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:
He also comments on the Bitfinex hack and how traders can treat the funds lost on their taxes
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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.
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
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
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!!!!
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!
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.
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".
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 👊🏽
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!!!
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.
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?
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.
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.
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