Bitcoin and Crypto Taxes

Tax information for Bitcoin and other crypto-currencies

Tax information for Bitcoin and other crypto-currencies.
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Bitcoin - The Currency of the Internet

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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Bitcoin - The Internet of Money

/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
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Cashapp Bitcoin Taxes

Do you pay taxes based on how much bitcoin you bought or how much you profited when selling it
submitted by nladen63 to CashApp [link] [comments]

Bitcoin Taxes UK

I've recently bought 0.1 BTC on binance and sent it to another wallet for an investment. Say it turns out well and I get back 0.3 BTC after some months on my binance wallet(as an example amount, I know this is not possible lol) Would I have to pay taxes on that 0.2btc profit if I don't exchange it back to £? If so, what exchange rate should I use? Any specific tips for the UK? Sorry if any of this sounds stupid, I'm really new to crypto investments/taxation.
submitted by cpitaa to Bitcoin [link] [comments]

Bitcoin taxes

Sorry if this has been answered just lazy to do the research. Anyways, is crypto to crypto a taxable event? Or do you pay taxes once you have cashed out?
submitted by AndrewActor to BitcoinCA [link] [comments]

Bitcoin Taxes UK (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

How to Do Your Cash App Bitcoin Taxes

How to Do Your Cash App Bitcoin Taxes submitted by stratguy56 to CashApp [link] [comments]

07-06 00:14 - 'The definitive guide to bitcoin taxes for US traders' (cryptotrader.tax) by /u/dudeson55 removed from /r/Bitcoin within 58-68min

The definitive guide to bitcoin taxes for US traders
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Author: dudeson55
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The definitive guide to bitcoin taxes for US traders

The definitive guide to bitcoin taxes for US traders submitted by dudeson55 to btc [link] [comments]

One Reason People Aren’t Paying With Bitcoin: Taxes

One Reason People Aren’t Paying With Bitcoin: Taxes submitted by kyletorpey to Bitcoin [link] [comments]

Bitcoin taxes

If I buy gold bars on a website with bitcoin, do I have to pay taxes on BTC gains? Is it a crime to do so?
submitted by Veryuniquenames to Bitcoin [link] [comments]

06-17 05:04 - 'CryptoTrader.Tax | Bitcoin Taxes Done In Minutes' (cryptotrader.tax) by /u/stratguy56 removed from /r/Bitcoin within 33-43min

CryptoTrader.Tax | Bitcoin Taxes Done In Minutes
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Author: stratguy56
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How are Bitcoins taxed in Canada?

If an international student cashes out 10k cad worth bitcoins , would he have to pay taxes?
Those bitcoins were bought back in my home country. Im thinking about cashing out some to support my studies in Canada
Would i haev to pay taxes? IF so how much? The transaction will be done thru a Canadian bank account btw.
submitted by notafancyname123321 to PersonalFinanceCanada [link] [comments]

One Reason People Aren’t Paying With Bitcoin: Taxes

One Reason People Aren’t Paying With Bitcoin: Taxes submitted by kyletorpey to CryptoCurrency [link] [comments]

Bitcoin tax questions (US) LedgerX options

Seasoned HODLer here with a question.
I’m expecting a big bonus in mid 2021 and I looked into call options for mid 2021 or end 2021 because I’m bullish. I signed up for an account on LedgerX but I’m unfamiliar with how bitcoin options are treated by the IRS.
Let’s say I exercise an option at expiry and I decide to transfer the ownership of the bitcoin to an address, is that a taxable event?
Scenario: I pay a $1500 premium for the option to buy 100 mini contracts at .01 btc each at a strikeprice of $50,000 with an expiry of December 31, 2021. Now let’s suppose S2F is right and bitcoin reaches $100,000 at expiry. I would then have a gain of $100,000 - $50,000 - $1,500 = $48,500. LedgerX would then give me the option to transfer ownership of the bitcoin once I fund my account. If just send that bitcoin to an address after funding the account for $50,000 is that event taxable? I get it’s taxable if I sell it. BUT is it taxable if I hodl?
submitted by urirahimi to Bitcoin [link] [comments]

Bitcoin Tax Question

Hi everyone, I have a quick question that I am hoping someone can answer.
In March of 2020 I invested in bitcoin through Robinhood. For obvious reasons, I want to sell that investment so that I can purchase actual bitcoin through another method.
Would I still have to pay the short term capital gains tax on this transaction if I reinvest every dollar back into bitcoin?
submitted by jrcrim97 to Bitcoin [link] [comments]

CryptoTrader.Tax | Bitcoin Taxes Done In Minutes

CryptoTrader.Tax | Bitcoin Taxes Done In Minutes submitted by stratguy56 to btc [link] [comments]

[Crypto, taxes, and the coronavirus] THE BITCOIN TAXES PODCAST | Episode #20 - Crypto Taxes and The Coronavirus | https://talk.bitcoin.tax/crypto-taxes-and-coronavirus-matt-metras/

Hey All!
My name is Isa and I’m the newest member of the BitcoinTaxes team. I’ve been working with Sal (u/Sal-BitcoinTax) in the production and distribution of new episodes of the Bitcoin Taxes Podcast. We typically share our episodes on a few different cryptocurrency subreddits. If this is against any rules here, please let me know and I will take down my post.
Our newest episode of the podcast is out today. This week’s guest is Matt Metras ( BitcoinTaxesMe ) who was on the podcast back in January - a lot has changed in the world since then. Matt is an EA who is super knowledgeable about crypto and crypto taxation.
In this episode, we discuss the IRS tax deadline extension that was issued as a result of COVID-19. We talk about how the pandemic has affected the crypto space, and our roles in it. Matt also shares his experience with the 2020 closed-door crypto IRS Summit, and relays which topics were focused on and which were neglected.
Enjoy the episode, and feel free to let us know if you have any questions.
Episode Page
Audio Only
Episode Highlights

