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Making SENSE Of Your Bitcoin TAXES!! (US Specific - July 2017)

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Many of y'all have been wondering how all your cryptocurrency transactions affect your taxes next year... well I did some research for you on this confusing topic! Bitcoin and other coins are actually treated as property by the US IRS instead of currency. This has many implications, such as paying capital gains, so watch the video to learn more!! Also please subscribe if you like my content because I will be putting out more really soon! Note: DO NOT take my word as law - please do your own research to verify. Also this video was made on July 2017 so rules may have changed since then. Please consult a tax professional if you have more in depth questions.
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Text Comments (178)
Bitcoin for Beginners (1 year ago)
Hey folks, I hope you enjoyed this video! Please be sure to CLICK SUBSCRIBE and also join the sister Facebook group here: https://www.facebook.com/groups/254527885037034/ I'm trying to build a large community where everyone can learn about cryptocurrency and enter the broader crypto community as an informed and responsible member!
Wak Cackle (1 year ago)
Thanks for this vid. So the issue from Forks comes up. For instance if I had Bitcoin on Trezor I recieved the forked BCH (Bcash). If I had Bitcoin on Coinbase then as of now I would be still waiting on control of Bcash. I imagine that the basis would happen at the time of control. Is having the forked coin on the exchange considered under my control? - yes in that I can trade it. No that I do not have it under private key. The variances of price at the time of the fork can be very wide and dependent on the exchange.
psycicmindpowers (2 months ago)
Not enforceable. They can't prove who the addresses belong to.
Shane Womeldorff (5 months ago)
How are bitcoin property when its traded on the market against the dollar like a currency ?
Bitcoin for Beginners (5 months ago)
that's just what the IRS has determined officially and unfortunately
Patrick Camuso, CPA (5 months ago)
Feel free to contact my team for further information or questions: https://www.camusocpa.com/the-definitive-guide-for-cryptocurrency-taxation/
Patrick Camuso, CPA (5 months ago)
Bitcoin for Beginners  Sure thing!
Bitcoin for Beginners (5 months ago)
Thank you!
Dom Rosay (10 months ago)
whenever an average person finds a way to make some extra money or when they want to better they're life the government steps in so they can stop it from happening . the fact they cant regulate it they need another way to take from us...like taxes. we are double and triple taxed time and time again .im so sick of it . they take and take
Bitcoin for Beginners (10 months ago)
Harley Me (10 months ago)
easy. outta 180000 miners only 46 ppl actually included cryptocurrancy in there tax form... so.. if the cant track it or prove you owned anything. so the answer is simple for canada no proof it didnt happen. try mining there own... lol
Daniel Bull Runner Lamb (10 months ago)
Is BCN a good coin?
Daniel Bull Runner Lamb (10 months ago)
Buy a private coin like BCN take it out of the exchange send it to a hardwallet, and claim it lost in transactions or report your ledger or trezor stolen.
Daniel Bull Runner Lamb (10 months ago)
I was told by a guy when I was asking him how do I file for taxes that's what he told me... 😂
Bitcoin for Beginners (10 months ago)
lol is that what you did for last year? :P
Maggic (11 months ago)
I really don’t know what the hell you’re talking about. Just give us a few good examples.
polaris911 (1 year ago)
holy shit this is such a pain in the ass, it makes cryptocurrency not even worth it imo
Bitcoin for Beginners (1 year ago)
Lol I guess so. It is a hassle for sure.
Jimmy Westra (1 year ago)
Shoot yourself in the foot. If it says currency and some fool doesn't recognize it as that, but as property, so he can charge you a % based on assumed random figures as long as you shoot yourself in the foot. Than the responsibility is not of the person with no foot but who told him to do so.
ed meek (1 year ago)
Thanks for doing this research!
Lori Favela (1 year ago)
Wish I knew all this before hand
Haka Lau (1 year ago)
what are the tax rates for short term and long term gains?
freeNode5 (1 year ago)
the reports gdax has made available are currently severely lacking, because they don't include the current dollar value for BTC/other gains. They only show profits in coin and profits in USD.
