sann111 (OP)
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January 29, 2019, 07:00:17 PM |
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As of right now I have been hodling few thousand worth bitcoin, I didnt cash it out. But because of price drop, I am in loss. How do I file this on tax return?
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avikz
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January 30, 2019, 02:35:43 PM |
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May I know your country please so that I can guide you in a better way?
If you are making loss from your bitcoin investment, you should report it as long/short term capital loss based on the tenure of holding. That's the case if bitcoin is a recognized form of currency in your country.
If not, I don't think you need to report it. Knowing your country of residence will help me to guide you in a better way.
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sann111 (OP)
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January 30, 2019, 04:43:45 PM |
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I am in the States.
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marcbitcoins
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January 31, 2019, 12:45:04 AM |
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Here in our country. The government can collect Bitcoin tax everytime we converted our Bitcoin to fiat in our local exchanges which are KYC compliant in which the bigger Bitcoin you will going to convert is the bigger the Bitcoin tax too. No need for filling therefore if you want to know about taxation which will depend of what country you belong then better go to your government agency to ensure complete procedure of filling of income or Bitcoin tax.
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sann111 (OP)
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January 31, 2019, 04:40:21 PM |
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What I am saying is I sold it the first time and bought again after which price dropped significantly. I am still hodling from the second attempt, how do i claim this thousands of dollar loss to offset the few hundred gain?
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jseverson
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February 04, 2019, 07:44:53 AM |
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What I am saying is I sold it the first time and bought again after which price dropped significantly. I am still hodling from the second attempt, how do i claim this thousands of dollar loss to offset the few hundred gain?
You sell, then buy in again. If for example, you bought $100 worth in January and it had plummeted to $50 by December, you can sell it then claim a $50 capital loss. You then buy the same amount again. Don't trust random strangers on the internet though, you're better off talking to professionals.
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goaldigger
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February 06, 2019, 11:06:57 PM |
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As of right now I have been hodling few thousand worth bitcoin, I didnt cash it out. But because of price drop, I am in loss. How do I file this on tax return?
The taxation really depends on the country youre at. If you visit your local law house, as about its inclusions and ask about how can you be qualified on paying taxes regarfing bitcoin, whether its holding or trading. Gladly we do not have to pay taxes here in my country but I hope it will not change soon.
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Harlot
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February 07, 2019, 04:40:54 PM |
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What I am saying is I sold it the first time and bought again after which price dropped significantly. I am still hodling from the second attempt, how do i claim this thousands of dollar loss to offset the few hundred gain?
You just need to simply declare that in your latest trade you incurred a loss which would clearly offset the hundred dollars you have gained. By that you won't be incurring any capital gains tax if you incurred a net capital loss that's if you don't have any capital gain bearing assets in your asset portfolio, but if you have other assets such as stocks you can also offset it from these as you are calculating your total net capital for the tax period.
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chaoscoinz
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February 07, 2019, 05:30:25 PM |
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This is an awesome thread! Thank you to everyone who contributes, as it is very informative. It seems I've overlooked a few things and need do some reassessing. I didn't know there were so many updates.
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magneto
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February 07, 2019, 06:18:22 PM |
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As of right now I have been hodling few thousand worth bitcoin, I didnt cash it out. But because of price drop, I am in loss. How do I file this on tax return?
It really depends on your country. But usually capital loss can only be claimed once you sell the bitcoin, at least in my country. You can't claim it in most cases and most countries unless your loss becomes realised. The asset value dropping itself will not mean that you are capable of claiming this as a deduction, because that's still unrealised P/L. Selling & buying back at the same time could work. But again, you need to consult someone that is professional that will offer you advice based on your own circumstances and the jurisdiction that you are in - not all cases are the same.
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aleshaairdrop
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February 07, 2019, 06:50:02 PM |
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As of right now I have been hodling few thousand worth bitcoin, I didnt cash it out. But because of price drop, I am in loss. How do I file this on tax return?
It really depends on your country. But usually capital loss can only be claimed once you sell the bitcoin, at least in my country. You can't claim it in most cases and most countries unless your loss becomes realised. The asset value dropping itself will not mean that you are capable of claiming this as a deduction, because that's still unrealised P/L. Selling & buying back at the same time could work. But again, you need to consult someone that is professional that will offer you advice based on your own circumstances and the jurisdiction that you are in - not all cases are the same. )))
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aoluain
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February 07, 2019, 11:17:13 PM |
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Also in my country the government do not know I have bitcoin until I convert a substantial amount back into FIAT then they will want 33% tax!
I am not planning on telling them that I have bitcoin and if I can help it im not planning on paying tax.
For those who would like to pay tacx I would assume it depends on the country and whether crypto is recognised otherwise they wouldnt know how to apply tax.
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Kemarit
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February 08, 2019, 01:23:43 AM |
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Also in my country the government do not know I have bitcoin until I convert a substantial amount back into FIAT then they will want 33% tax!
That is exactly, my idea. As long as you're not converting it to fiat, there's no way the government can tax it. But I'm not stateside so it maybe some complication as far as the OP goes. There have been a lot of good post to help the OP but all I can say is that it's better to seek professional because it may sound easy, but there might be some technicalities that only a professional could answer.
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Gozie51
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February 13, 2019, 05:57:35 PM |
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...and if I can help it im not planning on paying tax.
Just to direct and bring to bear on our conscience that tax evasion is not a very good thing and it does not show that we are carrying on with our civil responsibilit. Taxing is one major area that government generate income to carry out her responsibilities too.
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Theb
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February 13, 2019, 08:56:22 PM |
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Also in my country the government do not know I have bitcoin until I convert a substantial amount back into FIAT then they will want 33% tax!
That is exactly, my idea. As long as you're not converting it to fiat, there's no way the government can tax it. But I'm not stateside so it maybe some complication as far as the OP goes. There have been a lot of good post to help the OP but all I can say is that it's better to seek professional because it may sound easy, but there might be some technicalities that only a professional could answer. For now if you are keeping it in a non 3rd party wallet like Electrum the government still has no way of finding how much crypto you are really holding. But if you are holding most of your crypto in an exchange chances are the government already know how much you are holding. From what I read some exchanges/wallets like Coinbase are ordered to randomly submit their clients' financial report for AML compliance already. So hiding your crypto in an exchange is really not the best option. I am not planning on telling them that I have bitcoin and if I can help it im not planning on paying tax.
I just don't get the point why people here still thinks that paying taxes is really not their obligation to their country. So could you tell me why you don't plan on paying your tax to your government?
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