Came across a rather interesting video on taxation, and what is and is not a "taxable event". the video goes on to explain steps you can take to protect yourself...
The IRS has tasted the Crypto Kool-Aid.... and they like it!!!
as always if you enjoyed this video upvote, resteem, comment with any thoughts or input.
Happy Steeming.. -The Surbian Taco
The cryptos are largely denominated in Bitcoins, since it takes bitcoins to buy them. If you trade a stock in USD in your Fidelity account for instance, and you get back in after selling it, then your cost basis is adjusted so that it is considered as never being out of the position. I don't see why cryptos would be any different. The taxable event should work like this. Invest dollars into BTC, buy other cryptos still in BTC. When you sell your position in BTC to turn it back into dollars, bam, pay your taxes...
Thank you for sharing...
I agree but that would limit the IRS, essentially cutting them out of the millions upon Millions of "transactions". they feel they have the right to tax said transaction.. I foresee a huge legal battle and possibly on the more extreme end eventually blocking of certain exchanges with the FCC trying to "defreedomize" (not a word but it fit) the internet..
I like the new word:)
If it can work for Fidelity without legal battles, then I don't see why not for our individual trading. Besides, I don't thinks it's possible for them to track all transactions. Unless they put that burden onto the exchanges. But the exchanges would like do the same as Fidelity.
Good shit. I never report to them fucks unless i know tgey owe me. Lol fuck'em
i paid $8,000 in taxes this year alone.... you know what i could do with a extra $8K!!??
Nice video taco. I was just sitting wondering that very question of taxes and crypto currency. Right now it’s something I don’t have to worry about since I’m messing around with basically ten bucks but It’s useful knowledge.
yea im barely scratching the surface myself and as most people are looking how to invest and gain, I feel a large percentage of those people are failing to look at this end of the crypto world.. interesting stuff going on daily. 2018 will be a groundbreaking law making year for the exchanges, alt coins, wallets like coinbase ect
Just wait when most of the people speculating and trying to trade in and out take big losses. It goes both ways. If you have a gain, taxes. If you have a loss, it offsets your other regular income to reduce your taxes.