Donating Bitcoin

[BlackBellamy]

Man I traded so much "coins" last year and then dumped it all before it turned sour and had all these capital gains and then I was like do I tell the IRS anything and then I was like nah they're very disorganized how are they going to know I'm trading on this Taiwanese exchange and depositing stuff into a Cypriot bank that then transfers it to the First International Bank of Israel because when I fill out my taxes and they ask if I have any international bank accounts I just say no I don't because where that money eventually winds up is not technically a bank and besides anyway if you know the IRS they just send you a bill plus interest and then you go oh noes and they're like that's ok you can just pay a portion of it which winds up being less than the actual tax in the first place so if you take that tax money you should have paid and you put that into an interest-bearing account you can just wait for them to offer you a compromise and then you pay the due and still have money left over.

Anyway to recap: You don't have to pay taxes on any "bitcoins" or whatever.

[Bigsham]

Originally Posted by BlackBellamy [You must be logged in to view images. Log in or Register.]

Man I traded so much "coins" last year and then dumped it all before it turned sour and had all these capital gains and then I was like do I tell the IRS anything and then I was like nah they're very disorganized how are they going to know I'm trading on this Taiwanese exchange and depositing stuff into a Cypriot bank that then transfers it to the First International Bank of Israel because when I fill out my taxes and they ask if I have any international bank accounts I just say no I don't because where that money eventually winds up is not technically a bank and besides anyway if you know the IRS they just send you a bill plus interest and then you go oh noes and they're like that's ok you can just pay a portion of it which winds up being less than the actual tax in the first place so if you take that tax money you should have paid and you put that into an interest-bearing account you can just wait for them to offer you a compromise and then you pay the due and still have money left over.

Anyway to recap: You don't have to pay taxes on any "bitcoins" or whatever.

You dont have any money or bitcoins idiot

[Cen]

Originally Posted by BlackBellamy [You must be logged in to view images. Log in or Register.]

Man I traded so much "coins" last year and then dumped it all before it turned sour and had all these capital gains and then I was like do I tell the IRS anything and then I was like nah they're very disorganized how are they going to know I'm trading on this Taiwanese exchange and depositing stuff into a Cypriot bank that then transfers it to the First International Bank of Israel because when I fill out my taxes and they ask if I have any international bank accounts I just say no I don't because where that money eventually winds up is not technically a bank and besides anyway if you know the IRS they just send you a bill plus interest and then you go oh noes and they're like that's ok you can just pay a portion of it which winds up being less than the actual tax in the first place so if you take that tax money you should have paid and you put that into an interest-bearing account you can just wait for them to offer you a compromise and then you pay the due and still have money left over.

Anyway to recap: You don't have to pay taxes on any "bitcoins" or whatever.

lol that's like saying you got away with robbing a store so you don't actually have to pay for stuff at stores ;D

In the US now in every state, you do have to report not just the USD capital gains, but the ownership of crypto or virtual currencies ever since the tax reporting year of 2019 (of 2018)