BTC Investing To Now Taxable Events

[Wind_FURY]

they dont mark cold storage as a red flag.. you have just heard that from your cult brethren who have their own motives. rather than reading actual regulations

as for people not paying tax, many do have ways to pay less tax, if you learn how
did you know in america you get tax breaks and rebates for many things even at poverty levels of income.. the sooner you learn the better your tax filings will result in paying less tax. but first you should learn them

 

When we were audited, the IRS crypto committee told our accountant that cold storage was a "huge red flag", https://twitter.com/bitcoinmom/status/1783616508310237525

I trust her words more than the words of a liar and a gaslighting-troll like you. After the disinformation that you have spread in the forum during 2016 and 2017 - during the scaling debate, telling newbies mere lies for you and your mentors' self-interests is very laughable. It would also be very laughable if people in the forum would currently trust you more than those people who gave you negative trust-ratings.

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[franky1]

how about not trust social media of either twitter or this forum as something you BLINDLY follow
and instead do your own research of the actual regulations

the reason you think your going insane is because you dont do research and instead just believe what people say without checking out the data, code, facts to realise who is right or wrong

for years you have blindly trusted an idiot who has been pumping you full of gas and when someone enlightens you, you get burned and blame the person that enlightens you

so if you dont like like being gas lit as you call it.. stop blind trusting and actually do some research for once
its 2024 google can send you straight to the regulations pages, the guidance for VASPs in seconds. tax guidance. pretty much anything you need to learn can be found fast via searching

stop wasting years reading idiots tweets and just look for the facts of real data, code and proposals..

grow up already, gain an independent mind that wants to learn instead of cry when you get enlightened
stop depending on ass-kissers, who spoonfeed you like a baby

"bitcoinmom" least of her problems is the IRS, her son done alot of dodgy lying promotions of the other network(that doesnt have its own blockchain) you adore and you stupidly think is bitcoin.. no wonder you cry like a baby if you believe her without checking and then get burned when you get enlightened by their lies

IRS do not care about cold storage!!
they care about the conversion to fiat, as thats when they class it as REALISED GAINS/LOSSES


it doesnt matter if you have fiat in a leather back-pocket wallet, stacked under your mattress or in a bank account. you need to declare either way and then explain the category of why you received fiat. EG inheritance, gift, loan, income, investment, private car sell, etc.. which all come with different tax consequences and %.. some come with exemptions, some come with allowances
its upto you to learn this stuff

[dezoel]

~snip

This is 100% true, I have a friend who makes a decent income, this isn't regards to crypto, it is his business that makes money in fiat, but he doesn't pay a single dollar in tax, how? Well simply dude shows every single spending he makes, from a simple shopping of grocery, to vacations to everything basically, and he makes himself look like he doesn't profit at all, he tries to do everything that way to keep his expenses look a lot.

In reality, he doesn't have that much expense and he just fakes it but this allows him to show all of them as something for the business. I am not saying this exact method would work for crypto people as well, but it just shows that if you are only worried about the tax, then there must be some loopholes regards to tax and an accountant would help you find that.

[Wind_FURY]

how about not trust social media of either twitter or this forum as something you BLINDLY follow
and instead do your own research of the actual regulations

How about not gaslighting people and manipulating the discussion to make it all about how right you are.

In other topics, you tell people to research, but when they do actually research and present you with the facts, you tell them the facts are wrong. You're not here to teach people. You're merely here to troll Bitcoiners and disinform the newbies into believing your narrative. The big blockers narrative. Plus debating for bigger blocks are not the actual problem, the problem is the lies and misinformation that were used to push that narrative.

[franky1]

windfury, you do not do research you just repeat narratives of doomad

stop crying about how you feel insane and just learn about the topic of taxes..
no one cares that you feel insane. because you are the one making yourself insane by not doing the research on topics. you deserve no pitty when you cant even be bothered to do research on the topics you cry about that make to feel like you dont know what you are talking about..
so stop crying and learn the topics, then you wont fee so inadequate each time. and wont need to sound like an idiot quoting other idiots

anyone can do a word comparison of your posts compared to doomads and see the similarities
how about stop being stuck in your echo chamber of his narrative that has been debunked. and instead just get on with actual research using actual data

learn some tax law for instance, for yourself, independently, for your own benefit of your own funds and your own risks of tax liability..  instead of crying out to be spoonfed by some mentor who wont protect you when you realise the advice they asked you to narrate and copy, causes you problems
they wont protect you when things go wrong for you. no matter how much they currently try to befriend you into their lies
protect yourself do your own research from actual sources
EG learn from the IRS, SEC and FATF guidelines and other such matters related to crypto financial crimes and activities from the actual documentations of the IRS, SEC, FATF

[Bushdark]

Question on BTC and other cryptos

This is from being in Canada.
I was wondering if there is a way to further invest with my BTC and other cryptos without and being in legal terms. As in ways that would not be considered a taxable event.
I know crypto to fiat and doing trades now is consider taxable.
Even staking?

What other ways can I further invest with my cryptos without it being a taxable event? Thanks

I think you would have to ask people from your region that are into crypto currency.
They would be able to share some thoughts to you so that ulyiu can understand how crypto is being taxed in Canada.
Almost every state have their own laws and regulations so you will have to ask questions on what particular area is taxed in crypto so you can make decisions that would not be to stressful for you funds and holdings. There are regions where cryptocurrency is never taxed so everyone has their opinion.

[Wind_FURY]

--Snip--

Stop with your lies and misinformation ser. No Bitcoin Core developer would give you a negative trust-rating if you were truly honest towards the community. Should the BitcoinTalk community trust Andrew Chow and Gregory Maxwell, or should they trust you?

Plus by the way, Roger Ver was arrested in Spain for tax evasion. He didn't pay the "exit tax" after denouncing his U.S. citizenship. No one escapes the Tax Man.

[peter0425]

Question on BTC and other cryptos

This is from being in Canada.
I was wondering if there is a way to further invest with my BTC and other cryptos without and being in legal terms.

That’s hard. Laws are written rules but we can find loopholes and bends to do something a little illegal if wanted. We can do that because our laws have loopholes but it depends on the country where you are so it’s difficult to not talk about the legal terms

From what I know anything you earn from anything must be taxed.

[BITCOIN4X]

There is a fee that I have to pay when I make a fiat deposit to a licensed centralized exchange in my country, it is tax. Then from that, the exchange will automatically deduct taxes every time I buy and sell it again, it's like a double-edged sword because basically the government doesn't want to know whether the trader is making a profit or selling at a loss.

Many traders or investors complain about it, they also have the desire to do something to avoid tax deductions. I personally don't know for sure how to avoid that without the government knowing, I mean the bank will definitely know where the budget comes from when we withdraw fiat to the account. The government even orders banks to report bank accounts that have a certain amount of money to be taxed, but to anticipate this, the best choice is to approach a tax expert or learn to find loopholes to avoid being included in the taxable category.