Make a Contribution to Remove NSFW Ads

Official BGOL Crypto Currency Thread ★★★★★

p5ych3 said:
Like the poster earlier, speak with your tax professional.


The new U.S. tax code amends IRC Section 1031 (a)(1) regarding “like kind exchanges,” excluding all cryptocurrencies from a previous legal loophole and making all cryptocurrency trades a taxable event.

http://bitcoinist.com/cryptocurrency-investors-lose-tax-break/

Since March 2014, the IRS has treated Bitcoin and other digital currencies as property for tax purposes. This makes them subject to capital gains tax, requiring taxes be paid whenever crypto is exchanged for fiat currency (ie. cash).

Coins held for less than a year are subject to regular income tax, which can range anywhere from 10 to 37 percent, depending upon personal income levels. Coins held for longer than one year are subject to long-term capital gains tax, which caps at around 24 percent.

However, it has never been clear whether a trade between two different cryptocurrencies qualifies as a “like kind exchange.” Up until this point, cryptocurrency trades have typically resided in this legal gray area, granting most traders a loophole for deferring taxes on short-term capital gains.

However, the new amendment definitively narrows the 1031 exemption to only cover real estate swaps, excluding Bitcoin entirely. It specifically limits the scope of the law from previously covering “property” to now only covering “real property.” And as a digital asset, cryptocurrency is about as far from “real property” as one can get.

The end result is that, starting next year, effectively all cryptocurrency trades will be taxed at the time of their execution, bringing an end to one of the most lucrative tax loopholes previously available to traders.


New Tax Law Closes Bitcoin Loophole

http://fortune.com/2017/12/21/bitcoin-tax/

The tax act in Sec. 13303 amends IRC Section 1031 (a)(1) to delete “property” and replace it with “real property” … So, you can see that now I can no longer take the position that my Bitcoin to Litecoin exchange was a like kind one under Sec. 1031, and I have to recognize the gain when I do it.
Click to expand...
Meeting with him today... I turned him on to ripple back in March now he’s up 40k
 
largebillsonlyplease said:
DOPE that's what it's all about.
I feel happy cause I've been able to help my people become millionaires. Got to build black wealth something I've always wanted to do.

I been in the slack but I'll start posting calls in here too when I see the gems going about.

sumokoin is a gem it's $5 right now it's my bad for not bringing it here cause I been slipping on the thread but as soon as the price settles you should buy some. its and XMR fork and check the price of XMR and then see the potential it has.
As for me I bought a huge bag at 34 cents so I don't really need to say much more after that lol
Click to expand...
Who's in charge of the slack, can I get an invite?
 
Another note about cashing out. Back in 2014, we could easily cash out with Gyft cards. Now those bitches only take bitcoin from coinbase wallet(maybe bitpay too, not sure).

It's crazy. Folks are going to need underground marketplaces for legal purchases. Shit pissed me off because we go through all this KYC/AML bullshit and they should just give us our money no fucking issue.
 
So, I got new crypto goals in the new year. Someone was telling about mining with old iPhones and shit, but the return was some BS, like a couple $.50 as day or something. Then I was watching a video of John Mcafee talking about his mining operation and that it cost him $1000 per Bitcoin to mine and that was at $4k per Bitcoin then. I figure with triple that price mining should be decent if I get a good set-up. I'll be moving into a home with solar panels so the cost of electricity will be favorable for me and I wanted to a build rig. I know there were complete mining rigs being sold that cost like $6k if I recall but, I didn't want to go that route. Seems overpriced. I saw this deal on Newegg for a mining rig case for $239 https://www.newegg.com/Product/Prod...Vx7rACh0tMQkREAQYAiABEgLiT_D_BwE&gclsrc=aw.ds
A76H_1_201707274876931.jpg



I'm totally a newb to this shit. I built a desktop maybe 15 years ago and I assume the basics of building one are the same. I was just planning on starting out light with 1 good GPU and adding from there. Trying to get a decent rig going for less than $1000 some gains from my current holdings. What do you think, suggest for something like this?
 
gene cisco said:
Been telling people to have multiple exit points. Folks stubborn as fuck. Taking out $10k isn't bad when you break it up across as many places as possible. Plus you less likely to hit limits with just one place.
Click to expand...
Thats why I went ahead and got an additional business account with Naval Federal Credit Union so I can have some redundancy.

I highly encourage folks to read this guy’s account how BOA did him dirty
https://www.cryptostache.com/2017/11/21/bank-america-froze-bank-account-buying-crypto/

I thought I was safe since I have a business account and paying the IRS quarterly but this was news to me. And this happened recently too.
 
HeathCliff said:
Thats why I went ahead and got an additional business account with Naval Federal Credit Union so I can have some redundancy.

I highly encourage folks to read this guy’s account how BOA did him dirty
https://www.cryptostache.com/2017/11/21/bank-america-froze-bank-account-buying-crypto/

I thought I was safe since I have a business account and paying the IRS quarterly but this was news to me. And this happened recently too.
Click to expand...

good read but there’s a nuance I’m noticing in most if not all of these horror stories and it’s not problems “cashing out” from an exchange to an account but the reverse and that’s using $$$ directly from an account to purchase BTC...and my guess is because that’s when they lose “track” of the $$$ ...not that’s it’s their business @ all what you’re buying it for...they love for you to put $$$ in but act like it’s theirs when it’s time to take it out
 
HeathCliff said:
Thats why I went ahead and got an additional business account with Naval Federal Credit Union so I can have some redundancy.

I highly encourage folks to read this guy’s account how BOA did him dirty
https://www.cryptostache.com/2017/11/21/bank-america-froze-bank-account-buying-crypto/

I thought I was safe since I have a business account and paying the IRS quarterly but this was news to me. And this happened recently too.
Click to expand...

thats just fuckin pure insanity....

fuck boa.. even tho Im sure you better watch out for most of the big banks...
 
