Next: FAA restrictions apply when it’s on the way to the moon

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and programmers consider it merely software. replacing tons of bureaucracy & censorship with a small bit of elegant, transparent, executable code
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Serious question: If people pay their crypto taxes what happens if characterization of crypto changes in the future if the government figures out how they want to classify crypto? Do people end up with a refund because they overpaid or need to pay more for underreporting?
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That would depend on who is changing the characterization (Congress through a statute? Treasury through a regulation? IRS through a notice or revenue ruling?), and (possibly) if the change is intended to be retroactive.
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I should add that the original tweet is misleading at best and plain incorrect at worst, though. If you want to know how your specific situation should be characterized, you really need advice from someone who knows about your specific situation.
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It’s really about figuring out how they plan to treat cryptos. The IRS hasn’t offered guidance for a few years. The SEC, CFTC, FinCEN and states have been most active lately, but many of these conflict. Existing laws don’t work. Crypto is a new asset class with trinary properties
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Existing laws don't work perfectly, but the IRS can only work within the statutes that were passed by Congress, and they don't give much leeway to the IRS in dealing with crypto. That said, I suspect Congress would be more likely to make things worse than better if they did act.
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Personally I think that IRS Notice 2014-21 got things right about treatment as property which is not a currency. I didn't agree with their answer about the treatment of mining income, but a notice doesn't govern how a court will ultimately rule on that issue.
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It would be nice to have an exemption from needing to report every purchase made using Bitcoin as a capital gain/loss, but this would be best handled by Congress, for instance by exempting the first $5000 of cryptocurrency gains from capital gains reporting.
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I listened to
@laurashin’s podcast on crypto taxes. Two options made more sense. Treat it like forex where transactions under $200 are tax exempt. The crypto tax and fairness act proposed to exempt transactions under $600. I like the the forex method for now cause it’s in use. - 8 more replies
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In before naacp calls it racist
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INB4 DEA declares it a virtual controlled substance
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Old laws will not work here.
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The IRS likes to have their fingers and all the pots.
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Looks like we have a NEW asset class. "New" as in like we need "new" laws to work for a technology that has never existed before...
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After asking for guns regulations now it s crypto time ,,, We see a regrettions with all what was take for granted now, rape,gays,homo, racist, gender, violence etc grow badly milleniums need to learn how to regulated them selves
or the state will take care of it ,,,pic.twitter.com/2rsvhSkQ0L -
I mean it s all going back to middle age far west and intolerant people,
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In before CDC declares crypto a pandemic.