Taxes on trading income in the US - Tax rate info for ...

I'm 16 and the ARK ETFs, Growth ETFs and transformative companies such as Tesla have been of interest to me, would it be of my interest to invest into ie, a Tesla stock?

I'm a 16 year old, without current livelyhood expenses, 33% tax rate in my current country of residence with a 50% tax rate on earnings that exceed a $50k treshold, this, among other policies and the general culture here, and other reasons haven't made me that fond of this place, but regardless, I'm a resident here.
I've made about $8000 after taxes on my own, my parents are below our 50% tax bracket. I've come to look into stocks recently, I already have about $3000 in BTC from being paid about $1800 in Bitcoin quite long ago, so I have that laying around as a high investment I guess. I've contemplated if an investment into Tesla would be a good idea, along with looking at growth funds, Vanguard and ones which are a bit more "out there" such as ARK.
Services such as preparation / consultation pre college for building a good foundation to a good college app is something which I've also stumbled upon, although such services seem to be further away, even more expensive than that full $8000.
submitted by JonVici1 to Fire [link] [comments]

18 months later, earning/spending "mostly" bitcoin instead of dollars doesn't hurt your FICO credit score, in case you were wondering.

18 months later, earning/spending submitted by cooriah to Bitcoin [link] [comments]

One Year Update: 38M FIREd

Well, February 22nd makes it one whole year. I think that's deserving of a top level post, right?
Here are screenshots of the Mint Trends, which has every single expense from the past year categorized. I've added comments on each page.
Expenses Overview
Auto Expenses
Food Expenses
Home Expenses
Utility Expenses
Tax Expenses
Healthcare Expenses
Entertainment Expenses
Main takeaways, my total expenses for the year was $37,700, but I'm going to dismiss about $15,000 of that as "one time" expenses from paying off my car and my furniture loan. A more reasonable number for my annual spend is $22,700.
With my car payment gone, my highest expense category is Food, averaging $500 per month. This has room for improvement.
Healthcare will look artificially low last year because of taking Tax Credits up front. This year I am not and will be paying $325 per month for health insurance. At ~$4000 per year, this puts healthcare at nearly 20% of my total expenses.
Nothing else is particularly interesting. That $22,700 figure is a reasonable real-world number for me, but for future planning I'd still inflate that to $25,000 just to have more wiggle room. I may look into traveling this year, which would add some expense.
Vanguard Investments: (All in VTSAX)
Other LTCG holdings: $145,000 -> $291,000 (other investment accounts and bitcoin)
HSA Investment Account: $6000 -> $7400, with another $1700 in the "cash" holdings of the HSA.
$9000 cash in Money Market & Checking Account.
Finances Going Forward
I had earned income last year so I didn't start my Roth Conversion Ladder last year. This year I decided I will be converting the $12,400 standard deduction + $9600 of the first tax bracket for a nice round $22,000 converted. Yes I'll owe a little bit of taxes, but it sets up my Roth with $22k in 5 years which should cover the majority of my expenses. And with $350k currently in tIRA and converting $22,000 per year, I won't be able to chew through it all before actual retirement age.
I have about $20k from an old stock purchase plan that unlocks come April, which I will be selling and likely moving over to my money market account to shore up my "cash" holdings.
My plan is to not really tap any of my "normal" investment accounts for as long as possible. I've been deferring to selling Bitcoin if I need to move some cash over. Last year I sold 3 bitcoin, one for $9300 in June, and then two at the end of December (for tax year Capital Gains reasons) for $7300 each. These were all LTCG at 0% taxed. AGI for last year is around $35,000.
The Living Part:
There's all the boring expenses and financial stuff. Now for the ever painful question that my beloved Grandmother loves to ask, "But gosh, what do you do with all of your time! I can't imagine being retired at your age!"
Step 1, restful sleep. During my working career I lived off 6 hours of sleep every day. It made for exhausting weekends trying to "make it up." And luckily I'm not a generally stressful person or else it'd have been worse. But now I go to bed when I'm tired, and whenever I naturally wake up, I get up. This can lead to VERY weird hours since I'm often an extreme night owl. But I generally get 9-10 perfect restful uninterrupted dream-filled hours of sleep.
I'm betrayed by my "Food Expense" breakdown, but I really am cooking more and eating better. I drink a lot of coffee and water at home and generally try to eat only one meal per day, but sometimes lunch and dinner. I don't normally eat breakfast, just have coffee when I wake up. And did I mention how much less painful it is to go grocery shopping when it's in the middle of the day and everyone's at work. It's so nice.
I spend a lot of time on reddit browsing my front page, and I check out the YouTubers I follow that post daily, then check out any of the irregular posters. Depending on how much good stuff there is, this could go on for a few hours.
I have a lot of hours playing video games. I tend toward puzzle games or building games (Factorio, Satisfactory) because they scratch that itch in my engineering brain. There are times at night where I'll spend hours on this website: and play Sudoku or Nonograms or any of the other puzzle types on the bottom of the page.
I'm doing my best to watch every single last show on Netflix. It's a daunting task, though it's surprising how often I drift back toward watching the same smattering of Star Trek: The Next Generation episodes rather than try something new. But I try and take recommendations and work my way through shows.
And Podcasts! The joy of joys is when I come across a new-to-me podcast that has a huge backlog. I found a great ST:TNG rewatch podcast that had 108 episodes already done. I spent like 2 months watching the episode of TNG then immediately listening to their podcast about that episode, repeat repeat repeat. I'm currently working my way through The Adventure Zone, I'm on episode 46 of 155 with them. And they keep advertising the other podcasts The McElroys do so I'm sure I'll roll into one of those next. For many people podcasts are background noise, but I'll often just sit on the couch and concentrate on just listening the podcast.
Outside of home, I can't wait for the weather to get nicer so I can go on more walks. Being a night owl I like going for walks at night. I live near our city center so I'm within blocks of city hall, the main library branch, and the fountain / park.
I jump at any opportunity to hang out with friends. It's just about every weekend that we are getting together to hang out and play board games. Like I mentioned in one of the breakdowns, I've started to play D&D with my buddy and his wife. I'd never played before but he's been DMing for years (but hasn't had a group for 10+ years now). He's glad to be playing again, his wife loves it, and it's super convenient for them to stay home with the 5 month old daughter. (And baby gets to hang out with Uncle Oracle.)
I get together with former co-workers every few months to keep in touch with them. One in particular I have a standing every-2-month bar date with. I remind them every so often that if they want to go out to lunch ever to just call me.
Personal History
Just a quick personal history in closing. I was an automotive engineer working for OEMs and Tier 1 suppliers in the Metro Detroit area. In the 2008 downturn I lost my job and was unemployed for 2 years and ended up getting my house foreclosed in 2010. By the time i got a job in March of 2010 I was basically at $0. I had a tiny amount in an 401k, had about $20,000 in credit card debt from being unemployed.
But then I got a very well paying engineering job ($108k annual and eligible for time-and-half overtime). I kept living like I was unemployed, spent as little as possible and saved as much as possible. Through my parents I secured a mortgage on a nice 1 Bed / 1 Bath 900 sq ft condo. I paid off my CC debt in less than a year and kept banking cash and maxing my 401k every year.
I heard about bitcoin in early 2013 (from a guildmate in World of Warcraft, believe it or not) and jumped on board. All time bitcoin price chart (log scale) for those unfamiliar with the history. I got in before the first spike to $1000 in December of 2013, and kept buying throughout the downswing in 2014 / 2015. In 2017 I sold 5.6 BTC for a total of $6000 and paid off the last of my student loans and my car, then a few months later I sold 4.25 BTC for $6700 and paid off the last of my condo mortgage. So in May of 2017 I was officially debt free and had a net worth of about $200,000.
Then in the fall of 2017 was when bitcoin exploded. I knew I had to take profits here. Every time the price went up 10% I sold another bitcoin. $7500, $9000, $10700, $13000, $15500, $18600. I sold all the way up. I ended up selling about $100,000 in bitcoin that year and I pushed most of it into my Roth IRA and Brokerage accounts.
Then I really started thinking about FIRE in early 2018. Started doing the math, tried to see what my expenses would be, and thought I'd give it ago. I've told myself from day 1 that I'd give this trial a solid 2 years. If I don't feel good about it, or the money doesn't seem right, then I'll still only be 40 years old and could (IMO) easily jump right back into an engineering gig. So I targeted early 2019 so I could frontload my 401k for two months, grab the annual bonus, then peace out.
TL:DR: 38, FIREd, Money's looking right, Life is feeling right, everything is fine
submitted by Oracle_of_FIRE to financialindependence [link] [comments]

The White Dragon : A Canadian Dragon Portfolio

Alright guys, Ive been working on this for a while and a post on here by a guy describing his portfolio here was the final kick in the ass for me to put this together. I started writing this to summarize what Im doing for my friends who are beginners, and also for me to make some sense of it for myself
Hopefully parts of it are useful to you, and also ideally you guys can point out errors or have a suggestion or two. I'm posting this here as opposed to investing or canadianinvestor (blech) because they're just gonna tell me to buy an index fund.
This first section is a preamble describing the Canadian tax situation and why Im doing things the way that I am. Feel free to skip it if you dont care about that. Also, there might be mistake regarding what the laws are here so dont take my word for it and verify it for yourself please.
So here in Canada we have two types of registered accounts (theres actually more but whatver). There is the TFSA "Tax Free Savings Account", and RRSP "Registered Retirement Savings Account"
For the sake of simplicity, from the time you turn 18 you are allowed to deposit 5k (it changes year to year based on inflation etc)in each of them. That "room" accumulates retroactively, so if you haventdone anything and are starting today and you are 30 you have around 60k you can put in each of them. The prevailing wisdom is that you should max out the TFSA first and you'll see why in a minute.

TFSA is post tax deposits, with no capital gains or other taxes applied to selling your securities, dividends or anything else. You can withdraw your gains at any time, and the amount that you withdraw is added to the "room" you have for the next year. So lets say I maxed out my TFSA contributions and I take out 20k today, on January of next year I can put back in 20k plus the 5 or whatever they allow for that year. You can see how powerful this is. Theres a few limitations on what is eligable to be held in the TFSA such as bitcoin/bitcoin ETFs, overseas stocks that arent listed on NYSE, TSX, london and a few others. You can Buy to Open and Sell to Close call and put options as well as write Covered Calls.