RNAUGH100 (1 year ago)
Hi can someone help? I have some BTC buy/sells but the network i use doesnt provide the USD price at the time of the transaction? How should i report the bitcoin price at certain timepoints? I.e. average per day? Rough price at that hour?
James Crenshaw (1 year ago)
A very good job!
Bitcoin for Beginners (1 year ago)
thank you!
chico280 (1 year ago)
The death of crypto. Roll over and take it up the..
Bitcoin for Beginners (1 year ago)
Long live privacy coins?
Bitcoin for Beginners (1 year ago)
zeusblack47 (1 year ago)
Taxation is theft.
Orange_Man Bad (1 year ago)
What if I just write "Fuck You" on my taxes?
Bitcoin for Beginners (1 year ago)
Lol lemme know how that goes :P
Kazino (1 year ago)
The IRS is an extortion Agency. Take 47% of my yearly bonus and they want a piece of my own investment? Fuck out of here, I need to learn how to tell the IRS to kiss my ass not learn how to let them extort me some more. The US government has engaged in treason by allowing a foreign private agency to extort the American people. The federal reserve and the IRS are unconstitutional to begin with, I don't understand how we the American people aloud this crooks to get this far.
Johnny S (1 year ago)
Complicated af
Bitcoin for Beginners (1 year ago)
i didnt make the rules, they just came out with a new tax plan so I'll have to do an update video sometime!
Amine Salhi (1 year ago)
Hey guys, so if I buy crypto currency today, do I have to state it for this years taxes?
Angelo Jamaica (1 year ago)
Can we see you white paper? :)
Bitcoin for Beginners (1 year ago)
+Angelo Jamaica haha I'm not an ICO
Angelo Jamaica (1 year ago)
Definition of COMPLIANCE: A confirmation that a manufacturere can do what they say they can according to the rules and standards required by a contract. <------- do you see the world contract? When you sign your 1040 that is a contract. Do you get it now? Did you also see the word REQUIRED? Without your compliance there is not CONTRACT.
Angelo Jamaica (1 year ago)
Hence no contract was signed going into the crypto world and therefore it does not fall under commercial jurisdiction and falls under the constitution. You need to do your homework son. It is called the UCC for your information. 2. show me the law not the statues under the UCC You have been trained not educated. by design if I may add Anything you sign or give consent to is considered a contract, by commercial law ( THE UCC )you then fall under commercial jurisdiction and signed a contract to obtain the PRIVILEGES under the contract. and gave up your constitutional rights for those Privileges under the contract and its statues. The floor is open for discussion. Read your constitution, It is known as the supreme law of the land! Article VI All debts contracted and engagements entered into, before the adoption of this Constitution, shall be as valid against the United States under this Constitution, as under the Confederation. This Constitution, and the laws of the United States which shall be made in pursuance thereof; and all treaties made, or which shall be made, under the authority of the United States, shall be the supreme law of the land; and the judges in every state shall be bound thereby, anything in the Constitution or laws of any State to the contrary notwithstanding. The Senators and Representatives before mentioned, and the members of the several state legislatures, and all executive and judicial officers, both of the United States and of the several states, shall be bound by oath or affirmation, to support this Constitution; but no religious test shall ever be required as a qualification to any office or public trust under the United States. Property taxes are voluntary under the constitution, if you contract to get a loan for property, car house land etc you no longer have constitutional rights. I used silver and gold to purchase my cryptos not commercial fiat Federal Reserve Notes. Also known as a loan, that is why they call it a NOTE
Curtis Scott (1 year ago)
According to this CPA (also a former IRS-CID agent): most CPA's are clueless to the law's actual contents and cost their clients a fortune in tax overpayments! Find out why at: http://FreedomAboveFortune.com
politicalsheepdog (1 year ago)
I think the truth is the Feds have not really figured out what to do yet.  They are as clueless as the Bitcoin founders were about things at 1st.  They were dreaming things up and didn't really know exactly how things were going to work.  I'm going to consult a couple accountants before I get too far into this stuff.  May have to form an LLC to avoid being overtaxed.
politicalsheepdog (1 year ago)
Wait a second, there is sales tax when you buy a cup of Coffee.  Are you saying we have to report to the IRS all our purchases and volunteer for more taxes?  That's a little crazy.  Haven't been doing that with Fiat Currency so why with Crypto?
