Increaseing KYC requirments and taxes

OrangeJuic3

OrangeJuic3

Member
Joined
Oct 6, 2020
Messages
15
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. st1ckyf1ng4z @ st1ckyf1ng4z: ^^^ @PlanetExpress ^^^ ima def peep your bookstore but as @luquitoad mentioned, be careful advertising here. mods don’t like it for obv reasons. I’ll dm you tomo tho pimp
  2. L @ luquitoad: ****PSA**** don't store your dope in the oven!
  3. Thebeezneez @ Thebeezneez: Rick and Morty time
  4. Thebeezneez @ Thebeezneez: Whew. 2mg of bars with a hit of ketamine. Got men feeling grooving :) :cool:
  5. PlanetExpress @ PlanetExpress: @st1ckyf1ng4z Stop by and find out why we are one of the best around for years now :)
  6. st1ckyf1ng4z @ st1ckyf1ng4z: @PlanetExpress quite the selection you have there sir
  7. PlanetExpress @ PlanetExpress: What kind of powder we talkng about here?
  8. st1ckyf1ng4z @ st1ckyf1ng4z: don’t we all @thatguywithno
  9. T @ thatguywithno: needing good powders source
  10. L @ Layne_Cobain: Go to the bottom of the page and hit contact us, the admins should b able to get it off for you
  11. th3k1d @ th3k1d: Anyone know how long it takes / how to take the new memeber posting restrictions off? I made my account years ago, it's not new, and i've donated to sapphire. It's not a big deal but it would be cool to be able to be more active in conversations when my replies arent posted back for 24-36 hours, lol
  12. MorfineOrfan @ MorfineOrfan: Another monday ladies and gents, we did it....lol have a good week!
  13. MrFuszy @ MrFuszy: Anywhich Way what you up too candy
  14. MrFuszy @ MrFuszy: If I was being irrational and foolish and others laced me up about it, its, well its either admit it and do your best not to repeat the negative behavior 9
  15. MrFuszy @ MrFuszy: Oh my mannorisms
  16. MrFuszy @ MrFuszy: Im afraid I don't know what you mean?
  17. MrFuszy @ MrFuszy: ?
  18. C @ Candyshop: ⚜️⚜️⚜️⚜️⚜️that's 💯Mr Fuszy admit when your a wrong a coward never does big shit out
  19. MrFuszy @ MrFuszy: I dm you sticky, I apologize yall I was outta line. Got tol fuled for my own good.
  20. Thebeezneez @ Thebeezneez: Froggy**
Back
Top