Bitcoin discussions and knowledge share

[ronitreddy]

1 hour ago, jbunny007 said:

@ronitreddy @Naaperushiva @9ine suggestions bro.

Try if you can get under 8000 SATS. 

[ronitreddy]

3 hours ago, Naaperushiva said:

@ronitreddy@9ine @tom brady @Raithu_bidda_ ..inka evaranna perlu marchipothe

But chaala mandhi kotthavallu asking. So Just mee portfolio oka saari share cheyyandi guys so that kottha vallu choostharu..

Always buy the dips dont fomo and run after the high towers..

Naa portfolio

LISK/WAVES/PRL/ELIXIR/INXT/LINK/0X/KNC/STRATIS/SALT/VTC/GRS/CTR/ENG/ETHOS/BCH/AEON/ARK/TENX/XRB/CVC/SYS/PTOY/DIVX/NAS

 

Okay. Here you go

BTC/LTC/ETH 

ADA/CTR/ELIX/ICX/LSK/PRL/NEO/QLC/RPX/SUB/SYS/UTK/VEN/VTC/ZCL

 

[ronitreddy]

1 hour ago, Naaperushiva said:

Naaku thelisi ippudu alts anni btc loki teesukoni ...btc rally ayyaka malli alts loki trade chesthe...manam 24% tax pay cheyyalsi vasthadhi

And it depends on which marginal tax bracket you fall into.

[ronitreddy]

1 hour ago, Naaperushiva said:

naau idea ledhu adhi but capital gain kindhe vasthadhi kadha

Yes

[ronitreddy]

1 hour ago, tom brady said:

wtf...but who will impose that tax manam chupinchakapothe

IRS

[ronitreddy]

1 hour ago, Naaperushiva said:

You have to and most of the exchanges are sharing the data anukunta

I am not so confident about this. 

[Raithu_bidda_]

5 hours ago, xxxmen said:

ni ETH/BTC address add cheyi signature lo donations vastay

Dini try seyali man 

naku eth or btc vadu Love da dgb donate seyandi salu 

[Raithu_bidda_]

2 hours ago, trent said:

PIVX chudandi , good one 

 mana group lo cheparu ana??

i also started day trading with 1500$ need some fiat to pay off loans 

[trent]

3 minutes ago, Raithu_bidda_ said:

 mana group lo cheparu ana??

i also started day trading with 1500$ need some fiat to pay off loans 

   money lev ba day trade cheyadaniki  , nenu asalu follow avvadam ledu group e madya , just e roju chusa

[jbunny007]

27 minutes ago, ronitreddy said:

Try if you can get under 8000 SATS. 

you mean 80,000 SATS right?

[ronitreddy]

For all those who have questions pertaining to Tax Filing. Please read below:

According to the IRS, gains and losses on crypto currencies are treated as capital gains/losses (see IRS Notice 2014-21 below).
Short-term capital gains are considered to be short-term when the asset is held for less than ONE year. In this case, if you bought $100 of LTC in January 2017 and sold for $1,000 in December 2017, you would be taxed on the gain of $900 (sold $1,000 - $100 basis). Short-term capital gains are taxed at the SAME rate as your marginal tax bracket (10%, 15%, 25%, 28%, 33%, 35%, or 39.6% - see below).

Long-term capital gains are considered to be long-term when the asset is held for more than ONE year. In this case, if you bought $100 of LTC in November 2016 and sold for $1,000 in December 2017, you would be taxed on the gain of $900 (sold $1,000 - $100 basis). Long-term capital gains are taxed according to 0%, 15%, or 20% according to WHICH marginal tax bracket you fall in (see below).

Hopefully this clears this up a bit more for people who don’t know about taxes and crypto currency in the US. I highly advise you report any gains you incur, whether its $2 or $100,000. The IRS doesn’t have the records of crypto currency holders unlike real brokerages that must report to the IRS. If you do NOT report, you run the risk of the IRS receiving information from court cases with exchanges like Coinbase and you’ll pay both taxes, penalties, and interest as well.

