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Showing 20 of 294 results by Armchair Miner
Am I the only dummy paying full US taxes for 2017 on altcoin trades?
I made, as many of you have, quite a bit of profit in 2017 on altcoin trading , mainly on Bittrex. Now I am wondering how to pay taxes in the US on this income. There are basically three suggestions I find.
#1 Don't pay anything and fly under the radar
#2 Don't pay anything and file 1031 like-kind exchanges when trading alts for btc (takes filing out form 1031 for each exchange)
#3 Pay taxes on every trade: Of course, there are many accountants out there who basically interpret the law (uhm, just one notice from 2014) such that one should pay taxes every time alt is traded for btc. Surely, their opinion is biased because, with thousands of transactions, they will have a lot of work made for them.
#2 Takes a lot of paperwork if you have a lot of trades, and there is no guarantee that the 1031 will be accepted. You may still owe taxes, possibly penalties.
In view of less than 1000 people in the years 2014-2016 even mentioning crypto in their tax returns (and mostly claiming losses I bet), am I the only dummy thinking of doing the #3, and paying full taxes?
#1 Don't pay anything and fly under the radar
#2 Don't pay anything and file 1031 like-kind exchanges when trading alts for btc (takes filing out form 1031 for each exchange)
#3 Pay taxes on every trade: Of course, there are many accountants out there who basically interpret the law (uhm, just one notice from 2014) such that one should pay taxes every time alt is traded for btc. Surely, their opinion is biased because, with thousands of transactions, they will have a lot of work made for them.
#2 Takes a lot of paperwork if you have a lot of trades, and there is no guarantee that the 1031 will be accepted. You may still owe taxes, possibly penalties.
In view of less than 1000 people in the years 2014-2016 even mentioning crypto in their tax returns (and mostly claiming losses I bet), am I the only dummy thinking of doing the #3, and paying full taxes?
Re: Do I pay taxes when I sell an alt coin for bitcoin?
I would like to fill several thousand 8824 transactions under the section 1031. Since each form 8824 is about 3 pages, it would take me about 10x - 100x longer to fill out the paperwork than it took me to do transactions themselves. Are there any practical suggestions on how to accomplish this for many transactions/like-kind exchanges? US only.
An amazing amount of misinformation on this thread. I'm answering for the US. I don't know about other countries.
Of course you have to pay taxes on your profits in cryptocurrencies. This is well established.
Whether you have to pay taxes on exchanges of one cryptocurrency for another depends on whether such transactions can be claimed as "like kind" transactions. Whether "like kind" applies to exchanges between cryptocurrencies is controversial. I think that the IRS will eventually rule that these transactions are _not_ like kind and I've read extensively on the issue. Others disagree.
If you choose to treat exchanges between cryptocurrencies as like kind transactions you have to declare them as such on IRS form 8824! Absolutely everyone who trades cryptocurrencies ignores this (except me, of course).
If the IRS rules that these transactions are not like kind, and you have filed form 8824, you are likely to be OK except that you will owe taxes, interest, and possibly penalties. If you haven't filed form 8824 I wouldn't want to be you.
Not a lawyer - just my well researched opinion.
Of course you have to pay taxes on your profits in cryptocurrencies. This is well established.
Whether you have to pay taxes on exchanges of one cryptocurrency for another depends on whether such transactions can be claimed as "like kind" transactions. Whether "like kind" applies to exchanges between cryptocurrencies is controversial. I think that the IRS will eventually rule that these transactions are _not_ like kind and I've read extensively on the issue. Others disagree.
If you choose to treat exchanges between cryptocurrencies as like kind transactions you have to declare them as such on IRS form 8824! Absolutely everyone who trades cryptocurrencies ignores this (except me, of course).
If the IRS rules that these transactions are not like kind, and you have filed form 8824, you are likely to be OK except that you will owe taxes, interest, and possibly penalties. If you haven't filed form 8824 I wouldn't want to be you.
Not a lawyer - just my well researched opinion.
Re: [ANN][VTR] vTorrent - Share with freedom | 2FA | HD | @Bittrex
Copyright is brain damage.
Take back the sovereignty of your own brain.
https://m.youtube.com/watch?v=XO9FKQAxWZc
Take back the sovereignty of your own brain.
https://m.youtube.com/watch?v=XO9FKQAxWZc
Re: [ANN][VTR] vTorrent - Share with freedom | 2FA | HD | @Bittrex
Mr Kim getting similar secure chat/riot ideas. Competition's heating up!
