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"0.04% Of IRS Filers Reporting Bitcoin Gains FUD" - File For An Extension If You Need To by lexiconical

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taxes · @lexiconical · (edited)
$381.39
"0.04% Of IRS Filers Reporting Bitcoin Gains FUD" - File For An Extension If You Need To
<center>![Tax 1.jpg](https://steemitimages.com/DQmR7byZarWbVGb8Ddfw7jBTDfCEipzwi5wqBAAtkh2vjZS/Tax%201.jpg)</center>
<center>[*See my article on deducting crypto Ponzi losses in 2017 before tax laws change.*](https://steemit.com/taxes/@lexiconical/how-to-recover-ponzi-scheme-losses-bcc-usi-from-the-irs-legally)</center>



Regulars to my blog will attest to my lack of love for taxes, but I do always advise others that they should default to paying them in legally defensible method and only experiment at their own risk with "creative" accounting methods that the IRS may not be a huge fan of. Though I find US taxes onerous in both amount and form, I don't recommend "tax protest" as a form of political statement for the average bear.

Anyway, preamble aside, you are going to see headlines like this:

<center>![Tax 2.png](https://steemitimages.com/DQme7rCiAA3aCxkwfW8H78xtkWGDRBxSparXU8vDsEqsaJ1/Tax%202.png)</center>

I consider this a form of FUD, basically, that's purpose is either click-bait reporting or attempting to paint cryptocurrency as lawless and its users as criminals.

Considering the epic meltdown of the Cryptomarket going into January, all your holds and trades were likely slaughtered unless you had the extreme prescience to know exactly when to cash out. Almost nobody took a 50% loss going into the end of December and then decided to liquidate, double-whammying themselves with a short-term trading income tax to boot. It just doesn't make sense.

<center>![Tax 3.jpg](https://steemitimages.com/DQmXuk1ZCSjK5wsex6FoZD7Lybc9FyM2r4bj6ppZbeye7h4/Tax%203.jpg)</center>
<center>*0.04% of traders agree - having inside information is great.*</center>

These headlines might as well say "Only 0.04% Of Crypto Holders Predicted And Planned For Exact Date Of December Top."

Also, beware of the wash trading rule. It states (from memory...) that if you sell an asset, then buy it back within 30 days, you may not use those trades to set or adjust your cost basis for tax reporting purposes. No painting the tape with a loss and using your market timing skills to dodge the taxes. This is relevant for any crypto user trading into and out of their positions rapidly.

Remember, extensions are free and practically granted automatically. You will still need to pay any taxes owed by tomorrow, but if you are owed a refund, you can safely extend without further immediate action. If you need more time to sort these complexities out (preferably, with a newly motivated accountant with an empty entrance lobby after 4/17), then make sure to take it!

<center>![Tax 4.png](https://steemitimages.com/DQmPjkmVZrnVEJQJeskVHg2V86bo5mfhzZ2xC9gogH7yQoE/Tax%204.png)</center>
<center>*Do they really believe #3 & #5? Accountants entire career is filling out forms. They're clerical vassals. I would know.*</center>

<center>[*Try SteemEngine and get rewarded for every follow or vote!*](https://steemengine.net/join?r=1983) </center><center>[See my explanation of SteemEngine here.](https://steemit.com/steemit/@lexiconical/steemengine-another-vote-generosity-ranking-steemit-mirror-with-a-follower-section-think-legacy-steemfollower)</center>

<center>[*Post via Busy.org for added exposure and upvotes from Busy!*](https://busy.org/i/@lexiconical) </center><center>[See how to get extra votes from Busy.org here.](https://steemit.com/busy/@lexiconical/reasons-to-post-via-busy-org-steemit-like-mirror-to-steem-blockchain)</center>

<center><a href="https://smartsteem.com?r=lexiconical" target="_blank"><img src="https://smartsteem.com/static/smartsteem_banner.gif" /></a></center><center>[See my explanation of SmartSteem here.](https://steemit.com/smartsteem/@lexiconical/smartsteem-the-most-flexible-quality-focused-vote-buying-selling-marketplace-on-steem)</center>

<center>[*Try SteemFollower today and get rewarded for every vote!*](https://steemfollower.com/?r=5490) </center><center>[See my explanation of SteemFollower here.](https://steemit.com/steem/@lexiconical/steemfollower-the-upvote-and-follower-exchange-that-isn-t-vote-4-vote-but-is-quite-effective)</center>

