Increaseing KYC requirments and taxes

OrangeJuic3

OrangeJuic3

Member
Joined
Oct 6, 2020
Messages
11
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.

 
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  2. D @ drdrizzy13: yea he's a joke lol. Can't stand him.
  3. L @ Layne_Cobain: You know who rly sucks…lane kiffin 😂 dude is all that’s wrong with college sports or at least a big chunk of it…and he lied about being told he could still coach ole miss in the playoffs
  4. D @ drdrizzy13: Hey at least Ole Miss got in. I can't stand LSU. They really sucked this year.
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  6. D @ drdrizzy13: Yeah I agree if bama loses I think they are out. That would be 3 losses. I don't see a 3 loss team getting in this year.
  7. L @ Layne_Cobain: Yeah that’s why sark was pleading his case about that Texas shouldn’t be punished for scheduling a non conference game against the best team and losing if they hadn’t done that they’d probably be in but oh well way it goes there’s always gonna be a few teams who get robbed or feel they got robbed even with a 12 team playofff…if bama loses to Georgia I’d think they’d be out but who knows
  8. D @ drdrizzy13: Alabama also lost to Florida State pretty bad. Whom Florida beat. I just think if they didn't decide to play ohio state the first game. They would be in with 2 losses instead of Alabama.
  9. M @ meepmoopmeep: @drdrizzy13 Texas lost to Florida of all teams, they weren’t heading for the playoffs anyways imo. At least not this year
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