Cryptocurrency

IRS vs YOU and Cryptocurrency l Bitcoin Capital Gains Taxes

12/4/2017

Crypto Taxes and You! (Bix Weir) by RoadtoRoota

The IRS Now Has Moved Beyond Extortion To Outright Theft While the Police Rob Americans Blind by The Dollar Vigilante

Here is a comment left under a video:

Don't sell your btc/cryptos for usd $$ instead buy gold or silver with low premium, then sell your gold or silver for usd $ and you will not have to pay the IRS the 22% capital gains at the end of the year. Remember you don't have to pay taxes when buying or selling precious metals.

You won't have to pay capital gains on the previous metals as long as you don't profit on them. But what you said is true and could save you up to 30% on your tax bill.

I received this email and was debating weather I wanted to blog about it. So here goes:

Appears IRS is using the issue that Bitcoin, cashed into the U.S. dollar, gives them the right to apply capital gains and another, X22 report, has reported that IRS ordered that Bitcoin give them the names of all US people involved and amounts. I did a quick double check. Appears they are also making their NEWER law retroactive to the beginning of investment. Video by X22 Report, "The Cabal Is Firing Everything They Have, The End Is Approaching - Episode 1436b".

More articles on this subject and will add as I find them or leave a comment with links if you know of others. Thanks

IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply - Aug 6, 2017 ... WASHINGTON — The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as bitcoin . These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency. In some ...
Bitcoin IRS Tax Guide For Individual Filers - Oct 25, 2017 ... Nonetheless, active traders with short-term capital gains could still be taxed at their ordinary income-based rates, so it's a good idea to consult with a tax professional. The fact that bitcoin is property and not a currency makes losses that much more difficult to write off, on the other hand. For the IRS, net ...
Tax Tips for Bitcoin and Virtual Currency - Recently, the Internal Revenue Service (IRS) clarified the tax treatment of Bitcoin and Bitcoin transactions. ... even if earned as Bitcoin. Self-employed individuals with Bitcoin gains or losses from sales transactions also must convert the virtual currency to dollars as of the day earned, and report the figures on their tax returns .
IRS To Go After Bitcoin and Bitcoin Cash Profits, What to Expect - Sep 2, 2017 ... If the owner sells his Bitcoin Cash and receives the 100 percent profit as capital gains income, it will be taxable.
Only 802 People Paid Taxes on Bitcoin Profits, IRS Says - Sep 12, 2017 ... Yes, Virginia, Bitcoin is taxable. The IRS began issuing guidance on taxation of Bitcoin in March 2014. At that time, the agency announced that Bitcoin would be treated as property, with loss or gains being treated as capital loss or capital gains for tax purposes. Readers are probably familiar with the many ...
If You Traded Bitcoin, You Should Report Capital Gains To The IRS - Feb 21, 2017 ... 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 ...
How To Report Bitcoin Cash And Avoid IRS Trouble - Aug 4, 2017 ... In light of the Aug. 1 split of Bitcoin into two separate cryptocurrencies, Bitcoin and Bitcoin Cash, many questions remain. While the IRS has issued guidance on cryptocurrency — labeling it an “intangible asset” for investors subject to capital gains and loss treatment using the realization method — it has not ...
IRS Hunts Bitcoin User Identities With Software In Tax Enforcement Push - Aug 24, 2017 ... You can't enter “1,000 bitcoin” on the 1099. You must value it in dollars as of the time of payment. Valuation swings can be brutal. Gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in your hands. This can be a huge issue, and is not an easy ...
Make Big Money on Bitcoin Cash? The IRS Might Be Watching - Nov 9, 2017 ... For tax reporting purposes, the Internal Revenue Service (IRS) currently classifies bitcoin and "other virtual currencies" as property, meaning owners are legally obliged to report the capital gains and losses incurred from cryptocurrency holdings during each calendar year. As bitcoin cash and the other ...
I didn't pay capital gains tax on bitcoin sales to IRS today - The last couple months there have been a lot of posts concerning the IRS ruling that bitcoins are to be treated as property and that it was required to pay a capital gains tax on the sale of bitcoins. Some people even posted that "bitcoin is doomed" because of the ruling. To prove just how silly it is for people to worry about this, ...
Only 802 People Told the IRS About Bitcoin—Lawsuit - Mar 19, 2017 ... Even though some Coinbase accounts belong to non-U.S. citizens, and many others did not have any transactions (and therefore did not trigger any capital gains), it's possible an IRS review of the accounts could identify hundreds of thousands of individuals who should have declared bitcoin income.
Coinbase Likely to Lose Battle to Protect Users from IRS Bitcoin Tax Probe - Nov 13, 2017 ... The IRS claims that, despite the bitcoin price's astronomical appreciation over the years, only a few hundred individuals have reported bitcoin profits on their annual tax returns. Under current regulations, bitcoin holdings are taxed like property, meaning that they are subject to capital gains taxes based on ...
It Looks Like New Bitcoin Millionaires Are Avoiding the IRS - Aug 28, 2017 ... Prechter doesn't think Bitcoin tax dodgers are a big problem - at least not yet. " Even if hardly anyone is paying capital gains, it's probably because most are still holding their coins and haven't sold them," he said. Bitcoin. For now, the IRS relies primarily on the "honor system" for people to report their gains.
Bitcoin Investors, Beware: The IRS Is Coming for Your Vast Riches - Aug 25, 2017 ... Bitcoin is regarded as property and not a currency by the IRS, Pattis explains. "As property, it is taxable as a capital gain when converted into cash or a cash equivalent," he says. "Given Bitcoin's volatility, determining the tax basis will be a headache for those who dip in and out of the Bitcoin market.".
Coinbase Taxes FAQ - Sep 22, 2017 ... Although Coinbase cannot provide legal or tax advice, the IRS has released guidelines for how to report taxes relating to digital currency activity. You can read them ... This report provides a summary of your digital currency purchases and sales, showing your cost basis and capital gain/loss. We use a FIFO ...
Coinbase Loses Bid to Block U.S. Tax Probe of Bitcoin Gains - 1 day ago ... With just 800 to 900 taxpayers reporting bitcoin gains from 2013 through 2015 in a period when more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin, “many Coinbase users may not be reporting their bitcoin gains,” she wrote. “The IRS has a legitimate ...
Are Bitcoin Profits Taxable? - Sep 25, 2017 ... One big example is taxation -- that is, if you buy bitcoin or any other virtual currency and sell it for more than you paid, do you have to pay taxes on your profits? The short answer is "yes," but how much tax you'll have to pay depends on a few factors. Here's a rundown of how the IRS classifies bitcoin and ...
Bitcoin investors beware: The IRS wants its cut and you may not know it - 13 hours ago ... There's a good chance if you have cashed out or paid for anything using it, you have capital gains to report to the IRS. Basically, the tax agency has ruled that bitcoin and other cryptocurrencies are viewed as property and not currency for tax purposes. And although you may not receive a Form 1099 from ...
How Bitcoins Are Taxed - Apr 7, 2017 ... "Bitcoin users will have to calculate their gain or loss every time they purchase goods or services with bitcoin." Let's think for a moment about what this means. The IRS said that bitcoin and similar convertible virtual currencies are property for tax purposes. As with other types of property, first one acquires ...
Coinbase Ordered to Turn Over Identities of 14,355 Cryptocurrency Traders to the IRS - 1 day ago ... This “suggests that many Coinbase users may not be reporting their bitcoin gains ,” the order reads. In short, the court order is a reaction by the IRS to possible tax avoidance on cryptocurrency gains. Arguably, though, tax law simply hasn't caught up with cryptocurrency, and the order effectively places over ...

