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WhalePool Interview: Bitcoin Tax Specialist Daniel Winters on the IRS crackdown on Coinbase nov/2016

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Tax professional Daniel Winters of Global Tax Accounts ( http://www.globaltaxaccountants.com ) in New Jersey, United States comes on Whalepool bitcoin traders Teamspeak to discuss the latest IRS crackdown and summons against Coinbase for all bitcoin user data from 2013-2015. Dan wrote an article recently breaking it all down: https://medium.com/@GlobalTaxAccountants/irs-taking-steps-to-force-coinbase-to-provide-user-records-for-2013-2015-5df40d8c90dc He also comments on the Bitfinex hack and how traders can treat the funds lost on their taxes https://medium.com/@GlobalTaxAccountants/bitfinex-hack-how-to-deduct-the-loss-on-your-u-s-taxes-700de86b4c36 Watch live at https://www.twitch.tv/whalepool From our experience, we only recommend trading on the following exchanges: Bitcoin Futures Deribit (http://deribit.whalepool.io)- leveraged bitcoin options & futures. Fantastic alternative to bitmex. It is managed by an extremely experienced & talented team. Bitmex (http://bitmex.whalepool.io/) - Proven track record, available in the whalepool telegram chat also. A great platform with high leverage available Altcoins Binance (http://binance.whalepool.io/) - A new comer to the altcoin scene rapidly gaining popularity for shitcoins. Run & administered by the ex-Okcoin CTO. Seems very popular with a better UI & selection than bittrex Spot Trading BTC/Alts Bitfinex (http://bitfinex.whalepool.io/) - Proven track record. Great staff. The most liquid BTCUSD market. Find Bitfinex reps on teamspeak also. Every Sunday ~30mins Downtime for Maintenance The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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Text Comments (67)
TorraHall. 0 (10 months ago)
There's more apps off Google Play
TorraHall. 0 (10 months ago)
Bullshit Bitcoin is anonymous plus I don't use coinbase
Truther One (10 months ago)
Hardware wallets at not identified to to ownership. Think long about that. Stop supporting criminal govts.
Tari Litteral (10 months ago)
Do they care about the other coins that Coinbase offers.
Tari Litteral (10 months ago)
Hey has he got any advice on if we are allowed to use Qryptos as an exchange? Since it’s outside the US and regarding money laundering rules.
John Smith (11 months ago)
IRS are criminals, they want to steal cryptocurrency and want a piece of what you got.
Contagiously Awake (11 months ago)
When government has a higher interest on claim to the energy you create to the extent of lien, seizure or imprisonment YOU ARE NOT FREE! FOR YOU ARE THEIR PROPERTY......
Adoknight Official (11 months ago)
Usa: land of the free home of the brave..... maybe in the 1800's
Green Light Hawaii (11 months ago)
the gov takes the fun out of it
Mike Z (11 months ago)
Confiscation thru taxation? Do IRS own 20% - 30% of all bitcoins of all American own by taxing? Bitcoins value increased from $0 to $15000, if we have to pay 20% - 30% tax on the gain, the IRS owns 20% - 30% of all bitcoins in US already. Sounds like slave master can take away 20% - 30% of whatever slaves owns any time a slave owns something. Wake up Americans, We are not middle class, most of us are slaves or half slaves.
Marvin Cooke (11 months ago)
fuck they u get 10 million off cyber u good pay the stupid tax they wil lose value of dollar so they wil fight u people to stop bitcoin watch out the new waco texa drama can they kil u all hell no fuck them
Marvin Cooke (11 months ago)
we are not us person according to usa we slaves from africa thank u for this info now we all know they are crooks want to know every thing green bay need new people we lost n o won tonight fuck north car dont like pittsburg too
Marvin Cooke (11 months ago)
should we delete coinbase and move on.
AffiliatePro (11 months ago)
The thing that just cracks me up, is that these fucking criminals get to name anything they want a "law", and 99% of the idiot sheeple just go along with their extortion and racketeering scams, and the rest of us get fucked!!!! Fuck these assholes!!!! Taxation is THEFT!!! And taxation of something that has absolutely NOTHING to do with them, the US government or the illegal Federal Reserve, is nothing short of TYRANNY!!!! I would say stand up against this criminal activity and fight these con-artists, but there are so few people who have the fucking balls to do what needs to be done, that the sheeple will end up standing with these criminals and the rest of us who are actually doing what is right and morally correct will end up in prison or dead!!!! This is going to get extremely ugly before it ever gets any better!!!!
mohgambia (11 months ago)
this is nonsense
Reverend K.Y. (11 months ago)
The fuck if I will ever pay taxes on anything unregulated or supported by the fed or state. FROM MY COLD DEAD HANDS
Damian (11 months ago)
Pretty sure that this is inaccurate information as of Jan 2018.
a64750 (11 months ago)
Millennial's are naive believing the IRS won't get their fair share of tax. This is Home of the Brave! and no Freedom from taxation! doh! Exchanging fiat for non-fiat means Butcorn's forever tied too fiat. doh!
