Taxes on Bitcoin and Other Cryptocurrencies in 2020, Tax ...
Taxes on Bitcoin and Other Cryptocurrencies in 2020, Tax ...
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Bitcoin is an internet based decentralised currency. Similarly to Bittorrent, but Bitcoin uses a public ledger called the blockchain to record who has sent and received money. It's very new, and for many very confusing. BitcoinHelp aims to rectify this. Whether it be explaining how it works, how to use it, how to buy Bitcoins, how to integrate Bitcoins into your business. Sharing your successes as well as failures in order to help others is also gladly received. Ask away!
I've been thinking about this. How can Bitcoins be taxed by a government? While Bitcoins can be seen as a currency, they're still a virtual item. Wouldn't that basically be saying, World of Warcraft gold can be bought/sold for $1/1000 Gold. Does that mean they could tax it if they felt like it? Maybe I misunderstand how they're going about it. Just wondering if someone could help explain it to me. -- Edit from Release -- "Taxpayers may be subject to penalties for failure to comply with tax laws. For example, underpayments attributable to virtual currency transactions may be subject to penalties, such as accuracy-related penalties under section 6662. In addition, failure to timely or correctly report virtual currency transactions when required to do so may be subject to information reporting penalties under section 6721 and 6722. However, penalty relief may be available to taxpayers and persons required to file an information return who are able to establish that the underpayment or failure to properly file information returns is due to reasonable cause."
Serious Question: What Legistlation can we support in order to have bitcoin be a currency and not taxed?
And/or all digital currencies. Real truth. What would it cost, do we have to send $100k to every US Senator? And what would the text of such a law look like. Is there any bill or politician we can support? Okay thanks.
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.
07-13 15:55 - 'yes, a crypto person can avoid taxes by using anonymous crypto like Monero but if you use Bitcoin and didnt mine or buy it anonymously then its alread tied to your identity by being linked to an ip address of a device you...' by /u/Bloodsport121 removed from /r/Bitcoin within 88-98min
''' yes, a crypto person can avoid taxes by using anonymous crypto like Monero but if you use Bitcoin and didnt mine or buy it anonymously then its alread tied to your identity by being linked to an ip address of a device you own. 99% of people will be forced to pay taxes on their crypto gains but a small portion of early adopters or those who deceptively trade in privacy coins can avoided being taxed if they never associate their real identity or any device associated with their identity to their crypto. ''' Context Link Go1dfish undelete link unreddit undelete link Author: Bloodsport121
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
05-25 08:24 - 'The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid...' by /u/_kessete removed from /r/Bitcoin within 11-21min
''' The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid fees when transferring money internationally, and to avoid sanctions. With Bitcoin you can buy drugs on dark net markets anonymously and across borders, transfer money to countries sanctioned by the US through blocking the use of SWIFT (Venezuela, Russia, Iran) and avoid the effects on fiat currencies caused by Fed policy (such as QE and potentially negative interest rates). While Gold can be used as alternative store of value, it isn't as easy to transfer over large distances. And as seen in the UK, countries can deny transferring gold for political reasons. [link]1 I personally believe that if the US continues to sanction countries by using SWIFT in blocking crossborder financial payments, cryptocurrencies and foreign CBDCs (digital yuan) will grow in influence as the US's international financial power diminishes. Especially if its traditional allies (EU, UK) do not agree with the sanctions that are applied to foreign countries. The use of cryptocurrencies could accelerate at an even greater rate if there is an economic and/or cold war between the US and China. [link]2 ''' Context Link Go1dfish undelete link unreddit undelete link Author: _kessete 1: **w.b*oomberg.c*m/news/*rt*cle*/*019-01-2**u-k*said-to*deny-**duro-s-***-t*-pull-1***b*llio*-of-g**d 2: *o*nt*le*raph.*om/ne*s/jp*morga*-cbdc**h*ea**ns-**ge*on*-of-us-dollar Unknown links are censored to prevent spreading illicit content.
Another ABC dev supports the dev tax proposal on BCH, and has his ideas on how donation addresses can be "whitelisted" by miners: https://old.reddit.com/r/btc/comments/f1h55l/my_view_on_bitcoin_cash_development_funding/ I am sure these incentives are sound and nothing bad will happen. /s
How is Bitcoin taxed? Once you’ve determined the Why?, the next step is to differentiate between income tax or capital gains tax on each activity. If you receive Bitcoin as a means of payment, then it's subject to income tax. If you're making gains on an investment, then this is subject to capital gains tax. In certain cases trading can be a mixture, but in general, the margins gained by the ... Bitcoins are taxed. 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. The Internal Revenue Service has recently published tax ... How the Bitcoin is Taxed as Income. Do you receive Bitcoin as income for goods and services, either from an employer or as an independent contractor? Income tax applies to any virtual currency used to pay for goods or services. In other words, you can’t accept Bitcoin as an attempt at a workaround — not anymore. The same income tax rules apply to virtual currencies as they do to payments ... There's a lot of confusion around how bitcoin is taxed, but there needn't be: Crypto assets like bitcoin enjoy remarkably favorable tax treatment from the IRS. Bitcoin.org. “Can Bitcoin Be Regulated?” Accessed Oct. 5, 2020. Board of Governors of the Federal Reserve. “Update on Digital Currencies, Stablecoins, and the Challenges Ahead.” Accessed ...
Jason is also able to ask Trace about how Bitcoin is currently taxed and if he thinks the IRS or US Dept. of Treasury will dramatically change the tax laws to single out Bitcoin and hit its ... Hi, my name is Binx and I talk exclusively about personal financial and real estate. Today, we are talking about Paypal allows bitcoin shopping and bitcoin i... WhalePool Interview: Bitcoin Tax Specialist Daniel Winters on the IRS crackdown on Coinbase nov/2016 - Duration: 57:05. WhalePool 19,199 views. 57:05. Crypto trader heads to Fed Prison ... Bitcoin is a new, virtual form of exchange. Can it help you save on tax? Tax accountant tells you about the tax implications of bitcoins and whatever else you need to know. What is the right amount of Bitcoin to own? How many should you be HODLING? With the next great bull run of 2020 on the horizon, now is the time to be accumulating BTC before the price reaches ...