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About KokoDeathCookie

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  1. I have to agree that they are probably in need of a little bit more liquidity for XRapid's official send-off. Brad tweeted that "Momentum is building!" and I don't link they're going to let things pull back too much. I think they'll let enough of out to keep the up trend going and for some reason I fell like .90 to 1.10 would be a nice place to be for go-live.
  2. What is he talking about "6 Trillion in DTCC derivatives being cleared by block-chain in the next 6 months"? Can someone elaborate?
  3. This^ I choose to use HIFO (Highest Price In First Out), which differs my gains as long as possible. This is also useful if say you bought a decent initial bag at .30 and at a later point in time XRP is worth $10 dollars and you want to buy some XRP just to move money between exchanges. In FIFO you would have a huge cap gain selling a .30 XRP for $10. Where is with HIFO you would be basically selling the XRP you just bought, so little to no gains. However, HIFO may not be good for you depending on the price you purchased your first coins. If you first bought in at the peak of $2-3 then maybe FIFO works better. Like Autogrizz said, talk to a CPA!
  4. Mannnn, Welly working on 5 years, "dinosaur". /s
  5. This is not professional advise and you should consult with a certified accountant to address your particular situation. However, this is the back and forth that I had with my accountant. ME: I came across some information on one of my cryptocurrency forums and wanted to run it by you and see if I needed to file any additional forms. The reporting is in regards to foreign accounts and FBAR FinCEN Form 114, IRS Form 8300 and IRS Form 8938. I have a few accounts with exchanges that are outside the US. The total asses value across those accounts probably did exceed $10,000 during 2017, although not by much. FBAR FinCEN Form 114: It sounds like I will need to do this one, but not sure if it's something you file or something I just do on my own. IRS Form 8300: Sounds like it's for a business so not sure if it's for me. IRS Form 8938: Someone mentioned that the total value of your foreign assets needed to exceed $100,000, which I do not have that much, but no idea if they are understanding the form requirements properly. Additionally, if you know of something I need to file in relation to these accounts please let me know. ACCOUNTANT: You will probably have to do the FinCen Form 114 - required if foreign assets were over $10k at any time during the year. It is not part of the regular tax return so you would do that separately It is filed electronically at the IRS website- I can give you the info. It is due April 18 as well or you can get a 6 month extension. The only info I would need for the tax return is that if you are required to file the Form114 I need to enter what foreign countries hold the assets. The Form 8300 is for certain business credits for employers-mostly employee type credits so would not apply to you. The Form 8398 is attached to the tax return , but it is only required if the total value of all foreign financial assets exceeds $100,000 (for MFJ) on the last day of the year- so you should be ok there.
  6. Unfortunately I didn't pay attention to what time it was at. They just touched on it for about 5 minutes. The bigger topic was the impending market crash.
  7. I can definitely see it being the best "daily driver" crypto payment method not because it's the fastest and cheapest, but because of the liquidity it will soon have. Once all that FI and cross border volume is running through XRP the price and market cap will huge and the price will be significantly more steady than any other crypto. Nobody wants to spend something if it could double in the next 6 months.
  8. I use cointracking.info, it works pretty good and can produce tax reports using FIFO, LIFO HIFO. Spoke with my accountant about using LIFO and this was her response "Also re: the LIFO-FIFO. I don't think it really matters- its just that if you want to use LIFO you usually have to make a special election and then stay with it year to year. Or get special IRS permission to change back."
  9. Could we be getting close? I like to hear people talking about less friction. https://techcrunch.com/2018/02/20/say-goodbye-to-android-pay-and-hello-to-google-pay/ "As Google’s VP of Product Management for Payments, Pali Bhat, told me, the team really wanted to make it extremely easy to get started with Google Pay and use the service to pay for goods online and in the real world — and to do so with as little friction as possible. That means that users who bank with Bank of America in the U.S. or a Google partner like Mbank in Poland can set up Google Pay right from their bank’s app without having to install Google Pay. Once that’s set up, you can simply pay with Google Pay online and out in the real world."
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