How to Report Bitcoin Earnings (or Losses) on Your Taxes
How to Report Bitcoin Earnings (or Losses) on Your Taxes
Bitcoin Tax: a Complete guide
Are There Taxes on Bitcoins?
Filing Bitcoin Taxes on 1040 for Income, Spending and Mining
The Tax Implications of Investing in Bitcoin
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In the US, lost your job, and selling long held Bitcoin to pay your bills? Watch out for estimated taxes and underpayment penalties.
Some people here are in the unfortunate position of having been furloughed or recently lost their jobs due to the pandemic, but are in the highly fortunate position of having well appreciated Bitcoin holdings that can be sold to pay your living expenses. In the US this situation presents a minor tax risk in that you might not be expecting. The IRS (and many states) require that you make payments through the year which total either 90% of your tax obligations or 100%* of last years taxes (* 110% if your AGI is over 150k). If you don't meet these requirements and owe $1000 or more in taxes there is an underpayment penalty of roughly 0.5% per month under paid plus interest (recently around 5% but it may drop to 3.25% due to the federal funds rate changing). When you have an ordinary job payroll tax deductions mostly take care of meeting your obligations, or at least getting close to them. However, if you lose your job and start living off selling Bitcoin you'll owe taxes on your capital gains and you won't have payroll withholdings. Any time you have large capital gains the same sort of risk exists but the combination of gains plus having lost your payroll withholding create an increased risk of large penalties. To address this you're supposed to make quarterly tax payments. Perhaps you're unable to do so. A tax penalty isn't the end of the world. Maybe because of the pandemic they'll wave or lower penalties (they have done so in the past when changes in taxes left many people under-withheld)-- I wouldn't count on it, it's better. Regardless, better to be forewarned so you can incorporate it in your planning!
The slippery slope of "I'm fine with KYC in Bitcoin, I'm not a criminal. I pay all my taxes."
Once you grant a government the power of mass surveillance in the promise for safety and purpose of "catching criminals", it is not long before the loss of privacy turns against the law-abiding citizen, becoming a constant looming threat of control against political ideas that may conflict with government intentions. This is the seed of tyranny. There are too many examples in history to count, and even modern examples in countries such as North Korea and China. We don't need privacy, until we do. In 2013, the United States Internal Revenue Service (IRS) revealed that it had selected political groups applying for tax-exempt status for intensive scrutiny based on their names or political themes. This led to wide condemnation of the agency and triggered several investigations, including a Federal Bureau of Investigation (FBI) criminal probe ordered by United States Attorney General Eric Holder. (https://en.wikipedia.org/wiki/IRS_targeting_controversy) It is not an issue of corrupt foreign nations. It is an issue today, and it's happening even in the United States. Bitcoin, used properly, can be a powerful tool for freedom. But make no mistake, the government has long been waging war on freedom. And freedom has been losing since 1913. This isn't to say, we shouldn't pay our fair share of taxes, or break the law with complete disregard. But if we care about our freedom, we can benefit greatly from protecting our privacy and campaign against those who aim to take freedoms away.
If you're a US citizen, the long-term capital gains tax you pay on Bitcoin is equivalent to a property sale (up to 15% depending on income). The long-term capital gains tax on Gold? 28%. Seems like another advantage to BTC over Gold.
Full disclosure: I hold both. But as an investor, I'm always looking at all of the various advantages in assets/positions. Tax implications are a big deal. To me and to institutional investors. I won't be surprised to see a lot of institutional investors choosing BTC as their inflation hedge in this current economic climate over gold-- or at least weighting it heavier (like I am). Time will tell though. Good luck guys!
Eight Countries That Don’t Tax Your Bitcoin Gains. In Portugal, tax authorities waived all tax on cryptocurrency trading and transacting – meaning that individuals do not have to pay capital gains tax or value added tax (VAT).
