Taxes on Bitcoin and Other Cryptocurrencies in 2020, Tax ...

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How can Bitcoin be taxed as property, but regulated as money? It's time for a class action lawsuit.

How can Bitcoin be taxed as property, but regulated as money? It's time for a class action lawsuit. submitted by potatoyogurt to Buttcoin [link] [comments]

Can bitcoin be taxed?

Aren't all transactions publicly available for viewing on the block chain? Couldn't the government use this to track bitcoin owner identities and tax their bitcoin as an asset/commodity/etc?
submitted by llSourcell to Bitcoin [link] [comments]

Can Bitcoins really be taxed?

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."
submitted by WineVirus to Bitcoin [link] [comments]

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.
submitted by walloon5 to Bitcoin [link] [comments]

Can be Bitcoin taxed or banned?

I know the answer is "no", but I am really concerned about governments and big banks trying to tax the shit out of Bitcoin and other cryptocurrencies. Would that affect the way we buy Bitcoin?
submitted by nerviosus to Bitcoin [link] [comments]

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.

submitted by the420chronicler to Bitcoin [link] [comments]

Russia to launch the CryptoRuble: Putin calls for national version of Bitcoin to ensure cryptocurrency can be taxed

submitted by SumpTrucks2 to worldnews [link] [comments]

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

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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.
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submitted by removalbot to removalbot [link] [comments]

This is a bleak day - Bitcoin can now be officially taxed.

This is a bleak day - Bitcoin can now be officially taxed. submitted by SpanishDuke to Anarcho_Capitalism [link] [comments]

Say you have $20k of bitcoin but have only bought, never sold can you still be taxed?

submitted by snebbabdhsksv to Bitcoin [link] [comments]

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

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 submitted by paradigmfund to Paradigm_fund [link] [comments]

Indian government tax-thugs show up at new bitcoin company, rummage through computers and records, demand owner explain how bitcoin buyers, sellers, and miners can be taxed and tracked

Indian government tax-thugs show up at new bitcoin company, rummage through computers and records, demand owner explain how bitcoin buyers, sellers, and miners can be taxed and tracked submitted by Anen-o-me to Anarcho_Capitalism [link] [comments]

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

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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
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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.
submitted by removalbot to removalbot [link] [comments]

IRS: Bitcoins can be taxed

IRS: Bitcoins can be taxed submitted by Gmk2006 to economy [link] [comments]

Government has to treat Bitcoin like a currency before it can be used as a currency.... i.e. no capital gains tax if you spend it and/or accept Bitcoin as payment in taxes

Government has to treat Bitcoin like a currency before it can be used as a currency.... i.e. no capital gains tax if you spend it and/or accept Bitcoin as payment in taxes submitted by the420chronicler to Bitcoin [link] [comments]

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

Another ABC dev supports the dev tax proposal on BCH, and has his ideas on how donation addresses can be submitted by cryptorebel to bitcoinfights [link] [comments]

[Business] - Tax dept starts probe into Bitcoin exchanges to ascertain rate they can be taxed under GST

[Business] - Tax dept starts probe into Bitcoin exchanges to ascertain rate they can be taxed under GST submitted by AutoNewsAdmin to TIMESINDIAauto [link] [comments]

[Business] - Tax dept starts probe into Bitcoin exchanges to ascertain rate they can be taxed under GST | Times of India

[Business] - Tax dept starts probe into Bitcoin exchanges to ascertain rate they can be taxed under GST | Times of India submitted by AutoNewspaperAdmin to AutoNewspaper [link] [comments]

Say you have $20k of bitcoin but have only bought, never sold can you still be taxed? /r/Bitcoin

Say you have $20k of bitcoin but have only bought, never sold can you still be taxed? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Daily Mail: Putin calls for national version of Bitcoin to ensure cryptocurrency can be taxed

Daily Mail: Putin calls for national version of Bitcoin to ensure cryptocurrency can be taxed submitted by Cryptoknowledge to CryptoCurrency [link] [comments]

When you die, can bitcoin holdings be taxed as part of estate tax?

Trying to understand if I buy Bitcoins directly rather than via an EFT how that would work for my heirs.
submitted by s-dubya to Bitcoin [link] [comments]

Russia to launch the CryptoRuble: Putin calls for national version of Bitcoin to ensure cryptocurrency can be taxed

Russia to launch the CryptoRuble: Putin calls for national version of Bitcoin to ensure cryptocurrency can be taxed submitted by KellyfromLeedsUK to BreakingNews24hr [link] [comments]

How Many Bitcoin Should You Be HODLING?? Crypto Taxes EXPLAINED! Bitcoin/Altcoins, Like-Kind ... Bitcoin After Death How To Deal With Bitcoin and Taxes  Cryptocurrencies and Taxation Should You Pay TAXES On Your Bitcoins??

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 ...

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How Many Bitcoin Should You Be HODLING??

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 ...

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