Bitcoin Taxes in 2020: A Guide to Tax Rules for ...
Bitcoin Taxes in 2020: A Guide to Tax Rules for ...
How Bitcoin Is Taxed - Forbes
Bitcoin Trading Tip: How to Handle Taxes on Your Trades ...
Are There Taxes on Bitcoins? - Investopedia
How to Prepare Your Bitcoin Tax Filing - Investopedia
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Anyone know if LIFO is okay for Bitcoin Trading taxes for 2018?
I want to announce my massive 2018 crypto losses for taxes but the online program I am using (cointracking.info) says about 5x the losses if I choose FIFO than approximately the real losses when I choose LIFO. I understand FIFO is preferred by the IRS but because of how badly margin trading on Poloniex in 2017 screws up my cost basis calculations for everything, it seems like LIFO is the only way to do this right now without reporting a completely irrational loss on my taxes. Is LIFO accepted by the IRS, anyone else had experience like this? Thanks!
Ive been trading (quite heavily on poloniex) for the last 6 months and I need to do my tax returns for 2016/2017. Im aware that you are classed as a "trader" if you make regular trades (which is subject to higher tax rates) However Im not sure if I would be classed as a trader since crypto trading isnt exactly a regulated and may not be classed as such Any of you UK people have filed HMRC returns and dealt with this? Thanks!
Hi all, I have a simple question on what event trigs a taxable event with bitcoin. i know buying bitcoin is not but selling, converting, trading bitcoin, as I understand, creates a taxable event. So wouldn't use of cypto cards, with each transaction, create a taxable and reportable event?
I need your help funding legal costs in a case at the EU Court of Justice related to Bitcoin and VAT exemption!
As some of you may already know there is an ongoing case regarding Bitcoin and VAT exemption in Sweden and the EU. The Supreme Administrative Court (“Högsta förvaltningsdomstolen”) has now requested a preliminary ruling from the EU Court of Justice. The case, C-264/14, can be found here and has been covered quite a lot in media (Bloomberg, Law360, CoinDesk). I got involved in this simply by asking for an advance ruling in Sweden because I wanted to start selling bitcoin on my site bitcoin.se. It has now escalated and I find myself in a situation where my case will likely decide if and how VAT should be applied to Bitcoin throughout the EU. It took me a while to realize the significance of this case and I have to appoint a top law firm team here in Sweden that can prepare a written submission (and we’re short on time here - this has to be done in 3 weeks) as well as a potential oral hearing later on. The Swedish counsel will also cooperate with interested parties throughout Europe to get input and support from other European countries if deemed necessary. I am currently discussing with teams at three of Swedens top firms in VAT and EU-law. After asking about the costs I have received fee estimates that range from 22 000 to 38 000 EUR (approximately 56 to 96 bitcoin at the time of writing). So here is my problem. There is no way that I can finance this personally. I don’t have enough commercial interest in the case to throw all of my savings on it, the business that we wanted to start on bitcoin.se has not been launched so there is no money there. This is why I am now reaching out to the Bitcoin community. Disclaimer: Donating is in no way a guarantee that we will win the case but if I can’t raise the money the risks are dramatically increased that I will lose since I will have to deal with the court proceedings on my own (which one of the parties I have discussed the case with has described as “catastrophical” for Bitcoin in Europe). If the donated money is in excess of the costs I will donate the excess funds to Bitcoin organizations in Europe. If, for some reason, none of the funds raised are used I will return all bitcoins to the sender address (so make sure that you donate from an address that you control!) Please send your donations to this Bitcoin address 1EyosiaYh9gVEP7VKPTyrFGSSoS8QDSsbb About me My name is David Hedqvist and have been running bitcoin.se since early 2012. I am a moderator of the Scandinavian forum section at bitcointalk.org and I have also been a moderator at bitcoin.stackexchange.com since its launch. I will post this message on bitcoin.se, on bitcointalk.org where my name is D.H. and on Reddit where my name is D_ H_. If you read about the case on curia.europa.eu or in media you can confirm that the case is about David Hedqvist and bitcoin.se. Feel free to send me a PM or an e-mail to [email protected] if you have any questions. You may also contact Dr. Thaer Sabri ([email protected]), Chief Executive of Electronic Money Association, to confirm the legitimacy of this fund raiser.
