Leaked: US Government’s Message to Bitcoin Holders | I Spoke w/ Tron's Justin Sun

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  1. You’re only taxed on your total gains.
    They will deduct your losses from your gains for your total gains. Also you won’t be taxed on the crypto you see holding. It’s the same for stocks. It’s just income tax. Some people trade for a living and that’s their only income and so it makes sense they are taxing on it.. taxes suck but it’s nothing new

  2. Holy shit I'm scared for all of the people saying things like "they can't prove it, they can't track it." Umm the IRS gets records of transactions from the crypto exchanges. Unless you're doing all of your crypto transacting on exchanges with no KYC that're overseas, then yeah, they can prove it….

  3. you inspire. how s Justin in person ? ..did he go to dinner w berkshire guy? there are 2,153 BILLIONAIRES AND ONLY 17.8 MILLION BITCOIN AVAILABLE when you get a chance, check my vlog – thanks !

  4. They can claim a small adress and keep them seperate from all other adresses so the first doesn't leed to the second. If your bitcoin is in a safe on a hardware wallet you may be ok. Keep crypto on a seperate email adress and laptop or tablet. Keep one moble wallet on your phone and report that. If you have crypto on exchanges or any centralized third party platform they can get to those companies operating in the US no matter where they are baded i believe. More private cryptos such as monero and dash may help but if you have bitcoin wrap it in grin. Mimble wimble uses no adresses. Unless you have millions of dollars in cryptos they wouldn't have the resources i would guess to go after small holders that keep digital assets in your own possession. At least keep your cryptos on chain and put private keys in a safe.

  5. You are fools!! Did you think the government was going to let you earn all those gains without paying the gov't? Haha. This is not cracking down on crypto, its standard. You should have filed taxes legally anyway!!! Your channel is near worthless. XRP will crush your precious bitcoin. And eventually all but XRP will be altcoins

  6. Let them look! There are plenty of us and they are doing anything they can to scare the Bitcoin community. They use that tactic anytime they find something that they don't have control of or don't make a profit from. They don't want anything happening that they don't have their greedy hands in.

  7. ??? I predicted that Bitcoin would reach 10K by the end of 2017 and it went up ALL the way up to 20K. This year I see it reaching new heights, follow me to join the journey with me as I share my trading strategies, crypto reviews and top information. ?

  8. In 2014 IRS published basic guidelines for reporting crypto transactions. Crypto is considered by them to be an asset (like a security, ie. "stock"). You must report the value of when you receive it. Then when you spend the crypto you have to pay a sales tax just like with paper money. The exception to this would be if you purchase goods on the internet; the merchant is responsible for collecting the tax and they usually only do this if you are in the same state they are in.

    To keep things basic, if the crypto you received was worth $5 when you received it and when you spent it, it was valued at $25 you have a 5X gain and have to pay capital gains tax on that.

    For you traders out there, keep track of your trades or use an exchange that gives you a consolodated year end report. Then just give it to your tax preparer and they will know what to do. I have purchased, mined, and exchanged some of my crypto and made spreadsheets to keep track of each. I gave them to my tax preparer to report. Because I didn't make money on anything, I got to report the loss. This year, I'll probably be liable for some tax but mining may also offset that. That reduces the amount of tax you pay from ALL your wages, not just crypto so there are advantages to reporting as well as keeping out of jail.

    I understand all of the arguments here but the fact is, until they change the tax laws, you have to report those earnings or losses.

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