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tartankiwi

Regulation is Coming

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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 by tartankiwi

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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.

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Guest

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 by Guest

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I will do everything I can in terms of the legal boundaries to avoid paying / minimize taxes I pay from my profit :D

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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 :D

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 by pucksterpete

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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 by tvm67

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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?

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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 by Tripple
Terrible language skills.

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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 by tvm67

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