@KimDotcom 29m29 minutes ago
On top of MU2 and Bitcache I'm building a secure >AI< email / messenger / video call app. Secure comms >even if ur device is compromised
@KimDotcom 29m29 minutes ago
On top of MU2 and Bitcache I'm building a secure >AI< email / messenger / video call app. Secure comms >even if ur device is compromised
Re: [ANN][VTR] vTorrent - Share with freedom | 2FA | HD | @Bittrex
This is the kind of thing VTR might want to implement, to curb piracy. I think FB and VTR and content owners should even share revenue with the pirates. https://techcrunch.com/2017/04/27/not-so-freebooting/
Re: [ANN] The XVC take over! ICO. Collect BTC for expensive devs.
Go to http://www.vcashproject.org/ or directly to https://github.com/vcash-project/vcash/releases to download the new wallet 0.6.0.1, help stabilize the network.
Re: [RE-ANN] MEMORYCOIN - Remember When? | Balance-Weighed Voted Devs + Charity
No It didn't. I thought of downloading the "new" wallet in addition to scraping the local blockchain. I downloaded the wallet from what I thought was the good source but now I have the wallet version 0.8.584-0-g6ce1e1e-beta which seems stuck at block 35759.
I downloaded wallet from memorycoin.org/files/, not the big button but below, where it said
v0.8.54b for Microsoft Windows Hard-Fork [Only this build will work after block 35720]
Hard-Fork posted by Delinquency
I didn't check for the wallet version right after download, I checked now. If I am not losing it, then the downloaded version is not v0.8.54b but 0.8.584-0-g6ce1d1d-beta as stated above.
Can someone shine some light on that. I would appreciate -
1) the link to the place where v0.8.54b can be found
2) clarification for Windows users where the correct place for the wallet.dat is (there are two now, Memorycoin and Memory Coin)
[EDIT] Now, after I wrote that, it seems that the blockchain download got unstuck, I am only 6 weeks behind and progressing.
[EDIT2] And, Iam up to date, the wallet is in agreement with the mmc blockchain.
I downloaded wallet from memorycoin.org/files/, not the big button but below, where it said
v0.8.54b for Microsoft Windows Hard-Fork [Only this build will work after block 35720]
Hard-Fork posted by Delinquency
I didn't check for the wallet version right after download, I checked now. If I am not losing it, then the downloaded version is not v0.8.54b but 0.8.584-0-g6ce1d1d-beta as stated above.
Can someone shine some light on that. I would appreciate -
1) the link to the place where v0.8.54b can be found
2) clarification for Windows users where the correct place for the wallet.dat is (there are two now, Memorycoin and Memory Coin)
[EDIT] Now, after I wrote that, it seems that the blockchain download got unstuck, I am only 6 weeks behind and progressing.
[EDIT2] And, Iam up to date, the wallet is in agreement with the mmc blockchain.
Re: [RE-ANN] MEMORYCOIN - Remember When? | Balance-Weighed Voted Devs + Charity
From https://mmc-square.com/support-help/4/not-receiving-coins/191/ it seems I will need to redownload the blockchain. I think that will do it. Thanks.
Re: [RE-ANN] MEMORYCOIN - Remember When? | Balance-Weighed Voted Devs + Charity
Thanks for that, in the meantime, the wallet is up to date.
EDIT: The wallet is 0.8.55.0-unk-beta. Should I download 0.8.54b even though it has a lower version number?
I have not received much MMC from the pools in the last 9 weeks, much less than expected.
EDIT: The wallet is 0.8.55.0-unk-beta. Should I download 0.8.54b even though it has a lower version number?
I have not received much MMC from the pools in the last 9 weeks, much less than expected.
Re: [RE-ANN] MEMORYCOIN - Remember When? | Balance-Weighed Voted Devs + Charity
Well, the wallet updated some, but it seems stuck now between 37-40 hours behind, in the last about 3 hours.
I have 13 active connections to the MMC network.
Can someone (one of the officers perhaps) look into it?
Thx
I have 13 active connections to the MMC network.
Can someone (one of the officers perhaps) look into it?
Thx
Re: [RE-ANN] MEMORYCOIN - Remember When? | Balance-Weighed Voted Devs + Charity
Hello, I am getting No block source available in the memorycoin wallet. It's 9 weeks behind, can someone suggest some good nodes? Thx
Thanks for sending coins yourself.!
Re: Official BlackCoin statement from CryptoRush - Very shocking information
"2ND time you guys are stealing coins . I am currently informing all my Facebook groups of your Bullshit!
Cheers"
stealing coins for the 2nd time only because I have not reported.
Cheers"
stealing coins for the 2nd time only because I have not reported.