Rules could change based on tax reform due to the Senate and House bills for tax year 2018.
TLDR: Short-term, < 1 year taxed at marginal tax rate. Long-term, >1 year taxed at 0%, 15%, or 20% based on tax bracket. Pay your taxes or it WILL eat your profits.

FAQ #1: What if I trade my crypto for USD but leave the USD in my Coinbase wallet?
Trading your crypto for USD is taxable ALWAYS. It does not matter if you leave the USD in an exchange or take out to your bank account.

FAQ #2: What if I trade my crypto for another crypto? Is this taxable?
Trading crypto to crypto COULD BE considered a like-kind exchange and therefore non-taxable, BUT the IRS has not released an official statement on it yet. The IRS discusses like-kind exchanges in FS-2008-18, February 2008 (see source). FIVE types of property are specifically excluded from Section 1031 treatment (like-kind) which does NOT include "virtual currency." The list of exclusions are inventory or stock in trade; stocks, bonds, or notes; other securities or debt; partnership interests; and certificates of trust. If you chose to not report crypto to crypto trades, you could run the risk that the IRS makes a statement on this matter and chooses to back-tax your trades. Please use caution when considering this! Consult a local and well-rounded CPA for assistance!

FAQ #3: What if I trade crypto and incur a loss?
In this case, you are allowed to deduct up to $3,000 in losses (single or married filing jointly) per year. If your total net loss is greater than $3,000, you can carry it over to next year's return. Though you must first calculate the total net gain/loss before taking the $3,000 deduction from your AGI.

FAQ #4: What if I buy LTC for $100, then sell it later for $500, have a gain of $400 but reinvest the gain into crypto? Will I be taxed on my $400 gain?
Yes. When you have a taxable gain, it does not matter if you immediately invest it back into crypto. A sale is a sale and will be taxable in the majority of the situations.

FAQ #5: When do I pay my capital gains for crypto? Do I need to make a payment before I file my return? When do I need to file a tax return?
If you anticipate a sizable capital gain during the year, you must make an estimated tax payment in the quarter of the applicable gain if: 1) You expect to owe at least $1,000 in tax for the current year after subtracting withholdings, 2) You expect your withholding and refundable credits to be less than the smaller of: 90% of the tax on the current year return OR 100% of the tax shown on the prior year return.
You must file your return by April 15, 2018 for the 2017 tax year.

FAQ #6: What forms do I use to report my gains on crypto?
All taxpayers are required to file Form 1040. If you have long-term or short-term gains, you will need to file Form 8949. The amounts from Form 8949 will then be totaled on Schedule D and Form 1040. There may be other filing requirements if you hold investments in foreign accounts.

FAQ #7: What if trade my crypto into another fiat currency that is not USD, will I be taxed in the US?
Yes, you will be taxed. You must use a conversion rate to determine the amount of your gain in USD to report on your tax return. You also may be subject to filing additional forms, but this is not the case for the majority of people.

USE THIS ADVICE AT YOUR OWN DISCRETION
The above given advice does not constitute any binding agreement or actual written advice. Please, please, please! Reach out to a local CPA or financial advisor who can EFFECTIVELY calculate your tax liabilities from trading crypto.

Sources:
https://www.irs.gov/pub/irs-drop/n-14-21.pdf
https://www.fool.com/retirement/2016/12/11/long-term-capital-gains-tax-rates-in-2017.aspx
https://taxfoundation.org/2017-tax-brackets/
https://www.irs.gov/newsroom/like-kind-exchanges-under-irc-code-section-1031
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know
https://www.irs.gov/faqs/estimated-tax/large-gains-lump-sum-distributions-etc/large-gains-lump-sum-distributions-etc

Say thanks to @TOM_BHAAYA

[ronitreddy]

1 minute ago, jbunny007 said:

you mean 80,000 SATS right?

0.0008000

[Raithu_bidda_]

 Bitconnect Ponzi scheme bursted out 

https://t.co/opiVqrhEvG

[SeemaLekka]

XRY up 10X in a day. db experts emanataro

[SeemaLekka]

2 minutes ago, ronitreddy said:

0.0008000

newbies ki binance, kucoin, cryptopia, coinexchange anni temporarly disabled anta. you know anything else?