Crypto and Bitcoin Taxes in the US: 2020 Edition Coinbase

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Bitcoin mentioned around Reddit: Taxes on Short Term Capital Gains, is day trading even worth it?! /r/investing

Bitcoin mentioned around Reddit: Taxes on Short Term Capital Gains, is day trading even worth it?! /investing submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

So... taxes. Do Coinbase or other exchanges send out any kind of forms? Are they reporting what we bought/sold to the IRS? How do I file my taxes this year after 365 days of trading Bitcoin?

halp
submitted by KingJulien to Bitcoin [link] [comments]

Taxes and day trading. Is each individual transaction taxable? (USA) /r/Bitcoin

Taxes and day trading. Is each individual transaction taxable? (USA) /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Crypto Regulation News: US Congress schedules Sept 24 hearing with SEC, Germany plans to block private stablecoins, France will not tax crypto-to-crypto transactions, Bakkt exchange’s Bitcoin futures see slow start on first day of trading

Crypto Regulation News: US Congress schedules Sept 24 hearing with SEC, Germany plans to block private stablecoins, France will not tax crypto-to-crypto transactions, Bakkt exchange’s Bitcoin futures see slow start on first day of trading submitted by sasha_sh to Paradigm_fund [link] [comments]

Crypto Regulation News: US Congress schedules Sept 24 hearing with SEC, Germany plans to block private stablecoins, France will not tax crypto-to-crypto transactions, Bakkt exchange’s Bitcoin futures see slow start on first day of trading

submitted by cryptoallbot to cryptoall [link] [comments]

Taxes on day trading? /r/Bitcoin

Taxes on day trading? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Crypto Regulation News: US Congress schedules Sept 24 hearing with SEC, Germany plans to block private stablecoins, France will not tax crypto-to-crypto transactions, Bakkt exchange’s Bitcoin futures see slow start on first day of trading

Crypto Regulation News: US Congress schedules Sept 24 hearing with SEC, Germany plans to block private stablecoins, France will not tax crypto-to-crypto transactions, Bakkt exchange’s Bitcoin futures see slow start on first day of trading submitted by sasha_sh to Crypto_Currency_News [link] [comments]

Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

Can you day trade bitcoin or crypto under a corporation to get tax cuts?

If I'm in the 38% tax bracket for short term gains, is it better if I open a company and trade under compny to enjoy Trump's tax cuts?
submitted by mrelieb to Bitcoin [link] [comments]

Bitcoin Daily: Tax Day Rebound Continues For Bitcoin, Goldman Sachs Mulls Bitcoin Trading

Bitcoin Daily: Tax Day Rebound Continues For Bitcoin, Goldman Sachs Mulls Bitcoin Trading submitted by leftok to atbitcoin [link] [comments]

03-04 01:23 - 'The new Trump Coin to Coin tax is real confusing. Is this a government plot to try to kill the market? Anyone have data with the math to prove day trading is still profitable?' (71republic.com) by /u/DrRavenBlack removed from /r/Bitcoin within 427-437min

The new Trump Coin to Coin tax is real confusing. Is this a government plot to try to kill the market? Anyone have data with the math to prove day trading is still profitable?
Go1dfish undelete link
unreddit undelete link
Author: DrRavenBlack
submitted by removalbot to removalbot [link] [comments]

Am I being taxed on the value of my portfolio on the last day of 2017? (for crypto-crypto trading) /r/Bitcoin

Am I being taxed on the value of my portfolio on the last day of 2017? (for crypto-crypto trading) /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

[uncensored-r/Bitcoin] Am I being taxed on the value of my portfolio on the last day of 2017? (for crypto-crypto trading)

The following post by super-Rude is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/81igg3
The original post's content was as follows:
Hello everyone,
(Pertaining to USA taxes)
So I am under the impression that crypto-crypto trading is a taxable event. I have a question though. So- I did a lot of trading between BTC and alts when the price of BTC was 15K+ ... as a result I am being taxed on MASSIVE GAINS between BTC and alts, even when I did not sell to USD. AND NOW my entire portfolio is down ~40%.
Does the taxable gain amount cutoff on Dec 31st 2017? ie- is the value of my portfolio on the last day of 2017 the amount I get taxed on for crypto-crypto trading? It seems very unfair as, yes I did make gains of about 15K USD (I DID NOT EVEN SELL TO USD) and now my portfolio is down almost 50% from where it was on Dec 31st 2017.
So my question is- how is crypto-crypto trading considered "realizing gains" when I have since lost 50% of those gains and am being taxed on the gains as they were on Dec 31st 2017. Its fucking bullshit
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Can you day trade bitcoin or crypto under a corporation to get tax cuts? /r/Bitcoin

Can you day trade bitcoin or crypto under a corporation to get tax cuts? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Looking to get into day trading BTC, but worried about new tax laws /r/Bitcoin

Looking to get into day trading BTC, but worried about new tax laws /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Day trading tax question /r/Bitcoin

Day trading tax question /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

12-13 13:52 - 'With all of his day trading and back and forth between btc and fiat, it is safe to assume that people have a big tax liability due in 4 months and will have to sell btc to cover it.' (self.Bitcoin) by /u/broscientologist removed from /r/Bitcoin within 5-15min

'''
I imagine a huge market for crypto accountants propping up soon. Then a huge boom of them a year from now.
Do you think there will be a little dip in three months when people realize that they have no other way to pay the taxes?
'''
With all of his day trading and back and forth between btc and fiat, it is safe to assume that people have a big tax liability due in 4 months and will have to sell btc to cover it.
Go1dfish undelete link
unreddit undelete link
Author: broscientologist
submitted by removalbot to removalbot [link] [comments]

