Bitcoin and Crypto Taxes

Can bitcoin mining in Canada qualify as a business? Could purchasing bitcoin miners be written as a business expense?

I'm having a trouble locating this kind of information. Maybe this has been discussed before and someone can hopefully point me in the right direction.
EDIT: What I've found so far:
http://taxinterpretations.com/?p=25716
http://www.techvibes.com/blog/canada-revenue-agency-bitcoin-tax-2014-05-15
https://en.bitcoin.it/wiki/Tax_compliance
submitted by nativeofspace to BitcoinCA [link] [comments]

New Congressional bill seeks de minimis tax exemption for smaller crypto transactions. It addresses an issue that arose from the IRS's determination in 2014 that bitcoin and other cryptocurrencies constitute a form of property

submitted by gengyanisme3e to CryptoMarkets [link] [comments]

Just discovered I never paid taxes on my bitcoin from 2013/2014 after filing my 2017 taxes. Am I screwed/should I be worried ?

As a frame of reference, I'm currently 23 years old so this was done was I was a dumb freshman in college and had no idea about tax law or taxes in general. While filing my taxes for trades I made last year (2017) and consolidating all of my trades via Cointracking.info, I discovered that I had a marginal amount of bitcoin that I had purchased and spent/sold back in 2013/early 2014 on Coinbase. After not trading or doing anything crypto related for the later 3/4ths of 2014 - early 2017, I came back to it in 2017 after my coworker brought it back to my attention.
In 2013, I bought 0.13 bitcoin for $130 and sold them off for roughly $144 after losing interest, essentially meaning a capital gain of $14.
In 2014, I bought 0.08 bitcoin for ~$54 and ended up using them to buy a belt a a few weeks later for $45. Essentially meaning I had a loss for -$9.
I've made a sizable gain off of my investments last year and while I'm still holding them, I'm worried about what might happen if I get audited when I do decide to cash them out and they somehow find out I didn't pay taxes on the gains/losses from those prior years as there are records of them in coinbase. I'm 100% going to be paying taxes on my trades for last year, but do I need to be worried that about the taxes on bitcoin I didn't pay from 2013/2014?
Since I believe I missed the amendment deadline, what should I do? I've read online that these might be considered de minimis since the values were so small? Thanks in advance!
submitted by cryptoamend to CryptoTax [link] [comments]

Just discovered I never paid taxes on my bitcoin from 2013/2014 after filing my 2017 taxes. Am I screwed/should I be worried ?

submitted by cryptoamend to tax [link] [comments]

PLEASE sign my petition: AMEND IRS NOTICE 2014-2 Taxing virtual currency/bitcoin as property stifles new technology&creates untenable requirements.

PLEASE sign my petition: AMEND IRS NOTICE 2014-2 Taxing virtual currency/bitcoin as property stifles new technology&creates untenable requirements. submitted by ECCENTRICATTORNEY to Bitcoin [link] [comments]

The Dutch tax office included an option to declare your Bitcoins for the 2014 IRS declaration

The Dutch tax office included an option to declare your Bitcoins for the 2014 IRS declaration submitted by Espinha to Bitcoin [link] [comments]

"On Bitcoins, Tulips And IRS Tax Compliance." Actual tax accountant is less than impressed with the bits-coin. "The guidance in Notice 2014-21 told us, not unsurprisingly that bitcoins are not tax fairy dust allowing us to earn and spend without paying any taxes."

submitted by dgerard to Buttcoin [link] [comments]

I mined about 5 or 6 bitcoins in 2014. Easiest way to do US taxes?

I've also spend what I've mined over the last year. I'd like to think there is some legit software/website that can take a lot of grunt out of this.
submitted by c3739 to Bitcoin [link] [comments]

@HolmdahlFLASH: Seriously I hate 21 Pilots as much as Road construction, paying taxes, STDs, Milo Yiannopoulos, the 2014 Nfc championship game, condoms, Anthony Barr, when someone tries to explain Bitcoin, slow internet speeds, and radio Jewlery commercials...

http://twitter.com/HolmdahlFLASH
via IFTTT
submitted by peterboykin to MiloYiannopoulos_ [link] [comments]

AMEND IRS NOTICE 2014-2 Taxing virtual currency/bitcoin as property stifles new technology & creates untenable requirements

AMEND IRS NOTICE 2014-2 Taxing virtual currency/bitcoin as property stifles new technology & creates untenable requirements submitted by ibayibay1 to dogecoin [link] [comments]

In 2014 i had $1800 worth of btc lost/stolen and never reported it on my taxes. How would i go about doing that now in 2017? /r/Bitcoin

In 2014 i had $1800 worth of btc lost/stolen and never reported it on my taxes. How would i go about doing that now in 2017? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Tax season has arrived (in the US). Maybe you didn't do things "right" in 2013. If you want to in 2014, I've made a small tool that will help you do so. [x-post /r/bitcoin]

Most of you will remember this thread by a tax attorney where he gave lots of helpful advice. The most important for the average consumer, I think, is keeping track of your basis. In order to do so, you need to know how much they were worth when you got them. This is where my tool steps in.

