhere so I've never been too sure about this.
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404Revolution
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Not Found
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November 30, 2017, 09:51:31 PM |
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I bought my first Bitcoin at $11,000 yesterday what should I am be doing? When global collapse and me be upperclass smart aristocrat now? Thanks!
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jojo69
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diamond-handed zealot
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November 30, 2017, 09:52:45 PM |
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OMG. Apparently every time you move a BTC off Coinbase to your wallet, that counts as a sell event.
God Fucking Damnit !
right? these dinosaur nation states are so far behind the technology it really is laughable, just keep it in crypto and wait them out, this empire is near it's sell by date
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julian071
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November 30, 2017, 09:56:45 PM |
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OMG. Apparently every time you move a BTC off Coinbase to your wallet, that counts as a sell event.
God Fucking Damnit !
right? these dinosaur nation states are so far behind the technology it really is laughable, just keep it in crypto and wait them out, this empire is near it's sell by date Just move to Amsterdam. No taxes on gains whatsoever, only 1.2% on the value of what you own at the end of the year. Buy me a beer when you do Bob.
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vortex1878
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November 30, 2017, 09:57:12 PM |
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I bought my first Bitcoin at $11,000 yesterday what should I am be doing? When global collapse and me be upperclass smart aristocrat now? Thanks!
Learn English. Then post. Thanks. Edit: Fuck off, you paid BCH sockpuppet!
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InvoKing
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Merit: 1065
✋(▀Ĺ̯ ▀-͠ )
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November 30, 2017, 10:03:03 PM |
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I bought my first Bitcoin at $11,000 yesterday what should I am be doing? When global collapse and me be upperclass smart aristocrat now? Thanks!
Learn English. Then post. Thanks. This And also this
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infofront (OP)
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Activity: 2646
Merit: 2793
Shitcoin Minimalist
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November 30, 2017, 10:03:50 PM |
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The law in the US is a bit fucked up, but basically bitcoin is treated like an equity, such as a stock, for tax purposes.
You don't pay taxes until you sell BTC for fiat currency, or trade it for hard assets, like lambos and mansions.
Does that include altcoins as well? And what would happen if you bought stocks with Bitcoins? That includes altcoins too. I'm not sure if stocks can be bought directly with bitcoins, but I suspect it would be taxable. I've often seen accountant types reckon that trading a crypto for another crypto is realising a gain and thus taxable.
As it's not possible to trade a share for another share, you have to turn it into USD first, there's not much of a precedent elsewhere so I've never been too sure about this.
That's interesting. I would not have thought trading directly between cryptos would be a taxable event. That would be a real tax nightmare for many of us.
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Oinas
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Activity: 81
Merit: 10
I wasn't here
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November 30, 2017, 10:04:27 PM |
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Just move to Amsterdam. No taxes on gains whatsoever, only 1.2% on the value of what you own at the end of the year. Buy me a beer when you do Bob.
Could you share more info about this? Valid right away or need to live one year etc...?
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BTCMILLIONAIRE
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November 30, 2017, 10:04:58 PM |
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OMG. Apparently every time you move a BTC off Coinbase to your wallet, that counts as a sell event.
God Fucking Damnit !
right? these dinosaur nation states are so far behind the technology it really is laughable, just keep it in crypto and wait them out, this empire is near it's sell by date Just move to Amsterdam. No taxes on gains whatsoever, only 1.2% on the value of what you own at the end of the year. Buy me a beer when you do Bob. Are you serious? I've been looking for something like that. Canada with its 12.5% for the highest gainers was already very appealing to me, but the ridiculously strict immigration laws and the (at least apparent) amount of SJWs has been putting me off. Some US states looked appealing as well with around 20% for long-term hodls, but all the bullshitting with net neutrality and whatnot doesn't make that country very appealing either (I love the drama, but only from a distance..). What does immigration to the Netherlands look like and how easy is it to declare your net worth?
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vortex1878
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November 30, 2017, 10:06:50 PM |
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OMG. Apparently every time you move a BTC off Coinbase to your wallet, that counts as a sell event.
