Guest Posted December 4, 2017 Share Posted December 4, 2017 (edited) Looks like the taxman is finally going to come knocking for our American friends. The US Senate is reportedly considering a bill to outlaw the concealment of ownership of digital currency accounts by American citizens domestically and abroad. https://www.rt.com/business/411869-us-cryptocurrency-ownership-rules/ I think we all knew it would happen eventually, but will be interesting to see how the markets react when implemented. Edited December 4, 2017 by Guest Link to comment Share on other sites More sharing options...
JigglyJelly Posted December 4, 2017 Share Posted December 4, 2017 crypto would take a huge hit no doubt but would recover. I don't think XRP would be effected much. Although the bill hasn't been passed yet. Link to comment Share on other sites More sharing options...
MDBK Posted December 4, 2017 Share Posted December 4, 2017 My thought is... some privacy annonymous coins will go down... and bitcoin also will go down for awhile as some early investors might get out before Federal gov't chase them.... but ultimately, this will benefit ctrypto worlds as more healthy way. FUDFatigue and Kiir 2 Link to comment Share on other sites More sharing options...
Guest Posted December 4, 2017 Share Posted December 4, 2017 (edited) I'm going to keep saying it. If xrp becomes as valuable as I hope it does, I'm already calculating the expenses for a financial advisor and taxes. If you are happy with 1mil profit add 350k to cover what the Feds and representation will cost. Edited December 4, 2017 by Guest Link to comment Share on other sites More sharing options...
Pluto Posted December 4, 2017 Share Posted December 4, 2017 (edited) Some folks will be flying to some gorgeous beaches soon to open offshore bank accounts. Edited December 4, 2017 by Jackdarippler Void-Induction 1 Link to comment Share on other sites More sharing options...
Guest Posted December 4, 2017 Share Posted December 4, 2017 I will do everything I can in terms of the legal boundaries to avoid paying / minimize taxes I pay from my profit Link to comment Share on other sites More sharing options...
pucksterpete Posted December 4, 2017 Share Posted December 4, 2017 (edited) 11 minutes ago, Coretex said: I will do everything I can in terms of the legal boundaries to avoid paying / minimize taxes I pay from my profit I like this article for the USA taxes http://time.com/money/4791451/pay-0-percent-capital-gains-tax/ if the above link doesnt work try this https://www.thebalance.com/how-to-use-the-zero-percent-tax-rate-on-capital-gains-2388995 Edited December 4, 2017 by pucksterpete Bubbletea 1 Link to comment Share on other sites More sharing options...
ThomasV Posted December 4, 2017 Share Posted December 4, 2017 (edited) 18 minutes ago, LordVetinari said: I'm going to keep saying it. If xrp becomes as valuable as I hope it does, I'm already calculating the expenses for a financial advisor and taxes. If you are happy with 1mil profit add 350k to cover what the Feds and representation will cost. LordVetinai, just an FYI, taxes are assessed like property, it's a flat 28% on any gains. (For usa) btw, if you have any FA ques, HMU as it's what i do. no costs for any zerps. Edited December 4, 2017 by tvm67 Link to comment Share on other sites More sharing options...
ThomasV Posted December 4, 2017 Share Posted December 4, 2017 2 minutes ago, pucksterpete said: I like this article for the USA taxes http://time.com/money/4791451/pay-0-percent-capital-gains-tax/ Pucksterpete, This is WRONG tax advice for USA. taxed at a flat 28% as the IRS deems it property not different than gold or artwork. Link to comment Share on other sites More sharing options...
biggn Posted December 4, 2017 Share Posted December 4, 2017 This topic is also dependent on if the exchange you are utilizing is sending account info to the IRS...I use Bitstamp and I know they are, so I have zero choice... I've been debating what I am to do this upcoming tax season. All I've done over the current year is do some casual day trading to increase my XRP position. So do I divulge that information now, in hopes for my upcoming lambo party in the next few years will not raise eyebrows? Link to comment Share on other sites More sharing options...
pucksterpete Posted December 4, 2017 Share Posted December 4, 2017 Just now, tvm67 said: Pucksterpete, This is WRONG tax advice for USA why? Link to comment Share on other sites More sharing options...
pucksterpete Posted December 4, 2017 Share Posted December 4, 2017 2 minutes ago, biggn said: dependent on if the exchange you are utilizing is sending account info to the IRS...I use Bitstamp and I know they ar and you know this how? Link to comment Share on other sites More sharing options...
biggn Posted December 4, 2017 Share Posted December 4, 2017 1 minute ago, pucksterpete said: and you know this how? Do a search for "Bitstamp & IRS" and you will see multiple articles stating this. pucksterpete 1 Link to comment Share on other sites More sharing options...
Tripple Posted December 4, 2017 Share Posted December 4, 2017 (edited) 10 minutes ago, tvm67 said: it's a flat 28% on any gains. Capital gains tax is 40% on all earnings above £11,500 here in the UK. It's emotional. Edited December 4, 2017 by Tripple Terrible language skills. Link to comment Share on other sites More sharing options...
ThomasV Posted December 4, 2017 Share Posted December 4, 2017 (edited) 5 minutes ago, pucksterpete said: why? pucksterpete, It's property NOT Cap Gains. Think of it as selling a valuable piece of art, 28% regardless of income (unless the new tax laws change this but they may never get out of reconcillation) Edited December 4, 2017 by tvm67 Link to comment Share on other sites More sharing options...
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