With all of his day trading and back and forth between btc and fiat, it is safe to assume that people have a big tax liability due in 4 months and will have to sell btc to cover it. /r/Bitcoin

With all of his day trading and back and forth between btc and fiat, it is safe to assume that people have a big tax liability due in 4 months and will have to sell btc to cover it. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

12-03 11:22 - 'I'm hearing about tax these days. And all that is very funny for me. I don't want anyone tracking me or tax me. All money from trading is mine. I trade anonymously. My funds are protected from hackers. I ha...' (altcoin.io) by /u/btctraderforlife removed from /r/Bitcoin within 5-15min

I'm hearing about tax these days. And all that is very funny for me. I don't want anyone tracking me or tax me. All money from trading is mine. I trade anonymously. My funds are protected from hackers. I have control of main coins. I trade diverse coins. Without hacks or server downtime.
Go1dfish undelete link
unreddit undelete link
Author: btctraderforlife
submitted by removalbot to removalbot [link] [comments]

If i day trade Bitcoins or altcoins(other cryptocurrencies) but never realize my profits(buy merchandise with them), will i have to pay taxes still?

Will i be subject to a barter tax?
submitted by Bitcoin_Tax_Inquirer to tax [link] [comments]

Resources for Canadians

I'm using Linux for the most part and Electrum Bitcoin wallet and I'm wondering if there are any resources out there for Canadians buying bitcoins?
Like one problem I have is that all the exchanges have different prices for bitcoin, and the exchanges listed in Electrum are not the exchanges I'm using (bitbuy, shakepay, newton) so the prices are out of wack. How do I reconcile this?
When I go to a retailer and I buy in bitcoin where are they pulling this amount of bitcoin from? It is based on the exchange rate of the local currency but how it is usually not mentioned?
Another problem is by the time the seller gives you the price and you log into your bank, send an e-transfer to the exchange, and then buy the coin, the price has changed. I take it in this scenario it is better to already have the coin in hand, but if your just buying the coin for the transaction is there any way to mitigate this?
Thanks.
submitted by deepsixaccount to BitcoinCA [link] [comments]

[Serious] How to deal with Crypto Tax 2020?

First of all, please upvote for visibility + more opinions - this concerns all of us. Also, if you're stupid enough to think you'll get away with avoiding tax's despite KYC'ing to Coinbase & Binance don't bother commenting. News flash! you're gonna end up paying that tax in the long run + huge fines eating into your gains (or even putting you into debt).

Anyways... I started investing in 2017. As a noob I did what most people did, chased multiple shitcoins, bought and sold various different pumps getting wrecked along the way. Then towards the end of the year, my portfolio increased significantly... but I DIDN'T sell - so I didn't "crystalise" any gainz. (I sold a couple hundred here and there during hard financial times, but I'm guessing nothing close to the free capital gains allowance).
Fast forward just over 2 years, since then I've been buying BTC/ETH/XMR on a consistent basis. It's getting to the point where if I were to sell enough of my stack, I'd owe tax as it'd be over the "allowed" CGT threshold.
That leads me to my question... how the fuck are you supposed to calculate capital gains tax when it comes to crypto? For the past 3 years I've traded in and out of alt-coins on multiple exchanges (some of which don't even exist anymore). It would be easy if it was just FIAT IN vs FIAT OUT, but the fact that CRYPTO to CRYPTO is considered taxable just makes it a nightmare! On top of that I did some freelance work (paid in BTC) which adds to the complexity.
Take another example of what confuses me: Say I bought 1BTC on Coinbase in 2017, then 1BTC on Kraken in 2018, then 0.5BTC on Coinbase again in 2019, and hold them all in the same wallet. Then if I were to sell 0.5BTC in 2020, what Bitcoin was actually sold? Half of the 1 BTC bought in 2017? Is it FIFO?
I genuinely don't know where to start and need help. I don't want to be in a shitty situation (for example some massive 2017-esque bull run happens just before the end of the tax year and I decide to cash out and have 3 days to sort shit out). I want to be prepared.

I've come across services such as https://www.cointracker.io/ /https://bitcoin.tax/ etc but feel really hesitant to give quasi-unknown companies full read access to my wallet addresses, portfolio amount, personal email address etc. Privacy is key in the crypto space and I don't want another attack vector especially after seeing much more established companies such as Ledger fucking up (idiots) and losing my personal data.
What do I do? I've even thought of selling EVERYTHING to FIAT and immediately buying it all back and taking whatever fine comes my way on the chin just so I can clearly track crypto transactions and not have to stress about it.
If anyone has experience with crypto tax's please share any information that may be valuable to me/all the many others that are in the same situation as me.

TL;DR: Bought loads of Bitcoin and Shitcoins throughout the past 3 years, finally starting to total up to an amount that'd be taxable if I sold a chunk - dafuq do I do regarding Taxes?
submitted by finbar93 to Bitcoin [link] [comments]

Simple 5-Minute Bitcoin Trading Strategy - YouTube DAY TRADING BITCOIN LIVE! 100X MARGIN WEW! - YouTube Bitcoin Trading  Cryptocurrency And Tax Rules  CNBC Awaaz New IRS 2018 Tax Code Screws Crypto Traders! How Bitcoin is Taxed in the US

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Simple 5-Minute Bitcoin Trading Strategy - YouTube

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