God Fucking Damnit !
right? these dinosaur nation states are so far behind the technology it really is laughable, just keep it in crypto and wait them out, this empire is near it's sell by date Just move to Amsterdam. No taxes on gains whatsoever, only 1.2% on the value of what you own at the end of the year. Buy me a beer when you do Bob. Are you serious? I've been looking for something like that. Canada with its 12.5% for the highest gainers was already very appealing to me, but the ridiculously strict immigration laws and the (at least apparent) amount of SJWs has been putting me off. Some US states looked appealing as well with around 20% for long-term hodls, but all the bullshitting with net neutrality and whatnot doesn't make that country very appealing either (I love the drama, but only from a distance..). What does immigration to the Netherlands look like and how easy is it to declare your net worth? Just come to Thailand and relax.
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mancroofer
Newbie
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Activity: 8
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November 30, 2017, 10:07:24 PM |
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OMG. Apparently every time you move a BTC off Coinbase to your wallet, that counts as a sell event.
God Fucking Damnit !
right? these dinosaur nation states are so far behind the technology it really is laughable, just keep it in crypto and wait them out, this empire is near it's sell by date How can this be classed as a sell event? Surely you don't actually own the bitcoin until you transfer them to your own wallet in which you hold the private keys or its just like moving from a bank account to a savings account
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404Revolution
Full Member
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Activity: 252
Merit: 107
Not Found
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November 30, 2017, 10:10:00 PM |
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I bought my first Bitcoin at $11,000 yesterday what should I am be doing? When global collapse and me be upperclass smart aristocrat now? Thanks!
Learn English. Then post. Thanks. Edit: Fuck off, you paid BCH sockpuppet! Actually I'm very much not a paid BCH sockpuppet although I do have a BCH address if you would like to pay me to post whatever I want whenever I get around to it. The only side I suspect of hiring shills is blockstream coreporation because helplessly complex and futile solutions seems to be their forte. Its tough to say though because they have so many people fooled.
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600watt
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Activity: 2338
Merit: 2106
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November 30, 2017, 10:17:29 PM |
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I bought my first Bitcoin at $11,000 yesterday what should I am be doing? When global collapse and me be upperclass smart aristocrat now? Thanks!
I bought my first coins on a bubble that collapsed from $30 to $2 within 6 or seven months. and I did not have this forum. edit
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gembitz
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November 30, 2017, 10:18:43 PM |
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$10,000 is not going anywhere ~$100,000 closeeeee(summer 2018)
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julian071
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November 30, 2017, 10:23:59 PM |
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OMG. Apparently every time you move a BTC off Coinbase to your wallet, that counts as a sell event.
God Fucking Damnit !
right? these dinosaur nation states are so far behind the technology it really is laughable, just keep it in crypto and wait them out, this empire is near it's sell by date Just move to Amsterdam. No taxes on gains whatsoever, only 1.2% on the value of what you own at the end of the year. Buy me a beer when you do Bob. Are you serious? I've been looking for something like that. Canada with its 12.5% for the highest gainers was already very appealing to me, but the ridiculously strict immigration laws and the (at least apparent) amount of SJWs has been putting me off. Some US states looked appealing as well with around 20% for long-term hodls, but all the bullshitting with net neutrality and whatnot doesn't make that country very appealing either (I love the drama, but only from a distance..). What does immigration to the Netherlands look like and how easy is it to declare your net worth? I am serious. However immigrating is not that easy, even though Holland is very welcoming. Most importantly, the country you move from will generally want to settle all outstanding stuff including e.g. pensions in one full swoop. How that would work out you would have to check locally. As I understand, in Belgium you actually pay exactly 0%. Plus it has better food and wine. However Holland is slightly more internationally orientated and better organised. Whether you like the culture more is a question of taste. The Belgians are more polite, the Dutch are more straight forward and open minded. Edit: sorry, to answer your question, or rather not answer it, I don't know how the procedure works. Of course, bringing a lot of money with you makes things easier. Declaring your net worth seems a question of just doing so I presume. Edit2: looks easy: https://www.wikihow.com/Move-to-the-Netherlands
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BitcoinBunny
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Far, Far, Far Right Thug
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November 30, 2017, 10:25:58 PM |
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I bought my first Bitcoin at $11,000 yesterday what should I am be doing? When global collapse and me be upperclass smart aristocrat now? Thanks!
You not good weekend say buy tomorrow. In the rope with the collar for hard work when the BTC fathom. Smartyparts downward dog aristocrat no good deed. Collapse in the middle good well. So ok?
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