Cryptocurrency and Taxation

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Foxx
Posts: 90
Joined: Mon Dec 04, 2017 6:20 pm

Re: Cryptocurrency and Taxation

Post by Foxx » Sat Jun 30, 2018 7:45 am

prior to '18 like kind transactions were permitted without having to pay a tax on it. with the new tax laws that were passed in '17 that affect '18 and beyond, that is no longer the case. each and every time you have a transaction, it is now taxable. generally you just need to establish a basis for whatever it is you have and are doing. be consistent. whether you use investing dot com, coindesk dot com or coinmarketcap dot com for the basis of your particular crypto, be consistent in it's application. do not use this chart for one crypto today and another chart tomorrowbecause it works to your advantage to do so, the IRS will not like that and probably consider it cheating or worse.

mining has always been taxable and that continues under the new tax law. yes, each time you take a dispensation it must be claimed at it's fair market value.

just a fyi, this is still advice from the internet. your best possible course of action here is to secure a CPAthat is familier with your situation and the tax laws in your jurisdiction.

cheers


ETA: i'm a dope. this is nothing more than spam designed to get clicks to his site.
alim
Posts: 133
Joined: Fri Apr 06, 2018 3:08 pm

Re: Cryptocurrency and Taxation

Post by alim » Sat Jun 30, 2018 8:50 am

I think it depends on your aligned nationality and residency status.

I've been in touch with someone in the UK who has been very helpful. Mining earnings are taxed as value on the day. When you sell, it is taxed as capital gains. There is a lot more on top of this - I have been given a link to a webinar mid July if anyone is interested. I would like to understand if cryptos could be put into ISAs, or at least Crypto funds be included.

Separately, I have a ghost written piece coming out shortly and will post the link to it when permitted - there will be a lot of new regulations in this area going forward.
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CSZiggy
Posts: 688
Joined: Wed Jan 31, 2018 2:44 pm

Re: Cryptocurrency and Taxation

Post by CSZiggy » Fri Jul 06, 2018 9:53 am

Consult a tax expert in your area to make sure you comply.

Or skip paying all together and go to jail.


Good Luck!
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