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So, now that we're into March, I have a question for you - did anyone receive a 1099-MISC (or similar) tax form, when you "sold" your bitcoin? [As I understand it, the IRS considers any transfer to be a "sale", too.] So what paperwork do you get, and what identifying information does it have within it?

(Man, the govt is bound and determined not to let anyone do anything with crypto, aren't they??)
mmmm I thought only selling it counted - sending was not counted! yikes. I have not received a tax form yet, but my wallet has an app that does it for you. BUT it appears they send it directly to the IRS. I would prefer to look at it first. hmmmm.

This makes me nervous.
@calgal99, @הרהור - I don't know what the tax code for crypto currently is (why do they make it so complicated?!). But I can tell you from experience that if you forget to report something on your taxes, they'll just send you a letter asking for the info and possibly a bill. There's no penalties unless you ignore the deadline in the letter. The letter I had gotten when I forgot to report something didn't even sound threatening, they just saw a mistake and asked for info.
 
Thank god I don’t receive anything like that. I just pay my bitcoin to my guy and that’s the end of it. I don’t do anything but purchase my item. They get paid and that’s the end of it. Doing it for 5 years or more and never received a letter from anyone.
 
So, now that we're into March, I have a question for you - did anyone receive a 1099-MISC (or similar) tax form, when you "sold" your bitcoin? [As I understand it, the IRS considers any transfer to be a "sale", too.] So what paperwork do you get, and what identifying information does it have within it?

(Man, the govt is bound and determined not to let anyone do anything with crypto, aren't they??)
mmmm I thought only selling it counted - sending was not counted! yikes. I have not received a tax form yet, but my wallet has an app that does it for you. BUT it appears they send it directly to the IRS. I would prefer to look at it first. hmmmm.

This makes me nervous.
Yeah, this is relatively new tax law, I think it started in 2022. The IRS now includes purchases made with BC (as well as sales of BC) as reportable AND taxable events, and they impose some specific (but I don't remember exactly - I'll go look for it in a minute) penalties for not reporting on שֶׁלְךָ taxes. My CPA didn't know any of the specifics, he said he'd look into it for (this tax year/next year's taxes.)

Obviously, what concerns me most is exactly how much info the IRS gathers/keeps, about every transaction. I mean, it sounds like BC is going to be nearly as trackable as a CC purchase.

ו @ Chris10 I don't know whether you're in the USA or not, but my limited understanding is that this IRS stuff applies to every crypto except, iirc, Monero, which is entirely outside US jurisdiction? Again I don't know this stuff well at all, I readily admit it, but many governments seem to be trying to crack down as hard as possible.
 
Okay, so here's what I found in a quick search:
  • Are purchases of goods and services with Bitcoin taxable? Yes. See https://www(נְקוּדָה)coinbase.com/learn/crypto-basics/understanding-crypto-taxes
  • Does the IRS know I sold Bitcoin? Yes, the IRS can track cryptocurrency, including Bitcoin, Ether and a huge variety of other cryptocurrencies. [https://koinly(נְקוּדָה)io/blog/can-the-irs-track-cryptocurrency/]
  • What happens if I don't report Bitcoin on taxes? If you don't report a crypto-taxable event, you could incur interest, penalties, or even criminal charges if the IRS audits you. You may also even receive a letter from the IRS if you failed to report income and pay taxes on crypto, or do not report your transactions properly. After an initial failure to file, the IRS will notify any taxpayer who hasn't completed their annual return or reports. If, after 90 days, you still haven't included your crypto gains on Form 8938, you could face a fine of up to $50,000. [https://www.investopedia(נְקוּדָה)com/articles/investing/040515/are-there-taxes-bitcoins.asp]
 
Ya I’m in U.S but never received anything like this. I’m not sure why you’re receiving this paperwork about this when I haven’t heard of this before. I have never been asked for this before. That’s kind of weird.
 
@jaders
Last I checked you could only buy bitcoin on paypal without the ability to send it anywhere. You are basically just allowed to invest in it and it had to stay there. That was a while ago, things may have changed.
 
So, now that we're into March, I have a question for you - did anyone receive a 1099-MISC (or similar) tax form, when you "sold" your bitcoin? [As I understand it, the IRS considers any transfer to be a "sale", too.] So what paperwork do you get, and what identifying information does it have within it?

