Shiba Inu (SHIB) Discussion Thread

[I Really Mean It]

Elaborate please

He doesn’t know what he’s talking about. Don’t get discouraged by the current price of Shib. Doge went through similar bouts in its run up to various milestones. Just cop and hold.

 

[mannyrs13]

Thanks for the response. My last question is if I move the Shiba from let’s say coin base to someplace else and sell will I be charged gas fees then. Also when u sell Shiba are u selling Shiba or do u convert it then sell?

I'm half asleep but I'll attempt to answer best I can. If you move from coinbase to somewhere else, you might get charged a fee. Actually you will cuz it's a transaction on the network. Coinbase is an exchange so sales can be made on there, at least not for Shiba tho right now anyways. But yeah moving it from coinbase wallet to elsewhere would likely incur gas fees.

When you sell Shiba, you are converting to another coin, usually Ethv since that's the main one on the network. You can then do whatever with that Eth, hold it, convert to something else, or sell it for cash. Selling for cash leads to capital gains taxes tho.

 

[FruitOfTheVale]

Jumped back in just now, thankful I listened to my gut to not jump back in yesterday

 

[RareHunter]

I'm half asleep but I'll attempt to answer best I can. If you move from coinbase to somewhere else, you might get charged a fee. Actually you will cuz it's a transaction on the network. Coinbase is an exchange so sales can be made on there, at least not for Shiba tho right now anyways. But yeah moving it from coinbase wallet to elsewhere would likely incur gas fees.

When you sell Shiba, you are converting to another coin, usually Ethv since that's the main one on the network. You can then do whatever with that Eth, hold it, convert to something else, or sell it for cash. Selling for cash leads to capital gains taxes tho.

Thanks. Great fun for the answer. Is it rue that you must also report exchanging coins from one coin to another to IRS? Someone posted this is a doge thread

https://www.reddit.com/r/tax/comments/9tcnu8/did_i_ruin_my_life_by_trading_crypto/

(this explains it a little better).

Basically even just converting coins leads to this.

 

[™BlackPearl The Empress™]

Started selling on a new platform

 

[Hiphoplives4eva]

My side chick just asked me about Shiba.


We mainstream now baby!!

 

[Formerly known as...]

Glad I held onto mine and bought more yesterday

 

[Ineedmoney504]

My side chick just asked me about Shiba.


We mainstream now baby!!

Coin base playing games with me put the money in like Monday and still ain’t clear.

 

[Mr Rager]

Thanks. Great fun for the answer. Is it rue that you must also report exchanging coins from one coin to another to IRS? Someone posted this is a doge thread
https://www.reddit.com/r/tax/comments/9tcnu8/did_i_ruin_my_life_by_trading_crypto/


(this explains it a little better).

Basically even just converting coins leads to this.

How will they know you're converting unless you're telling on yourself
Maybe on coinbase its tracked but not for alts

 

[Detroit Wave]

Copped 2 milly for the $40 ball

If this shyt turn out good this gon be the theme song till I die

 

[Mowgli]

Hold to 50 cent then buying thecoli.

 

[ORDER_66]

Hold to 50 cent then buying thecoli.

that's the plan....

 

[Mowgli]

that's the plan....

Racist cacs better hope Shiba flop flop.

 

[humminbird]

How will they know you're converting unless you're telling on yourself
Maybe on coinbase its tracked but not for alts

the exchange puts it on your 1099 Misc

 

[Towlie]

i'm waiting to get approved for binance.us and crypto.com so I can buy