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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
I had a questions regarding the taxes on Bitcoin and gambling. I purchase the Bitcoin from Cash App then transfer it to my secondary wallet and move it to the site. Lost it and i did it again probally a month later and now won some and could withdraw it back to the secondary wallet for it to sit. I just want to understand the taxes portion a bit more.
Hi, I just started using bitcoin to play online casino games this year. I keep a little in a bitcoin wallet and most of the transactions are between cashapp, blockchain and the casinos I play at. Anyone know how this will affect my taxes next year? Someone told me yesterday that any profit gained from bitcoin is taxed at 50%? Hope that is not the case.
Hello everyone, I hope I am not breaking any subreddit rules by posting in English. Please let me know. (Resident of Germany, not so good German language skills) Coming to the qeustion, some information first, I have been buying some Bitcoin since 2 years now. No coin swap or selling but just buying. I already know if I hold more than a year the gains are tax free and I am not planning on selling them in the next couple of years anyway but here is my question. I would like to file my tax returns for the last two years and now, do I need to mention/declare somewhere that I am holding or buying some Bitcoin on the tax return forms? If yes, where and how? I am filing tax returns online on SteuerGo. I am an employee and my tax is already deducted at source, I am filing now as my Employer has deducted more taxes than required. The Bitcoin I bought is with my self earned money neither gifted nor mined.Edit: Thank you in advance and have a good rest of the week :)
Is there a minimum amount of a gain or loss that has to be incurred before it becomes necessary to report Bitcoin gains or losses on your taxes? I'm just wondering because there are so many people who may have $5 in Bitcoin just out of curiosity who might cash out after a couple of weeks, do those people have to report a capital gain or loss in the same way that someone who lost $1000 would, or is there a minimum reporting limit?
So if I buy Bitcoin on a platform that requires identification, and then transfer the Bitcoin to a different wallet and sell it anonymously at a profit, will the IRS still be able to figure that out? If the Bitcoin just disappears, I would think I could just say I lost my data and don't have the Bitcoin anymore.
Hi, My friend wants to pay me back for something I did to help out and they want to pay me back in BTC. I don't have much knowledge about BTC. They want to pay me through cash app. I have not set up BTC on there because I need to verify using a SSN which made me think about taxes. I am 18 and have not paid taxes yet. I do not want to start having to pay taxes for a small amount of BTC. Will I have to pay taxes on it even if I don't spend or turn it into cash? All the best, Price Tool
Hello reddit, Before you rip me apart, please understand I am just beginning to learn bitcoin. I admit that the entire concept has really grasped me. My question is one of legit curiosity. Not trying to stir up trouble or say bitcoin is good or bad. But basically, if I have bit coin as currency.. what’s to force me to pay taxes? The government would never know how much money I have more how much I’m spending. Wouldn’t this make it really easy to avoid taxes? I understand that if btc were an actual currency that was provided by w2 income then obviously it would be reported to the irs. So this question doesn’t really apply to the potential future of bitcoin. What I am talking about the immediate future. Say somebody makes $100k on a bitcoin investment. Sure if they converted to fiat and suddenly made a $100k investment that would set off alarms, but what if they made small deposits as needed. Just a few grand here or there. I am not promoting breaking the law. I am just curious how bitcoin people reconcile this. I have a very high w2 income and I pay my taxes. Not gonna lie though, when nearly half my income goes to Uncle Sam it hurts! And I imagine that if there were a simple and u traceable way to avoid that I’m sure a lot of people would struggle with that temptation. Any thoughts are appreciated!
Hi, My friend wants to pay me back for something I did to help out and they want to pay me back in BTC. I don't have much knowledge about BTC. I don't have my cash app account set up to receive BTC since I saw that you needed to put your social security into it to get verification. This let me to think that I would taxed if I owned and BTC. If I am gifted some BTC will I now be obligated to pay taxes on it? I am 18 and do not have a job so I have no tax experience. I do not want to start paying taxes yet. Would it be wise to not verify myself to receive BTC or is it not a big deal? All the best, Price Tool
I was wondering... I keep purchasing bits of bitcoin here and there ($20-$100 chunks) during the dips and I have it invested in my Celsius Network account. If I hypothetically pulled everything out with profit at the end of the year (Which I won't, just curious for the question at hand), How does the IRS know how much to tax? Do I need to keep receipts of every deposit/purchase of bitcoin so that the IRS can tally the difference between my investment and my net profit? Will Celsius provide a form for me with all of that information? Any help would be greatly appreciated. I just don't want the IRS to think that every thing I pull out is profit when a majority of it is investment money I put into it. Also I don't plan on pulling ANY out any time soon, this is just a hypothetical question. Thank you.
if bitcoin is decentrilized and not monitored or managed by any banks or government why is there taxes on it. Why do people like the australian fakesatoshi have to pay taxes or something to the government for having bitcoins. Is it that you only have to pay the taxes if you make it public that you have a lot of bitcoins.
