When there is near zero tourism for 2 years, any % increase it massive. You do understand basic math, right? Let’s take a quick look. According to El Salvador, they saw [1.4 million tourists in 2022. ](https://beincrypto.com/el-salvador-tourism-increases-30-bitcoin-legal-tender/). You would have to go back to 2009 to find tourism numbers [that low](https://data.worldbank.org/indicator/ST.INT.ARVL?locations=SV&start=2007). So over more than a decade their numbers are flat. But if you want to cherry pick data and say “Bitcoin did this” I guess you are perfectly entitled to make yourself look like a fool.
In the USA, the exchange you parked that Gemini on \*should\* issue you a 1099-INT since the amount of interest is over $10. You'll then include that 1099-INT when you file for the corresponding tax year. If you don't receive the 1099-INT you are still obligated to declare that interest payment. Whether or not you withdraw the whole amount or any part is irrelevant.
This has something to do with Trusting Trust attack. See original paper by Ken Thomson: [https://www.cs.cmu.edu/\~rdriley/487/papers/Thompson\_1984\_ReflectionsonTrustingTrust.pdf](https://www.cs.cmu.edu/~rdriley/487/papers/Thompson_1984_ReflectionsonTrustingTrust.pdf) I.e. let's say you want to run bitcoin. How do you (or even bitcoin developer) know that it's not malicious. First we have to check it's source code and see if there is anything evil there. But even if everything looks fine, computers do not run human code (e.g. written in C or some other language). You need to run your source code past a bunch of tools including compiler. So then the question is how do you trust your bitcoin binary. Maybe your C compiler injected something evil into it. Well, you can look at compiler's source code but then again, you actually run compiler binary and not compiler source code. Maybe your compiler binary tries to detect that it is compiling the compiler and backdoors it. That way backdoor will only be present in binary code and never in source code. You can solve this by bootstrapping. I.e. build everything from as small binary seed as possible. Hopefully small enough that human can go over it and check it manually. **stage0-posix** is a project that starts with 357 byte hex0 binary and 757 byte kaem binary. kaem is a trivial shell, so it can run other commands. hex0 language is basically well commented machine code that can look like `# :_start ; (0x8048054)` `58 # POP_EAX ; Get the number of arguments` `5B # POP_EBX ; Get the program name` `5B # POP_EBX ; Get the actual input name` `B9 00000000 # LOADI32_ECX %0 ; prepare read_only` `BA 00000000 # LOADI32_EDX %0 ; Extra sure` `B8 05000000 # LOADI32_EAX %5 ; the syscall number for open()` `CD80 # INT_80 ; Now open that damn file` `A3 55810408 # STORE32_Absolute32_eax &fin ; Preserve the file pointer we were given` So hex0 converts this type of code into machine code (by stripping out comments and combining hex letters into single byte, e.g. "58" becomes byte with value 0x58). Then it goes on to build more advanced tools, hex1, hex2 and finally a simple macro assembler M0. The next stage is cc\_x86 compiler which is a subset of C compiler written in assembly. Finally stage0-posix builds M2-Planet (subset of C compiler written in C). Finally stage0-posix builds a few useful tools like untar. ungz and sha256sum. **live-bootstrap** builds on top of stage0-posix and keeps building stuff until we reach GNU C compiler and beyond. You can find the components that it builds here [https://github.com/fosslinux/live-bootstrap/blob/master/parts.rst](https://github.com/fosslinux/live-bootstrap/blob/master/parts.rst) All binaries are built reproducibly and always have identical hashes. Now this excludes Trusting Trust type backdoors not just in compiler but also in other tools such as shell, build systems, and other utilities. Except for the OS kernel. Both stage0-posix and live-bootstrap need Linux kernel to run on. So there might still be hidden binary backdoor in the kernel. live-bootstrap rebuilds linux kernel from source at some point in the sequence but it still needs one to begin bootstrapping. Here comes **builder-hex0** project that was recently announced and it is a very small (but also very slow and limited) x86 kernel written in hex0 language and stage0-posix can run on top of it. However, builder-hex0 can only run stage0-posix and can't go much further in bootstrap chain. So right now Linux kernel can not be build via builder-hex0 and Linux kernel still has to be trusted not to include binary backdoors. Still it's a start of kernel bootstrapping even if it's not complete (as the original post might be implying).
