Increaseing KYC requirments and taxes

OrangeJuic3

OrangeJuic3

Member
Joined
Oct 6, 2020
Messages
14
So for the most part I love BTC. I hold quite a bit as a investment. Has anyone thought about how we have to go back and report all our transactions for tax purposes? My accountant let me know that since 2018 i need to report all of what I either cash out or spend. If you hold or buy its fine. BTC is a public transaction ledger and the point of obfuscating your transactions doesn't really matter to the government. If you transfer and don't have control of the coin anymore you might need to report it as capital gains. They go back chronologically so the gains from a spend would be the difference from when you first bought coin.  The good thing for people that hold coin from longer than a year out or make less than 40k you have to pay less or nothing. There are other things you could do to temporarily avoid paying capital gains, but its the government and they want their money.

tl:dr if you bought through a exchange or other KYC process you will most likely have to declare something on your taxes

What do you think? Maybe I'm not conveying this the best, but i hope you get what I'm saying.

 
You must log in or register to reply here.
Drugbuyersguide Shoutbox
  1. DawsonCheeks @ DawsonCheeks: I don’t mesn to spam but every mid type posts!!
  2. DawsonCheeks @ DawsonCheeks: Take it from mez
  3. DawsonCheeks @ DawsonCheeks: SunnySide is shining again! Take it from
  4. shoutback @ shoutback: Okay I could dig that but working that shit out at the gym is going to be rough
  5. Realbenzeyes @ Realbenzeyes: Butterfingers in a milkshake. Nothing like it
  6. Gulp2788 @ Gulp2788: Twix kangs rise up
  7. L @ Layne_Cobain: Snickers almond FTW 🙌
  8. L @ Layne_Cobain: Yes the mars almond was in a white-ish wrapper
  9. Maelstrom @ Maelstrom: Oh god! Way too much nuance and variation between Mars, Milky Way, and 3 musketeers. There’s was a special mars that had almond. A Mars bar from the UK is closer to a snickers than a traditional mars. What a rabbit hole though.
  10. S @ sawganaut: Snobording ok skiisss
  11. proton369 @ proton369: 💎💎💎💎💎💎💎💎
  12. L @ Layne_Cobain: Anyone remember mars bars? I remember as a kid going over to my grandpas he’d keep them in the freezer we’d get there and go right for them haha so good think had almonds in them probably similar to a snickers almond
  13. Maelstrom @ Maelstrom: Okay, somehow I missed putting my two cents in during the chocolate discussion. The big near-half-pound slab of Hersheys Symphony bar with the BLUE label is hands down the best mainstream chocolate bar in America. You folks over across the pond kill it with Cadbury’s and I won’t deny it’s the best but those damn blue symphonies have me hooked.
  14. Sweatergod @ Sweatergod: Happy Monday 🤞🏼
  15. A @ ajb0232: Happy Monday! 🫡
  16. tiquanunderwood @ tiquanunderwood: Happy Sunday! Have a good wekeend!
  17. Realbenzeyes @ Realbenzeyes: It’s not 5 o’clock. It’s “7 o’clock on the dot I need crack rock, onnnn the spot”
  18. Thoth @ Thoth: The answers in the question
  19. LatsDoodis @ LatsDoodis: Hey ya’ll. When does the 5 o’clock free crack giveaway!?
  20. Realbenzeyes @ Realbenzeyes: @Maelstrom lmao. Haven’t heard that one
Back
Top