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Crypto Taxes
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Date: June 8th, 2017 4:35 PM Author: Ruddy Potus Kitchen I've found 2 sites (CoinTracking and Bitcoin Taxes) however neither seem to work that great.
I was wondering how people plan on reporting gain/loss on trades and tracking basis. I am trying to compile my own spreadsheet but am honestly a tad lost and don't have the GAINZ to justify an accountant.
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Date: June 8th, 2017 4:36 PM Author: Bronze charismatic haunted graveyard whorehouse if we just try our best and ballpark it is anybody really going to come after us (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507163) |
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Date: June 8th, 2017 4:40 PM Author: Ruddy Potus Kitchen Ya I'll probably be conservative about it and just send them a check and be like "Dear IRS, the Ukranian exchange was super unhelpful, sorry" (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507194) |
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Date: June 8th, 2017 5:58 PM Author: silver space (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507853) |
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Date: June 8th, 2017 4:40 PM Author: Ruddy Potus Kitchen Are you going to treat Crypto-->Crypto trades as taxable transactions? Based on my reading as property, I feel like I will only be treating conversions to Fiat as gains/losses.
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Date: June 8th, 2017 4:42 PM Author: burgundy cuckoldry corner cr crypto->fiat is only reasonable way to do it imo
if crypto->crypto is taxable were all fucked |
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Date: June 8th, 2017 4:43 PM Author: spectacular frum queen of the night (it is) (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507228) |
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Date: June 8th, 2017 4:45 PM Author: Ruddy Potus Kitchen it MAY be.
But like. How are the fuck do we track my BAT --> ICN --> BAT --> ICN --> BAT... |
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Date: June 8th, 2017 4:46 PM Author: Judgmental Patrolman hehe (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507252) |
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Date: June 8th, 2017 4:46 PM Author: french heaven hissy fit (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507253) |
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Date: June 8th, 2017 4:46 PM Author: spectacular frum queen of the night (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507255) |
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Date: June 8th, 2017 4:48 PM Author: burgundy cuckoldry corner (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507282) |
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Date: June 8th, 2017 5:58 PM Author: silver space (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507856) |
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Date: June 8th, 2017 4:50 PM Author: Ruddy Potus Kitchen Other BATbros can assist... (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507293) |
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Date: June 8th, 2017 10:37 PM Author: shimmering candlestick maker stage "if crypto->crypto is taxable were all fucked"
Why wouldn't it be?
If coins are property (which I think is the IRS's position), then aren't coin exchanges taxable much like other exchanges of property or like bartering? |
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Date: June 8th, 2017 10:38 PM Author: learning disabled boyish partner weed whacker it definitely is (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510132) |
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Date: June 8th, 2017 10:41 PM Author: silver space It's an open question imo (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510153) |
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Date: June 8th, 2017 10:43 PM Author: shimmering candlestick maker stage What's open about it? Are you challenging the IRS position regarding property status or going around some other way? (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510168) |
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Date: June 8th, 2017 10:45 PM Author: silver space I would prefer not to have to go down the "like kind exchange" route but there's a strong case to be made that crypto to crypto exchanges should qualify for non recognition under section 1031 of the code because of liquidity and valuation issues. (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510175) |
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Date: June 8th, 2017 10:52 PM Author: Confused Bright Ladyboy (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510219) |
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Date: June 8th, 2017 10:58 PM Author: shimmering candlestick maker stage Seems at least plausible. (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510271) |
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Date: June 8th, 2017 10:59 PM Author: silver space I pulled out my old tax casebook and re-read the relevant sections on like kind exchanges. I will scan and post on xo when I'm feeling less lazy to get the take of all the tax law scholars here. (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510280) |
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Date: June 8th, 2017 6:01 PM Author: silver space This is the key question and we as a bort need to do some research on the best way to advocate for this position and/or determine the ideal way to report/not report it on are tax returns since I know for sure this is a topic the IRS hasn't ruled or provided guidance on (but I bet they will soon)
More to the point, I have three stashes of crypto I haven't sold. One at coinbase and two at Gemini (btc and eth). I have transferred all of my eth and btc to my cold storage wallet. So (assuming poloniex isn't intending to report anything to the IRS) there is no record of me and crypto the govt will have EXCEPT for anything coinbase (or Gemini) report (which, with respect to me, will be only purchases, not sales).
