Trump says that the US will be the bitcoin capital of the world. Elon to head DOGE. Department of Government Efficiency.
Bitcoin all time high and more to come.
- Thread starter raiders72001
- Start date
ZzyzxRoad
EOG Dedicated
One day, if you keep looking, I'm sure you'll find someone who cares what your opinion is.
It hasn't happened yet, but keep trying.
Bushay
NHL Expert
Well, obviously you did, or you wouldn't keep replying to all my posts as you do. Makes it even better when you learn something like that.
DOGE +45% last 24 hours.
bitcoin real close to silver ...
gold 17.534 trillion ---#1
sliver 1.721 trillion---- #8
bitcoin 1.713 trillion---#9
bitcoin sitting at #9 with market cap
I am expecting bitcoin will get deregulated from trump and will leap over many companies in the top 6
draining all gold ETF's
Blackrock ibit just topped blackrock ETF ...Gold -IAU
next statestreet GLD
gold 17.534 trillion ---#1
sliver 1.721 trillion---- #8
bitcoin 1.713 trillion---#9
bitcoin sitting at #9 with market cap
I am expecting bitcoin will get deregulated from trump and will leap over many companies in the top 6
draining all gold ETF's
Blackrock ibit just topped blackrock ETF ...Gold -IAU
next statestreet GLD
CFTC will regulate BTC. Trump to buy up 5% of all BTC.
US Bitcoin reserve asset bill could pass in Donald Trump's first 100 days - Senator Cynthia Lummis
Lummis' Bitcoin Act calls for secure vaults overseen by the Treasury, advocating for robust protection of digital assets.
cryptoslate.com
CFTC will regulate BTC. Trump to buy up 5% of all BTC.
US Bitcoin reserve asset bill could pass in Donald Trump's first 100 days - Senator Cynthia Lummis
Lummis' Bitcoin Act calls for secure vaults overseen by the Treasury, advocating for robust protection of digital assets.
in your opinion...what happens to gold?
I leave those opinions to others. Crypto and real estate are all that I invest in. Don't know much about gold or stocks.
Patrick McIrish
OCCams raZOR
I'm far from an expert Mr Top but I don't think it's going to hurt gold at all.
jimmythegreek
The opening odds start here
Did never ever ever again ever re-buy?
Thanks bishqqq
My first bitcoin transactions.
the only way that could happen is if there is a market crash.. and/or china surrounds taiwan.. bitcoin is tech
it is not an inflation hedge
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Bitcoin Is Surging, and the IRS Is Watching Closer Than Ever
Crypto enthusiasts face strict rules when deciding what to do with their holdings; ‘The reporting regime is coming’
Key Points
Cryptocurrency holders are cashing in on a surge in bitcoin prices, but the IRS is stepping up oversight, and any taxes owed will need to be paid.
For tax purposes, the IRS considers crypto as property, meaning that the rules for gains or losses work much like they do for stocks.
For the 2025 tax year, brokers will have to report sale proceeds to the IRS for crypto held in a taxable account.
Cryptocurrency holders are cashing in on a surge in bitcoin prices. Don’t think the Internal Revenue Service isn’t paying attention.
Some bitcoin owners are making gifts to friends and family or donating coins to charity. Others are simply selling parts or all of their holdings, where the returns can be huge. One bitcoin bought in 2022 at $16,000 and sold at its peak on Monday would mean a gain of more than $80,000.
In all of these cases, a warning is needed. The IRS is stepping up oversight, and any taxes owed will need to be paid. Tax audits and criminal cases are happening more often, and new rules starting next year mean the IRS will know even more about your crypto stash.
“The thing to do now is to clean up your digital books and records. The reporting regime is coming,” said Mark Howe, a tax lawyer who specializes in financial products at Cadwalader, Wickersham & Taft in Washington, D.C.
Yes, crypto sales are taxable
Bitcoin topped $98,000 on Monday. It has risen from about $70,000 on Election Day as President-elect Donald Trump has called for stripping back regulations on the crypto industry and building a national reserve of bitcoin.
For tax purposes, the IRS considers crypto as property. This means that the rules for gains or losses work much like they do for stocks.
