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/biz/ - Business & Finance

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3932195 No.3932195 [Reply] [Original]

" The 2014 I.R.S. rule that classified Bitcoin as ‘property’ means that every Bitcoin transaction, no matter how minor, creates a potential capital gains event. It means that buying a cup of coffee at Starbucks in Bitcoin is taxable for both the person buying the coffee (capital gains on the sale) and Starbucks when they go to sell those Bitcoins, buy dollars and pay salaries, order supplies, etc.

It’s why the capital that has moved into cryptocurrencies isn’t moving back out. It’s why the ICO market has exploded. Billions in profits actively looking for new investment opportunities without paying taxes.

It’s also the main reason why Amazon, for example, doesn’t take Bitcoin. Who wants that hassle?

Can you imagine Amazon’s Schedule D if it accepted Bitcoin? "

http://www.zerohedge.com/news/2017-10-17/russia%E2%80%99s-crypto-ruble-just-changed-game

>> No.3932217

That's why you launder money through Bitcoin ATMs. Fuck the government

>> No.3932238

>kikes are so greedy that they can't think two steps ahead
Good, fuck them.

>> No.3932257

>>3932195
>>investment opportunities without paying taxes.
>doesn't know what a 1099-B is
>going to fuck up their taxes
/biz/

>> No.3932314

>>3932257
which exchanges issue 1099-Bs? none that I know of. Most don't even require any sort of KYC in order to trade.

IRS still can't get account data from Coinbase let alone Bittrex. I haven't heard about IRS going after any exchanges other than Coinbase and they haven't gotten anywhere with them yet.

>> No.3932318

>>3932195
>buy gold with bitcoin
>wow nobody gives a fuck

>> No.3932377

>>3932314
the tax code doesn't work for crypto yet. Are you referring to the order from earlier this year to coinbase? Short of them having destroyed the data beforehand i'd be surprised if they didn't get it.

Crypto to crypto will be taxed at some point, because they want to. they will get what they want. They'll either classify it to target 1099-b or 8824. the outcome will be the same for traders. Right now, it's ambiguous/undefined. If you did crypto to crypto trades in 2016 you entered a no man's land in the tax code, any way you could have reported or not reported them would have been wrong.

good luck anons

>> No.3932401

Priced in

>> No.3932700

>>3932377

The way the IRS classified bitcoin and other crypto currencies was as a commodity. So if you were to buy something with bitcoin, it would be considered a barter and would be subject to capital gains and income tax. A 1099-b would be the way to declare it. And considering the blockchain has record of every transaction you ever made, if bitcoin becomes big enough, the IRS will care and catch you.

>> No.3932712

>>3932195
Who gives a fuck about clapistani law? Companies can just do their business in other countries.

>> No.3933349
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3933349

>>3932700
i don't know about that. There are 3 types of crypto to crypto exchanges: dealers, iou exchanges, and dex's

arguably every trade on a dex is a 2 party like kind exchange and would count as a loophole (required to report, but nothing realized is taxable).

Meanwhile, 99.95% of decision makers in the government have not received basic and correct information about 'blockchain'.