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. L @ Layne_Cobain: Ohhhh hahah @Royboy99 mine too 🤣
  2. R @ Royboy99: @Layne_Cobain, Freud’s favorite.
  3. L @ Layne_Cobain: Sorry you got burnt @ClintEastwood 😞
  4. L @ Layne_Cobain: What is the nootropic @Royboy99
  5. R @ Royboy99: Roughly 1g in 10-15ml of Saline
  6. R @ Royboy99: Honestly the greatest medication I’ve trialed
  7. R @ Royboy99: And it’s not like I’m geeked out crazy looking or acting , just happy, confident , loving life, productive af, greatest nootropic I’ve experienced
  8. R @ Royboy99: Man I really love these misters I make , it takes my day that’s at a 2 and cranks it up to at least a 9… with sustained reups as needed … if only this was fda approved med lol, make my life so much easier
  9. C @ ClintEastwood: Well I got burned on my first buy. It stral sucks the guy has sole things in stock. But definitely what I ordered and I thought he was honest because I asked for something very close to it and i said what about that one. Yeah I got it. And the comms were wired and he was really wanting me to make his forum board look better. Now I know the first thing to look at even before the menu. But I have some business with usps tomorrow and will ask for everything mailed to me especially packages
  10. Dr-Octagon @ Dr-Octagon: Policies have changed and i would behoove everyone to due their due diligence and go have a look. The guidelines from 5-10 years ago dont apply. And rules, regulations and laws may not either, i mean do you see anyone giving 2 sh1tz about the C0n$tituti@n recently?
  11. Dr-Octagon @ Dr-Octagon: @rasetreydir, yeah those are good af too
  12. Dr-Octagon @ Dr-Octagon: @Ross7223, they should boycott pre-paid p0stage
  13. Dr-Octagon @ Dr-Octagon: @Gulp2788, no they do not as of sept 25, u cant assume everything is the same, or anything for that matter. Its a brave new A-1 world folks.
  14. Gulp2788 @ Gulp2788: My milage has differed to yours though, I've found them incredibly reliable with their tracking and 3 day delivery is pretty accurate.
  15. Gulp2788 @ Gulp2788: I agree but U5PS has to go through a legal process to search packages. Private companies can open your mail at their discretion.
  16. Ross7223 @ Ross7223: @Gulp2788 because they always lose pckgs, track1ng is never right, never is 3 day deliv3ry like they say
  17. Gulp2788 @ Gulp2788: @Ross7223 From my understanding that's actually counter-productive, but maybe you know something I don't. Why do you say that?
  18. Ross7223 @ Ross7223: Vendor$ should boycott U5P5, they are terrible!
  19. Thoth @ Thoth: Happy Weekend! Let’s Get It!!!
  20. cannedgoods @ cannedgoods: Happy Weekend everybody! cheers!
Back
Top