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Crypto Tax Help

Discussion in 'General Discussion' started by Helper Dash, May 13, 2018.

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  1. Helper Dash

    Helper Dash Member

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    Just About Everyone With Bitcoin Is Lying to the IRS
    4/15/2018

    https://gizmodo.com/just-about-everyone-with-bitcoin-is-lying-to-the-irs-1825275308

    [ I decided to post my tax discussion here:
    https://www.dash.org/forum/threads/help-for-dash-master-nodes-proposal-owners.37656/#post-186641 .... so check there.]

    But, I can discuss a few things from the article here.

    Like:
    Reddit users who think they owe tens of thousands of dollars...

    Why do you think that? Please give examples. (Prefer posts from Dash people....not inviting Bitcoin forums here.)


    I cannot see why IRS considers crypto property. So...I am researching, and we will know shortly. ;) ]

    -----------------
    "For those who spent the whole year trading on the cryptocurrency markets, that creates a lot of activity to report—especially for those who didn’t make much or ended up losing it all during the market’s downturn.

    Bitcoin traders have been less than pleased with the realization they have to pay taxes on any of their earnings. Some have learned that they racked up a tax bill considerably larger than their annual income. On Reddit, users have reported owing tens of thousands of dollars to the IRS for their transactions.

    Others have opted simply not to pay and dared the IRS to come find them, betting on the anonymity of the blockchain. This is, of course, a terrible idea, as bitcoin is not anonymous and the IRS has the tools to track people down."
     
  2. Helper Dash

    Helper Dash Member

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  3. qwizzie

    qwizzie Well-known Member

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    Whether you owe taxes on your blockchain activities and how you need to declare them depends on which country you live in.
    If you live in the USA i highly recommend people to check the site of Node40, they have blockchain accounting tools that can be very helpfull.

    Link : https://www.node40.com/

    I believe they also have tax policies in place on more countries then just the USA.
     
    #3 qwizzie, May 14, 2018
    Last edited: May 14, 2018
  4. Slippo

    Slippo New Member

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    yeah, that's not a good idea. What do the accountants say about it?
     

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