http://mineoas.us/bitcoin/historic

Here you can input any date1 and time and find out what the price of bitcoin was at that time at bitstamp, coinbase, mtgox, and btce (want more added? Let me know). You can even get historic data in a computer-friendly format for your automated tools like this, or like this if you'd rather.
For quick manual checks, you can input the date/time/timezone information at the url above. Or if you'd like help automating the process, see the end of this post.

http://mineoas.us/bitcoin/current

Here the process is much simplier. If you'd only like to see the current value at any of the four exchanges listed above (and for some reason you don't want to pole them directly or look at pretty graphs and such), then simply choose the exchange(s) you'd like and the format you'd like the data in.
Please post any questions or comments. Hate is also accepted in the form of private messages, though comments are cool too.
[1] any date. Data collection started January 7th, 2014 07:06:01 UTC. Therefore, I unfortunately cannot help you with prices during all of 2013 and the first week of 2014. EDIT: I've added data from at least 2011 for mtgox, bitstamp, and btce.

Automatically getting data

Current data is easy. Simply put the format and the exchange in the url, like so
Historic data is slightly harder. It requires a date, time, and an optional timezone offset from UTC.
All together you get url's like these
submitted by pointychimp to BitcoinMarkets [link] [comments]

Have a small amount of unaccounted capital gains/losses from 2013/2014, what do I need to do tax wise to amend them? (X-Post /r/bitcoin)

I bought a small amount of bitcoin back in 2013 through Coinbase (~$100 worth) along with a absurdly small amount that I received via some bitcoin faucets (something like $0.31 after cashing out) and ended up buying some items off of Massdrop for roughly ~$110.
In early 2014, I bought $55.21 worth off of coinbase, only to sell it when it started falling for a conversion of what ended up being $45.78, resulting in a capital loss of $9.43 These losses/gains were populated from Libra Tax's tool. At the time, I believe (although I'm probably wrong) that Bitcoin's place in tax regulations wasn't defined, which is why I never thought about accounting for gains/losses
I currently don't have any money involved with Bitcoin, but after reading in the news that Coinbase is involved with a legal case with the IRS that might end up with Coinbase handing over all of their customer transaction histories over, I'm starting to get concerned. What should be my course of action here? Especially given the fact that I'm accounting for what is essentially $11 in capital gains in 2013 and $9 in losses in 2014? Thanks in advance!
submitted by bitcointaxthrowaway to BitcoinBeginners [link] [comments]

Bitcoin-Workers.com/Asic Online Shop in EU Union no VAT or import duty taxes for EU Customers, Fast shipping. Great prices. 10% Discount for all orders paid with bitcoin until 31.09.2014. Discount code #bitcoin. Antminer S3 - 259.99$ DRKCoin accepted here.

Bitcoin-Workers.com/Asic Online Shop in EU Union no VAT or import duty taxes for EU Customers, Fast shipping. Great prices. 10% Discount for all orders paid with bitcoin until 31.09.2014. Discount code #bitcoin. Antminer S3 - 259.99$ DRKCoin accepted here. submitted by Bitcoin-Workers to DRKCoin [link] [comments]

Why dont IFP fans actually hop on the DASH train?

DASH which is the earliest Bitcoin fork aimed to provide a P2P Cash from 2014 has a well established community funding system, it is much more advanced to what the IFP is planning.
I wonder why Amaury Sechet would be so stubborn to split BCH to something half as big as DASH while pretending that this would make any constructive sense.
https://app.dashnexus.org/
The value which the ABC team could provide to the DASH community, would definitely raise the value of DASH, so if they bought into DASH now, then collectively switched to DASH, they could profit.
If it wouldnt raise the value of DASH, then their team is probably also not very important for BCH.
I suggest that the ABC team simply puts a proposal to the DASH DAO offering their services.
I also ask myself, if DASH was already created in 2014, why has it not been as succesful as BCH even with their funding system?
Why did Amaury Sechet not start building on DASH in 2017 but instead started BCH if community taxes are so important to him?
Was his intention ever since to fuck up the Bitcoin Cash movement? The trojan horse?
submitted by feliz_chelou to btc [link] [comments]

[uncensored-r/Bitcoin] US tax: Should I amend BTC gain in 2013 and loss in 2014 (net loss = $4000)

The following post by somalo1 is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/80kcej
The original post's content was as follows:
Coinbase emailed me that my data will be sent to IRS. I have checked my record in Coinbase. I gained $11000 in 2013. And lost $15000 in 2014. I did not trade afterward. Unfortunately, I did not report these gain and loss in my returns because I was young and stupid. Now it is 2018, which of the following plans is better?
A. Wait for IRS to come to me. And show IRS the Coinbase spreadsheet that I actually lose money (lost $4000). So that I don't owe IRS.
B. Before IRS found out, I go ahead and amend forms 1040x and Schedule D for 2013 and 2014 to tell IRS that I can claim a net capital loss.
It seems that plan B is better because I can deduct my loss in my 2017 tax. And amending a return before getting caught might avoid some fines and penalties?
Secondly, can IRS come to me to ask for my capital gain tax in 2013 and evilly pretend that he did not see my loss in 2014? If IRS can do this, I should go with Plan B, right?
Lastly, I have searched and did not see discussions on how to amend capital gain/loss in BTC in the past years. Any insights/experience is appreciated. Many thanks. Have a good day.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

