Posted on 12/29/2017 6:41:29 AM PST by Kaslin
For those who know, please answer.
So the folks that bought bitcoin at like 40 dollars and let’s say, sold it at 20,000 dollars.
Were they able to convert that into US dollars?
If they were, they are millionaires if they bought enough.
Incredible
I stared at it at 300, but I just didn’t know enough.
Looking back, 1000 bucks wouldn’t have broken me.
“So the folks that bought bitcoin at like 40 dollars and let’s say, sold it at 20,000 dollars.”
“Were they able to convert that into US dollars?
Always.
Good Lord.
Ah, it’s always easy to look back and say “I should have bought this thing at that price”
but I dont know when I would have gotten out or really what the heck it is about.
At 49, i’ve learned to stop kicking myself.
The world kicks me enough :)
Investors in Bitcoin and other cryptocurrencies should be celebrating their gains now because in just a matter of days the 1031 tax loophole that’s been a financial benefit for many will be gone under the new tax law. The Tax Reform bill which passed both houses of Congress and was signed into law by President Trump last week . The removal of the loophole coupled with the IRS’ increased desire to find and prosecute those with unreported digital assets means not everyone in the cryptocurrency world will be celebrating a happy New Year when the clock strikes midnight on December 31st, and every single cryptocurrency exchange becomes instantaneously taxable.
THE DOLLAR TAX
The irs is just clarifying things it has already ruled on. They declared bitcoin an investment, several years ago.
Let’s see how the left/media spin this to “show” that the tax law favors the rich. They’ll give it their best shot.
I brought this up a few weeks ago after Coinbase capitulated to the IRS, as a warning to those that thing their precious crypto currency was anonymous, and that the IRS was coming for you in the very near future,.
EVER poster in response poo pooed my assertions about the IRS coming after them for Taxes, Where are all those people now??
The IRS can crow now about creating taxable events when one type of coin is swapped for another type of coin.
That might be so, when centralized exchanges are involved.
However, when decentralized “cross chain atomic swaps” go live, the IRS can shove it.
What a hoot taxing something that is worthless oh wait id Obama in the hood?.
“At 49, i’ve learned to stop kicking myself.
The world kicks me enough :)”
TRUE THAT!
I used to box when I was younger, and Rocky was right when he said in “Rocky Balboa”...”nothing is gonna hit as hard as life”
I LOVE the quote at the top of your page :)
Yet one more thing to keep in a Roth IRA...
...or offshore LLC until you choose to distribute the $.
Or in Puerto Rico where gains are taxed at 4%...
Governments reserve the right to themselves to come take all your assets at the point of a gun.
Therefore, bitcoin cannot be allowed to stand as an inviolable reserve of value.
Just watch.
While there is no ruling with regard to crypocurrencies, like kind exchanges between different cryptos were almost certain to be considered taxable events. The closest comparison is precious metals where exchanges between gold and silver are taxable.
Simple: Pay them with bitcoins
Ponzi sure did!
Just like lottery tickets I presume?
...and the rest of it ain’t TOO bad... ;^)
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