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MDawg
MDawg
Joined: Sep 27, 2018
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March 29th, 2021 at 7:04:22 AM permalink
AMZN 3032 to 3035.

I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.
OnceDear
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OnceDear
Joined: Jun 1, 2014
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March 29th, 2021 at 7:25:56 AM permalink
Quote: MDawg

Of 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.

IANAL, but there is surely only a requirement to pay taxes on asset disposal, if there is a capital gain.
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?
Take care out there. Spare a thought for the newly poor who were happy in their world just a few days ago, but whose whole way of life just collapsed..
DRich
DRich
Joined: Jul 6, 2012
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March 29th, 2021 at 7:35:23 AM permalink
Quote: OnceDear

if a new car is bought with a briefcase of cash?



Yes.
Living longer does not always infer +EV
OnceDear
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OnceDear
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March 29th, 2021 at 7:46:32 AM permalink
Quote: DRich

Yes.

IRS? or FinCEN?
Then I imagine they would behave the same if paid with a gold ingot or a BTC... But then IANAL and IDKAL
Take care out there. Spare a thought for the newly poor who were happy in their world just a few days ago, but whose whole way of life just collapsed..
Wellbush
Wellbush
Joined: Mar 23, 2021
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March 29th, 2021 at 7:50:52 AM permalink
Quote: OnceDear

You 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?
Don't poke the bear!
Wellbush
Wellbush
Joined: Mar 23, 2021
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March 29th, 2021 at 8:00:53 AM permalink
Quote: MDawg

Of 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?
Don't poke the bear!
OnceDear
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OnceDear
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March 29th, 2021 at 8:01:31 AM permalink
Quote: Wellbush

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?

Sorry. 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.
Take care out there. Spare a thought for the newly poor who were happy in their world just a few days ago, but whose whole way of life just collapsed..
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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March 29th, 2021 at 8:10:45 AM permalink
Quote: OnceDear

Sorry. 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.

Well, 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. I could be wrong, I'm no expert on planting twolips.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Wellbush
Wellbush
Joined: Mar 23, 2021
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March 29th, 2021 at 8:12:32 AM permalink
Quote: OnceDear

Sorry. 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.
Don't poke the bear!
OnceDear
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OnceDear
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March 29th, 2021 at 8:22:32 AM permalink
Quote: AxelWolf

Well, 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)
Take care out there. Spare a thought for the newly poor who were happy in their world just a few days ago, but whose whole way of life just collapsed..

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