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Bitcoin and IRS

swim15

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Besides buying in cash, anyone have good ways to buy Bitcoin that won't get reported to the IRS?

Been looking into companies based outside the US but that's hopeful at best. Doubt anyone wants to get pegged for unpaid capital gains because purchases got reported but it was used to buy gear- especially when it goes up to 200k each in 10 years
 

goal245

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if you are buying 200k worth of gear , you have more than just the irs to worry about
 

Michael30

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if you are buying 200k worth of gear , you have more than just the irs to worry about[QUOTE


I thought the same thing at first. But if you look at the actual numbers. It wouldnt be as hard as you think to spend that much money in 10 years if the person was a high level competitor.* especially if there using real pharma growth hormone and gear. 200k in 10 years is only $1,666 per month. If you dropped 1 grand a month on HGH, that would leave $666 for your gear, ai's, caber, t3, metformin, Hcg, peptides, needles. (Not to mention supplements)Which could easily add up to that much. Now don't get my wrong. That's still a hell of a lot of money, but I'm sure there's pros out there that drop that much IF there buying strictly pharma HGH and gear.
 

swim15

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if you are buying 200k worth of gear , you have more than just the irs to worry about



You wouldn't need to buy anywhere near that. I don't think you get the issue.

Bitcoin is not accepted as a curreny by the IRS. So, let's say you buy $1000 worth of it in a year for gear (that's probably reasonable?). Let's say you did that in 2015 when it was $200 per BCT. Now it's at $1900.

So, if the place you bought it is forced to turn over their purchasing records, the IRS sees you have 5 BCT now worth $9500. What if you bought $2000, or $3000 and lots of guys do. What about growth and gear and you spend $5k or something. Now say you did that for 2016 too. They could think You could have $50,000 worth of BCT as far as they are concerned and, if you can't prove that you still have those investments, they assume you sold them and made as much profit as you possibly could have during that time. Otherwise you are going to say you didn't gain anything. Now you can't say you used them for gear purchases obviously but don't have them. They can then come after you for capital gains tax.

You could then owe taxes on all of that and, unlike most other things in this country, the burden of proof is on you which somewhat opposes the "innocent until proven guilty that we are used to hearing.

What if someone is picking up stuff for friends too regularly? A lot of things could make this very problematic.
 

goal245

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You wouldn't need to buy anywhere near that. I don't think you get the issue.

Bitcoin is not accepted as a curreny by the IRS. So, let's say you buy $1000 worth of it in a year for gear (that's probably reasonable?). Let's say you did that in 2015 when it was $200 per BCT. Now it's at $1900.

So, if the place you bought it is forced to turn over their purchasing records, the IRS sees you have 5 BCT now worth $9500. What if you bought $2000, or $3000 and lots of guys do. What about growth and gear and you spend $5k or something. Now say you did that for 2016 too. They could think You could have $50,000 worth of BCT as far as they are concerned and, if you can't prove that you still have those investments, they assume you sold them and made as much profit as you possibly could have during that time. Otherwise you are going to say you didn't gain anything. Now you can't say you used them for gear purchases obviously but don't have them. They can then come after you for capital gains tax.

You could then owe taxes on all of that and, unlike most other things in this country, the burden of proof is on you which somewhat opposes the "innocent until proven guilty that we are used to hearing.

What if someone is picking up stuff for friends too regularly? A lot of things could make this very problematic.

Then guess you'll have to pay the tax.

But you are way overthinking this, your couple of grand on bitcoin is a drop in the ocean compared to almost a BILLION dollars in daily transactions using bitcoin. I'm sure eventually the irs will figure out a way to keep track of it all
 

little slice

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slice what do u think about nem(xem) coin? everyone better get there money somewheres else the dollar is going to crumble soon


I think that in time, there are going to be 5 (or less) big time digital currencies..


right now, bitcoin, ripple, eth, nem, and litecoin are the top 5 by market cap (in that order)


I think that the value of these digital currencies will increase substantially as more and more people start to use them.

they will virtually explode once hedge funds get past the hurdles they need to get past in order to invest in them

once there are digital currency ETFs? forget about it.


but I don't think the dollar will be collapsing anytime soon.
 