The RRSP is pre-tax deposits and is a tax deferred scheme. You deposit to lower your income tax burden (and hopefully drop below a bracket) but once you retire you will be taxed on anything you pull out. Withdrawing early has huge penalties and isnt recommended. You are however allowed to borrow against it for a down payment as a first time home buyer. The strategy with these is that a youngperson entering the workforce is likely to be in a fairly low tax bracket and (hopefully) earns more money as they get older and more skilled so the RRSP has more value the greater your pre-taxincome is. You can also do this Self Directed. Its not relevant to this strategy but I included it for the sake of context.
Non registered accounts ( or any other situation, such as selling commercial real estate etc) is subject to a capital gains tax. In so far as I understand it, you add all your gains and losses up at the end of the year. If its a positive number, you cut that number IN HALF and add it to your regular pre-tax income. So if I made 60k from the dayjob and 20k on my margin account that adds up to 70k that I get taxed on. if its a loss, you carry that forward into the next year. Theres no distinction between long term and short term. Also physical PMs are treated differently and I'll fill that part in later once I have the details down.
The reason why all that babble is important is that my broker Questrade, which isnt as good as IB (the only real other option up here as far as Im aware) has one amazing feature that no other broker has: "Margin Power"
If you have a TFSA and a Margin account with them, you can link them together and have your securities in the TFSA collateralise your Margin account. Essentially, when it comes to the Maintenance Excess of the Margin Account QT doesnt care if its in the TFSA *or* the Margin!
You can see how powerful this is.
So as you can tell by the title, a lot of this is heavily inspired by Chris Cole's paper "The Allegory of the Hawk and the Serpent". You can read it here:
Between it, his interviews and my mediocre options skills at the time my mind was blown. Unfortunately I didnt know how to do the Long Volatility part until after the crash in March but I've since then had nothing but time to scour the internet and learn as much as I could.
The way I interpret this isnt necessarily "what you should have right now", but what abstracted model they were able to backtest that gave them the best performance over the 90 years. Also, a lot of my portfolio I already had before I started trying to build this.
As such my allocations dont match the proportions he gave. Not saying my allocations are better, just showing where they are at this time.
I'm going to describe how I do Long Volatility at the end rather than the beginning since the way *I* do it wont make sense until you see the rest of the portflio.

Physical PMs 22%
I'm not sure wether he intended this to be straight up physical gold or include miners and royalty streaming companies so I will just keep this as physical.
I consider Silver to be a non-expiring call option on gold, so that can live here too. I am actually *very* overweight silver and my strategy is to convert a large portion of it to gold (mostly my bars) to gold as the ratio tightens up.
If youre into crypto, you can arguably say that has a place in this section.
If an ETF makes sense for part of your portfolio, I suggest the Sprott ones such as PHYS. Sprott is an honest business and they actually have the metal they say they have. If you have enough, you can redeem your shares from the Royal Canadian Mint. The only downside is that they dont have an options chain, so you cant sell covered calls etc. Simple enough I suppose.
One thing to bear in mind, there is a double edged sword with this class of assets. They're out of the system, theyre nobody's business but your own and theres no counter party. That unfortunately means that you cant lever against it for margin or sell covered calls etc. You can still buy puts though (more on that later)

Commodity Trend (CTA) 10%
Patrick Ceresna gave a good presentation on what this strategy is. Until I watched this video I just thought it meant "buy commodities". A real CTA does this with futures also so aside from the way he showed, there are two other ETFs that are worth looking at.
COM - This is an explicit trend following ETF that follows a LONG/FLAT strategy instead of LONG/SHORT on a pile of commodity futures. So if they get a "sell" signal for oil or soybeans they sell what they have and go to cash.
COMT- Holds an assortment of different month futures in different commodities, as well as a *lot* of various related shares in producers. Its almost a one stop shop commodities portfolio. Pays a respectable dividend in December
If you want to break the "rules" of CTA, and include equities theres a few others that are also worth looking at
KOL- This is a coal ETF. The problems with it are that a lot of the holdings dont have much to do with coal. One of them is a tractor company. A lot of the companies are Chinese so theres a bit of a red flag.
Obviously Thermal Coal, the kind used for heating and powerplants isnt in vogue and wont be moving forward...but coking coal is used for steel manufacturing and that ain't going anywhere. The dividend is huge, pays out in December. A very very small position might be worth the risk.
Uranium- I'm in URA because thats the only way for me to get exposure to Kazatoprom (#1 producer), which is 20% of the holdings. The other 20% is Cameco (#2 producer)and then its random stuff.
Other than that I have shares in Denison which seems like its a good business with some interesting projects underway. I'm still studying the uranium space so I dont really have much to say about it of any value.
RSX- Russia large caps. If you dont want to pick between the myriad of undervalued, high dividend paying commodity companies that Russia has then just grab this. It only pays in December but it has a liquid options chain so you can do Covered Calls in the meantime if you want.
NTR- Nutrien, canadian company that was formed when two others merged. They are now the worlds largest potash producer. Pretty good dividend. They have some financial difficulties and the stocks been in a downtrend forever. I feel its a good candidate to watch or sell some puts on.
I'm trying to come up with a way to play agriculture since this new phase we're going to be entering is likely to cause huge food shortages.

EURN and NAT- I got in fairly early on the Tanker hype before it was even hype as a way to short oil but I got greedy and lost a lot of my gains. I pared down my position and I'm staying for the dividend.
If you get an oil sell signal, this might be a way to play that still.

Fixed Income/Bonds 10%

Now, I am not a bond expert but unless youre doing some wacky spreads with futures or whatever... I dont see much reason to buy government debt any more. If you are, youre basically betting that they take rates negative. Raoul Pal of Real Vision is pretty firm in his conviction that this will happen. I know better than to argue with him but I dont see risk/reward as being of much value.
HOWEVER, I found two interesting ETFs that seem to bring something to this portfolio
IVOL- This is run by Nancy Davis, and is comprised of TIPS bonds which are nominally inflation protected (doubt its real inflation but whatever) overlayed with some OTC options that are designed to pay off big if the Fed loses control of the long end of the yield curve, which is what might happen during a real inflation situation. Pays out a decent yield monthly
TAIL- This is a simpler portfolio of 10yr treasuries with ladder of puts on the SPX. Pays quarterly.

Equities 58% (shared with options/volatility below)
This is where it gets interesting, obviously most of this is in mining shares but before I get to those I found some interesting stuff that I'm intending to build up as I pare down my miners when the time comes to start doing that.
VIRT- I cant remember where I saw this, but people were talking about this as a volatility play. Its not perfect, but look at the chart compared to SPY. Its a HFT/market making operation, the wackier things get the more pennies they can scalp. A 4% dividend isnt shabby either.
FUND- This is an interesting closed end fund run by Whitney George, one of the principals at Sprott. He took it with him when he joined the company. Ive read his reports and interviews and I really like his approach to value and investing. He's kind of like if Warren Buffett was a gold bug. Theres 120 holdings in there, mostly small caps and very diverse...chicken factories, ball bearings all kinds of boring ass shit that nobody knows exists. Whats crucial is that most of it "needs to exist". Between him, his family and other people at Sprott they control 40% or so of the shares, so they definitely have skin in the game. Generous dividend.
ZIG- This is a "deep value" strategy fund, run by Tobias Carlisle. He has a fairly simple valuation formula called the Acquirer's Multiple that when he backtested it, is supposed to perform very well. He did an interview with Chris Cole on real Vision where he discusses how Value and Deep Value havent done well recently, but over the last 100 years have proven to be very viable strategies. If we feel that theres a new cycle brewing, then this strategy may work again moving forward.

I want to pause and point out something here, Chris Cole, Nassim Taleb and the guys at Mutiny Fund spend a lot of effort explaining that building a portfolio is a lot like putting together a good basketall team. They need to work together, and pick up each others slack
A lot of the ETFs I'm listing here are in many ways portfolios in and of themselves and are *actively managed*. I specifically chose them because they follow a methodology that I respect but I can't do myself because I dont have the skill, temperament or access to.
The next one is a hidden gem and ties into this. I'm not sure how much more upside there is in this one but man was I surprised.
SII- Sprott Inc. I *never* see people listing this stock in their PMs portfolios. A newsletter I'm subscribed to described this stock as the safest way to play junior miners. Their industry presence, intellectual capital and connections means that they get *the best* private placement deals in the best opportunities. I cant compete with a staff like theirs and I'm not going to try. I bought this at 2.50, and I liked the dividend. Since then they did a reverse split to get on the NYSE and like the day after the stock soared.
When it comes to mining ETFS I like GOAU and SILJ the best. None of their major holdings are dead weight companies that are only there because of market cap. I dont want Barrick in my portfolio etc.
SGDJ is a neat version of GDXJ.
Aside from that my individual miners/royalty companies are (no particular order)
RIO- Rio2 on the tsx, not rio tinto
Options/Volatility: varies
So this is where we get to the part about options, Volatility and how I do it. I started out in the options space with The Wheel strategy and the Tastytrade approach of selling premium. The spreads and puts I sell, are on shares listed above, in fact some of those I dont hold anymore.
Theres tons of stuff on this in thetagang and options so I wont go into a whole bunch (and you shouldnt be learning the mechanics from me anyway) but theres one thing I want to go over before it gets wild.
If I sell a Cash Secured Put, from a risk management perspective its identical to just buying 100 shares of the underlying security. You are equally "Short Vol" as well, it just that with options
its a little more explicit with the Greeks and everything. But if I use my margin that I was talking about earlier, then I can still collect the premium and the interest doesnt kick in unless Im actually assigned the shares.
But if I sell too many puts on KL or AG, and something happens where the miners get cut down (and lets be real, they all move together) my margin goes down and then I get assigned and account gets blown up
So what I need to do, is balance out the huge Short Vol situation in my portfolio, be net Long Vol and directly hedge my positions. Since the overwhelming majority of my equities are all tied to bullion this is actually a very easy thing to do.


So I set this up so the vast majority of my margin is tied up in these 1-2 or even 1-3 ratio put spreads that *I actually put on for a small credit*, and roll them every once in a while. I run them on SLV, and GDX.
I keep enough room on my margin so I can withstand a 10% drawdown before it sets off the long end of the spreads and then I can ride it out until it turns around and we keep the PM bull market going.
Theres another cool spread I've been using, which is a modified Jade Lizard; if already hold shares, I'll sell a put, sell a covered call, and use some of the premium to buy a longer dated call. Ive been running this on AG mostly.
I have a few more spreads I can show you but Im tired now so it'll have to wait for later.
As I said multiple times, I do intend to trim these miners later but now isnt the time for that IMO. I'm also monitoring this almost full time since I have an injury and have nothing better to do until I heal :p
submitted by ChudBuntsman to pmstocks [link] [comments]

Why choose Bitcoin Cash?

