Tax Implications For Donations Of Bitcoin - Financial Nations

[uncensored-r/Bitcoin] Tax implications for hard forks?

The following post by gmerideth is being replicated because some comments within the post(but not the post itself) have been silently removed.
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Are there any? For example if I had 11 BTC before and decided I'm not going to even both touching bitcoin cash, the IRS wants me to claim 9.5% income on BCC against the amount of BTC I hold. I'm being asked to pay taxes (income) against something I didn't want nor participate in to begin with.
What about those on Coinbase who don't have access to b-cash yet are now obligated to pay taxes on it??
If you had 1000 BTC at the fork, BCC was roughly 9.5% so you'd be facing almost $190,000 in taxes even if you didn't give a shit about b-cash at all??
Source
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Bitcoin tax implications...

Hello fellow Bitcoiners...
I'm wondering... At what point do you have to declare bitcoin profits/losses on a tax return? When you sell and transfer the cash to your 'normal' bank account?
Or, do you have to declare it when you file your tax return, regardless of whether it's in profit or loss?
Cheers!
submitted by ANewBitCoiner to BitcoinUK [link] [comments]

Inheriting Bitcoin. Tax implications? /r/Bitcoin

Inheriting Bitcoin. Tax implications? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Tax Implications and the CRA | Zero Hedge

submitted by awless to btc [link] [comments]

[uncensored-r/Bitcoin] Tax implications

The following post by Garandhero is being replicated because the post has been silently greylisted.
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[removed]
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[uncensored-r/Bitcoin] Tax implications on purchases... how can BTC overcome this hurdle?? (US)

The following post by speedstickman is being replicated because some comments within the post(but not the post itself) have been silently removed.
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Just curious, how can Bitcoin become a currency if any purchase made with it is considered a taxable event? will the government really track this ? are they even able to?? seems like an impossible task...
With fiat, there is usually a sales tax (depending on the state), and it's up to the seller to charge the buyer with this tax.
But with bitcoin, under current US tax laws, every time you make a purchase you either record a gain or a loss, and have to report it...
How can bitcoin overcome this? do the laws have to change around it? are there any proposed solutions to this?
Thanks
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[uncensored-r/CryptoCurrency] Bitcoin Tax Implications and the CRA

The following post by Pavegecko is being replicated because some comments within the post(but not the post itself) have been openly removed.
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https://www.zerohedge.com/news/2018-02-14/bitcoin-tax-implications-and-cra
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Bitcoin Tax Implications and the CRA | Zero Hedge

submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

An expert explanation of bitcoin tax implications

An expert explanation of bitcoin tax implications submitted by Laymaker to Buttcoin [link] [comments]

The Tax Implications Of PayPal's Foray Into Bitcoin

The Tax Implications Of PayPal's Foray Into Bitcoin submitted by stratguy56 to Bitcoin [link] [comments]

Tax implications of moving Bitcoin

Hey everyone - I’ve been doing quite a bit of research on bitcoin in recent months. While I don’t fully understand it completely, I’ve learned enough about the deflationary nature of bitcoin which made it compelling for me to seriously invest some capital into it (among other qualities).
Like many others I opened a Coinbase account and have accumulated a sizable amount. Recently I’ve read offline or cold storage. I bought a Trezor with the intention of taking control of my bitcoin. My question is what if any tax implications are they if I simply move my bitcoin from coinbase to my Trezor wallet?
I don’t want to get hit with a taxes as i plan on holding bitcoin for the long term. I’m not sure how Coinbase is setup if I simply transfer my bitcoin to another wallet.
submitted by anu914 to Bitcoin [link] [comments]

The Tax Implications Of PayPal's Foray Into Bitcoin

The Tax Implications Of PayPal's Foray Into Bitcoin submitted by stratguy56 to btc [link] [comments]

The Tax Implications Of PayPal's Foray Into Bitcoin (x-post from /r/Bitcoin)

The Tax Implications Of PayPal's Foray Into Bitcoin (x-post from /Bitcoin) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Tax implications of moving Bitcoin (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

10-09 19:15 - 'Uniswap Airdrop Tax Implications' (cryptotrader.tax) by /u/stratguy56 removed from /r/Bitcoin within 5-15min

Uniswap Airdrop Tax Implications
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Author: stratguy56
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What are the tax implications of buying bitcoin for a friend?

