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.

 
You must log in or register to reply here.
Drugbuyersguide Shoutbox
  1. tiquanunderwood @ tiquanunderwood: Nah I'll have to check it out.
  2. Ketmaster @ Ketmaster: It's a great show, highly recommend. Think it's on Hulu
  3. L @ Layne_Cobain: Only clips on YouTube @Ketmaster but a lotta clips lol seems like a good show I gotta actually watch
  4. Ketmaster @ Ketmaster: You guys see the show Snowfall? One of my favs
  5. L @ Layne_Cobain: @Yaugae5121 one of my favorites man along w the wire 💯
  6. L @ Layne_Cobain: @Thedoccc lmaoooo “maybe we oughta just whack this prick”
  7. Y @ Yaugae5121: Dude I’ve watched the whole series these past three weeks I’ve been laid up with this broken kneecap!! What an incredible show
  8. T @ Thedoccc: LMAO I missed this https://www.youtube.com/watch?v=y44fIKY5O10
  9. L @ Layne_Cobain: Furio no so happy for coh-lumb-is he from Genoa and furio HATAH DA NORTH…sry yall if yah know yah know
  10. L @ Layne_Cobain: “he was gay Gary cooper?”
  11. T @ Thedoccc: And to the Italians, happy Columbus Day!
  12. J @ jjjjjjjjj: Happy Indigenous Peoples Day to you (and to the other lovely people here) too
  13. tiquanunderwood @ tiquanunderwood: Back to work tomorrow :( happy indigenous peoples day
  14. Ketmaster @ Ketmaster: C's* telegram
  15. Ketmaster @ Ketmaster: And I was a mod on his telegram
  16. Ketmaster @ Ketmaster: R was the man. Wish him the best
  17. Ketmaster @ Ketmaster: CnC wasn't the most honest person, and made tons off of literally just ordering for his customers. I know this bc I have a friend that worked close with him and he made nothing from the deal they struck, while C made all the money.
  18. JustChiilin @ JustChiilin: @luquitoad Btc seems to move more with the market now a days.. Could be a nice dip before moving higher
  19. L @ Layne_Cobain: I know bro I was so happy for X catching that Td…Tet does look like the real if he was on a better team I’d think definite ROY candidate
  20. tiquanunderwood @ tiquanunderwood: Cooper Rush looked awful last week for us. They promoted Tyler Huntley to active roster in case\
Back
Top