HeathCliff said:
Thats why I went ahead and got an additional business account with Naval Federal Credit Union so I can have some redundancy.

I highly encourage folks to read this guy’s account how BOA did him dirty
https://www.cryptostache.com/2017/11/21/bank-america-froze-bank-account-buying-crypto/

I thought I was safe since I have a business account and paying the IRS quarterly but this was news to me. And this happened recently too.
Click to expand...
"my business bank account"

I think that was the problem
 
Mask said:
Bro run, I'm far away from being any type of capable knowledge provider on this subject. I ain't even a month into this shit.

Now what I'm gonna do and probably be one of the best at it is "copy and pasting" :lol: that's what I do.
Click to expand...

and we still way ahead then most folk out there...

so far folks I try to talk to... are on some..

its all a scam shit....

I aint got time fo all dat shit...
 
I talked to a chick that works for the FDIC. She had a very small idea of bitcoin. Just what she heard through the news. I was kinda shocked. That means it isn't general chatter in the office either. People keep up with the Young and Restless, Game of Thrones, House of Cards and Trump. They don't find entertainment in money. Money is boring. Stocks are boring. but for some reason to me, Bitcoin is like playing Call of Duty. You sometimes murder niggas, sometimes you walk through a doorway and get your ass handed to you.

Dude at work called in a Ponzi scheme. He opened my eyes to the general consensus. He is smart guy too as far as work goes. Another dude I work with bought Bitcoin at $500, but only bought a few coins. I keep up with him. He doesn't like altcoins. Whatever. Find your circle guys. I'm only in this a month too. First trade was late november. But like anything else we got to build a circle of trust. Look up the local Crypto Meetups in your area on meetup.com. See what's poppin
 
Man, I went back to the first page and start reading and watching the videos and got more confused as I went from page tp page. I bought some Litecoin thru coinbase about 2 weeks ago and I'm trying to get in on Ripple and whatever other currency that's still low right now and could see a rise. Could somone point me to the page with the most up to date information I can follow to sink my pennies into?


Quick question, could I trade my litecoin to bitcoin thru gdax and then exchange it to ripple through another service if I wanted to? Excuse me if I'm not saying the right thing.


Help me gain a lil knowledge.
 
K. Hash said:
Man, I went back to the first page and start reading and watching the videos and got more confused as I went from page tp page. I bought some Litecoin thru coinbase about 2 weeks ago and I'm trying to get in on Ripple and whatever other currency that's still low right now and could see a rise. Could somone point me to the page with the most up to date information I can follow to sink my pennies into?


Quick question, could I trade my litecoin to bitcoin thru gdax and then exchange it to ripple through another service if I wanted to? Excuse me if I'm not saying the right thing.


Help me gain a lil knowledge.
Click to expand...

Yes, there are other exchanges you can send your BTC to and buy XRP. Here's a list. get familiar with this page. This is Base Camp
https://coinmarketcap.com/currencies/ripple/#markets
 
Cannibal said:
I talked to a chick that works for the FDIC. She had a very small idea of bitcoin. Just what she heard through the news. I was kinda shocked. That means it isn't general chatter in the office either. People keep up with the Young and Restless, Game of Thrones, House of Cards and Trump. They don't find entertainment in money. Money is boring. Stocks are boring. but for some reason to me, Bitcoin is like playing Call of Duty. You sometimes murder niggas, sometimes you walk through a doorway and get your ass handed to you.

Dude at work called in a Ponzi scheme. He opened my eyes to the general consensus. He is smart guy too as far as work goes. Another dude I work with bought Bitcoin at $500, but only bought a few coins. I keep up with him. He doesn't like altcoins. Whatever. Find your circle guys. I'm only in this a month too. First trade was late november. But like anything else we got to build a circle of trust. Look up the local Crypto Meetups in your area on meetup.com. See what's poppin
Click to expand...

Great post bro. I'm late to the game just like you and it's amazing how far away it is from common knowledge amongst the common folk. I got a few cats I talk to about it. But only my closest peeps. And of the 5 of them, only one is in the game like me. And three of them straight up don't believe in it like it ain't real. Like the money I'm watching go in my account ain't real paper. I had to chalk it up and just say you can lead a horse to water...
 
  • Like
Reactions: LSN
Man WTF is up with these coinbase fees? Im trying to send a measly $100 to buy some KIN and this shit will cost me $19.. smh
 
rjohns23 said:
Man WTF is up with these coinbase fees? Im trying to send a measly $100 to buy some KIN and this shit will cost me $19.. smh
Click to expand...


Yea they are insane with it...

If you aint buy it yet go to their sister site

Gdax and try and purchase some there..

It should b way more economical....

If it works let us know
 

Make a Contribution to Remove NSFW Ads
You must log in or register to reply here.

Similar threads

lightbright
Cryptocurrency theft of £1.1bn could be biggest ever
Replies
2
Views
155
Lexx Diamond
Lexx Diamond
darth frosty
Donald Trump’s Plan to be the Central Banker to the World
Replies
0
Views
31
darth frosty
darth frosty
FUCKYOU
Where the Neeegaas that called me crazy for talking about buying bitcoin in 2022?
Replies
12
Views
362
Politic Negro
Politic Negro
Mad Genius
Peter Todd forced into hiding after HBO documentary exposes him as SATOSHI NAKAMOTO: Bitcoin's Creator
Replies
6
Views
269
Helico-pterFunk
Helico-pterFunk
WorldEX
Canadian man named in alleged US$65-million crypto scheme
Replies
0
Views
53
WorldEX
WorldEX
Back
Top