Posted on 03/24/2021 8:47:57 AM PDT by aMorePerfectUnion
Yesterday, Bitcoin gained 0.48% against the US dollar, hitting the $54,331.0 level at the end of the session and breaking a two-day losing streak. Other cryptocurrencies did not follow suit, such as Ethereum which continued losing ground, falling by 0.85% and closing the session at the $1,668.77 level. Dogecoin followed, which fell by 2.72% against the US dollar and closed at the $0.053423 level.
Recently, Elon Musk said that Tesla will accept Bitcoin as payment, making official an announcement he made some time ago that pushed up enthusiasm for crypto in the markets.
"You can now buy a Tesla with Bitcoin," he tweeted, adding that Tesla is intending to manage Bitcoin payments using their own software and operate Bitcoin nodes directly.
Increasing institutional adoption, as well as fears for inflation, have been favoring Bitcoin's performance, even though there are still important investors and politicians that have expressed their doubts about them.
(Excerpt) Read more at dailyforex.com ...
Seems 80% of the crap sold in the US is also manufactured in China...
—
We gotta suck it up and realize we are now a full blown Province of mainland China, compete with CCP installed political ‘leaders’ ... else someone somewhere sometime will have to change that by whatever means.
If that’s the case, they need to start suppressing muslims here like they do at home....
Wonder if the IRS will take bitcoins it real money right.
/s
Done!
Yes. The IRS would treat it as taxable. Converting Bitcoin to the value of a Tesla in USD, then calculating the capital gain. So, if you have that much Bitcoin you’ve probably had it for a while, so assume your “cost” just went up 15%. Plus state tax.
Why you would trade in an asset that has an annual compound growth of 80% since 2013 to own a depreciating asset like a car is beyond me.
Nope. Not like stocks at all. It is treated as a piece of property. The differences are minor, but it’s not like a stock.
Tesla says they won’t convert it to fiat. So, they calculate the value of the sale on the current price, and you send them that. There is a network fee that has to be paid. That fee is dependent on network traffic levels—NOT the size of the transfer.
but if you don’t sell, is it taxable gain? (and I guess I need to circle back with my accountant....that is what she said...)
similarly...this article says it is treated as a capital asset, and says parenthetically like stocks or bonds:
https://www.forbes.com/advisor/investing/what-are-cryptocurrency-taxes/
as I read that article, I can’t see how it is different from a stock.
and just to clarify....I was referring to the appreciation aspect, not to the spend aspect...clearly, if you convert the BCT to dollars to buy a Tesla, that is no different from selling Tesla stock, to buy a Tesla.
The tax man gets his due.
But if if you just hold crypto, and it increases in price, no matter how much......that’s treated just the same as if you hold Tesla stock and it increases in price.
(After all, both crypto and Tesla stock goes down, also.......).
Yes. I must have misunderstood. The difference is the IRS doesn’t flat out ask you, under penalties of perjury, if you own or traded any stock.
Yes, you have to dispose of it to generate a taxable event. A trade for a car is taxable.
Yep.
Infiniti of Tampa for at least 2 years...
Q50, 3.0 t full package rocks.
5.56mm
Oh forgot, they take gold Eagles too.
5.56mm
“Yes. The IRS requires any - emphasis on ANY - bitcoin transaction be reported to the IRS.”
Wrong. If you buy BTC and hold, there are no reporting requirements. The IRS is only interested in capital gains or losses.
Andy yes, the IRS demands any cryptocurrency transactions be reported to them, no matter how small.
And, no, the IRS is NOT 'only interested in capital gains or losses.' You will only owe taxes on the gains. But, you have to report all transactions.
Correct. There’s seems to be a lot of confusing with respect to the current IRS reporting requirements on crypto. Those requirements are - ahem - robust.
“But, you have to report all transactions.”
Look, dude. There are no reporting requirements for purchasing bitcoin, dude. So quit pushing the BS, dude. Dude, you don’t know what you’re babbling about, dude. Purchasing bitcoin is a transaction, dude. You need not report it, dude.
If you're used to a stock or other trading platform, Coinbase Pro trades start at 0.5% fee.
Lolz. You still didn’t read the guy’s original question.
interesting! They DO ask that about crypto. Perhaps shows their fear?! I’d like to think so......
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