Some of you might be coming to this sub, and wondering why so many people support Bitcoin Cash. This is directly answered in the pinned FAQ, and also briefly goes over the history of the sub. Now onto why Bitcoin Cash has huge potential when it comes to changing the world:
Bitcoin Cash was created with the purpose of bringing economic freedom to everyone all across the globe. With the current banking, financial, and payment systems, there are many issues when it comes to the usability of money. These issues are:
- Sending money across the globe without having to pay high fees (percentage fees), and waiting days or even weeks for your transfer to go through
- Having payment options like Visa and Mastercard that help deal with high-volume business, but having to pay a flat fee ($0.15), and a fee of 2%-3% per purchase
- Having full control over your money, so the government can't devalue your savings by printing more money for their personal interests
- Being able to use your money however you like, without having to get permission from an intermediary, middleman, or financial institution
- Being able to know how much money will be circulating at any given time in the future
- Paying high fees (4%+) for converting currency when travelling
Let's take a look at how Bitcoin Cash solves these problems:
When it comes to sending money across the globe from one bank account to another, often times the fees will be very high because when your bank is sending money, it has to go through several intermediary banks that each take from the initial amount of money, making the process slow, and expensive. Currently, Western Union is advertising "free" transfers of currency across the globe. Seems like a good deal, right? Well here's the thing: they're tricking you into thinking that transfers are free when they're actually making money off of the exchange rate. We believe that money (digital cash) should be as frictionless as possible, and that a user shouldn't have to deal with transfer fees, and have to get permission to transfer their money from one bank to another. Currently, the fees on Bitcoin Cash are only $0.0007, and we plan on keeping them that low.
Payment Systems
When it comes to traditional payment systems, like Visa, Mastercard, and American Express, credit card companies often charge a 2%-3% fee on every transaction that takes place, and a transaction can take anywhere from 24-36 hours to confirm, and go into a merchant's bank account. These payment systems are both slow and expensive. With Bitcoin Cash, your funds are available instantly for you to spend, but if you want to take extra security measures, you can always wait ~10 minutes for a confirmation to go through.
Control Over Your Own Money
With the banking system as we currently know it, one of the biggest problems is the lack of control your have over your own money. Every year, people are forced to pay taxes to politicians only to have their money basically wasted on providing effectively nothing to them. Bitcoin Cash solves this problem by giving you full control over your money. Making a wallet does not require anyone to give ID, personal information, or anything that could potentially lead to the government having any say in what you can do with your hard-earned money. Another issue with traditional currencies is the inflationary nature of them. This is another form of taxation that doesn't appear to be as bad as taxing, but it's just a different way of taking money from the hands of citizens. When the government prints more money, your savings get devalued, meaning that the government has effectively stolen money without physically "stealing" it. With Bitcoin Cash, the inflation relies on a purely mathematical system in which the maximum number of Bitcoins will always be 21 million. With mathematical certainty, you can always be sure of the exact supply of Bitcoins based on the block number. I made a graph that helps illustrate this with >99.99997% accuracy on how many Bitcoin Cash will be in circulation based on the block height. This works for Bitcoin, and Bitcoin SV too. You can check the accuracy by putting the block height/number in the brackets of the second expression.
Currency Conversion
Have you ever travelled to another country where you had to convert to the local currency in order to be able to use it? If so, you would've realized that conversion rates can often be very high, and it is impractical to do unless you're converting a large sum of money. Our idea is to increase merchant adoption so that Bitcoin Cash can have its own economy, so it doesn't matter where in the world you are, you can always use Bitcoin Cash, and not have to worry about conversion fees. If you want to "convert" to another currency, you can always use SLP tokens that will eventually come in a variety of local fiat currencies in the near future. Tether USDT is already planning to make SLP tokens too. This is also a great alternative if you aren't sure whether you want to put your money into crypto, and want to stick with fiat instead. Think of SLP tokens as "paper" tokens on top of Bitcoin Cash that can be sent and received for fractions of a penny!
How to use Bitcoin Cash for Buying Goods and Services
Right now, there are many ways you can use Bitcoin Cash, including local usage, and online usage. If you want to see which merchants near you accept Bitcoin Cash, you can check using and see which local merchants are accepting Bitcoin Cash. If you want to buy things online, you can use, and get 30% off on any Amazon purchase, so you contribute to the economy of growing Bitcoin Cash, and get a great deal for any item you want to buy!
TL;DR: Bitcoin Cash is sound money which you have full control over your own money, and allows you to send any amount of money, anywhere in the world, instantly, and practically for free. If you have any additional questions, feel free to comment.
Bitcoin Inflation Graph:
Buy things on Amazon using Bitcoin Cash: chrome extension:
See which local merchants accept Bitcoin Cash:
Wallets with Bitcoin Cash: Electron Cash, Wallet, Exodus, Badger Wallet
Bitcoin Cash website:
submitted by 1MightBeAPenguin to btc [link] [comments]

Why Wealth Tax may not be the best option for Government Funding (with evidence)

Background: I am a non-American who stayed in Switzerland for a long time and found A LOT of systems (medical, financing, welfare etc.) to be very efficient and productive to the people. With that said, I am an Indian living and working in Thailand as an expat; both countries who look up to US more than Switzerland therefore I believe POTUS can fix the overall image of America.
Wealth Tax: Wealth tax in theory looks great as that the richest of the rich would pay a good chunk (in quantity and not in percentage) of their wealth as tax to the Government. Off the top of my head, a Billionaire would have to give up around $30M or 3% of their wealth (3% may not sound too much hence the quantity is bigger). It is a progressive tax that goes up starting from $32M. But there certainly are questions based on wealth evaluation. For instance, let's say John bought a painting worth $50M in 2016 and in 2022 (assuming thats when the tax is implemented & executed), the value is only $25M for the same painting, how would the Wealth Tax apply to him? Or will it even? Or lets say Mark bought 1000 Bitcoins 7 years ago for $0.10 and in 2022 the price reached $50,000 which would total to $50M. Would he be subject to Wealth Tax? Sticking to Mark, lets also assume he bought a house in an auction that started off at $10M but was sold for $100M. Where in the wealth tax' range would he categorize? How often would the wealthy have to pay this tax? Do you pay this once a year after having a proper audit/assessment done of your wealth or is it every 5 years? 10 years? IF it is done every 5 years, wouldn't purchased properties be subjected to market-value manipulation? Mark, who owns the $100M house could see when the date comes up for asset evaluation and artificially deflate/depreciate the value of his house by paying $50K to media outlets or auditors or simply spreading news that would devalue his house to $30M so he escapes from being taxed!
Same goes for stocks. If a person owns 99% of his/her wealth in stocks, then the market can cumulatively (and artificially) deflate the value of the stocks to be on the lower side of the wealth bracket. YES, stock market manipulation is illegal but releasing fake news about a mishap in one of the big companies (whose stocks you aim at deflating) isn't. That impacts the stock prices so the wealthy can set a side a little extra money to ensure they do not lose a big chunk of their wealth.
But what happens if you just decide to pack up and move to another country that is booming? Asia and South-east Asia is home to half of the world's population so surely there isn't much of a question of demand. Ohh WAIT, Warren's Wealth Tax (or Bernie's, correct me if Im wrong) slaps a HARD 40% penalty on total wealth owned if you decide to leave the country/citizenship. WOW! I hope things do not reach that point otherwise you are in fact destroying your country's image.
Mark Zuckerberg: The devil with lots of money, control of social media platforms, power to suppress views! He is against (or not in motion at least) of Elizabeth Warren's wealth tax and says it will destroy businesses. OHHH The plan is working! It means he is scared. NO. NO HE IS NOT SCARED. He is genuinely concerned about the Wealth Tax, as everyone else should be. Not only is that policy harmful to the wealthy, its also terrible for the common people. If a rich Asian, African, European, Russian whoever, wants to invest in America and create jobs, he will think HARD. He will consider ways to dodge the Wealth tax and if it isn't possible, he would just take his money and jobs to another country. This will slow down the economy. The only difference it would make is that the Rich would be paying a little extra in taxes while working with their lawyers to find loopholes or methods to extract their money from the country. And we still haven't touched on the topic of loopholes or administrative costs yet! Don't forget, this is the reason why Switzerland, Hong Kong & Singapore are one of the richest countries in the world. They have economic freedom and are attractive for investment, which USA is as well but not with the Wealth Tax in play. What would happen if there is recession tomorrow and Warren/Bernie's Wealth Tax hits. What if the ultra-rich take-off amidst this recession and further pour into the crisis?
All this is me talking without even getting into the core of this post that shows evidence!
Fact Slam
- 8 out of 12 Europeans countries have abolished Wealth Tax after implementing them. Yes, the main reason there was it would start at a low threshold of $1M so even moderately wealthy (or well off) individuals would pay a tax on their wealth and assets. But that wasn't the main reason to abolish. It was mainly because of the administrative costs and asset evaluation. If you have to spend an extra week on ensuring that a big businessman is less than $32M then thats a lot of money going to waste. And you would have to do that periodically. Not to mention the time you waste of the businessman. [ ]
- The administrative costs of enforcing Wealth Tax may not be worth the return. Diamonds, Paintings, Artwork, Offshore properties in less-transparent nations could be hard to evaluate. The rich will begin trading in assets whose market value is not clear or altogether aren't on market.
[ ]
- Open up a Shell / Letterbox Company where you hide your assets offshore by 'legally investing' a good chunk of your wealth, all the while maintaining access and control over it
[ ]
- Deferred-compensation plans where you can only receive a portion of your income up until a date after which it flows in as part of a pension plan which is taxed differently
[ ]
- Borrowing money with Assets as collateral. Pretty self-descriptive where you receive cold-hard 'borrowed' cash while leaving your assets as collateral. The link below talks about a few other methods (of which some might not work on the new tax code).
[ ]

There still are ways to dodge wealth tax. And Im barely earning above average, yet I can point out a few of them. Distributing wealth among family, 'gifting' valuables and several other ways. On paper, it sounds great but in reality it may be completely different.
This is why I feel VAT is the most easiest tax to implement and fund other programs. VAT has been applicable to several countries and there ARE ways to work around them. BUT most of them are illegal (such as not recording transactions on the books).
submitted by ankit192 to YangForPresidentHQ [link] [comments]

