Reporter, Bitcoin, Thousand Dollars discussed on Let's Talk Bitcoin!


On their schedule c like self employment income but then for our purposes calculating capital gains and losses it says if they buy a bitcoin that day so if they got paid a bitcoin every friday then it's worth a thousand dollars they recognize that thousand dollars in income on their self employment and then they'll have expenses offset against that you know we have a reporter who has a situation like this where she's always painted in bitcoin and then but then when she eventually cells that bitcoin we use the cost basis that's determined the day she received it when she year radically bought it because she would have been paid us dollars and said she was paid bitcoin source and so our software does all of that but that's more of the more of a complicated tax situation i was glad to hear you said when transfer and his vague you guys will actually ask if it was a spend or transfer and i i guess is it the same way with money coming into a wallet if you would ask was that income or transfer yeah exactly okay well that's that sounds perfect so i've got a question that i assume anyone kind of who's been involved with the let's talk bitcoin network a question i was soon many would have i don't know if people think about taxes like i do i feel pretty unique i guess maybe i'll even ask you there's always that i don't know if it's a rumor truth at eight hundred people filed crypto taxes between twenty thirteen in two thousand fifteen are you familiar with that oh yeah do you believe that to be true i mean to be honest from talking to accountants and who have been filing users taxes since then i've heard of enough people who say oh for sure it's been much higher than that i alone did three hundred or whatever that i feel like it's very unlikely that it's true.

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