"Government do take a bite, don't she?"
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.
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?.
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.
Simple: Pay them with bitcoins
The Legal Mafia, aka Gov’t, “don’t like no competition”.
I agree with Doug Casey, who predicts the Fed will outlaw all cryptos and issue their own crypto, probably to be called “FedCoin” or some such name.
This might cause a problem for the Tether cryptos. Basically they are cryptos benchmarked to the dollar or other fiat currencies so people do not have to bring in fiat funds to the site and instead get out of the crypto positions by buying Tethers.
I am thinking the IRS is less interested in the taxable event and more into making a decentralized self sufficient non fiat denominated crypto world illegal.
"Government do take a bite, don't she?"