Do you follow The Dollar Vigilante?... WOW he gets right to the point regarding the IRS

It will be interesting to see how the IRS all plays out. Are taxes really voluntary?

Credit Youtuber for comment: Day Trading Oil Futures7 months ago
Under the original US Constitution income tax is illegal. Taxes are to come from imports into the USA. Taxes are extortion, and that extortion comes from the Jews. I was viciously gang stalked within the USA for over 3 years by Freemason Jews. The FBI and all law enforcement would not help me as they work directly for the Freemason Jews. I have since moved out of the USA and for the first time in my life I'm happy in so many different ways. The Jews tried to extort me and they told me that I'm going to stop teaching the public how all the markets are being controlled in advance by a computer program and do not really trade as believed, and that I'm going to start working for them. I refused, and they told me that they can force me to work for them. I laughed at them and told them they cannot force me to do anything, that's when the gang stalking started and the slandering online started and they would go around to the places I would go like Whole Foods and tell the people there I'm a child molester. Moving out of the USA was the best thing I ever decided to do in this life and I won't ever go back there again. People need to wake up to the fact that the USA Government are criminals, nothing more. And these criminals have put all financial markets like Oil, Gold, Silver, Wheat, Corn, Bitcoin, Indexes like DOW, NASDAQ, S&P, DAX, etc etc all under the control of a computer program and these instruments are not really "trading". The only thing I know of that really trades are individual stocks, but the stock Indexes do not trade. For revealing this information to the public I was gang stalked for over 3 years. I would like to speak this truth to people in an attempt to help wake people up, we cannot allow these people to do this to others and get away with it. Randy Quaid the actor has Jews trying to take everything he has away from him, and he had to move to Canada to get away from them. Bobby Fisher the famous chess champion also had the Jews trying to steal what he had and tried to have him put into prison, he also had to move out of the USA because of it. I had to do the same, and there are tens of thousands more people this type of thing is happening to. When are we going to fight back? Never? We're just going to allow these Jews to do this to us? Do you realize they call us cattle because we won't do anything to stop them? I had to run myself because nobody would help me, so I had to help myself, now I just sit and wonder if anybody is ever going to put a stop to this nonsense that's taking place? Thanks Jeff for doing your best and putting your life on the line to speak up for the truth......David. (Source) (Credit)

by Jeff Berwick a/k/a The Dollar Vigilante

Youtube: Take The Red Pill
JOE LISTEN UP I KNOW THIS GUY IS 100% GENUINE CLASS ACT. Here is why: he CORRECTLY answered the most important question anyone could have EVER asked. The question about TAXES! Unless you are involved in EXCISE ACTIVITY all IRS Title 26 USC taxes including INCOME, CAPITAL GAINS, OBAMACARE, STATE, & SOCIAL SECURITY are as he said with conviction, knowledge and confidence, are VOLUNTARY. I have known this for 25 years. If anyone reading this can get the indoctrination education out of their head and think for just one second about the fact that if you had to pay any portion of your labor, earnings, property to taxes WHAT DOES THAT MAKE YOU? A slave folks. An indentured servant! SLAVERY is illegal in the United States REPUBLIC. That is why our TAX SYSTEM is VOLUNTARY. If you’re ignorant enough to think you somehow have to pay an unapportioned direct tax on your labor then you have been duped. IF ANYONE reading this has ANY Doubts and finally wants to learn the truth see: http://losthorizons.com

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