James Crenshaw (1 year ago)
Using the example in the video, we assume you invested in bitcoin with 10 whole cents. Because of your wise and prudent investment, that 10 cents has grown in value so much, that you can now buy a $5 cup of coffee with it. You have realized an economic gain of $4.90 and exchanged it for a product. That is the moment of taxation. After you give up that coin, you will enjoy no further appreciation (or risk depreciation) of its value. If you had any other investment that appreciated in value, unless exempted from tax (like sales of principal residences are mostly exempt from tax), the same principles apply.
GSHeverything _27 (1 year ago)
politicalsheepdog I Know man
John Huynh (1 year ago)
If we send our coins to wallets, will we have to file that to the IRS
Raymond (1 year ago)
I don't get this. because I don't buy equal amount of coins. What if I buy .3493473 then .938479234 and then sell it at 1 coin? Like I don't really know what to report
MonkeyMan (1 year ago)
I wonder how net neutrality will come into play in all this.
Bitcoin for Beginners (1 year ago)
good question, I'm not sure
Part-Time Vegan (1 year ago)
I'm scared to make money, imagine making a million dollars on bitcoin only to find out you're going to jail???
jamesdeanvegas (1 year ago)
lol lots of people gonna go to jail this is gonna be a cluster fuck
C4rnif3X (1 year ago)
Na man, the new bill says trading alt coins for alt coins is a taxable event.
jamesdeanvegas (1 year ago)
well maybe some will go to jail for not paying taxes but then again nothing is set and its still wishy washy thing is if people understand its treated like property so if you pull out your gains then its called realized profit so until you do that then don't worry you just keep re investing which is like making a new investment not taxed  plus anything under 600 dollars they are not going to worry about.  but we shall see when 2017 taxes are filed.
Gus Ramirez (1 year ago)
jamesdeanvegas Only the big fish bro. Hopefully not the average dude. Maybe. Its up to coinbase. We need to keep on the look out for newer information.
jamesdeanvegas (1 year ago)
so what about if your just keep reinvesting in bitcoin  as don't pull but a lil bit out at the end of the year?
jamesdeanvegas (1 year ago)
so what about the people buying fractions of coins.  thats gonna be a mother fuger
Sean Willard (1 year ago)
fuck all this man...the federal government can't keep track of the money they issue, much less crypto cash that is very difficult to trace...especially when its being bought and sold is CASH! Lots of people are doing that.  No one is filling out a 1099 every time they buy a cup of coffee. GTFO man!
Tetra84 (1 year ago)
Government sucks ass.
Bitcoin for Beginners (1 year ago)
lol it is gonna be a hassle for sure
Mingzhao Xu (1 year ago)
Thank you. This is very helpful. I love your videos.
phil osophical (1 year ago)
Is this fool telling people how to pay taxes on something that doesnt exist as a physical asset. You idiot
Bitcoin for Beginners (1 year ago)
Lol I'm just showing you what the sources I read said. I'm not a tax adviser.
Jeremy Whiteley (1 year ago)
By law (backed by U.S. Treasury) Bitcoin is to be considered same as cash, and therefore, can't be considered property so the IRS might wanna do their own research. They must accept it if they want to tax it!
Jeremy Whiteley (1 year ago)
Otherwise, always claim a loss. There is no way to prove otherwise on the blockchain. Don't think the IRS wants to play this expensive game that will cost them billions, if not, trillions!
PitFiend2001 (1 year ago)
Is there a crypto credit card i can use to avoid transferring to usd?
