Perfect day for the DOJ to call crypto a nefarious source of terror funding.
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Perfect day for the DOJ to call crypto a nefarious source of terror funding.
That would be the nail in the coffin for sure.
Considering the drop and the all too common sense expectation warnings here and elsewhere, I guess it's like any stock - you can justify your actions forever but the bottom dollar is the one that lands in the bank.
A certain irony there.Quote:
Originally Posted by splat
Yeah, huh? I almost sound like you.
The irony is equating bitcoin profits represented as “dollars in the bank.”Quote:
Originally Posted by splat
Im still up but lost some $$ off the top. Either way its a great learning tool to go through.
How about Charlie Lee selling everything just before this, what foresight :wink:
When people tally their profits, is it in bitcoins or dollars? ;)Quote:
Originally Posted by 4matic
Sound assumption. Maybe a couple bounces. Then a slow drag from the bumper of a lambo through the hoods until only the tail is left behind a 74 Corolla?Quote:
Originally Posted by Dromontana
1990 : BS in Genetics, University of AlbertaQuote:
Originally Posted by ICantLogIn
1993 : MS in Experimental Pathology, University of Alberta
1996 : PhD in Medical Sciences, University of Alberta
1996-1999 : NSERC Fellow, University of Cambridge, UK
1999-2001 : Clinical Cytogenetics Fellow, Harvard Medical School
Exactly, why not measure in LTC or ETH? And, that transfer to dollar profits is a taxable event.Quote:
Originally Posted by splat
Id rather have btc. And the 74 Corolla had a great engine.Quote:
Originally Posted by splat
Quote:
Originally Posted by Dromontana
http://www.rustywalrus.com/images/lg/55.jpg
I wonder what the IRS will do with schedule D crypto losses claimed?
If they're taxing gains I dont know how they wouldn't respect losses too, but alot of the people taking the L here aren't US taxpayers...Quote:
Originally Posted by 4matic
If I were the IRS I’d reject every one of them and demand documentation. Of course, I believe unregulated trading platforms should be illegal in US.Quote:
Originally Posted by JimmyCarter
didn't the IRS say they are treating BTC as a security and as such it is subject to capital gains/losses under the "ordinary" rules?
You know what price your transactions are executed. Pretty simple.Quote:
Originally Posted by Dromontana
The IRS only allows you to write off gambling losses off up to the amount of winnings.Quote:
Originally Posted by JimmyCarter
I'd bet a similar rule will exist.
As has already been said, they established the tax rules already. Its cap gains treatment, not gambling.Quote:
Originally Posted by splat
It’s either a currency or property transaction. Cash or stock.Quote:
Originally Posted by splat
lol so $3k of loss per year in perpetuity!
I been there.Quote:
Originally Posted by mbillie1
I'm out. Got everything out and I'm on the right side of the line. Could have done better, but them's the breaks.
Shit is all over the mainstream media. It's over.
All short term too