>I think we all know how to move a decimal point. Well I wasn't sure if you did. >My whole point was how risky it is to implement. It is not. If you find this risky, don't ever let anyone touch the Bitcoin code again. Hey, you should be a BSVer :P >Also you cannot add too many decimals as otherwise you would exceed the INT64 and that would slow down computation. Looks like we have at least 4 more digits which should last as a couple hundred years, or do you expect people losing Bitcoins left and right?
I didnt say your math was wrong, I think we all know how to move a decimal point. My whole point was how risky it is to implement. Also you cannot add too many decimals as otherwise you would exceed the INT64 and that would slow down computation.
I do think them issuing a MISC instead of INT is interesting. Hopefully with regulation they’ll change that. I’m assuming it’s box 3 other income? There should be a question or option on your software to say whether it is SE or not, I’d mark no just due to lack of clarity. It’s not clear by the IRS yet whether staking/earn programs are considered you lending your coins back or like a savings account. You aren’t mining new coins so IMO it’s not SE
Tax reporting form showing income of various types. E.g. 1099-INT has interest income, 1099-DIV has dividend income, 1099-G has certain government payments, 1099-S for real property sales, etc. There are many slight variations, but they're all pretty much the same - just a very simple form showing the income amount, tax withheld (if any), cost basis (if any), and fees (if any). Banks, traditional brokerages, etc. provide them. The supplier of the 1099 sometimes files a corresponding form with the IRS that provides more detail about where the income came from so that the IRS can match up and see the details of where the income came from. For instance, brokerages do this, so that IRS has all of the trade details behind the 1099 from the brokerage. 1099 forms aren't always required to be supplied though. Crypto exchanges aren't required to supply them, but some do as a convenience. If they don't supply one, then the tax filer needs to provide the 8949 (transaction details for disposition of capital assets) themselves. It's the 8949 that's so crazy difficult to put together for crypto.
Post is by: mic_droo and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoCurrency/comments/sziwgd/el_salvador_currently_has_half_as_many_tourists/ Hey guys, did you hear? [Tourism in El Salvador increased by 30% since BTC was introduced!](https://np.reddit.com/r/CryptoCurrency/comments/syp0p8/tourism_in_el_salvador_up_30_since_bitcoin/)! And if that thread isn't enough for you, here's a [second](https://np.reddit.com/r/CryptoCurrency/comments/szatov/el_salvador_keeps_winning_as_bitcoin_law_boosts/), [third](https://np.reddit.com/r/CryptoCurrency/comments/szbz99/el_salvador_tourism_increases_by_30/), [fourth](https://np.reddit.com/r/CryptoCurrency/comments/szdpkp/el_salvadors_tourism_surges_by_30_after_the/) and [fifth](https://np.reddit.com/r/CryptoCurrency/comments/szicw2/el_salvadors_tourism_increases_by_30_since_btc/) thread about it! And it's totally because of Bitcoin, a minister in the government that is trying to defend it's very unpopular Bitcoin law is saying it, that *can't* be propaganda! Seriously though: wtf, why would anyone believe this? Why would anyone travel there *just because they introduced BTC as a currency*? What would that change for any tourist? You can pay with BTC for a lot of stuff on the internet as well and nobody does. It doesn't make sense that this would lead to more tourism. You know what might lead to more tourism though? COVID restrictions easing up. Of course numbers are rising if they were extremely shitty in the past, that's currently happening *everywhere*. [Look at this data from the world bank](https://data.worldbank.org/indicator/ST.INT.ARVL?locations=SV) do you see that tiny dip at the end? Yeah, the numbers the minister named are still FAR below pre-COVID numbers. This is not a BTC effect. This is a 'things slowly getting back to normal' effect. Don't fall for the propaganda by the dictator and his government! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
In the US, interest on savings is taxable income. If you earn more than $10 in interest from a bank account, the bank is required to report it to the IRS and send you a 1099-INT. So the argument that it is just interest does not work. Like you, I would prefer staking income is not taxed. And I will likely seek a tax professional's assistance this year as not paying taxes on staking income would be significant for me.