GSHeverything _27 (1 year ago)
Meaning you using it like a Debit or credit card
Bitcoin for Beginners (1 year ago)
+PitFiend2001 depends on where you live. Tenx or Monaco are two of many options in this space.
Investing4 Life (1 year ago)
if you openly tell the IRS you bought bitcoin...STANDBY FOR YEARS OF RANDOM AUDITS.......DONT TELL IRS CRAP
cielseven (1 year ago)
Can't tax bitcoin. That double taxation cause the network miners tax you to do your LEDGER to authenticate the transaction.
Xellos Metallium (1 year ago)
paying taxes on crypto currency is idiotic. the US doesnt acknowlege it as money
Stacy Dale Barendse (1 year ago)
Silly there is none.
Chad Lauj (1 year ago)
The Federal Reserve does not have the authority to oversee Bitcoin or cryptocurrency. As proof, forward to 0:37 and listen to the Fed Chairman Yellen who just resign on the matter of the subject. https://youtu.be/d-vTleht5Hw
James Crenshaw (1 year ago)
I don't think the IRS views the tax rules as overseeing Bitcoin.
John King (1 year ago)
we have to agree to it being property nah
chris kawahito (1 year ago)
Use a card like TenX to spend your coins. Don't sell back to USD on exchanges. Simple. A regular guy doing a 9 to 5 with a steady salary is not going to get audited.
chris kawahito (1 year ago)
Thanks for the info, I didn't know but after a little digging the reddit from the says "We want to wait a few months after tokensale before releasing to the US. Most likely Q4 2017 as described I the whitepaper." Guys this coin is going to be huge.
Alt Name (1 year ago)
chris kawahito TenX not available to US residents.
Hulious777 (1 year ago)
irs can go eat shit. until they make it straight forward and easy, i wont report shit or withdraw a single crypto to stay safe. trading is taxed?, where to fucking start with that? how about they keep their filthy fucking hands out of our pockets. ultimately, We need to curb fucking stomp that creature from jekyll island.
001 002 (1 year ago)
Wonder when IRS will call stuff I own in Games property, goes up in value get Taxed....
Fortnite EFF (1 year ago)
Also make sure you record each step you take and add half the amount of breathes youve taken per month , and pay .30 per
Bitcoin for Beginners (1 year ago)
Crypto Cash loooool
LeAnn Ladd (1 year ago)
Wow! A lot good information but also a lot of misinformation in this video, but I am glad that he is at least bringing taxes into the conversation of Cryptocurrency. I am a tax accountant and will be creating a YouTube channel to address the tax consequences of investing in Cryptocurrency
Bip Tasiem (1 year ago)
'most tax pros "belIeve'"? well, can we agree that the ambiguity of language should favor the non-preparer? If tax pros don't know and can't agree unanimously, one might choose then to utilize this exception at law. Preparing a return only out of a state of duress mind you, all rights reserved.
HodlersWeekly (1 year ago)
@James Crenshaw But that's pure insanity. We have never realized actual profits by moving our cryptos into a stable asset like the U.S. dollar. Our holdings are subject to the same crazy volatility after any crypto-to-crypto trades gains than before it. What about our inability to buy most altcoins directly with fiat? We are being taxed to buy altcoins (provided gains are realized). What kind of crazy sh*t is that?! Our government is taking an active, ignorant approach to preemptively attack and significantly inhibit the growth of a solid foundation for a future blockchain-based economy here in the U.S. relative to most other countries that take a hands-off approach. By not deferring taxes and forcing traders and hodlers to assume higher risks by holding longer between trades and taxing us earlier on top of the highly volatile markets we have to deal with and the sheer lunacy of tracking our trades, the larger of which will consist of many microtrades because the orderbooks can't match very largely lopsided trades on a one-to-one basis, they will be hurting our future economy and especially the participants here who are bringing in very large gains from a global investment pool into our country (which will now be severely inhibited for the time being) for the sake of short-term tax gains at the expense of our future blockchain-based economy. What stupidity and greed.
James Crenshaw (1 year ago)
I am curious about the misinformation you noted. I am a CPA who specializes in taxes, and hold bitcoin and mining rigs. As for the other person asking about the tax reform legislation, the law change that limits like-kind exchanges to purely real estate, and thus clearly would not include crypto exchanges is not retroactive, and is effective on 1/1/18. But...most tax pros believe the like-kind rules never applied to crypto exchanges.
HodlersWeekly (1 year ago)
Is it not true Caroline that this new tax bill (treating crypto-to-crypto exchanges of value) that was passed is not retroactive and will only start being applied Jan. 1, 2018?
JASON M (1 year ago)
sounds like a direct IRA would be good vehicle for cryto investing.your not tax until you retire are you get a penalty for using early.If you make great amount of money you can just take the penalty.plus you can have a 401 k for your secure traditional retirement .
Crypto God (1 year ago)
How tha fuck you keep track of all your spending? If you buy coffee or goods how you keep track of that? What if you book a hotel and go on vacations using all bitcoin? How the heck they going to calculate all your gains or loses when they audit you? Whoever is going to audit will have a very difficult time tracking the bitcoin and the gains and loses. And there's no receipts to back it up. If I bought 100 large pizzas and 1000 cups of coffee, how they even going to calculate that?
Mark G (1 year ago)
Crypto God They cant. Plus if you bought bitcoin multiple times which bitcoins are you using to buy.
Kenny Dang (1 year ago)
Why don’t you just get bitpay & transfer BTC to use . Why worry about tax ?
GSHeverything _27 (1 year ago)
Kenny Dang what is that
bruce gaines (1 year ago)
Do yourself a favor, just hire a CPA. Trust me.
Angela Daigrepont (1 year ago)
The US government will do anything to make us pay taxes including recognizing bitcoin as a thing just to get money from us they are scum !!! It will get worse the higher bitcoin goes :(
Teodor Kuběna (1 year ago)
Angela Daigrepont Is it only on US or also in other states? I live in czech republic
Crypto A.R (1 year ago)
Thank you for this! you said this is particularly for U.S citizens what about for immigrant?
Bitcoin for Beginners (1 year ago)
if you pay taxes in the U.S. then this probably applies to you :)
Will Smith (1 year ago)
Not hating on you but these laws are bullshit
Bitcoin for Beginners (1 year ago)
+will smith haha I feel ya. It's gonna be a huge hassle
Paul Compme (1 year ago)
There is no such thing as bitcoin taxes - there are ONLY TAXES ON FEDERAL RESERVE NOTES.
Andrew plays (1 year ago)
now I am not for us, but I just know this is gone bitch to do ! xD
Bitcoin for Beginners (1 year ago)
haha I'm not looking forward to it :P
Paul Compme (1 year ago)
bitcoin taxes - I have to laugh - hehehe - fools
Paul Compme (1 year ago)
No that is funny; each year you any everyone else does everything and anything they can to lower their taxes so they can pay a little as possible.  If what you say was actually true you would be doing everything you could to increase your taxes instead of tring to pay as little as possible.  Cannot have it both ways.
Zachary G. (1 year ago)
While I may despise the country, the taxes, the way they're used, and will actively stand by for the dismantling of the US government, I'll be paying my taxes whenever I am supposed to. You can't have a revolution if you cannot get adequate funding and capital management as everything has to be off the books. No thanks. A few thousand coughed up will easily be recovered.
Bitcoin for Beginners (1 year ago)
I'm scared of the IRS... I'll be paying lol
Dale Keel (1 year ago)
Do a google search on turbotax cryptocurrency tax and get a lot of info
Bitcoin for Beginners (1 year ago)
Thanks for the tip!
Horkslair (1 year ago)
As I have had it explained to me, the taxable event (as the IRS calls it) is when you convert crypto to dollars (for Americans). Once you do that, the government will consider 100% of the total sale amount to be taxable unless you can prove that you paid some amount of money, at some specific point in time, for the crypto's sold. If you are able to provide a verifiable cost basis for the crypto sold, you can deduct that amount from the sale total to reduce your tax burden. Any mainstream American company or exchange that converts cash for crypto will be sending that information to the tax man, so you better do yourself a favor and have proper documentation of each conversion, and expect to hear from the tax man if you feel noncompliant. If you are lucky, you will get a 1099 form at the end of the year.
Bitcoin for Beginners (1 year ago)
Definitely agree!
1959Berre (1 year ago)
Never trust a dude who wears a hat indoors :)
GSHeverything _27 (1 year ago)
Lmaooo hahahaha lol
Leo S (1 year ago)
Good point. And a bad hat at that.
1959Berre (1 year ago)
Even Trump never uses that excuse! :p
Bitcoin for Beginners (1 year ago)
I was having a bad hair day :P
Michael Savilla (1 year ago)
Hi, thanks for the video. I've joined Coinbase and began a small portfolio there and sent some BTC to Bittrex to exchange for a couple different Altcoins that I wanted to jump in on. I'm now finally understanding the potential tax implications but I'm unsure if they apply to me. Currently, I'm a student and have no taxable income, so I usually haven't had to report any taxes since I fall under filing exemptions (an income less than $10,000). But now I'm a crypto-owner (less than a 1000 USD worth) so I don't know where I stand from a tax standpoint. I have an entire year left before I begin working, and I'll obviously report taxes then and invest more, but what about the 2017 tax season? I appreciate anyone's advice.
James Crenshaw (1 year ago)
As I mention elsewhere here, most tax pros do not believe that exchanges of crypto-for-crypto qualified for tax deferral as a like-kind exchange. Buying and holding crypto currencies, without exchanging, cashing out, buying goods and services with them, etc is not taxable. But any use of them is...these may be gains or losses.
Michael Savilla (1 year ago)
"...you should be fine." Yeah that's kind of the pickle I'm in lol. I made some amateur moves starting out (multiple buys/sells trying to navigate moving around coin between fiat currency and cryptocurrency). For instance, I started on Coinbase and then sold in order to transfer it all to GDAX to buy at a better price (so much better!). Other than that, I deposited Bitcoin on Bittrex to buy a few altcoins. I haven't ever truly cashed out cause it's all reinvested it all back into coin, but I don't wanna trade much more, it'll be too much accounting for me lol. I may contact a local accountant or IRS employee to just see what they recommend. Like the way I see, if you're staying completely invested in these coins ("property"), it could fluctuate between gain and loss on any given day. Maybe there's a bigger picture but it's so confusing to me.
Bitcoin for Beginners (1 year ago)
I think as long as you dont cash out you *should* be fine. Also have you been trading a lot? Maybe you have to do some accounting if you've been flipping your Bitcoins for altcoins.
Bill Tippett (1 year ago)
There are some very naieve comments here! The SEC is apparently now in the process of contacting major exchanges (Coinbase/GDAX rumored) for customer records and I'm sure the IRS will not be far behind. Try to evade taxes at your own risk, but .gov has huge resources available to track you down. They could care less about your libertarian views if they consider you a tax cheat, and I assure you their resources to pursue you are far more than yours to evade. This is one of the best summaries on taxes I've found and I only pray that the current "like kind" rule for crypto asset exchanges is not changed or our lives will very quickly become a LOT more complicated (i.e. like the 1099 records you must keep on every single stock transaction). Fortunately there are websites which automate much of the record keeping (e.g. CoinTracking and BitcoinTaxes), but it is your responsibility to make sure your records are complete for the day the IRS contacts you, and that day is surely coming because they can smell the money you may owe.
