131–140 of 194 posts
Earlier quoted context omitted.
There is no sale for dollars involved in the OP's scenario. Is there an actual sell in your scenario or is it "virtual"?
There is no "real" sell on Vanguard to go from one fund to another, but regulations require them to mark it as a sale, and to denote the cost basis of the sale.
Are exchanges going to provide us with necessary tax documents in order to pay these taxes? So far all I've found is a terrible csv export that shows the date and amount of purchases of various crypto currencies, but no information at all on the current price at the time of purchase or the amount sold for (this is on Coinbase). I'm starting to get a bit concerned.
I'm planning to use either cointracking.info or bitcoin.tax - they accept these exports, and use their own feeds for determining cost basis at purchase time. Overall I've been pretty dissappointed by the recommendations put out by the IRS - I ended up having to talk to pay to talk to a tax advisor due to the conflicting advice on the internet.
Earlier quoted context omitted.
Do you also mind having free public schools and roads...?
Those things are free? I feel like I have been paying for them since I got my first job at 14. I'll probably still be paying for them when I am 80.
If I buy N btc every month for different price and then sell some fractional amount, what would be the cost base? It appears to be possible to name the lot being sold but I can't find the consensus, internet in general advises FIFO.
This is the best resource I have found at a quick search. The answer is simply it depends on how you setup your cost basis.
https://www.investopedia.com/terms/a/averagecostbasismethod....
Earlier quoted context omitted.
Spoken like someone who's never lived under a functioning socialized government like, say, Canada.
Spoken like someone not from Canada. When the government was funding all of the residential schools, you had no option but to pay the government or risk being tortured.
There are plenty of things Canada can do better, too: universal drug benefit, universal dental and vision, childcare, not exporting asbestos so much, etc. I can honestly say though, its a much better way to live up there than down here. You can point to what your taxes do, like allow you to live without the fear of crushing medical debt at any moment. So you pay them without the same amount of tooth gnashing.
Can someone please explain to me huw the government wants to track trading in Anonymous currencys? They don't know it's me whi traded btc for eth
Earlier quoted context omitted.
If you want to be compliant, and not commit tax fraud, you will. Just because it will require some effort to track you down doesn't make it ok.
You and I may be compliant. The point is, most people won't.
If I buy N btc every month for different price and then sell some fractional amount, what would be the cost base? It appears to be possible to name the lot being sold but I can't find the consensus, internet in general advises FIFO.
If it's like stocks, I reckon you can specify which lot is getting sold. That was one of the things up for debate under the GOP proposed tax reforms. FIFO requirement for sales didn't make it into the final bill. This is the best resource I have found at a quick search. The answer is simply it depends on how you setup your cost basis. https://www.investopedia.com/terms/a/averagecostbasismethod....