RareHunter
All Star
How will they know you're converting unless you're telling on yourself
Maybe on coinbase its tracked but not for alts
The dude didn’t report it tho and they found out. It was the conversion that got him messed up.
Shiba Inu (SHIB) Discussion Thread
- Thread starter THE MACHINE
- Start date
The dude didn’t report it tho and they found out. It was the conversion that got him messed up.
Not sure on that. I'm still fairly new to all that. I just deleted the info that coinbase gave me on my transaction reports. It should be as easy as tracking cash in and taxing cash out but it's gotten more complicated than that especially with our government. It's easier said than done tho. That's why I moved some coins to my ledger wallet so they can't be on exchanges and being reported or anything.
I didn't get a single letter, email, anything from metamask or uniswap. And I can't remember every transaction I did or know where to locate it. Not our fault if the crypto world and the government don't know what they're doing. The government gonna keep upsetting people with these confusing and increasing taxes that who knows what may happen. People may get upset and riot.
humminbird
Veteran
The rule is that if you convert crypto that you've had a gain on then it's a taxable event
if you buy a coin quickly and then transfer it there are no taxes on it because you didn't gain any money on it
converting is really just selling the crypto you choose and buying the other using the converted money
the reason he was in trouble is that he had an 875k gain so in the eyes of the exchange he sold that 875k and then bought another coin
The government already told you how it feels about crypto (for now) and they're willing to go to war on drugs level scrutiny to get people to stay away from it
not saying it's right but that's where we are on it now
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CreepyMcCreeperson
Veteran
What about if you just buy stuff with the debit cards that the app issues?
Do you have to claim that on taxes?
What about using the debit cards to buy gift card? For instance, a PayPal or visa gift card?
humminbird
Veteran
I had no idea they were doing that
according to this site yes but I have to keep searching that’s ridiculous if true
Do You Pay Taxes on Bitcoin Debit Cards Purchases? - CoinTracking Blog
What ledger wallet are you using?
LeVraiPapi
Redemption is Coming
Copped 2 milly for the $40 ball
If this shyt turn out good this gon be the theme song till I die
where you bought it so cheap bro ?
LeVraiPapi
Redemption is Coming
I was at a spot in Baltimore. Jimmy’s Seafood and everybody was talking about Shiba in there.
my boy was like bro we mainstream now
Nano S
So the rumor i saw last night could be true???
damn i wished I brought kishu instead of hokk
Who knows. These cacs will do whatever it takes to shillI saw that too...
You think it's real tho?
In my experience, linking Coinbase to PayPal works better/faster than going through your bank account.Coin base playing games with meput the money in like Monday and still ain’t clear.