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Author Topic: Are you ready for crypto tax season? This article might help  (Read 67 times)
Crypto Sway
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April 08, 2018, 03:39:18 AM
 #1

https://www.coindesk.com/mount-tax-defense-unreported-crypto-income/

Great read on crypto taxes and how to defend yourself.
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HabBear
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April 08, 2018, 05:24:06 AM
 #2

I don't think this article will help much. It speaks of the Coinbase accounts who were reported to the IRS. 13,000 accounts who transacted (in any single transaction) the equivalent of 45BTC to 1,400BTC between 2013 and 2015.

The only profound thing I found in this article is that they don't recommend anywhere to simply pay the taxes owed.

I believe anyone not reporting this income on their 2017 tax filing will be subject to prosecution penalties, but that means there's still opportunity for everyone to make good on what they know they should be doing.

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April 08, 2018, 04:39:10 PM
 #3

Just going on the article here, this isn't going to help most people. This is due to the fact that you shouldn't have the mount a defense and have to explain unreported things -- what you should be doing is reporting all of your gains, profits, mining, etc. And then you won't have to worry about mounting a defense.

Be transparent with the government, or they WILL crush you.

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April 08, 2018, 05:05:47 PM
 #4

https://www.coindesk.com/mount-tax-defense-unreported-crypto-income/

Great read on crypto taxes and how to defend yourself.
i dont think i have to depend myself in regards to taxation because ive been waiting for this to make this crypto profiteering more convenient and practical not like now,seems we users are criminals thats been hunted by government..what i want to be is when it was implemented to the world is be transparent with the amount and the policy for us to obey and follows as what we are paying

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April 08, 2018, 06:38:29 PM
 #5

Reading the article, implementing tax regulations among bitcoin users and miners isn't a as bad as it sounds. You'll still be able to gain profit despite paying the taxes of course. Regulation, after all, is better than actuall banning. This, I think, is just a means used by the government to see the movemebt of cryptocurrency in its own market and how it is being utilized by users. Transparency is important to them, especially in things that concerns money as well as the economy.

Also, this will be good. If transparency is needed, then it will be impossible for criminals to use bitcoin as a way of scamming other people. Recently, there are news circulating around, about bitcoin being a scam, as well as some trading and exchange platforms. Looking positively on things and news such as this will lessen panic sellers.

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April 08, 2018, 06:45:14 PM
 #6

It's starting to be a trend.

Governments ask the big exchanges to reveal the identity of customers that reached above X volume and are resident of this particular country.
The big problem is that most of the traders don't pay taxes to the government because they wait for bitcoin to be regulated in their country so they can pay fair taxes( at the moment, most of the countries charge a funny tax rate because bitcoin is still unregulated on the specific country).

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bitcoinzen
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May 09, 2018, 08:03:46 PM
 #7

Crypto tax is user friendly solution for legalising cryptocurrency in their respective country paying tax for crypto profit is good move for citizen of their country
bettercrypto
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May 09, 2018, 09:34:51 PM
 #8

Just going on the article here, this isn't going to help most people. This is due to the fact that you shouldn't have the mount a defense and have to explain unreported things -- what you should be doing is reporting all of your gains, profits, mining, etc. And then you won't have to worry about mounting a defense.

Be transparent with the government, or they WILL crush you.
We can't do anymore than to obey the rules of the government to us. Cryptocurrency Taxes are gradually imposed all over the world. In short, there is no more decentralization which we want to exist since cryptocurrency started. But then, let us be a follower citizen to our beloved country just what you've said. We must be transparent in the government for our transactions so that, we knows that we are on right way.
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May 10, 2018, 07:13:14 AM
 #9

https://www.coindesk.com/mount-tax-defense-unreported-crypto-income/

Great read on crypto taxes and how to defend yourself.

Of course, as a good citizen should pay taxes. The government can take taxes from the crypto transactions. it will be country income,so dont ban the crypto.
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May 10, 2018, 12:25:34 PM
 #10

https://www.coindesk.com/mount-tax-defense-unreported-crypto-income/

Great read on crypto taxes and how to defend yourself.

Of course, I ready, It is good for crypto. If the government legalizes the crypto , it will be effected the market demand, I think the demand will increase and the price will rise.
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May 10, 2018, 05:46:10 PM
 #11

Well this article is not much of a help to defend yourself. All you need to do is declare your income or profits from cryptocurrency and then pay the tax. That basically is the easiest way around it. I think it is better to declare income to the government as a away to control illegal activities such as drug cartels and money laundering acts.

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May 11, 2018, 12:10:08 AM
 #12

https://www.coindesk.com/mount-tax-defense-unreported-crypto-income/

Great read on crypto taxes and how to defend yourself.

If the government legalize the bitcoin, they can take taxes from bitcoin transaction. So, as a good citizen , we should ready for crypto tax season.
lxgiwyl18
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May 11, 2018, 12:18:45 AM
 #13

Well this article is not much of a help to defend yourself. All you need to do is declare your income or profits from cryptocurrency and then pay the tax. That basically is the easiest way around it. I think it is better to declare income to the government as a away to control illegal activities such as drug cartels and money laundering acts.

Thats the main purpose of regulating the cryptocurrency and putting a tax onto it, to protect us and the future investors from these kinds of harm. It just seems like the other people have a misunderstanding towards this idea. Well, basically we cant blame them, for Bitcoin was designed to be decentralized, but everything may change due to disadvantages that was recently discovered and yet to be discovered. Changes are always constant, most importantly, we change not for the worst but for the better.
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