IANAL, but there is surely only a requirement to pay taxes on asset disposal, if there is a capital gain.Quote: MDawgOf course there is a requirement to pay taxes on any asset disposal, etc. There is also a requirement to pay taxes on table games winnings.
But there is no reporting of table games wins to the government. So my question stands, if I buy a TSLA with my bitcoin will this be reported to the government by TSLA? As of right now, the answer would be no, so the article as I read it refers to the legal obligation of any taxpaper versus some kind of new regulation reporting the transaction.
IAStillNAL, but surely there IS reporting of table game wins to the government.... Mandatory reporting by the player.
Is there a requirement for a car dealership to report to the IRS, or any other organisation, if a new car is bought with a briefcase of cash?
SAR if KYC is declined?
Quote: OnceDearif a new car is bought with a briefcase of cash?
Yes.
IRS? or FinCEN?Quote: DRichYes.
Then I imagine they would behave the same if paid with a gold ingot or a BTC... But then IANAL and IDKAL
Quote: OnceDearYou can hold actual Bitcoin in a retirement account in Australia?!? Impressive.
Not sure where Bitcoin came in, OD. I was replying to UJ's post about not having 2K. I am not sure bitcoin would be eligible for retirement accounts, although bitcoin is becoming more widely accepted.
The thing about cryptos that concerns me is, what happens if a new kind of future computer software takes over from blockchain? Will blockchain become what the "tulips" once were? I've asked this question of investment experts a few times, but get no reply. They may put it in the too hard basket, or be worried about giving personal investment advice?
Quote: MDawgOf course there is a requirement to pay taxes on any asset disposal, etc. There is also a requirement to pay taxes on table games winnings.
But there is no reporting of table games wins to the government. So my question stands, if I buy a TSLA with my bitcoin will this be reported to the government by TSLA? As of right now, the answer would be no, so the article as I read it refers to the legal obligation of any taxpaper versus some kind of new regulation reporting the transaction.
Now that's a crack-up 😀: There's no reporting of table profits, but there's a requirement to pay taxes on them! What, the IRS thinks everyone's gonna be honest about it?
Sorry. It was not clear who you were replying to and there was crosstalk in the thread.Quote: WellbushNot sure where Bitcoin came in, OD. I was replying to UJ's post about not having 2K. I am not sure bitcoin would be eligible for retirement accounts, although bitcoin is becoming more widely accepted.
The thing about cryptos that concerns me is, what happens if a new kind of future computer software takes over from blockchain? Will blockchain become what the "tulips" once were? I've asked this question of investment experts a few times, but get no reply. They may put it in the too hard basket, or be worried about giving personal investment advice?
Pretty sure BTC can't be held in a pension. Maybe BTC derivatives.
Something will supersede BTC, just as something superseded little bags of silver or gold coins. How the transition happens is anyone's guess. I hope BTC works out better than tulips did.
Well, it's working out to about 58k per coin as we speak.Quote: OnceDearSorry. It was not clear who you were replying to and there was crosstalk in the thread.
Pretty sure BTC can't be held in a pension. Maybe BTC derivatives.
Something will supersede BTC, just as something superseded little bags of silver or gold coins. How the transition happens is anyone's guess. I hope BTC works out better than tulips did.
I don't think the tulip craze lasted as long as BTC has. I could be wrong, I'm no expert on planting twolips.
Quote: OnceDearSorry. It was not clear who you were replying to and there was crosstalk in the thread.
Pretty sure BTC can't be held in a pension. Maybe BTC derivatives.
Something will supersede BTC, just as something superseded little bags of silver or gold coins. How the transition happens is anyone's guess. I hope BTC works out better than tulips did.
I'm not sure little bags of silver and gold coins have been superseded? The way silver and gold's been going, there's been plenty of upside these last few years, and the gold bugs are currently very optimistic for the next few, too.