Orion Gural (1 year ago)
You simple fools. I'm sorry if none of you bothered to learn of understand computer science as children. If you are only now catching up you are late to the game. You are beaten.
ib right (1 year ago)
I heard that Belize was the only country not to roll on it's US customers. That's an invasion of privacy.
ruff2play (1 year ago)
Who rules the USA? All I hear is fear, fear, and more fear. You allow these asses to rule your lives. Man you deserve to be ruled. Wake up and fight back.
ruff2play (11 months ago)
Don't agree with that Adoknight Official. Bitcoin, cryptocurrencies, blockchain tech, smart contract protocols. Studying these things have made me so angry. I've woken up and realised that this is what will help me take my life back. Hit the corrupt in the pocket. Change your money to crypto and kick fiat currency to the curb. Study up on blockchain technology because this creates transparency, records cannot be altered and it highlights who, where and when corruption occurs. Check out Andreas Antonopolous on YT. Educate yourself, research, while you have access to the internet. Get angry. Get even.
Adoknight Official (11 months ago)
ruff2play there are no people with backbones anymore
Truman Jew (1 year ago)
Why do you interrupt your guest speaker let him answer the question fully.
bubblehead581 (1 year ago)
I believe all the transaction fees are tax deductable also ... not the whole amount but up around 20-60 percent ???
Selva Barathi (1 year ago)
if i buy the bitcoin in USA and sell it in India in short term ...How the taxes are calculated?
RJ F (1 year ago)
Good Lord man, stop saying "ummm"!
jrod324 (1 year ago)
If the IRS considers Bitcoin an asset, and not a currency, then you shouldn't be taxed on an asset until it is sold for fiat currency. Right? So, if you're holding Bitcoin as a hedge against inflation, year after year, I don't think there is anything to worry about as far as being taxed--even though it still needs to reported as an appreciating asset. Personally, the big concern is having the IRS know that I have Bitcoin or precious metals in the first place. If paper money becomes worthless, history has shown that governments will seize hard assets from people. I think the best way is to simply purchase them anonymously. Unless if you're stupid enough to provide sites that offer virtual wallets with your credit card info, S.S. #, etc., they shouldn't be able to trace it. Store the address in your "brain wallet".
ib right (1 year ago)
James Thompson May 1st 1933... scam
Tanisha Adjo (1 year ago)
IRS cannot tax crypto..... imagine if you buy bitcoin at $4,000 and over 1 year it goes to $10,000 gtfoh no one is going to report that shit ....idc how much you follow the law... it's called decentralized for a Reason......... no banks involvement ...... the banks will crumble and this is what scares them if every one catches on to this 💰💰💰💰📈📈📈📈📈💰💰💰💰🔑💅🏽 they are done..... if coinbase does that to their customers they will lose them all and there will be no more coinbase and people will go to foreign exchanges and invest in bitcoin there.... All the government is doing is trying to make up some shit on how to gain more of its own people wealth .., and with that intention of robbing people they will never win 👊🏽
gk k (11 months ago)
Tanisha Adjo 2018....
John Smith (11 months ago)
Tanisha Adjo ...but they make it difficult in Amerikkka to invest in Cryptocurrency
AffiliatePro (11 months ago)
Looking at the comments in this thread, absolutely proves everything I stated in my original comment on this video!!! The sheeple WILL do whatever they are told and the rest of us WILL pay the price for just being born on a planet with a criminal, psychopathic group running the show!!! People in general are fucking pussies and slaves, and it's very sad indeed!!!! P.S. If you're using the BitPay card, as soon as you transfer BTC or BCH from your wallet to your BitPay Debit Card, it is then considered fiat currency!!! You WILL be taxed on that, it is all handled by Visa, and you can be goddamned sure that Visa isn't going to lose their asses, just to "protect" you!!! In fact, Visa is run by the very criminal Zionists who run the show on this planet anyway, and they consider YOU their slave, and you WILL do as you're told or pay the price for it!!! Welcome to planet Earth!!!
