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Probally some MLM Crypto-Digital Currency only that can be sold in Roblox. Or some shit lol
For crypto believers this is great news. The path to legitimacy was always going to require regulation and imo the quicker legislation catches up the quicker the advantages come to the fore front
Also some of the takes in this thread are embrassing.
Also some of the takes in this thread are embrassing.
If you're mining you're earning personal /business income, that income is and has always been taxable.
These sorts of laws push ppl to become more legit so they can write off some of their expenses, etc etc.
Honestly, regulation is the path to crypto relevance in ways ppl in this thread perhaps don't realize
Exactly. There is no "next ruse". You just pay your taxes like you are supposed to. I don't know why this is considered some big deal, or "owned" or whatever. If you make that money, report it. Nothing changes here except for people who make it a business venture, and in that case, who has a problem with that exactly?
This is just bringing it in line with all other asset classes which legitimizes it more than anything. Regulation is needed and its been arriving over the years.
As for miners this doesn't effect them, but for those who don't know, they already track all of their mining income throughout the year, because its reported as income for tax purposes every year too. They even have to track the value of the asset gained on the day it was gained. Tax software and a million tax services plus publicly available crypto databases have existed for years now that track that stuff so its easy to enter a wallet address into tax software and it will figure out your earnings for easy importing into TurboTax etc, or print it out so you can take it to a CPA.
It's not the end of the world by any stretch. And the only people I could ever see being affected by it are people doing illegal shit, and no one cares about them so... I would think this however would stop the people itching to call everything crypto related a scam as more regulation hits, but Im not holding my breath.
Edit: The next one they need to pass is wash sales. That also needs to apply to crypto. I was hearing they were already considering it but I havent heard anything about it. It was on track to possibly be going into effect for 2022. We will see.
Wait a minute, there are people trying to put this as bad news? I thought people wanted regulations in crypto? That's going to bring even more people into the market like large investment firms and other old money whales.
Once they pass more firm regulations wrt capital gains taxes and etfs, this is going to make crypto even bigger due to more money flowing in. The first half of 2022 is going to be crazy if those regulations pass this year.
It's really amazing how out of touch people are on this site. Were there people this clueless in the 90's when the internet was making it big? Were you guys calling mobile phones "some ole bullshit" over a decade ago?
Once they pass more firm regulations wrt capital gains taxes and etfs, this is going to make crypto even bigger due to more money flowing in. The first half of 2022 is going to be crazy if those regulations pass this year.
It's really amazing how out of touch people are on this site. Were there people this clueless in the 90's when the internet was making it big? Were you guys calling mobile phones "some ole bullshit" over a decade ago?
Yeah. I'm not exactly sure how this is a bad thing for crypto in general.
I don't get how is this supposed to work for people who bought a few bitcoins ages ago for a few bucks which would now be worth ten million, or however much. Are they supposed to pay 2 million in taxes for that... and with what money? Or is it only after they cash out that they'd have to pay tax?
That Ebay one is insane. I would have been taking a loss on almost everything I've considered selling on Ebay, even without taxes.
I guess everyone was supposed to keep the receipts for everything they ever bought? Nevermind that most receipts fade away to nothing in two years or so these days.
I would imagine it works like any asset: you don't pay taxes on unrealized profits. You only pay tax when you sell said asset and gain a profit from that sale.
They already work like any other capital gains so you pay tax on the profits after you sell.
Also, this really isn't for the average person.
You mean received six figures for it because that's the requirement. Though you wouldn't be doing that for a person to person transfer as long as you aren't in the business of selling NFTs.
The average crypto bro already has and whales definitely do. This doesn't really affect them.
Crypto has already been subject to capital gains taxes.
That would be for businesses making NFTs or resellers. The average person, as evidenced by the IRS' example, wouldn't have to worry about it.
Regulation means more old money and other investors into the space.
I don't see crypto going anywhere whether we like it or not.
We do all the time. You really need to take a weekend or two and actually look into what you're criticizing.
That's the entire NFT space, let's be honest.
No offense to you, but most people in crypto are hoping to make massive quick returns or are anarco capitalists/libertarians. Crypto when you really look at it closely does more to benefit the ultra wealthy and corporations than it does most people. The more they can decentralize monetary policy from government interaction the more it benefits wealth inequality. At least in industrialized nations. Fiat currency in addition to credit systems etc. Are a way of representing faith/trust and reliability of a government. If you live in a country with horribly corrupt governments, which sadly is many. Crypto can be an advantageous thing. But let's be honest, that's a bleeding effect from the countries that actually own the crypto. Which is wealthy countries, and at that most is owned, like all money, but a concentrated class.
