New crypto tax regulations are about to come out, and one of the possibilities is that Americans holding 10,000$ or more in a foreign account would have to report it. So, I’m guessing that would include the ETN online wallet, right? probably too soon to ask this question…unless we have a tax expert around here…
let me guess, you have 2.4m etn in your online wallet:) do you think it’s safe there?
Not quite that much, lol. Do you think it’s possible for ETN to reach 1.00$?
of course, the question is when. my guess is that it happens in 2-3 days after gig.guru opens.
My advice would be to declare everything from the very first beginning.
Imagine you hold 1.2M ETN coins since 2017. Now they don’t worth a lot but if tomorrow ETN jumps to 0.5$ (I know, let’s dream :P) you will hodl 600k$ of fortune. Administration will ask where this money comes from and how long did you have it ? If you answer 2 years they will ask you why you didn’t declare them before and you could be fined. Not even talking about justifications, etc.
I declared everything from the very beginning and my tax administration knows that I hodl that amount of ETN and they won’t be surprised the day ETN will reach 1$. Yes, will.
Especially if you want to spend your coins on a real estate, buying a car or something that is “visible” from the outside. After, if you want to spend your money on Amazon at 100$ a week, nobody will se it. I guess
Precisely what I did with all my crypto. Whether we like it or not, the Gov’t will take their share whether we like it or not.
You have two options.
Declare and pay your taxes
Hide behind the principles of crypto, not declare and pay A WHOLE lot more later to stay out of prison.
The only time the Gov’t won’t care if you don’t declare is if crypto goes to zero and they don’t have to pay you for your losses.
Bottom line, just pay your taxes and go on with life not having to look over your shoulder. Besides death, the only certainty in life is paying the taxman.
Are you in the states?
I am, yes…and I pray they change these unrealistic laws with taxing every trade. I had to send a book of all the trades I made last year. It was insane. The good news is I have a hefty deduction for many years to come thanks to the bear market…
Do you know of anyone , like a lawyer or accounting office here in the states that can help with this stuff?
I use bitcoin.tax
Easy import options and it tracks it all for you and tells you how to file. They are integrated with turbo tax too.
Thanks for the info
Hello guys, in my country you pay tax when you sell your investment, if you have earn money. 30 procent, as long as the coin stay as an investment i dont have to do anything. Might be wourth 0 in the future so why bother.
That is how it was in the US in 2017 and prior. Starting in 2018, the IRS decided to change the law to tax every trade, even if it was crypto to crypto. You have to keep track of the USD value for those trades at the time of trade and figure out your capital gain or loss based on the USD value when you got the original crypto. It is completely dumb and not feasible for obvious reason.
is there a way to go back and get the fiat values? I suppose I could use the charts on CMC but I don’t know if that would be 100% accurate…
And welcome to the PITA part of the process and why the current laws are not feasible, because the “fiat value” is different on every exchange. If you are using bitcoin.tax, it determines all that for you based the time of your trade. Otherwise, you have to use your best guess. I would just use CMC as the baseline.
yeah I’ll just use bitcoin.tax lol. thanks again
Where are you from mate?
Im from sweden, here we got one of the highest taxes in the world, we are used to pay 30 procent tax on everything and not complaying. I use coinbase, and i Will note all my deposit vs withdrawal in the future to calculate. Swedish tax agency wants 30 procent of the profits as an investment. Im not trade, Only buying and Will sell in Only one point of time.