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As I have understood the Tax issue....The only taxable event occurs when a trade occurs from one type of coin to another (Unlike Exchange)..If you buy and HODL a single type (Like Kind Exchange) you do not create a taxable event. Crypto is taxed under capital gains law so no tax is liable until you Sell or Trade your coins for another type of coin or fiat. Each event is taxable on its gain and you must show a ledger to the IRS so get PT Tracker. I'm not a tax guy but I've really studied this shit..
Do you want to start with Profit Trailer but don't want to pay every year? I have a Profit Trailer LIFETIME PRO license for sale. All 'old' licenses were turned into lifetime licenses and you are now only able to pay per year (€450). The license is for Binance. If you are interested? Please send me a message or reply here. You can also add me on Discord: TheWalkingDoge#2498.
I still do not understand taxes.
I heard each trade is taxed
So if I had a say a good day say 2% then next day a bad day of -1.5%.
or I compound that 2% then lost 1.5%
Do I pay taxes of 2% or .05%
Do I pay on net gain or loss or each trade
From my understanding, you treat it like stock. Pretend you receive stock. At the time you receive it, it is an income. Now depending when you unload it, they then treat it like Capital gain (Loss), short term or long term. There is no tax consequence until you sell it other than the initial income tax. It gets messier if you use it to buy other coins like swapping it and getting LiteCoin, etc and then continue to exchange it for something else through different exchanges. Who keeps track of all of that?
Jason, Jason, Jason... Crow, Crow Crow.
The only thing I have to say about your accountant so far is that he is just like all the rest. They are all still guessing at what they think they understand about the IRS & the so-called Crypto Tax, but they don't. So they are experimenting with people like you at your expense, not theirs. The only reason why all the Accountants, CPAs and Tax Attorneys out there are still so confused about the IRS & income tax when it relates to Cryptos, is the simple fact that they are all only NUMBER CRUNCHERS. All they do all day long is crunch numbers. They don't know JACK SHIT about Law, and I don't mean just tax law. No wonder you look like Vinnie Barbarino... so confused.
As a legal analyst with over 30 years experience specializing in Internal Revenue, I have one question for you... well maybe a few. I'm sure as an intelligent businessman making suggestions to your subscribers (like me) & viewers, I take it you have requested the law from your accountant regarding the procedure he is having you take on your income tax returns... it's your money he's spending, not his (I'm sure you don't want to be Eating Crow here, do you?). Remember, once you pay the IRS for any misunderstood errors you incur for tax you may not be liable for, you will never get that money back. It is considered a gift to the IRS, and not even a gift pursuant to Title 31 to help reduce the public debt. If what your Crypto Tax Accountant is telling you is accurate pursuant to law, [here's the question]... if what everyone on YouTube and the Internet who is telling us in Viewerland about Bitcoin, Cryptocurrency & the Blockchain that it is a DECENTRALIZED TECHNOLOGY... is that nothing more than a deceptive lie? Decentralized? Are your sure?
When did the IRS become the CENTRAL AUTHORITY within a Decentralized Technology of Blockchain that has no central authority regarding Bitcoin & Cryptocurrency? (Oooops! I meant Cryptoproperty since the IRS does not consider Cryptos as currency... my bad... LMAO) Sounds like a true oxymoron to me.
Please, please, please be sure to give us a heads up prior to your YouTube Interview with your Accountant. I would love to be on when you are LIVE streaming with him. My father is a catastrophically disabled WWII Veteran. We will be back and forth to the VA Hospital for the next couple of weeks. Looking forward to getting Profit Trailer. Thanks
Oh yeah... Unhappy Tax Day everyone!
I bought 3 of them from your link a few months ago. I set them up but haven't traded with it. At least I know it boots up
I was overwhelmed and discouraged with everything I had to learn to make it trade correctly. We definitely need your help. Looking forward to your videos. Show us how to upgrade to the 2.0 version. Thanks
do you have to install PT soon as you buy it???? I want to buy it but don't have the computer to install it on yet. so I was wondering if I can buy it before the 20th and just download and install a couple months later
Go to a friend's computer. I bought it when BTC was 9500. It's even cheaper now. They are going to monhky Subscription cuz BTC price has been going down and loosing money. This will be your last chance to get it super cheap..
