taxes

Don't need to pay taxes if you just wait long enough to buy shit with bitcoin

>>2684191
you need to record and pay for every single transaction. I realized I fucked up when i went through basecoin. Just liquidated literally everything I have and will be buying with cash at the bottom of the dip.

>>2684191
Technically coin to coin since the IRS has stated that A coin to coin transaction would equate to selling the coin your buying with into fiat, and then using it to buy the coin you're purchasing, and you'd have to record a capital loss or gain for each of those transactions. Now how do you do that? I don't know. I'm still trying to wrap my head around that one since you can't really ever peg the fiat value of a coin down at the time of sale to any particular dollar amount. Like even if you're buying ANS with BTC for instance, even at the time you buy it there's no defined amount that BTC would be worth at the time. It's going to vary by exchange or even individual, like if you sold the equivalent to your neighbor for a buck, which is entirely possible.

>>2684191

>>2684206
>>2684225x
these anons are correct

if you aren't recording the USD value of every trade on both sides currently (buy coin usd value, sell coin usd value), you need to start - now.

make sure you are calculating the cost basis and net proceeds values in a consistent manner. the IRS will care if you are using exchange prices that benefit your tax situation. they know btc-e prices are always low and gdax prices are always high - you can't trick them by understating your gains and losses on a selective basis.

and if you are planning to claim massive gains or losses, you should hire a professional. it's better to be safe than sorry.

>>2684206
>>2684225
>>2684282
I had recorded earlier transactions in BTC amount rather than its monetary value at the time, because I was especially retarded at the time. Is there someplace to check the value of Bitcoin on specific markets from 8 months ago?

Coinmarketcap has a historical data tab, but I cant find a way to pick an exchange for it

>>2684306
just use the coinmarketecap price.

or whatever. just make sure whatever you do it's consistent.

>>2684191

> doing all this work
> that you're not getting paid for
> so that jamal doesn't have to work

K

>>2684321
but think about the 2% of federal tax that's spent on roads

you don't hate roads, do you?

>>2684392
Someone can make a pavement and maintenance company that would get the job done more efficiently than the govt ever could. Taxes are the biggest meme humanity has ever created.

going through the tedious process of updating records.

Hopefully the IRS doesnt give a shit about wallet fees because there is no way I am sitting down to figure that out

>>2684414
are you suggesting your local legislator's union sponsors aren't doing a job befitting the free market?

in all seriousness, some degree of force is probably required to establish a reasonable road infrastructure. in an ancap world, the technology involved in transit would be very different.

>>2684392
prove that the federal government pays for roads through income tax

What if I cash out only the same exact amount I put in?

Cointracking.info can record every coin to coin transaction and print out a FIFO Tax statement for you.

Really great site! 200 transactions for free.