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Author Topic: What are ur btc tax plans  (Read 156 times)
Walrus1
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February 12, 2018, 08:48:36 AM
 #1

Hey, to be honest I have no clue. I know from my experience with stocks that if u r a trader you get nailed if you flip stocks for quick profit. I've paid up to 28% of profits on stock sales. I also noticed the new crypto tax laws include trades between crypto, not just crypto to cash. So if you make money on an alt and then trade it back to btc or etc or any other it is a taxable event. Some people think ah the fed will never find me but they don't have people looking, they have algorithms searching exchanges that operate in the us. I really didn't keep good records with my crypto. I'm thinking of just including money in a check specifying it's for crypto and hope that quiets them. It's not like we will get audited, we will just get a bill in the mail. What do you guys plan on doing cause I'm lost. People say "oh I don't mind paying my taxes" those people are very rich or they have never had to write a 70,000 check to Uncle Sam.
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February 12, 2018, 08:57:14 AM
 #2

I'm a bit confused here I feel like I misinterpreted the title, you can now pay your taxes with bitcoin in some states in the US. Or did you mean taxing income on crypto in general, in that case I'm all for it. As It's either that or crypto banned. Although It would still be better to see less % taxes.
As for the "I won't get caught" part I still feel like they associate a number of bitcoin wallets with your private information. And yeah some exchanges/Online wallets share their info causing a semi regulated bitcoin tax plan.

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February 12, 2018, 09:20:04 AM
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 #3

Since you are experienced in stocks, you must know that every broker provides a P&L statement to their members which is a summary of all trades executed through them along with buying and selling price. It also mentions how much you have earned or how much you have lost in total. I believe the exchanges in US should be providing that for crypto trades as well. If not, they must have a section called "Trade history". Use the financial year to filter out the trades you have executed during the last financial year and download in excel. If the summary isn't given on that, you can use formulas to calculate that quickly. It would show the final earning on cryptos.

If you have made profits, you will be calculating taxes on it. If you have incurred losses, the loss amount should be deducted from your total earnings. That's the basic idea on crypto taxation. However, the tax system in US is state specific and they have different rules probably. But if you use the above mentioned logic, I think you are good to go. Hope this helps!

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Walrus1
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February 12, 2018, 09:25:41 AM
 #4

Since you are experienced in stocks, you must know that every broker provides a P&L statement to their members which is a summary of all trades executed through them along with buying and selling price. It also mentions how much you have earned or how much you have lost in total. I believe the exchanges in US should be providing that for crypto trades as well. If not, they must have a section called "Trade history". Use the financial year to filter out the trades you have executed during the last financial year and download in excel. If the summary isn't given on that, you can use formulas to calculate that quickly. It would show the final earning on cryptos.

If you have made profits, you will be calculating taxes on it. If you have incurred losses, the loss amount should be deducted from your total earnings. That's the basic idea on crypto taxation. However, the tax system in US is state specific and they have different rules probably. But if you use the above mentioned logic, I think you are good to go. Hope this helps!
ya thanks, brokerage accounts are fine and established but none of the crypto places that I know send any tax info. You do get in email saying don't forget to pay your taxes but that's it. I know I can do the history thing but I'm very experienced with stocks and I was trading like a looney at first. So the exchanges will not send you the info to make it easy, I imagine that will change as the industry matures as they are a financial institution but I don't think they caught up with themselves yet
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February 12, 2018, 09:30:35 AM
 #5

I really didn't keep good records with my crypto. I'm thinking of just including money in a check specifying it's for crypto and hope that quiets them. It's not like we will get audited, we will just get a bill in the mail.

Not sure I follow. I'd avoid mentioning anything about Bitcoin/crypto on your tax returns, though. That's just asking to get your name put on an IRS shitlist.

When you say you didn't keep good records, why can't you get those records now? Can't you export your exchange trading records and deposit/withdrawal history? It's a bitch to go through, but it's probably possible to piece together the records.

Since you are experienced in stocks, you must know that every broker provides a P&L statement to their members which is a summary of all trades executed through them along with buying and selling price. It also mentions how much you have earned or how much you have lost in total. I believe the exchanges in US should be providing that for crypto trades as well.