Taxes are illegal and pure theft. Our governments are the scum of the earth. People act surprised when they begin to realise that most of the public trust “A guy called Satoshi” that they have never met more than they trust “the Fed” ummmm ya think!! WTH we are trying to make our way in life and every time we get ahead the government literally pull our pants down and pump us harder than shit coins pump on coin market cap.
Let’s hope this revolution happens in our lifetimes and the government lose their grip on us. Great channel mate keep the content coming.
Steve from London, UK
I like being able to take someone to court, or to call the police. So I am happy to pay taxes. Taxes without representation is theft, so purto Rico pays and doesn't get any benefits, meaning THAT is theft.
JuicyVeganDwarf my take on the taxes is like this, I'm not putting any more money into the crypto, have maybe 10k total now. Say I get that balance to grow at the current rate that I'm seeing and it hits 1 million by 12-31-18, well, if the government says they want half, so be it.. It's a huge hit but I'm not out. I'm still up 490k for the year (in that scenario)..
It looks like PT 2.0 is trying to compete with CryptoHopper. The hopper already has all those settings and operates on a subscription model. The hopper still looks easier to use in terms of the settings. I do, however, prefer a non-subscription model so, I would say PT 2.0 is the way to go.
So it sounds as if you sell your btc or trade it the same exact day you get it your charged income tax . But if you wait a week and it goes up say 20 dollars . Your then shafted and have to pay capital gains tax right ?
The way your understanding it is the way i am also. I understand . Def understand about you not being a tax expert i only look on Your chanel for Entertainment as such everyone else . But :) it has made me get into profit trailer .... Shame that you have to CYOTE (cover your own tale everyday) for those who dont . Keep pumping out the good content Crow . Silently and patiently awaiting that Crow Coin.
Yes, but your cap gains is only paid on the difference between the value the day you got it and the current value. BUT I COULD BE WRONG STILL. Thats just how it was explained to me though its all still so confusing and I am not at all a tax expert nor do I even want to pretend to be one. Just making that clear. :)
Hey CryptoCrow from Birmingham UK glad to see your pumped up again 💪💪💪can't wait to see your new videos on profit trailer, I just wanted to say I'm glad I found you bro was looking for a trading bots and found your videos inspiring and your energy is impenetrable hope to meet you one day may you and your family be blessed peace brother 👊
TLDR; Yea...probably worth it considering its most likely passive income, Part 2: Crow getting taxed twice over like all of us here in the US =(
Short term gains are taxed as ordinary gains from what I recall, I only got into crypto this year at the beginning of January but its practically the same as trading stocks, if you open and close a position within a 365 day period your taxed at ordinary gains which could be up to 39% (37% i believe for new 2018 US laws), but this is assuming your already hitting the top bracket, and if you are then thats great news. If you open a position and close it after 365 days then your taxed at 20% or so (this is changing a bit too i believe with new laws) instead of the 39/37% max bracket, and of course I believe you still owe Medicare tax which is 1.9% or 2.9% on these gains one way or the other ( the higher being if your make over a certain amount but only 1.9% is taxed up to a certain amount and the remaining +1% is indefinite i believe), but you shouldn't owe FICA taxes on capital gains. All in all, if your making enough money to be taxed at the highest bracket, weather you agree with these taxes or not, I think we can all agree running a bot that makes you some form of passive income is most certainly worth it.
As for crow and getting taxed twice over thats pretty standard, again weather you agree with how taxes work or not, the fact of the matter is anyone who earns money in the US is subject to federal income tax, and the post-tax income you actually take home if you invest it in any US stock markets or equities will be taxed again once you close those positions, and the same rules apply as to Ordinary gains or Capital gains taxes. So when he is receiving "income" or getting paid for his reviews in a digital asset he is paying his income taxes on USD value of the cryptocurrency at the time he received it, and because it is a "digital asset" according to the US, once he trades it for fiat or even trades it for another cryptocurrency or different "digital asset" then he is subject to taxes again on the difference between the price its at when he trades it and the price it was at when he originally paid Income Tax on it, wether those be Ordinary or Capital gain would depend on how long he held onto his original form of income...
