Bitcoin...Cryptocurrency

[jer_james]

That particular rapper and Dr Dre may be the luckiest mofos on Earth. 50 Cent already hit a gold mine with Vitamin water and now this.

[Neck]

Fiddy

[meltingfeather]

So how does trading crypto affect your taxes?

Has this been talked about yet? Or should I start a new thread?

Murky waters...
For the most part it is taxed as property (asset). Capital gains on any value increases.
How taxes apply to individual transactions is where it gets really unclear.
I'm guessing most of the casual day traders are not going to report it and some are going to get popped, probably making the news.

[systemnt]

I dont know anyone on here that actually owns or trades in crypto.

[texasdeerhunter]

Murky waters...
For the most part it is taxed as property (asset). Capital gains on any value increases.
How taxes apply to individual transactions is where it gets really unclear.
I'm guessing most of the casual day traders are not going to report it and some are going to get popped, probably making the news.

Since this is all based on blockchain technology, I don’t see how the government is going to prove what income is actually taxable on this stuff. How can they track it? How will they know? None of any of these gains or losses are tied to our social security number. None of the exchanges report to the IRS. I really don’t know how the IRS will be able to prove any of it

[meltingfeather]

None of any of these gains or losses are tied to our social security number.

Maybe if you somehow managed to buy BTC with cash.
Most people are using their bank accounts, which are absolutely tied to your SSN.

[JLivi1224]

I dont know anyone on here that actually owns or trades in crypto.

Yep. All hypotheticals here. Just researching in case we decide to dabble in the future.
Does anyone honestly think we would get advice and learn from a bow hunting forum!?
PSshhhhhh!!

[Ginja Ninja]

IOST is making me money right now

[ecallarman]

IOST is looking so good at the moment. Its like someone knows when I buy in on one of these alt coins because it drops immediately, even when I am buying at a very low point...

[Skinny]

The vibe is pumping




Skinny

[ecallarman]

The vibe is pumping




Skinny

Well if you want it to drop an automatic 15% just let me know and Ill buy in

[Skinny]

Well if you want it to drop an automatic 15% just let me know and Ill buy in

I’ve had the same luck!


Skinny

[ecallarman]

I’ve had the same luck!


Skinny

Every time the charts and all of my research shows that one of them is at its absolute bottom, I'll buy in and it temporarily goes up a slight amount and then proceeds to go down even more.

[Neck]

Tron finally broke from .07 and is now at .06! Wahoo!!!

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[Neck]

Scratch that back at .07 LOL

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