Tax implications of crypto trade?

like
Posting as :
works at
You are currently posting as works at

Coinbase has a tax basis report that you can use to track cost basis, but you have to figure out your gains and taxes yourself.

like

I don't think you pay tax on unrealized gains because it's not treated as a currency. You just pay tax when you sell it for cash or exchange it for another crypto.

like

So many wrong responses in here. It is similar to property in that you're only taxed when you sell it. The IRS issued a bulletin back in 2014 that CLEARLY states how to treat it. Keep in mind you have foreign asset reporting requirements if your wallet is with an overseas exchange.

like

D2 is right. There are programs to track trades. The guidance from the irs is still relatively unclear but it looks like crypto-fiat and crypto-crypto are both taxable events. You would need to know the prices of both cryptos at the time of all trades as a result. It’s going to be a shitshow.

like

Treated as an intangible asset. You pay tax on selling price - cost basis. Doesn't matter if you sell for cash or convert to another crypto.

If I'm incorrect, someone please correct me.

like

Thanks D2

like

Use Bitcoin tax. It will calculate everything for you. If you have a lot of trades pay for premium for like $30 bucks. It will save you a lot of trouble.

like

Same as stock when going to Fiat ?

Report as investment? What’s the irs position?

So do companies, like Coinbase, issue tax forms or is it on you to track your gains and losses?

What if I’m holding the position and it volatile
How do you even report it

Sounds like if you did all your initial purchases in CB then transferred to an exchange and got into a bunch of alts then it will be a headache

Just don't keep anything in your CB account and move everything you buy to addresses only you know.

Related Posts

So Becker was supposed to charge me $600 to update for unlimited access since my account was due to expire in March. I called them in December to make payment. Now 8months later...they reach out to me saying they only charged $35. I just checked my bank statement and they are right but i don't have $600 sitting around...What do i do? Thoughts?

like

Closing on my first home. Advice for anyone with student loans in administrative forbearance per the Cares act: once your offer is accepted have you student loan servicer put your account back in repayment status.

Accounts in forbearance, even administrative forbearance, are calculated at a higher monthly payment by the underwriter.

My fictitious debt to income ratio was too high for them to approve me, and it took seven days for my loan to be officially back in repayment. So just a heads up.

like

Thoughts on buying into Wells Fargo now, at their 52 week low basically.. Bank too big to fail of course and their imposed caps on grown expire in a year or 2 I believe with regards to how much $$$ they can lend out or take in...

like

Can anyone suggest if I can make a rental contract with my parents on a 1rupee stamp duty letter for below 1 lakh? If so, can I directly submit that to income tax department while filing the return for claiming refund or should I be disclosing in Deloitte Portal for last FY 2022. Also, I assume 11 months contract doesn't require to be registered with the govt? Please correct me if this is incorrect. Appreciate your suggestions on the above for tax benefit purpose..!!

like

Is it a good idea to invest in your UK pension fund over the max your employer will contribute/match? This may potentially lower income tax but then one can't really access the pension pot till retirement. Or is it better to invest post-tax income into a stocks and shares ISA to avoid capital gains tax? TIA!

like

Would you pay an extra ~$100/month on top of existing monthly PITI for access to $65k in equity from your home? Want to use it for either A) down payment on new primary or B) net new investment property and see if that can fund the next primary

like

For advertised auto lease specials, does the monthly payment typically include sales tax and all fees, or will that number always be much higher in reality?

Has anybody invested in Yamuna gaur city or planning to do so?

like

Have you ever taken a job you know you will hate because you needed the money right away? I have a family to take care of. I don't want to be plowing through our savings for selfish reasons like my mindframe at work, but I don't want to make our lives worse by being miserable. It's a matter of really ruining some of our financial future if we don't get money soon.

like

What do folks think about the Uber credit card? I already have CSR and citi double cash. Worth getting it?

like

Soon to be making 85k in LA, looking to move to a new apartment. What would you think is reasonable to spend on a 1 bedroom (not studio)?

like

Is it worth it to get someone to do your taxes as an associate (vs. using TurboTax, etc.)? Rising fourth year if that changes your thoughts.

like

What's up with risk declaration?

I'm working as an Assoc Consultant at KGS Advisory (tech). Are employees allowed to invest in all mutual funds (except those on REL)?
What are the restrictions for people who are not auditing?

like

Chances at CBS with 4 YOE in analytics consulting + impact investing, 3.6 from econ/stats at top 20 UG, solid LOR and ECs, but 160Q/162V? Indian female.

like

How would you allocate $200K today, knowing (1) this is in addition to your HYSA, investment, 401K.. (2) you have no immediate use (3) if we see a drop in real estate price in the next 1-2 yr timeframe, this could be part of your down payment for a house in HCOL

like

How long did it take after getting your license to actually start making money?

like

Hey guys, where do you recommend for living near Times Square on a 70-80k base salary-- for my first year in the city? I’m budgeting $1500-2500 for my half as I’m expecting a roommate.

