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IRS reminds taxpayers to report virtual currency transactions

irs.gov

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Re: IRS reminds taxpayers to report virtual currency transactions

#181

Post by CryptoPunk »

zorpner wrote: post #173
CryptoPunk wrote: post #170

Earlier quoted context omitted.

No surprise that in both Great Britain and the US, the income tax was first instituted during a time of war. Only during a war, with the demands it places on the public conscience to make sacrifices, would the population acquiesce to an institution so contrary to natural rights and so pernicious to liberty.

There's got to be a better term than "reverse virtue signaling" to describe how the use of specific terminology (outside of a legal setting) like "pernicious", "females", or "virtue signaling" instantly means that someone can be safely dismissed.

This is called ad hominem. No matter how tempting it is, it's better to refrain from it.

Focusing on superficial and peripheral qualities like use of particular words, instead of the claim being made, is fundamentally anti-intellectual.

Re: IRS reminds taxpayers to report virtual currency transactions

#182

Post by njarboe »

hkmurakami wrote: post #108
njarboe wrote: post #62

The problem, if one want to trade crypto currencies, is that you have to record every transaction. Then one has to figure out if the coins you have traded have been held for over a year and thus treated at the long term capital gains tax rate as opposed to the short term rate. Then, I believe with the new tax bill, one has to, going forward, sell the oldest coins first (if they are going to be treated like stocks). T…

Fyi FIFO sales did not pass.

Thanks for the info. I tried not to pay much attention to the tax news before it passed so my head would not be filled with ideas of "what might be in it" that get converted to "is in it" after it passed. I guess one (probably more) got through.

Re: IRS reminds taxpayers to report virtual currency transactions

#183

Post by CryptoPunk »

cozzyd wrote: post #172
CryptoPunk wrote: post #170

Earlier quoted context omitted.

No surprise that in both Great Britain and the US, the income tax was first instituted during a time of war. Only during a war, with the demands it places on the public conscience to make sacrifices, would the population acquiesce to an institution so contrary to natural rights and so pernicious to liberty.

Which countries don't have income tax?

I think every major economy has an income tax. There's quite a bit of syncronization between political systems, because political and cultural trends tend to transcend borders.

There are quite a few countries which do not have global income reporting requirements. Singapore is probably the most notable example.

Some European countries absolve non-domicile residents of the requirement to report global income in exchange for a flat annual fee, like 100,000 EUR.

So it is possible to live a life without being forced to surrender your natural rights like your wealth and your privacy, but it's expensive.

Re: IRS reminds taxpayers to report virtual currency transactions

#184

Post by portofcall »

CryptoPunk wrote: post #181
zorpner wrote: post #173

Earlier quoted context omitted.

There's got to be a better term than "reverse virtue signaling" to describe how the use of specific terminology (outside of a legal setting) like "pernicious", "females", or "virtue signaling" instantly means that someone can be safely dismissed.

This is called ad hominem. No matter how tempting it is, it's better to refrain from it. Focusing on superficial and peripheral qualities like use of particular words, instead of the claim being made, is fundamentally anti-intellectual.

It’s just experience in dealing with people online. I apply the same filter to “cuck,” “Overton window” and “Hegelian dialectic” for example. Offline it’s much easier to ascertain intentions and attitudes, and there aren’t millions of people all screaming at once. Online you have to filter, and alt-right buzzwords are excellent components of a healthy filter.

Re: IRS reminds taxpayers to report virtual currency transactions

#185

Post by s73v3r_ »

saosebastiao wrote: post #174
bringtheaction wrote: post #166

Earlier quoted context omitted.

> Can I use any price from any exchange that day? You should use the fair market value.

So any price from any exchange at any time during the day? You haven't clarified a thing by telling me to use the fair market value, because there is no standardized way to determine fair market value. These aren't stable mature markets, a blink of the eye and the market may be transacting at +/-10%. Determining fair market value is the primary problem with cryptocurrency taxation . If you're lucky enough to be tradi…

The fact that these things are extremely volatile is not the IRS's problem. You are the one responsible for recording the details of your trade.

Re: IRS reminds taxpayers to report virtual currency transactions

#186

Post by CryptoPunk »

portofcall wrote: post #184
CryptoPunk wrote: post #181

Earlier quoted context omitted.

This is called ad hominem. No matter how tempting it is, it's better to refrain from it. Focusing on superficial and peripheral qualities like use of particular words, instead of the claim being made, is fundamentally anti-intellectual.

It’s just experience in dealing with people online. I apply the same filter to “cuck,” “Overton window” and “Hegelian dialectic” for example. Offline it’s much easier to ascertain intentions and attitudes, and there aren’t millions of people all screaming at once. Online you have to filter, and alt-right buzzwords are excellent components of a healthy filter.

It's a very anti-intellectual approach to dialog. It explicitly ignores the logic of the argument being made. It disqualifies any language containing words that are allegedly associated with some ideological perspective from even being considered.

It creates an ideological echo chamber, as it is completely intolerant to any view that even hints at falling outside of it.

If you do utilize such heuristics, at least don't brag about it, as if it's something reasonable.

Re: IRS reminds taxpayers to report virtual currency transactions

#187

Post by kombucha2 »

bringtheaction wrote: post #14
tunesmith wrote: post #7

I thought you didn't need to unless you sold. If you simply buy or receive, that also needs to be reported? I have some of those stellar/lumens from when they awarded them for free for signing up back in 2016, but have never sold or transferred them.

Keep in mind: - Trading cryptocurrencies produces capital gains or losses, with the latter being able to offset gains and reduce tax. - Exchanging one token for another — for example, using Ethereum to purchase an altcoin — creates a taxable event. The token is treated as being sold, thus generating capital gains or losses. - Receiving payments in crypto in exchange for products or services or as salary is treated as…

If I keep reinvesting am i fine as long as I am not taking out profits?

Re: IRS reminds taxpayers to report virtual currency transactions

#189

Post by portofcall »

CryptoPunk wrote: post #186
portofcall wrote: post #184

Earlier quoted context omitted.

It’s just experience in dealing with people online. I apply the same filter to “cuck,” “Overton window” and “Hegelian dialectic” for example. Offline it’s much easier to ascertain intentions and attitudes, and there aren’t millions of people all screaming at once. Online you have to filter, and alt-right buzzwords are excellent components of a healthy filter.

It's a very anti-intellectual approach to dialog. It explicitly ignores the logic of the argument being made. It disqualifies any language containing words that are allegedly associated with some ideological perspective from even being considered. It creates an ideological echo chamber, as it is completely intolerant to any view that even hints at falling outside of it. If you do utilize such heuristics, at least don…

Ignoring people is part of life; I’m not interested in every random I come across on the net taking up a little corner of my head. My goal isn’t intellectual purity, it’s living my life. Fortunately though, as your argument(s) seems to be largely logic-free, it turns out to be very helpful. I can understand why being dismissed without the hearing you want is frustrating, but I don’t know you and don’t care.

Re: IRS reminds taxpayers to report virtual currency transactions

#190

Post by kbaker »

chanfest22 wrote: post #150
purple-again wrote: post #141

Another point everyone should remember because I’ve seen the attitude a lot recently. If the reporting requirements seem to be literally impossible to comply with, this doesn’t mean you conclude “so I don’t have to pay taxes”. It means you should conclude “I have to pay the maximum taxes possible under the worst case scenario because I don’t have the records to prove my version of events”. It has nothing to do with c…

+1 There are also tools like www.cointracker.io out there to simplify the complexity of these crypto taxation rules

Also https://bitcoin.tax, does everything for you pretty much.
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