Crypto-Currency: A Guide to Common Tax Situations

STATUS: Majority of questions have been answered. If yours got missed, please feel free to post it again.
Based on the rapid increase in popularity and price of bitcoin and other crypto currencies (particularly over the past year), I expect that lots of people have questions about how crypto currency will impact their taxes. This thread attempts to address several common issues. I'm posting similar versions of it here, in several major crypto subs, and eventually in the weekly "tax help" threads personalfinance runs.
I'd like to thank the /personalfinance mod team and the /tax community for their help with this thread and especially for reading earlier versions and offering several valuable suggestions/corrections.
This thread is NOT an endorsement of crypto currency as an investing strategy. There is a time and a place to debate the appropriateness of crypto as part of a diversified portfolio - but that time is not now and that place is not here. If you are interested in the general consensus of this sub on investing, I would urge you to consult the wiki while keeping in mind the general flowchart outlining basic steps to get your finances in order.
Finally, please note that this thread attempts to provide information about your tax obligations as defined by United States law (and interpreted by the IRS under the direction of the Treasury Department). I understand that a certain portion of the crypto community tends to view crypto as "tax free" due to the (actual and perceived) difficulty for the IRS to "know" about the transactions involved. I will not discuss unlawfully concealing crypto gains here nor will I suggest illegal tax avoidance activities.
The Basics
This section is best for people that don't understand much about taxes. It covers some very basic tax principles. It also assumes that all you did during the year was buy/sell a single crypto currency.
Fundamentally, the IRS treats crypto not as money, but as an asset (investment). While there are a few specific "twists" when it comes to crypto, when in doubt replace the word "crypto" with the word "stock" and you will get a pretty good idea how you should report and pay tax on crypto.
The first thing you should know is that the majority of this discussion applies to the taxes you are currently working on (2017 taxes). The tax bill that just passed applies to 2018 taxes (with a few very tiny exceptions), which most people will file in early 2019.
In general, you don't have to report or pay taxes on crypto currency holdings until you "cash out" all or part of your holdings. For now, I'm going to assume that you cash out by selling them for USD; however, other forms of cashing out will be covered later.
When you sell crypto, you report the difference between your basis (purchase price) and proceeds (sale price) on Schedule D. Your purchase price is commonly referred to as your basis; while the two terms don't mean exactly the same thing, they are pretty close to one another (in particular, there are three two ways to calculate your basis - your average cost, a first-in, first-out method, and a "specific identification" method. See more about these here and here). EDIT - you may not use average cost method with crypto - see here. If you sell at a gain, this gain increases your tax liability; if you sell at a loss, this loss decreases your tax liability (in most cases). If you sell multiple times during the year, you report each transaction separately (bad news if you trade often) but get to lump all your gains/losses together when determining how the trades impact your income.
One important thing to remember is that there are two different types of gains/losses from investments - short term gains (if you held an asset for one year or less) and long term gains (over one year; i.e. one year and one day). Short term gains are taxed at your marginal income rate (basically, just like if you had earned that money at a job) while long term gains are taxed at lower rates.
For most people, long term capital gains are taxed at 15%. However, if you are in the 10% or 15% tax bracket, congrats - your gains (up to the maximum amount of "unused space" in your bracket) are tax free! If you are in the 25%, 28%, 33%, or 35% bracket, long term gains are taxed at 15%. If you are in the 39.6% bracket, long term gains are taxed at 20%. Additionally, there is an "extra" 3.8% tax that applies to gains for those above $200,000/$250,000 (single/married). The exact computation of this tax is a little complicated, but if you are close to the $200,000 level, just know that it exists.
Finally, you should know that I'm assuming that you should treat your crypto gains/losses as investment gains/losses. I'm sure some people will try and argue that they are really "day traders" of crypto and trade as a full time job. While this is possible, the vast majority of people don't qualify for this status and you should really think several times before deciding you want to try that approach on the IRS.
"Cashing Out" - Trading Crypto for Goods/Services
I realize that not everyone that "cashes out" of crypto does so by selling it for USD. In fact, I understand that some in the crypto community view the necessity of cashing out itself as a type of myth. In this section, I discuss what happens if you trade your crypto for basically anything that isn't cash (minor sidenote - see next section for a special discussion on trading crypto for crypto; i.e. buying altcoins with crypto).
The IRS views trading crypto for something of value as a type of bartering that must be included in income. From the IRS's perspective, it doesn't matter if you sold crypto for cash and bought a car with that cash or if you just traded crypto directly for the car - in both cases, the IRS views you as having sold your crypto. This approach isn't unique to crypto - it works the same way if you trade stock for something.
This means that if you do trade your crypto for "stuff", you have to report every exchange as a sale of your crypto and calculate the gain/loss on that sale, just as if you had sold the crypto for cash.
Finally, there is one important exception to this rule. If you give your crypto away to charity (one recognized by the IRS; like a 501(c)(3) organization), the IRS doesn't make you report/pay any capital gains on the transaction. Additionally, you still get to deduct the value of your donation on the date it was made. Now, from a "selfish" point of view, you will always end up with more money if you sell the crypto, pay the tax, and keep the rest. But, if you are going to make a donation anyway, especially a large one, giving crypto where you have a big unrealized/untaxed gain is a very efficient way of doing so.
"Alt Coins" - Buying Crypto with Crypto
The previous section discusses what happens when you trade crypto for stuff. However, one thing that surprises many people is that trading crypto for crypto is also a taxable event, just like trading crypto for a car. Whether you agree with this position or not, it makes a lot of sense once you realize that the IRS doesn't view crypto as money, but instead as an asset. So to the IRS, trading bitcoin for ripple isn't like trading dollars for euros, but it is instead like trading shares of Apple stock for shares of Tesla stock.
Practically, what this means is that if you trade one crypto for another crypto (say BTC for XRP just to illustrate the point), the IRS views you as doing the following:
  • Selling for cash the amount of BTC you actually traded for XRP.
  • Owing capital gains/losses on the BTC based on its selling price (the fair market value at the moment of the exchange) and your purchase price (basis).
  • Buying a new investment (XRP) with a cost basis equal to the amount the BTC was worth when you exchanged them.
This means that if you "time" your trade wrong and the value of XRP goes down after you make the exchange, you still owe tax on your BTC gain even though you subsequently lost money. The one good piece of news in this is that when/if you sell your XRP (or change it back to BTC), you will get a capital loss for the value that XRP dropped.
There is one final point worth discussing in this section - the so called "like kind exchange" rules (aka section 1031 exchange). At a high level, these rules say that you can "swap" property with someone else without having to pay taxes on the exchange as long as you get property in return that is "like kind". Typically, these rules are used in real estate transactions. However, they can also apply to other types of transactions as well.
While the idea is simple (and makes it sound like crypto for crypto should qualify), the exact rules/details of this exception are very fact specific. Most experts (including myself, but certainly not calling myself an expert) believe that a crypto for crypto swap is not a like kind exchange. The recently passed tax bill also explicitly clarifies this issue - starting in 2018, only real estate qualifies for like kind exchange treatment. So, basically, the vast majority of evidence suggests that you can't use this "loophole" for 2017; however, there is a small minority view/some small amount of belief that this treatment would work for 2017 taxes and it is worth noting that I'm unaware of any court cases directly testing this approach.
Dealing with "Forks"
Perhaps another unpleasant surprise for crypto holders is that "forks" to create a new crypto also very likely generate a taxable event. The IRS has long (since at least the 1960s) held that "found" money is a taxable event. This approach has been litigated in court and courts have consistently upheld this position; it even has its own cool nerdy tax name - the "treasure trove" doctrine.
Practically, what this means is that if you owned BTC and it "forked" to create BCH, then the fair market value of the BCH you received is considered a "treasure trove" that must be reported as income (ordinary income - no capital gain rates). This is true whether or not you sold your BCH; if you got BCH from a fork, that is a taxable event (note - I'll continue using BTC forking to BCH in this section as an example, but the logic applies to all forks).
While everything I've discussed up to this point is pretty clearly established tax law, forks are really where things get messy with taxes. Thus, the remainder of this section contains more speculation than elsewhere in this post - the truth is that while the idea is simple (fork = free money = taxable), the details are messy and other kinds of tax treatment might apply to forks.
One basic practical problem with forks is that the new currency doesn't necessarily start trading immediately. Thus, you may have received BCH before there was a clear price or market for it. Basically, you owe tax on the value of BCH when you received it, but it isn't completely clear what that value was. There are several ways you can handle this; I'll list them in order from most accurate to least accurate (but note that this is just my personal view and there is ongoing disagreement on this issue with little/no authoritative guidance).
  • Use a futures market to determine the value of the BCH - if reliable sources published realistic estimates of what BCH will trade for in the future once trading begins, use this estimate as the value of your BCH. Pros/cons - futures markets are, in theory, pretty accurate. However, if they are volatile/subject to manipulation, they may provide an incorrect estimate of the true value of BCH. It would suck to use the first futures value published only to have that value plummet shortly thereafter, leaving you to pay ordinary income tax but only have an unrealized capital loss.
  • Wait until an exchange starts trading BCH; use the actual ("spot" price) as the value. Pros/cons - spot prices certainly reflect what you could have sold BCH for; however, it is possible that the true value of the coin was highelower when you received it as compared to when it started trading on the exchange. Thus this method seems less accurate to me than a futures based approach, but it is still certainly fairly reasonable.
  • Assume that the value is $0. This is my least preferred option, but there is still a case to be made for it. If you receive something that you didn't want, can't access, can't sell, and might fail, does it have any value? I believe the answer is yes (maybe not value it perfectly, but value it somewhat accurately), but if you honestly think the answer is no, then the correct tax answer would be to report $0 in income from the fork. The IRS would be most likely to disagree with this approach, especially since it results in the least amount of income reported for the current year (and the most favorable rates going forward). Accordingly, if you go this route, make extra sure you understand what it entails.
Note, once you've decided what to report as taxable income, this amount also becomes your cost basis in the new crypto (BCH). Thus, when you ultimately sell your BCH (or trade it for something else as described above), you calculate your gain/loss based on what you included in taxable income from the fork.
Finally, there is one more approach to dealing with forks worth mentioning. A fork "feels" a lot like a dividend - because you held BTC, you get BCH. In a stock world, if I get a cash dividend because I own the stock, that money is not treated as a "treasure trove" and subject to ordinary income rates - in most cases, it is a qualified dividend and subject to capital gain rates; in some cases, some types of stock dividends are completely non taxable. This article discusses this idea in slightly more detail and generally concludes that forks should not be treated as a dividend. Still, I would note that I'm unaware of any court cases directly testing this theory.
Ultimately, this post is supposed to be practical, so let me make sure to leave you with two key thoughts about the taxation of forks. First, I believe that the majority of evidence suggests that forks should be treated as a "treasure trove" and reported as ordinary income based on their value at creation and that this is certainly the "safest" option. Second, out of everything discussed in this post, I also believe that the correct taxation of forks is the murkiest and most "up for debate" area. If you are interested in a more detailed discussion of forks, see this thread for a previous version of this post discussing it at even more length and the comments for a discussion of this with the tax community.
Mining Crypto
Successfully mining crypto coins is a taxable event. Depending on the amount of effort you put into mining, it is either considered a hobby or a self-employment (business) activity. The IRS provides the following list of questions to help decide the correct classification:
  • The manner in which the taxpayer carries on the activity.
  • The expertise of the taxpayer or his advisors.
  • The time and effort expended by the taxpayer in carrying on the activity.
  • Expectation that assets used in activity may appreciate in value.
  • The success of the taxpayer in carrying on other similar or dissimilar activities.
  • The taxpayer’s history of income or losses with respect to the activity.
  • The amount of occasional profits, if any, which are earned.
If this still sounds complicated, that's because the distinction is subject to some amount of interpretation. As a rule of thumb, randomly mining crypto on an old computer is probably a hobby; mining full time on a custom rig is probably a business.
In either event, you must include in income the fair market value of any coins you successfully mine. These are ordinary income and your basis in these coins is their fair market value on the date they were mined. If your mining is a hobby, they go on line 21 (other income) and any expenses directly associated with mining go on schedule A (miscellaneous subject to 2% of AGI limitation). If your mining is a business, income and expenses go on schedule C.
Both approaches have pros and cons - hobby income isn't subject to the 15.3% self-employment tax, only normal income tax, but you get fewer deductions against your income and the deductions you get are less valuable. Business income has more deductions available, but you have to pay payroll (self-employment) tax of about 15.3% in addition to normal income tax.
What if I didn't keep good records? Do I really have to report every transaction?
One nice thing about the IRS treating crypto as an asset is that we can look at how the IRS treats people that "day trade" stock and often don't keep great records/have lots of transactions. While you need to be as accurate as possible, it is ok to estimate a little bit if you don't have exact records (especially concerning your cost basis). You need to put in some effort (research historical prices, etc...) and be reasonable, but the IRS would much rather you do a little bit of reasonable estimation as opposed to just not reporting anything. Sure, they might decide to audit you/disagree with some specifics, but you earn yourself a lot of credit if you can show that you honestly did the best you reasonably could and are making efforts to improve going forward.
However, concerning reporting every transaction - yes, sorry, it is clear that you have to do this, even if you made hundreds or thousands of them. Stock traders have had to go through this for many decades, and there is absolutely no reason to believe that the IRS would accept anything less from the crypto community. If you have the records or have any reasonable way of obtaining records/estimating them, you must report every transaction.
What if I don't trust you?
Well, first let me say that I can't believe you made it all the way down here to this section. Thanks for giving me an honest hearing. I would strongly encourage you to go read other well-written, honest guides. I'll link to some I like (both more technical IRS type guides and more crypto community driven guides). While a certain portion of the crypto community seems to view one of the benefits of crypto as avoiding all government regulation (including taxes), I've been pleasantly surprised to find that many crypto forums contain well reasoned, accurate tax guides. While I may not agree with 100% of their conclusions, that likely reflects true uncertainty around tax law that is fundamentally complex rather than an attempt on either end to help individuals unlawfully avoid taxes.
IRS guides
Non-IRS guides
submitted by Mrme487 to personalfinance [link] [comments]