Quote: AxelWolfWell, it's working out to about 58k per coin as we speak.
I don't think the tulip craze lasted as long as BTC has.
Tulip Mania lasted less than a year.
https://en.wikipedia.org/wiki/Tulip_mania
The South sea Bubble lasted about 7 years
https://en.wikipedia.org/wiki/South_Sea_Company
Quote:I could be wrong, I'm no expert on planting twolips.
That's what you say
$:o)
Quote: OnceDearIRS? or FinCEN?
Then I imagine they would behave the same if paid with a gold ingot or a BTC... But then IANAL and IDKAL
FinCEN only.
Looks like the market is recovering hope it sticks. And that's, again, why the earliest morning trades tend to be the highest probability as long as the entry points make sense. Most every trade I entered today would have made more simply by holding and that is where you want to be with day trading - within a comfortable safety zone, means that your picker ain't broken.
Market has recovered so far from its low. I like.
MDawg.... you buy and sell for a dollar or two a share.... but can multiply x 100 or 250.... I’m not prepared to put that much cash at risk.....
Keep up keeping up!
SooPoo I am sure that 669 basis TSLA of yours will be in the money today. (Already at 683 in the pre-.) But think about how far you'd be in the money if you'd kept those averaging in shares. Yes you made a few bucks trading them independently and yes the market went down below your basis on those for a bit but the market also has a cruel way of turning today's loser into tomorrow's big winner and punishing those without patience. Again, when averaging in I prefer to just wait for the miracle to happen and selling the combined shares versus piece meal. Still, you booked a profit on each trade and nothing wrong with that.
Edit... Just filled. $185 booked. Just a few days ago was underwater $750!
Second edit.... Sold my 5 trading shares of AMZN at 3137 from 3052. Booked $425.
Still underwater on NOK, NAK, HERO.....
Both WAGERS I presented expired at the end of March without anyone daring to take them up.
Might post the screen shots for my trades as we carry on, might not. As the Wagers are now closed I don't care to spend the time taking the screenshots and redacting the account info for each trade. Anyone with any sense knows they are all genuine, and if anyone thought otherwise would have undertaken the Wager. No one else in the history of WOV has ever presented any back up for anything he has done. Except MDawg.
Futures open and green across the board.
BTC trading is never closed. Pushing 60K again!
Quote: MDawgMarkets closed / Good Friday.
Futures open and green across the board.
BTC trading is never closed. Pushing 60K again!
As best I can tell I cannot trade stocks today. No ‘pre market’ or ‘after market’. But I see a bid and ask price listed but I can’t really buy. Or sell. Slightly green though... so good. I think it may be time to buy more TSLA on Monday as it has fallen again...!
Quote: MDawgMarkets closed / Good Friday.
Futures open and green across the board.
BTC trading is never closed. Pushing 60K again!
You're the type that could make a lot trading options, MD. Do you use them?
I have in the distant past, but the main reason I don't trade options any longer is that with the actual stock TIME is on my side...if I get stuck in a trade I may ride it out until it comes back. The other reason is that I have enough in my accounts to be able to buy enough stock to make the trades worthwhile, so I don't really need to do options.
But, yes, I agree - in principle I could make a ton on most of my trades using options. On some though, the ones where I got stuck and had to wait, for those trades the corresponding options would go down a lot or expire worthless.
I do actually trade FUTURES occasionally. Mostly DOW futures. I've done fine at it but usually pull the trigger too soon and make just a little.
Tesla Surges After Record First-Quarter Deliveries, Wedbush Upgrade
Futures are green too, although AMZN is red. That one might be the one to trade today for me, if I do any trading.
Quote: MDawgTSLA up pushing fifty points my brother! I am sure you still have your long terms, as do I. Looking forward to that getting back over 900 someday.
Tesla Surges After Record First-Quarter Deliveries, Wedbush Upgrade
Futures are green too, although AMZN is red. That one might be the one to trade today for me, if I do any trading.
