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/biz/ - Business & Finance

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6131708 No.6131708 [Reply] [Original]

>buy 6 bitcoins on Coinbase a year ago
>move them to Bittrex and trade shitcoins for a year
>move 6 Bitcoins back to Coinbase a year later, claim long term capital gain on my tax form
>keep the rest in my wallet

Who else too intelligent for taxes here?

>> No.6131764

>>6131708
sounds like you are german. :3

>> No.6131833

>>6131708
You realize bittrex is based in the US right? I wouldn't trust them to not report your trades to the IRS especially if you verified your account to actually be able to withdraw your BTC.

However your plan may work if you only trade on Binance...

>> No.6131876

>>6131833
Assuming your an americuck

>> No.6132105

>>6131708
How are you going to transfer the rest genius?

>> No.6132552

Sorry brainlet but the irs has made it clear that unless you can prove that you own the destination wallet, you owe short term capital gains at time of transfer off exchange.

>> No.6132740

So if you transfer eth from coinbase to bittrex and can prove you own the bittrex account you can hold for long term cap gains. If you cant prove you own it you owe short term cap gains at time of transfer at the given cost basis.

>> No.6132904

Oh and by the way when you send the money BACK to yourself from bittrex, if you fail to prove you own that account you'll have to pay income tax on those 6 BTC at a cost basis of 0. Have fun!!

You might be better off just keeping all the money in wallet and paying short term cap gains on the 6BTC for moving it off exchange..

Butttt as one user already mentioned, Bittrex reports to the IRS

>> No.6133009

>>6132105
trade it all for monero
use monero to buy cocaine
???
profit