Bitcoin and Taxes - Tax Guide for Bitcoins CryptoTax

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The only thing holding Bitcoin back in the USA is how it gets taxed by the IRS. It hampers the velocity of Bitcoin transactions throughout the economy. If we ever want Bitcoin to hit escape velocity, these taxes must be reformed.

Bitcoin hasn’t hit that “of course we accept Bitcoin” level in the economy and it never will if it continues to be taxed in this way.
Capital gains taxes and the IRS demanding tax payment in USD are the achilles heel of Bitcoin.
But Bitcoin is a completely new thing. It should not be taxed like simple property or a collectible.
If you want to see an explosion of sustainable economic growth in the economy, then the taxation of Bitcoin must be reformed.
They can even charge the capital gains if I trade my Bitcoin for USD for all they want. But if I’m trying to buy my groceries or a house with bitcoin, then the capital gains tax need not apply.... or can be greatly reduced.
submitted by the420chronicler to Bitcoin [link] [comments]

Given the USA's power privilege on the world stage, if they were to adopt Bitcoin, instead of attacking it, and accept it as a form of tax payment, it might actually cement the US government's leadership role on the world stage for years to come. It's actually scary that this is one possible future

What if the US government decides to pay the Pentagon in Bitcoin instead of USD?
submitted by the420chronicler to Bitcoin [link] [comments]

The only thing holding Bitcoin back in the USA is how it gets taxed by the IRS. It hampers the velocity of Bitcoin transactions throughout the economy. If we ever want Bitcoin to hit escape velocity, these taxes must be reformed. (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

The only way Bitcoin can fully transition from a Store of Value to a Medium of Exchange in the USA is if the IRS exempts Bitcoin from capital gains tax when it is exchanged for goods and services.

submitted by the420chronicler to Bitcoin [link] [comments]

USA Earned Income in Bitcoin & Income Taxes

For the bitcoin and tax geeks:
Hypothetical1: You live outside of the USA, have a job that pays you in bitcoin, you save in bitcoin and you pay income tax in the USA on said bitcoin income. To pay your income tax in USD requires you to convert part of your bitcoin savings to USD.
Question1: Would you need to pay a capital gains tax when you exchange bitcoin savings for USD to pay your USA income tax?
Question2: Would you have to pay capital gains tax in the USA if you bought another good or currency using your bitcoin in the case where bitcoin has appreciated since you earned it?
Question3: Same as 2, but what if the good purchased is priced in bitcoin?
Hypothetical2+Same Questions for comparison: Same USA tax framework applicability but instead not on bitcoin, but on standard currencies: You are an American citizen and taxed on your worldwide income. You live in a foreign country, and you earn income in that foreign country and paid income tax in the US on that GBP earnings. What are the responses for the questions above if you were earning GBP, and the pound appreciated vs the USD, would you pay capital gains in the US if you were to buy USD at some point in the future? What about just buying goods in the UK for GBP?
Thanks!
submitted by cookmanager to Bitcoin [link] [comments]

Here's a Bitcoin tax tip (USA)

If your cryptocurrency portfolio is in the red but you still haven’t sold, you wouldn’t be able to deduct an unrealized loss from your 2020 tax return. But since wash-sale rules aren’t applicable to cryptocurrencies under current guidance, you can exploit this loophole by selling to lock in your losses and buying back in at the same price. This could offset any gains in other assets you’d have to pay taxes on, though it would also make your taxable gain on cryptocurrencies much larger if your portfolio grows and you decide to sell in the future.
submitted by Jordan_Lautner to Bitcoin [link] [comments]

Bitcoin and Taxes in USA, Australia and South Africa

Bitcoin and Taxes in USA, Australia and South Africa submitted by redundo to CryptoCurrency [link] [comments]

LOL of the day! Roger Ver with a bitcoin logo is on Occupy Democrats latest Bernie Sanders promotional video in relation to "The 1% being unpatriotic by making their riches in USA and avoiding taxes"

LOL of the day! Roger Ver with a bitcoin logo is on Occupy Democrats latest Bernie Sanders promotional video in relation to submitted by Cryptolution to Bitcoin [link] [comments]

I don't live in America but I am American. Can I use a gift form 709 and my lifetime tax exemption to give a large gift of bitcoin (over $14K) to my non American girlfriend who lives outside of the USA with me? If so are there any special considerations?

submitted by EquivalentPriority to Bitcoin [link] [comments]

How does one pay taxes bitcoin? (USA)

How does one go about paying taxes when you change to fiat? Let’s say you make $500k and transfer it to your bank how do you report that to the IRS?
submitted by TheWalkingRonnie to Bitcoin [link] [comments]

question about filing cryptocurrency (bitcoin) taxes as a student (USA)

Hello,
I am a student and so I have zero income. For the last few years I've been checking in with H&R block and they tell me that I don't need to file taxes if I have no income (i think they said the cutoff was like $12000 annual income), which has been nice, so I haven't even been filing.
But last year for the first time I bought a really small amount of cryptocurrencies (bitcoin and ethereum). I was planning to not file again, because I put in waaaaay less than 12,000 and never even came close to making 12,000 in profit.
But after reading another paniced reddit thread and then doing some research I am reading that they are taxed as capital gains. I definitely did things like (making up numbers, but) "I put in $100 and it went up to $120, so I sold, and then it went back down to $90, so I bought in again" and did a small bit of "day trading" kind of stuff.
But again, I was never ever close to holding anywhere near $12,000 worth, and so the amount that would be subject to capital gains tax would be minimal.
So here's my question. One, since I'm here, I may as well confirm that if I have zero income, I don't need to pay taxes, correct?
And two, if I have zero income but I made a tiny "profit" (which in this case means that I sold a tiny bit of cryptocurrency and then reinvested it at a lower price), if I made so little money last year that I don't even need to file for taxes, do I still need to report and file capital gains taxes?
Three, if I do have to report capital gains taxes, do I just send in like that form alone, or will I have to go through the whole reporting process and report my zero income and then attach the capital gains tax thing there?
Thank you!
submitted by squarecirclesquare to personalfinance [link] [comments]

Under 18 (USA)- Buying Bitcoin, Ethereum, and Litecoin. Concerned/confused about taxes.

