TipHound is a paywall that is used on Reddit in order to help monetize content. Well, we here use TipHound in order to run a weekly contest that A. You have to pay into of course and B. If you win it, you get paid back several more bits/satashi!
Delay Bitcoin taxable gains to make things simpler?
I am aware that the IRS wants you to report gains/losses on every trade and exchange between any cryptocurrencies.... But... If you purchased bitcoin on Coinbase and transfered to a foreign exchange such as Binance, does the IRS have any way to identify that you have sent your BTC to a trading exchange? Perhaps it would be more favorable to say that it was transferred to a site that provided exponential growth to investors or some sort of community investment pool (?) versus tracking potentially thousands of transactions? I have accepted the fact that I will pay gains on my crypto trading but am wondering if it seems feasible to delay the gains until the BTC or ETH make their way back to Coinbase (at least from the standpoint of providing a reasonable explanation to the IRS)? Obviously this is more of a speculative question, but it would make a law-abiding crypto day-trader's tax reporting dilemma much easier.
How tax will be calculated for following trades: 2017: 1) Bought 3000 LTC @ $100 = $300K USD 2) Converted LTC($200) @$10K BTC = 60 BTC, profit $300K, tax $84K @ 28% (My tax bracket for regular income) 2018: 1) Sold 60 BTC @$5K, loss $400K Is trade #2 in 2017 taxable event? If I have to pay tax in 2017 for 2nd trade than how can I cover loss in 2018?
Israel Tax Authority Deems Bitcoin a Taxable Asset
This is an automatic summary, original reduced by 57%.
The Israeli Tax Authority has issued an official draft circular to clarify the tax guidelines that apply to bitcoin adopters. In an announcement last week, the Israel Tax Authority released its draft [PDF] on the proposed taxation of virtual currencies which are considered "Assets". Pointedly, the announcement also cites the Bank of Israel - the country's central bank - which does not see bitcoin or virtual currencies as foreign currencies and will be taxed according to existing fixed tax rates. Bitcoin] will be considered in accordance with the Income Tax Ordinance as "Assets" and their sale will be taxed as a sale of "Property." Income from their sale will be classified as capital income and capital gains will be taxed according to fixed tax rates. Further, the income of individuals working in bitcoin trading or mining will be taxed in business tax rates. The Australian Government is currently debating if bitcoin can be treated as "Money" as the country looks to kill the goods and services tax with bitcoin transactions that saw a 'double taxation' levied on digital currencies in the country.
If I "work" for a reward site do I need to worry about taxes or laws?
To keep it short; I was just wondering if I could "work" for a reward site. I won't mention the site in question but today they said they were accepting applications for app testers for potential new games to be added as rewards. The payout for these testers will be in the form of points on the site which can be used to redeem a variety of giftcards (steam wallet, gta shark cards etc.) but also pre-paid mastercards, paypal and cryptocurrency. If I were to be accepted as an app-tester and withdrew paypal/crypto would I need to worry about taxes or laws or anything? I'm not very clued up on this kind of thing. Also just a side question: is bitcoin taxable? Or would profits from cryptocurrency just fall under the PayE tax brackets?
Bitcoin.Tax is the most established crypto tax calculation service that can work out your capital gains and losses and produce the data and forms you need to file your taxes. Simply upload or add the transaction from the exchanges and wallets you have used, along with any crypto you might already own, and we'll calculate your capital gains. [ July 22, 2020 ] China’s Blockchain Network Splits Over Disagreement About Public Chains Blockchain [ July 22, 2020 ] Nicholas Merten: 40-fold increase in altcoins can be seen Altcoin [ July 22, 2020 ] EToro Experienced a Dip in Growth for Every Crypto but Tezos in Q2 Bitcoin 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. "Every bitcoin transaction is taxable," writes Tyson Cross, a tax attorney who specializes in virtual currencies. "Bitcoin users will have to calculate their gain or loss every time they purchase goods or services with bitcoin." Bitcoin and other cryptocurrencies that you buy, sell, mine or use to pay for things can be taxable. Also, if your employer or client pays you in bitcoin or other cryptocurrency, that money is
Paul Solman speaks with James White, director of tax issues at the Government Accountability Office, about the taxability of Bitcoin. Avoiding taxable income from virtual currency can bring some serious consequences. If someone is paying you in Bitcoin you have to include it as a taxable event. *~ Claim Your FREE 30 min Strategy ... Welcome to our video aboutt crypto taxes 2020. We'll discuss your crypto tax, your bitcoin taxes, and everything you need to know about cryptocurrency taxes and crypto. If you have been using ... Bitcoin TAX Myths! How to Avoid the Headache with Cointracking - Duration: 6:52. EverythingCrypto 136,358 views. 6:52. Bitcoin / altcoin tax 101 - Capital gains and first-in first-out ... Canada Day Bitcoin Liquidation Watch: July 1 2020 IntroToCryptos 148 watching Live now Bitcoin / altcoin tax 101 - Capital gains and first-in first-out - Duration: 8:24.