/biz/ - Business & Finance

>>2257428
yup, thx mister hedge.

>>2257428
wtf I'm selling my btc now

>>2257428
And we'll be right there to buy the dip :P.
t.sold at $2600

That's what happens when the new money starts to dry up. I'm feeling like huge correction is just around the corner as well. Probably somewhere between $1500-$1800. When people start to get hysterical saying things like "omg million dollar bitcoins!!" It's a good indicator that shit is probably going bad soon.

you realize you're a faggot?

>he thinks current fiat value is relevant
Have fun getting double-taxed cashing in and out while I grow my number of btcs multiplies.

>>2257502
You sound upset.

>>2257513
Trades between alt coins are still subject to taxes and you don't get double taxed. Any trade you make is subject to capital gains unless they are held for more than a year.

>>2257530
you sound like a faggot

>>2257533
Cry more baby man.

>>2257428

neither is ETH

it will return to $150-$200

Yeah but I'm not smart enough to know for sure, plus I got another $20k to drop on crypto, plenty to buy the dip so ima just hold

>>2257428

thx for the information, good to know mister shekelstein, i will sell my btc immediately!

>>2257530
I thought if you hold them less than a year it's treated as income tax, and over a year it's capital gains. Which is much less in taxes.

>>2257567
Nope less than a year it's capital gains. More than a year you don't have to pay capital gains if you are in the lowest tax bracket.

http://www.investopedia.com/articles/personal-finance/101515/comparing-longterm-vs-shortterm-capital-gain-tax-rates.asp

>>2257559
Well I guess I'm wrong Mr. Goldstine. I should probably buy more right now! It can only go up from here!!! Up up up. 10k next month!

>>2257530

>everyone is taxed the same as the jurisdiction i am in

That's what they were saying when it hit $100

>>2257530
>Trades between alt coins are still subject to taxes
Provide the proofs.
Altcoins have no value in fiat currency, how could they be taxed?

>>2257652
>what is a false equivalence

>>2257659
If you can mathematically identify BTC's "fundamental" value then I'll concede. Most people thought it was overvalued at $100, with a minority of proto-pumpers disagreeing

>>2257668
It doesn't matter what you think it's value is. What matters is what people are willing to pay for it and if you look at the price now it's stagnant because the flow of new money coming in. How big was the market cap when it was selling at $100. It's a lot different than it is now and your argument is invalid.

>>2257658
It does have value in fiat currency though. All profits you make are subject to taxes and if you don't pay them, and they catch, you you'll have your money seized and go to jail.

>>2257658
In June 2016 the American Institute of CPAs sent a letter to the IRS requesting guidance on this question.

Quoting from section 4 of this letter, which is available at https://www.aicpa.org/advocacy/tax/downloadabledocuments/aicpa-comment-letter-on-notice-2014-21-virtual-currency-6-10-16.pdf

If the IRS believes any property transaction rules should apply differently to virtual currency than to other types of property, taxpayers will need additional guidance in order to properly distinguish the rules and regulations.

Section 4, Q&A-1 of Notice 2014-21 states that “general tax principles applicable to property transactions apply to transactions using virtual currency,” which is guidance that is generally helpful in determining the tax consequences of most virtual currency transactions. However, if there are particular factors that distinguish one virtual currency as like-kind to another virtual currency for section 1031 purposes, the IRS should clarify these details (e.g., allowing the treatment of virtual currency held for investment or business as like-kind to another virtual currency) in the form of published guidance. Similarly, taxpayers need specific guidance of special rules or statutory interpretations if the IRS determines that the installment method of section 453 is applied differently for virtual currency than for other types of property.

>>2257696
They don't. Can you point me towards any exchange that has altcoins you can buy with USD?
USDT isn't fiat currency, by the way.
Typically you'd pay taxes trading gold for silver for example, as these are both valued in USD. If I trade my BTC for XRP and vice versa, there would be nothing there to tax.
What you posted doesn't show me otherwise, but I'd like to see if you have anything backing your claims up as I hear this so much but never see it backed up.

>>2257679
>when it was selling at $100

kek

>>2257530
I spoke to an accountant and his advice was that I didn't need to pay taxes for this shit until I actually cashed out.

>>2257766
>They don't

It's property and it has value in USD as you can see here: https://coinmarketcap.com/

Just because you want to play retard wont save your from breaking the law. You can be audited 5 years back so have fun with that. Call the IRS and ask them smart guy.

>>2257811
Your accountant is wrong. Unless your are holding long term you are subject to capital gains tax. You don't have to pay them if you want to risk it but you'll regret it if you get caught.

>>2257835
You seem just as clueless and aggressive as the other people that post this.
That's not value in USD, that's value in BTC relevant to USD. If you cannot buy with USD or sell to USD then it wouldn't be taxed as trading property.
If you buy BTC with USD and trade that BTC for ETH, that is taxed as both of these currencies have direct value in USD.
You have nothing to back up what you say and you get angry when somebody says anything otherwise. Are you trying to help people by spreading information?

>>2257788
>it was selling at $100 at one point and that means it will continue to go up forever

>>2257856
All Bitcoin transactions are taxable. Every time you buy or sell alt coins with bitcoins it is a taxable transaction.

>>2257887
Yes you already claimed this.
What you posted before didn't specify this.

>>2257858
but it doesn't mean it can't keep growing, just because it's too big for you to admit it

>>2257679

It's painful to watch people cope like this.

>>2257428
yes