<center>![PAL Logo.gif](https://steemitimages.com/DQmRSmRyg4MdRdiKsWTMbfyiAG673K1yP65MoUTbCXGp9Xi/PAL%20Logo.gif)</center>

<center>[Join us at the Minnow Support Project! (click me)](http://minnowsupportproject.org/)
[We also have a Radio Station! (click me)](http://mspwaves.com/home/listen/)
[...and a 10,000+ active user Discord Chat Server! (click me)](https://discordapp.com/channels/319885228464406528/331564766495506433)</center>

<center>[Join the Steemit Poker League! (@spl)](https://steemit.com/@spl)</center><center>[World's Largest Cyptocurrency Freeroll Poker Site, open only to Steemians!](https://www.lucksacks.com/)</center>

*Sources: Google, IRS.gov, TurboTax, TacAct, Nolo.com, Cornell Tax Law Library*
*Copyright: SmartSteem, PALNet, SPL, Science Cartoons Plus, ZH, Facebook*
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vote details (447)
@aitrading.com · 
Thank you for sharing this post. Yeah, agree with you @lexiconical.                "1 click" to trading ecosystem!  Follow us @aitrading.com and learn more :)       
![orig.gif](https://steemitimages.com/DQmePYhKm1Zf1V4fiskmKgDmGY51QfRFHxgLNXLbMjLsGJf/orig.gif)
👎  
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vote details (1)
@aphiso ·
$0.08
Come and get it IRS!

xD
👍  
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@appalachain · 
Taxation is theft.
👍  ,
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vote details (2)
@cryptoj215 ·
$0.02
When will they abandon the income tax that was started to fund wars! Wars do no good. When has war benefited the human race??
 ![Screenshot_20180420-145718_Google.jpg](https://steemitimages.com/DQmV9veY4nBsJauNvSb3coNXmW854BXGbhqn3deL9meaXVs/Screenshot_20180420-145718_Google.jpg)
👍  ,
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vote details (2)
@arcange · 
Congratulations @lexiconical!
Your post was mentioned in the [Steemit Hit Parade](https://steemit.com/hit-parade/@arcange/daily-hit-parade-20180417) in the following category:

* Pending payout - Ranked 4 with $ 342,27
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@ayogom · 
Hello I am @ ayogom, I have recently started Steam It.
I am analyzing whale wallets based on bitinfocharts.
Can you read my blog once, please?
https://steemit.com/bitcoin/@ayogom/bitcoin-whale-wallet-analysis-2018-04-17
I do analysis every day.
👎  
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@benchdamar · 
Love trading? iCoinCourse is the best software for traders!
Receive notifications when course grow up or grow down.
Download there: https://icoincourse.com/
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@bijoy80812 · 
great trip hope your? day is. always: fun, good luck I support you, if there is time please; help me,post..$
👎  
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vote details (1)
@bobreedo · 
It is FUD...most of us who made money in 2017 were in no hurry to file their taxes early...I wonder what date of filing they were up to?...plus some of us were hoping and still are...to get some clearer guidance from IRS concerning like kind exchange possibilities...

It is my understanding a Federal extension if filed timely...even without payment...will still be valid in terms of avoiding late filing penalty but late paying penalties and interest will be charged on any balance owed once filed...but this is not tax guidance...you need to do your own research...
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@builderofcastles · 
Accountants exist, in most part just to fill out all the forms govern-cement wants.  Thank goodness for digital printers.

Is it good or bad to wipe out this industry by destroying the govern-cement positions that demand all this paper work?
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@celinavisaez · 
Hola @lexiconical gracias por compartir la informacion, las criptomonedas  son legales y no somos criminales, un   abrazo.
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@cryptopay-blog · 
<center><h2>Your post is very good!</h2>Now look me in the eye and <b>Follow Me @cryptopay-blog</b>![Your post is very good](https://steemitimages.com/DQmcTT1VDMCm4pmc6o7WpmC9gFFhmZAySBH4TLyTXckjJsm/14d07fc7de97379a26911c43515e037a.gif)</center>
👍  , ,
👎  
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vote details (4)
@el-don · 
You hypnotized me and i followed you for no reason and i upvoted it too lol.
👍  
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@nickwalshblog · 
great video of cat
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@wxm11 · 
That cat is amazing. That blog is great! I followed you so now you should follow me too. Haha!
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@cryptotax · (edited)
$0.24
Overall agree with your message.  I definitely agree this is fear, uncertainty and doubt - the media is citing a totally unrealistic statistic. A more realistic statistic is Coinbase IRS court case - 6% (800 returns reporting Bitcoin transactions versus  13,000 summoned). And that was before mainstream came into Bitcoin, so how can the number of filers be lower than it was for 2015?