Two underlying factors in the bubble cycle

In this post, a theory is presented about why cryptocurrency bubbles behave the way they do: more coins are sold by miners during the bottom of the cycles, and changing coins to dollars is impossible for many people. Source:
Good afternoon! Now that we have time to relax after releasing charity mining, I thought that it was worth straightening out two misconceptions that seem get posted over and over again across the Internet. These ideas appear to come from people who don't actually work in the cryptocurrency industry or who don't actually spend any coins to buy anything.
There are two constant market forces unrelated to traders and purchasers that act in opposition to each other, and understanding them explains a lot about why markets act the way they do. I'll show that they can explain the existence and behavior of the bubble cycles that are especially pronounced in cryptocurrencies.
Mining sell pressure increases as prices fall
One of the most common refrains I see posted is that miners are supposedly more likely to save coins during the downcycle of bubbles, because they want to accumulate as many as possible so that they will be worth more when the next bubble starts. This is a sound investment strategy, but it doesn't work when you're running a business.
For example, our expenses are currently fixed at $1,574/day. This amount is what it costs for electricity, server maintenance, Internet connectivity, salaries, health insurance, reviewing 1099-MISC and W8-BEN forms, legal advice, taxes, and so on. Ideally, we would be investing more, but the massive labor shortage makes it impossible to hire anyone in this economy. Our revenues have been remarkably stable at about 11 bitcoins per day - down from about $230,000 per day in December to around $06,000 now. At the targeted 5% revenue, we earned around $11,500/day back then, and about $3,000/day now before expenses.
Of the $11,500 per day that was being earned back in December, about 15% was being spent or exchanged to dollars for business expenses and necessities like Purse purchases. Now, with $3,300 per day being earned, about 50% of coins are being spent or exchanged to dollars to pay business expenses and necessities. The rest accumulates and remains in the business's paper wallets for the part of this cycle when things get really bad - but there were more bitcoins going into the wallets in December. If the bitcoin price declines towards my earlier predicted capitulation low of $980, we will not only spend all of the coins we earn, but will also start drawing down the paper wallets to pay 200% of what we are earning to survive until the cycle reverses.
This is why the theory that miners will hold more coins because they think that the price will rise is incorrect. Expenses are fixed. We saved more money, in both dollar value and number of coins, when the value of coins was high. We are not able to hold as many coins now because more are being spent to pay fixed expenses. When prices fall even more, we'll actually start spending more than the coins we mine.
I strongly believe that the next bubble will see many coins (especially ETC, which is significantly undervalued because the ETH network is overloaded) rising to 20x multiples of what they are worth now. I also dislike wasting money on useless stuff like expensive cars and big houses and would rather save it. But that doesn't mean we're saving more money than when the coins were worth more. We still have to spend $45,000 per month. Before, that meant spending four blocks of litecoins; now, it means spending twenty.
Throughout the years, I've always wondered why coins seem to be so much more susceptible to bubbles than stocks are. Some try to write off the volatility as being due to the low market capitalization of coins, but bitcoin has a larger market capitalization than most companies, and it is still more volatile. I suspect the true reason is that stocks are not mined. The selling pressure from miners increases as the value of coins declines, because they have to unload more and more of them to stay solvent. The bubbles become like self-fulfilling prophecies. As prices decline, miners have no choice but to unload more coins onto the market. Once prices begin to rise, fewer and fewer coins are spent by miners, amplifying the cycle in the opposite direction.
Changing coins to dollars is difficult
People seem to miss is that even if it were possible to predict that a bubble has peaked with 100% accuracy, it's still extremely difficult to convert coins to dollars.
The first reason for this trouble is that there are a lot of costs involved. First, there are exchange fees and transaction fees associated with moving money to exchanges, which in December cost $40. Then, there is the rule that long-term gains are taxed as a lower rate than short-term gains. These taxes are, of course, applied on top of your income, so they are in the highest bracket. In our case, selling coins means setting aside about 26% to pay long-term capital gains taxes to all the tax agencies - but when coins are re-bought, short-term capital gains taxes are now applied. The short-term capital gains rate is about 45%.
Therefore, even if I were 100% certain that bitcoins would fall from $20,000 to $16,200, it still doesn't make sense to sell. Assume that I have one bitcoin that was bought for close to zero. Selling it at $20,000 would mean that I owe 26%, or $5200 in taxes. I have perfect timing and buy back 0.913 bitcoins with my remaining $14,800 at a cost of $16,200. This sounds like a great deal - I lost 9% of my bitcoins to pay 26% owed in taxes!
But when the price of bitcoins rises back to $20,000, I now owe 45% "short term gains" on the $4800 increase. My 0.913 bitcoins sold for $18,200, I owe $2,200 in taxes at 45%, and therefore I am left with $16,000. With perfect market timing, I somehow lost $200. Plus, if you need to re-read this calculation to make sense of it, then that should give you an idea of how much of an opportunity cost there is in time trying to sort this stuff out.
But there's a more important reason many people hold coins instead of dollars. It may not be illegal to sell coins, but everyone will treat you like it is.
In an earlier post, I talked about how Chris has already had two bank accounts closed (see viewtopic.php?f=11&p=18825), despite the accounts being used for no other purpose than to pay taxes. My theory is that banks have some sort of automatic trigger, where large transactions cause some sort of internal audit. Banks treat customers like criminals until proven otherwise. This internal audit seems to be much stricter than whatever paperwork they are required to file with government agencies.
Avoiding the use of banks isn't about avoiding illegal activity, since we don't have anything to hide. It's about avoiding unnecessary attention. Even when you're not doing anything wrong, you still have to spend time and sometimes money constantly proving that.
My impression when dealing with the government and banks is that, for whatever reason, they are laser-focused and see everything in terms of dollars. Dollars are worth something, and when you convert things into dollars, you have money and are rich. They view coins as something that isn't real, in that you aren't rich until you have a bank account with a lot of dollars in it. The reason is probably because most of the financial crime seems to go through banks - i.e., Paul Manafort thinking that transferring $11m through wire transfers would somehow be hidden from taxation.
This attitude extends to everyday people, too. To this day, there are still people who say things like "well, the business earns you coins, but how to you turn that into money?" I have four times as many coins as everything else I own combined, and yet to them my net worth is a portfolio of stocks, my old Prius, an electric bike that is worth just as much as the Prius, and a few other things. To them, the coins are just something else I happen to have "invested in" that isn't real money.
You can use this socially and legally to your advantage. The IRS allows people to hold as many coins as they want, and as long as they aren't spent, they can sit in paper wallets forever without owing a dime in taxes. There aren't any documentation requirements for declaring how many coins one owns, and unlike cash stored under a mattress, a split key can't be stolen or lost in a fire. A bag of cash being carried across the country is automatically suspected as being drug-related, while a paper with a private key is overlooked. Banks have no right to decide that they don't like your coins and freeze accounts pending investigation. And it seems like the average person doesn't consider coins as a form of "real money," so most people don't see you as rich with all the problems that come along with that.
Finally, even if I wanted to convert all these coins to dollars, I would have to send them to an exchange. Chris had his Coinbase account suspended "pending account review" for three months before their incompetent customer service finally was able to get around to his ticket and resolve the issue. We closed a Bitflyer account, because they won't connect brokerage accounts from "intermediate" clearing banks where the name of the account at the intermediate bank is the bank's name. Again, all of this is because of this idea that as soon as coins are converted to dollars, they suddenly become "real money" or something. To see how the concept of dollars being special is true, all one has to do is to trade on Coinbase's BCH/BTC market and discover how the trades execute instantly and you'll never have an account frozen for any amount of trading.
Not converting coins to dollars results in the least amount of trouble, and that's why I don't spend dollars anymore. You can buy anything, or a gift card to buy anything, at When buying something, I don't check how much the coins are worth.
You don't have to be doing anything wrong, and you can even have strict policies like our 1099 form noncompliance and zero-tolerance no drug discussion rule and still encounter problems like frozen accounts. There is a lot of money in coins that is being left there because, like me, the owners fear that they will be accused of wrongdoing and have to deal with months of customer service or civil law issues if they ever converted it to legacy currencies due to the misconceptions of many people. If the value of coins drops 90%, then they'll still have more money than the zero they would otherwise have, since there is no legitimate way to sell change large amounts of money to dollars. Note that the much smaller group of criminals who actually are involved in drugs also can't sell, contributing to this floor - money in ransomware wallets, for example, is unspendable because any transaction would lead to an immediate arrest.
This is also why the trite saying "it could all go to zero" is 100% incorrect. Coin prices have exactly zero probability of going to zero across the board. In fact, the idea that "only a few coins will survive" is also demonstrably false. Historically, only about 10% of the 793 coins we have ever offered for payouts have been delisted from all exchanges in the past five years.
How do these two forces work together? While traders buy and sell coins at various times, miners are probably the largest economic group that continually uses and exchanges in cryptocurrency. Mining accentuates the bubble cycle because the fixed costs result in more and more coins being sold as the bottom of each cycle approaches. At some point, however, a point is reached where the large number of people like me who have no other option of what to do with their coins provide a floor to prices. All the traders capitulate, but the group who has too much money to do anything else with it never sells. That reverses the cycle, and as soon as prices begin to rise, miners start selling fewer and fewer coins, accelerating the recovery.
It's impossible to fully understand the cycles without understanding that traders, while important, are only one group of people in a complex economy. The cycle is largely caused by miners, and the "coin-only" users provide a floor. Traders often panic that every drop is "the end," and discount that there is a floor because they lack understanding of the headaches associated with converting coins to dollars.
Finally, if you have doubt that coins will displace existing currencies some day, consider that banks are causing the transition themselves. Every day, more and more money gets caught up in coins because it is so difficult to exchange it in the old system. The floor of "can't sellers" grows higher and higher every day. Eventually, the number of people who have coins like this will grow so large that businesses will recognize the market to serve them is huge. The banks, far from trying to stop coins, are giving people no other option than to use them.
submitted by MattAbrams to BitcoinMarkets [link] [comments]

About filing your tax return (U.S.)

