Posted on 01/26/2023 6:38:26 PM PST by SeekAndFind
(cryptocurrency)
Glad I never owned any.
The digital Currency is about here I think - what with a test by the Fed already done. ✅✅✅
Amen to that.
Is a CAR that you won from a raffle ticket?
Good point!
So, anything (goods, services) to which a price-tag can be attached and/or which is generally available - for a fee - in commercial transactions, can be viewed as "income-equivalent."
Would that include "services" performed in the context of "wifely duties?"
Regards,
I think he can always file a tax return for years he had income. There would still be penalties and interest.
Best talk to someone that does it for a living like HRB and such. At least for advice.
I do too. This year I precalculated my taxes so I owe a few dollars. Do not have to wait for it to get processed for months like last year. Yesterday really set me off, got a notice for our buddies at IRS that the interest I got on my delayed refund last year was income. Oh well, $2 I owe them.
I get what you’re saying there too.
It’s voluntary though. I’m not breaking laws.
I’m not committing tax fraud.
Tax fraud is illegal. Lying on your taxes is illegal.
“What is a digital asset?“
Seems to me that if you buy a song from iTunes.. THAT is a “digital asset”.
Or a movie from a streaming service…
This means just about EVERYBODY.
What’s fun about this is that it is possible to gift some kinds of digital assets to people whether they like it or not even if they’ve never signed up for an account or wallet (just as you can slip cash under the door at their house). Politicians who have railed against cryptocurrency, bankers and such who have done the same, have commonly gotten gifts of ethereum and other crypto in response. By rights, they should have to answer this question correctly and admit what they’ve received or face consequences. (Note that the gifts are traceable with blockchain technology, so anyone can report them if they answer wrongly.)
I interviewed for a job managing a crypto server farm, place had 200 servers mining away and owner told me his power bill was over 100k year...After meeting the main owner I decided we were not a good fit.
I wouldn’t post that
Another thing they did was to eliminate the deduction for charitable donations for taxpayers who don’t itemize. Monetarily not a huge deal since the deduction was limited to a few hundred, but annoying nonetheless.
THIS is the SAME FED GOV’MT that wants to change us ALL over to Digital money???
They want to know ALL your CRYPTO activity.
Think about how many politicians this might trap.
They better not try to tax my tulip bulbs!
And that’s not the half of it. If somebody purchases a digital asset, such as bitcoin, it is treated as property for capital gain/loss purposes by the IRS. So, let’s say you buy a bitcoin in January 2021 for $15,000, then sell it in April 2022 for $20,000, you would have to treat the sale as a long term capital gain (held more than 1 year, basis is $15,000, sale is $20,000, gain of $5,000). That would necessitate the taxpayer filling out a Schedule D and Form 8949 and attaching them to their return.
THAT cannot be legal.
HIPPA laws should apply.
BANKS have ALWAYS reported interest income.
Joke’s on them... nobody actually made any income from a ‘digital asset’ in 2022.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.