Bitcoin

Poser said:
Apparently, an OG Bitcoin whale has just moved 80,000 Bitcoin from cold storage to an exchange.
The expectation is that they are about to sell, flooding the market with 80,000 Bitcoin which may result in price drop if they dump all 80k at once.
Click to expand...
BTC trade volume is over 400k per day. someone selling 80k in a day won't make much of a difference.
 
Up until now ive only been in btc etfs but recently put my big boy pants on and bought some actual btc and a cold wallet and all that jazz. After going through the coinbase setup and all the tax notices, can someone explain like im 5 what my tax implications are with bitcoin? do i need to claim realized gains when i sell? do i have to claim how much bitcoin i have orrr?
 
Tjdeerslayer37 said:
Up until now ive only been in btc etfs but recently put my big boy pants on and bought some actual btc and a cold wallet and all that jazz. After going through the coinbase setup and all the tax notices, can someone explain like im 5 what my tax implications are with bitcoin? do i need to claim realized gains when i sell? do i have to claim how much bitcoin i have orrr?
Click to expand...
It’s taxed pretty much the same as stocks. You owe tax when you sell and realize a gain. Long term capital gain rate will apply if you held it for more than a year, short term rate applies otherwise. Coinbase will send you a year end gain/loss statement for any transactions conducted on their platform.
 
Mighty Mouse said:
It’s taxed pretty much the same as stocks. You owe tax when you sell and realize a gain. Long term capital gain rate will apply if you held it for more than a year, short term rate applies otherwise. Coinbase will send you a year end gain/loss statement for any transactions conducted on their platform.
Click to expand...
Awesome, thanks!
 
Mighty Mouse said:
It’s taxed pretty much the same as stocks. You owe tax when you sell and realize a gain. Long term capital gain rate will apply if you held it for more than a year, short term rate applies otherwise. Coinbase will send you a year end gain/loss statement for any transactions conducted on their platform.
Click to expand...

If you use TurboTax, most of the platforms will sync with the tax software, if you allow it, and you won't have to do any manual inputs.
 
If Cramer is hawking it, you had better run like hell.

Bitcoin is a trading vehicle, not a store of value.

Someone dumped $9.6 billion of it, means there had to be buyers. Thats where Cramer and the crooks on wallstreet come in.

Someone said it best in an earlier post....invest only what you can afford to lose.
 
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