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  • Locked thread
Weatherman
Jul 30, 2003

SCREECH


DONT POST BRAZIL.TXT YOU IDIOTS

MLR status: still a ghost
bitcoin status: still a bad idea
happening status: SOMEWHAT haPPENING

Weatherman fucked around with this message at Nov 20, 2018 around 12:24

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Fuzzy Mammal
Aug 15, 2001



Lipstick Apathy

brazil.txt

don't tell me what to do!

Foo Diddley
Oct 29, 2011

Do you party?


bitcoin is going to the moon

one place it isn't going, tho, is brazil. don't even mention it; might get the whole thread gassed instead of, say, having one post removed

divabot status: still selling a dope book

zaurg status: gently caress that guy

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

don't let brazil overshadow the extremely important developments

AlbieQuirky
Oct 9, 2012



College Slice

just when i was complaining about the zaurg thread, too.

EIDE Van Hagar
Dec 8, 2000

MVP
Most Valuable Poster Awarded 2002, 2005, 2007


Cybernetic Crumb

i enjoyed the zaurg thread

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

i liked the thread for all the wonderful wonderful gifs but after a while it became clear that zaug was probably faking it


QuarkJets
Sep 8, 2008

Fuck your duck dynasty

made sure to "mark" karpeles this thread

Ursine Catastrophe
Nov 9, 2009



Rocket jumping?
That sounds dangerous...





Dinosaur Gum

QuarkJets posted:

made sure to "mark" karpeles this thread

Bulgakov
Mar 8, 2009


рукописи не горят


except for being able to drop $6552, bitscon can only go uP

divabot
Jun 17, 2015

Assisted Living Dracula of Wikipedia

DO NOT BELIEVE THIS MAN'S LIE!
Statist shill spreading FUD!

HODL!!


at least we're GOLD so far

also, i was wrong, Bitcoin is actually exactly like the Internet in 1993

...!
Oct 5, 2003

Let's go trophy hunting!

whats the internet

...!
Oct 5, 2003

Let's go trophy hunting!

also,




buttcoin

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

...! posted:

whats the internet

i think its an interconnected network of things

Ciaphas
Nov 20, 2005

> BEWARE, COWARD



Pillbug

divabot posted:

at least we're GOLD so far

also, i was wrong, Bitcoin is actually exactly like the Internet in 1993

read this then realized i've never looked in on the worthless wikipedia thread

Weatherman
Jul 30, 2003

SCREECH


...! posted:

also,




buttcoin

holy poo poo

AnoHito
May 8, 2014

~DarK MagiC~



...! posted:

also,




buttcoin

Ursine Catastrophe
Nov 9, 2009



Rocket jumping?
That sounds dangerous...





Dinosaur Gum

...! posted:

also,




buttcoin

NoneMoreNegative
Jul 20, 2000
GOTH FASCISTIC
PAIN
MASTER




shit wizard dad

https://www.theatlantic.com/photo/2...-primer/557339/

please enjoy these bitcoins

jesus WEP
Oct 17, 2004

OM NOM NOM NOM NOM

Fun Shoe

in on the ground floor of the buttcoin thread, gonna be a buttcoin thread millionaire

Doccykins
Feb 21, 2006


forked again

Hammerite
Mar 9, 2007

And you don't remember what I said here, either, but it was pompous and stupid.


Jade Ear Joe

QuarkJets posted:

made sure to "mark" karpeles this thread

There is nothing wrong with "mark'

am i doing it right

Wheany
Mar 17, 2006

Spinyahahahahahahahahahahahaha!


Doctor Rope

i'm releasing a new buttcoin, the Initial Crap Offering is soon, meanwhile you can read the shitepaper.