Only tokens treated as securities are subject to wash sale. However it is the most conservative to assume the rule applies to all crypto as the IRS could release more guidance and retroactively apply it.
👍  , ,
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vote details (3)
@biophil · 
> Only tokens treated as securities are subject to wash sale. 

Curious what you mean by this. Isn't fungibility the basic thing you need for wash sale rules to apply? Why does security status (which is only ambiguously defined anyway) have anything to do with it?
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@cryptotax · 
Hi @biophil, hope this helps:

The  "wash sale" rule applies to stock or securities by design of the Code Section (not just any item of property). Also, there are a certain  rules that would apply only to cryptocurrencies that are deemed "securities" for purposes of the Internal Revenue Code. This could all change in the future when more guidance is issued, however I highlighted a few of these nuances in an old article: https://steemit.com/bitcoin/@cryptotax/tax-implications-of-trading-ico-tokens-impacts-to-2017-tax-season
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@cryptotax · 
Also here is more information about extensions and estimating crypto taxes for the extension. Not shilling, this is a long expired post:

https://steemit.com/money/@cryptotax/need-additional-time-to-nail-down-crypto-taxes-file-an-extension
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@daniel-urbina · 
excelente articulo
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@darstar133 · 
Cryptocurrency never be a decentralized i have a tax...
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@el-don · 
I do not think that will happen, bitcoin was created to be decentralised and something like IRS won't control it.
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@elizahfhaye ·
$0.75
It is expected that only few will pay taxes on their gains of bitcoin esp those individuals who are trading with it. But I think the exchanges will have no escape in paying taxes since they need to register their businesses in the  government.
👍  , , , ,
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vote details (5)
@elvys · 
congratulations good your post
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@empress-eremmy · 
They just want to destroy crypto by all means. Now it's by using taxes. Paying taxes from a platform like steemit will be really complicated
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@greenbeans · 
I never invested in Bitcoin.  

My question is how will the government know how much you made off of Bitcoin when most of the account holders have anonymous accounts anyway?
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@izatullah · 
Hi @lexiconical great post i like your post .
👎  
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vote details (1)
@lakey123 · 
great trip hope your? day is. always: fun, good luck I support you, if there is time please; help me,post..@lakey123
👎  
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vote details (1)
@lektolek · 
In my opinion, all gifts or other benefits should still pay taxes.
👍  , , , , , ,
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vote details (7)
@manish-rana · 
Great work! Thanks for this post learned many new things. It really helped.
👎  
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@mirathekilla · 
Well, If you are cashing out then I see how you would have to play a little bit of cover-your-assets, but if you aren't cashing out, isn't it currently untraceable? I mean crypto is all about the values and anonymity, so if you are just collecting and storing, is it an honor based thing?
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@misterpipka · 
Hello. Look at my articles about bitcoin. I wait for you in friends!
👎  
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vote details (1)
@nba2crypto · 
nice tax suck for crypto and how they add there 2cents like they was the help of what we made. and they bale out billionare, yea its crazy
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@nrad · (edited)
Unless Coinbase and Binance work together and provide customers with detailed annual reports, I don't see how I could report any gains/losses *but even then, I don't see how its possible).  When I covert ETH to an alt coin on Binance, it's not like a stock trade, there is no cash involved, no loss or gain...cash goes into the initial coinbase then goes to Binance and gets traded into various things and mixed together, and back to cash in the end, but I don't see a way to track gains or losses in any manner.  What am I missing?
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@biophil · 
The basic idea, as I understand it and as most people seem to interpret it, is that *every single trade* is a potentially taxable event, and the basis/gain/loss is computed using the fair market value at the moment of the trade. Whether a transaction is taxable or not has nothing to do with whether the transaction involved fiat.

You sell 1 ETH for 1 TOKEN on Binance: you're exiting an ETH position and entering a TOKEN position. If you bought that 1 ETH for $50 and then it's worth $500 at the time you traded it for the 1 TOKEN, then you have a (roughly) $450 taxable gain.

