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Old 12-26-2017, 07:51 PM   #161
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Default Re: Bitcoin: The internet of money and other Cryptocurrencies

Bitcoin is gold 2.0

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Old 12-26-2017, 08:58 PM   #162
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Default Re: Bitcoin: The internet of money and other Cryptocurrencies

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Originally Posted by Brokecanadian View Post
Here in Canada it's not taxable until you withdraw to fiat. Invest $2000, withdraw $2000 zero taxes
... then how is the rest of the withdrawal finally taxed/accounted for?
(for an example: assume invest $2k, value increases to $10k, withdraw $2k now.... and then pull the $8k "next (tax) year")

..and i'm assuming *any* withdrawal from a BitCoin (or stocks) account is "to fiat" hard cash.

--dick
p.s. there is (at least) one case in US taxes where the original principal can be wihdrawn tax-free despite investment value increase: our Roth IRAs. Since the money that went in (the investment) was already taxed $$$, you can remove that principal without re-taxation.
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Old 12-26-2017, 09:09 PM   #163
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Default Re: Bitcoin: The internet of money and other Cryptocurrencies

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Originally Posted by autostaretx View Post
... then how is the rest of the withdrawal finally taxed/accounted for?
(for an example: assume invest $2k, value increases to $10k, withdraw $2k now.... and then pull the $8k "next (tax) year")

..and i'm assuming *any* withdrawal from a BitCoin (or stocks) account is "to fiat" hard cash.

--dick
p.s. there is (at least) one case in US taxes where the original principal can be wihdrawn tax-free despite investment value increase: our Roth IRAs. Since the money that went in (the investment) was already taxed $$$, you can remove that principal without re-taxation.
Bitcoin isn't money. If you buy apple at $15 are you taxed because it's $700? We aren't

Oh sorry you said "withdraw next year" , if you did that it would be taxed at your "dividend tax rate" currently half the personal tax rate here. Withdrawing would be silly though

I am currently trading altcoin/bitcoin pairs, it never re-enters fiat. I'm happy to wait for bitcoin to be a "currency" at some far off future date as I have no need to cash out

Last edited by Brokecanadian; 12-26-2017 at 09:12 PM.
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Old 12-26-2017, 09:27 PM   #164
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Default Re: Bitcoin: The internet of money and other Cryptocurrencies

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Originally Posted by Brokecanadian View Post
Bitcoin isn't money. If you buy apple at $15 are you taxed because it's $700? We aren't
We are taxed when we sell the shares. A slight quirk happens if the company is bought by another company and some of my holdings are converted to cash (for whatever reason, let's assume the conversion didn't want to create fractional shares, or it was due to the method of company purchase (partial stock conversion, partial cash outlay))... then that cash would be considered a sale (or income) "then".
Quote:
Oh sorry you said "withdraw next year" , if you did that it would be taxed at your "dividend tax rate" currently half the personal tax rate here. Withdrawing would be silly though
Your exact wording in the original sentence was "I pulled out my original seed money investment 2 months after I began trading" ... which sure sounded like "nailed it back to cash".

Quote:
I am currently trading altcoin/bitcoin pairs, it never re-enters fiat. I'm happy to wait for bitcoin to be a "currency" at some far off future date as I have no need to cash out
Whereas i think our system would view each altcoin/bitcoin transition to be a "buy/sell" event .. and since the US IRS doesn't (yet) accept BitCoin as "legal tender", you'd have to cough up the tax on the dollar equivalence at the time of the trade.
flman may be better able to discuss the tax consequences of becoming $16 richer.

--dick
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Old 12-26-2017, 09:42 PM   #165
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Default Re: Bitcoin: The internet of money and other Cryptocurrencies

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Originally Posted by autostaretx View Post
We are taxed when we sell the shares. A slight quirk happens if the company is bought by another company and some of my holdings are converted to cash (for whatever reason, let's assume the conversion didn't want to create fractional shares, or it was due to the method of company purchase (partial stock conversion, partial cash outlay))... then that cash would be considered a sale (or income) "then".

Your exact wording in the original sentence was "I pulled out my original seed money investment 2 months after I began trading" ... which sure sounded like "nailed it back to cash".


Whereas i think our system would view each altcoin/bitcoin transition to be a "buy/sell" event .. and since the US IRS doesn't (yet) accept BitCoin as "legal tender", you'd have to cough up the tax on the dollar equivalence at the time of the trade.
flman may be better able to discuss the tax consequences of becoming $16 richer.

--dick
From my perspective I invested $2000 then pulled it out, meaning zero gains. The USA perspective seems quite a bit more complex lol

No gains, no tax...bitcoins aren't "shares" according to what I understand of Canadian taxes. If they insist on being stupid here I'll buy gold with it, then convert it to cash while I'm standing at the counter. Gold isn't money here either

Probably too much is different between Canada / USA. If you avoid taxes here and they suddenly catch you, you can take that bill to your bankruptcy attorney and without enough funds ti cover the bill, poof it goes away...i wouldn't expect that to work in America

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Old 12-26-2017, 10:42 PM   #166
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Default Re: Bitcoin: The internet of money and other Cryptocurrencies

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Probably too much is different between Canada / USA. If you avoid taxes here and they suddenly catch you, you can take that bill to your bankruptcy attorney and without enough funds ti cover the bill, poof it goes away...i wouldn't expect that to work in America
In the USA:
(a) i *think* that the lawyer's bill has precedence over the Govt's in your example.
(b) for estate taxes, i *know* that the lawyer's bill gets paid first.

--dick (who's only done the paperwork for (b))
p.s. how to cause (partial) "poof" in the US: https://www.nolo.com/legal-encyclope...ing-29550.html
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Last edited by autostaretx; 12-26-2017 at 10:54 PM.
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Old 02-15-2018, 04:59 AM   #167
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Default Re: Bitcoin: The internet of money and other Cryptocurrencies

Dumb fl traded all his bitcoin a month ago in favor of litecoin, and it has no future 🔮

https://www.financemagnates.com/cryp...-services-way/

Up 27% in 24 hrs.

https://www.coingecko.com/en/coins/litecoin#panel
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