Bitcoin for Beginners (1 year ago)
Wow, that's news - thanks for the tips
Bill Tippett (1 year ago)
Bad news! I don't believe the IRS will accept trades on exchanges as "like-kind". See the 8/15 article from Forbes below. "Many cryptocurrency investors are inappropriately deferring capital gains taxes when they exchange one cryptocurrency for another." AND "Like-kind exchanges are not happening on cryptocurrency exchanges". I believe direct exchanges such as 0x's new OTC might qualify for "like-kind" but I'm not sure. Here's why you need to worry about this: "Recently, the IRS served a “John Doe” summons (the toughest kind) to the largest cryptocurrency exchange, Coinbase, to obtain its customer list for investors and traders with cryptocurrency transactions worth over $20,000. The IRS calculated that less than 900 taxpayers reported capital gain or losses on cryptocurrency transactions in 2015, an alarmingly small number. It’s feasible that many taxpayers inappropriately tried to use Section 1031 like-kind exchanges on cryptocurrency exchanges, and did not disclose it to the IRS on Form 8824, or otherwise." https://www.forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#2548ef8b26a8
Bitcoin for Beginners (1 year ago)
Thanks for your thoughts, I definitely agree I hope we can claim like kind bc I've been playing around with Shapeshift a lot.
Richkong16 (1 year ago)
what if you don'te report any bitcoin activity? how would they found out?
Bitcoin for Beginners (1 year ago)
They may audit you and make you prove where your sources of income came from. Also they may work with Point of Purchase places like your exchanges to get your transactions. Just a couple of possibilities. Also look up transaction graph analysis and how it relates to Bitcoin.
Matthew Grenier (1 year ago)
Do not pay taxes on crypto people, that is an oxymoron... it was created for telling all of our governments worldwide to go screw... I suggest we give them no taxes, collectively, ever. That just opens it up to further control of the markets.
King of Thrift (1 year ago)
Buy gold coins with your bitcoin. Then sell them locally to pawn shops or private buyers for cash. To Hell with the IRS.
Harley Me (10 months ago)
hell ya
Daniel Bull Runner Lamb (10 months ago)
Go to different vendors or send a trusted relative.
Sean Alexander Jr. (1 year ago)
Are you still getting away with doing this?
TheDudeofDudes (1 year ago)
'Federal Pound Me in the Ass Prison'
Horkslair (1 year ago)
Sell enough gold coins with any gold vendor will get you a nice snazzy 1099 tax form at the end of the year for your records. https://goldsilver.com/blog/irs-1099-gold-reporting-private-gold-private-silver-bullion/
Hasher Peekpower (1 year ago)
If the tax man really knows exactly what you are doing and what you own, why do they not just tax us each year automatically????? So we don't have to get a degree in mathematics or become an accountant overnight. I am thick as shit. So how could i possibly know this or do it. i cant even add 1 and 1 together. really i can't, is it 11? i used to be ok, but stress has made me really bad at everything, every year i get worse, i worry that my brain will fall out... Please help me and i am poor too, no money as i don't work.
Bitcoin for Beginners (1 year ago)
Yea I agree, it could be WAY more simplified than it is currently.
Jörg Wessels (1 year ago)
Having crypto stolen is taxable? Mind explaining how that works?
Jörg Wessels (1 year ago)
Bitcoin for Beginners thanks for your reply. I was a little bit shocked at first because I took the term 'taxable' as a way to say 'you have to pay taxes on that' . Thanks for clarifying.
Bitcoin for Beginners (1 year ago)
+Jörg Wessels I think you can write it off in a special way kind of like a loss. Not 100% sure though I'll have to do more research into American tax laws to answer that question. Confusing I know.
Urban Rider (1 year ago)
Please check out our crypto heatmap man, its a great tool you could use it im sure: https://eveningstar.io/asset-heatmap/
bluenetmarketing (1 year ago)
This will KILL interest in buying, owning, and using cryptos for purchasing products. Every single crypto is going to have to include in its ledger, a contemporaneous US$ value for each transaction so taxes can be calculated for each transaction event. Then the entire crypto ledger must be made available to the crypto owner on demand (including from old empty wallets) so we can "do business" and "stay out of tax trouble". Anything less than this, and cryptos will recede into nothingness due to the impossible risk posed by the tax issues.
