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Showing 4 of 4 results by Vcat500
⭐ Merited by Lucius (1)
sorry, don't know how to quote everyone.
@ Mia Chloe
What you said, "...it's not viewed like your regular fiat currencies like said earlier rather they are viewed more like assets." Makes sense. So it sounds like they are really concerned with the capital gains, or the value when transferred to USD, or your bank. And that makes sense, because if you noticed, at conebase at least, your assets are listed as unrealized gains.
@Lucius
I know about CEX. I'm aware of managerial issues and open source. Been a VC user for many many years. But I'm new to Crypto and I don't have much $ in there. The coins and tokens are only on the exchange as investment at this point and I fully intend to pay my taxes. Also even if they were off of CEX, at some point I would want them transferred to my bank and you're going to have to explain how you came up with 2 mill if that's what you made.
But as far as anonymity, I would never use any encryption that's not open source. Never.
@Wonder Work. I agree that it's BS how single people like myself get screwed and couples pay less. That was really apparent with the stimulus checks were passed out. Same BS with Insurance. I have to pay because some A hole speeds, and I don't. And you're right. Our founders never intended on all these taxes, they were originally meant to build a military. Now you're taxed thousands of times, the shirt on your back, the thread, the ink to make the shirt, the cost of the fuel to deliver the materials all passed down to the consumer.
@tbct_mt2
Thanks for that direct link
@ Mia Chloe
What you said, "...it's not viewed like your regular fiat currencies like said earlier rather they are viewed more like assets." Makes sense. So it sounds like they are really concerned with the capital gains, or the value when transferred to USD, or your bank. And that makes sense, because if you noticed, at conebase at least, your assets are listed as unrealized gains.
@Lucius
I know about CEX. I'm aware of managerial issues and open source. Been a VC user for many many years. But I'm new to Crypto and I don't have much $ in there. The coins and tokens are only on the exchange as investment at this point and I fully intend to pay my taxes. Also even if they were off of CEX, at some point I would want them transferred to my bank and you're going to have to explain how you came up with 2 mill if that's what you made.
But as far as anonymity, I would never use any encryption that's not open source. Never.@Wonder Work. I agree that it's BS how single people like myself get screwed and couples pay less. That was really apparent with the stimulus checks were passed out. Same BS with Insurance. I have to pay because some A hole speeds, and I don't. And you're right. Our founders never intended on all these taxes, they were originally meant to build a military. Now you're taxed thousands of times, the shirt on your back, the thread, the ink to make the shirt, the cost of the fuel to deliver the materials all passed down to the consumer.
@tbct_mt2
Thanks for that direct link
Tax on any obtained profit resulted from crypto related activity sell, exchange, pay for goods has to be paid in accordance with the regulation of the given country. Some countries exempts matured crypto i.e. crypto which is in users wallets for the long period of time while others don't allow any exemption. The attempt to hide your crypto-profit from taxation may result in the penalty, jailing including, similar to early BTC investor who was " jailed for unreported crypto gains in $4M BTC sale".
I get that, but we're drifting off topic. Since the broker is preparing your tax forms, The question is: How do they know what transfers to the exchange are classified as profit and what's classified as donation. There are no notes or memos transferred with the addresses.
You do not need to bother about this because you have no tax to pay when your family send you money. But if the coin increase in price, you will have to pay tax. The government might not know and some people can evade tax but being a good citizen will let you know when you should pay tax.
So it sounds like you are only taxed on the value of the coin. That makes sense. But I'm not sure if that's the case. In the US, you're taxed on income. So if you did a job for someone and they paid you, you would expected to pay income tax if your state required it and Social Security benefits to the Fed. This is complicated.
You can see the minimum amount that you can withdraw on exchanges when you click on withdraw and the coins. Also you will see the fee for the withdraw.
Yes, I see that. But the problem is, I needed to know this information before I made my purchase, not after the fact. Because I would not have any reason to withdraw if this was a long term investment and I would not know of this limitation until I withdraw at a later time. This could be a problem is the asset went up in value to a point I could not afford. In a hypothetical example, If i had bought 32 bitcoin and the price went up to $100,000, I would not be able to afford another 400 coins to meet the withdraw requirement. This rule by the exchange is insane.
Hello.I had two questions I have not been able to get clarification on.
- When someone sends you crypto on your receive address to your exchange, how does the exchange know if these funds are to be taxed or not when they prepare the forums at the end of the year? I can understand if you bought assets and they gained value and then you transferred them to your bank, the capital gains would be taxed. But if you received funds from family, or donations on your receive address, how does the exchange, or IRS know if they are taxable or not as there are no notes with these transfers?
- My second question was:I have a second account at Binance. I had 100 coins I was trying to move over to Coinbase, but got an error saying that you need 400 of these coins to be-able to move them. A Binance support rep on the Redit forums said, "you might be able to email support, but usually the rules are fixed." If the value of the assets increased to the point where the buyer can't afford to buy 300 more, then the coins are stuck on the exchange according to what the support guy said. My question is: Where do I look to find out what the minimal supply must be to move the coins? and does this also apply to moving them to my bank account if I just wanted my money back? I was not made aware of this when I first bought them 3 years ago. Maybe if a dug through dozens of terms and limits pages I would have found it, but nothing was mentioned up front. Now I'm kind of afraid to buy anything on their site.