My friend is out of town & his 2FA authentication app is at home.. he asked me to buy some bitcoin for him- maybe $1-5k worth & pay me back when he gets home .. what are the tax implications for me if I did that?
submitted by Coaster89 to Bitcoin [link] [comments]

What are the tax implications of buying through Coinbase and transferring to Ledger? (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

2020 tax form has major implications for crypto traders (x-post from /r/Bitcoin)

2020 tax form has major implications for crypto traders (x-post from /Bitcoin) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

r/CryptoAus/

Community of 460 subscribers. I am the moderator of this subreddit. Provide national information to Australian subscribers regarding cryptocurrencies and bitcoin tax implications in Australia.Promotion of this subreddit will help every day Australians arm themselves with the knowledge needed to navigate this space. https://www.reddit.com/CryptoAus/
IMG
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Bitcoin Tax in the UK - Explained

This is the best tl;dr I could make, original reduced by 84%. (I'm a bot)
Here, we will discuss the tax implications of bitcoins in the UK. Bitcoin activity - just a hobby or a trade? Questions are now being asked about bitcoin activity, on whether this should be considered a hobby or trading.
Tax practices of bitcoin activities in UK The HMRC guidelines on the tax treatment of transactions relating to the sale or use of bitcoins and other similar cryptocurrencies are applicable for bitcoin.
Bitcoin and VAT Before the recent regulation, bitcoins and other virtual currencies used to be viewed as vouchers by HMRC and were therefore subject to VAT. However, due to the changeable value of bitcoins, HMRC has clarified its stand in HMRC Brief 09/14.
Different taxes and their activities concerning bitcoins In the case of activities concerning bitcoins and other cryptocurrencies, the taxes like income tax, corporation tax and capital gains tax transactions will hinge on the very activities taking place and the parties involved, in the similar way as transactions involving a normal currency, such as sterling, are decided.
No special instructions are there for income tax, corporation tax and capital gain tax for the transactions relating to bitcoins.
FUNDAMENTAL POINTS The matter in hand The cognizance of bitcoin transactions together with any hobbies that results in earnings from a tax perspective and how these activities are addressed in terms of tax planning and compliance on tax returns.
Summary Source | FAQ | Feedback | Top keywords: bitcoin#1 tax#2 activity#3 currency#4 transaction#5
Post found in /Bitcoin, /BitcoinAll, /unitedkingdom, /economy and /finance.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
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05-14 05:24 - 'Tax implications of Community Points' (self.Bitcoin) by /u/Nate23k removed from /r/Bitcoin within 77-87min

'''
So if my understanding is correct, since reddit will be airdropping ERC-20 tokens to participating subreddits, I'll have to tell the IRS and pay taxes on these tokens, because I live in the US. Fuck me what has reddit become.
Edit: I would like to disclose that I do not like the feature and I only support Bitcoin and it's side chains. Shitcoins can GTFO.
'''
Tax implications of Community Points
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Author: Nate23k
submitted by removalbot to removalbot [link] [comments]

Tax implications for gifting Bitcoin?

Gifting some Bitcoin for Xmas. Tax free gifting under $15k/person/year (US based). If I load up a Ledger X with $14k Bitcoin and mail it to them, and by the time they receive it it's worth over $15k, does it count as an over $15k gift where I have to fill out a form? It could be 3-4 days from when I mail til when they receive it. Thanks for any help here.
submitted by Cliffords_BRDils to Bitcoin [link] [comments]

Cryptocurrency Taxes 2020 Made Easy? (CoinTracker.io Interview) Bitcoin is Tax Exempt in Portugal  Connecting Blockstream To Casa  Bull Bitcoin Etransfers Tax Implications of Dealing With Cryptocurrencies Crypto Tax Best Practices in 2019

The Bitcoin tax implications can be difficult to navigate, so our Accountants have complied an information sheet to assist you this Tax Season. From the ATO’s point-of-view, Bitcoin and other similar crypto-currencies can be treated as money, trading stock or capital. As it can be seen as a source of income, you may need to declare it on your next tax return. Please note the below ... IRS Positions on Bitcoin The Internal Revenue Service was quicker than many organizations when it came to consideration of the financial and tax implications of virtual currency. In March of 2014 ... IRS Positions on Bitcoin The Internal Revenue Service was quicker than many organizations when it came to consideration of the financial and tax implications of virtual currency. In March of 2014, the IRS issued a Notice on the tax treatment of transactions involving virtual currency. This was its first official statement on cryptocurrency, although its published guidance since then has ... There's a lot of confusion around how bitcoin is taxed, but there needn't be: Crypto assets like bitcoin enjoy remarkably favorable tax treatment from the IRS. Bitcoin & Tax Implications. Home About Contact The technology is complex. The taxes don't have to be.  Providing over 25 years of tax and accounting services. Tax experts related to all forms of blockchain technology applications. Powered by Create your own unique website with customizable templates. Get Started . Home About Contact ...

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Cryptocurrency Taxes 2020 Made Easy? (CoinTracker.io Interview)

The concepts of Bitcoin and their impact on the worldwide legal space: Thomas Spaas at TEDxUHasselt - Duration: 17 ... How capital gains tax works - MoneyWeek Investment Tutorials - Duration: 8:00 ... Exchanges such as Coinbase have released crypto tax reporting tools to help users file their gains or losses. Zac McClure, co-founder of TokenTax, will join us to discuss the implications of taxes ... SUPPORT THE SHOW: Visit LEDN to check out getting a bitcoin-backed loan! https://platform.ledn.io/join/0a00cca3dd61dea5909c95cd41f41685 Get NORDVPN to protec... Whether you are trying to figure out bitcoin tax implications or altcoin taxes in the USA, Europe, Canada, etc. you need a tool to help you stay compliant and minimize your tax liability ...

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