Tax Deadline Extension (03:50):

The IRS deadline for any returns or payments due April 15th has been extended to July 15th.
*Since recording this episode, the IRS has provided even more tax extensions to cover individuals, trusts, estates corporations and others.
Read More: IRS Notice 2020-23

The IRS Crypto Summit (25:35):

Matt attended this summit on March 3rd in Washington DC. It was an invite-only event and although it was not focused on the personal side of taxation, it was discussed. The main focus was the business side of taxation. Of note, an organized central repository of tax transaction information to develop a standardized form for cryptocurrency reporting was discussed. Matt shares his views on the use-case and practicality of something of this magnitude.
In addition, Matt shares with us which topics were glossed over or not even brought up during the summit.

The Impact of The Coronavirus on Crypto Tax Rules (35:11):

Prior to the coronavirus, it seemed as though we were finally making progress on receiving crypto tax guidance. Matt shares his thoughts on how the coronavirus could play both a positive and negative role in affecting that progress.

Avoiding Scams (41:20):

The coronavirus has shown the goodness of humanity, but it has also given bad actors more opportunities to scam victims. Matt shares some cryptocurrency scams he has encountered in his line of work.

The BCH Halving (51:25):

The BCH Halving occurred this month – Matt gives us a quick rundown about what a halving is, why it occurs, and what it means for crypto traders and enthusiasts.
submitted by IsaN-BitcoinTax to PodcastSharing [link] [comments]

Coinbase CSV file is not uploading to bitcoin.taxes...

Hi I just downloaded my trading info for 2019 from Coinbase and was going to add it to bitcoin.taxes. (btw, coinbase added back the timestamps). But when I tried to upload it said error: first row must contain transactions. So I delete the extra rows Coinbase added, and tried again. Nothing happened. No upload. No error message. Any advice? Anyone else have this happen?
submitted by MrBanana212 to bitcointaxes [link] [comments]

1040 Bitcoin Tax Question - IRS clarifies who has to answer

1040 Bitcoin Tax Question - IRS clarifies who has to answer submitted by stratguy56 to Bitcoin [link] [comments]

Question About Bitcoin Tax

If I were to purchase bitcoin and send it to someone else's wallet is that something I need to pay tax on?
submitted by bierbalk to tax [link] [comments]

Best Cryptocurrency Tax Software For 2020 Complete Guide to Bitcoin Taxes

submitted by creativemkg101 to MARKETINGonBLOCKCHAIN [link] [comments]

Best Cryptocurrency Tax Software For 2020 Complete Guide to Bitcoin Taxes

Best Cryptocurrency Tax Software For 2020 Complete Guide to Bitcoin Taxes submitted by Arttoast to markethive [link] [comments]

Detailed guide to bitcoin taxes in 2020

Detailed guide to bitcoin taxes in 2020 submitted by dudeson55 to Bitcoin [link] [comments]

Bitcoin and Taxes Bitcoin And Taxes - YouTube Crypto & Bitcoin Taxes Explained - Everything You Need To ... CRYPTO TAXES 2020 - Cryptocurrency Taxes for Bitcoin and ... BITCOIN TAXES? IRS?

BitCoin, Ether, Dash, Ripple und rund 2.500 weitere Coins sind Deine Kryptowährung? Gekauft, getauscht - verliehen und nun stehst Du vor Deiner Steuererkärung und weißt nicht weiter? Oder bist Du selbst Steuerberater und Dein Mandant hat Kryptowährungen erworben und Du bist unsicher, was nun genau zu tun ist? Dann schau Dich hier um - natürlich beraten wir sowohl Kollegen, Anleger und ... For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money (more than $479,000 (for married couples) or $425,800 (for individuals)), in which case you pay 20%. Taxes on Bitcoin Mining income. In cryptocurrencies such as Bitcoin, mining describes the process used to process, secure and synchronize transactions. Miners provide the system with computing power for this purpose. Since this computing power is very costly due to the high power consumption, the miners are paid by the so-called mining reward (currently 12.5 units + transaction fees ). If and ... We get it — paying bitcoin taxes and other crypto taxes can be confusing. While we can’t give tax advice, we want to make crypto easier to buy, sell, and use. This guide is our way of helping you better understand your 2019 crypto tax obligations. There’s a lot of conflicting content out there, but make no mistake: you are required to report gains and losses on each cryptocurrency ... The IRS published guidelines on Bitcoin taxes back in 2014. The key takeaways are that Bitcoin earnings are not tax-free and that they’re viewed in the same class as an investment property, not an actual currency. This means you report your Bitcoin earnings the same way as you would with stocks, bonds, and other investments. So you need to declare every operation to the IRS–when you buy ...

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Bitcoin and Taxes

Welcome to our video aboutt crypto taxes 2020. We'll discuss your crypto tax, your bitcoin taxes, and everything you need to know about cryptocurrency taxes ... Bitcoin taxes! What should we expect when it comes to paying Taxes on Crypto Currency. Going over the IRS Crypto Currency FAQ in this video. The IRS has made it very clear that Crypto Currencies ... For more information, Checkout our Complete 2020 Guide To Cryptocurrency Taxes: https://www.cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes T... In this video I talk about taxes and what that means to you if you have Bitcoins. There are three ways that the IRS tracks taxes on Bitcoins. Like anything c... April 14 (Bloomberg) -- University of Florida Assistant Law Professor Omri Marian discusses potential tax abuses using Bitcoin. He speaks on Bloomberg Television's "In The Loop." (Source ...

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