I've noticed that just about every year (and multiple times per year) there are questions here about filing a tax return, what income must be reported, and who needs to file. Here's the tl;dr summary:
Q: If I made less than $600 on a Beermoney site and they don't report it, then I don't need to report it either, because they won't find out, right?
A: Even if the business entity is not filing their own 1099-MISC on you, they still keep detailed records on what they paid who, and how. PayPal cash, Amazon (or other) gift cards, and yes even crypto gains are legally subject to capital gains tax. Business entities in the United States, especially those handling transactions, are regularly reviewed by regulators and auditors. If you made less than $600 it is less likely that you will be caught and fined, but if you willfully neglect to report earned income from any source, that is called Income Tax Fraud and carries penalties of six figures, which is probably more than you'll make in Beermoney in a lifetime. I can't force you to report your earnings, but how much of a risk are you willing to take?
Q: My dad/buddy/Internet told me if I make less than $400 I don't have to report it, what about that?
A: If you ONLY made income from Beermoney in 2017, and it was less than $400, you do not have to file. If you made more than $400 in Beermoney OR you received income from other sources (job for wages), you must report ALL of your income including Beermoney, even if you made less than $400 during the year in Beermoney. Source.
Q: So how much do I have to cough up, anyway?
A: Misc. income is taxed at a rate of 15% on top of your your personal tax rate. So if your earned income (including Beermoney) puts you in a 12% tax bracket (which is over 30% of single folks and over 60% of couples according to 2016 numbers) then you'll be paying 27% tax on your Beermoney earnings. If you're getting a refund this will just reduce your refund, but if you owe then you'll need to budget for that. A good way to offset this for next year is to either re-evaluate your W-2 or squirrel away some of those earnings into a high-interest savings account (mine's in Ally getting me 1.25% right now) so that you're making a little back from your tax payment. EDIT: quickclickz has a helpful exception in their comment regarding higher income levels.
A good read from
Depending on how many different companies or people you receive payments from during the year, you may receive more than one 1099-MISC. Each payer must complete the form if during any year it pays you $600 or more. However, if you earn $500 from 20 different companies, you still must report your income even though you might not receive a single 1099-MISC. Full article
A look at this post initially makes it seem as though the IRS doesn't care if they don't get a 1099-MISC about you, but notice the person who answered the question assumes the filer is going to be tallying up their Internet and phone bills and considering that a deductible hobby expenses. But in order to do that, you have to itemize your deductions using Schedule A, and I'm not sure if the amount I would save in tax by doing that is worth the extra time it takes to itemize. You can make that call for yourself.
Please consider linking back to this post as new threads and questions inevitably come up in the next couple months by folks who forget to (or prefer not to) use the search feature. I will try to update this post if any new or helpful information comes up.
EDIT: ZippyTheChicken brought up a good point. There is a lot of misinformation going around that Beermoney income must always be reported as hobby income. This is not necessarily the case. Go ahead and tally up your Internet and phone bill for the year, and also estimate travel expenses if you did mystery shopping. If you made less than those expenses during the year, you should be safe to declare it as hobby income and expense, resulting in a net gain of zero (you cannot take a net loss on hobbies). If you made more than the total of your Beermoney expenses for the year, the IRS could make a case that you are trying to earn a profit and are therefore legally required to establish yourself as a business and file accordingly. Source.
Disclaimer: I am NOT a tax, accounting, or other financial professional. I am an I.T. professional who knows how to research. Nothing in this post or any comments herein should be construed as personal guidance in the realms of tax, financial, legal, or otherwise; it is merely general information for educational purposes. Consult your personal tax professional for guidance specific to your situation.
submitted by Sub-Surge to beermoney [link] [comments]

South Korea Considers 20% Crypto Income Tax

South Korea's Yonhap News Agency reported Monday that officials from the Ministry of Economy and Finance's income tax office had been reviewing a new proposal that could see the country adopt a clearer regime for how it taxes cryptocurrencies.
An anonymous official speaking to Yonhap suggested South Korea is considering re-classifying returns made on cryptocurrencies as a type of "other income," placing it in the same category as money earned from lotteries, rather than as a form of capital gains, as it is currently treated.
Under existing South Korea legislation, a 20 percent rate is levied on 40 percent of total other income; the remaining 60 percent can be tax-deductible. Currently, virtual currencies can be taxed under different schedules, with rates of up to 42 percent under capital gains.
South Korea's Ministry of Economy and Finance has pushed for a new cryptocurrency tax regime for over a month now. A ministry spokesperson confirmed to The Korea Times in December that a "revised bill" for enhancing the government's ability to tax cryptocurrencies would be drawn up in the first half of 2020.
The official added that no plans had yet been finalized, suggesting the tax plan could be amended or even thrown out by the ministry.
Although cryptocurrency taxation is still a very nascent field, the approach taken by the governments in many developed economies has been to treat returns made on cryptocurrencies as a form of capital gains – a tax that is levied on the difference when a sale price exceeds that of the purchase price.
The U.S. internal revenue service (IRS), for example, issued guidance in October that reconfirmed the status of cryptocurrencies as a form of property, even when received as a form of income. Depending on a person's income bracket, taxes liable can exceed 39 percent if the cryptocurrency is held for less than a year. In the U.K., cryptocurrencies like bitcoin are classified as commodities and holders can be liable to a 20 percent tax on disposals that altogether exceed £12,000 (~$15,600) in the tax year.
But the move by South Korea would bring it closer into line with Japan, which treats cryptocurrencies as a form of miscellaneous income with tax brackets as high as 55 percent, compared to just 20 percent for trading equity. Last summer, the Japanese government said it would take action against traders who it said together had not declared cryptocurrency income worth over 10 billion yen ($90.7 million).
submitted by SilkChain to SilkNews [link] [comments]

South Korea Considers 20% Crypto Income Tax

South Korea's Yonhap News Agency reported Monday that officials from the Ministry of Economy and Finance's income tax office had been reviewing a new proposal that could see the country adopt a clearer regime for how it taxes cryptocurrencies.
An anonymous official speaking to Yonhap suggested South Korea is considering re-classifying returns made on cryptocurrencies as a type of "other income," placing it in the same category as money earned from lotteries, rather than as a form of capital gains, as it is currently treated.
Under existing South Korea legislation, a 20 percent rate is levied on 40 percent of total other income; the remaining 60 percent can be tax-deductible. Currently, virtual currencies can be taxed under different schedules, with rates of up to 42 percent under capital gains.
South Korea's Ministry of Economy and Finance has pushed for a new cryptocurrency tax regime for over a month now. A ministry spokesperson confirmed to The Korea Times in December that a "revised bill" for enhancing the government's ability to tax cryptocurrencies would be drawn up in the first half of 2020.
The official added that no plans had yet been finalized, suggesting the tax plan could be amended or even thrown out by the ministry.
Although cryptocurrency taxation is still a very nascent field, the approach taken by the governments in many developed economies has been to treat returns made on cryptocurrencies as a form of capital gains – a tax that is levied on the difference when a sale price exceeds that of the purchase price.
The U.S. internal revenue service (IRS), for example, issued guidance in October that reconfirmed the status of cryptocurrencies as a form of property, even when received as a form of income. Depending on a person's income bracket, taxes liable can exceed 39 percent if the cryptocurrency is held for less than a year. In the U.K., cryptocurrencies like bitcoin are classified as commodities and holders can be liable to a 20 percent tax on disposals that altogether exceed £12,000 (~$15,600) in the tax year.
But the move by South Korea would bring it closer into line with Japan, which treats cryptocurrencies as a form of miscellaneous income with tax brackets as high as 55 percent, compared to just 20 percent for trading equity. Last summer, the Japanese government said it would take action against traders who it said together had not declared cryptocurrency income worth over 10 billion yen ($90.7 million).
submitted by SilkChain to u/SilkChain [link] [comments]

JPM - Early Look at the Market – Thurs 9.28.17- **PLEASE DO NOT FORWARD THIS DOCUMENT**


J.P. Morgan Early Look at the Market – Thurs 9.28.17 Trading Desk Commentary; For Institutional Investors Only