If crypto is held in a taxable account, then net profits from a sale are typically taxed as long-or short-term capital gains. If you use crypto to buy something, a new Tesla or a $6.2 million banana and duct tape art piece, then the transaction typically generates a taxable event that the buyer has to report to the IRS.
There is also a benefit to this type of tax treatment. If bitcoin and other cryptocurrencies plunge, like they did in 2022, taxpayers can look for opportunities to harvest losses.
IRS enforcement is real
Since 2019, the IRS has required all taxpayers to check a box on their tax return to say yes or no whether they received or disposed of a digital asset. Howe, the tax lawyer, says sophisticated cryptocurrency investors are particularly at risk of difficult audits.
In extreme cases, the Justice Department is also cracking down on crypto tax fraud, even when it isn’t related to another crime such as money laundering.
An early crypto investor from Austin, Texas, Frank Richard Ahlgren III, pleaded guilty in September to filing tax returns between 2017 and 2019 that falsely reported his crypto gains. He underreported his capital gain on a $3.7 million sale in 2017, and he failed to report bitcoin sales on later tax returns, according to the Justice Department.
Still, there are many gray areas in crypto taxation around lending, and forks—akin to a stock split. Some taxpayers have treated these differently and could face challenges from the government. It is possible the industry and taxpayers could get some answers with new legislation under the incoming Trump administration and Republican-led Congress.
New rules next year
For the 2025 tax year, brokers will have to report sale proceeds to the IRS for crypto held in a taxable account. The first of new forms, Form 1099-DA, will go out to individual taxpayers and the IRS in early 2026.
A year later, brokers will have to show both the sale price and cost basis, what you originally paid, on the forms.
Giving to friends or charity
Tax rules allow individuals to be very generous. For 2024, you can give crypto of up to $18,000 to any individual tax-free using what’s called the annual gift tax exclusion. If you give more than $18,000, you’ll have to file a gift tax form with the IRS, but still there is no tax owed, except for anyone who has maxed out the lifetime estate and gift tax exemption of $13.61 million.
There is also an incentive to make charitable donations of crypto when the market is ripping higher, said Shehan Chandrasekera, a CPA and head of tax strategy at CoinTracker, a crypto tax software company. In general, the giver gets a tax deduction for the fair-market value of the donated cryptocurrency, and the charity gets the full value of the contribution.
Giving through a donor-advised fund is gaining in popularity as it can allow the donor to make one big gift of crypto to the fund and then recommend grants to several charities later, said Randy Fox, an estate planner in Glenview, Ill.
Fidelity Charitable, a public charity that helps donors make charitable contributions, said cryptocurrency contributions reached more than $300 million in the first four months of 2024, nearly the same amount contributed in all of 2021. By late November, crypto donations had reached nearly $700 million.
Fox is helping three families who formed a limited liability company to hold their bitcoin, now worth $1.5 billion, with a complex crypto gift into a pooled income fund. They won’t have to pay capital-gains tax on the appreciation, and they will get lifetime income from the fund. The assets will remain with the charity, he said.
Crypto enthusiasts face strict rules when deciding what to do with their holdings; ‘The reporting regime is coming’
Key Points
Cryptocurrency holders are cashing in on a surge in bitcoin prices, but the IRS is stepping up oversight, and any taxes owed will need to be paid.
For tax purposes, the IRS considers crypto as property, meaning that the rules for gains or losses work much like they do for stocks.
For the 2025 tax year, brokers will have to report sale proceeds to the IRS for crypto held in a taxable account.
Cryptocurrency holders are cashing in on a surge in bitcoin prices. Don’t think the Internal Revenue Service isn’t paying attention.
Some bitcoin owners are making gifts to friends and family or donating coins to charity. Others are simply selling parts or all of their holdings, where the returns can be huge. One bitcoin bought in 2022 at $16,000 and sold at its peak on Monday would mean a gain of more than $80,000.
In all of these cases, a warning is needed. The IRS is stepping up oversight, and any taxes owed will need to be paid. Tax audits and criminal cases are happening more often, and new rules starting next year mean the IRS will know even more about your crypto stash.