90 ‘long term’ shares. So that’s up around $4k now. I may join you in an AMZN buy this morning. I’ll be golfing 11-3:30 or so so will miss most of the market day. I did lose $2 golfing yesterday but hope to make it up today as well.
TSLA will undoubtedly dip at some point from its highs for today, and if it does enough, I'll bite.
I have an order in now to buy TSLA at 685, but might cancel it out as I need to get to the gym and get started with the Vegas related day.
AMZN and CMG up nicely! so my long terms are happy.
. I am glad you are not too distracted from the challenge to keep trading! I didn’t even try and trade today.... bought more BETZ for long term. My stuff was down more than the S and P, Nasdaq, or Dow today..... so a bad day .....but a good day on golf course....!Quote: MDawgDid do one trade so far. TSLA 677 to 679, just filled.
AMZN looked good anytime it dipped below 3210 but I didn't bite as I was already waiting on the TSLA fill at those times.
Again, for purposes of trading, "losses" include say, buying 100 shares of stock X at X price, then averaging in 100 more shares at X-10 price, and then selling the entire 200 shares at a price that technically books a loss on the first lot which is overcome by the profit on the second lot. If the wash sale rule intervenes, because you re-bot the same stock that you sold at a "loss" within 30 days, then you're in real trouble tax wise because the "loss" on the first lot would be disallowed.
This is somewhat technical, but believe me, you'll learn the hard way if your accountant starts asking you how you want him to deal with the wash sale rule, if you end up becoming an active trader.
I had a lowball orders in for both AMZN and TSLA, and AMZN took off but TSLA dipped sufficiently.
Who knows, futures may turn green by morning. The market may open red and close green. We shall see.
In any case, there may be good dip buying opps on Monday. At the moment these two digit negative numbers are nothing serious especially given last week's runup.
I am not trading today it doesn't look like.
. Hopefully that’s because you are meeting up with Wiz to make an easy $2k. I booked my $80. Going to spend $25 of it on robust sushi lunch.Quote: MDawgGood luck SooPoo. Due to the possible issue with the J&J vaccine, stay at home stocks like AMZN are UP today! TSLA up too!
I am not trading today it doesn't look like.
I’m up on TSLA and AMZN. But I also own J and J. Pretty much a wash for me so far today.
AMZN was good for a trade when it dipped to the 3400s but by the time I noticed it, it was already at 3413 so I passed as far as trading it.
COIN isn't even trading yet from what I can see, but I could have called any number of my brokers to get shares - but it would have been a crap shoot as to whether the price offered would end up being higher or lower than the open. Typically on these highly anticipated IPOs the stock goes up a lot, then fades badly, and eventually goes much higher. At least, that is what I observed over the past years with Google, Facebook, AliBaba, etc.
Quote: MDawgCOIN is one hot potato! Looks like it opened at 380 or so, jumped to 429, and has bottomed out around 362...so far. There were plenty of opportunities to trade it long today but I declined. I was thinking at 375, but then noticed that it barely even popped from there, so I figured it might dump more and just left it alone.
I bought a whopping 5 shares at $325. No idea if it will be $100 or $1000. I did sell my trading HERO for an $85 gain after many weeks. So now NAK, NOK, and (just bought) NBEV underwater in ‘trading’. Overall pretty flat today. My coinbase is ‘long term’ for me.
I sold AMZN I bot yesterday today at 3386, that was a great trade, especially considering that it was underwater at the close yesterday.
I missed its dip below 3370 just now for another trade today.
Quote: MDawgSooPoo at the moment your 325 entry on COIN looks good! I was trying to get 1000 shares for a trade today but I was too cheap and didn't get any before it took off.
Back down to $340. I'm sure it will be very volatile for a while. I only bought 5 shares as it is more for me to stay interested in it than to make any real money. Another up day so far overall. The bubble keeps getting bigger!