Use Gyft app and buy an Amazon card for $500 using Bitcoin Bitpay. It works easily.
Official BGOL Crypto Currency Thread ★★★★★
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Use Gyft app and buy an Amazon card for $500 using Bitcoin Bitpay. It works easily.
Generally, yes. Since Bitcoin is treated as an asset class, if you hold it as an investment for longer than a year, when you exchange it for fiat you'll pay capital gains 18% on the gains.
However if you got your Bitcoins by flipping altcoins then you may be subject to tax when its flipped to Bitcoin.
But the easiest course of action is to report Bitcoin that you're holding. Altcoins is more fact intensive.
That's crazy. So every year I have to report even if I don't purchase anymore or sell what I have?
https://www.google.com/amp/s/www.fo...u-should-report-capital-gains-to-the-irs/amp/
If You Traded Bitcoin, You Should Report Capital Gains To The IRS
Great Speculations , CONTRIBUTOR GROUPRobert A. Green, CPA, CONTRIBUTOR
Feb 21, 2017 7:01 PM 14,405
Shutterstock
The IRS considers cryptocurrencies, including Bitcoin, to be “intangible property.” Investors and traders holding cryptocurrency as a capital asset should use capital gain or loss tax treatment on sales and exchanges, with the realization method. For example, if you buy Bitcoins with U.S. dollars and later sell them for U.S. dollars, a capital gain or loss needs to be reported on that transaction.
Americans also trade Bitcoins or leveraged Bitcoin contracts on Bitcoin exchanges, and they should report realized capital gains and losses on each trade, even if the trader doesn’t convert underlying Bitcoin back into U.S. dollars.
It’s similar to having a foreign-based brokerage account, denominated in a foreign currency (i.e., Euros), where a trader buys and sells European equities held in Euros, and does not convert Euros back to U.S. dollars during the year. Two choices for tax reporting: Convert Bitcoin to U.S. dollars on each purchase and sale transaction using the Bitcoin market price that day denominated in U.S. dollars, or use Bitcoin as a functional currency, using an average Bitcoin vs. U.S. dollar conversion rate for the tax year.
If You Traded Bitcoin, You Should Report Capital Gains To The IRS
Feb 21, 2017 7:01 PM 14,405
Shutterstock
The IRS considers cryptocurrencies, including Bitcoin, to be “intangible property.” Investors and traders holding cryptocurrency as a capital asset should use capital gain or loss tax treatment on sales and exchanges, with the realization method. For example, if you buy Bitcoins with U.S. dollars and later sell them for U.S. dollars, a capital gain or loss needs to be reported on that transaction.
Americans also trade Bitcoins or leveraged Bitcoin contracts on Bitcoin exchanges, and they should report realized capital gains and losses on each trade, even if the trader doesn’t convert underlying Bitcoin back into U.S. dollars.
It’s similar to having a foreign-based brokerage account, denominated in a foreign currency (i.e., Euros), where a trader buys and sells European equities held in Euros, and does not convert Euros back to U.S. dollars during the year. Two choices for tax reporting: Convert Bitcoin to U.S. dollars on each purchase and sale transaction using the Bitcoin market price that day denominated in U.S. dollars, or use Bitcoin as a functional currency, using an average Bitcoin vs. U.S. dollar conversion rate for the tax year.
FYI...bittrex can temporarily freeze your shit like polo...they call it 'wallet maintenance' 
I logged in and under the bitcoin symbol section where they show your coins and other coins and next to the plus/minus signs was an exclamation point but only for DOGE coins (I don't own any)...anyway I clicked on it and it said 'wallet maintenance'...I googled it and saw that this is 'routine' and typically lasts a couple hours but read one story of it lasting 11 and in this case it was ETH and not DOGE...just giving y'all the heads up
I logged in and under the bitcoin symbol section where they show your coins and other coins and next to the plus/minus signs was an exclamation point but only for DOGE coins (I don't own any)...anyway I clicked on it and it said 'wallet maintenance'...I googled it and saw that this is 'routine' and typically lasts a couple hours but read one story of it lasting 11 and in this case it was ETH and not DOGE...just giving y'all the heads up
No you do a schedule and report when you acquired the Bitcoin, the cost and if you didn't sell it you can leave it blank until you do.
ya I need to own @ least one bitcoin...think I'm gonna take a very small percentage of my XRP and exchange it for 1 BTC...I really wish XLM would take another leap so I can get a little something for it and dump it
Yeah, cocksuckers been trying that shit for years. They usually go after sellers(money transmitters) and people who are dumping a shit load of money into bitcoins(alleged money laundering).
It's funny because SOME people want to use the coins to avoid this type of tyranny.
Yeah good luck with that.https://www.google.com/amp/s/www.fo...u-should-report-capital-gains-to-the-irs/amp/
If You Traded Bitcoin, You Should Report Capital Gains To The IRS
Great Speculations , CONTRIBUTOR GROUPRobert A. Green, CPA, CONTRIBUTOR
Feb 21, 2017 7:01 PM 14,405
Shutterstock
The IRS considers cryptocurrencies, including Bitcoin, to be “intangible property.” Investors and traders holding cryptocurrency as a capital asset should use capital gain or loss tax treatment on sales and exchanges, with the realization method. For example, if you buy Bitcoins with U.S. dollars and later sell them for U.S. dollars, a capital gain or loss needs to be reported on that transaction.
Americans also trade Bitcoins or leveraged Bitcoin contracts on Bitcoin exchanges, and they should report realized capital gains and losses on each trade, even if the trader doesn’t convert underlying Bitcoin back into U.S. dollars.