Buttcoin purse
Apr 24, 2014

THIS DUDE HERE IS A REAL CLOWN


St Evan Echoes posted:

in on the ground floor of the buttcoin thread, gonna be a buttcoin thread millionaire

Much like the Internet, I'm not so sure about this thread. It has yet to prove that it has any practical use cases. In fact I think it might make you stupid.

jesus WEP
Oct 17, 2004

OM NOM NOM NOM NOM

Fun Shoe

Buttcoin purse posted:

Much like the Internet, I'm not so sure about this thread. It has yet to prove that it has any practical use cases. In fact I think it might make you stupid.



its going to the moon my friend

pgroce
Oct 24, 2002


im posting the dip

Alpha Mayo
Jan 15, 2007

VANQUISH THE GLOBALISTS


whenever I see shitcoin I think RIP Jim Lahey

...!
Oct 5, 2003

Let's go trophy hunting!

pgroce posted:

im posting the dip

youre the dip posting XD

Magrov
Mar 27, 2010

I'm completely lost and have no idea what's going on. I'll be at my bunker.

If you need any diplomatic or mineral stuff just call me. If you plan to nuke India please give me a 5 minute warning to close the windows!


Also Iapetus sucks!


quote:

Tax Trouble For Certain Bitcoin Traders
William Baldwin

The IRS wants a share of the billions made last year. This is going to get ugly.

What do you do, come April 17, if you made a ton of money trading crypto last year and have since lost most of it? Panic, probably.

A lot of last year’s winners are in deep porridge now. They owe tax on 2017 profits. They’re losing money now, so it’s not easy to come up with the cash to pay off the IRS. As for using today’s losses to offset last year’s gains, these tax naïfs are discovering, too late, that capital loss carryovers run forward but not backward.

Suppose speculator Bob turned $200,000 into $1 million in last year’s feverish market, trading all the way—in and out of Bitcoin and Ethereum and Ripple and back in again. Now Bob has $800,000 in short-term capital gain to report on Schedule D. The state and federal tax bill is going to be upwards of $300,000.

The 2018 crash has shrunk Bob’s account value, let us suppose, to $300,000. If Bob sells out to pay the tax, he will have a $700,000 capital loss to claim. But he can claim the loss only against future capital gains, not past ones.

Small consolation: Bob can use the $700,000 against up to $3,000 a year of ordinary income. If he throws in the towel on cryptocurrencies and goes back to his day job delivering pizzas, it will take him 234 years to catch even.

Tyson Cross, an attorney in Reno, Nevada (and a Forbes.com contributor) who has built up a specialty in crypto taxation, has been hearing many a sad tale recently. “Some alt coins are down to a tenth or less of their peak value,” he says. “The taxpayers are distraught. They don’t have any way to pay [the tax bill]. There’s only so much we can do.”

Quite apart from the dollars owed, dealing with the paperwork can be quite a burden. Some investors have bots placing trades all day long, and a single buy or sell might be executed at an exchange via multiple transactions of fractional coins. Cross is working on one tax return with 1.4 million trades.

Evidently a lot of speculators are new to Schedule D. “They are shocked to find out that, even though they never took funds out in [dollars], they have crypto gains to report,” says Jon Lerner, the chief technology officer of CoinTracker.io, a portfolio and tax manager for cryptocurrency investors.

If they use an algorithm to place the orders, investors may even be unaware of how much they are trading. One CoinTracker client signed up for the firm’s low-budget service that allows a maximum of 100 transactions. He provided links to his exchange accounts, and then got a surprise. Turns out he has 200,000 entries to put on his 1040.

How are these currency newbies coping? There are several strategies.

Play the like-kind lottery. Section 1031 of the tax code permits a deferral of tax when one investment property is swapped for another of a similar sort. It works when you exchange one plot of land for another. What about Bitcoin for Ethereum?

For 2018 and later tax years, the law is clear: No tax-deferred exchanges on anything but real estate. For 2017, the law is murky. If the like-kind deferral proves to be valid for digital coins, and if our hypothetical Bob traded in a way to make his trades into exchanges rather than sales, he would have no $800,000 gain for 2017. Instead, he would report a sale in 2018, assuming he closes out today’s positions. If the market doesn’t move further, he’d owe tax on only $100,000 ($300,000 current value less $200,000 starting point).

