HN user

couchdive

66 karma

I fall on my face, I am the leader of the pack, I fall on my face

[ my public key: https://keybase.io/couchdive; my proof: https://keybase.io/couchdive/sigs/_NXIPD6qP-k7S4B_y7KViPpJCrG9JqCaDCjSr-kzG4g ]

Posts1
Comments49
View on HN

all good points.

But, we are forgetting the unbanked, underbanked, the day laborers and migrant farm workers paid cash, the LexisNexis tracking leading to unbanked.

Check cashing places are slimming, buts that's more due to entry level jobs offering prepaid debit cards as payment of salary. Yum Brands I believe does this. But of course, prepaid debit cards cant be used everywhere. (Hotels, deposits, some gas pumps, etc)

honestly, this is all to plunder the solar system further. Mining asteroids, etc. Of course the R&D is tax payer publicly funded and the future profits privatized. This is the way it has always been.

IRS Notification 8 years ago

Correct but slightly off.

Although the IRS considers it property, it also allows capital gains and losses on such due to its widely fluctuating price. This means filing cost basis and net gross and loss when the crypto was spent, sold, created (mined), given to another person, etcetera.

here is document Notice 2014-21. In which conditions for crypto IRS conditions are explained in an easy to understand fashion. It's widely interesting to me. https://www.irs.gov/pub/irs-drop/n-14-21.pdf

I filed for gains for three years, losses for one year. But im out of it, everything is to hot for me.

more info on filing losses. It is the same as declaring losses on stocks pretty much. Cost basis when received, bought, created, or given to you on commerce and then consolidation when that crypto is sold, traded in commerce, etc.

http://fortune.com/2018/01/29/bitcoin-taxes-cryptocurrency-i...

https://medium.com/the-litecoin-school-of-crypto/how-to-tax-...

IRS Notification 8 years ago

I think you are right, by law any other security or commodity or group would normally disclose any known profits or interest made.

It's a capital asset and you must disclose any realized gains or losses on a cost basis. And long term and short term gains rates apply.

The only difference here is that unlike a stock, I can go sell bitcoin on the street and it would be hard to trace.

IRS will have to go after exchanges or somehow get savvy enough for people to post proof of ownership on addresses to show they didn't liquefy their holdings or deal with those who said it got stolen...etcetera

I mean, I understand people don't like paying taxes, but laws in 2014 made it pretty clear you need to claim for crypto in the US. Some will argue that the feds don't make your local coin shop file if you pick up silver all the time in small batches, but if you went and sold 50k in silver to the shop, you better be ready to claim it on your taxes. (unless it sank on your boat of course)

sheets use to be at cost with free shipping, but the dang card churners killed everything related to this site.

They would buy monsterboxes of coins of various monies on credit cards and turn them back into the bank and pay the bill for perks.

They eventually changed the Merchant category codes to cash advance, and then raised the prices. :-(

and probably requiring Accredited Investors only at some point, which probably 90 percent of crypto folks aren't, myself included.

Accredited investors must make 200 to 300k annual (dual income allowed) and/or have 5 mill in tied up assets and/or a net worth of over 1 mill.