If I buy bitcoin using Cash app and withdraw it, will the government know and require me to pay taxes on that withdrawal? I've been using RobinHood and they send my info directly to the IRS but I don't think Cash app does. I know that you can buy on localbitcoin and that is a way of being able to trade crypto tax free...
I recently learned that Innisfil accepts Bitcoin as a currency to pay taxes. I don't live in Innisfil, but I'm an advocate for cryptocurrencies and Bitcoin. Has anyone had any experience doing this? How has it been? Does anyone on here know the story behind how this came about? I have been e-mailing both local and provincial government for a little over a week now trying to encourage a program like this before I knew it existed. Here's a link for those who didn't know this existed.
05-25 08:24 - 'The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid...' by /u/_kessete removed from /r/Bitcoin within 11-21min
''' The US Dollar has a captive audience as in taxes in the world's largest economy and commodities such as oil are paid for in US Dollars, whereas Bitcoin can be used to avoid inspection when paying for illegal activities, avoid fees when transferring money internationally, and to avoid sanctions. With Bitcoin you can buy drugs on dark net markets anonymously and across borders, transfer money to countries sanctioned by the US through blocking the use of SWIFT (Venezuela, Russia, Iran) and avoid the effects on fiat currencies caused by Fed policy (such as QE and potentially negative interest rates). While Gold can be used as alternative store of value, it isn't as easy to transfer over large distances. And as seen in the UK, countries can deny transferring gold for political reasons. [link]1 I personally believe that if the US continues to sanction countries by using SWIFT in blocking crossborder financial payments, cryptocurrencies and foreign CBDCs (digital yuan) will grow in influence as the US's international financial power diminishes. Especially if its traditional allies (EU, UK) do not agree with the sanctions that are applied to foreign countries. The use of cryptocurrencies could accelerate at an even greater rate if there is an economic and/or cold war between the US and China. [link]2 ''' Context Link Go1dfish undelete link unreddit undelete link Author: _kessete 1: **w.b*oomberg.c*m/news/*rt*cle*/*019-01-2**u-k*said-to*deny-**duro-s-***-t*-pull-1***b*llio*-of-g**d 2: *o*nt*le*raph.*om/ne*s/jp*morga*-cbdc**h*ea**ns-**ge*on*-of-us-dollar Unknown links are censored to prevent spreading illicit content.
The municipality of Zermatt, #Switzerland🇨🇭announced that #taxpayers are officially allowed to pay their taxes in #Bitcoin (BTC). Payments will be done via a point-of-sale tool installed in the #Zermatt town hall or an online #payment portal. #Tokenncoin #Zug #TokenncoinMarket
In the first part of this series we looked at how calculating capital gains for Bitcoin gets complicated very quickly.. There are a few more specific areas that should be understood and might be relevant when filing taxes. Capital Losses. Selling or spending Bitcoins at a lower price than you acquired them is a capital loss.. When you make a profit, a capital gain, you have to pay taxes on Virtual currency like Bitcoin has shifted into the public eye in recent years. Some employees are paid with Bitcoin, more than a few retailers accept Bitcoin as payment, and others hold the e-currency as a capital asset. Recently, the Internal Revenue Service (IRS) clarified the tax treatment of virtual currency transactions. Tax Treatment of Bitcoin The IRS also says in Notice 2014-21, "For federal tax purposes, virtual currency is treated as property.General tax principles applicable to property transactions apply to transactions using virtual currency. Bitcoin Taxes in the US. The first tax guidance was issued in 2014 but it didn’t cover many issues. In October 2019, the Internal Revenue Service (IRS) released a cryptocurrency FAQ and an official 2019-24 Revenue Ruling. It seems strange that you should pay taxes for cryptocurrencies. However, the Internal Revenue Service considers crypto Bitcoin and other cryptocurrencies that you buy, sell, mine or use to pay for things can be taxable. Also, if your employer or client pays you in bitcoin or other cryptocurrency, that money is
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