Nope. Coinbase provides a P&L statement (although I've found inaccuracies with mine in the past). Most do not. Altcoin exchanges definitely don't, and like the OP said, that's significant because like-kind exchanges don't apply.

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February 12, 2018, 09:34:11 AM
 #6

Since you are experienced in stocks, you must know that every broker provides a P&L statement to their members which is a summary of all trades executed through them along with buying and selling price. It also mentions how much you have earned or how much you have lost in total. I believe the exchanges in US should be providing that for crypto trades as well. If not, they must have a section called "Trade history". Use the financial year to filter out the trades you have executed during the last financial year and download in excel. If the summary isn't given on that, you can use formulas to calculate that quickly. It would show the final earning on cryptos.

If you have made profits, you will be calculating taxes on it. If you have incurred losses, the loss amount should be deducted from your total earnings. That's the basic idea on crypto taxation. However, the tax system in US is state specific and they have different rules probably. But if you use the above mentioned logic, I think you are good to go. Hope this helps!
ya thanks, brokerage accounts are fine and established but none of the crypto places that I know send any tax info. You do get in email saying don't forget to pay your taxes but that's it. I know I can do the history thing but I'm very experienced with stocks and I was trading like a looney at first. So the exchanges will not send you the info to make it easy, I imagine that will change as the industry matures as they are a financial institution but I don't think they caught up with themselves yet

I don't understand why the exchanges will not send you the info of your trades, even if you have made 1000s of trades. All your trades must be recorded in your trade history. Doesn't matter how many trades you have done in the pas year, you should be able to get all details. If not, try sending an email to their support team to get the data. It's your trading data and you must receive it from the exchanges. If the summary isn't given, it's simple enough to use excel and calculate the summary. That's it! If it's still confusing, go to a CPA and they will be able to assist you quickly on that!


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Walrus1
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February 12, 2018, 10:11:16 AM
 #7

Since you are experienced in stocks, you must know that every broker provides a P&L statement to their members which is a summary of all trades executed through them along with buying and selling price. It also mentions how much you have earned or how much you have lost in total. I believe the exchanges in US should be providing that for crypto trades as well. If not, they must have a section called "Trade history". Use the financial year to filter out the trades you have executed during the last financial year and download in excel. If the summary isn't given on that, you can use formulas to calculate that quickly. It would show the final earning on cryptos.

If you have made profits, you will be calculating taxes on it. If you have incurred losses, the loss amount should be deducted from your total earnings. That's the basic idea on crypto taxation. However, the tax system in US is state specific and they have different rules probably. But if you use the above mentioned logic, I think you are good to go. Hope this helps!
ya thanks, brokerage accounts are fine and established but none of the crypto places that I know send any tax info. You do get in email saying don't forget to pay your taxes but that's it. I know I can do the history thing but I'm very experienced with stocks and I was trading like a looney at first. So the exchanges will not send you the info to make it easy, I imagine that will change as the industry matures as they are a financial institution but I don't think they caught up with themselves yet

I don't understand why the exchanges will not send you the info of your trades, even if you have made 1000s of trades. All your trades must be recorded in your trade history. Doesn't matter how many trades you have done in the pas year, you should be able to get all details. If not, try sending an email to their support team to get the data. It's your trading data and you must receive it from the exchanges. If the summary isn't given, it's simple enough to use excel and calculate the summary. That's it! If it's still confusing, go to a CPA and they will be able to assist you quickly on that!


oh snap cpa I have all kinds of assets and we always do our own taxes. Damn I hope crypto, in addition to taxes, doesn't bring me a cpa added cost. Oh well, when we do well, the government does well.
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February 12, 2018, 11:22:30 PM
Merited by Slow death (2), aTriz (1)
 #8

Though Bitcoin is yet to be officially recognized in the country, the Reserve Bank of India has on three separate occasions put out risk warnings against investing in virtual currencies. In simple terms, there is no regulator when it comes to the status of cryptocurrencies in India. Even though Bitcoins are not specifically mentioned in the income tax act, Bitcoins are assets which are usually owned so holder can gain from an increase in its value. In that sense, they acquire the definition of capital gains. Which is a wide definition as per the Income Tax Act. One needs to pay tax on profits made from investing in Bitcoin. One should declare the income while filing taxes. Hence, my tax plans are to declare all that I earn from the world cryptocurrency while filing taxes for the current financial year.
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February 12, 2018, 11:24:19 PM
 #9

