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im preparing my taxes but i dont know where to declare mined BTC on there??? is there a form i can request?
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Mar 10, 2022 19:02
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numberoneposter posted:im preparing my taxes but i dont know where to declare mined BTC on there??? is there a form i can request? Don't declare it you're an outlaw Dottie, a rebel, one who goes against the grain
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Mar 10, 2022 19:06
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putin is a oval office posted:Uh yes it does my dude. What on earth do YOU think it comes from? Every entry on a blockchain is cryptographically signed with a hash of the previous entry, it's literally the most basic and easy to understand part of the whole nonsense process. look, nobody knows the term's origins for sure, our records don't go back that far... but it's clearly either derived from "cryptosporidium" (odd coincidence that the popular term "shitcoin" also has poo-related roots, isn't it?), or "cryptofascist" (as it's beloved by so many self-described "libertarians" on their journey towards becoming full-fledged nazis). get out of here with this "cryptography" nonsense, nobody knows wha tthe hell that is, especially crypto fans
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Mar 10, 2022 19:32
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the spirit of their strawberry drying ancestors is alive and well https://twitter.com/zackvoell/status/1501982656128589832
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Mar 10, 2022 19:38
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numberoneposter posted:im preparing my taxes but i dont know where to declare mined BTC on there??? is there a form i can request? Yes it's a mess and a bunch of audit flags, gl.
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Mar 10, 2022 19:44
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https://twitter.com/rightwingcope/status/1502026164117950464?s=21
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Mar 10, 2022 22:26
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ORANGE APE BAD
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Mar 10, 2022 22:36
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Oh boy access to chats with “maga influencers” I’m so stoked on this nft oh boy… It’s just exhausting by this point. Funs over
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Mar 10, 2022 22:55
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Excuse me I signed up for exclusive chats with mega influencers and I would like to make a return
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Mar 10, 2022 23:24
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Strategic Tea posted:Excuse me I signed up for exclusive chats with mega influencers and I would like to make a return https://mobile.twitter.com/kimdotcom/status/1366136300122767361
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Mar 10, 2022 23:30
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He offered to pay me in bitcoin back in 2012. Would have been about $30,000 worth when they were around $8 each. Calculated it at it's peak and it would have been worth around $250,000,000. I wish I would have accepted the offer. Only because I would have bought so much LSD with it (the only thing you could really buy back then) and would have a wallet worth cyber-millions but not knowing what the password was because my brain would be fried. Now I only have a partially fried brain that only has to recover passwords every couple of months.
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Mar 10, 2022 23:55
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https://twitter.com/web3isgreat/status/1502056823247056914?s=21 Code is law until the exchange fucks up 
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Mar 11, 2022 00:30
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Afakasi posted:He offered to pay me in bitcoin back in 2012. Would have been about $30,000 worth when they were around $8 each. Calculated it at it's peak and it would have been worth around $250,000,000. I wish I would have accepted the offer. Only because I would have bought so much LSD with it (the only thing you could really buy back then) and would have a wallet worth cyber-millions but not knowing what the password was because my brain would be fried. Now I only have a partially fried brain that only has to recover passwords every couple of months. Could have bought a pizza with those bitcoins.
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Mar 11, 2022 00:32
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ffs https://twitter.com/MakersMark/status/1500963558108151818 Friendship ended with Maker's Mark. Now Bulleit is my best friend. Seriously tho I am disappointed. Booo Maker's Mark. No more on my bar cart, nor any other Beam Suntory brand.
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Mar 11, 2022 00:32
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Jose Valasquez posted:https://twitter.com/web3isgreat/status/1502056823247056914?s=21 Bank error in your favor collect -$150
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Mar 11, 2022 00:42
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I love this desperate attempt people are doing now to give NFTs some kind of value and all it is is “ticket for event” or “a Skype invite” like these somehow weren’t possible before
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Mar 11, 2022 00:46
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numberoneposter posted:im preparing my taxes but i dont know where to declare mined BTC on there??? is there a form i can request? I wouldn't even bother unless it's a significant amount honestly (couple hundred+ bucks worth).
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Mar 11, 2022 00:48
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wheres the box to declare the money i made selling meth on the street???
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Mar 11, 2022 00:52
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numberoneposter posted:wheres the box to declare the money i made selling meth on the street???
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Mar 11, 2022 01:01
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numberoneposter posted:im preparing my taxes but i dont know where to declare mined BTC on there??? is there a form i can request? vortmax posted:There's actually a place to enter income from illegal sources on some form. You don't gently caress with the IRS There you go.
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Mar 11, 2022 01:13
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numberoneposter posted:wheres the box to declare the money i made selling meth on the street???
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Mar 11, 2022 01:17
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Gazpacho posted:broke i am the one 7 quote post
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Mar 11, 2022 01:21
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zedprime posted:IIRC that's still a 1099 NEC. numberoneposter posted:wheres the box to declare the money i made selling meth on the street??? vortmax posted:There's actually a place to enter income from illegal sources on some form. You don't gently caress with the IRS 1040 Schedule 1 line 8z, baby. They've even got a blank there in case you feel like writing down the exact crimes you did. (Assuming that you do crimes as a hobby, not your primary trade or business - if that's the case then you're looking at a Schedule C.) In all seriousness, that's the catchall line for income that doesn't seem to fit anywhere else, so if you needed to report mining income, that line would probably work. Just getting it included in your taxable income is the important part, less so which line you put it on.