Bitcoin for Beginners (1 year ago)
yea it is a big hassle right now, thats why a lot of big bagholders just move to Japan or other countries that dont have regulations on crypto
justice4germans (1 year ago)
if you pay tax you're funding terrorism and could be thrown in prison
Marco 1547 (1 year ago)
That's right your funding terrorism when you pay tax . Just give them the finger 🖕🖕
Bitcoin for Beginners (1 year ago)
Young Ghost (1 year ago)
This is the exact reason you invest in bitcoin first place cuz the centralized banks want to control everything and make you pay more money for every minute detail
Bitcoin for Beginners (1 year ago)
+Young Ghost agreed!
GiveMePlur TV (1 year ago)
How do we get the IRS to consider Bitcoin and other Cryptos as a currency and NOT property. What petition do I have to sign?? lol
Bitcoin for Beginners (1 year ago)
+GiveMePlur's Adventures lol I would like to know too. If you find one please share so I can sign as well!
Mark jackson (1 year ago)
only time i will report/pay tax is when i turn back into federal reserve notes. tax laws only apply for usd. keep waiting for laws that will tell you the rules for other crypto the laws will never come.
eljuancho2 (1 year ago)
you can now,many restaurants and even coffee.
bluenetmarketing (1 year ago)
mj - Technically, the IRS considers any event where something of value changes hands to be a taxable event. This includes property (bartering or cryptos) changing hands or money (fiat currencies) changing hands. We have allowed our fascist/communist governments to turn us all into slaves because we are lazy, ignorant, greedy fools.
Mark jackson (1 year ago)
lol you are clearly a retard
VgA (1 year ago)
I am interested to know how BTC bought in an exchange in another country taxed in US if we used the coins to buy alt coins?
Bitcoin for Beginners (1 year ago)
+VgA based on my research, the IRS doesn't care where you got your coins. But like for a lot of your taxes, it's an honor system. (you self report and they don't check unless they audit you) the only problem is that if they somehow find out, you might be in big trouble if you tried to hide it or didn't do it correctly.
Cryptic Bore (1 year ago)
how is this enforceable? isn't part of this ment to be decentralised no bank no government shit?
Jeremy Whiteley (1 year ago)
It isn't enforceable especially since it isn't tracable to any single tax payer.
Chad Lauj (1 year ago)
Watch the vid at 0:37. Bitcoin was meant to be decentralize with no government involvement and it is true. https://youtu.be/d-vTleht5Hw
pstrzel (1 year ago)
No taxes for crypto... because the roads for your Lambo will just build themselves when crypto is in wider use. LOL
Crypto God (1 year ago)
Cryptic Bore people don't pay tax for bitcoin! IRS is making up rules because now they realize how much money they can get
Walla (1 year ago)
what about IOTA? i think is a great project with lot of possiblities, i decided to invest, let me know your opinion
Walla (1 year ago)
cool! i am subsribed already waiting for it :)
Bitcoin for Beginners (1 year ago)
I have some Iota too! I think I want to do an Iota video eventually followed by maybe an Iota giveaway through my channel. If you want to catch those, please subscribe to my channel :-)
Matt McGivern (1 year ago)
For coins as salary, do we pay capital gains on the amount appreciated past the cost basis? I'm assuming so. So income tax on the cost basis and ST or LT capital gains on the remaining amount (assuming a gain).
Bip Tasiem (1 year ago)
Is employment tax voluntary in the US?
Matt McGivern (1 year ago)
Makes sense to me. I can't imagine the IRS would be okay with us not paying taxes on those gains. Appreciate the help! Great find!
Bitcoin for Beginners (1 year ago)
Great question Matt, I had to look into this more to make sure. I think the answer to your question is yes - and that would be intuitive to me as well. But also check out this article (search for the word tax and scroll down a bit) http://www.coindesk.com/companies-paying-employees-bitcoin/. They mention that employees would be on the hook for the gains on their salaried bitcoins as well.

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