Tanzeel Akhtar
TheStreet.com August 13, 2017
As cryptocurrency comes to the forefront with more investors jumping aboard, it is important to be aware of the tax issues and how to report gains accurately to the Internal Revenue Service. No excuses! According to Node40, a blockchain tech company, only 800 Americans reported their Bitcoin gains from 2013 through 2015. It is important to abide by the law as you enjoy your winnings. Let us remind you of the ongoing IRS lawsuit against Coinbase; with heightened probes into cryptocurrency tax evasion, it has never been more timely for cryptocurrency users to declare profits. From a legal perspective, you must be aware of relevant issues and regulations and of the technology out there to assist
Read More:https://finance.yahoo.com/m/cbcfbf72-aa89-39db-9fa3-2865a1a215c2/why-bitcoin-investors-must.html
What about other cryptocurrencies ?
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I expect that Steem issue us US1099 tax paper at the end of year, so that we can declare our investment to IRS.
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If the dollar loses value then can I write off losses? If the dollar gains in purchasing power do I claim it as profit as you suggest with Bitcoin? If someone lost 50k on bitcoin can they write it off as a loss against their income because if you can I have a feeling that millions of people will have mysteriously lost money on bitcoin.
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Hi @mkdmrs, I think it is only assessed when you withdraw from investment and question comes how much profit or loss. For profit you have to pay tax. For loss it may not be counted. However during investment period you have to declare the investment amount or portfolio. please consult with tax man.
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Nice post @mohammedfelahi sir, i think it's real pain for investor's now.
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Yes under IRS surveillance . So it is wise not to go in hassel rather declare whatever have.
I expect that Steem issue us US 1099 tax paper at the end of year, so that we can declare our investment to IRS.
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Really informative post @mohammedfelahi sir, thanks for sharing this info with us.
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Thanks for reading and knowing. I think in South asia area like Pak / Ind there is no such tax surveillance or very little if there is any. People are happy that cryptocurrency made their life unaccounted for foreign currency. They can spend as much as they like. Same thing in China and it is very much accepted there as digital wallet. Recently Singapore is allowing to have credit card and payment from ATM. Many of European countries accept digital payment through wallet. So inviting to USA.
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