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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 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 ... Bitcoin is a type of virtual currency that continues to be very popular. It has a solid foundation and it isn’t going to be just a passing trend. In fact, many experts believe it will be one of the main ways to complete transactions between two individuals in time. 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. Bitcoin Profit is an automatic trading software that claims to make people money when they buy and sell cryptocurrency at the right time, offering a win-rate of supposedly up to 92% with each ... 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 ...
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