Has anyone or will anyone admit to the IRS that they're trading in virtual currency?
New question on your tax returns, paraphrasing; "Do you conduct ANY financial transactions using virtual currency"?
They have started a virtual currency compliance campaign. My guess is that if you answer yes to that question, it's going to draw some attention to you and probably increase the likelihood of an audit to some degree, although I suspect audits will still be rare.
I do believe enforcement efforts will increase going forward. I'm not advising anything here, but I'm thinking if you answer no and they determine you're using it, that's not going to help you moving forward when dealing with them.
I don't think small use guys need to worry much. But if you conduct significant business using virtual currencies, you might want to consider complying with the law to some degree, or make sure you protect yourself somehow.
New question on your tax returns, paraphrasing; "Do you conduct ANY financial transactions using virtual currency"?
They have started a virtual currency compliance campaign. My guess is that if you answer yes to that question, it's going to draw some attention to you and probably increase the likelihood of an audit to some degree, although I suspect audits will still be rare.
I do believe enforcement efforts will increase going forward. I'm not advising anything here, but I'm thinking if you answer no and they determine you're using it, that's not going to help you moving forward when dealing with them.
I don't think small use guys need to worry much. But if you conduct significant business using virtual currencies, you might want to consider complying with the law to some degree, or make sure you protect yourself somehow.
One more thing
If you do answer yes, you're probably best advised to report something on your return.
The virtual currency gain or loss is treated the same as the sale of property. The gain is always taxable, I think the loss is deductible but I'm not 100% certain. Would require research that I haven't done. If they treat virtual currency as "personal property", then losses would NOT be deductible
If you use virtual currency in your business, then you have multiple issues. The income and expenses from normal business transactions plus the virtual currency exchange, although I suspect you can combine the two in those cases.
If you do answer yes, you're probably best advised to report something on your return.
The virtual currency gain or loss is treated the same as the sale of property. The gain is always taxable, I think the loss is deductible but I'm not 100% certain. Would require research that I haven't done. If they treat virtual currency as "personal property", then losses would NOT be deductible
If you use virtual currency in your business, then you have multiple issues. The income and expenses from normal business transactions plus the virtual currency exchange, although I suspect you can combine the two in those cases.
i see no reason to bet on sports anymore with the failure of the main reasons do so anyway
profit
without Neteller, Matchbook, Planet Pinnacle, it has become pointlesss
I am quite sure that nobody here pays taxes when they have a winning year, It is flat out UnAmerican !
Any former gambler with dozens , even hundreds of accounts has been stiffed for thousands multiple times !
I dont give a crap about sports anymore. The sport I most loved is virtually dead..... Jai Alai. Baseball is the only sport left that I give a flying F**k about.
Blackjack has become unplayable, you might win at live poker if highly skilled ?
I don't buy into guys like Fishhead that claim to clean up at slots. There might be some potential to it' but I don't see a lot there
even playing house and being the local bookie has many risks ranging from the legal to getting stiffed
the value in gambling simply doesn't really exist anymore'IMO ! This is likely why this and other similar forums are so dead, you'd have a much better shot if not from thr USA !
profit
without Neteller, Matchbook, Planet Pinnacle, it has become pointlesss
I am quite sure that nobody here pays taxes when they have a winning year, It is flat out UnAmerican !
Any former gambler with dozens , even hundreds of accounts has been stiffed for thousands multiple times !
I dont give a crap about sports anymore. The sport I most loved is virtually dead..... Jai Alai. Baseball is the only sport left that I give a flying F**k about.
Blackjack has become unplayable, you might win at live poker if highly skilled ?
I don't buy into guys like Fishhead that claim to clean up at slots. There might be some potential to it' but I don't see a lot there
even playing house and being the local bookie has many risks ranging from the legal to getting stiffed
the value in gambling simply doesn't really exist anymore'IMO ! This is likely why this and other similar forums are so dead, you'd have a much better shot if not from thr USA !
fascinating chart for btc
GBTC
5 year MONTHLY
formed a higher low Dec 2019/Jan 2020 , this was HUGE . Current month is a green candle, how it finishes Feb may provide a glimpse into what March shall bring. Ideally for the bulls- close just over 14ish with higher vol than in Jan. This scenario leads to a probability of test of last June/July highs. May not break it thru on its 1st try. May want to channel between $8 and $17.90ish, fun for traders. Can't lose $8 ($6800ish btc/usd)
keep an eye on GLD folks......
GLD
1 decade MONTHLY
ask yourself, why is Gold showing so much strength in such 'strong' economic times?
GBTC
5 year MONTHLY
formed a higher low Dec 2019/Jan 2020 , this was HUGE . Current month is a green candle, how it finishes Feb may provide a glimpse into what March shall bring. Ideally for the bulls- close just over 14ish with higher vol than in Jan. This scenario leads to a probability of test of last June/July highs. May not break it thru on its 1st try. May want to channel between $8 and $17.90ish, fun for traders. Can't lose $8 ($6800ish btc/usd)
keep an eye on GLD folks......
GLD
1 decade MONTHLY
ask yourself, why is Gold showing so much strength in such 'strong' economic times?
over the last decade there has been numerous scares, Gold did nothing. Something has chnaged and its remarkable strength should raise eyebrows. Keep in mind its breaking despite(the following correlations r usually inverse): a strong equity market , a strong USD. No war, too. Coronavirus may have had an effect, but actually Au dropped when the virus hit the media
dunno, did have a postiion in Au posted here at the Rx in late Nov ish, i believe it was. Based on TA and seasonality . Closed the beautiful call in Jan , stopped out. Full disclosure, I have no position in Au or Au miners at the moment.
spending? possible. Gross fiscal irresponsibility around the globe, certainly N America near the front on that, .......ya got some backing at the the below site, certainly .the article is disturbing. How is that sustainable?, wtf
http://www.crfb.org/blogs/interest-costs-will-more-double-over-next-decade
The Congressional Budget Office's (CBO) latest budget projections show interest on the national debt remains the fastest growing category of the federal budget. Under current law, net interest payments are projected to more than double over the next decade, from $376 billion in 2019 to $819 billion by 2030 – a 118 percent increase. If lawmakers extend expiring tax cuts and grow discretionary spending with the economy, as in CBO's Alternative Fiscal Scenario (AFS), we estimate interest payments will grow by 132 percent to reach $870 billion by 2030.
