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Chat archive · 2018-01

AppleMiner · · #70292

afternoonis all. HAPPY new year!

Searing · · #70293

2013....I had that ’evil’ btc....good thing I had cpa tax forms ready..i see same witch hunt here...irs fishing hell

FastCashMining · · #70294

yea im not happy about it but its part of being a citizen here

deathlessdd · · #70295

how do you figure the price if the coin drops or goes up which one do you have to report?

Searing · · #70296

i suppose the sec could get in on this action as well ...easy fishing ...

deathlessdd · · #70297

happy new year Apple you get wasted lastnight?

Searing · · #70298

fastcashminng I’m legal with cpa etc..all is fine ...but don’t want to be singled out as a group ’source of funds’ witch hunt

Searing · · #70299

if they want to check my taxes I prefer to be in with all the other masses with odds on audit

FastCashMining · · #70300

thats fine

Searing · · #70301

not a guick easy PH 1099 when you can blanket send a source of funds letter...that is just fishing for trouble

deathlessdd · · #70302

well theres no way to trace it back to me since im not in the states

FastCashMining · · #70303

im just saying, @Searing :  if the FEDS are after you. that is extremely bad and a huge headache. not sure how that applies to non-citizens

Searing · · #70304

I’d be fine...but really, don’t want to pay CPA 2k again like I did on the fishing SEC source of funds letter in 2013 when the only

greaseman316 · · #70305

just dont come to NC your chances of coming thru an audit here are slim to none fkrs wont allow nothing not even their own documents

Searing · · #70306

thing of proof was the bank said btc was evil so check me out..same logic...lazy way to do IRS work

Searing · · #70307

fastcashmining well again same LTC address for 3 years it is hard for IRS to say I’m hiding anything even if on out of USA pool esp if I mine LTC exclusive and litecoinpool is free pool LTC exclusive

Searing · · #70308

for a while here I made more on PH .but I get more speed on litecoinpool then on here with errors...so it is a wash anyway

Searing · · #70309

this 1099 just was the last straw..too much of a chance of abuse like SEC in 2013 games my experience

Searing · · #70310

is colored by that over reach

greaseman316 · · #70311

agree

deathlessdd · · #70312

So in 2018 the US govermt gets there hands on crypto taxes

Searing · · #70313

to a guestion below IF you buy a coin at x price on say 3 weeks before and sell a coin you have to see a capital gains loss or profit and less than 1 year an 1 day 40% capital gains on profit and if hold coin more than a yr 20%

deathlessdd · · #70314

just a matter of time canada follows

Searing · · #70315

why I mine LTC only ...also on LTC pool it applies ONLY when it hits you wallet thus I can cash out weekly or monthly max of 50 LTC they will hold

Searing · · #70316

in usa only counts when it hits your wallet thus I usually would dump my ltc coin off litecoin pool on the dips :)

AppleMiner · · #70317

searing i thought capitals was 33 percent and 15 percent if held 1 year and 1 day

deathlessdd · · #70318

yeah but how they track it if you say use a debit card from wirex or something

AppleMiner · · #70319

unless it was recently changed with trump

Searing · · #70320

also litecoin pool is free pool pays 10% and for 2 years I ran on it WITHOUT A BACKUP POOL BECAUSE

Searing · · #70321

IT NEVER GOES DOWN ..I guess it has 3 or 4 x this year but not before July of 2017 did it ever for me

Searing · · #70322

capital gains in usa I was told was 40 and 20 treated as land...also i have 10% state tax on all this

Searing · · #70323

so my taxes are easy next year 1/2 goes to IRS/state so month to month 50% cash as I mine

Searing · · #70324

because I’m not gonna get 90% of my income in equip for crypto anymore like last year them days are gone

deathlessdd · · #70325

Ouch

deathlessdd · · #70326

gonna be less people mining in the states soon

deathlessdd · · #70327

Not gonna be worth it

AppleMiner · · #70328

only from more being in jail from failing to claim what they made.

deathlessdd · · #70329

lol

Searing · · #70330

miners in usa also for getting crypto out of air pay income tax on it...so income tax then if you spend it before 1 year and a day 40% capital gains i was told (add 10% on my state) and 20% there after 1 year

Searing · · #70331

on the other hand ....it did make me HODL guite well don’t ya know and get miner equip which is 100% off of gross income

Searing · · #70332

thus since 2013 I have not paid taxes (might htis year) because would just double equip hash to avoid taxes...also electric is 100% deductable off gross income

deathlessdd · · #70333

is it

deathlessdd · · #70334

so you can write off the power bill

Searing · · #70335

so my CPA says

deathlessdd · · #70336

idk

Searing · · #70337

yep....need elec to run my equip ....also as home biz some of my house for miners in basement etc

deathlessdd · · #70338

so its a biz expense

Searing · · #70339

also as self employed on say 100k of income 32k or more can go into solo 401k that also acts as equipment

deathlessdd · · #70340

so does everyone need to start a company to mine bitcoins then

greaseman316 · · #70341

better make payments in checks cause electronic with not pass mustard in audit i just went thru that sht few months ago

Searing · · #70342

also if self employed ALL HEALTH insurance payments (less HSA) can also be written off gross income