I want to sell my btc and transfer it all to my transferwise bank account in the UK I live in Europe France So my question is if I have 5k or more coming to my account. What would happen? They gonna ask me from where I got this money from? And if so from how much usually I will get this kind of question regarding taxation and all Thanks
So I've been buying from coinbase and have fully cashed out a few times since 2013. At one point I lost like $1000 in btc ~ roughly 1.5k in USD at the time. How could anyone prove that the btc I currently own aren't that 5 I originally purchased years ago when/if I finally take some profits this time around that I would only be taxed for long term profits on?
Last night I drunkenly won $5,000 on Bovada. I bought $100 worth of bitcoin through Coinbase, sent that bitcoin to Bovada, and this morning, $5100 worth of bitcoin is in my Coinbase account. And that brings us to present day. I have scoured the web on this... but it seems absolutely no one knows how to report this on a tax return, even hypothetically. It's simple if you take Bitcoin out of it. I probably would have gotten a W-2G and reported it that way. If not, it would be up to me to report it myself, and the IRS could see the withdraw/deposit on my bank statement should I ever get audited. But the anonymity of it all is throwing me for a loop. Bovada doesn't know who I am, or care, and also doesn't keep long term track of bet slips. So the official documentation consists of a bank withdrawl, a bit coin purchase, a bitcoin transfer, and then a bitcoin transfer back to be for a lot more than I had to begin with. There is no way for me to "prove" I won that money through gambling. There is no way for me to quantify and prove the change in value of bitcoin between the time I bought it and the time I got my winnings. Edit My question would be how I should proceed here?
I've tried reaching out to CashApp support with this, but they were no help. In 2018 I bought some bitcoin on CashApp. In 2019 I bought and sold bitcoin on Cashapp. I received a 1099 for 2019, but it only shows the dollars I gained from selling bitcoin, nothing about profits or cost basis or anything. A spreadsheet was generated which has this data, but only for transactions in 2019. Because I didn't sell in 2018, no spreadsheet was generated for that year. How am I supposed to properly allocate and report on this when I don't have enough info to document when I purchased and sold bitcoin, whst the price was at the time of each transaction, and how much profit or loss I made? Does anyone else have experience with this?
Taxes on Bitcoin Mining income. In cryptocurrencies such as Bitcoin, mining describes the process used to process, secure and synchronize transactions. Miners provide the system with computing power for this purpose. Since this computing power is very costly due to the high power consumption, the miners are paid by the so-called mining reward (currently 12.5 units + transaction fees ). If and ... How to Pay Taxes on Bitcoin . Establish a record-keeping system for all your transactions and keep track of when you acquire and when you dispose of Bitcoin. Identify your cost basis method and your exchange rate. Then record the dispositions of Bitcoin on Schedule D and Form 8949. Keeping detailed records of transactions in virtual currency ensures that income is measured accurately. Normal ... Bitcoin and Taxes. Tax season can be confusing enough with complicated rules about what types of income are taxable and which are not; what can be written off and what can’t; and which assets need to be listed and which do not. Add to that the confusion around digital currency and its status in the eyes of governments, and there are bound to be questions about how Bitcoin relates to taxes ... The IRS published guidelines on Bitcoin taxes back in 2014. The key takeaways are that Bitcoin earnings are not tax-free and that they’re viewed in the same class as an investment property, not an actual currency. This means you report your Bitcoin earnings the same way as you would with stocks, bonds, and other investments. So you need to declare every operation to the IRS–when you buy ... We get it — paying bitcoin taxes and other crypto taxes can be confusing. While we can’t give tax advice, we want to make crypto easier to buy, sell, and use. This guide is our way of helping you better understand your 2019 crypto tax obligations. There’s a lot of conflicting content out there, but make no mistake: you are required to report gains and losses on each cryptocurrency ...
Crypto & Bitcoin Taxes Explained - Everything You Need To ...
Tax on your Bitcoin and cryptos – 2019 – Play by the rules - Duration: 34:48. Adam Stokes 563 views. 34:48. G20/OECD: Tax challenges of the digitalization of the economy update - Duration ... For more information, Checkout our Complete 2020 Guide To Cryptocurrency Taxes: https://www.cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes T... When it comes to Bitcoins, Taxes and the “How To”, there is only a few things you need to know. Well… when it comes to the basics… there are only a few things that you need to know. Welcome to our video aboutt crypto taxes 2020. We'll discuss your crypto tax, your bitcoin taxes, and everything you need to know about cryptocurrency taxes ... Bitcoin / altcoin tax 101 - Capital gains and first-in first-out - Duration: 8:24. TheBitcoinCPA 16,165 views. 8:24. Bitcoin Twitter Has Been Suspended - Duration: 20:36.