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Crypto Taxes

I've found 2 sites (CoinTracking and Bitcoin Taxes) however ...
Bateful Library Patrolman
  06/08/17
if we just try our best and ballpark it is anybody really go...
Vigorous antidepressant drug
  06/08/17
Ya I'll probably be conservative about it and just send them...
Bateful Library Patrolman
  06/08/17
...
Disgusting Thriller Area
  06/08/17
Are you going to treat Crypto-->Crypto trades as taxable ...
Bateful Library Patrolman
  06/08/17
cr crypto->fiat is only reasonable way to do it imo if...
fluffy mentally impaired hell puppy
  06/08/17
(it is)
comical parlor
  06/08/17
it MAY be. But like. How are the fuck do we track my BAT ...
Bateful Library Patrolman
  06/08/17
hehe
green zombie-like trailer park
  06/08/17
...
exciting dead weed whacker
  06/08/17
...
comical parlor
  06/08/17
...
fluffy mentally impaired hell puppy
  06/08/17
...
Disgusting Thriller Area
  06/08/17
Other BATbros can assist...
Bateful Library Patrolman
  06/08/17
"if crypto->crypto is taxable were all fucked" ...
hairraiser anal hissy fit gaping
  06/08/17
it definitely is
citrine low-t kitty university
  06/08/17
It's an open question imo
Disgusting Thriller Area
  06/08/17
What's open about it? Are you challenging the IRS position r...
hairraiser anal hissy fit gaping
  06/08/17
I would prefer not to have to go down the "like kind ex...
Disgusting Thriller Area
  06/08/17
...
Hyperactive Violet Stage Ratface
  06/08/17
Seems at least plausible.
hairraiser anal hissy fit gaping
  06/08/17
I pulled out my old tax casebook and re-read the relevant se...
Disgusting Thriller Area
  06/08/17
This is the key question and we as a bort need to do some re...
Disgusting Thriller Area
  06/08/17
seems fair. My approach similar.I have a few small sales (lo...
Bateful Library Patrolman
  06/08/17
Moving coins and trading them are different. It sounds like ...
hairraiser anal hissy fit gaping
  06/08/17
What if I took 120 eth I moved and bought 60 eth worth of MY...
Disgusting Thriller Area
  06/08/17
yes
citrine low-t kitty university
  06/08/17
FMA
Maniacal passionate stage
  06/09/17
i dont agree with this bro's take and many others dont eithe...
Disgusting Thriller Area
  06/09/17
http://www.libra.tech/
Trip alcoholic church gunner
  06/08/17
V. Mysterious
Disgusting Thriller Area
  06/08/17
Converting may be a taxable transaction, but you could offse...
Glittery domesticated ticket booth
  06/08/17
That's how I intend to do it. Anything else would be retarde...
Disgusting Thriller Area
  06/08/17
Yep. I reached out to an old time family accountant to pi...
Bateful Library Patrolman
  06/08/17
What if u bought stuff on darknet?
Medicated azn
  06/08/17
Jeff Sessions will be spreading your cheeks
Arrogant mahogany bbw turdskin
  06/08/17
Always tumble your coins. Then launder the cash
Razzmatazz olive private investor rigpig
  06/08/17
...
Disgusting Thriller Area
  06/08/17
...
citrine low-t kitty university
  06/08/17
pretty obvious that crypto to crypto exchanges are taxable e...
citrine low-t kitty university
  06/08/17
If this is the case trading crypto is worthless
Arrogant mahogany bbw turdskin
  06/08/17
edit: lol forget what i just wrote, i'm dumb.
citrine low-t kitty university
  06/08/17
we've had like 12 threads about this already. no it is not ...
Massive Misunderstood House
  06/09/17
I think it's pretty obvious crypto to crypto is a taxable ev...
histrionic tank internal respiration
  06/08/17
You just need to elect LIFO, meaning you look at the gains o...
Glittery domesticated ticket booth
  06/09/17
...
spruce seedy windowlicker
  02/20/18


Poast new message in this thread



Reply Favorite

Date: June 8th, 2017 4:35 PM
Author: Bateful Library Patrolman

I've found 2 sites (CoinTracking and Bitcoin Taxes) however neither seem to work that great.

I was wondering how people plan on reporting gain/loss on trades and tracking basis. I am trying to compile my own spreadsheet but am honestly a tad lost and don't have the GAINZ to justify an accountant.



