Bitcoin Price Thread

If you have gains in bitcoin, report and pay taxes when you sell (or spend same as selling). It's only 15% based on your profits (minus cost-basis) if it's held over a year.

Don't mess with the IRS.
 
johnarb said:
If you have gains in bitcoin, report and pay taxes when you sell (or spend same as selling). It's only 15% based on your profits (minus cost-basis) if it's held over a year.

Don't mess with the IRS.
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Did a lot of trading.... It's gonna be a book keeping nightmare. 1st world problems...
 
S2007S said:
But wait wait wait wait wait....I thought cryptocurrency was unregulated... decentralized...no organization....no middle man...no banks...

Hahahahahahaha........yep..... unregulated.. decentralized...no nothing ....hahaha....look at all the lost control....what was once hidden and secretive is now open and out.... too bad...didn't take long now did it????
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jeep-wheelie-haters-gonna-hate.gif
 
S2007S said:
Credit cards to buy virtual magic coins....I think that was one way of trading Bitcoin...why any fool.would use a credit card to buy anything other than some merchandise from JCPenney's is beyond me....

Nothing like paying off credit card debt at an APR of 15.99999999999999999%%%

Fools
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For the people doing that, their APR is probably around 21%.
 
Here4money said:
Did a lot of trading.... It's gonna be a book keeping nightmare. 1st world problems...
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[Not a tax advice, please seek a professional]. Keep it simple. You have record you bought bitcoin from Coinbase at $xxx and you sold (or spent) bitcoin at $xxxx/btc. Each purchase using btc is recorded with the amount (and in some cases the conversion rate is printed on the invoice).

Credit to a YouTuber who got it from another source, but still seek proper professional advice.
 
ET180 said:
For the people doing that, their APR is probably around 21%.
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I would say probably even higher...I know people with perfect credit scores with credit card apr at 12.99%%% credit card companies could give two fu$ks about your perfect credit score ...you cant find anything lower than probably 8.99%
 
johnarb said:
[Not a tax advice, please seek a professional]. Keep it simple. You have record you bought bitcoin from Coinbase at $xxx and you sold (or spent) bitcoin at $xxxx/btc. Each purchase using btc is recorded with the amount (and in some cases the conversion rate is printed on the invoice).

Credit to a YouTuber who got it from another source, but still seek proper professional advice.
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Yeah, figured it'd be like that, gonna push my luck with a bunch of like-kind exchanges, crypto being an asset and all.

Anyone with experience reporting crypto trades?
 
Here4money said:
Yeah, figured it'd be like that, gonna push my luck with a bunch of like-kind exchanges, crypto being an asset and all.

Anyone with experience reporting crypto trades?
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Dude you can’t like kind exchange it, that’s only for business assets.
 
S2007S said:
I would say probably even higher...I know people with perfect credit scores with credit card apr at 12.99%%% credit card companies could give two fu$ks about your perfect credit score ...you cant find anything lower than probably 8.99%
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So using the historical data many times it has been an excellent time to buy BTC on credit cards given its much higher returns compared to the financing cost ;)
You seem a bit sour when you had chance to buy at 300 but didn' bother.
 
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