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JorgeStolfi
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December 31, 2013, 05:04:10 PM |
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A lot of bitcoiners and altcoiners made a lot of money this year with the runup. If they cash out their profit before the end of the calendar year they (theoretically) have to pay taxes on their gains.
There is a thread about this in https://bitcointalk.org/index.php?topic=379425.0 |
Academic interest in bitcoin only. Not owner, not trader, very skeptical of its longterm success.
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skivrmt
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December 31, 2013, 06:07:22 PM |
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quick question
if i bought and mined bitcoins but NEVER sold any,
do i need to declare anything during my taxes in 2014? do i need to let irs know that i hold bitcoins ? or can i be hush about it since i never made a recognized gain?
Generally taxable events are created from selling something, whether real estate, stocks, gold, etc. Because you "found" bitcoins, basically a cost basis of zero, and/or bought bitcoins, it should not be considered a taxable event. |
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mskryxz
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December 31, 2013, 07:17:28 PM |
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quick question
if i bought and mined bitcoins but NEVER sold any,
do i need to declare anything during my taxes in 2014? do i need to let irs know that i hold bitcoins ? or can i be hush about it since i never made a recognized gain?
Generally taxable events are created from selling something, whether real estate, stocks, gold, etc. Because you "found" bitcoins, basically a cost basis of zero, and/or bought bitcoins, it should not be considered a taxable event. thank you |
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btcprice (OP)
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January 01, 2014, 04:09:47 AM |
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Well in about 60 minutes it will be midnight on the East Coast of the US. We'll see how things go then.
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notme
Legendary
 Offline
Activity: 1904
Merit: 1002
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January 01, 2014, 05:16:45 AM |
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Well in about 60 minutes it will be midnight on the East Coast of the US. We'll see how things go then.
Sell Sell Sell |
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accord01
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January 01, 2014, 05:23:02 AM |
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This post is kind of irrelevant, because it's all about when someone CASHES out.
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skivrmt
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January 01, 2014, 02:18:31 PM |
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This post is kind of irrelevant, because it's all about when someone CASHES out.
Says who?! Who knows how the IRS will eventually classify coins, but lets assume its a commodity like oil, gold, wheat, corn, etc. You put money on an oil exchange, Forex or something. You buy some oil futures. You sell some oil contracts in 2013. You keep the money on the exchange. Guess what? You still owe taxes on that sell assuming you made some money. Cashing out has NOTHING to do with a taxable event. |
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btcprice (OP)
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January 01, 2014, 05:40:52 PM |
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Looks like someone dumped a few thousand coins on Gox. The beauty of the market is such that someone dumping coins like that still can't bring it down significantly. The market takes a more broad case of selling to bring it down very far.
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skivrmt
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January 01, 2014, 07:11:38 PM |
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Looks like someone dumped a few thousand coins on Gox. The beauty of the market is such that someone dumping coins like that still can't bring it down significantly. The market takes a more broad case of selling to bring it down very far.
Most of the exchanges have enough support and buys to now handle a couple thousand coin sell. If someone with a super large, 10k batch or more wants to dump at one time, that will drive down the price. But even with that sort of sell, you can see the current order book, it would only be temporary. |
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DPoS
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January 01, 2014, 08:32:31 PM |
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Looks like someone dumped a few thousand coins on Gox. The beauty of the market is such that someone dumping coins like that still can't bring it down significantly. The market takes a more broad case of selling to bring it down very far.
Most of the exchanges have enough support and buys to now handle a couple thousand coin sell. If someone with a super large, 10k batch or more wants to dump at one time, that will drive down the price. But even with that sort of sell, you can see the current order book, it would only be temporary. much of that order book is dynamic... have you forgotten how crashes work with bots? |
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skivrmt
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January 01, 2014, 10:33:02 PM |
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Looks like someone dumped a few thousand coins on Gox. The beauty of the market is such that someone dumping coins like that still can't bring it down significantly. The market takes a more broad case of selling to bring it down very far.
Most of the exchanges have enough support and buys to now handle a couple thousand coin sell. If someone with a super large, 10k batch or more wants to dump at one time, that will drive down the price. But even with that sort of sell, you can see the current order book, it would only be temporary. much of that order book is dynamic... have you forgotten how crashes work with bots? Oh I understand that the order book is a living dynamic organism all in its own! Especially with the advent of computerized trading. I'm not saying it would "crash" with a large order, I just think there would be enough "bots" jumping in on the buy side to have decent support. |
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