In a few short weeks, Americans will begin filing their taxes for the 2019 income year. When they use Schedule 1 for the 1040 filing, they will have to answer “yes” or “no” to the following question.
“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
You must answer or they will kick the form back to you until you do.
The question and your resulting answer has all sorts of short term and long term implications. If you answer “yes”, does it raise your chance of being audited? If you are audited, what are you going to use for receipts?
If you answer “no”, how you going to explain where the crypto came from if you ever use it to buy something? Answer “no” when you should be answering “yes” is fraud with no statute of limitations. The list of bad scenarios goes on and on.
for receipts you will use your transaction history from your crypto exchange like coinbase, but that expose you of having an account with that exchange, not looking good
soon when you withdraw cash / ach from coinbase that will link you to crypto trading
EDIT: well guys if you don’t hear from me no more it’s been nice knowing you
This is nothing new, really. We have known that newer and better methods were going to be used to track this stuff. Our government is still trying to figure things out, and they’ve had years to do so. Several groups, including the IRS, started scrambling for solutions when the market started taking off in 2017. That’s when everyone really started paying attention.
Never lie to the IRS if you want to avoid trouble. Regarding receipts and what to pay taxes on, ask a qualified accountant.
Generally speaking, cryptocurrency becomes taxable once it is realized. This could happen when converting to fiat currency, or when it is used to purchase something etc… You may see different tax rates, depending on how long you choose to hold your crypto before spending it.
Regarding CoinBase, unless things have changed, if you’ve moved 20k through them, they are already handing over your information to the IRS.
Continuing usage and testing of the accuracy and honesty
of this Forex and Crypto based Binary Options platform
My recommendation is that Forex traders use this tool.
Very fast Crypto transfer mechanisms can be used to fund
or top up an account within 20 minutes. When it says
pay by “Bitcoin”, this is slightly misleading, since their
payment provider supports a very wide range of Cryptos
as the Deposit proceeds. Be sure to send the value
specified in the Crypto currency Do not send a Dollar
amount, as that will result in an inaccurate Crypto
amount due to exchange rate fluctuations !!
I hope that’s a tongue-in-cheek rhetorical question, and not an accusation — because HS has made it clear that he doesn’t profit from recommending CloseOption. He simply thinks that CloseOption is a tool which forex traders (scalpers, mainly) should take advantage of .
I honestly didn’t read it that way. I assumed that it was a question of whether or not the broker was paying out withdrawals. HS has made it clear that he is not getting paid to promote. If he was, he would legally have to state so, I believe, and he has already stated that he is not.
[EDIT] now I feel bad about being goaded into responding like that ! apology
But since this thread is about opportunities for U.S. traders mostly in FOREX
and I’ve tested the CloseOption platform to death, and an Option is a tool for
Risk Management, etc… that’s why I’m pushing the idea. BUT LET ME BE
CLEAR that you should not get involved in any hold timeframe for which you don’t
have good Analytics. Binary Options like this which are Up/Down and fixed
in contract duration really emphasize the ability to 1) Predict the direction
of a Pair, but also 2) the Choice of a time interval when Your Wish
comes True . Some traders may say “Hey, I can’t predict the next minute,
but I’m sure that xxx/yyy will be down by the end of the week” and that
could be the best way to use a tool like Binary Options, even if you’re
just guessing since you know how much of a Risk you’re taking…
[EDIT2] elsewhere I provide information on News Events which, by
definition, are volatile and therefore risky events. For those events,
when we have a good idea which way a Currency will move and
therefore where any of 7 containing Currency Pairs should move,
a Binary Option is an almost essential tool for Risk control.
In these cases, we enter a chosen Currency Pair a few minutes
before the event, and take maybe a 10 minute Binary Option in
our predicted direction. Again, you know exactly what either
outcome will cost you, or profit, and that fact makes participation
much easier !!
I’m very thankful HyperScalper sharing his knowledge and SmallPaul and Methos, and many others, this forum is very helpful as much as finding the trustworthy offshore broker but I would like to know which broker is fastest to withdraw and which one takes too long to withdraw. I don’t want to wait a whole week to get paid. Thanks SmallPaul for telling us that rocketfx and eaglefx may or may not be completely trustworthy but they pay the same day still. I learned from this forum that coinexx takes long to withdraw but are people still having the same issues with it with withdrawing? Out of these trusted brokers- tradersway, fxchoice, lmfx lqdfx, what is their withdrawal time? Are they fast or slow? Has anyone experienced dealing with them? Thank you.
coinexx pays withdrawals but it might take longer then 48hrs depend on how quick you answer the confirmation email, if you want your withdrawals the same day including weekends then eaglefx and crytptorocket is the way to go and they are on my trustworthy broker list so far.
LEVERAGING THE EXTREME PRECISION OF CLOSEOPTION
Binary Options over Forex Pairs
I’ll just refer you to this post, as an illustration of what
I am talking about where Binary Options are an essential
tool for scalping.
Sure, it’s not for everyone; but may interest a few of you.
Just a reminder that CloseOption is U.S. Friendly, including
an open KYC where you can proudly say to this company
located in Georgia (near Russia), that you are proudly an American !! and they will allow you to trade.
Has anyone tried“blackbullmarkets”com located NZ and “thetradersdomain”com exchange? located St.Vincent. There is a live forex trading channel on youtube over 5K ppl watching a day and below the channel these brokers web address. i just checked brokers website, and where you can trade forex, cfd’s ect. anyone know anything about these exchanges please let us know your experience? Ty.
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man honestly with the regulatory environment as i see eaglefx and cryptorocket holding up to trader scrutiny, if they could be coaxed to lower their crypto fees in line with bitmex, I think theyd get attention.
I’m going through hell with AMLD5 affecting crypto, and the api support on bybit is trash, rumors of mex doing kyc in 2020 Q1… EagleFX could be a one stop shop for me. A 15% spread fee is something I can work around at the worst, but their 22% is just oppressive.
The illiqudity and non existent volatility gets really bad in crypto when we fall back into the 6000s and 7000s too, so I’m trying to switch my operations over to metatrader more in 2020. I’ve even found a third party app to integrate tradingview signals into metatrader, and my algos are all on tradingview.
I think most of this outfits have a 5cent spread on Crude oil CFD, which works out to about a 10% fee. I wonder if any other commodity CFD or indices CFD on eaglefx/coinex etc has a spread less aggressive than crude?
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