After putting in my checking account as a payment method for Coinbase, I now have the ability to buy cryptocurrency, but I'm confused on how I will be taxed. If the value of one of the coins goes up/down, how will I be taxed as a minor? Or will my parents (who own the checking account I'll be buying with) be taxed?
submitted by wisdomworks_ to CryptoCurrency [link] [comments]

Best tool to help with USA taxes related to Bitcoin mining and trading?

Title says it, can you recommend a tool to help with Bitcoin mining and trading related tax impacts (specifically historical pricing data)
submitted by growlybeard to Bitcoin [link] [comments]

How to claim bitcoin losses on taxes in USA?

I'm not selling yet but will sell by December 15th, if price does not go up to cut my losses. I want to know how can I claim Bitcoin losses in taxes.
I have about $6K in losses :(
submitted by helpmeretire to Bitcoin [link] [comments]

It's hard to understand "Why Bitcoin?" if you're from the EU/USA/JPN. The perspective of an honest, hard working and tax paying Indian follow is different

It's hard to understand submitted by DesignerAccount to Bitcoin [link] [comments]

If I were to convert bitcoin to gyft cards. How does that get reported on taxes? (USA)

Since my bitcoin exchange isn't linked to me, how do I report my 'realized gains' and file come tax season?
submitted by throw_throw1 to Bitcoin [link] [comments]

USA Tax Deferral on Dec. 2017 Gains (sale of bitcoin)

With the filing deadline passed; I'm sure no one is thinking about taxes - but there is a new development with tax reform that is very time sensitive. The IRS updated the FAQ today to indicate that the tax on gain on sale can be deferred by investing in a QO Fund, even if you already filed your 2017 return.
BUT you must invest the gain amount into a QO Fund within 180 days. Effectively this means that only gains on/after 12/9/17 can be invested (as of today)
Why invest in a QO Fund? Highlights:
Hope this saves some tax dollars
submitted by gwalala to Bitcoin [link] [comments]

How much tax I have to pay when I withdraw Bitcoin from an exchange in the USA?

Example:
I deposit 10 ETH to an exchange at price ETH=$600, BTC=$10,000.
Then, I sell ETH to BTC.
I withdraw 1 BTC from an exchange at price ETH=$1,200, BTC=$15,000.
How much tax I have to pay when I withdraw Bitcoin from an exchange in the USA (Illinois)?
Can someone show me how to calculate it?
submitted by DekSingburi to CryptoCurrency [link] [comments]

BitcoinMeister - The 1 Bitcoin Show- Dash marketing, USA taxes, government can't stop BTC

BitcoinMeister - The 1 Bitcoin Show- Dash marketing, USA taxes, government can't stop BTC submitted by Yanlii to cryptovideos [link] [comments]

Bitcoin and Taxes in USA, Australia and South Africa

Bitcoin and Taxes in USA, Australia and South Africa submitted by redundo to Bitcoin [link] [comments]

[Tech] - If you own bitcoin, here’s how much you owe in taxes | USA Today

[Tech] - If you own bitcoin, here’s how much you owe in taxes | USA Today submitted by AutoNewspaperAdmin to AutoNewspaper [link] [comments]

An antiFIAT protester reveals the Hard Truth.

An antiFIAT protester reveals the Hard Truth. submitted by slywalkers to CryptoCurrency [link] [comments]

2019 US Cryptocurrency Taxes FAQ (Crypto Taxes Explained) How To Do Taxes For Bitcoin: Cryptocurrency Crypto Taxes EXPLAINED! Bitcoin/Altcoins, Like-Kind ... Bitcoin TAX Myths! How to Avoid the Headache with ... How to Avoid Paying Taxes on Cryptocurrency and Bitcoin ...

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2019 US Cryptocurrency Taxes FAQ (Crypto Taxes Explained)

I tried to call the IRS....4 times. No luck. I decided to hunt around on my own. This is what we got. The IRS wants every single transaction calculated to US Dollars. Buying and selling on ... Cryptocurrency/Bitcoin taxes are quite confusing and there's a lot of wrong information floating around about them. In this video, we will explain 5 Frequently Asked Questions about US crypto ... Almost no one seems to pay, but whether you've used bitcoin as an investment or as a currency you owe taxes on it. » Subscribe to CNBC: http://cnb.cx/Subscri... DISCLAIMER: I AM NOT A TAX PROFESSIONAL, PLEASE DO YOUR OWN RESEARCH ON THIS IMPORTANT TOPIC! Many people have been wondering how their crypto transactions/d... Today's video is about How to Avoid Paying Taxes on Cryptocurrency and Bitcoin, for which I'll give a few examples of for entertainment purposes only. In rea...

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