Unfortunately, interest on a savings account is taxable in the US. I get a nice 1099-INT for my bank accounts that accrue more than $10 in interest each year. Combine a high yield savings account (a paltry 0.4% interest now) with an emergency fund, and you get yet another tax form.
Let me explain, when you live in a high inflation economy and don’t have enormous amount of money the smart thing to do is buy everything you need ASAP. That’s because, the price of every basic item will go up next day. Imagine you received your payment every Monday. The sooner you buy food and cleaning products less money you will loose to inflation. If you manage to save some, then you can start thinking in buy bitcoin. But as you can imagine, this isn’t the normal… at least INT this scenario.
In the US it’s like roulette. They take it out of your paycheck if you have an employer, there’s a form to fill out at that time, if you fill it out wrong they keep way too much or way too little, then when you actually file, it’s very dependent upon how many kids you have, most people with kids get back more than they even paid in, people that don’t work much get back more than they paid in, the rest of us pour over the tax laws hoping we don’t fuck it up and trying to take the deductions we are legally entitled to. They’ll certainly let you know if you didn’t add in a 1099-INT form for the $13 in interest on your savings account but WON’T give you a heads up that you could have deducted a lot of things you didn’t because you didn’t know it was deductible. Taxes in the US are predatory, usuary and basically a money racket. They make it this complicated so that most people have no choice but to buy tax software or use a professional tax prep firm. And pay to get their taxes done.
Our protagonist is a down on his luck videogame tester who once heard about a cool internet money idea back in 2009. INT. Home Office - Bill is streaming Terraria to his sub 100 Twitch fanbase. He is talking out loud in his room, sitting on his gaming chair and enjoying a lemon drop. BILL: [*to his internet audience, voice minimally muffled due to the lemon drop swirling in his mouth* ] "Honestly, crypto seems like a really cool idea but I never really could understand it. I've got a miner here." Bill reads the oncoming Twitch message from User: ObeseMunchlax BILL: "Yea [laughs] I don't know what I'm doing, my brother set this miner up years ago and it's done jack shit." A donation sound plays, it's the just the "Lil!" part of when Lol John announces his name in tracks. BILL: "Hey PruneJuice720 thanks for that donation man. All the best." Bill recieved another message from ObeseMunchlax. BILL: "I don't know man, I'm not going to have this dirt cheap electricity soon as I'm moving back to my parents place. I may just shut this thing off, not sure. Let me go check and see how it's doing."
Currently, the IRS has no way of knowing your crypto reporting is correct, without an audit. In a normal situation, if you missed a 1099-INT for example, the IRS matching software would catch it and they'd adjust your refund automatically, but there is no such mechanism for crypto.
There is a new variant with substantial mutations. Testing is ongoing to determine how it impacts vaccine efficacy, but there is some preliminary evidence to suggest INT may be far more resistant. So ask yourself, “how would things change if our vaccines, which are the reason we’ve regained some degree of normalcy, were suddenly far less effective?” That would be really bad for economies, which would be really bad for all markets. It’s not about ability to buy crypto, it’s about concerns over demand if economies pullback. Reality is, crypto is a highly speculative investment, one which people will likely need to pull money from if there is an economic downturn.
Exactly correct (in most countries). Also, the taxes are no different than the interest gained on your money in a normal bank. I get a 1099-INT form from every bank/credit union that I have money in as even though the interest rate is a paltry ≈0.5% it's still technically earned income.
INT. MANSION - 2061 GROUCHO is sitting comfortably in his armchair smoking a pipe and reading Walden. Bocherrini's String Quintet in E, Op. 11 No. 5 is playing softly in the background. A decanter filled with fine Scotch sits on a small table next to him. At his feet, a Tibetan Mastiff is sleeping, peacefully. GROUCHO'S GRANDCHILD enters the room and approaches the peaceful GROUCHO GROUCHO'S GRANDCHILD Grandpa, how come we have such a nice life? GROUCHO Dog money.