US tax: Should I amend BTC gain in 2013 and loss in 2014 (net loss = $4000) /r/Bitcoin

US tax: Should I amend BTC gain in 2013 and loss in 2014 (net loss = $4000) /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Bitcoin-Workers.com/Asic Online Shop in EU Union no VAT or import duty taxes for EU Customers, Fast shipping. Great prices. 10% Discount for all orders paid with bitcoin until 31.09.2014. Discount code #bitcoin. Antminer S3 - 259.99$

Bitcoin-Workers.com/Asic Online Shop in EU Union no VAT or import duty taxes for EU Customers, Fast shipping. Great prices. 10% Discount for all orders paid with bitcoin until 31.09.2014. Discount code #bitcoin. Antminer S3 - 259.99$ submitted by Bitcoin-Workers to Bitcoin [link] [comments]

Part 3 of Filing your 2014 Bitcoin Taxes, in easy steps with bitcoin.tax

Part 3 of Filing your 2014 Bitcoin Taxes, in easy steps with bitcoin.tax submitted by bitcointaxes to Bitcoin [link] [comments]

Bitcoin mentioned around Reddit: Should I fix 2014 tax return? /r/tax

Bitcoin mentioned around Reddit: Should I fix 2014 tax return? /tax submitted by BitcoinAllBot to BitcoinAll [link] [comments]

It's still a long way off, but Tax Day 2014 could get really interesting if a whole tax-averse portion of Americans uses bitcoins to opt out -- and the Treasury finds its hands tied.

It's still a long way off, but Tax Day 2014 could get really interesting if a whole tax-averse portion of Americans uses bitcoins to opt out -- and the Treasury finds its hands tied. submitted by accountt1234 to Anarcho_Capitalism [link] [comments]

Have a small amount of unaccounted capital gains/losses from 2013/2014, what do I need to do tax wise to amend them? (X-Post /r/bitcoin) /r/BitcoinBeginners

Have a small amount of unaccounted capital gains/losses from 2013/2014, what do I need to do tax wise to amend them? (X-Post /bitcoin) /BitcoinBeginners submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Andreas Antonopoulos on the IRS Tax Ruling BITCOIN RETROACTIVE TAX Remember In 2014 When John Stewart Told You To Buy Bitcoin ... Can You Use Bitcoin for a Tax Haven? Crypto Taxes: the new IRS

It’s been a bumper year for Bitcoin from a peak price of over $19,000 to a subsequent low of less than $6,000 dollars. With many investors looking to cash out, there is growing concerns about tax… With the price of Bitcoin soaring from $13 to $1,100 in 2013, people made real money off of it, and the government wants in on the proceeds. Due to bitcoin’s current lack of widespread circulation and its lack of customary acceptance as a money equivalent in the US and other countries, and drawing on the Bank Secrecy Act definition of currency, it seemed apparent even prior to the issuance of Notice 2014-21 that the IRS was unlikely to classify bitcoin as a currency, an assumption confirmed by Notice 2014-21. See Notice 2014-21 ... Calculate Cryptocurrency Taxes Easily File Your Bitcoin and Crypto Taxes. If you own or have traded cryptocurrencies, you may need to include these in your tax forms, even if you didn't make any money. Bitcoin.Tax is the most established crypto tax calculation service that can work out your capital gains and losses and produce the data and forms you need to file your taxes. The U.S. Internal Revenue Service (IRS) has started sending out new letters to cryptocurrency owners suspected of owing crypto-related taxes. A tax expert has shared with news.Bitcoin.com what ...

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Andreas Antonopoulos on the IRS Tax Ruling

Made 4 TV Gecko aka Mr.iPad Chain explains why he fills "BITCOIN" has a (Just In Case Shit Happens Tax) on them LOL. "BITCOIN" "BIT COIN" "BITCOINS" "BIT COINS" Do you remember, in 2014, when John Stewart told you to buy Bitcoin? See most people only remember that he compared Bitcoin to a tamagotchi...i but you need ... 2014 · Documentary; 1:35:45. Bitcoin & The Tax Man ☠💰💣 How The IRS Catches Tax Cheats - Duration: 17:33. David Hay 75,728 views. 17:33. Requiem for the American Dream YouTube Movies. 2016 ... Recently the IRS issued its first Cryptocurrency Tax Guidance in 5 years. The crypto community has been hoping that this would help clarify taxes around things like hard forks and airdrops, but it ... Bienvenido! Si te gusto el video dale Like y Suscribite! Welcome! If you like please like and subscribe! ganar dinero desafio ganar dinero ganar dinero por i...

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