G.I.Bro

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I think that in time, there are going to be 5 (or less) big time digital currencies..


right now, bitcoin, ripple, eth, nem, and litecoin are the top 5 by market cap (in that order)


I think that the value of these digital currencies will increase substantially as more and more people start to use them.

they will virtually explode once hedge funds get past the hurdles they need to get past in order to invest in them

once there are digital currency ETFs? forget about it.


but I don't think the dollar will be collapsing anytime soon.
How much do you "hold" in ripple or btc? My deal is having it sit there then the bottom falls out like before. It's so unpredictable. Although now it seems to have stabilized some.

Do you use coinbase to purchase btc then transfer to another wallet service for underground purchases?
 

ronnieron

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How much do you "hold" in ripple or btc? My deal is having it sit there then the bottom falls out like before. It's so unpredictable. Although now it seems to have stabilized some.

Do you use coinbase to purchase btc then transfer to another wallet service for underground purchases?

u better get in on ripple now. its already half the market cap btc is. its at about 35c. ow ripple is. 2 months ago.it was 6/10 of a cent. 3 yrs from now i think ripple will sit at about 10 dollars possibly more. ripple will start destroying their coins making less available, hence making their value increase. dont wait, like many did on btc. a 10k investment on btc in 2010 would be 200mil today, missed that one, not this time.
 

G.I.Bro

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u better get in on ripple now. its already half the market cap btc is. its at about 35c. ow ripple is. 2 months ago.it was 6/10 of a cent. 3 yrs from now i think ripple will sit at about 10 dollars possibly more. ripple will start destroying their coins making less available, hence making their value increase. dont wait, like many did on btc. a 10k investment on btc in 2010 would be 200mil today, missed that one, not this time.
God, I want to take my financial investment advice from an anonymous dude on a bodybuilding forum, but something tells me it's not prudent.

Why is ripple going to blow up? I'm not challenging your assertion, I'm asking to be educated, if you'd be so kind. Any links?
 

richiec

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God, I want to take my financial investment advice from an anonymous dude on a bodybuilding forum, but something tells me it's not prudent.

Why is ripple going to blow up? I'm not challenging your assertion, I'm asking to be educated, if you'd be so kind. Any links?

There are none because like just about everything else, it's all speculation. Any "links" would again be nothing but pure speculation.

Look at all the giants of today: Facebook, Google, Amazon etc
If you had gotten in on the ground floor, you'd be stupid rich.
The only problem lies in which start up do you invest in that will revolutionize a specific industry or industries and will turn your $1,000 investment into tens of millions? There are literally thousands of start ups every year.
Every single start up has the same claim that THEY have a revolutionary concept, they will change the way business is done. Then, like clock work, they close the doors and are dead broke.
These start ups that legitimately change the way business is done is few and faaaaaaaaaaaaaaaar between.
In my industry, it's been tried on different fronts, some have enjoyed minor successes but the majority of them have been complete failures and cost companies loads of money.

It's all a crap shoot. Some investments have more stability, but that can change too. It's all risk v reward. Just because something has initial success, doesn't mean that it will continue. It can all crash in an instant

Yes, I know someone will cite a few start ups that "made it", but for every one you name, there are thousands that failed, probably tens of thousands
 
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little slice

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How much do you "hold" in ripple or btc? My deal is having it sit there then the bottom falls out like before. It's so unpredictable. Although now it seems to have stabilized some.

Do you use coinbase to purchase btc then transfer to another wallet service for underground purchases?



I don't imagine ill put a tremendous amount in ripple... but i'll be putting a good chunk of change in Eth.


I use coinbase to buy btc, then use the btc to buy other currencies with kraken
 

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