Yep, JP Morgan Chase. Crooked Banksters.
Sounds about right.
Yep, JP Morgan Chase. Crooked Banksters.
Hit 5k today. Got my first two at 22 each. Nice little investmwnt
Hit 5k today. Got my first two at 22 each. Nice little investmwnt
That's crazy! I learned of all of this from this thread a little while back, I think I could have happily jumped in early on had I known. Pretty awesome how it worked out for you though!
Score!
curious, is the IRS involved in capital gains here?
Score!
curious, is the IRS involved in capital gains here?
bitcoin is considered property and taxed as capitol gains and losses accordingly. If proof of when purchased and sold exists within your bitcoin wallet. Access to the wallet by IRS ect hard to prove as of this moment but we should see this increase in the future.
That said many would cash bitcoin out in another country transfired into say a friendly (Swiss or Caribbean countries) bank account then either used to pay out bills from that account or cashed out and brought into the country as cash (10k a trip I think) under the radar. Or cashing out in Mexico ect. These methods would be like what a company as Apple does to keep it's cash made in countries outside the USA from paying taxes in USA on that money.
In other words yes capital gains is taxed on bitcoin.
Yes holding of property is not cashing out. If you have say under armor stock that is in a downward spiraled trend you can take the loss on it to offset the gains on the bitcoin. I have 11 bitcoins some bit cash now also. Two are at 22 each some a 400 ish and a few higher but under 1k. It might be time to look at getting out but like a gambler let it ride for now.
Thanks for the video Kut as well as the advice on the satoshis. There is a documentary on it that you can watch on netflix I saw last night too I think I'm going to watch and what not. I'd like to learn all about it for sure.
No problem. Honestly, while cryptos are called "currencies," and some were created to be solely that, the most exciting about them, is the blockchain technology that was created. It's truly a technology that will change our lives. Read up on Ethereum (ETH), the applications that are coming out of that are ridiculous. It allows people to write decentralized programs attached to blockchain of almost anything the mind can image.
Ethereum has really been a game changer with the applications around it. Seems like the hard fork went mostly smoothly. Would love to see it go up though. darn thing has been messing with my portfolio.
Interesting thread. My son is all about crypto currencies but he wants to study international banking and currency. Now you guys have me interested...