Another Internet Bubble Lesson (Pay Your Crypto Taxes)
1–10 of 12 posts
Re: Another Internet Bubble Lesson (Pay Your Crypto Taxes)
#2How is this a top post? "Pay your taxes because, um, you should, I mean talk to a lawyer"
Re: Another Internet Bubble Lesson (Pay Your Crypto Taxes)
#3How is this a top post? "Pay your taxes because, um, you should, I mean talk to a lawyer"
Probably because a lot of people who've gotten into Bitcoin mining don't have any experience with significant taxable income that isn't a wage.
Re: Another Internet Bubble Lesson (Pay Your Crypto Taxes)
#4How is this a top post? "Pay your taxes because, um, you should, I mean talk to a lawyer"
to emodendroket's point, I recall reading an article that in the previous year (2016) that the IRS stated that very few people were claiming bitcoins in their taxes. I'm not versed on cryptocurrencies so I don't know how plausible it is that they know this, but it seems like something they're looking at now.
Re: Another Internet Bubble Lesson (Pay Your Crypto Taxes)
#5How is this a top post? "Pay your taxes because, um, you should, I mean talk to a lawyer"
It's not by any argument just saying "pay your taxes".
The article outlines an interesting situation specific to bubble valuations like the dot com boom or (possibly) crypto currency in which you can easily end up owing far more in taxes to the IRS than the current worth of your holdings.
That, to me, is worthy of discussion and a front page place on a tech news site.
Re: Another Internet Bubble Lesson (Pay Your Crypto Taxes)
#6How is this a top post? "Pay your taxes because, um, you should, I mean talk to a lawyer"
Probably because a lot of people who've gotten into Bitcoin mining don't have any experience with significant taxable income that isn't a wage.
If you make thousands or millions trading an asset and think somehow you don't owe taxes, you've got other problems than just the IRS
Re: Another Internet Bubble Lesson (Pay Your Crypto Taxes)
#7Earlier quoted context omitted.
Probably because a lot of people who've gotten into Bitcoin mining don't have any experience with significant taxable income that isn't a wage.
If you make thousands or millions trading an asset and think somehow you don't owe taxes, you've got other problems than just the IRS
That's actually not what is being talked about in the article at all. I think anybody would understand that if you make money by selling off your crypto, you would owe taxes on it, that's not what the article is pointing out. The article is pointing out that you may owe taxes on the value of crypto your received at a certain time, or traded for another crypto at a certain valuation, even if you never sold the asset for fiat money at that valuation. Meaning you could owe hundreds of thousands in taxes on an asset that never made you any money at all. That really is worth pointing out to people.
Re: Another Internet Bubble Lesson (Pay Your Crypto Taxes)
#8How is this a top post? "Pay your taxes because, um, you should, I mean talk to a lawyer"
to emodendroket's point, I recall reading an article that in the previous year (2016) that the IRS stated that very few people were claiming bitcoins in their taxes. I'm not versed on cryptocurrencies so I don't know how plausible it is that they know this, but it seems like something they're looking at now.
Basically, only 802 people told the IRS about their 2016 profits in CoinBase, one of the more popular exchanges. It's safe to assume that number was a tiny fraction of the actual US users.
Re: Another Internet Bubble Lesson (Pay Your Crypto Taxes)
#9Earlier quoted context omitted.
to emodendroket's point, I recall reading an article that in the previous year (2016) that the IRS stated that very few people were claiming bitcoins in their taxes. I'm not versed on cryptocurrencies so I don't know how plausible it is that they know this, but it seems like something they're looking at now.
Basically, only 802 people told the IRS about their 2016 profits in CoinBase, one of the more popular exchanges. It's safe to assume that number was a tiny fraction of the actual US users. http://fortune.com/2017/03/19/irs-bitcoin-lawsuit/
How would the IRS know the exact number? What about people who lumped their bitcoin gains with their other capital gains?
Re: Another Internet Bubble Lesson (Pay Your Crypto Taxes)
#10Does this include someone who buys BTC on coinbase but never sells it?