INT. MANSION - 2061 GROUCHO is sitting comfortably in his armchair smoking a pipe and reading Walden. Bocherrini's String Quintet in E, Op. 11 No. 5 is playing softly in the background. GROUCHO'S GRANDCHILD enters the room and approaches the peaceful GROUCHO GROUCHO'S GRANDCHILD Grandpa, how come we have such a nice life? GROUCHO Dog money.
They're being downvoted for presenting factually incorrect information. >| the $600 yearly limit to trigger what amounts to an automatic audit was only targeted at billionaires too. It is, though... The previous limit was 10k, which already applies to like 99% of adults. Even very poor people on SSDI disability or whatever with no job still get more than 10k moving around in their accounts in a year. This is incorrect. From [Bloomberg law](https://news.bloomberglaw.com/tax-insights-and-commentary/breaking-down-the-plan-to-report-your-bank-account-to-the-irs) >**Don’t those bank reporting requirements already exist?** There are some reporting requirements in place. For example, banks and other financial institutions must report interest income above $10 on Form 1099-INT. That form is filed with the IRS and is used to match the income reported on your tax return. Also, under federal law, banks are required to report any transactions of cash which **total more than $10,000 in any single day**: This information is included on a currency transaction report (CTR) and is used to help the government track large transactions and prevent money laundering. Making cash deposits of less than $10,000 is not illegal, but it is not lawful under 31 U.S. Code §5324 to structure transactions “for the purpose of evading” those reporting requirements. Emphasis added.
They do not want access to any transaction over $600. That is totally incorrect. They want banks to list total deposits and withdrawals on form 1099-INT one per year for accounts with more than $600 to cut down on EITC fraud and small business tax fraud. It is a great idea and has nothing to do with transaction volume.
I'm sorry to tell you, but it is already a police state by this definition. ​ There's suspicious activity reports for certain large transactions, there's reporting under anti-money laundering laws, there's repeated checks of your name + social against banned individuals databases maintained by the government. If they want access to your bank records now, most banks hand them over without a fight with just an IRS summons or a DOJ request. ​ [https://www.hrblock.com/tax-center/irs/audits-and-tax-notices/can-the-irs-get-my-financial-information/](https://www.hrblock.com/tax-center/irs/audits-and-tax-notices/can-the-irs-get-my-financial-information/) ​ Then there's all these derived pieces of info: 1099s, W2s, 1099-INT and on and on and on. They have a very full profile of your financial life right now, today.
This article is a mischaracterization of what is being proposed. The tax reform proposes, "Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner....with a minimum threshold of $600". This reform is not detailed transaction information, but instead an outflow and inflow aggregate that would be reported on the 1099-INT form (which banks already file for personal non-employment income, anything not earned through salary/wages). Right now the only way to trace aggregate income from offshore accounts is to laboriously added up individual transaction details. So having an aggregate inflow/outflow for these separate categories creates more upfront transparency. Therefore, if inacted, it gives the IRS an idea who is shuffling money between same-owner accounts and foreign accounts in attempts to stifle audits and circumvent taxes. https://www.factcheck.org/2021/10/republicans-mischaracterize-proposed-financial-reporting-requirement/
This headline is flat out wrong. The proposal is not for transaction reporting. It is to add two boxes to the 1099-INT to report **annual** aggregate net deposits and **annual** aggregate net withdrawals from the account. That's two numbers for the whole year, not the transactions on the account. The intent is to make visible the annual cash flow through the account. It should be obvious why the reporting threshold on account value ($600) is low. The account value is only a point in time snapshot that tells the IRS nothing about how the account is used. The reportable account value on the day the 1099-INT is produced could be low, but the account holder might have run millions through the account over the course of the year. (I don't know why $600 and not $10,000, $100, or $1; I would guess that the IRS already has some information that justifies a threshold that differentiates active accounts from abandoned accounts on value.) By identifying interest-bearing accounts that are used in this way, the IRS can more efficiently identify potential tax cheats and money launderers, which I assume those of you who are patriotic Americans are in favor of. The 1099-INT already reports on interest earned for all these accounts, so, this is not exactly burdensome for the banks and brokerages who have to produce it, as they just need to do some simple, trivially automatable addition over the year's transactions to come up with the numbers. [https://www.factcheck.org/2021/10/republicans-mischaracterize-proposed-financial-reporting-requirement/](https://www.factcheck.org/2021/10/republicans-mischaracterize-proposed-financial-reporting-requirement/)
