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/biz/ - Business & Finance

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4634141 No.4634141 [Reply] [Original]

I'm gonna put like 150$ into bitcoin tomorrow. Give it to me straight /biz/, when and how do I have to pay taxes on this?

>> No.4634163

As long as you don't do anything with that BTC (like move it to Bittrex to trade for other coins) then you don't have to pay any taxes on it until you exchange it for money

>> No.4634168
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4634168

>>4634141
>taxes

>> No.4634196

i don't really see the point in throwing a petty amount like that into crypto. i would only bother with at least $1000.

>> No.4634203

>>4634141
Don’t trade it for another crypto or any fiat and you pay no tax.
Every exchange you make in crypto is a taxable event.
When you calculate your taxes, treat it like forex.

>> No.4634275

>>4634163
>>4634203
What happens if I send it to another person? Like just buy something off the internet with crypto?

>> No.4634294
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4634294

When you exchange bitcoin for fiat
or
when you use bitcoin to buy retail goods or services

You might also be able to not pay taxes for the purchase of gold or silver with crypto.
Gold and silver like crypto is investment property.
But gold and silver might not be "like kind"

>> No.4634365
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4634365

>>4634203
>Don’t trade it for another crypto
>Every exchange you make in crypto is a taxable event.
bullshit

>> No.4634515

>>4634141
Never because you can't cash it out numb nuts.

>> No.4634551

>>4634275

Then the taxman can fuck off because they have no way of knowing you used your BTC to buy other stuff

>> No.4634827

>>4634275
Taxable except gifts
>>4634551
>Initial purchase account has identity tied to it because banks involved
>that wallet (A) sends to an exchnage wallet (B)
>this wallet sends to (C) and back to (B), then a new wallet (D) etc
They can put together a timeline of where the money went. It is a public ledger and all.
>>4634365
It may not be “property”. I posted a thread, search for “>I’ve” in catalog to find it

>> No.4634861

just buy down comforters on overstock and resell on ebay, wahla no taxes

>> No.4634876

>>4634365
Also this applies only to like-kind exchanges, fiat & crypto don’t meet that criteria

>> No.4634926

How do you people even bear living in America? Seems absolutely horrible.

>> No.4634944

>>4634551
I'm not risking getting in trouble with the irs over a tiny bit of money