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Mar 11, 2022 01:46
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Afakasi posted:He offered to pay me in bitcoin back in 2012. Would have been about $30,000 worth when they were around $8 each. Calculated it at it's peak and it would have been worth around $250,000,000. I wish I would have accepted the offer. Only because I would have bought so much LSD with it (the only thing you could really buy back then) and would have a wallet worth cyber-millions but not knowing what the password was because my brain would be fried. Now I only have a partially fried brain that only has to recover passwords every couple of months. Wow, I didn't know Kim Dotcom was still paying people to give him a blowjob back then?
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Mar 11, 2022 01:55
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vortmax posted:There's actually a place to enter income from illegal sources on some form. You don't gently caress with the IRS Al Capone learned that the hard way.
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Mar 11, 2022 02:17
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vortmax posted:There's actually a place to enter income from illegal sources on some form. You don't gently caress with the IRS https://www.youtube.com/watch?v=G56VgsLfKY4
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Mar 11, 2022 02:33
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ReidRansom posted:ffs Same but Evan Williams and Buffalo Trace.
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Mar 11, 2022 02:38
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notwithoutmyanus posted:Wow, I didn't know Kim Dotcom was still paying people to give him a blowjob back then? I was just part of the recon team who had to brave his folds to just find his penis. We lost a lot of good people.
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Mar 11, 2022 03:56
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priznat posted:lol hmm 
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Mar 11, 2022 14:04
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repiv posted:hmm it's so perfect. the actual tipping point.
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Mar 11, 2022 14:26
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Blotto_Otter posted:1099-NEC is typically a form you get from people who paid you to do something, not something you would create for yourself. (Like receiving a W-2, but for non-employees.) But if the coins are technically just mined and not actually sold or transferred aren’t they technically worthless? Like what value you you realistically assign to it? It’s 26k today or 27k or 23k or whatever. Do you just assign whatever the value was on Dec 31st at midnight? Or do you say when it was procured you assign the value on that day to it? Like if I went gold panning and had 1oz of gold from that I wouldn’t declare it as anything till I sold it because I could keep it for myself and it not have any value. Right?
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Mar 11, 2022 15:00
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repiv posted:hmm i'm sorry but i can't get over that this is an over two hour youtube video I barely stay interested for 10 minutes for most of them. How are people making and watching 2 hours??
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Mar 11, 2022 15:11
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It's regular income based on the value at time of creation and then capital gains income or loss for the difference between that point and the price at time of sale (in the US)
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Mar 11, 2022 15:11
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Seth Pecksniff posted:i'm sorry but i can't get over that this is an over two hour youtube video try ADD meds
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Mar 11, 2022 15:12
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Seth Pecksniff posted:i'm sorry but i can't get over that this is an over two hour youtube video have you never watched a movie real answer i just put it on my 3rd monitor while working, it's a v good video
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Mar 11, 2022 15:16
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Seth Pecksniff posted:i'm sorry but i can't get over that this is an over two hour youtube video Looks like about 6.3 million. I have some problems with the presentation, it's essentially a two hour lecture with the camera pointed on him, and I disagree on a few fiddly points but it really is a fantastic primer on NFTs and crypto in general. The kind of thing I could easily hand off to anyone saying they want to get into crypto to convince them it’s a bad idea.
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Mar 11, 2022 15:16
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MarcusSA posted:But if the coins are technically just mined and not actually sold or transferred aren’t they technically worthless? novamute posted:It's regular income based on the value at time of creation and then capital gains income or loss for the difference between that point and the price at time of sale (in the US) Yep. If you mine a coin on November 27th, you're supposed to recognize ordinary income for that coin at whatever the fair market value was on November 27th, and pay income tax on that value. That value becomes your "basis" in that property, and then whenever you sell or trade it, the difference between that basis and whatever you sell it for becomes gain or loss, and you then pay taxes on any gain (or offset the loss against your other sources of income). What happens if you mine a bunch of coins in December 2021, hold onto them through 12/31, and then the market craters and their value crashes to a tenth of what it was when you mined them? You're hosed, because you had a bunch of taxable income in 2021 that you now owe taxes on, but now you can't sell the coins for enough cash to cover your tax bill. Some may think that sounds like a bad way to do things, but I assure you that it's actually fine, because cryptocurrency is a blight upon society and its participants deserve to be brutalized by the IRS
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Mar 11, 2022 16:16
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One thing to also amplify is that when Blotto says "trade", that includes anything outside of that specific coin. So trading from USD to BTC to Tether to shitcoin to Tether to BTC before cashing out to USD at 1% of the original value all count as taxable transactions each step of the way. You brought BTC, it climbed up 25%, you sell for Tether, buy shitcoin, that falls a billion points the next year, and buy a single tether so you can afford the bus ride home, congratulations, you've locked in your capital gains liability at the second step with none of the capital. A ton of people found out about this the hard way.
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Mar 11, 2022 16:46
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I do actually have some questions about mining this poo poo on a home PC. The first is, how much does it actually get you? "Not enough to cover the resulting electric bills," I know that much, but I'm looking for an actual number. The second is, "is there a threshold for this poo poo below which the IRS says to not worry about it because it's not worth tracking?" Like if I sell off some old Magic cards for twenty bucks, the IRS isn't going to give a poo poo, but if I unload a full set of Moxes then they're probably going to want to know and get their beak wet. Is there a lower limit beyond which they just shrug and say "don't sweat it, buddy" for Bitcoin?
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Mar 11, 2022 17:17
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Here's the payout math on Foundry USA, the largest mining pool for Bitcoin. Seems as good a source as any. https://faq.foundryusapool.com/article/10/what-is-foundry-usa-pools-payout-methodology Not sure how realistic 1 Petahash a day is, I'm guessing that's like, RTX-3090 farm levels of hashrate. Macichne Leainig fucked around with this message at 17:24 on Mar 11, 2022 |
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Mar 11, 2022 17:19
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