I tried to call the IRS….4 times. No luck. I decided to hunt around on my own. This is what we got. The IRS wants every single transaction calculated to US Dollars …
39 Comments
Idk if you'll reply to this but I purchased Bitcoin a while ago and just made like $3 gain. Does that mean I have to report it? 😂 I only did it for fun.
You shouldn't promote Turbo Tax. It is software provided by Intuit. That company uses its corporate wealth to lobby politicians to deliberately make it difficult for anyone to find their own way through all the IRS forms. They successfully manipulate us with an overwhelming sense of paperwork confusion / hopelessness so that we surrender ourselves to being dependent on them and their software to keep us out of legal trouble. Doing taxes isn't supposed to be difficult. Anything we HAVE to do should be made available to us by government as welcoming as possible. They make compliance difficult on purpose. This is effectively Intuit robbing each of us in partnership with politicians already robbing us via taxation. Every time you use Turbo Tax and suggest anyone else should also, you affirm and reward Intuit's unethical practices of corralling us all into their business as customers under duress (imposed by them).
I want to know more about US cryptocurrency taxes in certain conditions. Let's say I am from Asia and my family member is permanent resident of US and he/she wants to send me amount $10,000 – $40,000 in cryptocurrency by purchasing from Coinbase(or any other fiat to crypto exchange) and wish to transfer to my crypto wallet immediately. Now what is the process going on here about filing tax(if needed) and is there any kinds of limits to gift people? And what if I sent back some amount back to him/her's(in US) wallet and trying to exchange to fiat? If I try to convert to fiat then obviously my country regulations apply as when I got it and when I am trying to cash out with taxed on gains. But, how does tax department or how to give exact date on receipt, transfer and cash out and what is the basis they(tax department) take as a valid proof that certain person who is purchasing or transfering or receiving or cashing out, has done that part of process on that exact time and exact amount?
the government has a small area where it can be effective. It is now into things it should not be.75% id say, of the government is useless. They suck money from people. Tax is a form of extortion just how the mob does things. Pay us to do business or you will be out of here. aka property tax. You own no property really. You pay rent to the local governments. this is just one example and there are thousands. It's an extortion racket. Most taxes are bullshit. I realize roads and bridges etc are necessary to some extent and tax money is needed because we all use the roads unless you don't own a vehicle, but the majority of taxes are pure theft.
I would take each particular coin, list transactions, in chronological order, and fees. Your accountant will do the rest. You’ll see the sales, and profits. Less than a year, taxed like income. Over a year, taxed at a lower capital gains. I’m not worried, Coinbase, now all moves, haven’t sold, or own much alt coins on other exchanges. Haven’t used for purchases. Not a big deal, that’s why you have an accountant. Not that hard.
lol.."got nothing".looking at comments ….so bought bitcoin i sep..havent sold..have traded a crapp load stopped when i heard first news of taxable in dec, still got my shit ..red as f&*& but still got it …so iam good …right??? .but it was up in dec..so i got to report a gain..yeah right….ohh yeah fU)( the &rs….STAY KRYPTIC YALL!!!!!!
You mentioned towards the end of video, "If they contact you 6 months later, and say you paid to little…." Unfortunately, it's worse than that. The IRS contacted me 3 YEARS after I had done an IRA roll-over from one bank to another. They said I owed taxes, penalties, AND 3 years of interest, because the roll-over was not done right. Fortunately, I still had all my paperwork, which showed the BANK screwed up by not reporting it correctly, so I didn't owe anything. The point is, just because you might not hear from them THIS year, they can still "getcha" down the road, with even higher fees.
I put in 500 dollars in cryptos, exchanged from bitcoin to a few altcoins and now I'm holding. Didn't make any money nor withdraw money out. In fact I lost about 250 dollars. I'm 19 years old and this is my first year doing taxes bymyself. I don't want to get any issues with the irs but this stuff is so confusing for me and I really don't want to file for cryptos. Do ya think I'll be fine without filing for cryptos?
Thank you. Video was very helpful. So far I am on track. I'm just not sure as how I should answer this question. Give us a brief description of your freelancing or contracting business, including the product or service you offer.
