Bitcoin and Taxes

[TheGodson]

For those of you who may be doing taxes at the last minute like I am. Know this; Bitcoin is taxed on form 8949 in attachment to schedule D. On the 8949 form make sure to check box C for "Short-term transactions not reported to you on Form 1099-B".

After that put in all transaction information in the boxes of 8949. I would put something like "0.15 BTC (crypto)" in the description box so the IRS knows it isn't a stock.

I know taxes probably aren't too popular around here and they aren't fun. You know what else isn't fun, being audited by the IRS.


Here is an additional resource I found quite helpful:

https://bitcoin.tax/blog/filing-your-bitcoin-taxes/

[Snarks]

Yikes, people are really filing taxes in the last minute. I thought the worst was over. I hope it won't cause a last minute Bitcoin crash as people realize what they owe. Even though I don't condone the taxes.

[supine]

For those of you who may be doing taxes at the last minute like I am. Know this; Bitcoin is taxed on form 8949 in attachment to schedule D. On the 8949 form make sure to check box C for "Short-term transactions not reported to you on Form 1099-B".

After that put in all transaction information in the boxes of 8949. I would put something like "0.15 BTC (crypto)" in the description box so the IRS knows it isn't a stock.

I know taxes probably aren't too popular around here and they aren't fun. You know what else isn't fun, being audited by the IRS.


Here is an additional resource I found quite helpful:

https://bitcoin.tax/blog/filing-your-bitcoin-taxes/

I am not actually aware that cryptocurrency in some countries are being taxed. Maybe that's the best thing that government can do. Maybe, in the end, cryptocurrency will be covered in tax law since it is getting a lot of attention from the government and central banks.

[HitbtcSCAM]

F.ck taxes and the mafia that has brainwashed you into thinking you need to pay them.
When the FBI returns the 32 btc they robed from me with their conspiracy called hitbtc.com then maybe I will think about it

[richardsNY]

F.ck taxes and the mafia that has brainwashed you into thinking you need to pay them.
When the FBI returns the 32 btc they robed from me with their conspiracy called hitbtc.com then maybe I will think about it

I totally understand your standpoint, but the thing here is that they control the centralized part of this ecosystem, and thus we have to pay due taxes as brave citizens. The alternative is that we have to pay all due taxes anyway, but then with a hefty penalty on top of it -- the benefits of tax evasion in this case don't outweigh the negative consequences. If people actually think they shouldn't be paying any taxes, which I largely agree with, then they should stop using centralized services. It's impossible to complain about taxes after you already made use of an exchange. It feels like theft, which it also is, but how far are you willing to go to fight a battle that you already lost by default?