Fuck the IRS. America is not free anymore. We have becoming a police state with a debt ridden and tax enslaved populace.
RE: Coinbase, Bitcoin, IRS?
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Coinbase, Bitcoin, IRS?
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I thought crypto currency was tax free ?
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My understanding too. But sounds like IRS is trying to screw us. Glad that congress disagrees. Not sure how long it lasts though.
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Congress doesn't actually agree that cryptos should be tax free, they're objecting solely on the broadness of the IRS's request. They still want to tax your cryptos though, trust me.
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In the U.S., crypto is considered property. If you hodl, no concern. Once you start converting back into fiat or trading into other crypto, keep records and bring to your accountant.
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You answered my question. I was wondering if you only declare the value when you change back into fiat and not other currencies. It would seem that they need a 1031 type rule where you can exchange properties without paying tax.
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I found this: https://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/
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That was a seriously good article @blubeast. Thank you
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I heard someone say once that the IRS only knows what you tell them. I don't agree....and, well, that article really lays it out, doesn't it? Be prosperous.
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Depends on where you are I guess.
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Hello there - I am a CPA in state of CA - I've posted a few articles about US Tax implications of cryptocurrency - please take a look on my blog if of interest :)
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Awesome. Following.
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Hello CanuckPride,
Do you offer tax consultation/preperation services? What is the best way to contact you and your rates?
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You declare income/loss when a trade happens, nothing is free in the land of FREE!!!
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Land of the free, home of the brave... yeah right, feed me another line. I'm so glad I got out of the US years ago when I had the chance. It's interesting to note that citizenship renounciations are also on the rise.
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You're absolutely right!
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