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Merged Bitcoin - Part 3

MinnesotaBrant said:
I am not sure why they have to tax crypto because it is backed by nothing. Trump is saying that he will deregulate it.
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They're not taxing crypto, they're taxing profits/income.

And anybody who is dealing in any cryptocurrency as a means of earning an income will convert their profits back into a legal currency asap.
 
Did talk to my crypto coworker and he said that he still is in it but that it does feel like gambling to him. I might be ready to get a book on crypto soon. I am thinking that there may be some advantages to it but I will have to study it
 
Watching a few Coffeezilla or KiraTV investigations and reports or the is enough to put anyone off crypto. Every single promoter and proponent seems to be a scumbag.
 
An AI representation of Elon Musk was trying to sell me on an AI driven stock buying program, but I was too broke to break into this.
 
https://www.kitco.com/news/article/...-vows-make-bitcoin-strategic-reserve-currency

(Kitco News) – Breaking news from the Bitcoin 2024 Conference as Presidential candidate Donald Trump said he intends to make Bitcoin a strategic reserve currency for the United States.

“Many Americans do not realize that the U.S. government is among the world's largest holders of Bitcoin – The Federal Government has almost 210,000 Bitcoin or 1% of the total supply that will ever exist.”

“But for too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: "NEVER SELL YOUR BITCOIN."
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Hmm. Last I heard the only way to get bitcoin is to either mine it or buy it from someone else. Every buyer has a seller.
 
psionl0 said:
"I am not sure why they have to tax crypto" sounds like a question to me.
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Is there any reason they should tax crypto? Like for instance then you could claim a loss if sold at a loss. I guess I don’t know why they tax gambling wins either. Maybe not for this thr ad
 
psionl0 said:
Whether it is or not, the poster in question had no intention of addressing any part of that post. They just wanted to regurgitate ancient "no evidence for it but sounds good to me" BS.
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2nd half of the post in question, bucko
 
MinnesotaBrant said:
Is there any reason they should tax crypto? Like for instance then you could claim a loss if sold at a loss. I guess I don’t know why they tax gambling wins either. Maybe not for this thread
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Capital gains are taxed at varying rates depending on your income and whether you have held the asset for more than a year or not. Most people will pay 15% (no more than 20%) on the gain if they sell their asset after 1 year.

The federal tax rate for winnings from gambling is a flat 24% (but you can claim gambling losses up to the amount of your winnings as a deduction).

I don't know if the IRS classifies profits from crypto sales as capital gains or as winnings from gambling but I can guess how they would like to classify it.
 
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