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Thread: “Money doesn’t just appear out of nowhere.”

  1. #1
    Iridium Jewboo's Avatar
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    “Money doesn’t just appear out of nowhere.”

    According to the current tax framework, Americans need to self report their bitcoin trading profits and calculate their dues according to their tax brackets. Selling after holding the asset for less than a year qualifies as a short term investment and is taxed between 10% to 39.6%.

    Selling bitcoin after holding for over a year is qualified as a long-term investment and taxed up to 20%. Conveniently, if you traded over $20,000 with Coinbase the IRS already has your records.
    “If you put money into the cryptocurrency space, and you decide to buy (an altcoin), and you one day monetize it and show up with a $2 million house, the IRS is not stupid,” Fox said. “Money doesn’t just appear out of nowhere.”

    The IRS can also decide to audit someone’s tax going up to three years back and is known to use the services of Chainalysis, a blockchain analysis specialist, to hunt down bitcoin users for evading taxes.


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    Re: “Money doesn’t just appear out of nowhere.”

    'Money' is indeed created out of no where as debt which the poor borrower then is required to pay back to the jew bankers
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