Morning Levels

Trading Update

Top Headlines for Thursday

Calendar of events to watch for Mon Oct 2

Opinion/Interesting-but-not-immediately-impactful/intra-day boredom reading

Full catalyst list

  • Fri Sept 29 – China Caixin manufacturing PMI for Sept (Thurs night/Fri morning)
  • Fri Sept 29 – German jobs numbers for Sept. 3:55amET.
  • Fri Sept 29 – Eurozone CPI for Sept. 5amET.
  • Fri Sept 29 – US personal income/spending for Aug. 8:30amET.
  • Fri Sept 29 – US PCE for Aug. 8:30amET.
  • Fri Sept 29 – Chicago PMI for Sept. 9:45amET.
  • Fri Sept 29 – Michigan Confidence for Sept. 10amET.
  • Fri Sept 29 – Fed speakers: Harker
  • Fri Sept 29 – analyst meetings: CMP
  • Sat Sept 30 – China NBS manufacturing and non-manufacturing PMI for Sept (Fri night/Sat morning)
  • Mon Oct 2 – China mainland markets closed Mon 10/2-Fri 10/6 for the National Day holiday.
  • Mon Oct 2 – Eurozone manufacturing PMI for Sept. 4amET.
  • Mon Oct 2 – Eurozone unemployment rate for Aug. 5amET.
  • Mon Oct 2 – US manufacturing PMI for Sept. 9:45amET.
  • Mon Oct 2 – US manufacturing ISM for Sept. 10amET.
  • Mon Oct 2 – US construction spending for Aug. 10amET.
  • Mon Oct 2 – Fed speakers: Kaplan
  • Tues Oct 3 – Eurozone PPI for Aug. 5amET.
  • Tues Oct 3 – US auto sales for Sept.
  • Tues Oct 3 – analyst meetings: F/Ford (Ford CEO to host strategic update), INTU, NTAP, SHW
  • Tues Oct 3 – earnings before the open: PAYX, LEN
  • Tues Oct 3 – earnings after the close: IDT
  • Wed Oct 4 – Eurozone services PMI for Sept. 4amET.
  • Wed Oct 4 – Eurozone retail sales for Aug. 5amET.
  • Wed Oct 4 – RBI rate decision. 5amET.
  • Wed Oct 4 – US ADP jobs report for Sept. 8:15amET.
  • Wed Oct 4 – US services PMI for Sept. 9:45amET.
  • Wed Oct 4 – US non-manufacturing ISM for Sept. 10amET.
  • Wed Oct 4 – Yellen delivers opening remarks at Community Banking conf. 3:15pmET.
  • Wed Oct 4 – analyst meetings: BWXT, BXP, MNK, TTD
  • Wed Oct 4 – earnings before the open: AYI, MON, PEP, RPM, Tesco PLC
  • Wed Oct 4 – earnings after the close: CAFD, RECN
  • Thurs Oct 5 – ECB meeting minutes. 7:30amET.
  • Thurs Oct 5 – US factory orders and durable goods for Aug. 10amET.
  • Thurs Oct 5 – Fed speakers: Williams, Harker, George.
  • Thurs Oct 5 – analyst meetings: BKH, CLX, LUK, TWOU
  • Thurs Oct 5 – earnings before the open: ISCA, STZ=
  • Thurs Oct 5 – earnings after the close: COST, HELE, YUMC
  • Fri Oct 6 – German factory orders for Aug. 2amET.
  • Fri Oct 6 – US jobs report for Sept. 8:30amET.
  • Fri Oct 6 – US wholesale inventories/trade sales for Aug. 10amET.
  • Fri Oct 6 – US consumer credit for Aug. 3pmET.
  • Fri Oct 6 – Fed speakers: Bostic, Kaplan, Bullard
  • Sat Oct 7 – China FX reserves for Sept (Fri night/Sat morning)
  • Mon Oct 9 – China Caixin services PMI for Sept (Sun night/Mon morning)
  • Mon Oct 9 – German industrial production for Aug. 2amET.
  • Mon Oct 9 – Columbus Day holiday in the US (equities will be open while fixed income is closed).
  • Tues Oct 10 – German trade balance for Aug. 2amET.
  • Tues Oct 10 – analyst meetings: TECD, Santander, WDAY, WMT
  • Tues Oct 10 – PG shareholder meeting
  • Tues Oct 10 – earnings after the close: CUDA
  • Wed Oct 11 – US JOLTs report for Aug. 10amET.
  • Wed Oct 11 – Fed minutes from the Sept 20 meeting (2pmET).
  • Wed Oct 11 – analyst meetings: KR
  • Wed Oct 11 – earnings before the open: FAST
  • Thurs Oct 12 – Eurozone industrial production for Aug. 5amET.
  • Thurs Oct 12 – US PPI for Sept. 8:30amET.
  • Thurs Oct 12 – analyst meetings: BOX, HPQ
  • Thurs Oct 12 – earnings before the open: C, JPM, Tata Consultancy.
  • Thurs Oct 12 – earnings after the close: EXFO
  • Fri Oct 13 – China imports/exports for Sept (Thurs night/Fri morning)
  • Fri Oct 13 – US CPI for Sept. 8:30amET.
  • Fri Oct 13 – US retail sales for Sept. 8:30amET.
  • Fri Oct 13 – US Michigan Sentiment for Oct. 10amET.
  • Fri Oct 13 – US business inventories for Aug. 10amET.
  • Fri Oct 13 – analyst meetings: SAFM
  • Fri Oct 13 – European trading updates: Man Group
  • Fri Oct 13 – earnings before the open: BAC, PNC, WFC
  • Mon Oct 16 – China CPI/PPI for Sept (Sun night/Mon morning)
  • Mon Oct 16 – Eurozone trade balance for Aug. 5amET.
  • Mon Oct 16 – earnings before the open: SCHW
  • Mon Oct 16 – earnings after the close: NFLX, Rio Tinto
  • Tues Oct 17 – Eurozone Sept auto registrations. 2amET.
  • Tues Oct 17 – German ZEW survey results for Oct. 5amET.
  • Tues Oct 17 – US import prices for Sept. 8:30amET.
  • Tues Oct 17 – US industrial production for Sept. 9:15amET.
  • Tues Oct 17 – US NAHB housing index for Oct. 10amET.
  • Tues Oct 17 – earnings before the open: CMA, CSX, GS, GWW, HOG, JNJ, UNH
  • Tues Oct 17 – earnings after the close: BHP, CP, CREE, IBM
  • Wed Oct 18 – US housing starts for Sept. 8:30amET.
  • Wed Oct 18 – US building permits fro Sept. 8:30amET.
  • Wed Oct 18 – US Beige Book. 2pmET.
  • Wed Oct 18 – earnings before the open: ABT, MTB, USB
  • Wed Oct 18 – earnings after the close: AXP, SLG
  • Thurs Oct 19 – China Q3 GDP and Sept retail sales, IP, and FAI (Wed night/Thurs morning)
  • Thurs Oct 19 – US Leading Index for Sept. 10amET.
  • Thurs Oct 19 – earnings before the open: ADS, BBT, DHR, GPC, KEY, PM, PPG, TRV, TXT, VZ
  • Fri Oct 20 – US existing home sales for Sept. 10amET.
  • Fri Oct 20 – earnings before the open: BHGE, CFG, GE, SLB, STI, SYF.
  • Mon Oct 23 – China Sept property prices (Sun night/Mon morning).
  • Mon Oct 23 – US Chicago Fed Activity Index for Sept. 8:30amET.
  • Tues Oct 24 – Eurozone flash PMIs for Oct. 4amET.
  • Tues Oct 24 – US flash PMIs for Oct. 9:45amET.
  • Wed Oct 25 – US durable goods for Sept. 8:30amET.
  • Wed Oct 25 – US FHFA home price index for Aug. 9amET.
  • Wed Oct 25 – US new home sales for Sept. 10amET.
  • Thurs Oct 26 – US wholesale inventories for Sept. 8:30amET.
  • Thurs Oct 26 – US advance goods trade balance for Sept. 8:30amET.
  • Thurs Oct 26 – US pending home sales for Sept. 10amET.
  • Fri Oct 27 – China Sept industrial profits (Thurs night/Fri morning).
  • Fri Oct 27 – US Q3 GDP, personal consumption, and core PCE for Q3. 8:30amET.
  • Fri Oct 27 – US Michigan Confidence numbers for Oct. 10amET.
**J.P. Morgan Market Intelligence is a product of the Institutional Equities Sales and Trading desk of J.P. Morgan Securities LLC and the intellectual property thereof. It is not a product of the Research Department and is intended for distribution to institutional and professional customers only and is not intended for retail customer use. It may not be reproduced, redistributed or transmitted, in whole or in part, without J.P. Morgan’s consent. Any unauthorized use is strictly prohibited.**
submitted by SIThereAndThere to wallstreetbets [link] [comments]

J.P. Morgan Early Look at the Market – Mon 10.16.17 - **PLEASE DO NOT FORWARD THIS DOCUMENT**

