It's weird that anyone can now make a fork of Bitcoin and cause a tax event for millions of people. 
Gold collapsing. Bitcoin UP.
- Thread starter cypherdoc
- Start date
bitsko
Active Member
- Aug 31, 2015
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Self reporting.
what you chose(which one is the income) if you stick to it, is fine afaik.
if you never touch it, it is 'abandoned'. I only claimed BTG out of all of the lesser forks. I paid tax as income on it that year, with $0 basis.
[doublepost=1571248158][/doublepost]Just like you do not have to do FIFO, but once you choose it, you must keep it that way
what you chose(which one is the income) if you stick to it, is fine afaik.
if you never touch it, it is 'abandoned'. I only claimed BTG out of all of the lesser forks. I paid tax as income on it that year, with $0 basis.
[doublepost=1571248158][/doublepost]Just like you do not have to do FIFO, but once you choose it, you must keep it that way
79b79aa8
Well-Known Member
- Sep 22, 2015
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but it does seem to be implied by what the IRS says. (Q23)It's weird that anyone can now make a fork of Bitcoin and cause a tax event for millions of people.
https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions
[doublepost=1571276806,1571276020][/doublepost]> I paid tax as income on it that year, with $0 basis.
this is what makes the most sense. what is effectively taxable are conversions to USD. if you have acquisition records, you may declare long term capital gains and deduct the basis. if not, you pay the highest rate...
I'm still looking for my bubblegum receipts for the valuable baseball cards I got as a kid.
79b79aa8
Well-Known Member
- Sep 22, 2015
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https://bitinfocharts.com/comparison/transactions-btc-bch-bsv.html#log&2y
txn/day growth by network. log scale.
txn/day growth by network. log scale.
lunar
Well-Known Member
- Aug 28, 2015
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This was brilliant.
Austrian Economics and the Value of Money - as it pertains to Bitcoin.
Interview with Daniel Krawisz.
Austrian Economics and the Value of Money - as it pertains to Bitcoin.
Interview with Daniel Krawisz.
what's most interesting to me is not only that the weekly is turning back up but the volume has increased dramatically:
brutal. i guess the lesson is, if you're invested in the stock mkt, you'll always have plenty of chances to sell at the top; if it is indeed a top:
fallout 4 vault stories
fallout 4 vault stories
cypherblock
Active Member
- Nov 18, 2015
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Why was that your interpretation of the recent IRS guidelines? https://www.irs.gov/pub/irs-drop/rr-19-24.pdfIt's weird that anyone can now make a fork of Bitcoin and cause a tax event for millions of people.
Tax event would only occur if you do an "airdrop" which under their definition (and in most common uses) would not occur if you simply did a hardfork of a chain like what happened with BTC/BCH.
What airdrop occurs for a standard hardfork?
cypherblock
Active Member
- Nov 18, 2015
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I'm forced to admit that I don't really know what I'm talking about. This is the conclusion I came to from media reports. I don't live in the US so this IRS issue does not really apply to me.
Germany has very fun laws for hodlers. If you hold for more than one year there is no tax at all. Bitcoin is taxed like private property such as a car. That law does not make sense for Bitcoin but who would complain.
I guess for some people it would pay to have a six month vacation in Germany, register for taxes here, sell their fortune and promptly fly back.
cypherblock
Active Member
- Nov 18, 2015
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>I guess for some people it would pay to have a six month vacation in Germany, register for taxes here, sell their fortune and promptly fly back.
Ahh if only that would work for US citizens. Tax code requires you to claim foreign income on your tax return
Ahh if only that would work for US citizens. Tax code requires you to claim foreign income on your tax return
Normally, you pay taxes in the country you live in. You have to live more than half of the year in that country. At least for Germans, we'd pay taxes in the country we actually live in. I'd be surprised if the US was different. So just "live" in Germany for half a year.
@trinoxol - I am not US citizen, but I have read several times that US citizens must pay tax to the IRS for their global income. USA seems to be the only country which treats its citizens as tax slaves, who can't escape unless they renounce citizenship.
Dubby the Goldfish
New Member
"If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside."
https://www.irs.gov/individuals/international-taxpayers/taxpayers-living-abroad
Potential Exceptions:
1 - "According to the IRS, if you reside outside of the United States at least 330 days out of 365, you can exempt $101,300 of income from your annual taxes."
2 - "If you qualify under the bona fide residence test, you can spend up to four months in the US. However, there are a lot of tax issues that come up if you’re running a business that you own and you’re spending four months a year in the US.
-- "Questions of bona fide residence are determined on a case-by-case basis, taking into account such factors as your intention or the purpose of your trip and the nature and length of your stay abroad. You must show the Internal Revenue Service (IRS) that you have been a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year." - IRS https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion-bona-fide-residence-test
3 - "Another legal strategy that is widely talked about is moving to a US territory like Puerto Rico."
4 - "Renounce your citizenship."
Source: https://nomadcapitalist.com/2016/11/28/legally-avoid-paying-us-income-tax/
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Richy_T
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- Dec 27, 2015
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Yep. The US is one of only two countries in the world that do this. The other is Eritrea. The US's messed up tax laws are the primary reason I am still not a citizen. As a permanent resident, I'm still subject to and comply with the relevant ones but I'm not ready to bind myself for life.
It should be noted that 4) above has ever increasing fees and restrictions placed on it. and given current sentiment, I am expecting to see it continue to do so or possibly even be made irrelevant (the US already steps outside its jurisdiction on banking matters so it would not be unprecedented).
It should be noted that 4) above has ever increasing fees and restrictions placed on it. and given current sentiment, I am expecting to see it continue to do so or possibly even be made irrelevant (the US already steps outside its jurisdiction on banking matters so it would not be unprecedented).
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- Dec 16, 2015
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