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507155)



Reply Favorite

Date: June 8th, 2017 4:36 PM
Author: Vigorous antidepressant drug

if we just try our best and ballpark it is anybody really going to come after us

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507163)



Reply Favorite

Date: June 8th, 2017 4:40 PM
Author: Bateful Library Patrolman

Ya I'll probably be conservative about it and just send them a check and be like "Dear IRS, the Ukranian exchange was super unhelpful, sorry"

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507194)



Reply Favorite

Date: June 8th, 2017 5:58 PM
Author: Disgusting Thriller Area



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507853)



Reply Favorite

Date: June 8th, 2017 4:40 PM
Author: Bateful Library Patrolman

Are you going to treat Crypto-->Crypto trades as taxable transactions? Based on my reading as property, I feel like I will only be treating conversions to Fiat as gains/losses.



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507201)



Reply Favorite

Date: June 8th, 2017 4:42 PM
Author: fluffy mentally impaired hell puppy

cr crypto->fiat is only reasonable way to do it imo

if crypto->crypto is taxable were all fucked

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507210)



Reply Favorite

Date: June 8th, 2017 4:43 PM
Author: comical parlor

(it is)

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507228)



Reply Favorite

Date: June 8th, 2017 4:45 PM
Author: Bateful Library Patrolman

it MAY be.

But like. How are the fuck do we track my BAT --> ICN --> BAT --> ICN --> BAT...

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507248)



Reply Favorite

Date: June 8th, 2017 4:46 PM
Author: green zombie-like trailer park

hehe

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507252)



Reply Favorite

Date: June 8th, 2017 4:46 PM
Author: exciting dead weed whacker



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507253)



Reply Favorite

Date: June 8th, 2017 4:46 PM
Author: comical parlor



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507255)



Reply Favorite

Date: June 8th, 2017 4:48 PM
Author: fluffy mentally impaired hell puppy



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507282)



Reply Favorite

Date: June 8th, 2017 5:58 PM
Author: Disgusting Thriller Area



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507856)



Reply Favorite

Date: June 8th, 2017 4:50 PM
Author: Bateful Library Patrolman

Other BATbros can assist...

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507293)



Reply Favorite

Date: June 8th, 2017 10:37 PM
Author: hairraiser anal hissy fit gaping

"if crypto->crypto is taxable were all fucked"

Why wouldn't it be?

If coins are property (which I think is the IRS's position), then aren't coin exchanges taxable much like other exchanges of property or like bartering?

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510121)



Reply Favorite

Date: June 8th, 2017 10:38 PM
Author: citrine low-t kitty university

it definitely is

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510132)



Reply Favorite

Date: June 8th, 2017 10:41 PM
Author: Disgusting Thriller Area

It's an open question imo

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510153)



Reply Favorite

Date: June 8th, 2017 10:43 PM
Author: hairraiser anal hissy fit gaping

What's open about it? Are you challenging the IRS position regarding property status or going around some other way?

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510168)



Reply Favorite

Date: June 8th, 2017 10:45 PM
Author: Disgusting Thriller Area

I would prefer not to have to go down the "like kind exchange" route but there's a strong case to be made that crypto to crypto exchanges should qualify for non recognition under section 1031 of the code because of liquidity and valuation issues.

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510175)



Reply Favorite

Date: June 8th, 2017 10:52 PM
Author: Hyperactive Violet Stage Ratface



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510219)



Reply Favorite

Date: June 8th, 2017 10:58 PM
Author: hairraiser anal hissy fit gaping

Seems at least plausible.

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510271)



Reply Favorite

Date: June 8th, 2017 10:59 PM
Author: Disgusting Thriller Area

I pulled out my old tax casebook and re-read the relevant sections on like kind exchanges. I will scan and post on xo when I'm feeling less lazy to get the take of all the tax law scholars here.

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510280)



Reply Favorite

Date: June 8th, 2017 6:01 PM
Author: Disgusting Thriller Area

This is the key question and we as a bort need to do some research on the best way to advocate for this position and/or determine the ideal way to report/not report it on are tax returns since I know for sure this is a topic the IRS hasn't ruled or provided guidance on (but I bet they will soon)

More to the point, I have three stashes of crypto I haven't sold. One at coinbase and two at Gemini (btc and eth). I have transferred all of my eth and btc to my cold storage wallet. So (assuming poloniex isn't intending to report anything to the IRS) there is no record of me and crypto the govt will have EXCEPT for anything coinbase (or Gemini) report (which, with respect to me, will be only purchases, not sales).

Since I have made no trades through them I see no reason to report anything wrt capital gains and losses. I will report when I realize any gains in the future. Cr?

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507880)



Reply Favorite

Date: June 8th, 2017 6:10 PM
Author: Bateful Library Patrolman

seems fair. My approach similar.I have a few small sales (losses) on Gemini so I figure I will just track basis on those sites.

How to treat ICOs...

