Bitcoin taxation - What you need to know • Online Taxman
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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
so imagine you bought yourself 10 bitcoins and in a couple of years time each coin is worth 100k. You are a millionaire. Or so you think. Just before or worse yet after you buy your lambo the tax man comes and says give m 20 or 30 % ... give me like 300k. So before it gets to this point Is there anything we can do to not pay tax on the crypto ? How does the tax guy even know I have crypto in the first place and how does he know what price I bought at. Is there any thing cool in crypto world to prevent us from paying these unfair taxes. I thought this was all anonymous. I have a wallet with 10 crypto. Thats all there is right ? Is it the exchange ? Do the tax people go there and get records ? This question is purely in the light of crypto technology. Is there anyway this technology can obfuscate me from the tax man
Any resources on Bitcoin taxation policy in Dubai?
I bought bitcoins in 2015 ( price was in the low hundreds ) that I intend to sell before returning to my country of origin ( I have to sell this year for tax reasons but I'll probably buy back some of my position late so hodl ;). The dollar amount is in the six figure, so I can't exactly sell them discretely. Technically Dubai does not tax capital gain but I read that it classifies Bitcoin as a commodity so I might have to pay VAT on them. To complicate the situation my exchange is located in Europe and generally VAT is not applicable on sales abroad or export. Is there anybody residing in the UAE in a similar situation, or does anybody know good online resources?
Say you invest $100 in bitcoin, then the value goes up during that time, and you later withdraw $100, leaving the profit in your cold storage wallet. Since you have bought and sold the same amount in bitcoin, do you still have a tax burden at the end of the year? Thanks for the help.
Bitcoin Taxation as a Long Term Capital Gain (no records)
Disclaimer; this is simply theoretical; this is not to be used for advice Suppose the following: -Suppose 50 coins were purchased early on with cash -Bitcoin soars to $50,000+ per coin. This is not being naive as I am well aware that it could hit 0 in the next 10 minutes. -User holds a stake say 50 coins -Coins have never been exchanged for fiat -Coins have been transferred from wallet to wallet to Trezzor with passes through tumblers/mixers and other methods to simply maintain privacy - in other words while privacy was achieved no records exist -Most recent wallet shows only a balance of 10 coins, nothing else -No taxes have ever been filed recognizing these coins -In the year that Bitcoin hits $50,000.00 per coin, the user attempts to sell all 50 coins for a total of $2,500,000.00 -Files taxes in that year and pays long term capital gains tax (assuming a cost basis of 0.00 since no records are available) of 20% of $2,500,000.00 which is $500,000.00 and keeps $2,000,000.00 -Because it is so large is this ok with the IRS? -Even in the event of an audit, what would happen? Taxes were paid. -Is there a chance they simply would not like the fact that it is crypto and just attempt to seize all of it and pursue active criminal investigations like they seem to have done to someone in FL -Or, would they be happy and just take what I told them and accept that I had no clue Bitcoin was going to pop and failed to properly record everything which would be the reason a 0.00 basis was used? -As odd as it sounds, if Bitcoin were to go to $50,000.00 assuming 0.00 cost basis wouldn't really be an issue, would it raise red flags to them? -Would they go back and attempt to recreate records? -- What would happen then? -Would they be upset privacy methods were used? Early on I did not clearly understand blockchain - I was simply a techy geeky nerd who got excited over the possibility. With all the banks getting hacked and user data stolen, I believed I was safest moving coins every year or so to a new computer, as a computer geek, I know that hard drives fail. Trezzor was not around back then. -Assume the coins remain on a Trezzor device from now until 2030 -Assume the 'income' tax rate is higher, would they attempt to classify it as income and make me prove other wise knowing that I couldn't? Knowing I practically destroyed any and all records for the sake of computer safety and protecting my finances. -Would they begin watching me asking where a few million dollars came from and thoroughly analyze my entire life? -Assume all other records remain in tact in a clear, concise and accurate way. -How would an audit be handle? -Would they scour all other years return or just take the money and be grateful? -Thoughts on this ? Good , bad? Any suggestions? it would be nice to get lucky and see a little gamble sky rocket, but at the same time I have no desires to open up a can of worms with the gov
Bitcoin Taxation. Cryptocurrencies like bitcoin are treated as “property ” per IRS Notice 2014-21. They are not treated like currencies, like USD or Euro, by the IRS. This property treatment ... Now that you know what are the taxation processes on cryptocurrency trade. You can also start with crypto trade with Bitcoin Lifestyle . Image by Steve Buissinne from Pixabay Cryptocurrency Taxation Podcasts. Listen in on our cryptocurrency taxation podcast series talking with accountants, tax attorneys and companies about issues around Bitcoin and crypto taxation. There is some great information on filing your taxes and how the new tax laws might affect you. While Bitcoin receives most of the attention these days, it is only one of hundreds of crypto currencies. Everything we discuss here with regard to bitcoin taxation applies to all crypto. How the IRS sees crypto currencies. Unfortunately, the IRS has provided very little guidance with regards to Bitcoin taxation. That means some mystery remains ... Taxation on Bitcoin transactions for German retail investors . A sale could be the sale of Bitcoins for euros via a trading platform. However, the use of Bitcoins as a means of payment also constitutes a sale, if the Bitcoin owner uses Bitcoins to pay for the acquisition of goods and services. In both cases, private sales transactions– also known as "speculative transactions" – exist ...
The Easiest Way To Do You Crypto Taxes [Bitcoin.tax Review]
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