Now at the time of this post its up to 9700 happy investing whatever you do.
Bitcoin’s emerging popularity has also been brought to the attention of the Internal Revenue Service. So if investors cashed out their Bitcoins after holding it for a year, they’d be subject to a capital gains tax, which is typically around 15%. So if investors cashed out a Bitcoin investment that was initially worth $100 but appreciated to $13,820 in a year, their tax could be around $1,923. But a short-term Bitcoin investor, who spent or sold their Bitcoin within a year of first buying it, they’d be taxed at the ordinary income tax rate, which can be as high as 39.6%. Capital gains taxes max out at a lower 20%.
Better than the dump!
One key factor of Bitcoin is anonymity. Who is going to report and pay taxes on that?
Copper, brass, and Leather. 3 of my favorite things.
Anyone that isn't a thief?
Out of clutter, find simplicity. --Albert Einstein
Not paying Taxes makes you Smart ~ Donald J Trump
Your not anonymous when you connect a valid bank account to your exchange.
Somebody who makes say $50K a year end up with $2M in bitcoin money. Go buy anything pricey with cash or put that money in any of your bank accounts and the IRS will be visiting you shortly. Might as well be drug money if you don't pay taxes on it.
Hey I got a brand new bit mining machine. It's a bit miner D3 19.3ghz and as of yesterdays prices if operating at nominal speeds it would be making $359 a day. I am kicking myself for not having a place to operate it. You need really fast internet and we'll I just got booted from. My place from the city because apparently you cant live In a shopping container in a warehouse commercially zoned area.
Anyway I paid close to 2k for it and I want to take Home after fees and shilling at minimum $1,000. Other than eBay and the norms where do I go d bitcoin people that will she'll out for this thing?
Bitcoin is no different in trade than the stock market or money market, it has ALWAYS been subject to capitol gains. Like gains, they are only real when exchanged, for example, if you think you can buy ten tvs on newegg with BTC and that liquidity isn't reported your wrong, what you have to do is treat it like pulling from your money market account to pay for things. The IRS has said this for YEARS about barter and trade. If you get real value off of trade you need to report it, likewise on losses. This is elementary stuff, I buy and sell cars with wins and losses and you better believe we report a loss on a trade if it ends up bad. Inventory can be treated the same way...and coinage digital or otherwise.
I personally use coindesk, I report capitol gains, and then the losses in electricity, equipment and guess what, when a business buys a car or truck it can take depreciation...you can do that with ANY depreciable asset. You have to be smart about mining and crypto in general, definitely DO NOT buy and sell on whims, don't flinch because of a 1500 drop in a day...or even a week. always look at trade volumes and if volume is low and still dropping, then its time to make a decision, high volume...leave it be.
WI ITAD LLC, IT Liquidation Services, we remarket, buy and sell scrap electronics No customer too large or small!
I want to try my hand at crypto mining but I want to study more up on it. Does anyone have a good site I could read up on?
I am using a cloud mining website... genesis-mining.com/ You can mine several different cryptocoins. A friend of mine and I were talking about the run up and he told me about him the site. If interested, you can use my affiliate promo code rZMpnm to get a 3% discount on price. I have gotten some coin after just a couple days, but the payout seems small, but consistent. I am mining bitcoin and monero. At this point, the monetary equivalent seems close, but BTC may have taken a bit of a lead with the run up. I am looking at the other coin options to see if there may be a better choice to mine once the payouts accumulate to the point where it makes sense to pay the fee to transfer.
Last edited by t00nces2; 12-06-2017 at 07:25 AM.
Ask Al Capone how serious the IRS takes tax evasion. That dude KILLED PEOPLE. But he went to jail for taxes.
It's cheaper to just render unto Ceasar up front and not worry about the inevitable knock on the door.
Crypto currency is a Ponzi scheme. I don't keep up with how many crypto currencies there are now days. If you cant hold it in your hand its not real.
Crypto currency is something that is unaccounted for. At this time Bitcoin is to costly for the average person to invest in.
Crypto currency is a Ponzi scheme. You may not believe me now but within 1 or 2 years it will be a bust and all the people that fell for something that is to good to be true will be crying foul.
if it last 2 or 3 years I'll be in good shape lol.
Can you short on crypto? I heard about the futures trading and it made me wonder if people were now legitimately buying in on an expected crash. I also wasn't clear if buying in on crypto falls under SEC compliance. I assume it does not but that the futures market does.
I watched as Eth smoked higher the past couple days and today Litecoin surged. I have been grappling with the question of how long to hold and when to sell. I decided today to sell some and buy all new appliances for the kitchen. I am going to HD this aft and let DaBabe pick out the range and DW she wants and I am going to pay off the fridge we bought a month ago. She will be so happy with me tonight I might even get lucky... and she will cook me dinner.
I don't want to see this crash and have gotten nothing of value out of it.
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