mikeman Posted December 5, 2023 Report Share Posted December 5, 2023 2 minutes ago, IAG said: Pretty sure they are considered realized once you swap..it’s like selling at current price and establishing a new cost basis for the stable coins…the fact that you don’t actually get fiat, is irrelevant…at least that’s my understanding…no like-kind exchange rules apply. Can they monitor transactions? Or is it self reported? Quote Link to comment Share on other sites More sharing options...
IAG Posted December 5, 2023 Report Share Posted December 5, 2023 13 minutes ago, mikeman said: Can they monitor transactions? Or is it self reported? Some exchanges report, some do not…the decentralized platforms like MetaMask do not (I don’t think) Quote Link to comment Share on other sites More sharing options...
WVU Posted December 5, 2023 Report Share Posted December 5, 2023 48 minutes ago, IAG said: Pretty sure they are considered realized once you swap..it’s like selling at current price and establishing a new cost basis for the stable coins…the fact that you don’t actually get fiat, is irrelevant…at least that’s my understanding…no like-kind exchange rules apply. I also believe this to be true. Any exchange or swap is taxable. Quote Link to comment Share on other sites More sharing options...
WVU Posted December 5, 2023 Report Share Posted December 5, 2023 30 minutes ago, IAG said: Some exchanges report, some do not…the decentralized platforms like MetaMask do not (I don’t think) these exchanges do not report. Until they do. Tread carefully. Quote Link to comment Share on other sites More sharing options...
mikeman Posted December 5, 2023 Report Share Posted December 5, 2023 21 minutes ago, WVU said: these exchanges do not report. Until they do. Tread carefully. And when they do they will likely give the IRS past data. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 5, 2023 Report Share Posted December 5, 2023 27 minutes ago, WVU said: these exchanges do not report. Until they do. Tread carefully. Yeah…I don’t use them. Above my pay grade. Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 5, 2023 Author Report Share Posted December 5, 2023 6 hours ago, IAG said: Pretty sure they are considered realized once you swap..it’s like selling at current price and establishing a new cost basis for the stable coins…the fact that you don’t actually get fiat, is irrelevant…at least that’s my understanding…no like-kind exchange rules apply. That could mean that they are forcing you to sell your crypto to pay taxes if all your worth is in crypto and you have never made a trade in a fiat currency. If you swap BTC for ETH, what is the profit? You really don't know unless you trade in US Dollars. I'm not an accountant so I'm not advising anything so check with your accountant. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 5, 2023 Report Share Posted December 5, 2023 Good thread thx folks Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 5, 2023 Author Report Share Posted December 5, 2023 6 hours ago, mikeman said: Can they monitor transactions? Or is it self reported? Most centralized exchanges either report or will report if asked. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 5, 2023 Report Share Posted December 5, 2023 1 minute ago, raiders72001 said: Centralized exchanges either report or will report if asked. USA broke, so expect much begging Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 5, 2023 Author Report Share Posted December 5, 2023 3 minutes ago, FISHHEAD said: USA broke, so expect much begging They need to change the tax system. Make it all point of sale. Gets rid of all the leeches on both sides. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 5, 2023 Report Share Posted December 5, 2023 Just now, raiders72001 said: They need to change the tax system. Make it all point of sale. YES Quote Link to comment Share on other sites More sharing options...
mikeman Posted December 5, 2023 Report Share Posted December 5, 2023 Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 5, 2023 Report Share Posted December 5, 2023 24 minutes ago, mikeman said: LOLOL Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted December 6, 2023 Report Share Posted December 6, 2023 OHIO PORK Quote Link to comment Share on other sites More sharing options...
sleepy Posted December 6, 2023 Report Share Posted December 6, 2023 The shitcoins go up 5% daily now My 500 is going to be 50k by end of year Quote Link to comment Share on other sites More sharing options...
IAG Posted December 6, 2023 Report Share Posted December 6, 2023 6 hours ago, raiders72001 said: That could mean that they are forcing you to sell your crypto to pay taxes if all your worth is in crypto and you have never made a trade in a fiat currency. If you swap BTC for ETH, what is the profit? You really don't know unless you trade in US Dollars. I'm not an accountant so I'm not advising anything so check with your accountant. Trust me on this. I have researched extensively. It was clarified by IRS a few years back. https://rsmus.com/insights/tax-alerts/2021/irs-denies-like-kind-exchange-treatment-for-most-cryptocurrency.html Quote Link to comment Share on other sites More sharing options...
IAG Posted December 6, 2023 Report Share Posted December 6, 2023 Quote Link to comment Share on other sites More sharing options...
IAG Posted December 6, 2023 Report Share Posted December 6, 2023 Quote Link to comment Share on other sites More sharing options...
IAG Posted December 6, 2023 Report Share Posted December 6, 2023 Quote Link to comment Share on other sites More sharing options...
mikeman Posted December 6, 2023 Report Share Posted December 6, 2023 Quote Link to comment Share on other sites More sharing options...
mikeman Posted December 6, 2023 Report Share Posted December 6, 2023 This applies to both investing and gambling. Good evening Sirs — I just got back from cleaning an empty apartment from which my eldest son just moved out from. As I cleaned the toilet bowl and reflected on my life, I thought about Bitcoin and how great it was. With every spray of Clorox into the bowl and subsequent mist wafting into my face — I said to myself amidst the din of the bathroom fan — “you need to buy more.” And so I shall. For those unfamiliar with my track recourd — it’s mixed. When Bitcoin first established itself in the investment lexicon, I defecated on it — mocked and derided it as it crossed $100 for the first time. If you searched the archives of this blog, you will find me mocking it all the way until $10,000. And then I had a serious discussion with someone who managed serious money and he convinced me that it was real. Back in 2020, I started a big position in $ETH and bought some every month for over a year and ended up buying as low as $120. Here was my first post on it. I ended up selling the $ETH as I bought it month by month in 2022 for a gain in excess of 1,700%. Essentially, I turned a small sum into a million plus. Many of you absolute FUCK HEADS followed me into this trade and got rich expressly due to my conviction trade and then CANCELED Stocklabs like ingrates later on. I remember all of you and will hunt you down like dogs in the after life to roast your faces into the fires. At any rate, I entered back int cryptos earlier in the year in the mid $25,000’s and stand before you +75% from my original investment — but I think it has immediate upside back to RECOURD highs of high $60,000 based upon numerous factors, one of which is rooted in the idea that risk is inexorably on and the plebs are back at it making coin in the shitcoins again. It is, without a doubt, happening again. Quote Link to comment Share on other sites More sharing options...
raiders72001 Posted December 6, 2023 Author Report Share Posted December 6, 2023 Seems the ETFs will be approved some time between Jan 5-10. Looks like someone's in the know with this jump. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 6, 2023 Report Share Posted December 6, 2023 4 hours ago, raiders72001 said: Seems the ETFs will be approved some time between Jan 5-10. Looks like someone's in the know with this jump. Yeah someone at Bloomberg said there was 90 percent chance of approval…definitely a large part the reason for the recent jump. But I feel like we’ve been here before…here’s hoping…ETF and Halving in 2024 would be tremendous. LFG. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 6, 2023 Report Share Posted December 6, 2023 This made me laugh a little Quote Link to comment Share on other sites More sharing options...
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