The most number of decimals that would be possible before we would need to completely change the architecture (away from INT64) is 11. But it’s not really about minimum unit of account, it’s about circulation. Right now, massive institutions are buying bitcoin billions of dollars at a time. Many organizations are centralizing coin and becoming super holders. This is a possibility that early on in the protocol everyone was aware of, as at the time, centralization was heavy among the punks. I don’t think we talked nearly as much about centralization occurring with institutions and banks, but the notion of allowing on ramps for new users and to dilute centralized holding by allowing ongoing creation of bitcoin would be the purpose, not making it a smaller unit of account to allow smaller minimum Tx.
Max size on INT datatype in C++ is 2147483647 Maybe that had something to do with it? I personally prefer to use BIGINT libraries or just python where you don't have to worry about data types and have an unlimited supply of coins, albeit, at a slow pace (e.g., PIVX, GRIN, etc..,)
You'd have to use a different bank account for each $500 transaction. The proposed new rule requires reporting on any account with at least $600 in gross flows. That means they add up all of your inflows and outflows, and if that sum is greater than $600, the bank has to send a 1099-INT reporting those figures to the IRS.
>The new reporting regime would build from the framework of the Form 1099-INT reports that taxpayers already receive from financial institutions when they earn more than $10 in interest from a bank, brokerage, or other financial institution. Financial institutions would simply report additional data on the financial accounts of these existing information returns. Specifically, the annual return would report gross inflows and outflows on all business and personal accounts from financial institutions, including bank, loan, and investment accounts but carve out exceptions for accounts below a low de minimis gross flow threshold.57 Other accounts that are similarly situated to financial institution accounts would also be covered under this new reporting regime— for example, payment settlement entities would also be required to report gross receipts and gross purchases. The reporting regime would also cover foreign financial institutions and crypto asset exchanges and custodians.
I believe that theyre trying to prove that its similar to vocations. Like a baker may bake a cake and while it may have stored value. You dont realize that value until its sold. Staking should be taxed one of two ways. Do a 1099-INT like a bank does on annual interest or a regular 1099 as additional income when a profit is actually realized when its sold. Taxing both is horrible and makes my spread sheets more complex than needed when DCAing.
In the US, you usually have to report all interest income you earned during the year on your annual tax return. However, if the interest doesn't amount to $10, then you can skip this. I've had my banks tell me that I didn't meet the interest threshold, so they don't send me a form 1099-INT. There's two things you should take away from this. Tax reporting is not necessary for really small amounts, and the interest rates that American banks give retail sucks ass. Defi all the way!
No, I don’t think you pay taxes on it yet, only because it’s not reported. So, when you are a member/customer of a bank or investment group a form gets generated, I believe the 1099-INT. This form is mailed to the customer but a digital form is sent to the IRS too. So, if interest is made from ether, and nothing is reported….
If you receive interest payments from a service like Blockfi, you will get a 1099INT form, and so will the IRS. If you’re using defi, with no KYC, like pancake swap, the IRS will never know what all you make. Say you’re staking in something like pancakeswap and making some side income. If you pull your earnings out, swap back to your exchange, and withdrawal, nobody is none the wiser. If you sell crypto for a profit or earn interest, I would definitely claim it on your income for taxes.
