TERA2
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Activity: 266
Merit: 222
Deb Rah Von Doom
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January 21, 2018, 03:20:55 AM |
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Why do we need a different coin for each investment fund in each industry? We already have bitcoin/etc which is already capable of doing this. Cant we just build a kickstarter app on top of bitcoin?
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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Ibian
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Activity: 2268
Merit: 1278
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January 21, 2018, 03:25:27 AM |
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Is that a double morningstar on the daily chart? Uber-bullish sign. Hodl on!
If nothing else, terms like that is why nobody takes chartstrology seriously. Does "double" mean "two small central candles"? Chartstrology, indeed. I notice a couple doujis 18-24 days ago. Both inconsequential, right? (Correct me if I'm wrong, really. This far I worked it out by reading. The next, I just made up.) In case I worked it out right, how could an expert explain this small failure of TA? Prolly sumthin like the 8/13 Fibonacci in the second house... oops, wave, eh?  EDIT Oops sorry guys. Only after I replied did I read xhomerx10 reveal he made it up first. Chapeau. Yeah but you never really know, do you? I mean, there are "legit" quote unquote terms like the ichimoku cloud, which just makes me think of indians getting high in shrooms. |
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bones261
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Activity: 1806
Merit: 1826
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January 21, 2018, 03:26:30 AM |
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Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button.  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. |
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Ibian
Legendary
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Activity: 2268
Merit: 1278
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January 21, 2018, 03:26:48 AM |
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Why do we need a different coin for each investment fund in each industry? We already have bitcoin/etc which is already capable of doing this. Cant we just build a kickstarter app on top of bitcoin?
WE NEED SPARTAN COIN. TO DEFEND AGAINST THE BANKING CARTEL. WE NEED IT NOW. |
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DPoS2
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Activity: 189
Merit: 11
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January 21, 2018, 03:34:42 AM |
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Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button. 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? |
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yefi
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Activity: 2842
Merit: 1510
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January 21, 2018, 03:41:48 AM |
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lulz. YOU'D BE BANANAS NOT TO GO FOR THIS !!!  I better start hoarding real-life bananas, as the price will explode now. Droves will complain that their favourite fruit has become unaffordable. Tough shit I say, eat plantains! |
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Rosewater Foundation
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January 21, 2018, 03:49:12 AM |
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The Droves: I'd to sell my body for a banana coins, but transaction fees are too high.
Plantains: WTF is wrong with y'all? Just use Plaintain coins!
The Droves: Why are banana coins keep cost more??
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bones261
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Activity: 1806
Merit: 1826
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January 21, 2018, 03:50:11 AM |
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Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button. 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. |
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Bloomie
Newbie
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Activity: 84
Merit: 0
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January 21, 2018, 03:54:17 AM |
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Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button. 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. |
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yefi
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Activity: 2842
Merit: 1510
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January 21, 2018, 04:01:28 AM |
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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.
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bones261
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Activity: 1806
Merit: 1826
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January 21, 2018, 04:15:27 AM |
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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?
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TERA2
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Activity: 266
Merit: 222
Deb Rah Von Doom
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January 21, 2018, 04:16:07 AM |
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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...
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bitserve
Legendary
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Activity: 1820
Merit: 1464
Self made HODLER ✓
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January 21, 2018, 04:20:29 AM |
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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. |
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Dabs
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Activity: 3416
Merit: 1912
The Concierge of Crypto
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January 21, 2018, 04:20:54 AM |
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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.
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bitserve
Legendary
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Activity: 1820
Merit: 1464
Self made HODLER ✓
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January 21, 2018, 04:25:50 AM |
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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. |
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TERA2
Full Member
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Activity: 266
Merit: 222
Deb Rah Von Doom
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January 21, 2018, 04:30:20 AM |
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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.
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CinemaAI
Newbie
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Activity: 40
Merit: 0
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January 21, 2018, 04:32:57 AM |
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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). |
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bitserve
Legendary
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Activity: 1820
Merit: 1464
Self made HODLER ✓
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January 21, 2018, 04:34:27 AM |
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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. |
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bones261
Legendary
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Activity: 1806
Merit: 1826
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January 21, 2018, 04:38:30 AM |
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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. |
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