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

[Rosewater Foundation]

[pfrtlpfmpf]

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.

So, basically, i need 2 professions. One that makes me money, and one that helps me to avoid loosing everything from the first one. In a nutshell.
And when i have some time left over, i get to attend to my life. You americans are really fucked. I feel sorry for you !

 Yup!  America: The Land of Productivity.
"The Family and Medical Leave Act of 1993 (FMLA) requires 12 weeks of unpaid leave annually for mothers of newborn or newly adopted children. This is one of the lowest levels of leave in the industrialized world."
~ Wikipedia

There, that´s it. WTF ?
I´m going kitesurfing. Leckt mich am A . . . !

[JayJuanGee]

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 and a tax bill in the case of gains. Doesn't really matter if it's Bitcoin, an altcoins or any other asset.

Apparently there are like-kind exchanges in the US which allow tax deferals, but I'm not at all familiar with how those work. If you could just flip BTCs and alts and defer taxes indefinitely that would be a pretty major thing.

I don't see how moving BTC to another wallet creates a tax event.

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.

EXACTAMENTE!!!!!!

[JayJuanGee]

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!

Sell when the price goes exactly to $5,500.  Otherwise HODL until the price goes to $22K, and then sell 10% (which would be .1BTC at $22k).

[gembitz]

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!

Sell when the price goes exactly to $5,500.  Otherwise HODL until the price goes to $22K, and then sell 10% (which would be .1BTC at $22k).

that's what i said at $150 :-D weeeee lel

[lightfoot]

Yeah it's like nothing happened. Boring bitcoin.

Regarding taxes: If it's a taxable event every time a bitcoin moves from one wallet address to another then we're all screwed. I doubt it as that would be similar to saying moving a gold coin from my vault to the bank vault is a taxable event. I run under the following guidelines:

1) If I mine a bitcoin I owe taxes (income) on the value of that bitcoin at the moment it is mined/transferred to my wallet. That is income, gets reported, and that value is the base value of the coin for C&G profit and loss.

2) If I receive a coin as payment, I owe taxes (income) on the value of that transaction at the moment it is done. There is a little wiggle room if I quote a bitcoin price and it changes slightly between quote and payment but I use that as the base value.

3) If I use shapeshift to move between bitcoin and litecoin (I use Litecoin for AR and Bitcoin for AP) I do not mark it as a taxable event however I do have to recompute the basis value of the resulting bitcoin based on the profit or loss of the litecoin to the bitcoin (for example if I get litecoin at 50 and transfer it to bitcoin at 100% then that bitcoin has to include the imputed profit I made from the litecoin when I go to sell that bitcoin. That amps up the CG taxes quite a bit as it's STCG).

Note: If I used an exchange that transferred the coin to money first then that would be a taxable event IMO. With SS there is never fiat being created or destroyed.

4) If I sell bitcoin for cash or trade for (miners, parts, overstock towels, etc) I have to pay the capital gain or loss at the time I make the sale based on the LIFO accounting/accrual method. Even if it goes into buying stuff for the company, I need to keep an eye on that accrual. This is why I sell the newest coins first, to keep this paperwork to a sane level.

It's probably not perfect but it is the best faith solution I can come up with. So far the IRS response has been "Man, you're paying taxes on this stuff? Good for you!"

Do the best you can with what you have.

[sirazimuth]

[lightfoot]

Note: I'm still thinking about the stupid BCH airdrop. Is that a taxable event when you claim it, or can you add the value to the basis value of the bitcoin you convert it into then pay the taxes when you cash the bitcoin for fiat or other valuable prizes?

[bitcoinPsycho]

Note: I'm still thinking about the stupid BCH airdrop. Is that a taxable event when you claim it, or can you add the value to the basis value of the bitcoin you convert it into then pay the taxes when you cash the bitcoin for fiat or other valuable prizes?

hide it

[gembitz]

"invest"    bwaahaha

[Rosewater Foundation]

Yeah, I really wish the world would stop talking about us.

[lightfoot]

Note: I'm still thinking about the stupid BCH airdrop. Is that a taxable event when you claim it, or can you add the value to the basis value of the bitcoin you convert it into then pay the taxes when you cash the bitcoin for fiat or other valuable prizes?

hide it

Impossible. The simplest review will show your account had coins in it before the split, and a simple check of the BCH chain will show where those coins went. If you're in control of those coins, well where did they go?

Remember, it's not waterboarding if you use diesel.

[babanana]

D@MN !  BTC shot up from @9.800 to 10,400 in < 20 mins~!

Back down to $10,200



GO BTC GO!

Shaking and baking. They are shaking holders to sell at this level.  Be careful and hold. Don't mind the figures.
I advise everyone to hold. HODL.

[gembitz]

D@MN !  BTC shot up from @9.800 to 10,400 in < 20 mins~!

Back down to $10,200



GO BTC GO!

Shaking and baking. They are shaking holders to sell at this level.  Be careful and hold. Don't mind the figures.
I advise everyone to hold. HODL.

stop selling at the top! :\ hodl foreverrrrrrrr

[BTCMILLIONAIRE]

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 and a tax bill in the case of gains. Doesn't really matter if it's Bitcoin, an altcoins or any other asset.

Apparently there are like-kind exchanges in the US which allow tax deferals, but I'm not at all familiar with how those work. If you could just flip BTCs and alts and defer taxes indefinitely that would be a pretty major thing.

I don't see how moving BTC to another wallet creates a tax event.

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.

Moving it to another wallet doesn't, at least not where I live. In the US and in the special case of Coinbase this seems to be a different story though...

Edit: I gave up fixing this posts formatting. The bold is my response.

[gembitz]

QUESTION ==>

WHY DOES https://bitcoinwisdom.com/ NOT REMOVE DEAD TICKERS? :\

[Arriemoller]

Stiglitz gives the Noble price such a bad name. Not only because of these dinosaur remarks on Bitcoin but als his quest to abolish cash. The man sounds like a total aparatsjik.

The Swiss National Bank gave the Nobel prize a bad name, I think is the truth. If he weren't a skeleton, poor old Alfred would be turning in his grave.

Some guy on Reddit lost a bet that BTC wouldn't hit $10K and said he would eat his left nut...

Apparently he did it

https://www.reddit.com/r/Bitcoin/comments/7gjdah/me_calaber24p_eating_my_left_nut/

Too scared to watch...

It's a rickroll. Who'd cut off their ball for a bet?

What does the Swiss national bank have to do with the Swedish Nobel prize?

[rolling]

QUESTION ==>

WHY DOES https://bitcoinwisdom.com/ NOT REMOVE DEAD TICKERS? :\

They obviously don't make any money from the site so they have abandoned it.

[lightfoot]

Maybe but it's still a really good site. Maybe we can throw money at them to fix it up.

[UltraMegaSick]

Price about to reach again it's best price ? Going up to 11k