“The thing to do now is to clean up your digital books and records. The reporting regime is coming,” said Mark Howe, a tax lawyer who specializes in financial products at Cadwalader, Wickersham & Taft in Washington, D.C.
Yes, crypto sales are taxable
Bitcoin topped $98,000 on Monday. It has risen from about $70,000 on Election Day as President-elect Donald Trump has called for stripping back regulations on the crypto industry and building a national reserve of bitcoin.
For tax purposes, the IRS considers crypto as property. This means that the rules for gains or losses work much like they do for stocks.
If crypto is held in a taxable account, then net profits from a sale are typically taxed as long-or short-term capital gains. If you use crypto to buy something, a new Tesla or a $6.2 million banana and duct tape art piece, then the transaction typically generates a taxable event that the buyer has to report to the IRS.
There is also a benefit to this type of tax treatment. If bitcoin and other cryptocurrencies plunge, like they did in 2022, taxpayers can look for opportunities to harvest losses.
IRS enforcement is real
Since 2019, the IRS has required all taxpayers to check a box on their tax return to say yes or no whether they received or disposed of a digital asset. Howe, the tax lawyer, says sophisticated cryptocurrency investors are particularly at risk of difficult audits.
In extreme cases, the Justice Department is also cracking down on crypto tax fraud, even when it isn’t related to another crime such as money laundering.
An early crypto investor from Austin, Texas, Frank Richard Ahlgren III, pleaded guilty in September to filing tax returns between 2017 and 2019 that falsely reported his crypto gains. He underreported his capital gain on a $3.7 million sale in 2017, and he failed to report bitcoin sales on later tax returns, according to the Justice Department.
Still, there are many gray areas in crypto taxation around lending, and forks—akin to a stock split. Some taxpayers have treated these differently and could face challenges from the government. It is possible the industry and taxpayers could get some answers with new legislation under the incoming Trump administration and Republican-led Congress.
New rules next year
For the 2025 tax year, brokers will have to report sale proceeds to the IRS for crypto held in a taxable account. The first of new forms, Form 1099-DA, will go out to individual taxpayers and the IRS in early 2026.
A year later, brokers will have to show both the sale price and cost basis, what you originally paid, on the forms.
Giving to friends or charity
Tax rules allow individuals to be very generous. For 2024, you can give crypto of up to $18,000 to any individual tax-free using what’s called the annual gift tax exclusion. If you give more than $18,000, you’ll have to file a gift tax form with the IRS, but still there is no tax owed, except for anyone who has maxed out the lifetime estate and gift tax exemption of $13.61 million.
There is also an incentive to make charitable donations of crypto when the market is ripping higher, said Shehan Chandrasekera, a CPA and head of tax strategy at CoinTracker, a crypto tax software company. In general, the giver gets a tax deduction for the fair-market value of the donated cryptocurrency, and the charity gets the full value of the contribution.
Giving through a donor-advised fund is gaining in popularity as it can allow the donor to make one big gift of crypto to the fund and then recommend grants to several charities later, said Randy Fox, an estate planner in Glenview, Ill.
Fidelity Charitable, a public charity that helps donors make charitable contributions, said cryptocurrency contributions reached more than $300 million in the first four months of 2024, nearly the same amount contributed in all of 2021. By late November, crypto donations had reached nearly $700 million.
Fox is helping three families who formed a limited liability company to hold their bitcoin, now worth $1.5 billion, with a complex crypto gift into a pooled income fund. They won’t have to pay capital-gains tax on the appreciation, and they will get lifetime income from the fund. The assets will remain with the charity, he said.
howid
EOG Dedicated
How about a hypothetical situation ... a dude claims he bought - I can't remember - either $100 worth @ .10 cents, or $1,000 @ $1.00. And hasn't touched since.
He was in rags with torn tennis shoes. What happens if he lost his info, any way he can claim his holdings?
He sounded like early dementia was coming on so not many follow up questions possible ...
He was in rags with torn tennis shoes. What happens if he lost his info, any way he can claim his holdings?
He sounded like early dementia was coming on so not many follow up questions possible ...