It’s similar to having a foreign-based brokerage account, denominated in a foreign currency (i.e., Euros), where a trader buys and sells European equities held in Euros, and does not convert Euros back to U.S. dollars during the year. Two choices for tax reporting: Convert Bitcoin to U.S. dollars on each purchase and sale transaction using the Bitcoin market price that day denominated in U.S. dollars, or use Bitcoin as a functional currency, using an average Bitcoin vs. U.S. dollar conversion rate for the tax year.
I'm not reporting shit to the IRS until I sell and convert my gains/loses to fiat. I'll take my chances.
fucking same
Yeah I did, and I got in the ripple game late (better late than ever) but still made a few bucks. I got 1.8 BTC plus invested in about 5-6 other coins. Hell I pinched from my xrp stash to buy other coins during that market drop it was worth it because some of those like Verge went to .0008. Back to the point, yes I want to get 2 BTC then put it on my Nano S when it arrives along with my XRP. I will play with everything else in the market.
ya I just sold approx. 9500 XRP for 1 BTC...I only dipped cuz BTC is so high
I'd like to stack up on more BTC but I'll dip into other coins when/if they start moving
wish I had dabbled in BTC ETH LTC when they were cheaper...may not necessarily get rich off them but I'd def get some damn good $$$ off them...those 3 will def be "survivors" imo
I'm waiting til july for the ledger blue...wish they'd @ least do a preorder or something
Man Leroy we think alike I fucking swear
I was just discussing the same two things with someone else yesterday.
ya...I bought in too late for it to do anything...I should've jumped in @$0.002
I bought in @ $0.04
ya it was a great read...I pretty much had the same stance re: his third point...I just wanted to ensure I had @ least one bitcoin so I'm not hating myself later...I swore bitcoin was gonna be all but done when rumors of the split into 2 coins surfaced smh
BTC creeping back up to $2300, keep one in ya pocket
Its the safe play, nothing wrong with it at all. I am thinking I just need one to hit and turn that 200 into 2500 and scoop up a bitcoin. Let the others stay.
I'm waiting/hoping for XRP to go on a run and also hope that @ the same time ETH takes a slide so I can grab a couple of them too...this has been quite a learning experience
Yes the best part is the market is just 3 years old and we have a good understanding of what to stay away from and what to go after. There are tons of coins over a buck means there was tons of chances to paid. There will me many more and now you have more info. Just think about all this 3 years from now when the entire market is up.
Just get in where you can now and stack coins and wait. In this game every penny counts!!!
Man listen I should kill you and Curtdawg for talking me down from dumping it all into NXC last week
Just playing, it wasn't the wise thing to do, so I split my stack into 4 coins, NXC and went super long on Stratis which that community is rabid!
The Stratis community thinks Strat will test $5 by the end of the year and $1 by Summer.
Its at 8k. They think Strat will be the business equivalent to Ripple and have industry application by end of the year.
god talk about late...I'm NOW fucking looking @ stratis smmfh...you got in good w/ that...shit was under 10 cents when you posted this...that shit is way ahead of schedule @ $3.71
Yep.. no matter what happens short term, you know long-term BTC is a winner.
shit every fraction of a penny!
BTC back up to $2400 already. That didn't take long. That shit will be $3000 by August min.
FYI...bittrex can temporarily freeze your shit like polo...they call it 'wallet maintenance'
I logged in and under the bitcoin symbol section where they show your coins and other coins and next to the plus/minus signs was an exclamation point but only for DOGE coins (I don't own any)...anyway I clicked on it and it said 'wallet maintenance'...I googled it and saw that this is 'routine' and typically lasts a couple hours but read one story of it lasting 11 and in this case it was ETH and not DOGE...just giving y'all the heads up
Yeah, Bittrex usually does maintenance on the weekends. Unlike Polo, those fuckers had Siacoin and Bytecoin disabled for weeks...smh
I just copped some ETH...shit absolutely burned my soul tho...completely played myself not buying it @ $8.34...to add insult to injury I was just snubbing it when talking to @largebillsonlyplease cuz I didn't think the return was worth it...this recent downswing tho made me want to create a plan B which is a little bit safer/more realistic than plan A
Man I look at my Stratis holdings and smile. I love them, what a great company and the CEO looks like a brother so more props to them.
The next Stratis might be Syscoin: the decentralized Amazon / eBay.
Not as confident with Sys as I was with Strat but that's the bag I'm carrying when the down turn begins. If it goes back to like $0.05 I'm putting in several thousands. It can reach $0.50 by fall.
Naw nothing on DigiByte in the report.
ya...I'm already in on SYS...I'll still pick up some STRAT too...I don't think it's too late as yet...wish when this thread started I had more $$$ to spread around...y'all easily hit the nail on @ least 4-5 solid coins that were cheap as shit too that are hitting their stride now...my $$$ is ready tho...I got free time...and I've really gotten obsessed w/ this shit...if there's a next round of coins similar to the ones y'all hit on...I won't miss out
not according to this hack in the code at allows you to create coins on the sneak tip. Moreno runs the same protocol and found the hack in their code and fixed it, they put the word out for coins that use this protocol in the code to make the fix and for some strange reason Bytecoins Devs have not made the fix yet. You may wanna research this before investing in it hard.
I remember when you told everybody about Strat and I went in and bought up a couple at $0.60. I sold them shits three weeks ago to buy Stellar. I had to go back to see how much I may have missed on and I only bought like 240. I thought maybe I had missed out on potential hundreds of thousands of dollars lol.
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