Bitcoin and Taxes
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- dualstow
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Bitcoin and Taxes
Totally forgot to report a 2021 purchase I made with bitcoin given to me by Marc on this site once upon a time. Oops. I don't do my own taxes, but I happened to see it on the extra copy of my completed tax return. "Virtual currency." Oops. I'll need to fix that.
Gold tumbles as interest rates look to be staying high for now (APR30)
Re: Bitcoin and Taxes
I wish that I had your problem, dualstow.dualstow wrote: ↑Mon Mar 14, 2022 3:51 pm Totally forgot to report a 2021 purchase I made with bitcoin given to me by Marc on this site once upon a time. Oops. I don't do my own taxes, but I happened to see it on the extra copy of my completed tax return. "Virtual currency." Oops. I'll need to fix that.
- dualstow
- Executive Member
- Posts: 14318
- Joined: Wed Oct 27, 2010 10:18 am
- Location: synagogue of Satan
- Contact:
Re: Bitcoin and Taxes
I know what you mean, Don. Sorry it couldn't be unlocked.
Well, I just received an amended return by email. I guess he wants to take care of it now.
Well, I just received an amended return by email. I guess he wants to take care of it now.
Gold tumbles as interest rates look to be staying high for now (APR30)
Re: Bitcoin and Taxes
I got into Bitcoin at $10,500 and Ethereum at $250.
BTC quadrupled on me, so I donated an amount equal to my initial spend to a Fidelity Donor Advised Fund, thereby recovering my original value in a tax-free manner (I get to control where the DAF sends charity donations). So my downside is $0 even if BTC goes to $0. I only have upside. It's like a call option with zero strike that never expires.
I gave away some Ethereum as gifts to my kids. My kids sold the Ethereum near $4000, I bailed at $2500.
I'm still long BTC, but I wonder about the digital gold narrative. I'm liking Jurien Timmer's technology adoption s-curve models. I think if it gets up to $47,000 by the end of 2023 I'm out, because I have to pay attention to IRMAA limits as I get close to Medicare age. Too much of a capital gain and I'll get hit with Medicare premium surcharges.
I feel really sorry for people who got in near the top. That's the FOMO hitting. It makes you crazy.
BTC quadrupled on me, so I donated an amount equal to my initial spend to a Fidelity Donor Advised Fund, thereby recovering my original value in a tax-free manner (I get to control where the DAF sends charity donations). So my downside is $0 even if BTC goes to $0. I only have upside. It's like a call option with zero strike that never expires.
I gave away some Ethereum as gifts to my kids. My kids sold the Ethereum near $4000, I bailed at $2500.
I'm still long BTC, but I wonder about the digital gold narrative. I'm liking Jurien Timmer's technology adoption s-curve models. I think if it gets up to $47,000 by the end of 2023 I'm out, because I have to pay attention to IRMAA limits as I get close to Medicare age. Too much of a capital gain and I'll get hit with Medicare premium surcharges.
I feel really sorry for people who got in near the top. That's the FOMO hitting. It makes you crazy.