It’s possible that when the IRS and then the Tax Court get around to ruling on the matter, they will decree that one digital coin is not like another. You will have long since filed your 2017 tax return. What do you say on it?

If you want to claim salvation from Section 1031, there’s a proper way. Make a full disclosure on the return. Attach Form 8824, Like-Kind Exchanges; this form can in turn reference a PDF tabulation containing thousands of entries. Also attach Form 8275, Disclosure Statement, which alerts the IRS that you are taking a position it might not like. The disclosure increases your likelihood of being audited but decreases your likelihood of owing a penalty for understatement of a tax liability.

Now what? Tax lawyer Cross says some taxpayers are hoping the IRS won’t invest much effort in contesting the Section 1031 treatment of coins, since a win in Tax Court would be relevant only to 2017 and earlier tax years. Those hopes are likely to be dashed. There’s a lot of tax money at stake, probably running to billions of dollars just for 2017.

To further hedge against an adverse outcome you might want to take one other step. If you are sitting on a pile of old-fashioned currency, send some in to the IRS as a deposit. If you prevail down the road you’ll get the money back, and if you don’t you won’t owe interest. (More on deposits here.)

Note that Section 1031 is of no help to someone who sells one kind of coin for cash and then uses the cash to buy a second kind of coin.

Play the coin lottery. Some taxpayers, Cross predicts, will file a correct tax return but omit a check to the IRS. They’re hoping to sell their coins after a rebound. Of course, if the market stays weak—Bitcoin is now struggling to stay above $7,000—they will be in worse shape.

If you file an honest return but don’t pay, you owe principal plus interest plus a late payment penalty of 0.5% per month.

Play the audit lottery. Both Cross and Lerner sense that a great many new players in crypto are planning to simply make no mention of trading gains on their returns. This is a poor choice. The IRS is gathering records from Coinbase, the leading U.S. exchange for crypto. If you get nailed, you’re on the hook for back taxes, interest and some nasty penalties.

What if your trading is on Binance, the offshore site? If your account is worth at least $10,000, you are obliged to tell the government about it in an FBAR filing. You were planning to omit that form, too? Then understatement penalties may be the least of your worries. Prepare for a visit to the penitentiary.

obstipator
Nov 8, 2009
Probation
Can't post for 28 days!


ground floor :epic:

jesus WEP
Oct 17, 2004

OM NOM NOM NOM NOM

Fun Shoe

lolled irl at so much of this

Poopernickel
Oct 28, 2005

Eat me a lot of bread


Fun Shoe

Did anybody post this yet:

https://youtu.be/Z4gZGHP1y8U

Alpha Mayo
Jan 15, 2007

VANQUISH THE GLOBALISTS


i am heavily invested in AUDITCOIN, which through internet pog magic goes up value each time a future redditer asks /r/personalfinance for advice on being audited by the IRS for bitcoins

Shaggar
Apr 26, 2006



Nap Ghost

hey garph, can you punt this thread to gbs where it belongs? tia

Weatherman
Jul 30, 2003

SCREECH


Shaggar posted:

hey garph, can you punt this thread to gbs where it belongs? tia

obstipator
Nov 8, 2009
Probation
Can't post for 28 days!


Shaggar posted:

hey garph, can you punt this thread to gbs where it belongs? tia

Jonny Nox
Apr 25, 2008


Shaggar posted:

hey garph, can you punt this thread to gbs where it belongs? tia

I have grown accustomed to; and now need, this thread to be green.

Edit: divabot, semicolons are just commas but moreso; right?

EorayMel
May 29, 2015

You got the fluffy kitty kitty!

I think bitcoin is not good.

Celexi
Nov 25, 2006

tehehe


weird apparently you have to pay taxes?? I thought that was just for dumb people employed by others

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akadajet
Sep 14, 2003



Toilet Rascal

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

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