People keep asking me to make crypto-related content concerning taxes and the capital gains tax liabilities that people might incur from investing in the likes of Bitcoin and Ethereum.
The truth is that I'm just not qualified to comment on this. But I still want to offer a little piece of advice that I think will be of enormous value to people.
NICE
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Cheers!
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“As long as the grid stays up, people will keep using bitcoin.”
By golly.......i think there are some key words in that sentence..........hmmmmmmmmmm let me see .......what could they be??
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Good job bro.O
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Summary: Hire an accountant to do your taxes to avoid being accused of tax fraud.
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They are probably already working on crypto tracking. Only matters when you go from crypto to fiat though for now
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You're right. The IRS has been working with Chainalysis to track bitcoin transactions since 2015. https://www.coindesk.com/irs-using-bitcoin-tracking-software-since-2015/
Here's a demo.
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The problem is that they'll have to do that with other currencies too. Don't know if that will work. Will they really be able to track all these currencies?
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Nice
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There could be a moral issue made, as opposed to a slave based fear, about standing up against institutionalized fraud..... but that aside, as you said,
Capital Gains are only due when you actual make the profit,,,, HOPEFULLY most people do NOT have their food and next months rent money invested in cryptocurrencies,,, therefor no one should be changing their cryptos to fiats.... Just hang on to your cryptos till you can buy stuff in cryptos and problem solved,,, 100 bitcoins = 100 bitcoins,,, no capital gains.
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Hi, I from Bangladesh and I like your post
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You should make crypto the national currency and rename your country to BangalaDASH.
Sorry.
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This topic is going to get much more attention too in the near future as we get closer and closer to mainstream adoption.
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The new mic sounds good !
Have you looked into Substratum at all ? What's your opinion on it ?
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Sound advice that sounds good. Nice one!
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word ! my same thoughts here in austria about that topic, just invastigating infos, many people dont know how to use it in a "clean" way, and the goverments r not sleeping. i think we have to be informed but use a specialist for taxes.
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Anyone got any wisdom about the actual process of finding and hiring an accountant?
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I live in UK! When I clicked on this blog post I really thought it would be the advice for Americans! Happy to be wrong! LOL!
I suppose you would have to declare it all by being a self-employed? I know for sure, self-employed do fiddle with their taxes here a lot!
Your mic, by the way, is great, catches no noise! It is just sitting kinda weirdly... almost like stabbing you in the throat?
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if I correctly understood you against accounting and accounting for accountants?
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Did my taxes myself last year but i only had Bitcoin transactions, saw it as a challenge. This year there was alt coin trading which could be a nightmare. I'm going to try again this year but may hand it off to an accountant next year. Live in the U.S.
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Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @thejohalfiles valued at 88.54 SBD, based on the pending payout at the time the data was extracted.
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