(Man, the govt is bound and determined not to let anyone do anything with crypto, aren't they??)
mmmm I thought only selling it counted - sending was not counted! yikes. I have not received a tax form yet, but my wallet has an app that does it for you. BUT it appears they send it directly to the IRS. I would prefer to look at it first. hmmmm.

This makes me nervous.
Thought the income had to be realized in order to be taxed; like dividends etc
 
I'm very curious if anyone has used bitcoin through Paypal? Looks like this has recently been added to Paypal according to link below. I know a lot of people have issues with paypal in general, but if you're ok with paypal this seems like it may be easier than the traditional bitcoin process?


It would probably be ok to use them to purchase the coin, but I would definitely move it to a private wallet before sending it to a vendor...
Thanks for the respone, yeah that's a good idea to transfer to a private wallet, will need to look into that. The last time I used bitcoin it was a big hassle, so the Paypal option seems more straightforward, but I should probably get up to speed with all of the options out there since I haven't done anything with bitcoin for about 3 years.
 
I sold a couple coins in '21 and never got any such form. I reported it on my taxes because its an easy thing to catch, might as well pay up. The government does not know who does what with bitcoin. If you did not wash your coin they can see where you sent them, if they happen to be watching you. Having a bunch of cash show up in my account might have stirred things up but I heard nothing about it.
 
I've attached a link that explains the tax code as it pertains to digital currencies. Believe it or not, it most straightforward of anything I've read.

מייק

Thanks for that, yeah makes sense they're treating crypto like any other asset, stocks/real estate, etc, if it goes up in value you will need to pay tax if you sell the asset and realize a gain (sell for more than you purchased it)
 
I think lots of folks are getting away from crypto due to the various govmts starting to track them and get more tax revenue. Gets a little tougher to be anonymous these days!
 
I think lots of folks are getting away from crypto due to the various govmts starting to track them and get more tax revenue. Gets a little tougher to be anonymous these days!
Yeah I thought that was the whole point to crypto! Pretty ironic if people are getting away from using crypto because they can't stay anonymous. I guess it's a game of whack a mole.
 
I think lots of folks are getting away from crypto due to the various govmts starting to track them and get more tax revenue. Gets a little tougher to be anonymous these days!
Yeah I thought that was the whole point to crypto! Pretty ironic if people are getting away from using crypto because they can't stay anonymous. I guess it's a game of whack a mole.
I think that's the grand scheme, get people hooked on paying online and then the tracking begins. We've already been relying on digital waaaay too much in my opinion.
 
I would not use BitCoin at all, its too unstable of a platform.
 
@tvo14, I am with you friend. For awhile the US $ was so strong that other more traditional transfer services used and vendors using them made out real well. $ weakening, but still rather positive based on exchange rates with some common COO's. Have had many nice folks try and walk me through it over the last several years. I have just finally hit the wall when it comes to Computers! Kind of the good people who tried to help. Came from IOP, and got his Macroasses list of specials via txt, lol A lot of chat on his thread over on IOP, but I am not sure I ever saw a thank you for goods received? When I got the boot from IOP, I found it interesting that he was blacklisted here, and even read that he basically runs the show over there. Do not care for COO of vendor, but most is now supposedly ship out of Phil.? Anyone receive from this COO? Way off the subject, Apologize.
 
Hello, quite a newbie on this one and really struggling to get on my feet with bitcoin. nothing but headaches so far.

About the debit card business, can you tell me, the debit card end is only for depositing the USD funds into BTC, correct? That gets your money from your checking account into BTC wallet. Is there any way you can configure a debit card the other way, use it to spend BTC in USD?
 
Hello, quite a newbie on this one and really struggling to get on my feet with bitcoin. nothing but headaches so far.

About the debit card business, can you tell me, the debit card end is only for depositing the USD funds into BTC, correct? That gets your money from your checking account into BTC wallet. Is there any way you can configure a debit card the other way, use it to spend BTC in USD?
No, I'm in the banking industry and as far as I know there is no way to get a debit card to spend BTC in USD. Anyone else correct me if mistaken but I don't think I am.
 
Spent an hour yesterday (again) trying to figure it out. I have degrees….I was a technical writer…I’m very financially savvy…and I’m lost as hell
There are plenty of very specific YouTube’s about buying it. You can even choose the exact company or place you want to use. Like, I looked at how to send INTO electrum. And also how to send out of it.

Cash app is supposed to be the easiest as well. It’s crazy how hard and daunting it is tho. The terminology is half the battle. ???
 
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