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Redman042

CRYPTO AND TAXES

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13 minutes ago, pisohamate said:

Invest2lose is correct. Youll get taxed once you convert to fiat and move it to your bank acct

right! this I know

 but I also read a few months ago that the IRS was requesting information from coinbase and other platforms of their users and all transactions from 2012-2016.

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right! this I know
 but I also read a few months ago that the IRS was requesting information from coinbase and other platforms of their users and all transactions from 2012-2016.
IRS requested the list of people from coinbase who converted bitcoins to fiat. A judge struck that request down

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8 minutes ago, pisohamate said:
15 minutes ago, Redman042 said:
right! this I know
 but I also read a few months ago that the IRS was requesting information from coinbase and other platforms of their users and all transactions from 2012-2016.

IRS requested the list of people from coinbase who converted bitcoins to fiat. A judge struck that request down

OMG! are you serious???? any articles on this?

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obv you're in the states -- it varies from country to country (maybe in your case form state to state?)

best bet is to phone the officials, be proactive... call local folks with expertise in this area

a lot of places just treat it like any other "intangible" asset and apply CGT... but you cannot assume that

source as much info as possible, but remember that if there's no official word, you do have SOME leeway

good luck!

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Guest

Or else you could find a job in the UAE, move over, get your residency status set up, enjoy life in Dubai for a few months, cash out on your coins, and there will 0% capital gains tax. The UAE is a strong believer in blockchain technology. Abu Dhabi or Dubai intends to have their government run entirely on blockchain in the next few years. I can see them being a leader in crypto innovation and embracement. Could become a haven for people who make a lot of crypto profit.

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