How do you buy a House? What exactly are CDs and what is the logic behind the different ones with such a low interest rate? How much should I save every month? Should I use home equity to buy out my student loans so they are at a lower interest?

likehelpful

Should I trade in my iPhone 13 pro max for $720 to Apple? I don’t know what they sell for used but if that is a good deal let me know if you want to buy it.

like

I selected new tax regime in the company 'xyz' portal for April 2021-March 2022. I left this company in jan 2022 and tax of 16k got deducted from F&F settlement.

I have investment in EPF and submitted the rent receipts to the company for tax exception for HRA. But in F&F, based on new regime tax deducted.

During filing ITR for assessment year 2022-2023, can I file by selecting old regime and get this 16k return?

like

More Posts

In bgv, can I share form 26AS in place of form 16A requested from previous employer. I seem to have lost the form 16 for my previous employer

like

Hi! About to join a PE consulting firm but don't have an extensive experience in doing CDD. Any good books /online courses with some practical examples that you'd recommend to get upto speed?

TIA!

like

Are PE investing role WLB and Stress that much worse than MBB?

like

On hours and salary by company, I just saw this on Reddit but it got deleted--where is it right and where is it wrong?

Post Photo
funnylikehelpful

"Do you really think we can spend all that money?"

These were influencer managers not media

likefunny

Hello All,
Anyone having vacancy in Network Security or willing to refer in your organization? I have 10.08 years of relevant experience and currently working at Coforge, Noida.

Greatly appreciated!

like

What’s an Engagement Manager?

like

Hi all, What is GPAD system in HSBC. Do we have to add our personal brokerage accounts in their systems? Please help HSBC India

like

When to sell at a loss?

I’m 26 and have a fair chunk of my NW tied to Cloudflare - a tech stock that I believe has the opportunity to 3x and become a $100b+ company over the long term. Similarly, I have a lot in cloud computing etf - WCLD.

Given short term rotation out of growth stocks, I’m confused on what to do. I think we still have some time before growth stocks bottom out, but do I sell?

I would consider myself a “long only” investor, but am unsure what to do given my lack of diversif

like

Program Manager Healthcare Foundation $85,000. Worth it? Or too low?

like

Anyone have any good realtors in the Greenville SC area who know the VA loan?

Can someone please help me with the scope of Advisory role in Procurement Transformation team ?
Also, how is WLB and travel requirements away from base location.

like

Can anyone please tell me Inhand salary pm, I have this offer from LTI

Post Photo
like

New here. Henloooo

Post Photo
like

an someone please suggest me good keywords that needs to be there in resume for a person like me having 4+yeras of experience in Procure to pay and RTR profile. Plus talking about other factors I have done my full time MBA and looking for job in finance profile.

Also Any reference will be highly appreciated.
YOE-4 yrs

like

Hi All,

I have recently received an offer letter from Finicity - MasterCard company. My job role is the Senior technician support role with Level 8.

I am holding an offer of 12.2LPA having 4.4 yrs of experience in Citrix Administration.
MasterCard is offering me 13.5LPA as fixed pay and 7% as variable pay.

Not ready to negotiate more, should I accept the offer?

like

What is Level 8 salary range ? Sadly I am feeling I'm underpaid, if anyone can please share for Pune location it would be helpful.

like
like

Are most of you guys based in the city or in Canary Wharf? Interested in a Fishbowl pub gathering?

Still using Ally Bank savings account, but the APY had dropped to .60%. Time to move. Any recs on personal savings account? This is my emergency “savings”

like

Additional Posts in Cryptocurrency

My strategy for Bitcoin:

Buy low
Get worried and sell lower
Get FOMO and buy even lower
Panic and sell at its lowest
Cry myself to sleep
Repeat

like

Just checked coinmarketcap and with the exception of tether the top 85 coins by market cap are all down in the last 24h

like

Way oversold in my opinion. EOS is very exciting, hoping for something special over the next three months!

Who all bought back in??

like

How’s litecoin doing? Thinking to invest in it.

like

The equity market has HFT firms to help with volatility. Crypto needs HFT firms. Tempted to start one

like

BTC versus ETH as speculative investments and why? Looking to pile in about 20k

like

LUNC- share opinions below

like

What is the move people???

like

Anyone has any credible info on Stream space ICO? Apparently they sold 48mil coins and do you know how can an American can participate in this ICO?

binannce acct on hold??

What app do you guys use to buy? Seems like Coinbase only has 3 cryptos, RH only 2. Is there a single app that has all or a large selection to choose from ?

Will Ripple reach $2 before the end of the year??? Pretty exciting to watch.

like

Wtf bye money

Bittrex or Binance? Or another? Is it possible to convert Litecoin to Alt coins on Binance?

Anyone know of a good exchange that will let you withdraw in Canada? Canadian withdrawals are blocked on Coinbase....

Anyone else calling a Tether collapse?

Who else is buying?

Anyone think Stellar is good buy?

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal