Painful seeing the tax due being so high, but feels good to have the weight lifted having done the right thing. Thanks bitcoin.tax Eff you IRS
If you sell and then reinvest, it is still 'cashing out'. This isn't your retirement account ya goons.
Yeah but the thing is IRS is applying the stock code here. The ridiculous thing is that you HAVE TO cash to either btc or eth first as that's what all alts trade against. So if you're trading you can never really have long term gains on btc / eth. Also stocks to stocks is not possible and you have to use USD. It would be perfectly reasonable for them to tax crypto crypto if they taxed the gain in the underlying currency when the tax was due. I.e. if I gained 10btc on a trade they should be entitled to 30% in btc / btc value and not fiat value. But obviously the IRS is more than happy to put all risk and liabilities on the investor.
What? The tax is due at the time of sale --bitcoin or otherwise. And I don't get the part about the IRS putting all the risk on the investor. The IRS is an impartial party here. They collect taxes in USD when due. Why would they ever agree to take payment in BTC? Try asking the IRS if they'll hold onto pork futures...or if they'll take shares in my shitty start up idea in lieu of cash. No dice. The persecution complex of bitcoin gamblers is real.
Why aren’t you using the like for like exchange to be non taxable for 2017? The republican Tax bill clearly states it’s taxable for 2018 and beyond, so I’m considering my alt trades to be no taxable for 2017
I had to show 3-4k though I didn't t cash out a single dollar.... Used bear.tax for calculating... Much better interface than shitty tools
Most exchanges have eth and ltc pairs... pick one you won’t hold long and use it vs btc if you have a long term hold in progress on btc. Or the one with the least gains from origin of any trade you made. As new pairs arise you can rinse and repeat.
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Yup. Had to pay 10k even though I didn't cash out a single dollar. Also most of my gains happened in the final month and still had to be 200 odd dollars in underpayment penalties 😞
Why do you have to pay 10k if you didn't sell?
Why did pay if you didn't cash out? What happens if everything goes to 0. Will you get refunds. That's ridiculous