Gregg Morgan (1 year ago)
No matter what wallet is used or debit card, as long as you don't exchange your Bitcoin for U.S. Currency, you don't owe tax on it. As soon as you swipe the card you are on honor to report that sale to the IRS. Swiping at 7-11 seems innocent of course, but if you Hit Big and the Lambo dealer takes crypto, you still own an asset valued at $200,000. It's unfortunate, but you will probably get audited. Included is your crypto sales back 5 years. If they find fraud in those five years, they can audit you as far back as they choose. The research into this is fun for me, as I'm not a financial or tax professional, and this is just my opinions.. I wouldn't have cared about tax research if it wasn't for crypto. And I wouldn't have seen any of it if our laws weren't on the internet ...and TG for Google, man. If you get away with it, that's on you. But the laws for the rest have been in place since 2009, the offense they grab you with is Failure to Pay . But even more unfortunate, when it gets to that point the snowball can really roll if you aren't squeaky clean. If they see a reason to, they may even pursue a charge of Criminal Intent. Those Federal Prison Cells are way too small for my liking, sorry I can't agree with what you're saying.
Tanisha Adjo (1 year ago)
Roger Maris I called them they said no and neither does shape shift with coinbase
who is claiming one is a so called taxpayer? anyone?
Stefann Paddock (1 year ago)
Im not reporting shit. Coldstore, closed coinbase account.
Tanisha Adjo (1 year ago)
SMP my thoughts lol
The Bodhi (1 year ago)
Where do you buy coins?
Jay Sha (1 year ago)
SMP smart man. free thinker
Chris Wojnar (1 year ago)
Buford C. (1 year ago)
This is probably a good reason to use a decentralized exchange like EtherDelta (peer to peer trading).
Zero 2 Cash (1 year ago)
@45:47  I have a loss over the years of 20K I know I can only report loss of 3K BUT if I have gains of 10K I could take that from the 20K in one shot correct
Zero 2 Cash (1 year ago)
If you buy from coinbase and send bitcoin to a hardware wallet right after you buy they count it as a sell , but no profit is made correct ?  only when you sell on coinbase they calculate profits correct?
ThomasConservative (11 months ago)
For Coinbase that is a buy and then a sell, so if you did that with $10,000: buy and sell, then you already at 20 K in transactions.....
Hugh Jafro (11 months ago)
9 months later and people are still confused.
Tanisha Adjo (1 year ago)
Zero 2 Cash see this is so new no one knows
Mark Simmons (1 year ago)
no clue.
VentionMGTOW (2 years ago)
Whew! Thanks for this video! Historically I've just bitcoins and dumped them into cold storage but this year a got a bitcoin visa card from coinbase and I've been using it for purchases all over the place. Each month I would buy some bitcoin then use it through the month to fund my bitcoin visa card and then at the end of the month I'd sweep the rest into cold storage and recharge my account with fresh bitcoins. I did the cost basis report and saw that it's 19 cents for 2015 and -73 dollars for 2016. So basically there's no income so I'm probably ok. knock on wood.
Tony DaSilva (2 years ago)
Terrific information. Thanks!
Jeremy Bennett (2 years ago)
excellent thanks for this information... I use BTC a lot but not as a speculator or trader, I appreciate your site, it has already answered some questions I had.
Gimmel Yod (2 years ago)
A former IRS CID (Criminal Investigation Division) agent / CPA has written extensively on IRS harassment and mischaracterization of the nature of the tax code. He has become one of the best known IRS whistle-blowers. Joseph Banister (former IRS-CID) / CPA has the website http://FreedomAboveFortune.com & stood his ground in a criminal trial against the IRS in 2005 and came out smelling like a rose. Coinbase would do well to contact him directly because he is so familiar with the criminal-tactics of the IRS that I can think of no better consultant to retain. Coinbase would do well to protect it's customer base privacy and it will accomplish this by FOLLOWING THE LAW. Mr. Banister exposes how the IRS routinely goes on lawless, frivolous 'fishing expeditions' by misapplying paperwork that has NO basis in the law, internal IRS regulations nor conformity to the highest laws (say "4th Amendment) in the USA. The IRS is NOT a lawmaking body. It CANNOT make "rules" and has ZER0 power to legislate. Despite those facts - the IRS routinely violates the law by requesting information that no STATUTE, or REGULATION authorizes them to do. Such lawless requests for information can be legally DENIED.
ib right (1 year ago)
Gimmel Yod we need to take all of the influence gain through BTC and pressure lawmakers to uphold the law. I'm ready to give up my damn citizenship
GhostlyX (2 years ago)
FREE 500GH/S bitcoin cloud miner. @ http://goo.gl/oQdEvm 50k user celebration. its free, you have nothing to loose! 500GHS!! while supply last though!!
Locationary (2 years ago)
thanks for this answered many good questions.

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