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> Staking rewards is income taxed analogous to a 1099-INT. more like 1099-div > If btc goes to zero, you can write off the delta from cost basis down to zero on the original staked coins as capital loss. But for the coins that came from staking...you cannot? yup >Those don't have a cost basis associated with the value at time of possession? yup >Like if I were gifted $10k in stocks, I pay income on it. yup >But if I sell at a loss, don't I get to harvest tax losses? yes. Example: I was given a $100k house for free. I report $100k income for this year. I sell the house next year at $50k, I get to report a $50k loss. Bottom line is I had to report $100k worth of income because I got the house for free. Although tax laws are a bit weird with real estate, but you get the picture.
Correct me if I'm wrong. Staking rewards is income taxed analogous to a 1099-INT. If btc goes to zero, you can write off the delta from cost basis down to zero on the original staked coins as capital loss. But for the coins that came from staking...you cannot? Those don't have a cost basis associated with the value at time of possession? Like if I were gifted $10k in stocks, I pay income on it. But if I sell at a loss, don't I get to harvest tax losses?
No prior similar token contractsThere are highly similar contracts that were deployed prior to this one. Cloned contracts may indicate a low quality token (e.g., pump & dump) unless there exists an offering other than the token itself. 0.9775 BlipByte (BLIP) -1d View 0.9556 Unknown () -37d View 0.9503 WenMoon Token (WEN) -21d View 0.9494 AUTOv2 (AUTO) -69d View 0.9494 AFIB (AFIB) -31d View 0.9494 PMP (PMP) -56d View 0.9396 GlaiveMoon Token (GLV) -10d View 0.9396 Cliquor Token (CLQR) -9d View 0.9396 ByteMit Token (BMIT) -6d View 0.9396 SaintMoon Token (STMN) -16d View 0.9396 Pampet Token (PMET) -14d View 0.9389 Integro (INT) -30d View 0.9389 Swampy (SWAMP) -48d View 0.9389 Swampy (SWAMP) -49d View 0.9389 BscDefiToken (BSCDEFI) -30d View 0.9389 Integro.finance (INT) -29d View 0.9389 BscDefiToken (BSCDEFI) -30d View 0.8556 RAKE (RAKE) -61d View
Note: this is all assuming you're in the US. The 'follow-up' is basically for you to list your gains/losses. They don't ask you a laundry list of questions, it's a lot like, if you are going through something like TurboTax, the question of: did you sell a house this year? If yes, well.. then you fill out form whatever. Not a perfect analogy, but close enough. It is true that most (if not all) exchanges don't offer you tax statements, they don't have to yet... but as a citizen of the US, that doesn't matter.. you are required to fill out all your income and capital gains. Even if you bank doesn't send you a 1099-INT, that doesn't absolve you from reporting that interest. Now, how do you make this less painful? You go with sites/services like Cointracker, Koinly, CoinTracking, tokentax, cryptotrader, etc -- you can look 'em up. Maybe they offer an integration with the exchanges you use or maybe they give you a .csv file with your trades and you upload it. Make sure the service you pick generates the US tax forms.. and well, you're kinda done. I did about... 10 or 15 trades in late 2020 and got super worried about doing the taxes for them, but it turned out to be big deal. I picked a service, integrated w/TurboTax, and all done, super easy. Sure, you can, as many people, report you lost your crypto's in a boating accident... and try to skip on the taxes. Just remember, the IRS prefers to audit average people.. because the average person is less likely to have a fancy attorney and CPA to make the audit process harder. Remember, the whole point of "Know Your Customer" is to know who you are and you can be sure the Exchange has shared what they know with the IRS, so you could lie and say 'no' to the question.. and take the gamble on if they catch you on your 2021 taxes or anytime in the next three years to come back an audit your 2021 taxes.
INT CHAIN would be a good pick. A smartchain project for IoT, DeFi, NFT, DEX, Lending etc. At the moment they run the testnet and it's doing very well. Release of the new mainnet will be in Q3. Smart contracts are Ethereum and WASM compatible. Also they will be crosschain able to HuobiEcochain, Polkadot, BSC and so on. They work together with IOST and Chainlink and have partnerships with ZTE and China Telecom. Also they are a official BSN developer. OKEx runs already a validator node in the current network
In my experience using paypal to move money back to my bank, when you sell paypal has you verify SSN, and other less intrusive info, presumably to be ready to send you a 1099-INT next January. BTW, I did not want to create a taxable event but just wanted to get rid of one crypto and move to another. Anyway, we were fine with this. You might want to either keep all funds in your wallet, or seek a less inquisitive method.