J.P. Morgan Early Look at the Market – Mon 10.16.17


Morning Levels

Trading Update

Top Headlines for Monday

Catalysts – big events to watch over the coming months

Full catalyst list

  • Wed Oct 18 – Fed speakers: Dudley, Kaplan.
  • Wed Oct 18 – US housing starts for Sept. 8:30amET.
  • Wed Oct 18 – US building permits for Sept. 8:30amET.
  • Wed Oct 18 – US Beige Book. 2pmET.
  • Wed Oct 18 – earnings before the open: ABT, Akzo Nobel, ASML, MTB, MTG, NTRS, Reckitt Benckiser, SVU, USB
  • Wed Oct 18 – earnings after the close: AA, AXP, BDN, BHE, BXS, CCI, CCK, EBAY, GHL, HXL, KALU, LLNW, SLG, SLM, STLD, TCBI, URI.
  • Thurs Oct 19 – China Q3 GDP and Sept retail sales, IP, and FAI (Wed night/Thurs morning)
  • Thurs Oct 19 – US Leading Index for Sept. 10amET.
  • Thurs Oct 19 – earnings before the open: ADS, BBT, BK, BX, DGX, DHR, DOV, GPC, KEY, Nestle, NUE, Pernod Ricard, Philips Lighting, PM, PPG, Publicis, RCI, Roche, SAP, SNA, SON, Thales, TRV, TSMC, TXT, Unilever, VZ, WBC, WGO.
  • Thurs Oct 19 – earnings after the close: ASB, ATHN, ETFC, ISRG, LHO, MXIM, NCR, PBCT, PFPT, PYPL, WDFC, WERN.
  • Fri Oct 20 – BOJ’s Kuroda speaks. 2:30amET.
  • Fri Oct 20 – US existing home sales for Sept. 10amET.
  • Fri Oct 20 – Yellen speaks to National Economists Club in Washington. 7:15pmET.
  • Fri Oct 20 – earnings before the open: Assa Abloy, BHGE, CFG, CLF, Daimler, DST, GE, GNTX, HON, InterContinental Hotels, KSU, MAN, PG, SLB, STI, SYF, TomTom, Volvo.
  • Mon Oct 23 – China Sept property prices (Sun night/Mon morning).
  • Mon Oct 23 – US Chicago Fed Activity Index for Sept. 8:30amET.
  • Mon Oct 23 – earnings before the open: HAL, HAS, ITW, KMB, LII, Philips, STT, STX, VFC
  • Mon Oct 23 – earnings after the close: ARNC, CR, JBT, OI, ZION.
  • Tues Oct 24 – Eurozone flash PMIs for Oct. 4amET.
  • Tues Oct 24 – ECB bank lending survey. 4amET.
  • Tues Oct 24 – US flash PMIs for Oct. 9:45amET.
  • Tues Oct 24 – earnings before the open: AMTD, Anglo American, BASF, BIIB, CAT, CLB, CNC, CVLT, ETR, Fiat Chrysler, FITB, GLW, GM, INFY, IPG, LLY, LMT, MAS, MCD, MMM, Novartis, PCAR, PHM, PNR, R, RF, SAH, SHW, SWK, UTX, WAT, WDR.
  • Tues Oct 24 – earnings after the close: AKAM, AMP, AXS, Canadian National Railway, CMG, COF, CYBE, DFS, ESRX, HLI, IRBT, IRM, MANH, NUVA, RGC, T, TSS, TXN.
  • Wed Oct 25 – US durable goods for Sept. 8:30amET.
  • Wed Oct 25 – US FHFA home price index for Aug. 9amET.
  • Wed Oct 25 – US new home sales for Sept. 10amET.
  • Wed Oct 25 – Bank of Canada rate decision. 10amET.
  • Wed Oct 25 – Brazilian rate decision (after the close).
  • Wed Oct 25 – earnings before the open: ALK, ALLY, ANTM, Antofagasta, AOS, APH, BA, BAX, BTU, Capgemini, Dassault Systemes, DPS, FCX, FLIR, Fresnillo, HBAN, Heineken, IP, IR, KO, LEA, LH, Lloyds Banking Group, NDAQ, NSC, NYCB, OC, Peugeot, SIRI, SLAB, TMO, TUP, V, WBA, WEC, WYN.
  • Wed Oct 25 – earnings after the close: ABX, ACGL, AFL, AMGN, CA, CLGX, DLR, FFIV, FNF, FTI, KIM, LSTR, MC, MLNX, NOW, NXPI, ORLY, PKG, PLXS, RJF, SSNC, TSCO, TYL, UNM, VAR, WCN, XLNX.
  • Thurs Oct 26 – Riksbank decision. 3:30amET.
  • Thurs Oct 26 – ECB rate decision. 7:45amET press release, 8:30amET press conf.
  • Thurs Oct 26 – US wholesale inventories for Sept. 8:30amET.
  • Thurs Oct 26 – US advance goods trade balance for Sept. 8:30amET.
  • Thurs Oct 26 – US pending home sales for Sept. 10amET.
  • Thurs Oct 26 – earnings before the open: ABB, ABX, Aixtron, ALLE, ALV, Anheuser Busch, APD, Bayer, BEN, BMS, BMY, BSX, BWA, CCMP, CELG, CHTR, CMCSA, CME, COP, Deutsche Bank, ENTG, EQT, EXLS, F, GNC, HLT, HSY, LUV, MMC, MKC, NEM, Nokia, OAK, ODFL, PX, Santander, Schneider Electric, SPGI, STM, TWTR, UNP, UPS, VC, VNTV, WM, XEL, XRX.
  • Thurs Oct 26 – earnings after the close: AIV, ATEN, CB, CDNS, CENX, CLS, EXPE, FLEX, FTNT, FTV, GILD, GOOG, HIG, INTC, LPLA, MAT, MSFT, NATI, PFG, PRO, SGEN, SIVB, SYK, VDSI, VRSN.
  • Fri Oct 27 – China Sept industrial profits (Thurs night/Fri morning).
  • Fri Oct 27 – US Q3 GDP, personal consumption, and core PCE for Q3. 8:30amET.
  • Fri Oct 27 – US Michigan Confidence numbers for Oct. 10amET.
  • Fri Oct 27 – earnings before the open: B, MRK, PSX, SC, TRU, Volkswagen, WY, XOM.
  • Mon Oct 30 – US personal income/spending and PCE for Sept. 8:30amET.
  • Mon Oct 30 – US Dallas Fed index for Oct. 10:30amET.
  • Mon Oct 30 – analyst meetings: CSX
  • Mon Oct 30 – earnings before the open: HSBC
  • Mon Oct 30 – earnings after the close: AVB, CGNX, RE, RTEC, VNO
  • Tues Oct 31 – BOJ rate decision (Mon night/Tues morning).
  • Tues Oct 31 – US Employment Cost Index for Q3. 8:30amET.
  • Tues Oct 31 – US Case-Shiller home price index for Aug. 9amET.
  • Tues Oct 31 – US Chicago PMI for Oct. 9:45amET.
  • Tues Oct 31 – US Conference Board Sentiment readings for Oct. 10amET.
  • Tues Oct 31 – earnings before the open: ADM, AET, Airbus, AMT, Barclays, BNP, CMI, ECL, FIS, GGP, K, MA, OSK, PFE, XYL.
  • Tues Oct 31 – earnings after the close: APC, CHRW, CXO, PLT, WFT, X
  • Wed Nov 1 – US ADP jobs report for Oct. 8:15amET.
  • Wed Nov 1 – US Markit Manufacturing PMI for Oct. 9:45amET.
  • Wed Nov 1 – US Manufacturing ISM for Oct. 10amET.
  • Wed Nov 1 – US construction spending report for Sept. 10amET.
  • Wed Nov 1 – US auto sales for Oct.
  • Wed Nov 1 – FOMC meeting decision. 2pmET.
  • Wed Nov 1 – earnings before the open: AGN, APO, CEVA, CLX, EL, GRMN, HFC, LFUS, Novo Nordisk, ORBK, Standard Chartered, TAP, TRI.
  • Wed Nov 1 – earnings after the close: ALL, BHF, BXP, CACI, CAVM, CSGS, EGOV, FB, LNC, MANT, MET, MUSA, OXY, PRU, QCOM, ULTI, XPO.
  • Thurs Nov 2 – BOE rate decision. 8amET.
  • Thurs Nov 2 – US nonfarm productivity and unit labor costs for Q3. 8:30amET.
  • Thurs Nov 2 – earnings before the open: ADP, AN, BCE, CI, Credit Suisse, DISCA, H, ICE, LDOS, Royal Dutch Shell, Sanofi, Swiss Re, WRK.
  • Thurs Nov 2 – earnings after the close: AAPL, AIG, ATVI, CBS, CRUS, FLR, HLF, JCOM, RMAX, SBUX, UNIT.
  • Fri Nov 3 – US jobs report for Oct. 8:30amET.
  • Fri Nov 3 – US trade balance for Sept. 8:30amET.
  • Fri Nov 3 – US factory orders and durable goods orders for Sept. 10amET.
  • Fri Nov 3 – US non-manufacturing ISM for Oct. 10amET.
  • Mon Nov 6 – Fed’s Dudley speaks at The Economist Club of New York.
  • Tues Nov 7 – RBA rate decision. Mon night/Tues morning.
  • Tues Nov 7 – US JOLTs jobs report for Sept. 10amET.
  • Tues Nov 7 – US consumer credit for Sept. 3pmET.
  • Thurs Nov 9 – US wholesale trade sales/inventories for Sept. 10amET.
  • Fri Nov 10 – US Michigan Confidence preliminary numbers for Nov. 10amET.
  • Tues Nov 14 – US PPI for Oct. 8:30amET.
  • Wed Nov 15 – US CPI for Oct. 8:30amET.
  • Wed Nov 15 – US Empire Manufacturing for Nov. 8:30amET.
  • Wed Nov 15 – US retail sales for Oct. 8:30amET.
  • Wed Nov 15 – US business inventories for Sept. 10amET.
  • Thurs Nov 16 – US import prices for Oct. 8:30amET.
  • Thurs Nov 16 – US industrial production for Oct. 9:15amET.
  • Thurs Nov 16 – US NAHB housing index for Nov. 10amET.
  • Fri Nov 17 – US housing starts and building permits for Oct. 8:30amET.
  • Mon Nov 20 – US Leading Index for Oct. 10amET.
  • Tues Nov 21 – US existing home sales for Oct. 10amET.
  • Wed Nov 22 – US durable goods for Oct. 8:30amET.
  • Wed Nov 22 – US final Michigan Confidence numbers for Nov. 10amET.
  • Wed Nov 22 – FOMC 11/1 meeting minutes. 2pmET.
  • Fri Nov 24 – US flash PMIs for Nov. 9:45amET.
J.P. Morgan Market Intelligence is a product of the Institutional Equities Sales and Trading desk of J.P. Morgan Securities LLC and the intellectual property thereof. It is not a product of the Research Department and is intended for distribution to institutional and professional customers only and is not intended for retail customer use. It may not be reproduced, redistributed or transmitted, in whole or in part, without J.P. Morgan’s consent. Any unauthorized use is strictly prohibited.
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7 Passive Income Ideas - How I Earn $700 A Day! - YouTube What is Bitcoin? Bitcoin Explained Simply for Dummies ... Bitcoin & Taxes How tax brackets actually work - YouTube 8 CALCULATING TAX USING BRACKETS

Earning bitcoin as income (mining, ... The image below depicts the short term capital gains tax brackets. On the other hand, if you hold your bitcoin for longer than one year (12 months), you are taxed at the Long Term Capital Gains tax rates. These brackets are depicted below. As you can see, there are significant tax incentives to hold your bitcoin for longer than one year to take advantage ... The British government repealed their VAT tax against Bitcoin in 2014. Now, most cryptocurrency transactions are exempt from VAT fees in the nation. Moreover, the HM Treasury considers BTC and other cryptocurrencies to be “assets,” not legal currencies. This mandates such crypto be taxed either by an income tax or a capital gains depending on the circumstances (if you’re a trader, for ... Luxembourg has a bracketed income tax system with seventeen income tax brackets, ranging from a low of 0.00% for those earning under €11,265 to a high of 38.00% for those earning more then €39,885 a year. How does the Luxembourg Income Tax compare to the rest of the world? Out of the thirty four countries tracked, fifteen have a higher maximum income tax rate then Luxembourg. Countries ... If you fall into the 25-35% tax bracket, it will be 15%, and it will be 20% if you fall into the 36.9% tax bracket. The 40% of the gains are considered to be short-term and will be taxed at your usual income tax rate. So, on the whole, forex trading tax implications in the US will be the same as share trading taxes, and most other instruments ... Selling, using or mining bitcoin or other cryptos can trigger bitcoin taxes. Here's a guide to reporting income or capital gains tax on your cryptocurrency.

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7 Passive Income Ideas - How I Earn $700 A Day! - YouTube

I know lots people have questions on how to do taxes or if they should do taxes on cryptocurrencies and bitcoin. Here is a quick video. *not financial advise* [[[[HELPFUL LINKS]]]]] below is a ... There is a common misunderstanding about how tax brackets work in the US, and it’s causing us to have uninformed debates about taxes. Become a member of the ... to find out more about how to make money with cryptocurrency 2020 you can check out: The video is showing how to ... 8 CALCULATING TAX USING BRACKETS 122TRINITY. Loading... Unsubscribe from 122TRINITY? ... Banking on Bitcoin YouTube Movies. 2017 · Documentary; 1:23:41. What is HART Protocol? - Duration: 17:01 ... Start trading Bitcoin and cryptocurrency here: Bitcoin is the first decentralized digital currency. All Bitcoin transactions are docume...