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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
I'm planning on selling some of my Bitcoin for the first time. I know taxes are a long way away, but I want to make sure I've got my record keeping down. All of my Bitcoin has been gained as income for employment, over a period since 2017 (on and off). Previous years I never reported it because my total income was below the minimum required for filing taxes. This year I will (hopefully) be over the income to file, so I will be reporting my income that I've earned in Bitcoin this year as normal income taxes. However, I'm also planning on selling for the first time. I know the US charges capital gains tax on Bitcoin sales, but the way I have researched it, since my Bitcoin has been gained for a service (my employment), I do not have to list them as capital gains. Is that correct? Has this been everyone else's experience?
ILPT Request: Will the IRS question where my bitcoin income is from if I report it on my Income Taxes?
I was wondering if I properly reported my bitcoin income to the IRS if they’d question where/what it was from. The only reason why I am reporting it is because I definitely don’t want to get arrested for tax evasion if I make a large purchase with income I shouldn’t have.
Bitcoin.com is set to launch Local.Bitcoin.com, a peer-to-peer bitcoin cash exchange, on June 4. Users can start signing up now . Other ways to earn bitcoin cash can be found in the video below. So if a third-party pays the donor Bitcoin worth $500 for professional services, and that Bitcoin later appreciated to $1,000 USD, the donor’s charitable income tax deduction would be limited to ... Best ways to earn passive Bitcoin income. 1. HOLDING (#HODL) One of the easiest ways of earning money from cryptocurrencies is to buy good cryptocoins and hold them. By good coins, we mean coins that have good fundamentals and a use case that shows that its value is bound to increase over a period of time. Bitcoin Code is an auto trading software developed by Steve McKay that performs trades with Bitcoin and cryptocurrencies for their users. Bitcoin Code makes a live trading session accessible to ... Bitcoin futures, for what it's worth, are considered Section 1256 contracts, so they fall under this tax classification; direct holding of “physical” bitcoin (or investing in a fund that holds ...
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