Hmm kinda strange , how algorithms are going to find that it was exactly me who traded alts.
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February 12, 2018, 11:35:29 PM
 #10

Hmm kinda strange , how algorithms are going to find that it was exactly me who traded alts.
apparently you don't know a lot about algorithms. You need to look into it's fascinating
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February 12, 2018, 11:43:32 PM
 #11

For now BTC taxes very difference for each countries.
Almost countries are taxes free for income from BTC or Goverment can't get up to date with tech then they are not ready to charge tax for this kind of assets.
Lucky I'm still living in free taxes heaven



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bob123
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February 12, 2018, 11:50:58 PM
 #12

Hmm kinda strange , how algorithms are going to find that it was exactly me who traded alts.
apparently you don't know a lot about algorithms. You need to look into it's fascinating

You can code a few nice algorithms, yes.
But its not that easy to just track every user trading on multiple exchanges.

Without (inside) information directly from the exchanges, you won't be able to track users exchange behaviour.
In the end you still have to program that algorithm.. And there is no fully functional way of tracking users like you are describing.

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February 12, 2018, 11:57:59 PM
 #13

To be honest I do not have too much enthusiasm to pay taxes for my bitcoins, since its first purpose has been to escape from the current centralized government system, however I might be willing to pay as long as the authorities guarantee me full freedom to use my bitcoins and once and for all discard all their constant threats and harassment against us.
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February 13, 2018, 12:00:41 AM
Merited by Slow death (2)
 #14

We will have to wait and see the way regulations will come. From one side, the best option would be to pay only the % of what you cash out. On onother hand, that creates a situation, where one can go tax-free, just never cashing out and using crypto to pay for things. On another hand, the capital gain tax... Imagine you have paid for 20k, and than after you paid tax, it drops to 8k...ouch...
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February 13, 2018, 12:20:32 AM
 #15

Though Bitcoin is yet to be officially recognized in the country, the Reserve Bank of India has on three separate occasions put out risk warnings against investing in virtual currencies. In simple terms, there is no regulator when it comes to the status of cryptocurrencies in India. Even though Bitcoins are not specifically mentioned in the income tax act, Bitcoins are assets which are usually owned so holder can gain from an increase in its value. In that sense, they acquire the definition of capital gains. Which is a wide definition as per the Income Tax Act. One needs to pay tax on profits made from investing in Bitcoin. One should declare the income while filing taxes. Hence, my tax plans are to declare all that I earn from the world cryptocurrency while filing taxes for the current financial year.
lucky in our region taxing crypto still on the move so i have no idea on how much do i need to pay,im not a stock expert nor didnt tried once.but i think paying taxes that given by the government wasnt debatable and this is not an issue of rich andpoor,tax is our obligation and what ever the amount given by them.
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February 13, 2018, 01:34:20 AM
 #16

My plans are to pay a lot in taxes this year because I was too dumb to plan ahead and the pump to $20k happened a lot faster than I was expecting.
If the price of Bitcoin and Ethereum keeps going up like it has this past year, I'm seriously thinking about moving to Panama.
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February 13, 2018, 02:45:38 AM
 #17

Hmm kinda strange , how algorithms are going to find that it was exactly me who traded alts.
apparently you don't know a lot about algorithms. You need to look into it's fascinating

You can code a few nice algorithms, yes.
But its not that easy to just track every user trading on multiple exchanges.

Without (inside) information directly from the exchanges, you won't be able to track users exchange behaviour.
In the end you still have to program that algorithm.. And there is no fully functional way of tracking users like you are describing.
dude the us government hears every word we speak on the phone, every text, every email. I am not saying they are constantly listening but a databases exists with all of our information. I'm not saying that they will hunt us all down but if an exchange operates within the US then it is not difficult for them to find us. Have you been following growth and expansion in the patriot act. Even typing one word, say bomb or btc can alert those who sit behind desks listening to us. There is no expectation of privacy on the internet. Privacy is not mentioned in the constitution, the founding fathers had no idea how this shit would come about. A lot of US Supreme Court rulings on privacy stem from the we worlds, "we have the right to be secure in our persons" and several other phrases Supreme and appellate courts have interpreted to privacy
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