Eight Countries That Don’t Tax Your Bitcoin Gains. In Portugal, tax authorities waived all tax on cryptocurrency trading and transacting – meaning that individuals do not have to pay capital gains tax or value added tax (VAT).
Bitcoin: South Korea to Start Taxing Bitcoin Profits in 2021, Bitcoin Suisse Users Can Now Trade Gold and Silver Against Bitcoin, 50 BTC From February 2020 Moved For The First Time In More Than 10 Years, The Post-Halving Bitcoin Era Will Be Unlike Any Other / Biweekly update 17th May — 31st May
Nickel and dime bitcoin trading for last 6 years...report on taxes?
I recently got a notice from the IRS asking me to consider filing amended returns due to involvement in cryptocurrency. From 2103-2018 I traded a bit of bitcoin off and on, and also played a little bitcoin poker. Total poker profits were about $500, and overall from trading bitcoin and ripple I ended up with maybe $1500 in profit, spread out over the years. Is it worth it to go back and amend and file all those returns? Will they come after me if I don't?
So just a quick question. What is the downside of amending past tax returns with "unmatched" trades? Basically I'm trying to do the right thing and amend a few past tax returns with all the stupid trading I did early on. I imported all Binance/Bittrex/SDEX trades and I have a bunch of unmatched stuff, but overall I'd owe about $200 in taxes. Can I just amend, attach the report from bitcoin.tax, and pay the calculated tax? Am I assuming worst case scenario and paying a higher tax or would I get in trouble somehow?
So, I have a question that I think I know the answer to but it seems ridiculous to me at the same time. Let's say I am trading BTC and using Tether. For the sake of argument, let's say that BTC is $100, and I purchase 1 BTC at $100. Tether it, BTC drops to $50, I buy back in, and it goes to $100, that's $50 taxable gain. If i continue to do this, and then scape off the top to pay those taxes in Jan or Feb, i'm basically getting double taxed because i'm going to have to pay those taxes the following year. I'm cashing out to pay taxes, which in turn is increasing my taxes for the following year, is this not a fucked up situation? *Assuming that BTC is increasing, if it isn't, I still have to pay taxes and don't have the $ in BTC to cash out to pay those taxes? My head is spinning. *
In the U.S., long-term capital gains tax rates are 0% for people with taxable incomes less than $78,750, 15% for single tax filers with taxable incomes between $78,750 and $434,550 ($488,850 for ... Bitcoin Record-Keeping Is Your Responsibility . There are hundreds of brokers, intermediaries, and exchanges that offer cryptocurrency trading. However, none are obligated to provide tax reports ... 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%. Bitcoin Taxes in 2020: A Guide to Tax Rules for Cryptocurrency. If you've owned or used bitcoin, you may owe taxes — no matter how you acquired or used it. Here’s how using bitcoin can affect ... We get it — paying bitcoin taxes and other crypto taxes can be confusing. While we can’t give tax advice, we want to make crypto easier to buy, sell, and use. This guide is our way of helping you better understand your 2019 crypto tax obligations. There’s a lot of conflicting content out there, but make no mistake: you are required to report gains and losses on each cryptocurrency ...
Cryptocurrency Tax in 5 Minutes - What are Taxable Events ?
Andrew Gordon of Gordon Law & Accounting lays out what is, and what is not a taxable event when dealing with cryptocurrency trading. Is BTC to ETH a tax-free... Suny ray is the co-founder of popular Indian Bitcoin buy/sell website Unocoin. Visit Unocoin here: https://coinsutra.com/go/Unocoin/ In this video Sunny answ... Best FX Trading Strategies (THE Top Strategy for Forex Trading) - Duration: 32 ... Crypto & Bitcoin Taxes Explained - Everything You Need To Know CryptoTrader.Tax - Duration: 11:57. CryptoTrader ... Bitcoin TAX Myths! How to Avoid the Headache with Cointracking ... Bitcoin Trading LIVE - Vera Trading Stream BTCUSD start from 0.01 BTC. Like please! Vera Trading 3 watching. Live now; Tax Basics ... Bitcoin Tax Myths: There are a lot of questions and misinformation circulating in our community about crypto & taxes. This is my attempt to clarify some impo...