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Thread: New Tax Law Closes Bitcoin Loophole

  1. #1

    Default New Tax Law Closes Bitcoin Loophole

    In sort, best I can tell, trading bitcoin to other (ETH,XRP,ETC) is now a taxable event, not just FRN's

    The tax act in Sec. 13303 amends IRC Section 1031 (a)(1) to delete “property” and replace it with “real property” …
    DYODD and the the right stuff (gonna make trading a real pain IMO)

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

    https://www.youtube.com/watch?v=gMwwtjE0JzQ

    https://www.youtube.com/watch?v=q5VCq3pX3ys
    Disclaimer: DYODD (Do your own due diligence). Any information in these posts are my own personal opinions and not investment advice

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  2. #2

    Default

    It doesn't matter anymore than a law against selling and smoking pot makes people stop selling and smoking pot.
    Now there's no more oak oppression
    They passed a noble law
    Now the trees are all kept equal
    By hatchet, axe and saw.

    I will not comply.

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  3. #3

    Default

    Quote Originally Posted by t00nces2 View Post
    It doesn't matter anymore than a law against selling and smoking pot makes people stop selling and smoking pot.
    Agree, it won't stop anything, it is just going to make accounting a real pain in the arse for traders.

    And unlike pot, which is a criminal offense, it would fall under IRS jurisdiction where one is not innocent until proven guilty IIRC.
    Disclaimer: DYODD (Do your own due diligence). Any information in these posts are my own personal opinions and not investment advice

    ------------------------------------------------------------------------------

    There's always an Arquillian Battle Cruiser, or a Corillian Death Ray, or an intergalactic plague that is about to wipe out all life on this miserable little planet, and the only way these people can get on with their happy lives is that they DO NOT KNOW ABOUT IT! - "K"

  4. #4
    Join Date
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    Default

    Thanks for the info Ice.

    I would not have treated crypto-for-crypto exchange as a like kind exchange even before this as it seemed like it would be standing on shaky ground. Probably lots of people were looking to rely on it though. Definitely going to make bookkeeping and taxes more complicated. I doubt there is 1 exchange in 50 that has anything in place to be able to produce a 1099-B so one would have to sort it out on their own. I don't know how accurate the info was but after researching it a TurboTax 'tax person" got back to me and said that transactions (trades) could not be aggregated and entered on a single line in Schedule D but had to be entered 1 transaction per line.

  5. #5

    Default

    That pretty much kills it as having any convenience
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  6. #6
    Join Date
    Apr 2009
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    12,306

    Default

    Not, imo, for most except active traders.

  7. #7

    Default

    some of the negativity about it reminds me of comments from people i have heard begrudging the fact that they made too much money and now had to pay taxes. really? rediculous, eh? i would love to be in such a situation whereby i owe a lot in taxes.

  8. #8

    Default

    "Bitcoin loophole" eh? It's a direct tax on private property, that a conquered nation pays to a private cartel.

  9. #9

    Default

    Quote Originally Posted by t00nces2 View Post
    It doesn't matter anymore than a law against selling and smoking pot makes people stop selling and smoking pot.
    Worked pretty well for the weasels, gaining control of commerce and power for most of a century.

    It's not like that part has ended.

  10. #10

    Default

    Most people that have had jobs on a payroll most of their lives actually believe that most people don't pay income taxes or have a bunch of dependents so they too don't pay income taxes. However fact is all USA citizens who work on a payroll pay at least 10% in just FICA (income tax) even those that get a fat tax return. Because their employers match doesn't get returned usally. The working poor pays the most for their means.

    Often I hear the talking heads and many armchair economist cry out for a stupid flat tax of at least 10% so everyone has skin in the game, etc.... We are allready taxed 10% plus, plus, plus.....everyone who is on a payroll allready pays!

    The only people who don't pay is people allready on the safety nets and or out of the work force. What are we supposed to do, give these people on the safety nets a additional 10%+ so they can pay their income taxes ?

    Bottom line, the Fair tax sounds good and or just get the Feds out of all safety nets, end all FICA (income tax stealing), systems amd let the cards fall.
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