Searing · · #70343

@greasman316 all my crap is electronic..but I’m billed by the data hall guy

Searing · · #70344

again I can prove with blockchain month to month in that I have to keep track anyway

deathlessdd · · #70345

seems to be alot of work

greaseman316 · · #70346

electric and other expenses

Searing · · #70347

well it was not too bad before this year..but when you happen to get a sh*t load of equip

greaseman316 · · #70348

if you are getting billed and invoice ya power comapny no got be a check

Searing · · #70349

and announce at 4.15 coin that you think 6 buck LTC is the floor it tends to get away from you somewhat

deathlessdd · · #70350

I know before when you make about 20k or more with bitcoins they tried to get taxes from you

Searing · · #70351

thus playing scramble games ...right now 25k behind the 8 ball so owe IRS 12.5k all else was elec and equip

deathlessdd · · #70352

but 600 seems like a joke

Searing · · #70353

if mining dies next year I will be very, very sad

Searing · · #70354

it is PH protecting its butt for the 600 bucks .thus if IRS asks for everyones info (also outside usa) like they

deathlessdd · · #70355

this tax thing is gonna put a hault on the big miners

Searing · · #70356

did for coinbase it all will be released imho

deathlessdd · · #70357

luck for me i didnt use coinbase

Searing · · #70358

that is how they track drugs/taliban etc it could go to your countries....(crap maybe should not have said that north korean scrypt miners may be on here according to latest news fud)

deathlessdd · · #70359

lol

greaseman316 · · #70360

1 quick court order and they will belly flop try ing give them everything and more

Searing · · #70361

I use coinbase...that boat sailed for me last year....it was 20k up to 2015....I did not make that much in 2015

Searing · · #70362

now if they look at me after that point or audited I will likely have to use bitcoin.tax with excel for everything

Searing · · #70363

but those tools did not exist really (or I did not know) till this year...thus by hand yet this year

deathlessdd · · #70364

so is the irs gonna be tracking everything on blockchain then

Searing · · #70365

if I have to run my address and play the www.bitcoin.tax excel games and get a cpa to do it I will

Searing · · #70366

but my CPA has looked at my hand written records and such she said I can always explain all and pull out the paper work

Searing · · #70367

even if audited I should be fine..but if I have to will run the works thru bitcoin.tax and all the details

Searing · · #70368

though time consuming to re-do all with those tools from 2013 onward

deathlessdd · · #70369

sounds like its not worth it to be a miner lol

deathlessdd · · #70370

went from being something fun to do becoming a job to file your taxes with irs with the machine u paid for and the power u paid for to get it

Searing · · #70371

like i said ltc goes from 4.15 and you get equip and call a 6 buck floor and it hits 50 bucks now 250 things get interesting in a hurry with your scribbles :)

FastCashMining · · #70372

lol

Searing · · #70373

so yeah with tools I can backtrack not gonna do so unless audited...a lot less likely to get audited if i don’t fill out a PH 1099 and hope for NO fishing ’source of funds letter" like they tried to do to coinbase

Searing · · #70374

again I mine LTC anyway so why bother go back to litecoinpool...no issues tranquil never goes down..hell worth it even for that if I lose 10% income on such by not multipooling....sigh sounds heavenly

Searing · · #70375

anyway...I think they are gonna be shocked on how many people just walk to another pool esp big miners

Searing · · #70376

but ph no longer works for my reasons..again colored by SEC fishing with ’source of funds’ on my banker in 2013 saying BTC was evil as his justification for sic’ing SEC on me

Searing · · #70377

i go to the phone (speaker) meeting with sec point out bank error (i did not send 999,000 dollars i sent 9,900 dollar overseas to knc ....for a gasp bitcoin miners....sec guy on speaker was why am I here...banker tried to

Searing · · #70378

jam me up (as i figured) saying i did not do taxes..slap’d down my 2013 (w/10 days before irs 2013 guidelines done) cpa tax forms and told him ’exactly’ he could go fuck himself

Searing · · #70379

sec guy hung up I left and got another bank...so I just MAY BE a bit touchy on fishing stuff ....the IRS

Searing · · #70380

can audit me like everybody else ....not pick me out of a group of ’obvious crypto miner tax cheats’ the fud says

FastCashMining · · #70381

if you are cheating the system they will find out

FastCashMining · · #70382

inevitable.

Searing · · #70383

imho, this 1099 is just too tempting....for fishing for deadbeats...so I"m out as soon as data hall buddy can switch my miners out

Searing · · #70384

yeah, i’m not cheating the system...but the tools IRS would use did NOT exist in 2013 14 15 so I really don’t want to go thru and PROVE I’m legit

Searing · · #70385

backwards with todays tools for no reason other than 1099 fishing ...they can find me on legit audit grounds

Searing · · #70386

of which I have none now...hell I’ve even sent in adjustments to income on mining to IRS for more

Searing · · #70387

and they accept them w/o issue

Searing · · #70388

anyway, my view but the SEC mess was enough drama in crypto world

Searing · · #70389

I’ll jump back in here when I’ve pulled my miners and let you guys know if/any $$ lost in transition...

Searing · · #70390

later

AppleMiner · · #70391

yeah will not be surprised to see a few of the regulars bailing off here.