Cryptocurrency tax rules need to be challenged in court. When you trade your USD for another currency like the Euro and while you're holding it the Euro goes up in price and then you go off and spend it it's not taxed as a gain. So why is crypto taxed as a gain when you make a purchase? It should only be taxed when traded in an exchange not when used to pay someone or to purchase something.
Dude, phone maze is a perfect description… so many options, and impossible to navigate directly anywhere. It's only slightly less confusing then their website.
adam pospisil 11 hours ago hello i have a quick question if i invested 6000 into crypto and capital gain tax is except on the first 11000 of your income as im still a student its my only source of money. If i withdrew 11000 and my initial investment (6000) will it be tax free or will i be taxed as its overall over 11000?
Have you figured out how to treat the DECember Bitcoin Cash airdrop in regards to taxes. I am holding it, but not sure wether to claim it as income, or just wait/hold/sell-later/cap-gains then… let me know
They say Pres Twitter made the Tax Code simple. Yea Right it sounds to my like your going to be doing 4 to 5 times more work than you did before the new tax law Get real IRS
Idk if you'll reply to this but I purchased Bitcoin a while ago and just made like $3 gain. Does that mean I have to report it? 😂 I only did it for fun.
Taxation is not theft.
You just don't comprehend the game.
Youtube "lawful money 12 USC Section 411"
Once you make demand for "lawful money" you then by law according to that code are tax exempt and the IRS doesn't touch you.
You're welcome.
Like always this rats from the irs trying to get a cut on every penny you make no matter how
Not boring helpful and useful!
You shouldn't promote Turbo Tax. It is software provided by Intuit. That company uses its corporate wealth to lobby politicians to deliberately make it difficult for anyone to find their own way through all the IRS forms. They successfully manipulate us with an overwhelming sense of paperwork confusion / hopelessness so that we surrender ourselves to being dependent on them and their software to keep us out of legal trouble. Doing taxes isn't supposed to be difficult. Anything we HAVE to do should be made available to us by government as welcoming as possible. They make compliance difficult on purpose. This is effectively Intuit robbing each of us in partnership with politicians already robbing us via taxation. Every time you use Turbo Tax and suggest anyone else should also, you affirm and reward Intuit's unethical practices of corralling us all into their business as customers under duress (imposed by them).
Do I have to enter the deposits/withdraws from bank acount to Coinbase into Cointracking for the taxes too? Thankk you
I want to know more about US cryptocurrency taxes in certain conditions. Let's say I am from Asia and my family member is permanent resident of US and he/she wants to send me amount $10,000 – $40,000 in cryptocurrency by purchasing from Coinbase(or any other fiat to crypto exchange) and wish to transfer to my crypto wallet immediately. Now what is the process going on here about filing tax(if needed) and is there any kinds of limits to gift people? And what if I sent back some amount back to him/her's(in US) wallet and trying to exchange to fiat? If I try to convert to fiat then obviously my country regulations apply as when I got it and when I am trying to cash out with taxed on gains. But, how does tax department or how to give exact date on receipt, transfer and cash out and what is the basis they(tax department) take as a valid proof that certain person who is purchasing or transfering or receiving or cashing out, has done that part of process on that exact time and exact amount?
Fuck the IRS they don’t know anything you don’t tell em
the government has a small area where it can be effective. It is now into things it should not be.75% id say, of the government is useless. They suck money from people. Tax is a form of extortion just how the mob does things. Pay us to do business or you will be out of here. aka property tax. You own no property really. You pay rent to the local governments. this is just one example and there are thousands. It's an extortion racket. Most taxes are bullshit. I realize roads and bridges etc are necessary to some extent and tax money is needed because we all use the roads unless you don't own a vehicle, but the majority of taxes are pure theft.
The IRS is a criminal organization that has no right to tax every transaction.
Show me the law, not codes, not statutes.
Oh man, what a complete clusterfuck.