Since I have made no trades through them I see no reason to report anything wrt capital gains and losses. I will report when I realize any gains in the future. Cr? |
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Date: June 8th, 2017 6:10 PM Author: Ruddy Potus Kitchen seems fair. My approach similar.I have a few small sales (losses) on Gemini so I figure I will just track basis on those sites.
How to treat ICOs... |
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Date: June 8th, 2017 10:39 PM Author: shimmering candlestick maker stage Moving coins and trading them are different. It sounds like you're only talking about moving them. (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510138) |
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Date: June 8th, 2017 10:43 PM Author: silver space What if I took 120 eth I moved and bought 60 eth worth of MYST and BAT to hold as long term investments? Do I need to recognize a gain on the eth I used to buy into the ICO? (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510170) |
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Date: June 8th, 2017 10:45 PM Author: learning disabled boyish partner weed whacker yes (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510180) |
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Date: June 9th, 2017 7:35 PM Author: unholy laughsome gaming laptop FMA (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33517131) |
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Date: June 9th, 2017 7:35 PM Author: silver space i dont agree with this bro's take and many others dont either. its an open question. zozo will be crowdresearching this issue obv (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33517140) |
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Date: June 8th, 2017 6:02 PM Author: Dead Buff Pisswyrm http://www.libra.tech/ (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507883) |
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Date: June 8th, 2017 10:30 PM Author: silver space V. Mysterious (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510076) |
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Date: June 8th, 2017 6:20 PM Author: saffron effete pit elastic band Converting may be a taxable transaction, but you could offset any losses post-taxable event.
I know exactly how much I invested, so I figure anything I realize in USD above that is profit, right?
In other words, if you invested $5k in crypto this year, and you turn $10k back into cash next year, pay $5k long term capital gains on that sale (i.e., $5k on the amount above the basis). Then just pay LTCG as you sell the remaining currency? |
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Date: June 8th, 2017 6:21 PM Author: silver space That's how I intend to do it. Anything else would be retarded. (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33508077) |
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Date: June 8th, 2017 6:32 PM Author: Ruddy Potus Kitchen Yep.
I reached out to an old time family accountant to pick her brain. will report back. |
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Date: June 8th, 2017 10:35 PM Author: brilliant corn cake brunch What if u bought stuff on darknet? (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510107) |
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Date: June 8th, 2017 10:38 PM Author: mind-boggling center Jeff Sessions will be spreading your cheeks (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510133) |
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Date: June 8th, 2017 6:22 PM Author: Free-loading opaque parlour Always tumble your coins. Then launder the cash (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33508084) |
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Date: June 8th, 2017 10:28 PM Author: silver space (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510059) |
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Date: June 8th, 2017 10:34 PM Author: learning disabled boyish partner weed whacker (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510104) |
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Date: June 8th, 2017 10:38 PM Author: learning disabled boyish partner weed whacker pretty obvious that crypto to crypto exchanges are taxable events:
https://www.irs.gov/pub/irs-drop/n-14-21.pdf |
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Date: June 8th, 2017 10:39 PM Author: mind-boggling center If this is the case trading crypto is worthless (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510141) |
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Date: June 8th, 2017 10:41 PM Author: learning disabled boyish partner weed whacker edit: lol forget what i just wrote, i'm dumb. (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510148) |
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Date: June 9th, 2017 3:22 PM Author: Cracking Sickened Marketing Idea Fanboi we've had like 12 threads about this already. no it is not obvious. It could be a like kind 1031 exchange. no one knows. (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33515400) |
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Date: June 8th, 2017 11:43 PM Author: fear-inspiring aggressive selfie I think it's pretty obvious crypto to crypto is a taxable event
What I can't get clarification on is what the cost basis should be if I have multiple different purchases in the same wallet
I want to participate in some ICOs by buying ETH and immediately exchanging it for ICO. So I would have pretty much no gain on the new ETH.
But if the new ETH is in the same wallet as old ETH acquired at a much lower cost, I'm worried I'll need to report the gain on the oldest ETH.
I am hoping I can get around this by keeping them in separate wallets. There does not seem to be a clear answer based on what I've read.
Anyone have a strong opinion on this? |
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Date: June 9th, 2017 3:20 PM Author: saffron effete pit elastic band You just need to elect LIFO, meaning you look at the gains on the ETH you bought the same day. That means you will pay the highest taxes on the ETH you bought first, but that makes sense. (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33515389) |
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Date: February 20th, 2018 9:59 AM Author: Amber slimy school (http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#35443933) |