Im not an accountant or tax advisor or anything of the such, so do yall's homework because I'm more than sure some of what I said is off, but I did spend the early part of January going through this before deciding to join the crypto world, and I've gotten prepared for 2018 taxes before I even bought my first BTC lol
I took the plunge and bought gnomes trading view signals, and honestly its probably the best profit trailer setup you can do... Very surprised with the result, difficult to setup thought and you always need chrome open.
yeah, i second that. i've tried a lot of setups, addons and strategies, but the one so far making a constant 2-3% plus per day is the cryptognome tradingview signal v3.
tbh. I even deactivated all signals but for one pair and its simply magic. am on binance with ETH pairs btw.
Do any of the 2.0 upgrade replace/include features from PT Feeder or Tracker? Or are those upgrades still worth getting. I've been thinking about picking ProfitTrailer up for a bit. Think I'm finally going to do it before the sub model. :D
Here is my situation:
I already have ProfitTrailer. I only have about 1.5k-1.7k in crypto.
Do you think using profit trailer is worth it when compared to regular investing?
How would you play the market if you were in my situation (as I’m sure many people are). Thanks Crow!
My bookkeeper says crypto is a scam and wouldn't have a clue what to do with it if I brought income to her from that. I wonder how many bookkeepers are like that? I'm not thinking about it yet because I still have to catch up on my initial investment. ;o)
Fiat is backed by NOTHING except the faith in the government and only to the amount of $250k! So long as people have faith in crypto, It has value. The government has validated crypto as they recognise it as an asset and tax it under capital gains law. Go tell your bookie that.
Im sure more than just bookkeepers saying the same thing, new bookkeeper is in order it seems. I'd argue US equities are a scam too lol, if Crypto is a Ponzi scheme because new money is used to cover old money then how is it any different from stocks? No one every buys Amazon stock or Apple stock because they actually want to own the company....they buy it so they can sell it for more money later...ie New Money coming into the market later and paying a higher price for the old money who bought at a lower price to get out, sure sounds like a Ponzi scheme to me lol
The miners are interested in finding a nonce which will create a hash with certain characteristics. Lastly, they have to find a random value that they included in the header, which makes the computed hash over that header a value below a particular target. In other words, they do not have to agree to change the protocol. Though there are a few gold diggers attempting to fill their pockets and certain projects that aren`t viable and shouldn`t be encouraged in any way. For users running a complete node, it is a fairly painless procedure to upgrade the software to the newest version. The process of locating a new block to extend the blockchain is known as mining. Proof-of-Work systems utilize cryptographic hashing algorithms to create the action of mining a block a complicated computation. Our software is totally incompatible with altcoins. Changes and modifications to how that it works need to be approved by consensus and every CPU gets a vote. To start with, it`s essential to realize that hardware wallet users control entirely their private keys. Whether you`re bullish or bearish on Bitcoin Gold, you ought not lose your coins as a result of careless mistakes! On the 1 hand, it may result in making a coin that solves all the pending issues. There`s no currency or digital asset named Bitcoin Core. Bitcoin Cash increases the range of transactions that may be processed per block. You could send any quantity of money, any place in the Earth, almost at no cost. You`ve made some great money already on the market, but you want more. For a wealthy individual, BTC`s price premium may be viewed as a plus. For someone without lots of money, BCH`s low price may look like a great deal for Bitcoin. If you have some concerns about the worth of Bitcoin after all forks, you need to be ready for a drop. The distinction is that not all of these suffer the chain split. The primary problem is Bitcoin imposes a hard limit on the magnitude of a block, the location where transaction information becomes stored. The end result is many straightforward wallets, called SPV wallets and very commonly found on your phone, will be quite confused about which chain is Bitcoin. In Bitcoin, the most important reason is known as the network effect.