I need help please, So can I use the COINBASE TRANSACTION HISTORY for Taxes option and send THAT to the IRS???
all of this confusion makes me not even wanna touch crypto anymore i am so lost
I would take each particular coin, list transactions, in chronological order, and fees. Your accountant will do the rest. You’ll see the sales, and profits. Less than a year, taxed like income. Over a year, taxed at a lower capital gains. I’m not worried, Coinbase, now all moves, haven’t sold, or own much alt coins on other exchanges. Haven’t used for purchases. Not a big deal, that’s why you have an accountant. Not that hard.
And I thought the hole reason to buy crypyos was the tell Big Brother to fuck off.
Social Send future Neo
Chronological order, and don’t forget fees. If you sale a coin before one year, short term tax, like income.
Selling one coin, to buy another coin sounds like selling one stick, then buying another stick. That’s why you have an accountant
Short term I believe is taxed like income. Over one year much less, long term capital gains rate.
Talk to your accountant. I’m would take each coin in order of buys, sales, and costs ( Fees charged) great news about report by Coinbase!
roses are red violets are blue, taxation is THEFT inflation is too <3
lol.."got nothing".looking at comments ….so bought bitcoin i sep..havent sold..have traded a crapp load stopped when i heard first news of taxable in dec, still got my shit ..red as f&*& but still got it …so iam good …right??? .but it was up in dec..so i got to report a gain..yeah right….ohh yeah fU)( the &rs….STAY KRYPTIC YALL!!!!!!
You mentioned towards the end of video, "If they contact you 6 months later, and say you paid to little…." Unfortunately, it's worse than that. The IRS contacted me 3 YEARS after I had done an IRA roll-over from one bank to another. They said I owed taxes, penalties, AND 3 years of interest, because the roll-over was not done right. Fortunately, I still had all my paperwork, which showed the BANK screwed up by not reporting it correctly, so I didn't owe anything.
The point is, just because you might not hear from them THIS year, they can still "getcha" down the road, with even higher fees.
I put in 500 dollars in cryptos, exchanged from bitcoin to a few altcoins and now I'm holding. Didn't make any money nor withdraw money out. In fact I lost about 250 dollars. I'm 19 years old and this is my first year doing taxes bymyself. I don't want to get any issues with the irs but this stuff is so confusing for me and I really don't want to file for cryptos. Do ya think I'll be fine without filing for cryptos?
Thank you. Video was very helpful. So far I am on track. I'm just not sure as how I should answer this question. Give us a brief description of your freelancing or contracting business, including the product or service you offer.
Cryptocurrency tax rules need to be challenged in court. When you trade your USD for another currency like the Euro and while you're holding it the Euro goes up in price and then you go off and spend it it's not taxed as a gain. So why is crypto taxed as a gain when you make a purchase? It should only be taxed when traded in an exchange not when used to pay someone or to purchase something.
Does anyone know if we can use schedule D or C?
So if I mine and have to pay tax on that, can I use power and the graphics cards I bought as operating expenses?
Dude, phone maze is a perfect description… so many options, and impossible to navigate directly anywhere. It's only slightly less confusing then their website.
well done even thought do did not show how to put it in your taxes or what form to report them
adam pospisil
11 hours ago
hello i have a quick question if i invested 6000 into crypto and capital gain tax is except on the first 11000 of your income as im still a student its my only source of money. If i withdrew 11000 and my initial investment (6000) will it be tax free or will i be taxed as its overall over 11000?
keeping track is annoying af
how much you have to pay if you just hold the coin lets say for 5 years
Have you figured out how to treat the DECember Bitcoin Cash airdrop in regards to taxes. I am holding it, but not sure wether to claim it as income, or just wait/hold/sell-later/cap-gains then… let me know
If I have gold in an online game such as Runescape which can be traded for money, do I have to report that as virtual currency captial gains?
They say Pres Twitter made the Tax Code simple. Yea Right it sounds to my like your going to be doing 4 to 5 times more work than you did before the new tax law Get real IRS
As far as I'm concerned the right hand don't know what the left hand is doing
Please
read somewhere that if you donate it (without cashing out first), you can write it off as a donation entirely ?!? true or false