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Bitcoin and IRS

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
What wallet do you use to make gear purchases with btc?
 
if I were to use a wallet to buy gear (im natty obvi), id use coinbase.



no particular reason, ive just heard that it works :cool:
Definitely works but it's pretty mainstream and highly audited. I'd worry about the activity being flagged using coinbase as the direct purchase wallet.
 
Definitely works but it's pretty mainstream and highly audited. I'd worry about the activity being flagged using coinbase as the direct purchase wallet.

My coinbase account was shutdown after one small donation.

Blockchain hasn't given me any problems
 
My coinbase account was shutdown after one small donation.

Blockchain hasn't given me any problems
Precisely my point. My roommate from law school works at Coinbase in auditing. He came to their startup from Goldman Sachs. Using bitcoin for illegal purchases is definitely not what most people think it is. Huge misconceptions about safety and anonymity. Coinbase is like the PayPal of BTC. I'd recommend using another wallet to purchase items that could be questionable.

This discussion makes me want to make a small investment in ripple or eth just for shits and grins though...
 
Precisely my point. My roommate from law school works at Coinbase in auditing. He came to their startup from Goldman Sachs. Using bitcoin for illegal purchases is definitely not what most people think it is. Huge misconceptions about safety and anonymity. Coinbase is like the PayPal of BTC. I'd recommend using another wallet to purchase items that could be questionable.

This discussion makes me want to make a small investment in ripple or eth just for shits and grins though...




I would go with eth if you are less open to risk
 
I would go with eth if you are less open to risk
Eth is way more volatile than btc. It's rise since February could be argued to be a bubble. Without mass adoption and supplanting btc, it won't ever be huge. I need to hit my roommate up and see if coinbase is eying eth or any other block chain variation for the future. That's what I'd bet on. Eth is technologically superior to btc in terms of speed. If they adopted it I'd put 10k on it right now. But as it sits, these are all rival currencies battling to top btc.
 
Eth is way more volatile than btc. It's rise since February could be argued to be a bubble. Without mass adoption and supplanting btc, it won't ever be huge.



fear is the path to the dark side :star-:ars
 
Coinbase banned me, and will eventually ban you if you purchase aas.


It's better to use something like multibit hd for a wallet and localbitcoin. Best way to stay anonymous.
 
Or Gemini is also a good option.
 
Coinbase banned me, and will eventually ban you if you purchase aas.


It's better to use something like multibit hd for a wallet and localbitcoin. Best way to stay anonymous.
Me too. I use torwallet.

Sent from my SAMSUNG-SM-G935A using Tapatalk
 
Small fee to tumble your coins with others to reduce traceability.

Sent from my SAMSUNG-SM-G935A using Tapatalk
 
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
Oh, and regarding OP, no cap gains on "unrealized" profits. If you never sold it, it's not a gain.

Sent from my SAMSUNG-SM-G935A using Tapatalk
 
fear is the path to the dark side :star-:ars
I had like $100 in BTC on coinbase just sitting there I'd forgotten about. After reading this post, I sold it all and bought back $100 worth if eth. Lol. Now I can feverishly watch the price and enjoy OCD. The real gold rush is over I think. $1k in eth a little over a year ago is $9k now, big investors from that time made money. I don't think I can throw 5k on this today. I'm just playing around. But that's what it would take to make anything worth talking about.

Tbh, btc itself is growing super fast again too.
 
Last edited:
I had like $100 in BTC on coinbase just sitting there I'd forgotten about. After reading this post, I sold it all and bought back $100 worth if eth. Lol.




whoaaaaa watch out everybody..



GIbro throwing around the big money :eek:
 
whoaaaaa watch out everybody..



GIbro throwing around the big money :eek:
I know that's my point. Unless you're willing to risk like $5k and buy a bunch, it's just sort of pointless. I'm not bragging about the $100. I just didn't even realize I had btc left over so I converted it. It's sort of fun to watch what it does though.
 
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
IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply

Argumentum ad ignoratiam
 
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IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply

IR-2014-36, March. 25, 2014

WASHINGTON — The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.

In some environments, virtual currency operates like “real” currency -- i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance -- but it does not have legal tender status in any jurisdiction.

The notice provides that virtual currency is treated as property for U.S. federal tax purposes.  General tax principles that apply to property transactions apply to transactions using virtual currency.  Among other things, this means that:

Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply.  Normally, payers must issue Form 1099.The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property. 

Further details, including a set of 16 questions and answers, are in Notice 2014-21, posted today on IRS.gov.

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Page Last Reviewed or Updated: 14-Sep-2016





Argumentum ad ignoratiam
 
I was also banned from Coinbase. It's a matter of time before you are banned if you buy your coin through them and buy illicit substances. Coinbase traces their coins. You will have to tumble the coins. You certainly can't send directly from Coinbase. If you just send from CB to an external wallet like Exodus it is not enough to break the chain. I use Gemini now. Winklevoss twins. I use Exodus for wallets. The Winklevosses do not trace their coins though you lose the instant buy but it's only a few days. You'll be with them soon enough anyway if using Coinbase or you'll be paying more on LibertyX, BitQuick, BitInstant, etc. I have about 38k in Bitcoin. I've been buying since it was $12 many years ago but I didn't hold like a dumbass. I invest in BTC every check since beginning of December. I dropped 10k when it was $700 something in December which is now worth almost 30k, it went over 2k today. The rest has been the per check investments. You spend some buy some at different rates it's hard to say exactly but I've made somewhere around 23-26k in the past 6 months. BTC will the biggest transference of wealth in our lifetime. 1 coin could easily be 10k in a year, 500k-1 million in a decade. There will only be 21 million ever. Assuming they've abandoned the idea of this stupid split. Which is beyond the scope of a post. BTC is here to stay now. Do yourself a favor, invest. There are what like 16-17 miilion coins with only 4 million left to be mined. Then we're looking at 6 figure BTC. It may very well be worth more than my regular retirement and I just started on this as a real investment in December at at 46. No bullshit.

Rex.
 

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