Probably lol
But the whole crypto space isn't going to go away because of this. I think it ends up with more money in it.
You can miss me with this "Well I already do this therefore all crypto holders do this and welcome this!" nonsense.
Even if I needed to "do my own research" despite the fact that I can readily see the overwhelmingly negative reaction from crypto circles, that would be an erroneous waste of what free time I have given the subject matter.
It's good news for me that they're paying taxes on their fake coins.
I'm not sure about the reception in general as I'm not tuned into it but yeah, the average crypto holder does pay taxes and already has been especially since major exchanges send you tax forms and already has user's personal information.
I got a 80k+ bill from the IRS from 2018 (Recieved in 2020) due to my 1099k net transactions on coinbase and how horribly they dealt with reporting it. I reported the capital gains which was minimal, but they have me down as earning the full amount of my net transactions which is 300k. It's still ongoing. According to the IRS I still owe them quite a bit, even though my total capital gains was $2k or something (I was trying to day trade while in school and had only like 3k in. which I reported and have shown to them multiple times.) I also found out how kind of crap I was at day trading and how worthless it is without massive amounts of money lol.
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Oh wow. I'm sorry to hear that, friend!
That's absolutely terrible. I have only the experience of the little bit of Doge I bought and made a few thousand on with Robinhood. It was quick and painless.
I wonder how they screwed it up so bad?
A lot of things seem to miss you by flying over your head, apparently.
You seem to have already decided that most "crypto bros" are running scams and tax dodging, and are just running with that regardless. This is beyond circular reasoning, you're just running around in a circle with your nose pressed on a pole.
The hatred is getting silly, guys. Ignored.
Because Coinbase couldn't be bothered to report it to the IRS properly. They basically received a request from the IRS to have users holdings etc reported. I traded on GDAX and coinbase because I thought that was the best way to be transparent (They are the pre-eminent platform afterall). Coinbase basically just waited until the last moment, and sent the bulk list of transactions on everyones account to IRS. Which they of course are not going to read or look at properly. So they read it off as net gains. This happened to a lot of people and they are still dealing with the fallout. I have family and friends who are accountants and lawyers. So they're taking care of it for me, and have double checked everything I have done. But a year later the IRS still hasn't processed my amended returns, so they just keep sending me letters with accruing interest and we keep having to send deferrals so they don't lock my accounts ( I am quite poor lol). I'd gladly pay the IRS the money if they can find where the profits went and return them on my behalf lol.
You absolutely love to see it.
The number of crypto bros that I've seen lose their minds over this on social media makes me very happy.
The number of crypto bros that I've seen lose their minds over this on social media makes me very happy.
User Banned (3 Days): Trolling, previously thread-banned for similar behavior
Nothing goes over my head. I would catch it with my superior reflexes.
I'm going that route because that's because they are. Not my problem that you're invested in cryptocurrency and can't handle the truth.
Considering the amount of power being used to mine this stuff just have the central bank outright ban them as a currency.
But but, eventually it will be proof of stake! Then we won't need miners anymore!
Who actually knows when and how much energy will have been wasted lol
Ethereum: Lol we delayed it again. Feast away, you planet killers!
Even if this happened, crypto really isn't used as currency but as a speculative asset so I'm not sure how much this would affect it.
But go for it. I'd be for banning or severally limiting any high energy consuming industries including crypto, meat, and gaming.
That's terrible, my friend. Hopefully, it gets sorted out quickly!
Damn, that's crazy. Has that happened since? Coinbase seems like the one to use since it's the most prominent, like you said.
Is this only if people cash out? Or even if they have it sitting? One of my artist friends is deep in NFT with something called wax and is confused
The old 20k way and the new $600 way are both targeting the same people; resellers and businesses. People buying stuff with the intention of reselling for profit, people buying things wholesale to sell for profit, etc.
Anything personal, like an old videogame, computer, toy, etc is considered a "garage sale" and can't be taxed, since you already paid the taxes buying it.
Good, if you make money you pay taxes.
If this outs money-laundering and schemes then I'm all for it.
If this outs money-laundering and schemes then I'm all for it.
Wait... they don't count used merchandise against your total? Crisis mostly averted if so.
That said, it would be pretty sad if someone actually selling as a job didn't hit $20,000 gross.
Actually, you should pay capital gains tax on those things if you made more than what you paid for them.
If you bought a game for $50 and you sell it at $150, it's a capital gain and is taxed.
Yeah, that is true, just mostly assuming most things people sell are at a loss, just to get some money.
The vast majority of games depreciate. I'm practically overjoyed if I see that one of my games is worth half what I paid.