Trump just killed Rule 1031 all BTC trades now taxable

[1bitcoinsnet]

you move 1 mil in btc into 1 mil in eth, the irs wants 20% NOW on the gains

Quite probably a very stupid question but where is the actual gain? Your initial dollar Bitcoin buy in versus the Bitcoin value at the time of the ETH swap? Is it all dollar denominated?

actually that was very bright, miners can claim not 'investment' since no buy, just work from assets

so their coin has no clear investment

but other than miners everyone else traded or bought with fiat

so you're a drug czar and traded coke for coin

how much did the coke cost

haha

oh, you bought 5 buck coin from mt gox and cold storaged it before the hacks

so you had very minor cost

but literally the irs is now saying as soon as btc moves from btc into anything pay them 20% on gain

so miners, how do you cost out your gain? good question, it could be the work is not an investment no cash or fiat to get it

so they could challenge first trade rule

but everyone else, how did you get your btc

you bought in on exchange you know the cost

you traded, well what did you trade for

so non fiat buys you can say you traded whatever and put huge value on it and low gains if any, you could take losses all day

I traded my 52 mint mantle worth 100k for 50k of coin, so I lost 50K so now the 90K I got is a 10K loss

so miners and real traders can play games

but if you took fiat into btc, they know the cost

and most with profits are in really cheap

but think what this does to traders

you have huge numbers in btc now with a few coins

you want to test eth and ltc or xrp

you do it after the end of this year, instantly the trade is taxable

so don't use gdax and coinbase or winkies gemini or the vegas exchange

this law just pushed crypto exchanges all outside the usa

in a year or two you won't have one usa based exchange due to this

great move donald you just killed off any hope of the usa having crypto exchanges

the game now is trading btc into ico's and taking some profits to the moon with new ico's

you want to hodl btc forever, okay, good luck, the next 3 years is all ico plays

and the hope of coinbase being a legit ipo is over

1031 has killed any usa based exchange

so if you got coins and cash MOVE IT NOW

coinbase will have problems soon paying people

as it is they limit accounts to a lousy 50k fiat exit a week, expect it to go down to 5k now

haha

anyway, that is what the end of 1031 means, it means usa exchanges can no longer compete with foreign exchanges

if you are a us citizen and want to pay gains on the btc you got cheap, go ahead, sure exit into fiat is fair 20%

but when you're talking about moving into other coins, that's just wrong

Bittrex (based in the US) will be dead once this new law takes effect.
Every Crypto Trade being a taxable event is pure madness.  
Prices at the times of trades are not always the same as the cash out price.


╥Aztek

Yep I doubt any USA exchanges will see 2019

Bye bye
coinbase
gemini
bittrex

no way will any traders with big wallets that had cheap coins do one trade now at a usa exchange

donald the moron killed usa based crypto exchanges with this ending of 1031

wow I'm amazed they let that moron do this

incredible

I can see it crushing high end real estate too

art for mansions was a common trade, it's gone

so now only cash for those 30 million mansions, yeah sure

trades are more common in high end RE deals than cash

wow

[Crypington]

That really sucks.   I was planning on only paying taxes when I convert back to fiat.  This means every trade you make needs to be recorded, profit/loss calc’ed, and reported to the IRS.  This really blows ... I’m seriously depressed about this.  

[TWagner92]

I think it was inevitable. Because of the rising popularity of bitcoin, the government takes notice of it. And now making actions to impose a taxation to bitcoin. I think other countries will follow.

[PointHope]

This will be great for countries like Switzerland and Japan.

The USA  is about to shoot itself in both feet.

Good ridance to American global tyrany.

[Re3urst]

I am definitely not a lawyer, but weren't we required to pay taxes on any bitcoin
capital gains anyway?  Can you break down what's new in this?  I'm sure whatever
IS new is going to be summarily ignored by the bitcoin using masses anyhow.

what changed was the like for like exemption

it's how mega millionaires avoided capital gains for decades

oh you got a nice 10 mil ocean front mansion, I got a picasso let's TRADE

well now 1031 is gone so the I got 1 mil in btc for 1 mil in eth is gone

you move 1 mil in btc into 1 mil in eth, the irs wants 20% NOW on the gains

so you got in btc at mining costs, gear and elect and time, you made maybe millions

you don't cash it out, but merely trade, and now that trade is taxable and you got no cash

all I can say is BINANCE

coinbase will now be crushed by this rule

it's one thing to pay on exit money, but when you have to pay gains on trades, no way

so I guess coinbase is okay to buy coin in, then you move to gdax then you move to binance or whatever and do the trades outside the usa

so now your gains is in china or korea or where ever

you do trades in gdax they are taxable

that's how I see it

you never do anything now on gdax

it will eventually end up with the irs

so the question becomes how do you exit out of the foreign exchanges into fiat

I think the centra card is nice exit to spend gains

but if you plan on using coinbase for exits or trades the irs has you big time

so coinbase will never go public now, 1031 killed the future of coinbase

Hey, do you mind if we catch more about this off of this forum? Shoot me a PM and lets get on an email (and maybe whatsapp) chat. Very interesting.

sorry brother got no free time

and I sure don't want to brag about my crazy rates for 15 min consults

I say my mind here, so read it a few times

I yell at my girl friends when they call me, I multi task all day coding, designing and investing

had a little time over holidays but I don't chat for free, sorry

Who will pay you any significant money for a consult? LoL
Tons of grammar and syntax errors all over your posts.
Work on your humility brother.
Those who actually get a lot of poon and girlfriends, don't brag to anonymous strangers on the internet about it.
 

[Re3urst]

you move 1 mil in btc into 1 mil in eth, the irs wants 20% NOW on the gains

Quite probably a very stupid question but where is the actual gain? Your initial dollar Bitcoin buy in versus the Bitcoin value at the time of the ETH swap? Is it all dollar denominated?

actually that was very bright, miners can claim not 'investment' since no buy, just work from assets

so their coin has no clear investment

but other than miners everyone else traded or bought with fiat

so you're a drug czar and traded coke for coin

how much did the coke cost

haha

oh, you bought 5 buck coin from mt gox and cold storaged it before the hacks

so you had very minor cost

but literally the irs is now saying as soon as btc moves from btc into anything pay them 20% on gain

so miners, how do you cost out your gain? good question, it could be the work is not an investment no cash or fiat to get it

so they could challenge first trade rule

but everyone else, how did you get your btc

you bought in on exchange you know the cost

you traded, well what did you trade for

so non fiat buys you can say you traded whatever and put huge value on it and low gains if any, you could take losses all day

I traded my 52 mint mantle worth 100k for 50k of coin, so I lost 50K so now the 90K I got is a 10K loss

so miners and real traders can play games

but if you took fiat into btc, they know the cost

and most with profits are in really cheap

but think what this does to traders

you have huge numbers in btc now with a few coins

you want to test eth and ltc or xrp

you do it after the end of this year, instantly the trade is taxable

so don't use gdax and coinbase or winkies gemini or the vegas exchange

this law just pushed crypto exchanges all outside the usa

in a year or two you won't have one usa based exchange due to this

great move donald you just killed off any hope of the usa having crypto exchanges

the game now is trading btc into ico's and taking some profits to the moon with new ico's

you want to hodl btc forever, okay, good luck, the next 3 years is all ico plays

and the hope of coinbase being a legit ipo is over

1031 has killed any usa based exchange

so if you got coins and cash MOVE IT NOW

coinbase will have problems soon paying people

as it is they limit accounts to a lousy 50k fiat exit a week, expect it to go down to 5k now

haha

anyway, that is what the end of 1031 means, it means usa exchanges can no longer compete with foreign exchanges

if you are a us citizen and want to pay gains on the btc you got cheap, go ahead, sure exit into fiat is fair 20%

but when you're talking about moving into other coins, that's just wrong

Bittrex (based in the US) will be dead once this new law takes effect.
Every Crypto Trade being a taxable event is pure madness.  
Prices at the times of trades are not always the same as the cash out price.


╥Aztek

Yep I doubt any USA exchanges will see 2019

Bye bye
coinbase
gemini
bittrex

no way will any traders with big wallets that had cheap coins do one trade now at a usa exchange

donald the moron killed usa based crypto exchanges with this ending of 1031

wow I'm amazed they let that moron do this

incredible

I can see it crushing high end real estate too

art for mansions was a common trade, it's gone

so now only cash for those 30 million mansions, yeah sure

trades are more common in high end RE deals than cash

wow

New tax bill benefits real estate investors to a great extent. Very happy! 

[1bitcoinsnet]

That really sucks.   I was planning on only paying taxes when I convert back to fiat.  This means every trade you make needs to be recorded, profit/loss calc’ed, and reported to the IRS.  This really blows ... I’m seriously depressed about this.  

No it means u use foreign exchanges

Never trade in USA

When u exit

Retire outside usa

[1bitcoinsnet]

This will be great for countries like Switzerland and Japan.

The USA  is about to shoot itself in both feet.

Good ridance to American global tyrany.

That means Asia rules crypto

USA will have their lousy worthless paper Fiat and Asia will rule the world

[1bitcoinsnet]

I think it was inevitable. Because of the rising popularity of bitcoin, the government takes notice of it. And now making actions to impose a taxation to bitcoin. I think other countries will follow.

When u keep wealth in the same type of asset there's no cash involved

So you kill trades taxing paper gains

Moron Trump is

In 10 years the rest of world will be all crypto and no one will want worthless paper USD

So what is now 1© of world GDP will grow and grow and the USA gets none of it

Most in the USA are clueless about crypto

Now they will remain clueless

When a us company tries to buy stuff outside the USA they will say give us gold

Lol

[1bitcoinsnet]

I am definitely not a lawyer, but weren't we required to pay taxes on any bitcoin
capital gains anyway?  Can you break down what's new in this?  I'm sure whatever
IS new is going to be summarily ignored by the bitcoin using masses anyhow.

what changed was the like for like exemption

it's how mega millionaires avoided capital gains for decades

oh you got a nice 10 mil ocean front mansion, I got a picasso let's TRADE

well now 1031 is gone so the I got 1 mil in btc for 1 mil in eth is gone

you move 1 mil in btc into 1 mil in eth, the irs wants 20% NOW on the gains

so you got in btc at mining costs, gear and elect and time, you made maybe millions

you don't cash it out, but merely trade, and now that trade is taxable and you got no cash

all I can say is BINANCE

coinbase will now be crushed by this rule

it's one thing to pay on exit money, but when you have to pay gains on trades, no way

so I guess coinbase is okay to buy coin in, then you move to gdax then you move to binance or whatever and do the trades outside the usa

so now your gains is in china or korea or where ever

you do trades in gdax they are taxable

that's how I see it

you never do anything now on gdax

it will eventually end up with the irs

so the question becomes how do you exit out of the foreign exchanges into fiat

I think the centra card is nice exit to spend gains

but if you plan on using coinbase for exits or trades the irs has you big time

so coinbase will never go public now, 1031 killed the future of coinbase

Hey, do you mind if we catch more about this off of this forum? Shoot me a PM and lets get on an email (and maybe whatsapp) chat. Very interesting.

sorry brother got no free time

and I sure don't want to brag about my crazy rates for 15 min consults

I say my mind here, so read it a few times

I yell at my girl friends when they call me, I multi task all day coding, designing and investing

had a little time over holidays but I don't chat for free, sorry

Who will pay you any significant money for a consult? LoL
Tons of grammar and syntax errors all over your posts.
Work on your humility brother.
Those who actually get a lot of poon and girlfriends, don't brag to anonymous strangers on the internet about it.
 

I'd let one of my gfs respond
But her mouth is full of meat
Mine

[timikulit]

This is a bad news. However, If you are residing in European or Asian Country while your are trading in USA based exchange. are you still covered for crypto trading taxes? Im not a US citizen.

[bkbirge]

So I guess Coinbase et. al. could all move overseas but then they'd lose one of their big advantages of FDIC insurance. Sounds like the best thing is to just move all my assets off of USA exchanges before the new year. What a pain.

[1bitcoinsnet]

This is a bad news. However, If you are residing in European or Asian Country while your are trading in USA based exchange. are you still covered for crypto trading taxes? Im not a US citizen.

US citizens pay taxes on money earned in USA

Crypto is earned in cyber space

So if the first cyber millionaire argues virtual currency is not in jurisdiction of USA, he'd win

Not a USA citizen
Not buying physical goods in USA
I can't see irs having jurisdiction over you

[squatz1]

I mean, I doubt the reasoning behind doing this was to kill BTC. It probably was to go ahead and gain taxes from other events, Bitcoin and other cryptos just got caught in the crossfire and can't do anything about it. If you were a tax prepared before this anyway you'd know that you should be eering on the side of caution when it comes to Bitcoin exchanges, and most professionals say that you should've been stating that each buy and sell of ANY COIN (exchanges as well) is a taxable event and must be recorded for gains.

It's sad but this is how the world works. Capital Gains and shit.

[PointHope]

Belarus just made crypto and ICO's legal, and tax free for 5 years.

[charlotte04]

Do people all around the globe pay taxes through fees on exchangers? Why do they don't take those taxes from them? Is it hard for it to do?

[jinksters09]

Well this is just a great talk about a great get away from tax, bitcoin is something which gives us financial freedom for other intervening parties especially the government now that there are tax base on the USA and imagining how influential the US president is I am sure mostly some of the country developing under the USA will certainly be influence or manage to think that this is crucial as many and many more people investing in bitcoin.

[bkbirge]

Makes NVO decentralized exchange look even better. Assuming they get it working.

[Sithara007]

This is a very stupid decision which can never be implemented. Those who are having altcoins will be the most affected. For most altcoins, there is no alt vs fiat trading option available. So in order to cash out, they first need to convert their coins to BTC and then to fiat. And here, they will be hit with double-taxation. I am curious to know how this can be implemented.

[timikulit]

This is a bad news. However, If you are residing in European or Asian Country while your are trading in USA based exchange. are you still covered for crypto trading taxes? Im not a US citizen.

US citizens pay taxes on money earned in USA

Crypto is earned in cyber space

So if the first cyber millionaire argues virtual currency is not in jurisdiction of USA, he'd win

Not a USA citizen
Not buying physical goods in USA
I can't see irs having jurisdiction over you

thank  you for clearing out. but im not a cyber millionaire yet. my capital is only 1k usd trading on bittrex.