The following post by Djbarchit is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7lgbh8 The original post's content was as follows:
Entertaining this thought.. New coin release was unexpectedly released and this may be the reason.. This coin was expected to be released in the new year. Tax Law goes into effect at the beginning of the year. Major investors within coinbase pushed for the release to unload prior to the new year. Wouldn't surprised me if major market movers, called coinbase (brian) to open trading of said coin and to do it now. For every day they wait is another day they wouldn't be able to unload prior yo new year. In other words, this may be the start of, at minimum a 10 day bear market as investors sale before the new year.. ImO, this is not isolated to this coin unloading.. I think this will be a huge offload of coins across all currency. Not trying to spread FUD but the timing of the release, the downtrend, and tweets of major players like Charlie (expect multi year bear market and unloading coins).. has me believing this is an unload before nee tax law goes into effect.
[uncensored-r/Bitcoin] Tax Law Change + Coinbase + Early release BCH
The following post by Djbarchit is being replicated because the post has been silently greylisted. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7lg581 The original post's content was as follows:
People are wary of tax law when it comes to bitcoin. Some fear that some forms of over taxation could even stifle bitcoins growth. Here is another slightly different positive take on that whole situation. If they tax purchases using bitcoin the same way they tax a capital gain event each btc user will be declaring 10 or more taxable events every single day, 3,500 taxable events per year! And thats just one person. This is obviously not possible long term. BUT If they only tax sales of bitcoin for cash, that will accelarate adoption as people will put more pressure on merchants to accept bitcoin long term. For example if i want to buy a house, but i dont want to sell for fiat first as that is a taxable event, I will ask the seller to accept bitcoin, as I will pay a premium for the property. The buyer gets more and I save money on the taxes I would have otherwise paid. Note that the seller would recieve the bitcoin at the market price and cash out without capital gains tax on the btc. This will dramatically increase adoption as sellers will be able to sell to bitcoiners for a premium. This is a catch 22 for tax authorities. If they tax all transactions in btc they will be underwater with paperwork and it will make their job a nightmare. If they tax sales for fiat, then they will force people to start only selling btc for goods and services which will actually increase bitcoin adoption. This is why tax laws can only be beneficial for btc long term IMO. Either way they loose out on tax revenue. So what can they do? Well the only realistic option would be to make sales for goods and services in btc carry an extra amount of VAT/GST and hope the merchants declare these sales and pay the taxes on btc sales. This however would be offset by the merchants discounting their products to make up for the extra tax payable by the buyer. Why would this happen? Because good money drives out bad so merchants will prefer btc sales over fiat sales due to the increasing price of btc. It would also be an easy way for the merchants to effectively buy btc. This however assumes a time where btc is more sought after than fiat. Thats why I say taxes are not a problem "long term". TLDR; Its complex but bitcoin tax laws are nothing to worry about long term IMO
I want to send money to my UK bank account from an Australian bank account. I did the maths and it seems, with the fiat exchanges taking thier fees and using lower-than-spot exchange rates, I'd be a lot better off transferring it via Bitcoin (even given transaction/purchasing costs) than using a fiat currency exchange. I have on/off ramps set up in both countries. Are there any UK laws that prohibit receiving money into the country like this? I plan to convert the btc directly into GBP as soon as it arrives.
Legal tender and tax laws unfairly restrict Bitcoin’s use as a medium of exchange. Bitcoin can’t be seriously compared to USD until it receives equal treatment under the law. Any advocate for Liberty should understand this.
IRS Notice 2014-21 will act as our primary guide for decoding tax law, Bitcoin, and all questions in-between. Let’s dive into part three of our Bitcoin series addressing IRS-imposed taxes and Bitcoin. Detangling the IRS and Bitcoin. According to IRS Notice 2014-21, the IRS acknowledges the existence of “virtual currency” used for purchasing goods, services, or investments. The notice ... For the tax treatment of Bitcoins this means that they must be treated as ordinary intangible assets – at least for purposes of income tax law. The specific tax questions of Bitcoin transactions continue to be dependent on whether the transactions are made in the private domain or in the business sphere. Since 2013, Tyson has focused on building Cross Law Group into the premier cryptocurrency tax service by focusing on three key elements – knowledgeable tax professionals, simple and streamlined processes, and fair and respectful treatment of clients. Prior to starting Cross Law Group, Tyson earned a Masters of Laws in Taxation (LL.M.) from New York University School of Law, the nation’s ... Tax law is a frequent subject in my articles. I have been an Enrolled Agent since 1979. Email me at williambaldwinfinance -- at -- gmail -- dot -- com. I have been an Enrolled Agent since 1979. Therefore, the Bitcoin buyer is liable to capital gains tax on their gain. For example, let's say you bought two Bitcoin three years ago at a price of £230. As the current price of a Bitcoin is approximately £8,000, you would make a capital gain of roughly £15,500. Capital gains tax comes into affect after gains pass the 11,300 threshold, therefore this situation would leave 4,200 to be ...
Dennis Wohlfarth of Accointing & Clinton Donnelly of Donnelly Tax Law join me to talk about Bitcoin tax treatment, and strategies to employ to minimise tax. We chat about: Current tax treatment ... Bitcoin Tax Myths: There are a lot of questions and misinformation circulating in our community about crypto & taxes. This is my attempt to clarify some impo... #Bitcoin #Cardano #CryptoCrow https://CrowTrader.com - Algorithmic Crypto Trading Bot https://CrowMining.com - Co-Located Bitcoin Mining Farm NOTICE: All Pai... Creating tax laws with regards to digital assets will be an ongoing matter till the market matures. Links below for more detailed information on tax laws concerning Bitcoin and Cryptocurrencies in ...