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507948)



Reply Favorite

Date: June 8th, 2017 10:39 PM
Author: hairraiser anal hissy fit gaping

Moving coins and trading them are different. It sounds like you're only talking about moving them.

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510138)



Reply Favorite

Date: June 8th, 2017 10:43 PM
Author: Disgusting Thriller Area

What if I took 120 eth I moved and bought 60 eth worth of MYST and BAT to hold as long term investments? Do I need to recognize a gain on the eth I used to buy into the ICO?

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510170)



Reply Favorite

Date: June 8th, 2017 10:45 PM
Author: citrine low-t kitty university

yes

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510180)



Reply Favorite

Date: June 9th, 2017 7:35 PM
Author: Maniacal passionate stage

FMA

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33517131)



Reply Favorite

Date: June 9th, 2017 7:35 PM
Author: Disgusting Thriller Area

i dont agree with this bro's take and many others dont either. its an open question. zozo will be crowdresearching this issue obv

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33517140)



Reply Favorite

Date: June 8th, 2017 6:02 PM
Author: Trip alcoholic church gunner

http://www.libra.tech/

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33507883)



Reply Favorite

Date: June 8th, 2017 10:30 PM
Author: Disgusting Thriller Area

V. Mysterious

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510076)



Reply Favorite

Date: June 8th, 2017 6:20 PM
Author: Glittery domesticated ticket booth

Converting may be a taxable transaction, but you could offset any losses post-taxable event.

I know exactly how much I invested, so I figure anything I realize in USD above that is profit, right?

In other words, if you invested $5k in crypto this year, and you turn $10k back into cash next year, pay $5k long term capital gains on that sale (i.e., $5k on the amount above the basis). Then just pay LTCG as you sell the remaining currency?

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33508070)



Reply Favorite

Date: June 8th, 2017 6:21 PM
Author: Disgusting Thriller Area

That's how I intend to do it. Anything else would be retarded.

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33508077)



Reply Favorite

Date: June 8th, 2017 6:32 PM
Author: Bateful Library Patrolman

Yep.

I reached out to an old time family accountant to pick her brain. will report back.

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33508181)



Reply Favorite

Date: June 8th, 2017 10:35 PM
Author: Medicated azn

What if u bought stuff on darknet?

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510107)



Reply Favorite

Date: June 8th, 2017 10:38 PM
Author: Arrogant mahogany bbw turdskin

Jeff Sessions will be spreading your cheeks

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510133)



Reply Favorite

Date: June 8th, 2017 6:22 PM
Author: Razzmatazz olive private investor rigpig

Always tumble your coins. Then launder the cash

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33508084)



Reply Favorite

Date: June 8th, 2017 10:28 PM
Author: Disgusting Thriller Area



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510059)



Reply Favorite

Date: June 8th, 2017 10:34 PM
Author: citrine low-t kitty university



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510104)



Reply Favorite

Date: June 8th, 2017 10:38 PM
Author: citrine low-t kitty university

pretty obvious that crypto to crypto exchanges are taxable events:

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510129)



Reply Favorite

Date: June 8th, 2017 10:39 PM
Author: Arrogant mahogany bbw turdskin

If this is the case trading crypto is worthless

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510141)



Reply Favorite

Date: June 8th, 2017 10:41 PM
Author: citrine low-t kitty university

edit: lol forget what i just wrote, i'm dumb.

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510148)



Reply Favorite

Date: June 9th, 2017 3:22 PM
Author: Massive Misunderstood House

we've had like 12 threads about this already. no it is not obvious. It could be a like kind 1031 exchange. no one knows.

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33515400)



Reply Favorite

Date: June 8th, 2017 11:43 PM
Author: histrionic tank internal respiration

I think it's pretty obvious crypto to crypto is a taxable event

What I can't get clarification on is what the cost basis should be if I have multiple different purchases in the same wallet

I want to participate in some ICOs by buying ETH and immediately exchanging it for ICO. So I would have pretty much no gain on the new ETH.

But if the new ETH is in the same wallet as old ETH acquired at a much lower cost, I'm worried I'll need to report the gain on the oldest ETH.

I am hoping I can get around this by keeping them in separate wallets. There does not seem to be a clear answer based on what I've read.

Anyone have a strong opinion on this?

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33510700)



Reply Favorite

Date: June 9th, 2017 3:20 PM
Author: Glittery domesticated ticket booth

You just need to elect LIFO, meaning you look at the gains on the ETH you bought the same day. That means you will pay the highest taxes on the ETH you bought first, but that makes sense.

(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#33515389)



Reply Favorite

Date: February 20th, 2018 9:59 AM
Author: spruce seedy windowlicker



(http://www.autoadmit.com/thread.php?thread_id=3640964&forum_id=2#35443933)