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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.
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We’ll never know Bitcoin’s full potential until government’s recognize it as a fully legal currency with 0 capital gains taxes levied when it is used as a medium of exchange.
We have to apply pressure at every level of government to make this happen. Once this happens, then we can finally fairly judge Bitcoin on its merits, rather than this quasi-legal limbo it’s stuck in now.
Legal tender and tax laws unfairly restrict Bitcoin’s use as a medium of exchange. Bitcoin can’t be seriously compared to USD until it receives equal treatment under the law. Any advocate for Liberty should understand this.
Hey guys, please contact your Exchange if u don't want to see $BCH become $BTAX by implementing Infrastructure Funding Plan and taking 5% of all block reward and transaction fees for few selected developers starting May 15th. Ask them to change their client from @Bitcoin_ABC to @BitcoinCashNode as they otherwise will support this fundamental change if - only - 2.5% of all SHA256 Bitcoin miners vote for it! This would damage their business as few #BitcoinCash customers support this drastic change and do not want Bitcoin Cash name and $BCH ticker be stolen yet again, just check btc & read.cash, for example: https://www.reddit.com/btc/comments/f670m3/understand_whats_at_stake_personal_remarks_on_how/?utm_medium=android_app&utm_source=share Also made video about it: https://youtu.be/O7PV3MZoG08 Here interview with @im_uname who is leading Tax resistance and released new client "Bitcoin Cash Node" that is fork of BitcoinABC client but without IFP. Not only a technical Mastermind but also high morals & nice character: https://youtu.be/qTEE5rauRQg
I’m not sure if no one knows... but the IRS tax form question about crypto. I’ve bought all year long. I exchanged some alt coins to Bitcoin when I did some real research in the beginning, but never profited in fiat. Do I mark yes or no - legally?
However, when you sell or exchange Bitcoin, you have to report the gain or loss on your taxes, just like any other capital asset. Cryptocurrency received for goods and services is taxed as income. The reason that buying and selling crypto is taxable is because the IRS identifies crypto as property, not currency. As a result, tax rules that apply to property (but not real estate tax rules) transactions, like selling collectible coins or vintage cars that can appreciate in value, also apply to bitcoin, ethereum, and other cryptocurrencies.. To no one’s surprise, the IRS isn’t kidding For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money (more than $479,000 (for married couples) or $425,800 (for individuals)), in which case you pay 20%. For federal tax purposes, cryptos like Bitcoin and Ether are treated as property. Under currently applicable law, cryptocurrency is not treated as currency that could generate foreign currency gain or loss for U.S. federal tax purposes. As such, general tax principles applicable to property transactions apply to transactions involving the sale or exchange of cryptos. High volatility of the Bitcoin exchange rate can lead to tax liabilities for those who use Bitcoin to pay for goods and services (in particular, the obligation to pay tax on capital gains). In the fall of 2017, the U.S. Securities and Exchange Commission (SEC) opened its first case involving the fraud with an ICO.
Prior to the new era of taxes on Bitcoins, one could purchase Bitcoins with dollars, receive Bitcoins from a patron at your restaurant, or trade bitcoins on a Bitcoin exchange. Crypto & Bitcoin Taxes Explained - Everything You Need To Know CryptoTrader.Tax CryptoTrader Tax. ... CryptoTrader.Tax - Manual Exchange Import (Simple Format) - Duration: 8:37. Buying and selling on exchanges, buying goods and services with crypto, and even coin-to-coin exchanges. In short, virtually everything is taxable and you must keep track of everything. including ... In this video, we explain how cryptocurrency and bitcoin donations work for tax purposes. You get a tax deduction on Schedule A when you donate crypto. The amount of the deduction depends on how ... Topics include: Like-kind exchanges, Capital gains, FIFO, LIFO, determining USD value, spreadsheet example of trading altcoins, and much more! ... Previous Bitcoin taxes explainer video: ...