You should consult a tax professional for help. They can take the information that services output and ensure the correct forms are filled out in your tax return. Don't trust a random stranger on reddit to guide you correctly - your situation may be different than mine. But here's what I do: I am able to export a tax report from cryptotrader.tax that I can import into turbotax desktop software (.xtf file). This fills out the capital gains/capital losses (1040 Schedule D) for me automatically. I then had to manually input the additional income I received from interest, rewards, airdrops etc. Interest (Celsius Network) reported on 1040 Schedule B (1099-INT). Other income like airdrops, coinbase rewards, etc. was reported on 1099-B.
> Why wouldn't you want to be paid in Bitcoin? It's a long story, technically they put the balance in your account at their site, you can transfer it out with a 7-day heads up to them (I think, if it's encumbered with the rest of your balance) Anyway, me personally, I still have fiat cash flow things, and what I want is to: 1. NOT trigger IRS tax checkbox regarding cryptocurrencies. 2. Yes I am aware that it would be taxed as ordinary income, but I would want a 1099-INT to go out, and I would give them an ACH to deposit cash. Ideally, over to somewhere like Schwab. 3. Then I could either wire from Schwab to my normal bank accounts to pay bills, or I start buying stock with the proceeds. 4. And insure it against hacks, and even, strange as it sounds, set up a structure where sure sometimes things get hacked or not repaid or things like that ... 5. I have hit on it - I want the bitcoin version of LendingClub.com - dont know if you've ever used that site
1099 just means other income, as in income other than employment. There's 1099 for freelance work, which I don't know what it's called, 1099-INT for interest you earn from and interest bearing bank account, and a 1099 for digital assets that you sell.
[Technically yes, you have to report it, but it's likely safe to exclude it if your total staking/misc income is less than $10.](https://www.irs.gov/forms-pubs/about-form-1099-misc#:~:text=File%20Form%201099%2DMISC%20for,Rents.) Interest gets filed via the 1099-INT form and we are technically required to report all interest earned. In practice, however, interest of less than $10 in a year doesn't get reported by institutions to the IRS and is typically safe to exclude (or forget) from your personal taxes. Staking is filed under the 1099-MISC for miscellaneous income, and it is probably safe to apply the same "rule of thumb" as with interest. Two notes: First, the penalty for 1099 underpayment is the amount underpaid plus 20%, which isn't serious when the total is less than $10, but could be problematic if the excluded income is more. And second, things like airdrops or Coinbase Earn are also miscellaneous income.
[INT coinhecko](https://www.coingecko.com/nl/coins/int) Thank you for the information, it is a really interesting long term investment. Do you know how to buy this coin? It is apparently not available in Binance. It is incredibly that this coin has ever reached a market cap. above 100 million and that it is currently just 3 million.
Big fan of Celsius. Definitely recommend parking a small proportion of your BTC there. What's especially cool about most of this yield farming is that you can earn "in kind" - that is, the interest you earn is not dollars, but BTC, so the value - if projected - can add up to quite a bit more than the 5-10% you're technically earning. e.g. let's say I have 100 BTC on Celsius (ha! I wish), and I earn 5% APY - I end up with 105 BTC at the end of the year. Great. If BTC's price has held steady, which most BTC maximalists would never assume, then I've earned 5%. But if BTC has increase in that year - say from 50k to 100k, I've earned 10% on the USD (or other fiat) of my original investment, and potentially more if I HODL for a while. Note: You have to pay taxes on the USD value of the interest at the time you earn it! Celsius sends you a 1099-INT at the beginning of the new year, so make sure you have (or can convert to) fiat to pay what's due. (This is not financial or legal advice).