Of course, I'm not a tax adviser and this isn't tax advice. Just trying to be a friendly helpful person.
👍  
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vote details (1)
@nrad · 
taxation on capital/investment gains is pure theft, plain and simple.  The invested money has already been taxed when you got it (income tax) then it is being taxed again when gains are made.  Not only that but you are taking all the risk and the government is getting a risk-free ride of all profits.  And if you lose money, you are on your own, it's not even deductible (only $3000/yr in losses can be deducted).  So the  government taxes you twice and you do all the work and bear all the risk.  And on top of all that, they waste the money left and right & line their pockets & the pockets of their cronies & corrupt friends.  Pure theft, no different than the mafia/gangs...but at least gangsters put their life/freedom on the line, these guys are immune, it's all legal.
👍  ,
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vote details (2)
@biophil · 
> taxation on capital/investment gains is pure theft, plain and simple.

Oh, in that case feel free to ignore my other comment.
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@pheonixdown-dee · 
Great article and very informative, thanks for sharing. I've smashed the upvote button for you!

If you are looking to get hold of some crypto without investing or mining, look into https://www.crowdholding.com. They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
👍  
👎  
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@postpromoter ·
re-lexiconical-0-04-of-irs-filers-reporting-bitcoin-gains-fud-file-for-an-extension-if-you-need-to-20180417t123001731z
You got a 17.18% upvote from @postpromoter courtesy of @lexiconical!

Want to promote your posts too? Check out the [Steem Bot Tracker website](https://steembottracker.com) for more info. If you would like to support the development of @postpromoter and the bot tracker please [vote for @yabapmatt for witness!](https://v2.steemconnect.com/sign/account-witness-vote?witness=yabapmatt&approve=1)
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@rasidulislam0433 · 
good information thanks for @lexicoincal
👎  
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vote details (1)
@recommendbot · 
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@romyjaykar · 
Hi, I just followed you :-)
Follow back and we can help each other succeed!@romyjaykar
👎  
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vote details (1)
@saiful7 · 
Hey @lexiconical, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! Cheers :)
👎  
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@sirstacksalot ·
$0.91
I paid my taxes.  I'm square!
👍  , , ,
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vote details (4)
@cryptoj215 · 
Nice little intrest free loan given out!
properties (22)
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@splatterhaus ·
$0.02
The IRS should be abolished... what do they expect? They are purposely making it super hard for crypto hodlers and day traders alike.

Maybe if they just took a modest cut of whatever you cash out to fiat more people would report it? It looks like a nightmare the way they have it set up right now.
👍  , , , ,
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vote details (5)
@cryptoj215 · 
Im glad im holding for the long long term...the IRS is a joke! Needs to be torn down and rebuild from the ground up!
properties (22)
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@stokjockey · 
@lexiconical I really enjoyed this post and yes the IRS FUD does get many of us down. I just wanted to ask you if you would UP Vote my latest post. I normally don't E BEG for people to come to my BLOG but since I am going to be giving Away 70% of the payout on the 7th Day to help STEEM Ghana then I don't think that it is wrong to ask for others UP vote just once. Thank You
properties (22)
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@sureshbhav88 · 
As we can see Bitcoin was started raising when compare to past 2 months value its been slightly up now.
In 2017 BTC price was <$1000 in March last year 
But after Cyber Attack on all over world BTC suddenly increases to upwards. 
But in 2018 Earlier this year Korean government started new FUD after that Indian government followed it then many other FUD's came to down BTC below $6.5k
But after all those FUD's btc raised again to $8k mark in a very short time. 
So expecting another raise on BTC in coming months.
We can see BTC @$25K this year.
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@tagarisko007 · 
Well sharing
👍  
👎  
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vote details (2)
@transparencybot · 
<h3>This post, with over $50.00 in bidbot payouts, has received votes from the following:</h3>

postpromoter payout in the amount of $99 STU, $173 USD.
buildawhale payout in the amount of $36 STU, $64 USD.

**For a total calculated bidbot upvote value of $135 STU, $237 USD before curation, with approx. $34 USD curation being earned by the bidbots.**

This information is being presented in the interest of transparency on our platform @lexiconical **and is by no means a judgement of your work.**
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@vestormesidonian · 
wow....!!!
great post that thanks for
sharing post @lexiconical
👎  
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vote details (1)
@vo1ts · 
Robinhood is already registered with SEC. Likely won't need to calculate taxes on your own. Crypto trading available in a few states already. Sign up via the link to get a free stock as well. https://share.robinhood.com/tunaida
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root_title""0.04% Of IRS Filers Reporting Bitcoin Gains FUD" - File For An Extension If You Need To"
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max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id50,774,633
net_rshares0
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